U.S. government debt prices rose on Wednesday, pushing yields lower, after the release of the Federal Reserve’s October meeting minutes. The minutes suggested that a rate hike may not be imminent, contrary to some market expectations.

The yield on the benchmark 10-year Treasury note fell to 2.30 percent, while the 30-year bond yield decreased to 3.01 percent.

The Fed minutes revealed that policymakers are closely monitoring global economic developments and their potential impact on the U.S. economy. Several members expressed concerns about low inflation and its persistence, suggesting a more gradual approach to tightening monetary policy.

Analysts noted that the bond market’s reaction reflected a reassessment of the timing and pace of future rate increases. The prospect of continued low rates is generally supportive of bond prices.

The economic calendar was relatively light on Wednesday, with existing home sales data providing little impetus for market movement. Investors are now looking ahead to upcoming economic releases and further commentary from Fed officials for additional clues about the central bank’s policy outlook.

The bond market’s sensitivity to Fed communications underscores the importance of central bank transparency and its influence on investor sentiment.