Short-term T-bill rates fall in sale

The Treasury Department auctioned $20 billion in three-month bills at a discount rate of 3.390%, down from 3.430% last week. Also, $19 billion in six-month bills was auctioned at a discount rate of 3.460%, down from 3.625% 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 $9,915.25 and a six-month bill sold for $9,826.04.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable-rate mortgages, fell to 3.58% last week from 3.72% the previous week.