The yield on the 10-year U.S. Treasury note — the key benchmark for U.S. government borrowing — was largely flat at 4.457%.

On Wednesday, Fed leaders also released their Summary of Economic Projections, raising year-end PCE inflation expectations to 3.6% from 2.7% in March.

U.S. Treasury yields rose on Wednesday after the Fed held interest rates steady during Kevin Warsh's first policy meeting as chairman.

Fed holds rates at 3.50%–3.75% as Iran conflict risks inflation; see Treasury yield moves and fixed-income ETF ideas—read the latest market update now.

U.S. inflation is expected to remain elevated through the end of the year, Fed officials say in their latest forecast.

The Federal Reserve kept its key rate unchanged Wednesday yet nearly half the central bank’s policymakers said they could support a rate hike later this year, an unexpectedly aggressive outcome

FOX Business White House correspondent Edward Lawrence reports on the Federal Reserve's decision to maintain current interest rates on 'Making Money.'

Treasury yields have turned higher after Federal Reserve officials hinted that their next move could be to raise interest rates. The yield on the 10-year note was recently 4.465%, according to Tradeweb,