WASHINGTON - The Treasury yesterday sold $17.27 billion of two-year notes at a yield of 6.55%, up from the 6.27% yield incurred in the previous auction on Aug. 23 and the highest since the 6.94% incurred on July 23, 1991.

The coupon rite was 6 1/2%, up from 6 1/4% in the previous auction. The price was 99.908.

In the Dutch auction, all competitive tenders at yields below 6.55% were accepted in full. Buyers who bid at the high yield of 6.55% were allotted 14% of their total bids. The median yield was 6.50%, and the low yield was 6.45%.

Tenders totaled $44.03 billion and the Treasury accepted billion, including $1.66 billion of noncompetitive bids.

Federal Reserve banks bought $1.13 billion of the securities, as agents for foreign and international monetary authorities, in exchange for maturing securities. The Fed banks also bought $1.13 billion for their own account in exchange for maturing securities.

The notes will mature Sept. 30, 1996.

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