Short-term T-bill rates fell at the latest auction.

The Treasury Department sold $6.6 billion in new three-month bills at an average discount rate of 5.62%, down from 5.82% last week. Another $6.6 billion was sold in new six-month bills at an average discount rate of 5.68%, down from 6.0%. The three-month bills were the lowest since June 8, when they sold for an average 5.59%. The six-month rates were the lowest since April 6, when they sold for 5.63%. The new discount rates understate the actual return to investors--5.80% for three-month bills, with a $10,000 bill selling for $9,857.90 and 5.95% for six-month bills selling for $9,712.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.