U.S. government debt prices rose on Thursday as investors reacted to the Federal Reserve's decision to hike rates for the first time in nine years, as well as falling stock and oil prices.
In the wake of the Fed's decision, the yield curve flattened.
The Fed had convinced markets that it would raise rates by a quarter at its December meeting and continue to deliver a relatively dovish message about the future path of rate hikes. It did both on Wednesday afternoon. Fed Chair Janet Yellen stressed continued focus on economic progress, including inflation, which is lagging the Fed's 2 percent target.