ECONOMY

T-Bill Rate Lowest in Five Years: The Treasury sold $10.8 billion in new three-month bills at an average discount rate of 5.11%, down from 5.18% last week. An additional $10.9 billion of new six-month bills was sold at an average discount rate of 5.14%, down from 5.23% last week. The three-month bill rate was the lowest since the 5.08% of Oct. 6, 1986. The six-month bill rate was the lowest since the 5.13% of the same date. The new discount rates understate the actual return to investors: 5.26% for three-month bills, with a $10,000 bill selling for $9,870.80, and 5.37% for a six-month bill selling for $9,740.10.

T-Bill Auction 6-month: 5.14% 3-month: 5.11%