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Rates on US Treasury bills drop at auction
Monday - 4/8/2013, 3:41pm EDT
WASHINGTON (AP) - Interest rates on short-term Treasury bills fell in Monday's auction to the lowest levels since December.
The Treasury Department auctioned $35 billion in three-month bills at a discount rate of 0.065 percent, down from 0.075 percent last week. Another $30 billion in six-month bills was auctioned at a discount rate of 0.095 percent, down from 0.105 percent last week.
The three-month rate was the lowest since these bills averaged 0.040 percent on Dec. 17. The six-month rate was the lowest since these bills averaged 0.090 percent, also on Dec. 17.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,998.36 while a six-month bill sold for $9,995.20. That would equal an annualized rate of 0.066 percent for the three-month bills and 0.096 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, edged down to 0.13 percent last week from 0.14 percent the previous week.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)