Rates fell at the weekly Treasury auction.

The Treasury sold $7.8 billion in three-month bills at an average discount rate of 5.49%, down from 5.55%. Another $7.8 billion was sold in six-month bills at an average discount rate of 5.56%, down from 5.58%. The new discount rates understate the actual return to investors--5.64% for three-month bills, with a $10,000 bill selling for $9,862.80, and 5.80% for six-month bills selling for $9,720.50.