Short-term rates on T-bill decline in sale

The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 4.865%, down from 4.88% last week. An additional $12 billion in six-month bills was auctioned at a discount rate of 4.865%, down from 4.89% last week.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,877.02, and a six-month bill sold for $9,754.05.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, rose to 4.97% last week from 4.94% the previous week.