U.S. government debt prices edged higher on Wednesday as investors focused on the latest minutes from the Federal Reserve.
The central bank's Federal Open Market Committee discussed how Donald's Trump policies, which favor reduced taxes and regulations, would lead to a rate hike "fairly soon," according to minutes from their Jan. 31-Feb. 1 session.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was lower at around 2.411 percent, while the yield on the 30-year Treasury bond was also lower at 3.03 percent. The benchmark yield briefly dipped below 2.4 percent earlier in the session.
The Treasury Department auctioned $34 billion in 5-year notes at a high yield of 1.937 percent. The bid-to-cover ratio, an indicator of demand, was 2.29.
Indirect bidders, which include major central banks, were awarded 58.2 percent. Direct bidders, which includes domestic money managers, bought 8.4 percent.
The yield on the 5-year note sat higher at around 1.918 percent.
On the data front, existing home sales rose 3.3 percent, with minutes from the FOMC meeting in February due to be released at 2 p.m ET.
In oil markets, prices contracted slightly on Wednesday but losses were limited by investor optimism that OPEC would be able to adhere to a deal attempting to curb global oversupply.
Brent crude traded at around $55.85 a barrel on Wednesday, down 1.43 percent, while U.S. crude was around $53.60 a barrel, down 1.34 percent.
Overseas, the 10-year German bund yield fell to its lowest level in five weeks as geopolitical concerns in Europe enticed investors to buy traditional safe-havens.
- CNBC's Luqman Adeniyi contributed to this report