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BRIEFLY

November 24, 1987

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 5.70%, down from 6.01% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 6.11%, down from 6.33% last week. The rates were the lowest since Oct. 26, when three-month bills sold for 5.12% and six-month bills averaged 5.98%. The new discount rates understate the actual return to investors--5.88% for three-month bills with a $10,000 bill selling for $9,857.50 and 6.41% for six-month bills selling for $9,692.80. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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