The Treasury Department sold $9 billion of...

The Treasury Department sold $9 billion of 52-week T-bills at an average discount rate of 8.49%, up from 7.92% at the last auction on Nov. 17. The rates were the highest since March 14, 1985, when one-year bills sold for 9.24%. The new discount rate understates the actual return to investors--9.20%, with a $10,000 bill selling for $9,141.60.