The Treasury Department Tuesday auctioned $26 billion of two-year notes with a 1 1/2% coupon at a 1.596% yield, a price of 99.811770.

The bid-to-cover ratio was 2.74.

Tenders at the high yield were allotted 82.65%.

The median yield was 1.550%. The low yield was 1.480%.

Tenders totaled $71,247,270,200 and the Treasury accepted $26,000,080,200, including $129,470,200 non-competitive.

The Fed banks bought $650,356,100 for their own account in exchange for maturing securities.

The two-year notes are dated Oct. 31 and due Oct. 31, 2019.

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