According to CoinMeta, Castle Securities believes that the rise in U.S. Treasury yields is due to a strengthening economy, rather than increased concerns about inflation. Regarding the recent surge in U.S. Treasury yields to multi-decade highs, Castle Securities argues that the underlying reason is the strong economic growth in the United States and intensified competition for capital, rather than an increase in market fears of inflation. Nohshad Shah, the head of fixed income sales for Europe, Middle East, and Africa at Castle Securities, wrote in a report to clients on Monday that the increase in the 10-year U.S. Treasury yield in September came almost entirely from real yields, while inflation expectations remained relatively stable. Real yields reflect that the U.S. economy is supported by fiscal easing, a loose financial environment, and substantial investments in the field of artificial intelligence. He stated that the market is “evaluating the strength and sustainability of economic growth… as well as the real interest rates required to accommodate this growth.” “Investors are essentially demanding higher returns after inflation is factored out, and not just more protection against inflation.”