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T-bill rates rise

The Baltimore Sun

WASHINGTON - Interest rates on short-term Treasury securities rose in yesterday's auction, with six-month bills rising to their highest levels since early March.

The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 1.320 percent, up from 1.060 percent last week, and $20 billion in six-month bills was auctioned at a discount rate of 1.680 percent, up from 1.380 percent last week.

The three-month rate was the highest since the bills averaged 1.450 percent on April 7. The six-month rate was the highest since the 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 $9,966.63 while a six-month bill sold for $9,915.07.

Separately, the Federal Reserve said that the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 1.67 percent last week from 1.63 percent the previous week.

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