NEW YORK (CNNMoney.com) -- Treasuries continued to trade in a narrow range Thursday as investors remained on the sidelines in anticipation that the Federal Reserve will soon take action to stimulate the economy.
Yields for the benchmark 10-year note edged higher to 2.52% from 2.48% late Wednesday. The 2-year note's yield held steady at 0.36% and 5-year note's yields rose to 1.13%. The yield on the 30-year bond inched up to 3.92%.
Yields have fallen into a holding pattern this week as traders take a wait-and-approach leading up to the Fed's next policy meeting next month.
Investors have pushed Treasury yields lower in anticipation that the Fed will launch a second round of asset purchases -- or so-called quantitative easing -- in an effort to stimulate the economy at the conclusion of its two-day meeting Nov. 3.
"Yields haven't moved much because we are waiting for more clarity from the Fed," said Richard Bryant, head of Treasury trading at MF Global. He added that investors are looking for details related to the size, timing and execution strategy for the central bank's asset purchases.
Bryant said traders will likely push yields slightly lower to make room for new supply, but major moves won't come until the Fed outlines its next move.
The Treasury Department announced Thursday that it will auction $109 billion in shorter-term notes and Treasury Inflation-Protected Securities next week, beginning with the sale of $35 billion in 2-year notes on Tuesday.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.80%||3.80%|
|15 yr fixed||3.02%||3.02%|
|30 yr refi||3.78%||3.78%|
|15 yr refi||3.00%||3.00%|
Today's featured rates:
Nestle is looking much sweeter after Dan Loeb's activist hedge fund Third Point decided to stir things up. More
The Senate GOP health bill would severely cut back federal support for Medicaid, which covers 1 in 5 Americans. States would have trouble filling the gap, likely leading them to cut eligibility, funding and provider rates. More
The Justice Department is fighting back against a 2016 court ruling that determined American companies don't have to hand over customer data to U.S. police if it's stored on computers in another country. More
In 1998, Ntsiki Biyela won a scholarship to study wine making. Now she's about to launch her own brand. More
The average guest at a wedding last year spent $888 per wedding, according to a study from the Knot. For those in the wedding party, the price of being a stand-up friend was over $1,000. More