Yields on short-term Treasury bills rose.

The Treasury Department sold $7.4 billion in new three-month bills at an average discount rate of 7.24%, up from 7.21% last week. Another $7.4 billion was sold in new six-month bills at an average discount rate of 7.26%, up from 7.23% last week. The new discount rates understate the actual return to investors--7.48% for three-month bills and 7.64% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.