On September 28, according to Jinshi Data citing Bloomberg Opinion, U.S. Treasury yields rose significantly in September with a structural shift: since Federal Reserve Chairman Waller adopted a hawkish stance at Jackson Hole at the end of August, the real yields on 2-year and 5-year TIPS have increased by approximately 57 and 64 basis points, respectively, with limited changes in inflation expectations, indicating that the market is betting on further rate hikes by the Fed. On September 16, the Fed raised rates by 25 basis points to 3.75%-4.00% (the first increase in 2023) with a unanimous vote of 12-0. By September, the 2-year Treasury yield had risen by about 55 basis points, while the 30-year yield reached approximately 5.52%. The market expects about a two-thirds probability of another rate hike in October. The challenge lies in Secretary Becerra's reliance on short-term debt financing while expanding long-term debt repurchases; continued rising rates will create a dilemma.