T-bill yields were mixed at the latest auctions.

The Treasury Department sold $6.7 billion in new three-month bills at an average discount rate of 8.14%, down from 8.18% last week. Another $6.7 billion was sold in new six-month bills at an average rate of 8.56%, up from 8.55%. The new discount rates understate the actual return to investors--8.43% for three-month bills and 9.07% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.