T-Bill Rates Up to Highest Level Since June: The Treasury sold $11.9 billion of new three-month bills at an average discount rate of 3.27%, up from 3.13% last week. An additional $11.8 billion of new six-month bills was sold at an average discount rate of 3.45%, up from 3.37% last week. The three-month bill rate was the highest since they sold for 3.59% on June 29. The six-month rate was the highest since 3.66% on June 29. The new discount rates understate the actual return to investors--3.34% for three-month bills, with a $10,000 bill selling for $9,918.30, and 3.56% for a six-month bill selling for $9,826.50. The discount rate reflects the price discount received when government securities are purchased at less than face value.