Yields on short-term Treasury securities rose.

The Treasury Department sold $7 billion in new three-month bills at an average discount rate of 7.14%, up from 7.07% last week. Another $7 billion was sold in new six-month bills at an average discount rate of 7.32%, up from 7.24% last week. The rates were the highest since three-month bills sold for 7.17% on Sept. 16 and six-month bills averaged 7.39% on Sept. 9. The new discount rates understate the actual return to investors--7.37% for three-month bills and 7.71% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.