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BRIEFLY

October 20, 1987

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 6.84%, down from 6.96% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 7.21%, down from 7.34% last week. The rates were the lowest since Oct. 5, when three-month bills sold for 6.49% and six-month bills averaged 6.96%. The new discount rates understate the actual return to investors--7.08% for three-month bills, with a $10,000 bill selling for $9,827.10 and 7.61% for six-month bills selling for $9,635.50. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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