U.S. government debt prices pared losses on Wednesday after the European Central Bank tried to walk back comments made by its president, Mario Draghi.
The yield on the benchmark 10-year Treasury note sat at 2.22 percent, while the yield on the 30-year Treasury bond was up at 2.771 percent. Both yields had traded higher earlier in the session. Bond yields move inversely to prices.
The ECB said it sees the market as misjudging Draghi's remarks from Tuesday, in which he said "the threat of deflation is gone and reflationary forces are at play."
Investors also digested recent comments made by Federal Reserve members and economic data. Mortgage applications fell 6 percent last week. Pending home sales fell for the third straight month in May.