Treasury yields move lower on Fed interest rate uncertainty

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U.S. Treasury yields moved lower Thursday as investors continued to contemplate the timing of a future rate cut from the Federal Reserve.

The 10-year Treasury yield was fractionally lower at 4.4257%, while the 2-year Treasury yield was also slightly lower at 4.8732%.

Yields and prices move in opposite directions and one basis point equals 0.01%.

Federal Reserve officials grew more concerned at their most recent meeting about inflation, with members indicating that they lacked the confidence to move forward on interest rate reductions.

Minutes from the April 30-May 1 policy meeting of the Federal Open Market Committee released Wednesday pointed to uncertainty from policymakers about when it would be time to ease.

Meanwhile, in the U.K., inflation came in higher than expected on Wednesday at 2.3% on an annual basis, lowering expectations of a June rate cut by the Bank of England.

— CNBC's Jeff Cox contributed to this article.