Rates on 3-, 6-Month T-Bills Rise in Auction

The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 4.990%, up from 4.975% last week. An additional $16 billion in six-month bills was auctioned at a discount rate that also hit 4.990%, up from 4.975% last week.

The discount rates reflect the fact that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,873.86, while a six-month bill sold for $9,747.73.

Also auctioned was $21 billion in three-year notes as part of its series of quarterly refunding debt sales. The notes brought 4.898%, down from a yield of 4.995% at the last auction in May.