Short-Term T-Bill Rates Mixed: The Treasury sold $12 billion of new three-month bills at an average discount rate of 3.02%, the same as last week. An additional $11.9 billion of new six-month bills was sold at an average discount rate of 3.11%, down from 3.12% last week. The six-month bill rate was the lowest since they averaged 3.10% on July 6. The new discount rates understate the actual return to investors: 3.08% for three-month bills with a $10,000 bill selling for $9,923.70 and 3.20% for a six-month bill selling for $9,842.80. The discount rate reflects the discount received when government securities are purchased at less than face value.
BANKING & FINANCE
From Times Staff and Wire Reports