Yields fell at an auction of Treasury notes.

The Treasury Department sold $8.5 billion in three-year notes at an average yield of 9.53%, down from 10% at the last auction May 15 and the lowest level since 9.48% on May 16, 1983. The sale, which attracted bids totaling $20.5 billion, is the first in a series of auctions that the government is holding this week to raise a record $21.75 billion in new debt financing. In addition to the $8.5 billion in three-year notes, the department will auction $6.75 billion in 10-year notes today and $6.5 billion in 30-year bonds Thursday.