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US Treasury bill rates fall at weekly auction; reach lowest level in 2 weeks

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WASHINGTON - Interest rates on short-term Treasury bills fell in Monday's auction, with rates reaching their lowest level in two weeks.

The Treasury Department auctioned $25 billion in three-month bills at a discount rate of 0.030 per cent, down from 0.040 per cent last week. Another $23 billion in six-month bills was auctioned at a discount rate of 0.060 per cent, down from 0.065 per cent last week.

The three-month and six-month rates were the lowest since the bills averaged 0.025 per cent and 0.050 per cent, respectively, on June 23.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,999.24 while a six-month bill sold for $9,996.96. That would equal an annualized rate of 0.030 per cent for the three-month bills and 0.061 per cent 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, eased to 0.10 per cent last week from 0.11 per cent the previous week.

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