T-Bill Rates Mixed: The Treasury sold $7.2...

T-Bill Rates Mixed: The Treasury sold $7.2 billion of new three-month bills at an average discount rate of 7.94%, down from 7.99% last week. Another $7.2 billion of new six-month bills was sold at an average discount rate of 7.88%, up from 7.85% last week. The new discount rates understate the actual return to investors--8.21% for three-month bills with a $10,000 bill selling for $9,799.30 and 8.32% for a six-month bill selling for $9,601.60. The discount rate reflects the price discount received when they are purchased at less than face value. In a separate report, the Federal Reserve reported that the average yield for one-year T-bills, the most popular index for making changes in adjustable-rate mortgages, rose to 8.36% last week, up from 8.30% the previous week.