(Recasts with Fed meeting statement, new throughout) By Karen Brettell NEW YORK, July 28 (Reuters) - U.S. Treasury yields edged higher in choppy trading on Wednesday after the Federal Reserve said that the U.S. economic recovery remains on track despite a rise in coronavirus infections and flagged ongoing discussions around the eventual withdrawal of monetary policy support. "With progress on vaccinations and strong policy support, indicators of economic activity and employment have continued to strengthen," the U.S. central bank said in a statement after the conclusion of its latest two-day policy meeting. "The FOMC statement shows the Fed is on track to execute on the consensus tapering timeline,” Ian Lyngen, head of U.S. rates strategy at BMO Capital Markets, said in a report. Benchmark 10-year yields were last 1.261%. The yields briefly rose to a session high of 1.278% immediately after the statement. Fed Chair Jerome Powell will elaborate on the latest policy statement in a news conference at 2:30 p.m. EDT (1830 GMT) The Fed also announced that it will establish two standing repo facilities, one domestic and one for foreign and international monetary authorities, to backstop money markets during times of stress. July 28 Wednesday 2:18PM New York / 1818 GMT Price Current Net Yield % Change (bps) Three-month bills 0.05 0.0507 0.000 Six-month bills 0.05 0.0507 0.000 Two-year note 99-211/256 0.2134 0.010 Three-year note 99-250/256 0.3829 0.021 Five-year note 99-112/256 0.7399 0.030 Seven-year note 101-136/256 1.0203 0.028 10-year note 103-88/256 1.261 0.027 20-year bond 106-240/256 1.8306 0.027 30-year bond 110-136/256 1.9098 0.021 DOLLAR SWAP SPREADS Last (bps) Net Change (bps) U.S. 2-year dollar swap 7.50 0.50 spread U.S. 3-year dollar swap 11.50 0.75 spread U.S. 5-year dollar swap 8.25 -0.25 spread U.S. 10-year dollar swap 2.00 1.75 spread U.S. 30-year dollar swap -25.75 2.00 spread (Editing by Sandra Maler) Our Standards: The Thomson Reuters Trust Principles.