The average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, dipped last week to 1.13% from 1.20% the previous week, the Federal Reserve said.
Separately, the Treasury Department said it would conduct its weekly auction of three-month and six-month Treasury bills today, instead of Tuesday. The delay stemmed from maneuvering done by the Treasury Department last week to make room for additional debt sales and not hit the $6.4-trillion limit on the national debt.
The Treasury sold $4 billion of 16-day cash-management bills at a discount rate of 1.16%. Cash-management bills are issued irregularly to help the government meet its short-term cash needs.