By Daniel Kruger and Ruby Madren-Britton Nov. 23 (Bloomberg) -- Treasuries were little changed as the U.S. prepared to sell $44 billion of two-year debt, the first of three sales this week totaling $118 billion in notes. Two-year yields fell last week to the lowest level this year on concern the rally in risk assets outpaced growth prospects and as the Federal Reserve signaled it may keep interest rates near record lows for longer. “We had rallied into last week, and the markets are reversing that move in part because of the global improvement in the equity market and the weaker dollar, and as a set-up ahead of this week’s significant Treasury supply,” said Michael Pond, an interest-rate strategist in New York at Barclays Plc, one of the 18 primary dealers that trade with the Fed. The benchmark two-year note yielded 0.74 percent at 10:58 a.m. in New York, according to BGCantor Market Data. The 1 percent security maturing in October 2011 was little changed at 100 1/2. The 10-year yield rose one basis point to 3.38 percent. Today’s two-year offering will match the record set last month. The Treasury is scheduled to sell $42 billion of five- year securities tomorrow and $32 billion of debt maturing in seven years on Nov. 25, both record amounts. To contact the reporters on this story: Daniel Kruger in New York at dkruger1@bloomberg.net; Ruby Madren-Britton in New York at rmadrenbritt@bloomberg.net

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