U.S. government debt prices were under pressure on Wednesday, as investors digested the results of note sales and the release of Federal Open Market Committee's (FOMC) latest set of minutes.
The Treasury Department auctioned $20 billion in 10-year notes at a high yield of 1.793 percent, its highest level since March. The bid-to-cover ratio, an indicator of demand, was 2.53, slightly below a recent average of 2.57.
Indirect bidders, which include major central banks, were awarded 62.7 percent, below a recent average of 65 percent. Direct bidders, which include domestic money managers, bought 6.6 percent, below a recent average of 10 percent.
The yield on the benchmark 10-year Treasury note sat higher at around 1.78 percent at 3:24 p.m. ET; it briefly broke above 1.8 percent for the first time since early June, according to Reuters. The yield on the 30-year Treasury bond was also up at 2.51 percent, after hitting its highest since June. Bond yields move inversely to prices.