Treasury bill yields rose at the latest auction.
The Treasury sold $7 billion in new three-month bills at an average discount rate of 7.06%, up from 6.73% last week. Another $7 billion was sold in new six-month bills at an average discount rate of 7.24%, up from 6.90% last week. The new discount rates understate the actual return to investors--7.29% for three-month bills and 7.62% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.