Treasury-bill yields rose in the latest auction.

The Treasury sold $7 billion in three-month bills at an average discount rate of 8.16%, up from 7.76% last week. Another $7 billion was sold in six-month bills at an average rate of 8.3%, up from 7.97%. The new discount rates understate the actual return to investors--8.45% for three-month bills and 8.78% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.