U.S. government debt yields fell Wednesday after the Federal Reserve's latest meeting minutes revealed that the central bank would be open to letting inflation temporarily run a bit above its 2 percent target.

The yield on the benchmark 10-year Treasury note, which moves inversely to price, dropped roughly 7 basis points to 2.995 percent, while the yield on the 30-year Treasury bond shed 6 basis points to 3.154 percent.

Following the May meeting, the policymaking arm of the Fed said it wasn't raising rates yet but added the word "symmetric" to describe its inflation goal. Until now, market participants have debated what that language meant.

Though the general tone was that inflation would continue to rise, there was disagreement over how confident the Fed should be after undershooting its 2 percent target for so long.

"To me, the takeaway is that the Fed is getting us comfortable with the fact that their forecast could be above 2 percent," said Michael Materasso, co-chair of Franklin Templeton's fixed-income policy committee. "It goes to show you that this 2 percent line in the sand should not be a line in the sand, but should be more of a range."

Consumer prices as measured by the personal consumption expenditures price index — the Fed's preferred inflation gauge — jumped 2 percent year-on-year in March, the biggest gain since February 2017.

The rising prices appear to be rising in part thanks to a competitive labor market, with the Labor Department reporting that the unemployment rate fell to 3.9 percent in April, the lowest level since December 2000.