Treasuries were sharply lower around 4 p.m. ET. The 10-year note was down 1 3/32 to 100 14/32, yielding 4.319%.

Shorter-term notes and the long bond were also weaker. The 30-year plunged 1 20/32 to 104 10/32, yielding 5.085%.

The two-year note was falling 3/32 to 99 31/32 and yielding 2.252%, while the five-year lost 17/32 to 99 8/32 and yielded 3.409%.

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