The yield on the US 10-year Treasury note fell to around 4.18% on Wednesday, marking a third straight session of declines as investors awaited the latest Federal Reserve policy decision. The central bank is widely expected to keep interest rates unchanged, with traders closely watching Chair Jerome Powell’s guidance on how recent volatility in oil markets might influence future policy. Rising oil prices have amplified inflation concerns, while mixed signals from the labor market have provided little clarity on the outlook for interest rates. Markets currently do not anticipate any Fed easing before at least September or October, and are pricing in just one rate cut for this year. At the same time, Iran has stepped up attacks on regional energy infrastructure, while US allies have rejected President Donald Trump’s call to help secure commercial shipping through the Strait of Hormuz.