U.S. Treasury prices gained on Wednesday after a Treasury Department auction of 10-year notes and the release of the Federal Reserve's Beige Book report.
Yields moved lower after the Treasury auctioned $21 billion in 10-year notes at a high yield of 2.09 percent on Wednesday afternoon. The bid-to-cover ratio, an indicator of demand, was 2.77.
Indirect bidders, which include major central banks, were awarded 71 percent, the highest since 2011. Direct bidders, which include domestic money managers, brought 11.3 percent.
The yield on 10-year notes touched a low of 2.042 percent, its lowest since October and down from 2.100 percent at the market close. (Treasury yields move inversely to prices: CNBC Explains.) The 5-year yield dropped to its lowest since late October, Reuters said, and last traded at 1.488 percent. The 2-year yield, meanwhile, hit its lowest level since December at 0.899.