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The Treasury also said it expects to implement "modest reductions" to short-dated bill auctions by early December, which are expected to be maintained through mid- to late-January.

The institute said it had become more bearish on investment grade credit over the next six to 12 months "due to limited compensation above short-dated government bonds."

PPI data to 'bear' flattening, led by selling of two-year bonds and rise in short-dated yields.

In Asian hours on Wednesday, short-dated Treasuries rallied while the longer end steadied.

For rate-sensitive short-dated German bond yields yields are even down 17 bps in August as weak data has raised expectations of a European Central Bank rate hike pause in September.