BANKING & FINANCE
Short-Term T-Bill Rates Rise: The Treasury Department sold $12.6 billion in three-month bills at an average discount rate of 3.61%, up from 3.57% last week. It was the highest level in nearly two years. An additional $12.8 billion was sold in six-month bills at an average discount rate of 3.90%, up from 3.85%. The three-month bill rate was the highest since they sold for 3.67% on June 22, 1992. The six-month bill rate was the highest since they averaged 4.02% on April 6, 1992. The new discount rates understate the actual return to investors: 3.70% for three-month bills, with a $10,000 bill selling for $9,908.70, and 4.03% for a six-month bill selling for $9,802.80.