The US 10-year Treasury yield fell to 4.97% on Wednesday after rising for five straight sessions and briefly exceeding 5.04% on Tuesday, its highest level since July 2007. Investors were awaiting the Federal Reserve's policy decision later that day, with markets pricing about a 93% probability of a 25-basis-point increase in borrowing costs, which would be the central bank's first rate hike since 2023. Markets also expected another increase in December. Lower oil prices provided temporary relief for inflation concerns, while higher oil prices, expectations of tighter monetary policy and elevated US fiscal deficits had contributed to the rise in yields. Treasury Secretary Bessent said Tuesday that global issues and the need to address the government deficit were weighing on bond yields.