Treasury bill yields slip to lowest rate in 2 years

Treasury bill yields have fallen to 7.748 percent, their lowest level since the summer of 1980.

The government sold $5.5 billion of three-month bills at its auction Monday at an average discount of 7.748 percent, down from 8.616 percent last week and 10.025 percent two weeks ago. The latest three-month discount rate is used as the basis for the yield of a 91-day savings certificate. The interest rate for the new certificate, available in denominations of $7,500 or more, will be 7.748 percent at savings-and-loan associations and a quarter point less, 7.498 percent , at commercial banks, effective yesterday.