U.S. government debt prices were higher on Wednesday as investors digested fresh economic data while digesting the formal start to Brexit.
Britain's ambassador to the European Union (EU), Tim Barrow, has handed the official letter triggering Article 50 to Donald Tusk, president of the European Council.
This commences the country's two-year exit process from the trading bloc. Tusk's receipt of the letter was confirmed in a tweet sent by him at 13:29 p.m. Brussels time.
The Treasury Department auctioned $28 billion in 7-year notes at a high yield of 2.215 percent. The bid-to-cover ratio, an indicator of demand, was 2.56.
Indirect bidders, which include major central banks, were awarded 71.1 percent. Direct bidders, which includes domestic money managers, bought 8.4 percent.
The yield on the 7-year bond was 2.215 percent after the sale.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, fell to around 2.393 percent, while the yield on the 30-year Treasury bond was also lower at 2.998 percent.