The Treasury Department auctioned $23 billion in 10-year notes at a high yield of 2.02 percent.
The bid-to-cover ratio, an indicator of demand, was 2.22, the worst since March 2009, and lower than a recent average of 2.56. Indirect bidders, which include major central banks, were awarded 52.5 percent, the lightest since January 2015, and lower than a recent average of 65 percent. Direct bidders, which includes domestic money managers, bought 8.3 percent, also lower than a recent average of 10 percent.
U.S. government debt prices were mixed on Wednesday, with bond investors digesting the latest news that Republican candidate Donald Trump had won the race to the White House.
The yield on the benchmark 10-year Treasury note hit a high of 2.056 percent, it's highest since January 28, while the yield on the 30-year Treasury bond hit a high of 2.865 percent, also its highest level since January 28. Bond yields move inversely to prices.
The yield on the five-year Treasury note also hit a high of 1.46 percent, its highest level since June 2. The two-year note yield, however, rebounded to 0.886 percent after falling initially.
"The vast majority of the move in yields is [due to] inflation breakevens," said Marc Bushallow, managing director of fixed income at Manning & Napier. "People are expecting his policies to be inflationary, so that's why you're seeing yields move higher."