WASHINGTON -- Treasury bills rallied yesterday as the Federal Reserve opted not to raise short-term interest rates at its last scheduled monetary policy meeting of the year. Meanwhile, bonds fell slightly.

Late yesterday, yields on three-month and six-month bills were quoted down 13 basis points at 5.62% and 6.46%, respectively. Year bills also gained, with yields falling eight basis points to 7.03%. Trading was light.

On the long end, bond prices were off four ticks at 95 27/32, yielding 7.86%. For the fourth straight day, 10-year notes were unchanged at 100 13/32, yielding 7.81%.

For most of yesterday "it was a wait and see game," said Nancy Kimelman, chief economist of Technical Data in Boston.

The market expected the Federal Open Market Committee to stand pat on rates but nonetheless was a little disappointed that the Fed did not hike rates for a seventh time this year, Kimelman said.

"We can see reasons all around us why they should move," she said.

Trading in the remaining days of the year is expected to be very thin and deadly dull, analysts said. "The market has had a rough year," Kimelman said, adding that traders are inclined to sit on the sidelines until 1995.

The Fed is expected to raise rates at its next meeting on Jan. 31 and Feb. 1, analysts said.

Treasury Market Yields Previous Previous Tuesday Week Month3-Month Bill 5.60 5.93 5.436-Month Bill 6.44 6.67 6.021-Year Bill 7.01 7.29 6.582-Year Note 7.52 7.68 7.233-Year Note 7.66 7.78 7.485-Year Note 7.74 7.81 7.737-Year Note 7.77 7.81 7.8110-Year Note 7.79 7.80 7.9330-Year Bond 7.84 7.84 8.05


Stock Market: The Dow Jones Industrial Average fell 23.55 points yesterday, to close at 3767.15.

Foreign Exchange: In late New York trading yesterday, the dollar was quoted at 100.17 Japanese yen and 1.5701 German marks.

Commodities: The Commodity Research Bureau's index closed up 0.64 point yesterday, at 232.49.

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