U.S. government debt prices were lower on Wednesday, as investors await the conclusion of a two-day Federal Open Market Committee (FOMC) policy meeting.
The yield on the benchmark 10-year Treasury note sat higher at around 2.4173 percent at 5:00 a.m. ET, while the yield on the 30-year Treasury bond was up at 2.7902 percent. Bond yields move inversely to prices.
While politics and individual stock News may move markets somewhat during today's session, investors will be placing most of their attention on a rate decision by the U.S. Federal Reserve, due out at 2 p.m. ET.
Market-watchers expect the U.S. central bank to raise rates for one last time this year during its December meeting, after it announced in October that despite inflation, a rate hike was all but certain.
Traders will be paying close attention to what the Fed will say in regards to tax reform and the state of the U.S. economy.
The session also marks one of Fed Chair Janet Yellen's final policy decisions before she hands over leadership to incoming Fed Chair Jerome Powell in February.
Fed Governor Lael Brainard will be at Rochester, New York, speaking at the Awards Ceremony for Workforce Development Video Campaign.
Elsewhere in data, consumer price index (CPI) figures are set to be released at 8:30 a.m. ET.
Vote to see results
Not a Scientific Survey. Results may not total 100% due to rounding.
Investors are digesting the latest in U.S. politics. Aside from developments surrounding overhauling the tax system — which is expected to keep investors on edge —another key piece of news set to shake up markets comes from Alabama.
Democrat Doug Jones is projected to be the apparent winner of a Senate election in Alabama, beating scandal-ridden Republican Roy Moore in one of America's deepest conservative states, according to NBC News.
The news is expected to trigger ramifications for U.S. politics, with this win marking the first time in a quarter-of-a-century that a Democrat has been elected to the Senate from Alabama.
No auctions by the U.S. Treasury are set to occur Wednesday.