Yields had dipped on Tuesday as concerns about the spread of the Omicron coronavirus variant dented risk appetite and sent stocks sharply lower. But that focus shifted after Fed Chair Jerome Powell said that U.S. central bankers in December will discuss whether to end their bond purchases a few months earlier than had been anticipated, pointing to a strong economy, stalled workforce growth, and high inflation that is expected to last into mid-2022. Volatility is expected to stay high at least through year-end as the market struggles with low liquidity and uncertainty around the Fed’s future rate path.