U.S. Treasury yields were little changed on Wednesday as investors monitored signals from the White House that talks to resolve the Middle East conflict will resume this week.  

The yield on the 10-year U.S. Treasury note — the key benchmark for government borrowing — was up more than 1 basis point at 4.272%.

The 2-year Treasury note yield, which is more sensitive to short-term Federal Reserve interest rate decisions, rose less than 1 basis point to 3.759%. The longer-dated 30-year Treasury bond yield also climbed more than 1 basis point to 4.883%.

One basis point is equal to 0.01%, and yields and prices move in opposite directions.

Markets rallied on Tuesday following reports that a fresh round of negotiations between the U.S. and Iran could be held in Islamabad over the coming days.

Investors also continued to probe economic data for signs of inflationary pressures caused by the conflict.

In March, import prices increased 0.8% from the prior month. However, economists polled by Dow Jones were expecting a jump of 2.4%.

“Import price inflation is another reason why U.S. consumers are unlikely to see any relief to the higher prices causing the affordability crisis as higher-priced overseas goods stoke the fires of inflation,” said Chris Rupkey, chief economist at FWDBONDS.

“Whether it is higher shipping costs from supply disruptions or foreign manufacturers no longer offsetting the tariffs with their own product price cuts, import price inflation is on its way up,” he continued, noting that non-fuel import price increases “will likely hold inflation higher than Fed officials want to see and push off the date for interest rate cuts, possibly until 2027.”

Cleveland Federal Reserve President Beth Hammack said on Wednesday that she expects the central bank to leave interest rates unchanged “for a good while” as it assesses the inflationary environment, as well as labor market conditions.

Treasury yields fell on Tuesday after the latest producer price index — a key gauge of pipeline costs for final demand goods and services in the U.S. — rose by 0.5% in March, according to data from the Bureau of Labor Statistics. That was markedly lower than the Dow Jones consensus estimate of 1.1% for the month.

— CNBC’s Jeff Cox contributed reporting.