U.S. Government bonds little changed ahead of November FOMC meeting minutes

The U.S. Treasuries were little changed on Wednesday as market look ahead to the minutes of the 1-2 November FOMC meeting, in an attempt to estimate the Fed's most likely policy step.

The yield on the benchmark 10-year Treasury note hovered around 2.32 percent, the yield on long-term 30-year Treasury remained steady 3 percent and the yield on short-term 2-year note stood flat at 1.09 percent by 12:00 GMT.

The minutes from the 1 - 2 November FOMC meeting will be published Wednesday, 23 November at 19:00 GMT. Markets will likely pay close attention to this release in an attempt to estimate the Federal Reserve's likely next step, particularly anything that might trigger a move to continue pausing for an extended period.

Given the expected move to raise rates at the December meeting, markets will look towards any significant benchmark measures of note (employment or otherwise) that could possibly provide a guide for policy moving forward.

Though the Fed Funds rate is expected to remain exceptionally low for some time, the debate over the timing of the Fed’s next move is something that could receive additional clarity via these minutes.

Kansas City Fed President George (a voter in 2016) commented that the effect of allowing the economy to overheat could produce short-term gains, but ultimately with longer-term costs. George added that consequently, she sees moving sooner, rather than later, as taking into account the long and variable lags with which monetary policy operates, and reduces the potential for 'go-stop' types of policies that create volatility, rather than subdue it.

Also, the market will remain closed Thursday for Thanksgiving holiday.

Meanwhile, the S&P 500 Futures traded flat at 2,200 by 12:30 GMT. While at 12:00 GMT, the FxWirePro's Hourly Dollar Strength Index stood neutral at +32.91 (higher than +75 represents bullish trend).