SECURITIES

T-Bill Rates Decline: Interest rates on short-term Treasury securities fell in auction to the lowest level in two weeks. The Treasury Department sold $11.6 billion in three-month bills at an average discount rate of 5.70%, down from 5.76% last week and the lowest since they sold for 5.64% on March 27. Another $11.6 billion in six-month bills were sold at an average discount rate of 5.84%, down from 5.90% and the lowest since they averaged 5.80%, also on March 27. The new discount rates understate the actual return to investors: 5.88% for three-month bills, with a $10,000 bill selling for $9,855.90, and 6.12% for a six-month bill selling for $9,704.80. The Federal Reserve Board said the average yield for one-year T-bills was unchanged last week at 6.38%.