U.S. government debt prices were lower on Wednesday morning, with the Federal Reserve poised to announce its latest interest rate decision later in the session.

At around 4:30 a.m. ET, the yield on the benchmark 10-year Treasury note was higher at 0.5855%, while the yield on the 30-year Treasury bond was also up at 1.2293%. Yields move inversely to prices.

The U.S. central bank is widely expected to reinforce loose monetary policy and keep interest rates unchanged on Wednesday. Fed Chair Jerome Powell is scheduled to hold a press conference shortly after the announcement at 2:00 p.m. ET.

The Federal Open Market Committee held interest rates at near zero at its last meeting in June as the central bank continued to deal with the economic impact of the coronavirus pandemic.

To date, more than 16.7 million people have contracted the Covid-19 infection worldwide, with 660,428 related deaths, according to data compiled by Johns Hopkins University.

On the data front, advanced economic indicators for June will be released at 8:30 a.m. ET, with pending home sales for June set to follow slightly later in the session.

The U.S. Treasury will auction $25 billion in 105-day bills and $30 billion in 154-day bills on Wednesday.