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Short-term T-bill rates rise in auction

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Associated Press / March 25, 2008

WASHINGTON - Interest rates on short-term Treasury bills rose in auction yesterday to the highest levels since early this month.

The Treasury Department auctioned $24 billion in three-month bills at a discount rate of 1.200 percent, up from 1.100 percent last week. Another $22 billion in six-month bills was auctioned at a discount rate of 1.550 percent, up from 1.310 percent last week.

The three-month rate was the highest since these bills averaged 1.420 percent on March 10. The six-month rate was the highest since these bills averaged 1.810 percent on March 3.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,969.67, while a six-month bill sold for $9,921.64.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, fell to 1.35 percent last week from 1.52 percent the previous week.

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