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imageNEW YORK: The US Treasury Department on Tuesday sold $26 billion of two-year notes at a yield of 0.752 percent, which was the lowest level since the two-year auction held in September, Treasury data showed.

The ratio of the bids on the latest two-year supply offered was 2.91, compared with 2.90 in January.

The latest two-year note sale, which was a part of this week's $88 billion fixed-rate coupon supply, "went off without any difficulties," Stone & McCarthy Research Associates' market strategist John Canavan wrote in a research note.

Short-dated Treasury yields have fallen on the view that the Federal Reserve may slow its pace of rate increases in response to evidence of a slowing global economy.

In January, the Treasury sold the same amount of two-year debt at a yield of 0.860 percent.

The Treasury said the two-year note due Feb. 2018 will be considered an additional issue of a five-year note issued in Feb. 2013 as they carry the same coupon rate of 0.75 percent.

Investors, foreign central banks and other indirect bidders purchased 55.78 percent of the latest two-year note issue, down from 57.85 percent in January but above its 12-month average of 46.05 percent.

Small bond dealers and other direct bidders bought 10.80 percent, down from 12.30 percent in January and their smallest share since August.

Primary dealers or the top 22 Wall Street firms that do business directly with the Federal Reserve purchased 33.43 percent, up from 29.85 percent in January.

The Treasury added $8.7 billion of the latest two-year issue for the Federal Reserve's bond portfolio.

Copyright Reuters, 2016

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