Treasury bill yields slipped in the latest auction.

Reversing the rate increases of recent weeks, the Treasury Department sold $7.2 billion in three-month bills at an average discount rate of 7.14%, down from last week’s 7.3%. Another $7.3 billion was sold in six-month bills at an average discount rate of 7.36%, down from 7.52%. The rates on three-month bills were the lowest since July 15, when they averaged 7.06%. Six-month bills fell to their lowest level since 7.35% on July 22. The new discount rates understate the actual return to investors--7.37% for three-month bills and 7.75% for six-month bills.