ECONOMY

Treasury Bill Rates Mixed: The Treasury sold $10.5 billion in new three-month bills at an average discount rate of 5.58%, down from 5.59% last week. Another $10.5 billion in six-month bills was sold at an average discount rate of 5.71%, unchanged from last week. The new discount rates understate the actual return to investors: 5.75% for three-month bills, with a $10,000 bill selling for $9,859.00, and 5.98% for a six-month bill selling for $9,711.30. The discount rate reflects the price discount received when government securities are purchased at less than face value.

T-Bill Auction 6-month: 5.71% 3-month: 5.58%