This week, the government is selling $66 billion in Treasury notes. On Tuesday, $32 billion in new, three-year notes were sold. On Wednesday and Thursday, $21 billion and $13 billion in ten-year and 30-year reopenings were sold. In a security reopening, the U.S. Treasury issues additional amounts of a previously issued security.

PowerShares 1-30 Laddered Treasury ETF ( PLW) was rising 0.2% to $27.53, ProShares UltraShort 7-10 Year Treasury ( PST) was falling 0.1% to $42, SPDR Barclays Capital International Treasury Bond ETF ( BWX) was up 0.2% to $60.45 and ProShares Ultra 7-10 Year Treasury ETF ( UST) was up 0.5% to $80.60.

A report from fixed-income technology firm BondDesk Group says that Treasury yields decreased substantially during the first half of March as investors sought shelter amid the dual crises of the Libyan military conflict and the tragedy in Japan. "During times of global financial distress, U.S. Treasuries are typically seen as a safe haven," the report said.

But during the second half of the month, Treasury yields began to reverse themselves as the United Nations took over military operations in Libya and the scope of the damage in Japan was better understood, according to the BondDesk Group report.

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-- Written by Andrea Tse in New York.

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