BANKING & FINANCE
T-Bill Rates Rise: The Treasury Department sold $12.4 billion of new three-month bills at an average discount rate of 4.59%, up from 4.43% last week. Another $12.4 billion of new six-month bills were sold at an average discount rate of 4.99%, up from 4.93%. The three-month bill rate was the highest since they sold for 4.64% on Nov. 12, 1991. The six-month bill rate was the highest since it averaged 5.04% on Oct. 28, 1991. The new discount rates understate the actual return to investors: 4.71% for three-month bills, with a $10,000 bill selling for $9,884.00, and 5.19% for a six-month bill selling for $9,747.70. The discount rate reflects the price discount received when government securities are purchased at less than face value.