Rates on Treasury Bills at 4-Year Low

Interest rates on short-term Treasury securities fell to their lowest levels in 4 1/2 years. In its regular weekly auction, postponed from Monday because of the Columbus Day holiday, the Treasury Department sold $8 billion in three-month bills at an average discount rate of 3.905%, down from 4.155% last week. Another $8 billion was sold in six-month bills at an average rate of 4.090%, down from 4.185%. In a separate report, the Federal Reserve Board said the average yield for one-year bills, the most popular index for making changes in adjustable-rate mortgages, fell to 4.18% last week, from 4.41% the previous week.