The yield on the 10-year US Treasury note fell below 4.7% today, after surging past that level yesterday to its highest since January 15, 2025. As of 9:48 PM Thailand time, the 10-year yield stood at 4.669% and the 30-year yield at 5.148%. The decline tracked a more than 2% slump in global crude oil prices, with Brent crude dropping below $100 a barrel and West Texas Intermediate slipping under $90 a barrel, as investors took profits after the recent rally and shipping through the Strait of Hormuz and Bab el-Mandeb continued, albeit at reduced volumes. Investors are eyeing the Federal Reserve meeting next week, with the CME Group FedWatch Tool indicating a 64.2% probability that the Fed will hold rates at 3.50% to 3.75% at the July 28-29 meeting, and an 80.1% chance of at least a quarter-point hike to 3.75% to 4.00% at the September meeting.