U.S. Treasury yields fell on Wednesday as investors weighed the Federal Reserve's latest meeting minutes.
The yield on the 10-year Treasury was down 3 basis points at 3.921%. The 2-year Treasury yield was last trading at around 4.691%, down more than 1 basis point.
Yields and prices move in opposite directions. One basis point is equivalent to 0.01%.
Treasurys
The minutes showed inflation remained "well above" the Fed's 2% target, adding that the labor market is still "very tight, contributing to continuing upward pressures on wages and prices."
Fed officials also noted that "inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases but stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path," the minutes said.
Since the meeting, Fed officials have emphasized the need to stay vigilant even while expressing optimism that recent inflation data has been encouraging.
James Bullard of St. Louis said he was among the group in favor of more aggressive near-term policy, reiterating in a CNBC interview Wednesday that he thinks the peak, or terminal, rate should be around 5.375%. That's about in line with market pricing.
"It has become popular to say, 'Let's slow down and feel our way to where we need to be.' We still haven't gotten to the point where the committee put the so-called terminal rate," he said during a live "Squawk Box" interview.
"Get to that level and then feel your way around and see what you need to do. You'll know when you're there when the next move could be up or down," he added.
— CNBC's Jeff Cox contributed to this report.