(Bloomberg) -- Treasuries were poised to end a five-day streak of gains Wednesday as demand for havens waned after the US inked a trade deal with Japan.

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The yield on US 10-year debt rose three basis points to 4.38%, halting a week-long slide. Germany’s benchmark borrowing costs were three basis points higher at 2.62% ahead of a sale of 10-year debt while UK equivalents were five basis points up at 4.62% following a sale of 15-year securities.

Hopes that the US will reach other trade deals ahead of its self-imposed Aug. 1 deadline are mounting. US Secretary of the Treasury Scott Bessent and Secretary of Commerce Howard Lutnick will put in appearances on Bloomberg TV later. Bessent is due at 7 a.m. New York time and Lutnick — who recently said he was confident a trade deal with Europe will be reached — is set to follow at 8:15 a.m.

Traders will also be mindful of a $13 billion offering of US 20-year securities later amid the sensitivity of long-maturity debt globally to growing fiscal concerns. A sale of 40-year Japanese bonds earlier saw the lowest bid-to-cover ratio since 2011 and the 10-year yield rose to the highest since 2008.

On Tuesday, Bessent shored up support for Federal Reserve Chair Jerome Powell, who has come under fire from President Donald Trump for keeping interest rates steady.

Money markets are betting the Fed will hold interest rates in a 4.25% to 4.5% range next week, according to swaps tied to policy-meeting dates. However, traders expect at least on quarter-point reduction by October with an 80% chance of a second by year-end.

(Updates to add bid-to-cover ratio on JGB auction in 4th paragraph)

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