Short-term T-bill rates slide in sale

The Treasury Department auctioned $13 billion in three-month bills at a discount rate of 4.835%, down from 4.865% last week. An additional $12 billion in six-month bills was auctioned at a discount rate of 4.835%, down 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 $9,877.78, while a six-month bill sold for $9,755.56.

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 4.93% last week from 4.97% the previous week.