The United States Federal Reserve Chairman Jerome Powell on Thursday said he expects some inflationary pressures in the time ahead but they likely won't be enough to spur the central bank to hike interest rates, CNBC reports.

"We expect that as the economy reopens and hopefully picks up, we will see inflation move up through base effects," Powell said during a Wall Street Journal conference. "That could create some upward pressure on prices."

In its report CNBC says Treasury yields moved higher as the Federal Reserve Chairman spoke. Some investors and economists had been looking for him to address the recent surge in rates, with a possible nod toward adjusting the Fed's asset purchase program.

He however affirmed his past remarks that he doesn't expect the surge in prices to be long lasting or enough to change the Fed from its accommodative monetary policy. He did note that the move up in yields did catch his attention, as have improving economic conditions.

"There's good reason to think that the outlook is becoming more positive at the margins," CNBC quotes him.

(With input from agencies)