US bond yields rise further after weak auction

NEW YORK: US Treasury yields extended their rise on Wednesday with benchmark yields testing session highs as weak demand for $20 billion worth of 10-year government debt stoked a wave of selling.

The ratio of bids to the amount of 10-year notes offered was 2.49, the lowest since August. This gauge of overall auction demand was lower than the 2.56 set at the previous 10-year auction in February.

On the open market, the benchmark 10-year Treasury yield last traded at 1.888 percent, up 5 basis points from late on Tuesday.