After the Federal Reserve's statement was released, the yield on the 10-year US Treasury bond moved upward, rising by 4.5 basis points to the latest reading of 4.47%.

Meanwhile, the yield on the US 2-year Treasury note also rose, increasing by 8 basis points to 4.13%. Typically, when such a narrowing in the term spread of US Treasury yields occurs, it to some extent reflects market adjustments in expectations regarding the future path of the Federal Reserve's monetary policy. A greater increase in short-term yields often suggests that the market believes the Fed's scope for short-term rate adjustments may have narrowed compared to previous expectations, and corresponding changes have also emerged in expectations for future inflation and the duration of policy tightening.