T-Bill Rates Mixed: The Treasury Department sold...

T-Bill Rates Mixed: The Treasury Department sold $8.6 billion of new three-month bills at an average discount rate of 7.74%, up from 7.73% last week. Another $8.6 billion in six-month bills was sold at an average discount rate of 7.64%, identical to last week. The three-month rate was the highest since May 29 when three-month bills sold for 7.80%. The new discount rates understate the actual return to investors--8.00% for three-month bills with a $10,000 bill selling for $9,804.40 and 8.06% for a six-month bill selling for $9,613.80. The discount rate reflects the price discount received when the securities are purchased at less than face value.