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%.

The 5-year yield -- another segment of the curve that's also sensitive to interest rate expectations -- was last down 4 basis points at 1.1450% US5YT=RR. It hit 1.2520% on Monday, the highest ...