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

Traders work on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., Sept. 15, 2026. Jeenah Moon | ReutersU.S. Treasury yields were lower on Wednesday as investors awaited the outcome of the Federal Reserve's two-day September meeting.The benchmark 10-year Treasury note yield was down more than 3 basis points at 4.961%, while the yield on the 30-year Treasury bond fell more than 2 basis points to 5.341%. The 2-year Treasury note yield dropped more than 4 basis points to 4.619%.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 92.7% 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. annual inflation rate hit 3.4% in August, while the most recent personal consumption expenditures price index — which the Fed uses as its preferred forecasting tool — increased by 3.7% on an annual basis in July. Oil prices, meanwhile, remain above $100 a barrel, adding to inflation concerns. The hot infl...