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Mjk, you know they (i.e. Treasury) are not selling the 1-year anymore. I think the last one was back in November 2000. Ed has to come up with some other way to represent a one-year interest rate, and I will be happy to look into this for you.

The "IRX" is actually an option that tracks the 91-day rate. The rate can also be found in the New York Times business section, usually in a small box "Key Rates" and "3-month T-bills". IRX and the figure reported are usually the same. Sometimes one is off by one or two basis points.

People have to add a few basis points (nine or so lately) on to this "discount rate" to determine the "investment rate", which treats the 91-day bill as if it were a one-year investment (since you could re-invest 3 month money four times during a year.) There is a formula in the regs, but it is easier to visit:

http://www.publicdebt.treas.gov/servlet/OFBills

and just have Treasury's figure there for you.


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