BANKING

Treasury Bills’ Interest Rate Rises: The Treasury Department sold $11 billion of new three-month bills at an average discount rate of 2.88%, up from 2.67% last week. Another $11 billion of new six-month bills was sold at an average discount rate of 2.95%, up from 2.78% last week. The three-month bill rate was the highest since they sold for 2.91% on Sept. 21. The new discount rates understate the actual return to investors--2.94% for three-month bills with a $10,000 bill selling for $9,927.20 and 3.04% for a six-month bill selling for $9,850.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.