On Wednesday, the entire Treasury yield curve shifted downward in tandem, while oil prices extended their recent slide. The benchmark 10-year Treasury yield declined 2 basis points to 4.947%; the 2-year yield fell 2 basis points to 4.758%; and the 30-year yield dipped 2 basis points to 5.287%. A basis point equals 0.01%, and bond yields move inversely to bond prices. The 10-year Treasury stood at 4.963%, down 0.004; the 1-month bill at 3.894%, up 0.012; the 1-year note at 4.402%, down 0.008; the 2-year note at 4.771%, down 0.006; the 30-year bond at 5.302%, down 0.001; the 3-month bill at 4.12%, up 0.013; and the 6-month bill at 4.314%, up 0.014.

Yields moved lower in step with crude, as oil prices were poised on Wednesday to notch a sixth consecutive session of declines. Brent crude futures for November delivery were last down 0.8% at $98.49 per barrel. This six-session losing streak marks the longest such run since August 2025; since last Tuesday's close, the contract has shed roughly 9.5%. U.S. West Texas Intermediate crude futures fell 1.2% to $89.41 per barrel, also heading for a sixth straight daily drop.

Oil prices were pressured lower by market expectations that energy supply disruptions in the Middle East may ease, following talks between U.S. and Iranian delegations at the United Nations General Assembly on Tuesday. Crude had surged sharply on the back of the Iran conflict and the ensuing blockade of the Strait of Hormuz, which has been a core driver of intensifying inflation concerns in markets this year. Brent crude, the global benchmark, still trades more than a third above its pre-war level.

Fixed-income investors were also parsing remarks from Federal Reserve officials to gauge the extent of the hawkish stance within the central bank. Fed Governor Michael S. Barr is scheduled to deliver a speech on the economic outlook in Chicago on Wednesday morning. One week ago, the Fed completed a rate hike and signaled the possibility of further policy tightening ahead. Also due on Wednesday is the S&P Global September Purchasing Managers' Index, with initial jobless claims data scheduled for Thursday.