FINANCE

Treasury Bill Rates Rise: The Treasury sold $10.8 billion of new three-month bills at an average discount rate of 3.83%, up from 3.72% last week. Another $10.8 billion of new six-month bills was sold at an average discount rate of 3.93%, up from 3.80% last week. The three-month bill rate was the highest since they sold for 3.86% on Feb. 3. The six-month bill rate equaled the rate set Feb. 3 and Jan. 27 and was the highest since they averaged 4.19% on Dec. 16. The new discount rates understate the actual return to investors--3.93% for three-month bills, with a $10,000 bill selling for $9,903.20, and 4.08% for a six-month bill selling for $9,801.30. The discount rate reflects the price discount received when government securities are purchased at less than face value.

T-Bill Auction 6-month: 3.93% 3-month: 3.83%