NEW YORK (CNNMoney.com) -- Treasury prices were flat Wednesday, following the previous session's rally, as investors await the afternoon release of the Federal Reserve's Beige Book.
Yields for the benchmark 10-year note held steady at 2.48%. The 30-year bond, 2-year and 5-year note yields were also unchanged.
"Investors are taking a step back from yesterday's big rally," said Bill Davidson, managing director of fixed income at Hartford Investment Management.
Treasury prices got a lift Tuesday, as China's surprise rate hike and mixed corporate news fueled investors' flight to safety within U.S. government debt -- triggering deep losses in the stock market.
Davidson expects Treasury prices and yields will remain in a tight range, leading up to the Federal Reserve's 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.
"The market has already priced in the Fed's engagement in quantitative easing," Davidson said. "But now it's just a question of whether investors will be satisfied with the size of the stimulus and its implementation."
Investors will be looking for clues when the central bank releases its Beige Book regional economic survey late Wednesday afternoon.
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