BANKING & FINANCE
Treasury Bill Rates Rise: The Treasury Department sold $13.4 billion of new three-month bills at an average discount rate of 5.80%, up from 5.77% last week. Another $13.5 billion of new six-month bills was sold at an average discount rate of 6.24%, up from 6.19%. The three-month bill rate was the highest since they sold for 5.87% on Jan. 9. The six-month bill rate was the highest since they averaged 6.42% the same day. The new discount rates understate the actual return to investors: 5.97% for three-month bills, with a $10,000 bill selling for $9,853.40, and 6.53% for a six-month bill selling for $9,684.50. The discount rate reflects the discount received when government securities are purchased at less than face value.