The note auctions are expected in the three days beginning March 24.

He said today's auction of 10-year notes could come under selling pressure.

A good test of that view will come at today's three-year note auction.

But the Treasury's auction of new 10-year notes was well received.

The issue followed a $15 billion five-year note auction on Tuesday.

Investors later turned their focus to the five-year note auction.

The size of the two-year note auction was reduced by $750 million.

Similarly, the five-year note auction last month was also poor.

The market extended its losses in the afternoon following the note auction.

Yesterday's $17.75 billion auction of two-year notes went better than expected.