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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.
The GDP release comes amid growing talk that the Federal Reserve is gearing up for an interest rate rise at its September meeting as the economic recovery gains momentum. Federal Reserve Governor Jerome Powell said on Tuesday the U.S. economy could be ready for a first rate hike in September followed by a second increase in December.
On Tuesday, the U.S. Treasury auctioned $26 billion in two-year notes.
That sale saw below-average demand with the bid-to-cover ratio, a gauge of demand, at 3.38 and below the recent average of 3.44.
Weekly U.S. mortgage applications also rose 1.6 percent, the Mortgage Bankers Association said Wednesday.
The immediate focus was on Greece after Athens said international lenders had rejected its latest proposals to end a stand-off over debt and avoid default. That boosted the appeal of safe-haven bonds, putting downward pressure on Treasury and German Bund yields.
European Union finance ministers are scheduled to meet Wednesday to discuss whether or not to put a new cash-for-reforms plan on Greece to euro zone state leaders.
Read MoreGreek crisis: Deal or no deal?
Athens must repay the International Monetary Fund 1.6 billion euros ($1.8 billion) by the end of June or default on its debt – an event that could pave the way for the country's exit from the euro zone and further turmoil in markets.