BANKING & FINANCE
Short-Term Treasury Rates Slip: Rates on the securities fell in auction to their lowest level in two weeks. The Treasury Department sold $12.3 billion in three-month bills at an average discount rate of 4.61%, down from 4.62% last week. Another $12.2 billion was sold in six-month bills at an average discount rate of 4.93%, down from 4.98%. The three-month bill rate was the lowest since they sold for 4.59% on Aug. 15. The six-month bill rate was the lowest since they averaged 4.75% on Aug. 1. The new discount rates understate the actual return to investors: 4.73% for three-month bills, with a $10,000 bill selling for $9,883.50, and 5.13% for a six-month bill selling for $9,750.80.