U.S. Treasury yields experienced a notable increase during Asian trading on Thursday, following the Federal Reserve’s decision to maintain interest rates at their current levels.

The 10-year U.S. Treasury yield increased by 8 basis points to 4.704%, whereas the 2-year Treasury note yield, which is more closely aligned with short-term Federal Reserve interest rate policy, rose by 5 basis points to 4.283%. The longer-dated 30-year Treasury bond yield increased by 9 basis points to 5.234%, following its peak, which marked the highest level since 2007, reached on Wednesday.

“The US Treasury curve steepened significantly after the July FOMC meeting, reflecting reduced expectations for near-term policy tightening but rising concerns over longer-term inflation and fiscal risks,” UOB said in a note.