The short-term sector was flooded with $1.4 billion Pennsylvania tax anticipation notes yesterday, while long-term bond prices gained 1/4 point on inflation data that improved hopes for an ease.

Pennsylvania awarded the notes, due June 30, 1992, to nine firms. Goldman, Sachs & Co. took down $389 million with a bid of 5.25% and reoffered the notes to investors at 4.75% net. BT Securities took $350 million with a bid of 5.25% and reoffered the notes at 4.75%. A Merrill Lynch group won $250 million with a 5.25% bid and priced the notes to yield 4.75%. While Lehman Brothers bought $200 million with a 5.25% bid and a reoffering of 4.75%.

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