Interest Rates Mixed: The Treasury sold $9.2...

Interest Rates Mixed: The Treasury sold $9.2 billion of new three-month bills at an average discount rate of 7.41%, up from 7.39% last week. Another $9.2 billion was sold of new six-month bills was sold at an average discount rate of 7.34%, down from 7.36% last week. The new discount rates understate the actual return to investors--7.66% for three-month bills, with a $10,000 bill selling for $9,812.70, and 7.73% for a six-month bill selling for $9,628.90. The discount rate reflects the price discount received when government securities are purchased at less than face value. In a separate report, the Federal Reserve said the average yield for one-year T-bill bills, the most popular index for making changes in adjustable-rate mortgages, fell to 7.74% last week from 7.85% the week before.