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The average yield on 3-year Treasury notes fell to their lowest level in more than two years at Tuesday`s auction, which kicked off the Treasury`s 3-day, $21.75 billion quarterly refunding operation. The average yield was 9.53 percent, down from 10 percent at the previous three-year note auction May 15 and the lowest since 9.48 percent on May 16, 1983. The Treasury is slated to sell $6.75 billion of 10-year notes on Wednesday and $6.5 billion of 30- year bonds on Thursday.
