The yield on the 10-year Treasury was relatively unchanged on Thursday as traders digested comments from a top Federal Reserve official along with another long-dated bond auction.
The benchmark 10-year Treasury yield was last down 4 basis points at 5.237% after reaching its highest level since 2002 this week. The 30-year Treasury bond yield fell nearly 5 basis points to 5.614% after trading around a 24-year high recently.
One basis point is equal to 0.01%, and yields and prices move in opposite directions.
Fed Governor Christopher Waller said on Thursday that more hikes are needed to bring inflation down after around 5-and-a-half years above the central bank's 2% target, but suggested rates did not need to rise immediately.
"The hikes do not need to come at consecutive meetings," Waller told a Central Bank of Turkey forum in Istanbul. "But they should be in place in an acceptable period of time."