Times Staff and Wire Reports

T-Bill Rates Fall: The Treasury Department sold $13.1 billion in three-month bills at an average discount rate of 5.31%, down from 5.34% last week and the lowest since they sold for 5.14% on Sept. 25. Another $13.1 billion was sold in six-month bills at an average discount rate of 5.32%, down from 5.38% and the lowest since they averaged 5.27%, also on Sept. 25. The rates for the bills sold Tuesday understate the actual return to investors: 5.47% for three-month bills, with a $10,000 bill selling for $9,865.80, and 5.56% for a six-month bill selling for $9,731.00. In a separate report, the Federal Reserve said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable-rate mortgages, fell to 5.61% last week from 5.69% the previous week.

T-Bill Auction: 6 month 5.32%

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