US Treasuries ended Wednesday mixed. Following a robust 10-year note auction, the long end of the yield curve pared its losses, with the auction's high yield coming in 1.7 basis points below the pre-auction trading level, and bid-to-cover metrics also proving solid. The Fed meeting minutes released in the afternoon had little impact on the short end of the curve. Just after 3 p.m. New York time, short-term Treasury yields fell about 3 basis points, while long-term yields rose by as much as 1 basis point, steepening the curve in a twisted fashion, causing the 2s10s spread and 5s30s spread to widen by 3.5 basis points and 2 basis points on the day. After the strong 10-year note auction results were released, the long-end decline quickly narrowed. In the auction, the bid-to-cover ratio rose to 2.77 times, the highest since 2016, and the proportion allotted to non-dealer investors reached a record 97.5%. Treasuries came under pressure again in the morning session as investors positioned for the 10-year note issuance. Thursday will bring even greater duration risk, when the Treasury Department will reopen $22 billion of 30-year bonds. As of 4:16 p.m. Eastern time, the 2-year Treasury yield was 4.7703%; the 5-year Treasury yield was 5.0266%; the 10-year Treasury yield was 5.2858%; the 30-year Treasury yield was 5.6691%; the spread between 2-year and 10-year yields was 51.34 basis points; and the spread between 5-year and 30-year yields was 64.08 basis points.