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U.S. Treasury yields slumped Wednesday ahead of the conclusion of the Federal Reserve’s November meeting, where investors expect a 75 basis point interest rate increase.

As of this writing, the yield on the benchmark 10-year Treasury was down by less than a basis point to 4.046%.

The policy-sensitive 2-year Treasury yield upturned some of Tuesday’s gains and was last trading at around 4.52%. Yields and prices have a relationship. One basis point is equivalent to 0.01%.

The Federal Reserve is expected to keep its hawkish stance and announce the fourth consecutive 75 basis point rate hike on Wednesday as it continues to try to tame the persistent inflation.

Data released on Tuesday showed that job openings had skyrocketed more than expected in September. This tightness in the labor market has been one of the critical drivers of increasing inflation, making this a key figure for Fed policymakers.

Meanwhile, the ISM manufacturing PMI (purchasing managers’ index) showed that factory activity growth slowed again in October and came close to contracting.

The economic slowdown is one of the leading market concerns when it comes to interest rate hikes.

Therefore, investors are hoping that the Fed will also provide some guidance on future policy plans and whether interest rate hikes will slow or pause entirely.

Markets will also gain further insights into the labor market on Wednesday as ADP’s employment report is due.