T-bill yields fell at the postponed auction.

The Treasury Department sold $7.6 billion in new three-month bills at an average discount rate of 7.05%, down from 7.19% last week, and $7.6 billion in new six-month bills at a rate of 7.02%, down from 7.26%. The new rates understate the actual return to investors--7.28% for three-month bills and 7.38% for six-month bills. Rates reflect the price when government securities are purchased at less than face value. The weekly auction, normally held on Mondays, was delayed this week until Congress passed legislation raising the government’s borrowing authority.