Yields on three-month T-bills remained unchanged.

At the same time, the Treasury reported that it sold $7.2 billion in new six-month bills at an average discount rate of 7.28%, down from last week’s 7.36%. It also sold $7.2 billion in new three-month bills at an average discount rate of 7.14%. The new discount rates understate the actual return to investors--7.37% for three-month bills and 7.66% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.