The yield on the US 10-year Treasury note edged up 2bps to 4.95% on Friday, partially recovering from an 8bps decline in the previous session, as traders continued to assess the latest monetary policy decision from the Fed and its future trajectory. The central bank raised the target range for the federal funds rate by 25bps to 3.75%-4%, as expected. The Fed also signalled at least one more rate hike this year, while Chair Warsh reaffirmed the central bank’s commitment to taming inflation, helping to restore market confidence in its policy stance and credibility. As a result, the benchmark yield is set to end the week around 2bps lower, after topping 5.04% ahead of the FOMC decision, its highest level since 2007, amid concerns over the Fed’s ability to bring inflation under control and persistently elevated oil prices. Oil prices also retreated for a third consecutive session, offering some temporary relief from inflationary pressures and easing some of the pressure on the bond market.