Yields on short-term Treasury securities rose.

The Treasury Department sold $7.2 billion in new three-month bills at an average discount rate of 7.12%, up from last week’s 7.07%. Another $7.2 billion was sold in new six-month bills at an average discount rate of 7.30%, up from 7.21% last week. The rates for the three-month bills were the highest since Aug. 19, when they averaged 7.14%, and rates for the six-month bills were the highest since Aug. 12, when they sold for 7.36%. The new Treasury bill discount rates understate the actual return to investors--7.4% for three-month bills and 7.7% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.