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.
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