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BRIEFLY

Treasury bill yields posted small gains.

January 29, 1985

The Treasury Department sold $7 billion in new three-month bills at an average discount rate of 7.76%, up from 7.68% last week. Another $7 billion was sold in six-month bills at an average discount rate of 7.97%, up from 7.93% last week. The new discount rates understate the actual return to investors--8.03% for three-month bills and 8.42% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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