The U.S. bond market closed on Wednesday due the Veterans Day holiday. They will resume on Thursday when the market reopens.
U.S. Treasurys rose on Tuesday with benchmark yields retreating from a more than three-month peak on demand from investors seeking bargains after a market sell-off on worries about the Federal Reserve raising interest rates in December.
Revived appetite for U.S. government debt spurred bids at a $24 billion auction of 10-year notes, the second leg of this week's quarterly federal refunding.
Corporate bond supply slowed ahead of the Veterans Day holiday on Wednesday, when the bond market will be closed, reducing downward pressure on Treasuries prices which had fallen on growing expectations the U.S. central bank will raise rates for the first time in nearly a decade at its Dec. 15-16 meeting.
After the first rate hike, the Fed is expected to raise rates gradually as domestic inflation remains below its 2 percent target and the European Central Bank and other major central banks will likely provide more stimulus to help their countries' economies in the coming months, analysts said.