Treasury bill yields rose at the latest auction.

The Treasury sold about $14 billion in new securities, half in three-month bills at an average discount rate of 8.73%, up from 8.36% in the week before, and half in six-month bills at an average rate of 8.98%, up from 8.53%. The discount rates understate the actual return to investors--9.05% for three-month bills and 9.54% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.