The Treasury sold $6.7 billion of new...

The Treasury sold $6.7 billion of new three-month bills at an average discount rate of 6.76%, up from 6.72% last week. Another $6.6 billion of new six-month bills were sold at an average discount rate of 7.09%, up from 6.99% 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: 6.97% for three-month bills, with a $10,000 bill selling for $9,829.10, and 7.45% for a six-month bill selling for $9,641.60. The discount rate reflects the price discount received when the securities are purchased at less than face value.