The 10-year U.S. Treasury yield notched a fresh multiyear high in Wednesday's session, before cutting some gains.
The benchmark yield at the highs of the session hit 2.417%, its highest level since May 2019.
The yield on the 10-year Treasury note was 8.2 basis points lower at 2.295% by around 4:10 p.m. ET. The yield on the 30-year Treasury bond was 11.3 basis points lower at 2.477%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The benchmark rate has surged since the beginning of the week, when Federal Reserve Chairman Jerome Powell offered tough remarks when discussing how the central bank would combat inflation.
Powell said that the Fed would be prepared to be even more aggressive with rate hikes than the central bank had forecast. Last week, the Fed announced its first rate hike since 2018.
Investors also continue to monitor developments in Ukraine. U.S. President Joe Biden is set to travel to Brussels on Wednesday and on Thursday will attend an emergency NATO summit, meet G-7 leaders, and address EU leaders at a meeting of the European Council.
Biden and his European counterparts will announce new sanctions against Russia and new measures to tighten existing sanctions during his trip to Brussels this week, national security adviser Jake Sullivan said Tuesday.
— CNBC's Holly Ellyatt contributed to this market report.