BANKING

T-Bill Rates Fall: The Treasury sold $10.6 billion worth of new three-month bills at an average discount rate of 5.19%, down from 5.29% last week. Another $10.6 billion of new six-month bills was sold at an average discount rate of 5.22%, down from 5.3% last week. The three-month bill rate was the lowest since they sold for 5.17% on Aug. 19, 1991. The six-month bill rate was the lowest since they averaged 5.21% on Oct. 27, 1986. The new discount rates understate the actual return to investors: 5.35% for three-month bills, with a $10,000 bill selling for $9,868.80, and 5.45% for a six-month bill selling for $9,736.10. The rate reflects the price discount received when government securities are purchased at less than face value.