T-Bill Rates Mixed: The Treasury Department sold...

T-Bill Rates Mixed: The Treasury Department sold $7.2 billion in new three-month bills at an average discount rate of 7.99%, down from 8.01% last week. Another $7.2 billion of new six-month bills was sold at an average discount rate of 7.85%, up from 7.83% last week. The new discount rates understate the actual return to investors--8.27% for three-month bills, with a $10,000 bill selling for $9,795.80 and 8.29% for a six-month bill selling for $9,603.10. The discount rate reflects the price discount received when government securities are purchased at less than face value.