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In Brief / THE ECONOMY

Short-term T-bill rates fall in sale

December 04, 2007|From Times Wire Services

The Treasury Department auctioned $21 billion in three-month bills at a discount rate of 3.030%, down from 3.175% last week. Also, $20 billion in six-month bills was auctioned at a discount rate of 3.190%, down from 3.340% last week.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,923.41 while a six-month bill sold for $9,838.73.

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 3.25% last week from 3.30% the previous week.

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