The U.S. 10-year Treasury yield rose again Wednesday as traders digested the latest comments from Federal Reserve officials on the trajectory of interest rate cuts.

The yield on the 10-year Treasury rose more than three basis points to about 4.24. At its session high, the benchmark rate traded at 4.26%, reaching its highest level since July 26. That move comes after the 10-year soared 12 basis points on Monday and broke above 4.2% on Tuesday.

Meanwhile, the yield on the 2-year Treasury stood at 4.06%, up about three basis points. It hit a high of 4.072% earlier in the day, a level not seen since Oct. 10.

Yields and prices move in opposite directions. One basis point equals 0.01%.

Higher Treasury yields are putting pressure on equities, with U.S. stock futures falling, the declines coming after the S&P 500 posted its first back-to-back loss since early September.

Robust economic data and deficit worries are among the factors behind the rise in the 10-year Treasury yield despite a half-point rate cut from the Fed in September. Traders have become concerned that the central bank may be less inclined to reduce rates, even as the Fed had forecast another half-point worth of cuts before the year ends.

It has been a busy week for Fed commentary, with an array of policymakers delivering speeches earlier this week.

Investors will be keeping an eye on the latest comments from Fed officials on Wednesday as Fed Governor Michelle Bowman speaks at the 8th Annual Fintech Conference in Philadelphia, while Richmond Fed President Thomas Barkin will address the Virginia Education and Workforce Conference.

The Fed’s Beige Book, a review of economic conditions across its 12 districts, is also set to be published Wednesday.