Long yields rose again. Yields on benchmark 10-year Treasury notes ticked higher, hitting yet another 19-year high. The 30-year yield rose to 5.594%, its highest level since 2002.

The 2-year Treasury yield fell in afternoon trading. The move may have been prompted by comments from New York Fed President John Williams, who said the central bank need not rush to continue raising interest rates. Stocks fell slightly, with the Dow closing 0.3% lower while the Nasdaq was down 0.1%.

Brent crude futures gave up some of their recent gains, falling 2.6% to $102.59 a barrel. Oil flows from the Middle East are recovering, which should help ease the energy supply crunch. Despite its recent retracement, bitcoin is on pace for its best quarterly performance since the fourth quarter of 2024, gaining more than 40% from July to September.

Higher bond yields are pushing the dollar higher, which has gained 1.5% against a basket of other currencies this September. A top Federal Reserve official suggested Tuesday the central bank could wait until December before raising interest rates again.