U.S. Treasury yields fell on Thursday as investors await a policy decision from the Federal Reserve.
The yield on the benchmark 10-year Treasury note fell 3 basis points to 0.737%, the lowest level since Oct. 15. The yield on the 30-year Treasury bond slipped 5 basis points to 1.496%. Yields move inversely to prices.
The Fed is set to release its policy statement at 2 p.m. ET, and the central bank is expected to hold interest rate steady near zero.
Investors continue to monitor the presidential race with incoming results yet to determine which candidate would win the election. Both the incumbent Republican President Donald Trump and Democrat challenger, former Vice President Joe Biden, still had paths to gaining the 270 electoral college votes needed to win the White House.
Late Wednesday, NBC News projected that Biden was the winner in Wisconsin and Michigan, flipping them as states that Trump had won in the 2016 election. NBC News projections show Biden could need just 17 electoral college votes to win the race.
However, the Trump campaign and the Georgia Republican party filed a lawsuit Wednesday over the counting of absentee ballots in a Georgia county. This came after the campaign also filed suits to halt counting in Michigan and Pennsylvania as well.
The U.S. also saw a record number of new coronavirus cases on Wednesday, with confirmed infections topping the 100,000 mark for the first time, according to data compiled by Johns Hopkins University.
Four-week average jobless claims are expected at 10:30 a.m. ET, along with third-quarter unit labor costs and non-farm productivity data.
Auctions will be held Thursday for $30 billion worth of four-week bills and $35 billion of eight-week bills.
— CNBC’s Lauren Feiner contributed to this story.
