NEW YORK, May 1 (Reuters) - U.S. Treasury debt yields extended their fall on Wednesday after the Federal Reserve kept interest rates steady, as expected, but noted it still plans to cut interest rates at some point.

The Fed did acknowledge its disappointment over the "lack of further progress" in pushing inflation down to its 2% target.

The benchmark 10-year yield fell 4.8 basis points to 4.636%.

U.S. two-year yields slid 4.4 bps to 5.0%. (Reporting by Gertrude Chavez-Dreyfuss Editing by Chris Reese)