• The XAG/USD stands firm near $24.90 in Wednesday's session.
• US Treasury yields are mixed with some rising and others declining.
• Jerome Powell's presser and the updated Dot Plots may fuel volatility in the bond market.

In Wednesday's session, the XAG/USD traded at $24.90, marking a 0.20% increase. While investors await the Federal Reserve (Fed) decision, the US Treasury bond yields, often seen as the cost of holding non-yielding metals, remain calm but could face aggressive movements if the bank delivers a dovish or hawkish surprise.

Markets will closely look at the updated Dot Plots and see if the Fed officials still see 100 bps of easing in 2024. As for now, Jerome Powell was seen somewhat dovish in his testimony before Congress while the Fed officials remained cautious. Meanwhile, the odds of a cut in May remain low while the doves continue to bet on the easing cycle to kick off in June.