Australian bond futures prices have rallied after the head of the US Federal Reserve gave no indication on whether the central bank would start hiking rates in June.

The market had been hoping Dr Yellen would indicate a timeline for future rate hikes in the first half of her semi-annual testimony to Congress overnight.

But their hopes were dashed, UBS interest rate strategist Andrew Lilley said.

‘She provided no such clarity to the market and that kicked off the price rise in bonds,’ he said.

At 1630 AEDT on Wednesday, the March 2015 10-year bond futures contract was trading at 97.540 (implying a yield of 2.460 per cent), up from 97.495 (2.505 per cent) on Tuesday.

The March 2015 three-year bond futures contract was at 98.160 (1.840 per cent), up from 98.140 (1.860 per cent).