Yields on three-month T-bills were unchanged.

The Treasury also reported that rates dipped slightly for six-month bills at its weekly auction. The Treasury Department sold $6.7 billion in new three-month bills at an average discount rate of 7.21%, the same as last week. Another $6.7 billion was sold in six-month bills at an average discount rate of 7.23%, down from 7.3% last week. The new discount rates understate the actual return to investors--7.45% for three-month bills and 7.61% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value. The regular weekly auction had originally been scheduled to sell $14.4 billion in securities. However, the Treasury trimmed this amount to $13.4 billion in order to stay under the current debt limit.