Treasury Yields Fall to Session Lows Ahead of Fed Decision; Gold Rises 1.3%

The cross-asset move is less about the Fed decision itself than about positioning into it: yields falling alongside gold and equities, with semis leading and banks lagging, points to duration-sensitive risk appetite rather than a growth signal. The bank index's divergence is the tell — lower yields compress net interest margin expectations while lifting rate-sensitive growth names. Whether that split persists after the statement, or reverses once the policy path is clarified, is the open question worth watching.