U.S. Treasury yields ease after 30-year rate hits 2002 high

U.S. Treasury yields fell on Wednesday, easing pressure after the 30-year bond hit its highest level since 2002, as investors remained focused on inflation and potential Fed rate moves. The 30-year yield dropped 4 basis points to 5.553%, while the 10-year fell 3 basis points to 5.221% and the 2-year slipped 1 basis point to 4.876%. Recent selloffs were driven by Middle East conflict lifting oil prices and inflation expectations. Traders see a 45% chance of another Fed rate hike in October, per the CME FedWatch tool. New York Fed President John Williams said there is "no need for urgency" before the meeting. Investors await the Personal Consumption Expenditures price index due Wednesday.