T-Bill Rates Edge Higher: The Treasury sold...

T-Bill Rates Edge Higher: The Treasury sold $8 billion of new three-month bills at an average discount rate of 7.62%, up from 7.60% last week. Another $8 billion of new six-month bills was sold at an average discount rate of 7.43%, up from 7.41% last week. The new discount rates understate the actual return to investors--7.88% for three-month bills, with a $10,000 bill selling for $9,807.40, and 7.83% for a six-month bill that sells for $9,624.40. The discount rate reflects the price discount received when government securities are purchased at less than face value. The average yield for one-year T-bills was 7.73%.