The Treasury sold $7.2 billion of new...

The Treasury sold $7.2 billion of new three-month bills at an average discount rate of 8.30%, down from 8.36% last week. Another $7.2 billion of new six-month bills was sold at an average discount rate of 8.35%, down from 8.48% last week. The rates were the lowest since three-month bills sold for 8.24% on Jan. 3 and six-month bills averaged 8.33% on Dec. 27. The new discount rates understate the actual return to investors--8.60% for three-month bills, with a $10,000 bill selling for $9,790.20 and 8.84% for six-month bills selling for $9,577.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.