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BRIEFLY

T-bill yields declined for the second straight week.

April 02, 1985

The Treasury Department sold $6.6 billion in new three-month bills at an average discount rate of 8.18%, down from 8.41% last week. Another $6.6 billion was sold in six-month bills at an average rate of 8.55%, down from 8.86%. The new discount rates understate the actual return to investors--8.47% for three-month bills and 9.06% 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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