The Treasury sold $6.4 billion in new...

The Treasury sold $6.4 billion in new three-month bills at an average discount rate of 6.34%, up from 6.28% last week. Another $6.4 billion was sold in new six-month bills at an average discount rate of 6.71%, up from 6.50% last week. The rates were the highest since Oct. 19, when three-month bills sold for 6.84% and six-month bills averaged 7.21%. The new discount rates understate the actual return to investors--6.53% for three-month bills with a $10,000 bill selling for $9,839.70 and 7.04% for a six-month bill selling for $9,658.90. The discount rate reflects the price discount received when government securities are purchased at less than face value.