T-bill yields fell at the latest auction.

The Treasury Department sold $7 billion in three-month bills at an average discount rate of 7%, down from last week’s 7.06%. Another $7 billion was sold in six-month bills at an average rate of 7.08%, down from 7.24%. The rates were the lowest since June 17, when three-month bills averaged 6.73% and six-month bills sold for 6.90%. Both of those rates were the lowest in five years. The new discount rates understate the actual return to investors--7.22% for three-month bills and 7.44% for six-month bills.