U.S. Treasury yields fell on Wednesday after hiving trimmed earlier losses amid a Treasury Department auction of $35 billion in five-year notes at a high yield of 1.710 percent, which saw light demand.
The five-year yield rose slightly to 1.6922 percent after the sale, before trading at 1.6723 percent. The benchmark 10-year yield also slightly trimmed losses to trade at 2.3972 percent, before edging lower to 2.3728percent.
The bid-to-cover ratio, an indicator of demand, was 2.39, down from a recent average of 2.54.
Indirect bidders, which include major central banks, were awarded 56.6 percent slightly below a recent average of 57 percent. Direct bidders, which include domestic money managers, brought 5.6 percent, below a recent average of 8 percent.
"Bottom line, this was a weak auction as Treasuries continue to trade poorly. Too many are solely focused on when the Fed may raise rates and are ignoring a rise in interest rates across the curve as the market is adjusting policy for the Fed," Peter Boockvar, chief market strategist at The Lindsey Group, said in a note following the sale.
Earlier, U.S. Treasury yields dipped following the release of the final revision of Q1 U.S. gross domestic product, which came down 0.2 percent, compared with a prior estimate of 0.7 percent lower.