Interest rates on short-term U.S. Treasury bills were flat to lower in Monday's auction. Rates on three-month bills fell to their lowest level in three weeks while six-month bills were unchanged.
WASHINGTON (AP) — Interest rates on short-term U.S. Treasury bills were flat to lower in Monday’s auction. Rates on three-month bills fell to their lowest level in three weeks while six-month bills were unchanged.
The Treasury Department auctioned $48 billion in three-month bills at a discount rate of 1.900 percent, down from 1.910 percent last week. Another $42 billion in six-month bills was auctioned at a discount rate of 2.075 percent, unchanged from last week.
The three-month rate was the lowest since those bills averaged 1.895 percent on May 29.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,951.97 while a six-month bill sold for $9,895.10. That would equal an annualized rate of 1.936 percent for the three-month bills and 2.126 percent for the six-month bills.
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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, stood at 2.35 percent on Friday, up from the beginning of last week on June 11, when the yield was 2.32 percent.