🚨 Today, markets will be focused on two critical developments coming from the U.S. 📌 First, at around 20:00 CET, the U.S. will hold its 10-year Treasury auction. The U.S. Treasury will issue $39 billion in 10-year notes. With U.S. Treasury yields recently testing their highest levels since 2002 at 5.34%, demand for this auction has become even more significant. If foreign investor demand remains weak, we could see further upward pressure on Treasury yields. Such a scenario may exert downward pressure on gold, the euro, and Bitcoin in the short term. 📌 Then, at 21:00 CET, the Fed’s meeting minutes will be released. We’ll gain insight into how Fed members viewed interest rates during their most recent meeting. Recent weak employment data has caused market expectations for an October rate hike to retreat to just 20.5%. What markets are most eager to learn is whether Fed members plan to continue raising rates going forward—or whether they’ll prefer to pause. Currently, expectations for the next rate move have largely shifted to December.