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The Treasury will auction $32 billion of two-year notes on T uesday, $24 billion of 10-year notes on Wednesday and $16 billion of 30-year bonds on Thursday to meet its quarterly refunding needs.
"I think Treasuries got a bit ahead of themselves" in the morning, said Suvrat Prakash, an interest rate strategist with BNP Paribas in New York.
"Overall, looking at the broader sense, I think people feel good about owning Treasuries. But ... some people would rather wait until the bond auction is out of the way on Thursday."
US 30-year bonds edged down 1/32 in price to yield 2.650 percent.