U.S. Treasury yields were lower on Thursday amid renewed concerns that President Donald Trump is considering replacing Federal Reserve Chairman Jerome Powell.

At 6:16 a.m. ET, the 10-year Treasury yield fell 2 basis points to 4.27%, while the 2-year yield was lower over 2 basis points to 3.756%. The 30-year yield shed 1.5basis points to 4.827%.

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

On Wednesday, Powell spoke before the Senate Banking Committee and reiterated that the central bank's main goal was to keep inflation in check, as the effects of Trump's tariffs still remain unclear.

Powell's insistence on holding rates steady has drawn harsh criticism from Trump, who is considering naming Powell's successor early, per a report from The Wall Street Journal. The president is expecting to pick and announce Powell's replacement by September or October, people familiar with the matter told the Journal.

"He goes out pretty soon, fortunately, because I think he's terrible," Trump said on Wednesday during a press conference at the NATO summit. "I know within three or four people who I'm going to pick."

Investors are anticipating May's personal consumption expenditures index on Friday. Powell said Tuesday that the Fed's preferred inflation measure is expected to rise to 2.3%, while the core measure that excludes food and energy is expected to tick up to 2.6%. That's up from 2.1% and 2.5%, respectively, in April.

They will also await weekly jobless claims data which is set to be released on Thursday morning.

Elsewhere, investors are monitoring tensions in the Middle East, since Trump announced a ceasefire between Israel and Iran, which has held after initial violations.