T-Bill Rates Rise: The Treasury sold $6.4 billion of new three-month bills at an average discount rate of 8.5%, up from 8.32% last week. Another $6.4 billion of new six-month bills was sold at an average discount rate of 8.36%, up from 8.33% last week. The rates were the highest since three-month bills sold for 8.64% on May 1 and six-month bills averaged 8.39% on May 8. The new discount rates understate the actual return to investors--8.81% for three-month bills, with a $10,000 bill selling for $9,785.10, and 8.85% for a six-month bill selling for $9,577.40. The discount rate reflects the price discount received when government securities are purchased at less than face value.