U.S. government debt yields hovered around flatline on Wednesday as investors digested a swell of new Treasury debt.

The yield on the benchmark 10-year Treasury note was slightly higher at around 2.884 percent at 4:29 p.m. ET, while the yield on the 30-year Treasury bond was down at 3.023 percent. Bond yields move inversely to prices.

The Treasury Department auctioned $31 billion in seven-year notes Wednesday at a high yield of 2.844 percent. a day after it auction $37 billion in five-year notes and two days after selling $36 billion of two-year notes. The bid-to-cover ratio, an indicator of demand, was 2.65. Indirect bidders, which include major central banks, were awarded 59.5 percent. Direct bidders, which includes domestic money managers, bought 19 percent.

The sizable auctions represent the latest in a series of massive debt sales as the federal government seeks to fund higher budget deficits.

The Treasury plans to borrow $329 billion in the current July through September quarter, 74 percent higher than the $189 billion borrowed in the same quarter one year ago and the largest July to September amount since 2010.

The 10-year Treasury note yield gained nearly 6 basis points Tuesday amid the auction. The Treasury Department will auction another $31 billion in seven-year notes on Wednesday.