10-Year Treasury Note yields rose on Fed uncertainty after FOMC meeting

10-Year yields moved higher early in the session, trading above 4.10% briefly before settling at 4.08%, up a basis point. The market is still adjusting to the post-FOMC press conference where the Fed Chair declined to commit to future policy cuts. This sentiment shifted market expectations, reducing the probability of a December rate cut. The Fed Chair's cautious stance is due to the lack of economic data caused by the government shutdown and concerns over rising inflation prints. Volatility has been in decline over the last couple of days, remaining relatively steady despite the recent increase in 10-Year yields. Looking ahead to Friday, the scheduled PCE Index release is unlikely due to the government shutdown, but the Chicago PMI number will be released and Fed speakers will be back on the trail.