The Treasury Department sold $6.4 billion in...

The Treasury Department sold $6.4 billion in new three-month bills at an average discount rate of 5.78%, down from 5.98% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 6.14%, down from 6.19% last week. The rates were the lowest since March 28, when three-month bills sold for 5.69% and six-month bills averaged 6%. The new discount rates understate the actual return to investors--5.95% for three-month bills, with a $10,000 bill selling for $9,853.90, and 6.42% for six-month bills selling for $9,689.60. The discount rate reflects the price discount received when government securities are purchased at less than face value.