The Treasury Department sold $6.6 billion in...

The Treasury Department sold $6.6 billion in three-month bills at an average discount rate of 6.57%, down from 6.59% last week. Another $6.6 billion was sold in six-month bills at an average discount rate of 6.71%, down from 6.75% last week. The three-month rates were the lowest since June 20, when the bills sold for 6.51%. The six-month rates were the lowest since June 13, when the bills averaged 6.67%. The new discount rates understate the actual return to investors--6.77% for three-month bills with a $10,000 bill selling for $9,833.90 and 7.04% for a six-month bill selling for $9,660.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.