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Extending the downward trend seen over the past several sessions, treasuries moved moderately lower during trading on Wednesday.

Bond prices came under pressure early in the session and remained stuck in the red throughout the day. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, rose by 3.1 basis points to 1.733 percent.

With the continued increase on the day, the ten-year yield finished the session at its highest closing level in a month.

The continued weakness among treasuries came following news that China is granting tariff exemptions for 16 types of American-made products as a sign of goodwill ahead of the next round of trade talks.

The list included varieties of animal feed such as alfalfa and fish meal, cancer drugs gefitinib and capecitabine, base oil for lubricants and lubricating grease, and some farm chemicals.

The Chinese Customs Tariff Commission said the tariff suspension would take effect next Tuesday and remain in place for a year.

Overall trading activity was relatively light, however, as traders look ahead to the European Central Bank's monetary policy decision on Thursday as well as next week's Federal Reserve meeting.

In a post on Twitter this morning, President Donald Trump urged the Fed to lowest interest rates to zero or less, allowing the U.S. to refinance its debt.

"INTEREST COST COULD BE BROUGHT WAY DOWN, while at the same time substantially lengthening the term. We have the great currency, power, and balance sheet," Trump tweeted.

"The USA should always be paying the lowest rate. No Inflation!" he added. "It is only the na?vet? of Jay Powell and the Federal Reserve that doesn't allow us to do what other countries are already doing. A once in a lifetime opportunity that we are missing because of 'Boneheads.'"

On the U.S. economic front, the Labor Department released a report showing a modest uptick in producer prices in the month of August.

The Labor Department said its producer price index for final demand inched up by 0.1 percent in August after rising by 0.2 percent in July. Economists had expected prices to come in unchanged.

Excluding food and energy prices, core producer prices rose by 0.3 percent in August after edging down by 0.1 percent in July. Core prices had been expected to increase by 0.2 percent.

Meanwhile, traders largely shrugged off the results of the Treasury Department's auction of $24 billion worth of ten-year notes, which attracted modestly above average demand.

The ten-year note auction drew a high yield of 1.739 percent and a bid-to-cover ratio of 2.46, while the ten previous ten-year note auctions had an average bid-to-cover ratio of 2.42.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

Looking ahead, the Treasury is due to announce the results of its auction of $16 billion worth of thirty-year bonds on Thursday.

The ECB's monetary policy decision is also likely to attract attention on Thursday along with reports on consumer prices and weekly jobless claims.