SECURITIES

Treasury Bill Rates Mixed: The Treasury Department sold $11.2 billion of new three-month bills at an average discount rate of 2.92%, down from 2.96% last week. An additional $11.3 billion of new six-month bills was sold at an average discount rate of 3.04%, the same as last week. The three-month bill rate was the lowest since they sold for 2.88% on Oct. 13. The new discount rates understate the actual return to investors--2.98% for three-month bills, with a $10,000 bill selling for $9,926.20, and 3.13% for a six-month bill selling for $9,846.30. The discount rate reflects the price discount received when government securities are purchased at less than face value. This week’s auction was postponed for two days because of Congress’ delay in raising the national debt ceiling.