The Treasury sold $6.4 billion in new...

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 6.28%, down from 6.31% last week. Another $6.4 billion in new notes was sold in six-month bills at an average discount rate of 6.50%, down from 6.51% last week. The rates were the lowest since May 2, when three-month bills sold for 6.13% and six-month bills averaged 6.41%. The new discount rates understate the actual return to investors--6.47% for three-month bills, with a $10,000 bill selling for $9,841.30, and 6.81% for a six-month bill selling for $9,671.40. The discount rate reflects the price discount received when government securities are purchased at less than face value.