With financial markets anticipating a rate hike before the end of the year, the central bank continued to acknowledge that the case for a move is getting stronger.
The yield on the two-year Treasury note briefly slipped to 0.809 percent, but last hovered near 0.8174 percent.
The yield on the benchmark 10-year Treasury note was last slightly lower near 1.79 percent, while the yield on the 30-year Treasury bond was also lower near 2.55 percent. Bond yields move inversely to prices.
While the U.S. central bank should be the talk of the town this week, this announcement could be eclipsed by news emerging out of the U.S. election. With less than a week to go, investors are paying close attention to the news coming out of the FBI and its investigation into Hillary Clinton's email server.
The latest on that front is the moves seen in the U.S. dollar. The dollar fell after news emerged that Republican candidate Donald Trump was gaining momentum ahead of the vote, with polls on Tuesday putting Trump ahead by 1 to 2 percentage points. However, Clinton held a five-percentage-point in a Reuters/Ipsos opinion poll published on Monday.
Now investors are expected to keep a close eye on Europe this Thursday, as the Bank of England announces its latest monetary policy decision. The central bank is also set to publish its latest inflation report.
When it comes to data, aside from the FOMC statement, investors digested the ADP employment report, which showed a gain of 147,000 jobs last month, well below a Reuters estimate of 165,000. Mortgage Applications dropped 1.2 percent.
Meanwhile oil prices fell on Wednesday, with U.S. crude settling down 2.9 percent at $45.34 a barrel.
While no auctions are expected on Wednesday, the U.S. Treasury is set to announce the size of a three-year notes auction, a 10-year notes auction and a 30-year bonds auction, all scheduled to take place next week.
—Reuters and CNBC's Jeff Cox and Patti Domm contributed to this report