6-Month T-Bill Rate Falls to New Low
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The Treasury Department sold $18 billion in three-month bills at a discount rate of 1.14%, down from 1.16% last week.
An additional $16 billion was sold in six-month bills at a rate of 1.16%, down from 1.19% and the lowest level on record.
The new discount rates understate the actual return to investors -- 1.159% for three-month bills with a $10,000 bill selling for $9,971.20 and 1.182% for a six-month bill selling for $9,941.40.
In a separate report, the Federal Reserve said the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable-rate mortgages, dipped to 1.32% last week from 1.38% the previous week.
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