Yield on 10-year Treasury hovers above 5% as investors await Fed decision

Yields on U.S. Treasurys were little changed Wednesday morning, as investors awaited the outcome of the Federal Reserve's two-day September meeting. At 4:30 a.m. ET, the benchmark 10-year Treasury yield was flat at 5.004%, while yields on the longer-dated 20- and 30-year Treasury notes were unchanged at 5.409% and 5.372%, respectively. One basis point equals 0.01%, and yields and prices move in opposite directions. The Fed's Federal Open Market Committee is set to announce its latest monetary policy decision at 2 p.m. ET on Wednesday. Fed funds futures were last pricing in a roughly 92.5% chance of a quarter-point hike, according to the CME FedWatch tool, up from a 33% likelihood a month ago. Data released on Friday showed the U.S.