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 8.26%, down from 8.30% last week. Another $7.2 billion of new six-month bills was sold at an average discount rate of 8.31%, down from 8.35% last week. The rates were the lowest since three-month bills sold for 8.24% on Jan. 3 and six-month bills averaged 8.29% on Dec. 19. The new discount rates understate the actual return to investors--8.55% for three-month bills, with a $10,000 bill selling for $9,791.20, and 8.79% for six-month bills selling for $9,579.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.