BANKING & FINANCE
T-Bill Interest Rates Fall: The Treasury Department sold $13.5 billion of new three-month bills at an average discount rate of 5.79%, down from 5.80% last week. Another $13.5 billion of news six-month bills were sold at an average discount rate of 6.12%, down from 6.24%. The new discount rates understate the actual return to investors--5.96% for three-month bills with a $10,000 bill selling for $9,853.60 and 6.40% for a six-month bill selling for $9,690.60. The discount rate reflects the price discount received when government securities are purchased at less than face value.