EUROPE’S bailout fund plans to raise €3 billion from a sale of three-year bonds after Standard & Poor’s said in December it may lose its top credit rating — the money is earmarked for Ireland and Portugal.

US TREASURY two-year notes rose yesterday, pushing yields to a record low, after Federal Reserve officials said economic growth is “considerably slower” and the Treasury’s sale of $32 billion in three-year notes drew stronger-than-average demand in the first note sale since Standard & Poor’s cut the US debt rating on August 5.