U.S. government debt prices were lower on Thursday as investors responded to the Federal Reserve's monetary policy announcement.
The U.S. central bank hiked rates for a second time this year, as was widely expected, but some investors doubted the Fed's plans.
"From a general perspective, [the Fed announcement] was fairly in line with expectations," said Eric Stein, co-director of global income at Eaton Vance. "That being said, after a weaker-than-expected CPI print, it may have seemed hawkish to some."
The Fed also laid out how it plans to reduce its $4.5 trillion balance sheet.
The yield on the benchmark 10-year Treasury notes, which moves inversely to price, was higher at around 2.162 percent, while the yield on the 30-year Treasury bond was lower at 2.783 percent.
Stein added he thinks the Fed will start reducing its balance sheet in September, "which means the next rate hike may not come until December."
On the data front, Thursday saw a host of data releases, including jobless claims, which came in at 237,000.
The Philadelphia Fed business index hit 27.6 in June, while the Empire State manufacturing survey reached 19.8.