Interest rates on 52-week Treasury bills fell...

Interest rates on 52-week Treasury bills fell in Thursday’s auction to the lowest level since May. The Treasury Department sold $9 billion of the bills at an average discount rate of 7.04%, down from 7.08% at the last comparable auction on June 2. The rates were the lowest since May 5, when the one-year bills sold for 6.74%. The new discount rate understates the actual return to investors--7.54% with a $10,000 bill selling for $9,288.20.