Treasurys are inching lower in light trading despite another round of bond-buying from the Federal Reserve.

Treasury prices had been slightly higher Tuesday ahead of the New York Fed's $7.8 billion purchase. But soon after the Fed announced that it bought the Treasurys, prices slowly sank.

In afternoon trading, the 10-year note is down 6.25 cents on the day for every $100 invested. The yield is hovering at 3.35 percent.

Treasury yields have been rising steadily since early November even after the Fed launched a bond-buying program intended to keep interest rates low. The 10-year yield reached a seven-month high of 3.56 percent Dec. 16.