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Rates at weekly US Treasury auction on 3-month and 6-month bills rise to highest since October

WASHINGTON - Interest rates on short-term Treasury bills rose in Monday's auction to the highest levels since October.

The Treasury Department auctioned $42 billion in three-month bills at a discount rate of 0.095 per cent, up from 0.040 per cent last week. Another $42 billion in six-month bills was auctioned at a discount rate of 0.110 per cent, up from 0.060 per cent last week.

The three-month rate was the highest since three-month bills averaged 0.130 per cent on Oct. 15. The six-month rate was the highest since these bills averaged 0.150 per cent, also on Oct. 15.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,997.60 while a six-month bill sold for $9,994.44. That would equal an annualized rate of 0.096 per cent for the three-month bills and 0.112 per cent for the six-month bills.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, edged up to 0.12 per cent last week from 0.11 per cent the previous week.

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