The yield on the 10-year US Treasury note held steady at around 5.21% on Wednesday as investors awaited September’s consumer inflation report for clues on the Federal Reserve’s next interest rate decision. New York Fed President John Williams reiterated that one more rate hike may be appropriate this year, while further tightening would likely be unnecessary in 2027. Meanwhile, Fed Governor Christopher Waller said inflation expectations remained “well anchored.” Additional remarks from Richmond Fed President Thomas Barkin and Fed Vice Chair for Supervision Michelle Bowman are expected later in the day. Markets are currently pricing in roughly a 77% probability that the Fed will leave rates unchanged this month, while assigning an 88% chance of a rate hike in December. Treasury yields have retreated in recent sessions as the global bond selloff eased, while heightened volatility in equity markets has boosted demand for bonds as a safe-haven asset.