Herald staff
WASHINGTON — Interest rates on short-term Treasury bills rose in Monday’s auction with the rate on three-month bills hitting the highest level in nearly a decade.
The Treasury Department auctioned three-month bills at a discount rate of 6.160 percent. Six-month bills were auctioned at a discount rate of 6.050 percent.
The three-month rate was up from 6.080 percent last week; the six-month rate was up from 5.990 percent. The discount rates understate the actual return to investors — 6.344 percent for three-month bills with a $10,000 bill selling for $9,844.30 and 6.328 percent for a six-month bill selling for $9,694.10.
The Federal Reserve also said Monday that the average yield for one-year Treasury bills, the most popular index for changing adjustable rate mortgages, edged down to 5.94 percent last week from 5.98 percent the previous week.
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