Treasury yields remained flat on Wednesday after the Federal Reserve held interest rates steady.
The 5-year Treasury yield fell one basis point to hit a record low of 0.2516%.
The central bank kept its benchmark overnight lending rate anchored near zero, while reiterating its commitment to maintain its bond purchases and a host of lending and liquidity programs in its response to the coronavirus pandemic.
"Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning of the year," the post-meeting statement said.
Fed Chair Jerome Powell is scheduled to hold a press conference shortly after the announcement at 2:00 p.m. ET.
"The FOMC telegraphed little incremental change to the Fed's approach today, but the committee has been heard loud and clear that it is staying the course with its unprecedented monetary support for the U.S. economy," Jason Pride, CIO of private wealth at Glenmede, said in a note.
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.
The U.S. Treasury will auction $25 billion in 105-day bills and $30 billion in 154-day bills on Wednesday.