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BRIEFLY

December 15, 1987

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 6.0%, up from 5.81% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 6.45%, up from 6.42% last week. The rates were the highest since three-month bills sold for 6.01% on Nov. 16 and six-month bills averaged 7.21% on Oct. 19. The new discount rates understate the actual return to investors--6.20% for three-month bills, with a $10,000 bill selling for $9,848.30 and 6.78% for six-month bills selling for $9,673.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.

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