Short-term T-bill rates rise in sale
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From Times Wire Services
The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 4.6%, up from 2.85% last week.
An additional $19 billion in six-month bills was auctioned at 4.59%, up from 3.95% last week.
The new rates understate the actual return to investors: 4.732% for three-month bills, with a $10,000 bill selling for $9,883.72, and 4.777% for six-month bills selling for $9,767.95.
Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 4.16% last week from 4.44% the previous week.
