U.S. government debt prices were lower on Wednesday as investors await fresh economic data.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was higher at around 2.211 percent, while the yield on the 30-year Treasury bond was also higher at 2.867 percent. The two Treasury notes hit their lowest levels since November in Tuesday's session.
The benchmark yield hit its lowest level since November on Tuesday.
Yields are consolidating as investors look for the next big trade, whether it is a reversal of the rally or an extension of it, said Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets in New York.
Lyngen noted that the 2.20 percent to 2.25 percent yield levels on the 10-year note are significant from a technical perspective because there is a bit of a volume bulge there.
Treasurys
On the data front, the Federal Reserve issued the Beige Book of economic conditions at around 2 p.m ET. Mortgage applications also fell 1.8 percent last week despite lower interest rates.
In addition, investors were focused on the French elections, U.S. tensions with North Korea and any new indications on when the Trump administration is likely to undertake tax and fiscal reforms.
Centrist Emmanuel Macron held on to his lead as favorite to win France's presidential election, a closely watched poll showed, although it indicated that the first round of voting at the weekend remained too close to call.
In oil markets, prices were steady on Wednesday as OPEC reaffirmed its commitment to reducing a global supply overhang which has hampered markets since 2014.
Brent crude traded at around $53.01 a barrel on Wednesday, down 3.43 percent, while U.S. crude was around $50.55 a barrel, down 3.55 percent.
—Reuters contributed to this report.