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BRIEFLY

Short-term T-bill yields rose at the latest auction.

December 24, 1985

The Treasury Department sold $7.6 billion in new three-month bills at an average discount rate of 7.02%, up from 7% last week. Another $7.6 billion was sold in new six-month bills at an average discount rate of 7.05%, up from 7.01% last week. The new discount rates understate the actual return to investors--7.24% for three-month bills and 7.41% 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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