Treasury yields tick higher ahead of Federal Reserve interest rate decision

Bond yields moved higher early Wednesday as investors awaited the Federal Reserve's latest monetary policy decision, due later in the session. The 10-year Treasury note yield — the main benchmark for mortgages, auto loans and credit card debt — was more than 2 basis points higher at 5.0134%. The yield on the 2-year Treasury note, which more closely follows short-term Federal Reserve rate decisions, was up 1 basis point at 4.7494%. Meanwhile, the yield on longer-dated 30-year U.S. Treasurys — which tend to move on geopolitical events — was also up by more than 1 basis point at 5.3200%. One basis point equals 0.01%, or 1/100th of 1%, and yields and prices move inversely to one another. The moves come as traders price in a 90.