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

Interest rates on short-term Treasury securities were mixed, with rates on six-month bills climbing to the highest level in nearly four years. The Treasury Department sold $7.2 billion in three-month bills at an average discount rate of 8.49%, down from 8.57% last week. Another $7.2 billion was sold in six-month bills at an average discount rate of 8.54%, up from 8.53% last week. The rates for six-month bills were the highest since April 8, 1985, when they averaged 8.56%. The rates for three-month bills were the lowest since they averaged 8.33% on Jan. 30. The new discount rates understate the actual return to investors--8.80% for three-month bills, with a $10,000 bill selling for $9,785.40, and 9.05% for a six-month bill selling for $9,568.30.