Selling in U.S. government bonds accelerated on Thursday, sending yields soaring again a day after the Federal Reserve had seemed to calm the market.

In recent trading, the yield on the benchmark 10-year U.S. Treasury note was 1.731%, according to Tradeweb, compared with 1.641% Wednesday.

Yields, which rise when bond prices fall, have been climbing for months, lifted by expectations for a vaccine- and government-stimulus fueled economic recovery that investors think could lead to significantly higher inflation and eventually force the Fed to lift short-term interest rates.

On Wednesday, yields fell after the central bank released its latest policy statement, which once again showed that officials plan to take a patient approach to raising the benchmark federal funds rates as they try to push inflation above their 2% target for a sustained period.

Yields on shorter-term Treasurys, which are especially sensitive to the outlook for the Fed policy, led the declines as Fed Chairman Jerome Powell reinforced that message in a press conference.