The Treasury sold $6.6 billion in new...

The Treasury sold $6.6 billion in new three-month bills at an average discount rate of 6.72%, up from 6.57% last week. Another $6.6 billion of new new six-month bills was sold at an average discount rate of 6.99%, up from 6.75% last week. The rates were the highest since Oct. 19, when three-month bills sold for 6.84% and six-month bills averaged 7.21%. The new discount rates understate the actual return to investors--6.93% for three-month bills, with a $10,000 bill selling for $9,830.10, and 7.35% for a six-month bill selling for $9,646.60. The discount rate reflects the price discount received when the securities are purchased at less than face value.