Treasury bill yields fell at the latest auction.

The Treasury Department sold $7 billion in three-month bills at an average discount rate of 8.41%, down from 8.64% last week. An additional $7 billion was sold in six-month bills at an average rate of 8.86%, down from 9.04%. The new discount rates understate the actual return to investors--8.71% for three-month bills and 9.4% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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