NEW YORK: US Treasury yields reduced their earlier decline on Wednesday following soft demand for $27 billion in 10-year notes, which was the second leg of this week's $84 billion in quarterly refunding.

At 1:24 p.m. EDT (1724 GMT), US benchmark 10-year Treasury yields on the open market was 8.60 basis points lower at 1.653%. They touched 1.595% earlier Wednesday, which were their lowest since October 2016.