Treasury delays weekly auction of 3-month and 6-month bills because of testing error

The Treasury Department has delayed the weekly auction of three-month and six-month Treasury bills because of an error that occurred during testing their auction system.

Treasury said that the auction that was scheduled to occur on Monday will now take place on Tuesday. Officials said that the delay was caused by an error that occurred during a systems test that impaired their ability to take bids.

Joyce Harris, a spokeswoman for the Bureau of Public Debt, said that it was extremely rare for the government to postpone a regularly scheduled auction of Treasury debt.

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, was 0.13 per cent last week, unchanged from the previous week.