On Wednesday, the Federal Open Market Committee left interest rates unchanged as widely expected.
In a statement, the Fed said that the committee expects to "begin implementing its balance sheet normalization program relatively soon, provided that the economy evolves broadly as anticipated", but added that inflation remains below its target of 2 percent.
Commenting on both the Fed's statement and today's bump in bond yields, CNBC's Rick Santelli noted that bond prices were returning to previously lower levels.
"We're crawling back to almost exactly to the area that rates dipped from right as the statement was read yesterday," noted Santelli. "But if you open the chart up to the end of May so we see June and July, what's interesting is, for the most part, July is completely above June in terms of rates."
US 10-year Treasury note yield
In economic news, initial jobless claims came in at 244,000, slightly above the expected 240,000. Durable goods orders, meanwhile, rose 6.5 percent in June.
Also on the data front, the Kansas City Fed's manufacturing production index tumbled to 4 from 23 in July and the shipments index fell into negative territory for the first time since August 2016.
On the auctions front, the Treasury Department auctioned $28 billion in 7-year notes at a high yield of 2.126 percent.
The bid-to-cover ratio, an indicator of demand, was 2.54.
Indirect bidders, which include major central banks, were awarded 67.7 percent. Direct bidders, which includes domestic money managers, bought 11.6 percent.