Benchmark Treasury yields wavered on Thursday after the Federal Reserve released its latest policy statement, as investors parsed the language for clues about the timing of future interest rate hikes.

The yield on the 10-year Treasury note initially rose after the release, then retreated before stabilizing. Shorter-term yields also saw similar volatility.

Analysts noted that the Fed’s statement acknowledged improvements in the labor market but also expressed concerns about low inflation. This mixed message left some uncertainty about the Fed’s next move.

“The market is trying to figure out how to interpret the Fed’s somewhat contradictory signals,” said one fixed income strategist. “On the one hand, they’re talking about a stronger economy, but on the other hand, they’re still worried about inflation.”

The Fed has kept its benchmark interest rate near zero since the financial crisis, and investors are eager to know when the central bank will begin to raise rates. The timing of the first rate hike will likely depend on the strength of the economy and the path of inflation.

Some economists believe the Fed could start raising rates as early as the middle of next year, while others think it will wait until later in the year or even 2016.

The Fed’s next policy meeting is scheduled for January, and investors will be closely watching for any further clues about the central bank’s intentions.