Yields on three-year Treasury notes fell in Tuesday's auction to the lowest level on record.
The average yield was 4.27%, down from 4.73% at the last auction on Feb. 9. It was the lowest rate since the start of regular three-year note auctions in 1978.
The notes will carry a coupon interest rate of 4 1/4% with each $10,000 in face value selling for $9,994.40.
A total of $16.2 billion in notes were sold out of bids totaling $46.4 billion.