U.S. Treasury yields retreated from multiyear highs in Asian trade on Wednesday after Federal Reserve speeches lowered market expectations of interest-rate hikes.

New York Fed President John Williams suggested that the central bank need not rush to continue raising interest rates after the first rate increase in three years in September.

Fed Governor Michael Barr and President Alberto Musalem maintained a hawkish view, while the Fed President Austan Goolsbee remained neutral pending clearer evidence of falling inflation.

"Markets interpreted the communication overall as a dovish signal," said Antti Ilvonen, senior fixed income and FX analyst at Danske Bank, in a note.

Money markets currently see a 45% probability of a 25-basis-point Fed rate hike in October, while the odds of such a move stood at 70% on Monday, according to LSEG data. Expectations also retreated for a 12-month horizon, now pricing a cumulative 93 basis points, having priced 100 basis points on Tuesday.

The two-year Treasury yield fell 0.6 basis points to 4.881%, according to Tradeweb. The 10-year Treasury yield dropped 2.5 basis points to 5.229%, while the 30-year yield, which hit a 24-year high of 5.621% on Tuesday, last traded 3.4 basis points lower at 5.560%.