Rates fall at weekly Treasury bill auction (AP)

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WASHINGTON – Interest rates on short-term Treasury bills fell in Monday’s auction with rates on three-month bills dropping to the lowest level in six weeks.

The Treasury Department auctioned $29 billion in three-month bills at a discount rate of 0.130 percent. That’s down from 0.140 percent last week. Another $28 billion in six-month bills was auctioned at a discount rate of 0.185 percent. That’s down from 0.190 percent last week.

The three-month rate was the lowest since these bills averaged 0.125 percent six weeks ago on Nov. 8. The six-month rate was the lowest since these bills averaged 0.180 percent on Nov. 15.

A discount rate reflects that the bill is selling for less than face value. For a $10,000 bill, the three-month price was $9,996.71 and the six-month price was $9,990.65. That would equal an annualized rate of 0.132 percent for the three-month bills and 0.188 percent for the six-month bills.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 0.30 percent last week. That’s up from 0.29 percent the previous week.

The breaking news, Rates fall at weekly Treasury bill auction
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