We study excess noise in a quantum conductor in the presence of consta
nt voltage and alternating external field. Because of a two-particle i
nterference effect caused by Fermi correlations the noise is sensitive
to the phase of the time-dependent transmission amplitude. We compute
spectral density and show that at T = 0 the noise has singular depend
ence on the dc voltage V and the ac frequency OMEGA with cusplike sing
ularities at integer eV/hOMEGABAR. For a metallic loop with an alterna
ting flux the phase sensitivity leads to an oscillating dependence of
the strength of the cusps on the flux amplitude.