The yield on the 10-year US Treasury note was at 4.1% on Wednesday, remaining close to the highest level in four weeks as markets assessed the limited scope of data for insights on how the Fed will guide rates. The ADP Employment report, which is under greater scrutiny due to the absence of BLS jobs reports, reflected a rebound in private-sector employment to limit concerns of an uncontrolled increase in unemployment. 70% of the market positioned for a cut in the FOMC's December decision, compared to a full consensus last week. In the meantime, the US Treasury signaled it borrow $125 billion with new securities in the incoming quarter, as previously signaled, and maintained the previous distribution of debt along the curve. The move challenged lingering expectations that the Treasury would further increase borrowing through shorter-term yields, especially after the Fed signaled it would become a net buyer of Treasury bills starting December to offset maturing MBS assets.