NEW YORK (AP) — Treasury prices dipped slightly Wednesday after the Federal Reserve said the economy was losing strength but held off on taking any new steps to help it.
In a statement released at the end of its two-day meeting, the Fed pointed to a few trouble spots for the U.S. economy, including slower job growth and spending. The Fed also renewed its pledge to help the economy if needed.
The price of the 10-year Treasury note fell 43.7 cents for every $100 invested. The yield edged up to 1.52 percent from 1.47 percent late Tuesday.
Many bond investors and economists think the Fed may launch another bond-buying program at its September meeting if the economy continues to look weak. The aim would be to encourage investment and spending.
Most Treasury prices had dropped early Wednesday after a private survey showed strong job growth in July. Payroll provider ADP said U.S. businesses added 163,000 jobs in July, 43,000 more than economists had expected.
Treasury prices tend to fall on signs of economic growth and rise on signs of sluggishness.
In other trading, the price of the 30-year bond fell 87.5 cents for every $100 invested. That pushed the yield up to 2.59 percent from 2.56 percent late Tuesday. The yield on the two-year Treasury rose to 0.25 percent from 0.23 percent.
The yield on the three-month Treasury bill was unchanged at 0.10 percent.