U.S. Treasury yields fall slightly ahead of key Fed decision

U.S. Treasury yields were slightly lower Wednesday as investors geared up for a key policy decision from the Federal Reserve.

The yield on the benchmark 10-year Treasury note fell 2 basis points to 2.759%, while the yield on the 30-year Treasury bond moved 1 basis point lower to 2.996%. Yields move inversely to prices and a basis point is equal to 0.01%.

Much of this week's focus will center on the U.S. Federal Reserve's two-day policy meeting, which began on Tuesday. Economists are broadly expecting a 75 basis point hike to interest rates.

The Fed is attempting to curb inflation while navigating a backdrop of slowing growth, as evidenced by weaker-than-expected data last week on business activity and jobs.

In earnings news Wednesday, Boeing and Shopify are expected to release their quarterly results before the bell, while Qualcomm, Ford and Meta Platforms will report at the end of the day.

— CNBC's Holly Ellyatt and Tanaya Macheel contributed to this report.