Rates on Short-Term T-Bills Decline

The Treasury Department sold $13.1 billion in three-month bills at an average discount rate of 4.98%, down from 5.02% last week and the lowest rate since they sold for 4.92% on Dec. 23. Another $13.1 billion was sold in six-month bills at an average rate of 5.03%, down from 5.07% and the lowest since they averaged 4.99% on Dec. 16. In a separate report, the Federal Reserve Board said the average yield for one-year Treasury bills fell to 5.24% last week from 5.28% the previous week. The next auction of two-year notes will be Feb. 25, and five-year notes Feb. 26.