Interest rates on short-term Treasury securities rose...

Interest rates on short-term Treasury securities rose in the latest auction, with rates on three-months bills climbing to the highest level since late January. The Treasury Department sold $6.4 billion in three-month bills, at an average discount rate of 5.76% up from 5.65% last week. Another $6.4 billion was sold in six-month bills at an average discount rate of 5.96%, up from 5.78% last week. The rates on three-month bills were the highest since Jan. 28, when they averaged 5.85%. The rates on six-month bills were the highest since they sold for 6.03% on Feb. 16. The new discount rates understate the actual return to investors--5.93% for three-month bills, with a $10,000 bill selling for $9,854.40 and 6.23% for a six-month bill selling for $9,698.70.