Yields on short-term T-bills turned lower again.

The Treasury Department sold $7 billion in new three-month bills at an average discount rate of 7.76%, down from 7.87% last week. Another $7 billion was sold in new six-month bills at an average rate of 7.93%, down from 8.11%. The new discount rates understate the actual return to investors--8.03% 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.

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