The Treasury sold $6.4 billion in new...

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 5.62%, down from 5.64% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 5.86%, up from 5.83% last week. The rates on three-month bills were the lowest since 5.49% on Nov. 30; the six-month bills were the highest since 6.03% on Feb. 16. The new discount rates understate the actual return to investors--5.78% for three-month bills, with a $10,000 bill selling for $9,857.90, and 6.12% for a six-month bill selling for $9,703.70. The discount rate reflects the price discount received when government securities are purchased at less than face value.