U.S. Treasury yields were little changed on Thursday as investors digested the outcome of the latest Federal Reserve meeting.

At 3:46 a.m. ET, the yield on the 10-year Treasury was up by less than one basis point to 4.5975%. The 2-year Treasury yield was last at 4.9393% after rising by less than one basis point.

Yields and prices have an inverted relationship and one basis point equals 0.01%.

Investors considered the path ahead for interest rates after the Federal Reserve's meeting concluded on Wednesday. As expected, the central bank left interest rates unchanged.

Policymakers also provided some guidance about the outlook for interest rates, with Fed Chairman Jerome Powell indicating that it was unlikely for the next interest rate decision to be a hike. Policymakers would need to "see persuasive evidence that our policy stance is not sufficiently restrictive to bring inflation sustainably down to 2% over time," in order to hike rates, he said.

Powell also addressed inflation, saying it remained "too high."

"Further progress in bringing it down is not assured and the path forward is uncertain," he added.

The Fed on Wednesday also said it would slow the pace of quantitative tightening. QT is a process the central bank can use to reduce its balance sheet by allowing maturing bond proceeds to roll off without being reinvested. It is a way in which central banks can restrict monetary conditions.

The new plan will begin in June and will see a reduction of the amount of proceeds from maturing Treasurys that are allowed to roll off the Fed's balance sheet each month.

On Thursday, investors will be looking out for factory order, balance of trade and weekly initial jobless claims data. This comes ahead of Friday's April jobs report.