(Dow Jones)–Treasury yields fall after reaching multi-year high yesterday. The Fed is expected to keep rates unchanged this afternoon. On the CME’s FedWatch tool, odds of a November hike decline to 29% from 41% a week ago. The FOMC is expected to repeat that future decisions will depend on upcoming data. AmeriVet’s Gregory Faranello says in a note that for today, “no victory lap and continued optionality” is the likely outcome. The 10-year yield is at 4.339% and the two-year at 5.067%.

By: Paulo Trevisani (paulo.trevisani@wsj.com;@ptrevisani)