The Treasury Department auctioned $21 billion in 10-year notes at a high yield of 2.235 percent on Wednesday. The bid-to-cover ratio, an indicator of demand, was stronger than the recent average at 2.70.
Benchmark 10-year note yields pared gains after the announcement. The yield on the benchmark 10-year note turned flat to trade at 2.19 percent, off an earlier high of 2.25 percent. The yield on a bond rises when its price falls. Thirsty-year bond yields also rose to trade above 3 percent.