Rates for Short-Term T-Bills Decline

The Treasury Department sold $7.3 billion in three-month bills at an average discount rate of 5.095%, down from 5.1% last week. An additional $7.26 billion was sold in six-month bills at an average rate of 5.075%, down from 5.090%. The rates were the lowest since Jan. 26, when three-month bills sold for 5.07% and six-month bills averaged 5.03%. Separately, the Federal Reserve Board said the average yield for one-year Treasury bills fell to 5.26% last week from 5.28% the previous week. The next notes auctions are as follows: three-year notes today, 10-year notes on Wednesday, 29 3/4-year bonds on Thursday, two-year notes on Feb. 24 and five-year notes on Feb. 25.