According to CoinMeta, analyst Danielle Hason stated that the bond sell-off is driven by ongoing inflation risks, large-scale government borrowing, and increasingly fierce capital competition, rather than just a sharp rise in expected inflation itself. Investors have reason to worry about inflation, but this may not be the main reason for the increase in bond yields. Inflation expectations, measured by the break-even interest rate, are quite close to the Federal Reserve's long-term target of 2%. She pointed out that investors can be confident that inflation will average around 2%-2.5% in the long term, but at the same time, they are less certain about this forecast due to factors such as oil, tariffs, fiscal policy, and other supply shocks.