Interest rates on short-term T-bills fell slightly.

The Treasury Department sold $8.02 billion in new three-month bills at an average discount rate of 5.39%, down from 5.41% last week. An additional $8.01 billion was sold in new six-month bills at an average discount rate of 5.44%, down from 5.54% last week. The rates were the lowest since Nov. 3, when three-month bills sold for 5.23% and six-month bills averaged 5.30%. The new discount rates understate the actual return to investors--5.54% for three-month bills with a $10,000 bill selling for $9,863.80 and 5.67% for six-month bills selling for $9,725. The discount rate reflects the price discount received when government securities are purchased at less than face value.