The yield on the US 10-year Treasury note edged up to 4.64% on Wednesday, holding on to earlier gains after the Federal Reserve left the federal funds rate unchanged, broadly in line with expectations, despite markets assigning roughly a one-in-three probability to a rate hike. However, three FOMC members dissented in favor of a 25bps increase, leaving the door open to a rate hike at the September meeting. Markets currently assign roughly a 73% probability to such a move. Looking further ahead, around two additional quarter-point rate hikes remain fully priced in by the middle of next year.