CME: Energy and interest rate volatility exacerbate global monetary policy uncertainty According to CME Group, recently, assets such as crude oil, US treasury bond bonds, US dollars and gold have fluctuated sharply at the same time, forming a typical cross asset "contagion" pattern. The CME CVOL index shows that the 30 day implied volatility of crude oil and US Treasury bonds has significantly increased, and the "convexity" of US Treasury bonds has continued to rise since the end of 2025, reaching a high level in mid March, reflecting the market's high uncertainty about both the path of inflation resurgence and economic weakness. The rise in energy prices has pushed up fuel, transportation, and fertilizer costs, making it more difficult for the Federal Reserve to choose between fighting inflation and economic slowdown. At the same time, gold prices fell by about 14% from late February to late March against the backdrop of tense tensions in the Middle East. However, volatility and demand for put options have increased, indicating that traditional safe haven assets are also under pressure.