T-bill rates rise at weekly auction

The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.885%, up from 4.840% last week. An additional $16 billion in six-month bills was auctioned at 4.890%, up from 4.865% 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 $9,876.52, while a six-month bill sold for $9,752.78.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, edged down to 4.99% last week from 5% the previous week.