The U.S. Treasury Department on Wednesday auctioned $58 billion in five-year notes US5YT=RR, seeing nearly three times that amount in demand. The five-year's yield was last down 7.3 bps at 3.802%.

In late morning trading, the yield on 10-year Treasury notes US10YT=RR was down 16.8 bps at 3.416%. On the week, the 10-year yield has weakened by 27 bps, the biggest decline since November.