The US 10-year Treasury yield slipped slightly below 5% on Thursday, resuming its decline after the Federal Reserve left interest rates unchanged as widely expected but offered limited guidance on its next policy move. Fed Chair Kevin Warsh also suggested that the central bank could reduce the number of interest-rate decisions from eight to six per year, potentially adding to market uncertainty. Meanwhile, two policymakers dissented in favor of a 25-basis-point rate hike, reinforcing expectations for a possible increase in December amid persistent energy-driven inflation. Investors are now awaiting the US PCE price index, the Fed’s preferred inflation gauge, for further clues on the future direction of monetary policy. Market attention is also focused on upcoming policy announcements from the European Central Bank and the Bank of Japan, with both institutions widely expected to keep interest rates unchanged.