Short-Term Treasury Rates Fall

The Treasury Department sold $7.3 billion in three-month bills at an average discount rate of 5.115%, down from 5.285% last week. Another $7.3 billion was sold in six-month bills at an average rate of 5.130%, also down from 5.285%. The three-month bills’ rate was the lowest since they sold for 5.070% on Dec. 15. The six-month bills’ rate was the lowest since they averaged 5.08% on Oct. 27. In a separate report, the Federal Reserve Board said the average yield for one-year Treasury bills fell to 5.52% last week from 5.55% the previous week. The next auction of two-year bills will be Jan. 27 and five-year bills on Jan. 28.