According to CoinMeta, the yield on 10-year U.S. Treasury bonds has climbed to its highest level since 2025, with global bond selling continuing to drive this rise. During the quieter trading period in August, investors remained wary of inflation and an oversupply of corporate bonds. Similar trends were observed in the sovereign bond markets of Europe and Japan, influenced by uncertainties regarding inflation prospects and changes in the composition of bond buyers. Earlier in the day, Germany sold 30-year Treasury bonds through banks, with yields reaching their highest level in 15 years. Ian Lingen, head of capital market interest rate strategy at bmo, stated, "The selling of Treasury bonds has itself become a macro event." Additionally, Lingen believes that the Federal Reserve will not raise interest rates next month, but this does not mean that the market will price in zero probability ahead of the decision-making. Walsh's cancellation of forward guidance has undoubtedly made the policy outlook more complex.