Treasury prices declined Wednesday, pushing yields to their highest level in over a week, as investors sold U.S. government debt in favor of riskier assets amid a global stock-market rally and rebound in oil.

The yield on the benchmark 10-year Treasury note TMUBMUSD10Y, 0.670% gained 2.8 basis points to 2.061%, its highest level since Sept. 28, according to Tradeweb. One basis point is equal to one hundredth of a percentage point. Treasury yields rise when prices fall and vice versa.

Meanwhile, the yield on the 30-year bond TMUBMUSD30Y, 1.422% rose by 1.8 basis point to 2.890% while the yield on the two-year Treasury note TMUBMUSD02Y, 0.144% climbed 2.4 basis points to 0.629%.

On a day bereft of critical economic data, investors were preparing to seek interest-rate guidance in the minutes from the Federal Reserve’s September meeting, expected Thursday afternoon.

San Francisco Fed President John Williams reiterated late Tuesday that he still expects the central bank to raise interest rates later this year.

Still, Wednesday afternoon the Fed-funds futures market was pricing in only a 6% probability of a rate increase in October and a 39% probability for December, according to the CME Group’s FedWatch Tool.

“That’s revealing, as if to say ‘we don’t believe you,’” said David Ader, head of government bond strategy at CRT Capital Group, in a note, referring to the market’s reaction to the Fed official’s comments.

Investors will look for clues in the Fed’s minutes to “understand the debate on external conditions, such as China’s economic slowdown and global financial market volatility,” which kept the Fed from raising rates in its September meeting, said Jeremy Lawson, chief economist at Standard Life Investments.

Another important element will be the Fed’s own inflation outlook, particularly as it relates to a strong dollar, Lawson said.

Falling inflation expectations and a strengthening dollar amid emerging-market currency weakness have recently fueled demand for long-term Treasury bonds, driving yields to their lowest level since late April.

Foreign demand for newly issued U.S. government debt surged Wednesday afternoon during an auction of $21 billion in 10-year notes, which got the largest percentage of so-called indirect bidding in six and a half years, according to data from CRT Capital. Indirect bidders include foreign entities, mainly foreign central banks, and their participation in a Treasury auction is a measure of foreign demand for Treasurys.

Abroad, European government bonds were overall flat as stock markets rose for a fourth straight session.