The yield on the 10-year U.S. Treasury traded lower Wednesday ahead of the conclusion of the Federal Reserve’s November meeting.

Investors rushed to beat a Friday, Oct. 28 deadline to lock in a record-high 9.62% interest rate. The I bond rate reset Nov. 1, falling to 6.89%.

The Treasury Department on Tuesday announced Series I bonds will pay 6.89% annual interest through April 2023. Here’s what investors need to know.