The yield on the 10-year US Treasury note eased to 4.95% on Wednesday from the 19-year high of 5.01% in the previous session after the Federal Reserve raised interest rates by 25bps, as expected. The move was largely expected by financial markets after evidence of high inflation in tandem with a robust labor market and retail sales aligned with Chairman Warsh's Jackson Hole signal that borrowing costs would be raised to combat price growth. Median projections by FOMC members pointed to split expectations of one or two additional rate hikes by next year, consistent with upward revisions to forecasts on inflation and downward revisions to unemployment. The yield on the longer-end of the curve eased more than the front end with the signal that the Fed heeds to higher prices. Still, yields on the 10-year note are 80bps higher since the start of the year. The impact of soaring energy inflation magnified pressure from soaring corporate debt supply and widening budget deficits.