NEW YORK (CNNMoney.com) -- Treasurys fell Wednesday, after a government auction drew moderate demand and the Federal Reserve announced it will leave interest rates unchanged for an "extended period."
What prices are doing: The benchmark 10-year note fell 17/32 to 98-29/32, pushing the yield up to 3.76%. Bond prices and yields move in opposite directions.
The 30-year bond slipped 23/32 to 100, and its yield rose to 4.63%.The 2-year note shed 5/32 to 99-30/32 with a 1.04% yield. The 5-year note was down 11/32 to 100 with a yield of 2.5%.
What's moving the market: The Treasury Department's auction of $42 billion in 5-year notes Wednesday drew healthy demand, with investors submitting $116 billion in bids. The government is also set to auction $32 billion of 7-year notes on Thursday.
Investors were cautious ahead of the Federal Reserve announcement, which in the end, brought few surprises. The central bank said it will keep its near-zero interest rates for an "extended period." Traders were anxious to see whether the Fed would change this language.
Bonds also traded lower as some investors took profits from a rally in prices the day before. U.S. Treasurys jumped Tuesday after credit rating agency S&P downgraded Greece's debt to junk status and cut Portugal's credit rating down two notches. The yield on the 10-year Greek bond soared to record highs, on par with third world countries, a day after the news. The news led the dollar to gain against the euro and increased the safe-haven appeal of U.S. Treasurys.
What analysts are saying: "Trust me, the Treasury market is not selling off because Greece has figured out a way to pay its maturing debt or the European Union/IMF has come rushing in with a plan," Kevin Giddis, president of fixed-income markets at Morgan Keegan said in an e-mail to investors Wednesday.
"The Treasury market is trading lower this morning as investors give back a little, mostly through profit taking and auction 'set-up,'" he said. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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