Interest rates on 52-week Treasury bills rose...

Interest rates on 52-week Treasury bills rose to the highest level in nearly four years. The Treasury Department sold $9.03 billion of new bills at an average discount rate of 8.59%, up from 8.45% at the last auction on Jan. 12. The rates were the highest since March 14, 1985, when the one-year bills sold for 9.24%. The new discount rate understates the actual return to investors--9.32%, with a $10,000 bill selling for $9,131.50.