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The yield on the US 10-year Treasury note was little changed around 3.98% on Wednesday as investors awaited the Federal Reserve’s policy decision, with markets widely expecting a quarter-point rate cut. Traders will focus on comments from Chair Jerome Powell for signals on the pace of future easing, with another reduction in December already priced in. Meanwhile, the ongoing US government shutdown entered its fifth week, delaying key economic data releases vital for shaping monetary policy and market expectations. Investors also looked ahead to the meeting between US President Donald Trump and Chinese President Xi Jinping on Thursday, where they are expected to finalize a framework that could halt planned US tariff increases and China’s rare earth export restrictions.

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U.S. President Donald Trump signaled plans to reduce fentanyl-related tariffs on Chinese exports ahead of his upcoming meeting with Chinese President Xi Jinping in South Korea. His remarks followed a Wall Street Journal report suggesting the U.S. may cut the current 20% tariffs by half in exchange for Beijing’s efforts to curb the export of precursor chemicals used to produce fentanyl. Trump described bilateral ties as “very good” and expressed optimism about the summit, stating, “we are going to have a great meeting with China’s Xi.” The move is seen as part of broader negotiations aimed at easing trade tensions and addressing the opioid crisis.

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U.S. President Donald Trump signaled plans to reduce fentanyl-related tariffs on Chinese exports ahead of his upcoming meeting with Chinese President Xi Jinping in South Korea. His remarks followed a Wall Street Journal report suggesting the U.S. may cut the current 20% tariffs by half in exchange for Beijing’s efforts to curb the export of precursor chemicals used to produce fentanyl. Trump described bilateral ties as “very good” and expressed optimism about the summit, stating, “we are going to have a great meeting with China’s Xi.” The move is seen as part of broader negotiations aimed at easing trade tensions and addressing the opioid crisis.

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The dollar index was little changed around 98.7 on Wednesday, holding small losses from earlier in the week as investors braced for the latest Federal Reserve policy decision, where it is widely expected to deliver a quarter-point rate cut. Traders will look for any hints from Chair Jerome Powell about the pace of additional easing, with another rate reduction in December being priced in by markets. Investors also looked ahead to the closely watched meeting between US President Donald Trump and Chinese President Xi Jinping, expected to finalize a framework that could pause higher US tariffs and China’s rare earth export controls. Meanwhile, the dollar extended losses against the yen after Treasury Secretary Scott Bessent met with Japan’s Finance Minister Satsuki Katayama to discuss foreign exchange volatility, urging “sound monetary policy” in what was viewed as a subtle critique of Japan’s slow rate normalization.