U.S. Treasury yields ticked up Wednesday after the latest Federal Reserve meeting minutes suggested a lack of confidence by policymakers that they will be able to lower interest rates anytime soon.
The 10-year Treasury yield rose one basis points to 4.426%, while the 2-year Treasury yield was last at 4.873%, up nearly 4 basis points.
Yields and prices move in opposite directions and one basis point equals 0.01%.
Fed officials at their most recent April 30-May 1 policy meeting grew more concerned about the lack of progress on inflation, according to minutes released Wednesday. The minutes showed a willingness from "various participants" to hike rates if inflation didn't keep moving lower toward the Fed's 2% goal.
The meeting minutes come after a series of Fed officials this week urged patience when it comes to rate cuts as inflation remains above the Fed's 2% target.
Fed Governor Christopher Waller on Tuesday said he would need to see more data showing that inflation and the economy is easing before cutting rates. Fellow Fed officials echoed that view, with Boston Fed President Susan Collins saying patience "really matters" right now, and Atlanta Fed President Raphael Bostic saying he was "not in a hurry to cut rates."
Elsewhere, UK inflation came in higher than expected on Wednesday at 2.3% on an annual basis, which prompted markets to slash the probability of a June rate cut by the Bank of England.
Money Report
The yield on Japan's 10-year government bond meanwhile rose to an 11-year high, topping 1% at one point during trading on Wednesday.
— CNBC's Jeff Cox and Sarah Min contributed to this report.
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