U.S. government debt prices ticked higher on Wednesday after the release of the Federal Reserve's December meeting minutes.
The central bank released the minutes from its December meeting Wednesday afternoon. The summary showed that the Fed officials raised rates based in large part to market reactions to the presidential election and the anticipation of aggressive fiscal policy from President-elect Donald Trump.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was slightly lower at around 2.439 percent, while the yield on the 30-year Treasury bond fell to 3.035 percent. The two-year note yield, meanwhile, rose to 1.222 percent.
Mortgage applications tanked 12 percent for last week, from two weeks earlier as rising interest rates weighed.
Meanwhile, Fiat Chrysler, Ford Motor and General Motors all reported better-than-expected auto sales for December, sending their stocks higher. The annualized selling rate is expected to be around a strong 17.5 million.
In oil markets, prices rose, boosted by increased expectations that Saudi Arabia would stick to planned supply cuts and increase oil prices. However, significant gains appeared limited by a strong U.S. dollar as well as modest economic growth prospects.