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Short-Term Treasury Rates Rise

September 30, 1997|Associated Press

The Treasury Department sold $10.9 billion in three-month bills at an average discount rate of 4.93%, up from 4.90% last week. An additional $11 billion was sold in six-month bills at an average rate of 5.08%, up from 5.04%. The rates were the highest since Sept. 8, when three-month bills sold for 5.01% and six-month bills averaged 5.14%. The new discount rates understate the actual return to investors: 5.06% for three-month bills, with a $10,000 bill selling for $9,874.00, and 5.29% for a six-month bill selling for $9,743.20. In a separate report, the Federal Reserve Board said the average yield for one-year Treasury bills fell to 5.47% last week from 5.48% the previous week. The next auction of two-year notes is scheduled for Oct. 28; for five-year notes, Oct. 29.

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