The yield on the 10-year US Treasury note edged up to around 4.15% on Friday, reversing a decline from Wednesday, as investors continued to weigh the Federal Reserve’s policy outlook. Market pricing currently implies two additional rate cuts next year. This comes despite the initial estimate for Q3 GDP showing the US economy grew at a 4.3% annualized rate, well above the expected 3.3% and marking the fastest expansion in two years. The strong reading challenges recent concerns that tighter financial conditions have slowed the labor market, supporting arguments from Fed officials favoring a more hawkish stance. Policymakers’ median projection points to only one rate reduction in 2026.