Interest rates on 52-week Treasury bills fell...

Interest rates on 52-week Treasury bills fell at auction to the lowest level in 10 months. The Treasury Department sold $9.3 billion of the bills at an average discount rate of 6.18%, down from 6.67% at the last auction Jan. 14. The rates were the lowest since April 9, 1987, when the one-year bills sold for 5.92%. The new discount rate understates the actual return to investors--6.59% with a $10,000 bill selling for $9,375.10.