WASHINGTON -- The Treasury yesterday sold $17.01 billion of two-year notes at an average discount rate of 5.72%, up from the 5.38% yield incurred in the previous auction on Sept. 15 and the highest since the 5.88% incurred on July 25, 1991.

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The coupon equivalent was 6.06%. The average price was 94.216.

The Treasury received $50.98 billion in tenders for the bills and accepted $17.01 billion, including $736 million offered noncompetitively from the public and $4.19 illion from Federal Reserve banks for themselves and as agents of foreign and international monetary authorities, all at the average.

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