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T-bill rates rise

WASHINGTON -- Interest rates on short-term Treasury bills rose in yesterday's auction, with the six-month bill climbing to the highest level in three weeks.

The Treasury Department auctioned $18 billion in three-month bills at a discount rate of 3.930 percent, up from 3.900 percent last week. Another $16 billion in six-month bills was auctioned at a discount rate of 4.185 percent, up from 4.155 percent last week.

The three-month rate was the highest since three-month bills averaged 3.940 percent on Nov. 21. The six-month rate was the highest since 4.195 percent on Nov. 14.

The discount rates reflect that the bills sells for less than face value. For a $10,000 bill, the three-month purchase price was $9,900.66, while a six-month bill sold for $9,788.43.

Separately, the Federal Reserve said yesterday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 4.34 percent last week from 4.30 percent the previous week.

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