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

T-Bill Rates Mixed: The Treasury Department sold $10.0 billion of new three-month bills at an average discount rate of 6.14%, up from 6.12% last week. Another $10.0 billion of new six-month bills was sold at an average discount rate of 6.21%, unchanged from last week. The three-month bill rate was the highest since they sold for 6.52% on Jan. 7. The six-month bill rate was the lowest since they averaged 6.14% on April 18, 1988. The new discount rates understate the actual return to investors--6.32% for three-month bills, with a $10,000 bill selling for $9,844.80 and 6.50% for a six-month bill selling for $9,636.10. The discount rate reflects the price discount received when government securities are purchased at less than face value.

T-Bill Auction 3-month: 6.14% 6-month: 6.21%