The 10-year Treasury yield has rebounded by around 25 basis points since hitting a low around 1.3 percent earlier this month, according to Capital Economics.
"The rebound appears to have reflected both a reassessment of the outlook for the federal funds rate in the wake of June's healthier U.S. employment report and unwinding of the extra demand for safe-havens prompted by the U.K.'s vote for Brexit," John Higgins, chief markets economist at Capital Economics, said in a report on Wednesday.
German bunds — another perceived safe-haven asset class — also fell on Wednesday.
WTI crude futures for August crept lower early on Wednesday, as inventories fell by 2.3M barrels.
The U.S. dollar index traded higher against a basket of currencies on Wednesday at 97.18, up from levels around 96 last week. The currency has gained after strong U.S. economic data, particularly relative to other major economies.