The Treasury Department yesterday auctioned $24 billion of two-year notes with a 2 1/8% coupon at a 2.237% yield, a price of 99.782126.
The bid-to-cover ratio was 2.33. Tenders at the high yield were allotted 61.43%. The median yield was 2.200%. The low yield was 2.150%.
Tenders totaled $55,917,035,000 and the Treasury accepted $24,000,045,000, including $597,055,000 of noncompetitive.
Federal Reserve banks also bought $2,922,817,000 for their own account in exchange for maturing securities.