U.S. Treasury yields declined on Wednesday ahead of an earlier market ‍close for the ‍holidays and after the latest data showed initial jobless ​claims fell to a three-week low.

The yield on 10-year Treasury notes dipped ⁠3.1 basis points (bps) and was last at 4.137%.

The yield on the 30-year ⁠Treasury bond ‌also fell 3.1 bps and last stood at 4.8%. Both 10- and 30-year yields declined following new data ⁠that showed initial jobless claims fell to a three-week low of 214,000 in the week of December 20, lower than expectations.

The data points "toward ongoing stability in the employment landscape despite recent ⁠signs of fragility," and ​the yield moves come as part of a "consolidative sideways shuffle (which) remains the prevailing trend," said Vail ‍Hartman, U.S. rates strategist at BMO Capital Markets, in a Wednesday note.

The two-year ​U.S. Treasury yield, which typically moves in step with interest rate expectations, was down 1.2 basis points at 3.516%.

The Treasury Department scheduled several major debt auctions this holiday week. An auction of $44 billion in seven-year notes had a bid-to-cover ratio of 2.51, which was in line with demand for previous such auctions.

Treasury auctions earlier in the week of $70 billion in five-year notes on Tuesday and Monday's $69 billion two-year ⁠note auction saw a lower bid-to-cover ‌ratio than previous such auctions.

The seven-year yield declined 2.2 bps following Wednesday's auction to 3.917%.

The bond markets will close early on ‌Wednesday at ⁠2 p.m. ET and remain closed through the Christmas holiday on Thursday.

(Matt ⁠Tracy in Washington, D.C.; Editing by Kirsten Donovan)