US Treasuries fell, snapping three days of gains, as traders pared bets on Federal Reserve interest-rate cuts after Chair Jerome Powell reiterated his commitment to keeping inflation in check.

Yields rose four to five basis points across the curve, reversing much of Wednesday’s gains and sending the benchmark 10-year rate to 4.32%. Signs of progress in trade talks between the US and Japan boosted global risk appetite Thursday, adding to the weakness in Treasuries.