The U.S. Treasury has adopted interventionist strategies intended to reduce long-term interest rates, including a joint currency intervention with Japan and potential changes to debt issuance, according to reports from The New York Times. The 10-year Treasury yield has reached approximately 4.6%, while the 30-year yield has risen above 5%, raising borrowing costs across the economy. By influencing the supply and demand of government bonds, the Treasury could put downward pressure on yields. Market pricing suggests the measures may increase the likelihood that the Federal Reserve (U.S. central bank) pauses rate hikes, with a 73% probability currently assigned to a pause in rate decisions over the next three meetings. Investors will watch the Federal Reserve's meetings in June, July and September, as well as inflation and unemployment data, for signals that could alter rate expectations.