The Treasury Department yesterday auctioned $30 billion of two-year notes with a 2 7/8% coupon at a 2.922% yield, a price of 99.970857.

The bid-to-cover ratio was 2.64. Tenders at the high yield were allotted 4.05%. The median yield was 2.899%. The low yield was 2.850%.

Tenders totaled $79,286,626,200 and the Treasury accepted $30,000,051,200, including $697,276,200 of noncompetitive.

Federal Reserve banks bought $3,216,480,000 for their own account in exchange for maturing securities.

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