6-Month T-Bill Rate Falls to Record Low
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Interest rates on short-term Treasury securities fell in the latest auction, with six-month rates falling to their lowest level on record.
The Treasury Department sold $16 billion in three-month bills at a discount rate of 1.975%, down from 2.050% last week. An additional $15 billion was sold in six-month bills at a rate of 1.920%, down from 2.005%.
The three-month rate was the lowest since Aug. 18, 1958, when the bills sold for 1.895%. The six-month rate was the lowest since the government began selling the bills in 1958.
The new discount rates understate the actual return to investors--2.012% for three-month bills with a $10,000 bill selling for $9,950.10 and 1.966% for a six-month bill selling for $9,902.90.
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