NEW YORK (CNN/Money) - Treasury prices climbed Tuesday following the release of minutes from the Federal Reserve's May meeting, which offered an insight into policy makers' recent concern over inflation and energy prices.

The dollar slipped against both the euro and the yen.

The benchmark 10-year Treasury note rose 7/32 to 100-23/32 to yield 4.04 percent, down from 4.06 percent late Monday. The 30-year bond added 13/32 of a point to 115-20/32, to yield 4.36 percent, down from 4.38 the previous session. Bond prices and yields move in opposite directions.

Prices for the five-year note gained 6/32 of a point to 100-14/32, yielding 3.78 percent, and the two-year note edged up one tick to 100-1/32, yielding 3.61 percent.

Bond yields touched a three-month low in earlier trading as investors awaited the release of the minutes from the Federal Reserve's May 3 policy meeting. Treasury prices maintained early session gains after it was revealed that Fed policy-makers discussed "a discernible upcreep" in inflation indicators during their meeting earlier this month.

"A discernable upcreep was apparent in survey measures of short- and, to a limited extent, long-term inflation expectations over recent months," the minutes said.

Comments from the May 3 meeting, which made clear that the Fed plans to continue raising interest rates, also warned of the likelihood of rising energy prices in the future.

"Declines in energy prices in recent weeks were viewed as welcome, but participants noted that far-dated futures prices for oil remained quite elevated and that persistently high energy prices could trigger a range of deleterious effects on the economy," the minutes said.

The Fed raised its short-term interest rate target for the eighth consecutive time earlier this month to keep inflation in check.

"There's nothing new from what we saw in the statement -- the downturn in growth is temporary, policy is still accommodative and they can remove stimulus at a measured pace," Steven Ricchiuto, a chief economist at ABN Amro, told Reuters.

"There's some uncertainty over balanced risks, particularly with regards to inflation, but all of that was hinted at after the last meeting," he said.

While the minutes did not offer many surprises, recent statements from the central bank have impacted markets by influencing expectations of the Fed's future decisions.

Despite strong economic news that existing home sales in the U.S. rose to 7.18 million annually in April, debt prices gained support from weak global economic news including an survey by a financial services firm that showed global investor confidence slid for the second month in a row.

In currency trading, the dollar eased against the yen and euro. The dollar bought ¥107.54, down from ¥107.65 late Monday, while the euro bought $1.2584, up from $1.2580 in the previous session.

The dollar has gained nearly 7 percent against the euro this year as investors capitalize on rising rates in the United States and slow growth in Europe.

Rising interest rates generally help the dollar as they make dollar-denominated securities more attractive to foreign investors.

-- from staff and wire reports

Click here for bond charts