U.S. Treasury yields were slightly lower Wednesday ahead of a policy decision from the Federal Reserve’s January meeting.
The yield on the benchmark 10-year Treasury note dipped 1.1 basis points to 1.774% at 9:17 a.m. ET. The yield on the 30-year Treasury bond was 1.4 basis points lower at 2.116%. Yields move inversely to prices and 1 basis point is equal to 0.01%.
The Fed’s two-day January meeting will wrap up on Wednesday afternoon, with a statement scheduled to be released at 2 p.m. ET.
The central bank is not expected to announce any policy changes on Wednesday. However, it is anticipated that the Fed will signal that it will be ready to raise interest rates as soon as March, and that it will consider other tightening measures.
Ian Shepherdson, chief economist at Pantheon Macroeconomics, told CNBC’s “Squawk Box Europe” that he also didn’t expect the Fed to make any major policy moves on Wednesday.
“Monetary policy can’t do anything about inflation today, it can’t do anything about inflation in the next 6 months,” Shepherdson explained.
— CNBC’s Patti Domm contributed to this market report.
