The yield on the US 10-year Treasury note fell to 4.78% on Wednesday, pausing a five-session advance that had lifted it above 4.81%, its highest level since October 2023. A modest decline in oil prices offered some relief on inflation pressures, although elevated Middle East hostilities kept energy prices near six-week highs. Markets are pricing in a nearly 66% chance of a 25-basis-point rate hike by the Fed later this month, up from around 40% last week. The change followed Fed Chair Kevin Warsh’s commitment to fighting inflation in a speech at the Jackson Hole Symposium. Investors are awaiting Friday’s jobs report for further indications of labor-market health, after the ADP report showed another slowdown in private-sector employment growth in August.