U.S. long-term bonds fell in New York on the 26th, ending a three-session advance, after July’s Personal Consumption Expenditures (PCE) price index reinforced concerns that inflation remains persistent. The 10-year Treasury yield, a benchmark for long-term interest rates, closed at 4.64%, up 0.01 percentage point from the previous day, while the bond’s 4.625% coupon remained unchanged. July PCE inflation rose 0.2% from June, accelerating from a 0.1% monthly increase and matching market expectations, but elevated underlying measures and resilient services growth led investors to consider whether the Federal Reserve may slow its rate cuts. The core PCE index remains above the Fed’s 2% target year over year. Bonds had rallied on the 25th as October WTI crude futures plunged 3.1%, easing energy-inflation concerns, but the latest PCE data shifted market focus back to inflation stickiness. The 2-year yield, which is more sensitive to policy rates, was roughly flat. Long-term yield movements may weigh on expensive growth-stock valuations and support the dollar if expectations for higher rates strengthen. Investors are watching the next FOMC (Federal Reserve rate-setting committee) meeting, employment data and business sentiment indicators for further direction.