T-bill yields fell. The Treasury sold 52-week bills at an average yield of 7.52 percent, down from 7.65 percent at the last auction on May 31. The new discount rate understates the actual return to investors -- 8.09 percent with a $10,000 bill selling for $9,237.60.

Money market fund assets fell $444.9 million to $384.99 billion for the week ended Wednesday, the Investment Company Institute reported.

The Resolution Funding Corp., the agency that raises money for the cleanup of the thrift industry, said it will auction 30-year bonds July 10. At its last two auctions, it offered 40-year bonds, but the securities met with a cool response.

ECONOMY

Consumer confidence in the U.S. economy wavered in June after holding steady since the beginning of the year, the Conference Board reported.

COMPANIES

The Big Three automakers -- GM, Ford and Chrysler -- will post sharply lower second-quarter earnings next month as severe economic woes in Brazil and chronically high marketing costs in the United States depress profits, industry analysts said.

Eastern Air Lines said its parent company, Continental Holdings, is expected to make a $26 million pension payment due from Eastern by Saturday.

Manufacturers Hanover plans to take an unspecified one-time charge in the second quarter to cover costs associated with its recent restructuring, the company said. Analysts said layoffs were expected.

Greyhound Lines can continue daily operations while the company arranges to pay off creditors, a federal bankruptcy judge said in extending an order.

Toyota Group will purchase as much as $94 million in American semiconductors for use in its car production over the next three years. The vendors selected were Motorola, Intel, National Semiconductor, International Rectifier and Texas Instruments.

INTERNATIONAL

Economic growth in the major industrial nations has slowed to a "sustainable" rate of 3 percent, with inflation running at 4.5 percent, the Organization for Economic Cooperation and Development said.

Bolivian officials plan to end a 50-year monopoly of their country's national oil company, opening the way for joint ventures. REGULATION Funding for the prosecutions of thrift fraud would be tripled under a bill endorsed by the House subcommittee on financial institutions. The panel voted 45-0 in favor of the bill, backed by the Bush administration, to make it easier for the government to prosecute S&L fraud and recover swindled money. Meanwhile, a Justice Department official told a subcommittee of the House Banking Committee that Congress should not expect an immediate increase in the number of successful thrift prosecutions. Edward Dennis stressed that thrift fraud cases require interviewing hundreds of witnesses and reviewing thousands of pages of documents.

EARNINGS General Mills said earnings more than doubled in its fourth fiscal quarter and its profit rose 19 percent in its latest fiscal year. ConAgra, on the heels of its $1.34 billion purchase of the Beatrice Co., said earnings rose 12 percent in its fourth fiscal quarter and 17 percent in its fiscal year. PEOPLE Robert Willis pleaded guilty to trading stock on inside information he obtained during psychiatric counseling sessions with the wife of financier Sanford I. Weill. Willis, 51, pleaded guilty to two counts of securities fraud. Prosecutors dropped 44 counts against him in a plea agreement. Willis faces up to 10 years in prison and $500,000 in fines at his sentencing Nov. 2. T. Boone Pickens Jr. stalked out of a Koito Manufacturing Co. shareholders meeting in Tokyo after the auto parts company he is trying to penetrate emphatically rejected his overtures. Treasury Secretary Brady has asked Congress to increase the $3.123 trillion limit on the public debt. He didn't mention any specific new ceiling. Donald Casey, another high-ranking Apple Computer Inc. executive, is leaving the firm. Casey, vice president of networking and engineering, will join Lotus Development Corp. as vice president of the spreadsheet division.

ODD LOTS The University of California is selling $763 million in stock holdings in Bristol Myers-Squibb, Johnson & Johnson and 3M International because they continue doing business in South Africa.

Municipal bond funds remain by far the hottest investment sector among mutual fund fixed-income instruments, according to the Investment Company Institute. Long-term municipal bond funds posted net sales of $689 million in May.