* U.S. 10-year note auction shows lukewarm demand * Up next: U.S. 30-year bond auction * U.S. yields affected by weak German data (Updates prices; adds comment, U.S. 10-year note auction results) By Gertrude Chavez-Dreyfuss NEW YORK, Feb 6 (Reuters) - U.S. Treasury yields slipped for a second straight session on Wednesday, trading in narrow ranges, as investors continued to factor in the Federal Reserve's dovish bent on interest rates, while concerns about slowing growth in Germany added pressure. The Fed last week shifted its stance on monetary policy as it acknowledged the challenges facing the U.S. economy. Its remarks suggested it may pause its rate-hike cycle, or even ease policy if the economy requires it. A soft U.S. 10-year note auction on Wednesday curbed demand for Treasuries, as yields came off lows. But yields overall remained fairly rangebound even though the Fed has reset its outlook on interest rates. Justin Lederer, Treasury analyst at Cantor Fitzgerald in New York, noted that yields are largely back to their range before the Fed's policy-setting Federal Open Market Committee issued its statement after last week's meeting. "Everybody read the Fed comments as dovish and they were. Obviously, we rallied post-FOMC and we saw a little bit of the pricing in of a rate cut. But right now, we're kind of more neutral," Lederer said. With the Fed in a wait-and-see mode as U.S. data delayed by the partial shutdown of the federal government now just coming in, there's no reason for the market not to be in wait-and-see mode as well, Lederer added. U.S. yields also moved in tandem with 10-year German bund yields, which fell after data showed German industrial orders in December fell 1.6 percent, with analysts anticipating a possible recession in the euro zone's largest economy. German 10-year yields fell to a low of 0.15 percent. "Further disappointment from the German manufacturing sector received the lion's share of the credit for the drop in 10-year yields below 2.70 percent," BMO Capital Markets said in a research note. In afternoon trading, U.S. 10-year note yields fell to 2.692 percent, from 2.704 percent late on Tuesday. The U.S. 10-year note auction was lackluster, with the notes sold at the lowest yield for this debt maturity at an auction since January 2018. The bid-to-cover ratio, a gauge of demand, was also lower, at 2.35, versus January's 2.51. U.S. 30-year bond yields were also down, at 3.03 percent , from 3.036 percent on Tuesday. On the short end of the curve, U.S. 2-year yields were flat at 2.52 percent. Investors are now looking to the sale of $19 billion in U.S. 30-year bonds on Thursday. February 6 Wednesday 3:54PM New York / 2054 GMT Price Current Net Yield % Change (bps) Three-month bills 2.37 2.4174 0.000 Six-month bills 2.4375 2.5022 0.000 Two-year note 99-246/256 2.5202 -0.002 Three-year note 100-6/256 2.4919 -0.008 Five-year note 100 2.4999 -0.013 Seven-year note 100-60/256 2.588 -0.012 10-year note 103-176/256 2.6928 -0.011 30-year bond 106-184/256 3.0306 -0.005 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 14.25 -0.25 spread U.S. 3-year dollar swap 11.50 0.50 spread U.S. 5-year dollar swap 9.00 0.50 spread U.S. 10-year dollar swap 2.25 0.00 spread U.S. 30-year dollar swap -18.75 0.00 spread (Reporting by Gertrude Chavez-Dreyfuss Editing by Susan Thomas and Leslie Adler)