The Treasury sold $7.2 billion of new three-month bills at an average discount rate of 7.37%, down from 7.45% last week. Another $7.2 billion of six-month bills was sold at an average discount rate of 7.48%, down from 7.54% last week. The rates were the lowest since three-month bills sold for 7.36% on Oct. 17 and six-month bills averaged 7.46% on Oct. 11. The new discount rates understate the actual return to investors--7.61% for three-month bills, with a $10,000 bill selling for $9,813.70, and 7.88% for six-month bills selling for $9,621.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.