The 10-year U.S. Treasury yield topped 1.65% early on Wednesday, hitting a brand-new 13-month high, ahead of a press conference with Federal Reserve Chairman Jerome Powell following the central banks two-day policy meeting.The yield on the benchmark 10-year Treasury note increased more than 2 basis points to 1.65% at 7 a.m. ET. Wednesdays early relocation in the 10-year exceeded its current high on Friday of 1.642% and reached levels not seen considering that early February 2020 simply as the pandemic was beginning to strike markets.The Federal Open Market Committees two-day policy meeting is set to conclude at 2 p.m. ET, followed by a press conference with Powell.The Fed will launch brand-new economic and interest rate projections, which might indicate Fed authorities expect to raise rates by, or even before, 2023. The main bank is expected to acknowledge more powerful growth, which ought to put the Feds easy policies in the spotlight, particularly provided the new $1.9 trillion in federal stimulus spending.Ian Shepherdson, primary economic expert at Pantheon Macroeconomics, informed CNBCs “Squawk Box Europe” on Wednesday morning, that he would be “amazed” if the Fed signified that it would step in to moisten rising bond yields at these levels.The 10-year Treasury yield has actually risen quickly just recently amidst issues about prospective growth in inflation, as economies recover and reopen from the coronavirus pandemic.