WASHINGTON -- The Treasury yesterday sold $16.1 billion of two-year notes at a yield of 3.94%, down from the 4.26% yield incurred in the previous auction on July 27 and the lowest since the record low 3.88% incurred in the April 27 sale.

The coupon rate was 3 7/8%, down from 4 1/4% in the previous auction. The price was 99.876.

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