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

Interest rates on short-term Treasury securities were mixed in Monday’s auction, with rates on three-month bills rising to the highest level since January, while six-month bills were unchanged. The Treasury Department sold $7 billion in three-month bills at an average discount rate of 7.18%, up from 7.05% last week. Another $7 billion was sold in six-month bills at an average discount rate of 7.51%, the same as last week. The rates on three-month bills were the highest since they sold for 7.23% on Jan. 13. The rate for the past two weeks on six-month bills has been the highest since they averaged 7.52% on Aug. 5, 1985. The new discount rates understate the actual return to investors--7.42% for three-month bills, with a $10,000 bill selling for $9,816.50, and 7.92% for a six-month bill selling for $9,620.30.