Interest rates on short-term Treasury bills rose in Monday's auction, with the three-month bill climbing to the highest level in six years.
The Treasury Department auctioned $17 billion in three-month bills at a discount rate of 5.010%, up from 4.995% last week. Another $14 billion in six-month bills was auctioned at a discount rate of 4.980%, up from 4.965% last week.
The three-month rate was the highest since three-month bills averaged 5.090% on Jan. 22, 2001. The six-month rate was the highest since 5.030% last Aug. 14.
The discount rates reflect that the bills sell for less than face value. For a $10,000 bill, the three-month price was $9,873.36, while a six-month bill sold for $9,748.23.