Rates Drop on 2-Year Treasury Notes: Yields...

Rates Drop on 2-Year Treasury Notes: Yields on two-year Treasury notes fell at auction to their lowest level since February. The average yield was 8.52%, down from 8.90% at the last auction on April 25. It was the lowest rate since two-year notes averaged 8.50% on Feb. 21. The notes will carry a coupon interest rate of 8.5%, with each $10,000 in face value selling for $9,996.40. A total of $10.88 billion in notes was sold out of bids totaling $37.57 billion.