U.S. bond prices were flat Wednesday, erasing gains, as oil and stock prices reversed course after early losses.
The yield (which has an inverse relationship to the price) on the benchmark 10-year Treasury note was nearly unchanged at 1.722 percent. It briefly dipped below 1.65 percent earlier in the day amid an oil and stock skid. The yield on the 30-year Treasury bond, meanwhile, was also about flat at 2.577 percent.
The Treasury on Wednesday auctioned $34 billion in five-year notes at a high yield of 1.169 percent, the lowest yield on the note since May 2013, according to Reuters. The bid-to-cover ratio, an indicator of demand, was 2.44, versus a recent average of 2.46.
Indirect bidders, which include major central banks, were awarded 67.3 percent, the biggest portion since July. Direct bidders, which include domestic money managers, bought 10 percent.