Yields Fall on New T-Bills: The Treasury...

Yields Fall on New T-Bills: The Treasury Department sold $7.23 billion in three-month bills at an average discount rate of 5.60%, down from 5.80% last week. Another $7.21 billion was sold in six-month bills at an average discount rate of 5.68%, down from 5.79% last week. The new discount rates understate the actual return to investors--5.78% for three-month bills with a $10,000 bill selling for $9,858.40, and 5.95% for a six-month bill selling for $9,712.80. Separately, the Fed said the average yield for one-year Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 6.26% last week, down from 6.34% the previous week.