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US Treasury yields higher after economic data, Treasury auction

U.S. government debt yields ticked upward on Wednesday after economic data and a new Treasury auction drew investor attention.

The yield on the benchmark 10-year Treasury note sat higher at around 2.324 percent at 2:49 p.m. ET, while the yield on the 30-year Treasury bond was up at 2.782 percent. Bond yields move inversely to prices.

U.S. Markets Overview: Treasurys chart

Mortgage application volume was unchanged last week from the previous week, according to the Mortgage Bankers Association.

Home loan refinance applications, which usually rise when rates fall, bucked this trend, slipping 1 percent for the week on a seasonally adjusted basis. Refinance volume fell 36.5 percent compared to the same week one year ago, when interest rates were lower.

The Treasury Department auctioned $23 billion in 10-year notes at a high yield of 2.314 percent. The bid-to-cover ratio, an indicator of demand, was 2.48. Indirect bidders, which include major central banks, were awarded 68 percent. Direct bidders were awarded 9 percent.

Politics is also expected to set a slight tone on Wall Street as U.S. President Donald Trump continues his journey abroad in Asia this week.

On Wednesday, the U.S. incumbent continued to draw attention to the threat that North Korea poses to the rest of the world, as he traveled from South Korea to China. In an address to South Korean lawmakers, Trump said that Kim Jong-Un's regime "has interpreted America's past restraint as weakness. "

"This would be a fatal miscalculation. This is a very different administration than the United States has had in the past," Trump said.

—CNBC's Nyshka Chandran contributed to this report