[Risk of War Intensifies, U.S. Treasury Panic Indicator Soars to 9-Month High] According to a report by Jinse Finance, on March 13, due to concerns over inflation driven by the Iran conflict and the disruption of traders' expectations for the Federal Reserve's policy path, U.S. Treasury volatility surged to a 9-month high. The ICE BofA MOVE Index, often referred to as the bond market's 'panic indicator,' climbed to its highest level since June of last year. High oil prices have exacerbated inflation fears, eroded the real returns on U.S. Treasuries, and weakened their appeal as a safe-haven asset.