Treasury bill yields rose at the latest auction.

The Treasury Department sold $7.2 billion in new three-month bills at an average discount rate of 7.06%, up from last week’s 6.92%. Another $7.2 billion was sold in new six-month bills at an average discount rate of 7.20%, up from 7% last week. The new Treasury bill discount rates understate the actual return to investors--7.29% for three-month bills and 7.58% for six-month bills. The discount rate reflects the price discount received when government securities are purchased at less than face value.