WASHINGTON (AP) " Interest rates on short-term Treasury bills rose in Monday's auction with rates on three-month bills climbing to their highest level since late 2008.
The Treasury Department auctioned $40 billion in three-month bills at a discount rate of 0.375 percent, up from 0.335 percent last week. Another $36 billion in six-month bills was auctioned at a discount rate of 0.540 percent, up from 0.470 percent last week.
The three-month rate was the highest since those bills averaged 0.530 percent on Nov. 3, 2008. The six-month rate was the highest since those bills averaged 0.550 percent on Dec. 28.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,990.52, while a six-month bill sold for $9,972.70. That would equal an annualized rate of 0.381 percent for the three-month bills and 0.549 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, fell to 0.57 percent last week from 0.61 percent the previous week.
This story has been automatically published from the Associated Press wire which uses US spellings