U.S. government debt prices were under pressure on Wednesday, as investors digested new data releases and a bond auction.
The yield on the two-year Treasury note hit 0.867 percent, while the yield on the five-year note hit a high of 1.311 percent, their highest levels in two weeks.
The yield on the benchmark 10-year Treasury note hit a high of 1.797 percent, its highest level since Oct. 17. It last sat higher at 1.7862 percent, while the yield on the 30-year Treasury bond was also higher at 2.5355 percent. Bond yields move inversely to prices.
Earlier, the Treasury Department auctioned $34 billion in five-year notes at a high yield of 1.303 percent on Wednesday, its highest level since May.
The bid-to-cover ratio, an indicator of demand, was 2.49, above a recent average of 2.41.
Indirect bidders, which include major central banks, were awarded 59.7 percent, below a recent average of 60.7 percent. Direct bidders, which include domestic money managers, bought 4.9 percent, well below a recent average of 12.7 percent.