U.S. government debt prices were mixed on Wednesday as investors prepared for the release of President Donald Trump's tax plan and eyed fresh supply.
The Treasury Department auctioned $34 billion in five-year notes at a high yield of 1.875 percent. The bid-to-cover ratio, an indicator of demand, was 2.34.
Indirect bidders, which include major central banks, were awarded 57.3 percent. Direct bidders, which includes domestic money managers, bought 5.3 percent.
The yield on the 5-year note was 1.838 percent after the sale.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, rose to 2.305 percent, while the yield on the 30-year Treasury bond was also higher at 2.963 percent.
There were no major economic data reports scheduled yet Trump is due to release what he has described as a "massive" tax plan on Wednesday. U.S. stocks had surged in the previous session as Congress appeared on track to release its budget in time to avoid a government shutdown later in the week.
Treasury Secretary Steven Mnuchin confirmed that the tax plan the Trump administration will outline Wednesday afternoon will call for a 15 percent corporate rate.
In oil markets, prices fell as the combination of increased crude supplies in the U.S. and record supplies in the rest of the world cast further doubt over OPEC's ability to sufficiently reduce a global overhang.
Brent crude traded at around $51.54 a barrel on Wednesday, down 1.07 percent, while U.S. crude was around $49.28 a barrel, down 0.56 percent.
—CNBC's Patti Domm and Jacob Pramuk contributed to this report