Rates on US Treasury bills drop at weekly auction

WASHINGTON (AP) — Interest rates on short-term Treasury bills fell in Monday's auction with rates on six-month bills dropping to their lowest level in five months.

Separately, the Federal Reserve said Monday that the average yield for one-year Treasury bills, a popular index for making changes in adjustable rate mortgages, fell to 0.55 percent last week from 0.62 percent the previous week.