The yield on the 10-year US Treasury note hovered around 4.6% on Thursday, down about 10 basis points so far this week as the partial reopening of the Strait of Hormuz continued to pressure oil prices, easing inflation concerns and reducing expectations for more aggressive Federal Reserve tightening. Iran and Oman reached an agreement to establish a shipping corridor through the strait, boosting hopes for stronger energy flows from the Middle East. In response, markets pared expectations for Fed interest rate hikes this year, now pricing in just one increase by year-end, down from two as recently as last week. Meanwhile, ADP data showed the US economy added only 44,000 private-sector jobs in July, the weakest gain since January and well below forecasts of 70,000. Separately, Fed Governor Lisa Cook reiterated that she is prepared to raise rates if inflation does not continue to ease.