WASHINGTON - The Treasury yesterday sold $14.55. billion of two-year notes at a yield of 4%, down from the 4.30% yield incurred in the previous auction on Aug. 25 and the lowest since the Treasury began regular two-year note auctions in 1974.

The coupon rate was 4%, down from 41/4% in the previous auction. The price was 100.00.

In the Dutch auction, all competitive tenders at yields lower than 4% were accepted in full. Buyers who bid at the high yield of 4% were allotted 3% of their total bids. The median yield was 3.98%, and the low yield was 3.93%.

The Treasury sold an additional $688 million to government and Federal Reserve banks as agents of foreign and international monetary authorities, in exchange for maturing securities. In addition, 1.51 billion was accepted from Federal Reserve banks for their own account.

The notes will mature Sept. 30, 1994.

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