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4.686% is the reported yield on the 10-year U.S. Treasury note after a 2-basis-point decline, a pullback from multi-decade highs that came as traders positioned for the Federal Open Market Committee minutes.
The 10-year is the benchmark for U.S. government borrowing costs, and its direction carries across rate-sensitive markets.
The context shifts the read: yields at multi-decade highs mean the note had been trading near 4.706% before the session's move, and any retreat from that territory draws attention when the FOMC minutes are imminent.
Those minutes give the clearest public account of how Fed officials weighed conditions at their last meeting, including where they stood on the rate path.
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