U.S. government debt prices fell on Wednesday as investors focused on the testimony of the Federal Reserve's top official and digested economic data.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was higher at around 2.504 percent, while the yield on the 30-year Treasury bond was also higher at 3.092 percent.
On the data front, the consumer price index (CPI) rose 0.6 percent in January, above the expected 0.3 percent increase. Retail sales, meanwhile, rose 0.4 percent last month.
Industrial production fell 0.3 percent last month, while business inventories rose 0.4 percent in December. The NAHB survey showed home builder sentiment slipped in February.
Federal Reserve Chair Janet Yellen testified before Congress for a second consecutive day. Her comments regarding U.S. economic policy on Tuesday triggered a bond market rout and helped drive stocks to new highs.
In oil markets, prices dipped slightly amid concerns that OPEC producers would not be able to continue reducing global oversupply at the rate it had pledged in a landmark deal which took effect in January.