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BRIEFLY

T-bill yields declined again at the latest auction.

May 14, 1985

The Treasury Department sold $7 billion in new three-month bills at an average discount rate of 7.69%, down from 7.76% last week. Another $7 billion was sold in new six-month bills at an average rate of 7.90%, down from 7.93%. The new discount rates understate the actual return to investors--7.95% for three-month bills and 8.34% 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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