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In Brief / THE ECONOMY

Treasury bill rates rise in auction

September 18, 2007|From Times Wire Reports

The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 4.05%, up from 3.80% last week. Also, $13 billion in six-month bills was auctioned at a discount rate of 4.13%, up from 4.02% last week.

The new discount rates understate the actual return to investors -- 4.16% for the three-month bills, with a $10,000 bill selling for $9,897.63, and 4.288% for a six-month bill selling for $9,791.21.

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 4.15% last week from 4.27% the previous week.

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