Treasury yields moved higher on Wednesday as investors awaited the Federal Reserve’s latest monetary policy decision. The yield on the 10-year Treasury note, a benchmark for mortgages, auto loans and credit card debt, rose by more than 2 basis points to 5.0134%. The yield on the 2-year note increased by 1 basis point to 4.7494%, while the yield on 30-year Treasurys climbed by more than 1 basis point to 5.3200%. Traders priced in a 90.6% chance that the rate-setting Federal Open Market Committee would leave interest rates unchanged at 375 to 400 basis points. Investors will closely examine Federal Reserve Chair Kevin Warsh’s statement and upcoming data on consumer spending, GDP, income and spending for signals on the U.S. economy and inflation.
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