Rates on Treasury bills fall at auction

The Treasury Department auctioned $14 billion in three-month bills at a discount rate of 4.49%, down from 4.64% last week. An additional $14 billion in six-month bills was auctioned at 4.715%, down from 4.765% 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 $9,886.50, and a six-month bill sold for $9,761.63.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, was unchanged at 4.98%.