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BRIEFLY

August 18, 1987

Interest rates on short-term T-bills were mixed at the latest auction. The Treasury sold $6.6 billion in new three-month bills at an average discount rate of 5.97%, up from 5.93% last week. Another $6.6 billion was sold in new six-month bills at an average discount rate of 6.12%, down from 6.14%. The new discount rates understate the actual return to investors--6.16% for three-month bills, with a $10,000 bill selling for $9,849.10, and 6.42% for six-month bills selling for $9,690.60. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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