By William Watts, MarketWatch

NEW YORK (MarketWatch)--U.S. Treasurys gained ground on Friday, pulling down yields as investors stepped back into the market after a Federal Reserve-inspired selloff.

The yield on the 10-year U.S. Treasury (10_YEAR) fell 4.5 basis points to 2.585%. Yields move in the opposite direction of prices.

The yield on the 2-year note (2_YEAR) was up half a basis point at 0.573%, while the 30-year T-bond yield (30_YEAR) fell 6 basis points to 3.297%.

Benchmark Treasury yields had been rising in the past two weeks as investors prepared for and reacted to a meeting of Fed policy-markers, which showed some officials had moved up the timing and pace of their interest-rate hike forecasts. However, investors reversed course on Friday as they digested the central bank's firm commitment to near-zero interest rates.

"The overall statement was a bit dovish, which may have helped with some of today's move," said Sean Murphy, senior Treasurys trader at Société Générale. He added: "Real money investors are looking to put some money to work."

Yields had initially risen during Asian and European trading hours after Scotland voted "no" on a referendum on whether the country should exit the United Kingdom. Uncertainty over the vote had previously provided some support for Treasurys, which typically serve as a haven for investors during periods of political turmoil.

The yield on the 10-year Treasury rose Thursday to its highest level since early July, as investors continued to weigh the Federal Reserve policy statement and comments by Fed Chairwoman Janet Yellen a day earlier. The Fed maintained its commitment to keep rates low for a "considerable" period, but indicated that hikes would come a bit faster than had been expected when they start.

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