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The Treasury Department sold $11 billion in three-month bills at a discount rate of 4.900 percent Monday, down from 4.920 percent last week.

An additional $10 billion was sold in six-month bills at a rate of 4.745 percent, down from 4.755 percent.

The new discount rates understate the actual return to investors -- 5.032 percent for three-month bills with a $10,000 bill selling for $9,876.10, and 4.929 percent for a six-month bill selling for $9,760.10.

In a separate report, the Federal Reserve said Monday that the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, rose to 4.72 percent last week from 4.66 percent the previous week.

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