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.