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FE D E R A L R ESER VE BANK O F N E W YORK F iscal A gen t of the U nited S tates C ircular No. 8018 December 21, 1976 RESULTS OF AUCTION OF 2-YEAR TREASURY NOTES (Notes of Series U-1978) To A ll B anking In stitu tio n s, and O thers Concerned, in the Second F ederal R e se rv e D istrict: The following statement was issued December 20 by the Treasury Department: The Treasury has accepted $3,012 million of $6,59^ million of tenders received from the public for the 2-year notes, Series U-1978, auctioned today. The range of accepted competi tive bids was as follows: Lowest yield..... 5-29# Highest yield.... 5*38$ Average yield.... 5.37/5 The interest rate on the notes will be 5-l/UjC. At the 5 - l / h % rate, the above yields result in the following prices: Low-yield price.....99-925 High-yield price....99-757 Average-yield price..99.775 The $3,012 million of accepted tenders includes $367 million of noncompetitive tenders and $2,U*5 million of competitive tenders (including 6l% of the amount of notes bid for at the high yield) from private investors. It also includes $200 million of tenders at the average price from Federal Reserve Banks as agents for foreign and international monetary authorities in exchange for maturing securities. In addition, $362 million of tenders were accepted at the average price from Government accounts and Federal Reserve Banks for their own account in exchange for securities maturing December 31, 1976 ($252 million), and from Federal Reserve Banks as agents for foreign and international monetary authorities for new cash ($110 million). P aul A. V olcker, President.