Treasury 30-year bond yields touched the lowest level in more than a week before the Federal Reserve opens a two-day policy meeting amid speculation on whether it will take further steps to boost economic growth.

Long bonds briefly erased gains after the Fed bought $1.92 billion of long-term U.S. securities. Treasuries erased early losses amid concern European leaders will struggle to stem their debt crisis even after pro-bailout parties in Greece won enough votes to form a government. Spanish bond yields climbed to more than 7 percent for the first time in the euro era.

“The market shrugged off the good news from Europe and continues to consolidate around these levels,” said Jason Rogan, director of U.S. government trading at Guggenheim Partners LLC, a New York-based brokerage for institutional investors. “A lot of people are waiting for the Fed, as there are still tons of questions, and a lot of people are waiting on the sidelines to see what happens.”