BANKING & FINANCE
T-Bill Rates Rise to Highest Level Since June, 1992: The Treasury Department sold $12.6 billion in new three-month bills at an average discount rate of 3.57%, up from 3.52% last week. Another $12.6 billion of new six-month bills was sold at an average discount rate of 3.85%, up from 3.75% last week. The three-month bill rate was the highest since 3.59% on June 29, 1992. The six-month bill rate was the highest since the average of 3.90% on June 1, 1992. The new discount rates understate the actual return to investors: 3.65% for three-month bills, with a $10,000 bill selling for $9,909.80, and 3.98% for a six-month bill selling for $9,805.40.