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IN BRIEF / THE ECONOMY

Rates Drop on Short-Term T-Bills

May 13, 2003|From Associated Press

The Treasury Department sold $14 billion in three-month bills at a discount rate of 1.070%, down from 1.095% last week. Another $14 billion was sold in six-month bills at a rate of 1.100%, down from 1.130%.

The new discount rates understate the actual return to investors -- 1.089% for three-month bills, with a $10,000 bill selling for $9,973.00 and 1.124% for a six-month bill selling for $9,944.40.

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, fell to 1.2% last week from 1.25% the previous week.

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