Treasury bill yields fell at the latest auction.

The Treasury sold $7 billion in three-month bills at an average discount rate of 7.68%, down from 7.74% last week. Another $7 billion was sold in six-month bills at an average discount rate of 7.93%, down from 8.05% last week. The rates were the lowest since Jan. 17, 1983, when three-month bills were auctioned at 7.62% and six-month bills went for 7.73%. The new discount rates understate the actual return to investors--7.94% for three-month bills and 8.38% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.