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Short-term Treasury bill rates climb

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

The Treasury Department auctioned $16 billion in three-month bills at a discount rate of 4.940 percent, up from 4.850 percent last week. Another $15 billion in six-month bills was auctioned at a discount rate of 4.935 percent, up from 4.890 percent last week.

The three-month rate was the highest since these bills averaged 4.960 percent on Aug. 28. The six-month rate was the highest since 4.970 percent, also on Aug. 28.

The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,875.13 while a six-month bill sold for $9,750.51.

Separately, the Federal Reserve said the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, rose to 5.03 percent last week from 4.90 percent the previous week.

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