FINANCE

T-Bill Rates Fall Again: The Treasury sold $10.3 billion of new three-month bills at an average discount rate of 3.85%, down from 3.91% last week. Another $10.3 billion of new six-month bills was sold at an average discount rate of 3.86%, also down from 3.91% last week. The three-month bill rate was the lowest since they sold for 3.75% on Dec. 23. The six-month bill rate was the lowest since they averaged 3.85%, also on Dec. 23. The new discount rates understate the actual return to investors: 3.95% for three-month bills, with a $10,000 bill selling for $9,902.70 and 4% for a six-month bill selling for $9,804.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.

T-Bill Auction 6-month: 3.86% 3-month: 3.85%