T-Bill Rates Mixed: The Treasury sold $7.7...
From Times Staff and Wire Reports
T-Bill Rates Mixed: The Treasury sold $7.7 billion of new three-month bills at an average discount rate of 7.83%, up from 7.77% last week. Another $7.6 billion of new six-month bills was sold at an average discount rate of 7.72%, down from 7.73% last week. The rates for three-month bills were the highest since they sold for 7.88% on Sept. 5, 1989. The new discount rates understate the actual return to investors--8.10% for three-month bills, with a $10,000 bill selling for $9,802.10 and 8.15% for a six-month bill selling for $9,609.70. The discount rate reflects the price discount received when government securities are purchased at less than face value.
