1. War — This summer, due to the breakdown of the ceasefire agreement between the U.S. and Iran, Ukraine began launching attacks on Russian refineries, causing diesel prices to surge. Diesel price increases tend to trigger inflation more easily than gasoline price hikes. Futures trading indicates that fuel prices are expected to rise in the future. Over the past week, diesel futures for October delivery have risen by approximately 13%. 2. Deficit — Investors are expressing concerns over unchecked government spending. U.S. total debt surpassed the $40 trillion mark for the first time last month, a milestone figure that further underscores economists' warnings about the unsustainability of U.S. fiscal conditions. The ratio of U.S. public debt to GDP is rapidly approaching its highest level since World War II. 3. Term Premium — Recently, the term premium has risen, reflecting investor concerns about fiscal policy or the increasing supply of government bonds. The term premium is typically defined as the portion of Treasury yields that reflects factors other than investors' expectations for short-term rates set by the Federal Reserve. 4. Interest Rate Bets — Federal Reserve Chair Walsh's speech at Jackson Hole in late August alleviated concerns about the Fed's insufficient efforts to curb inflation and drove yields higher. Meanwhile, U.S. Treasury Secretary Besent's plan to repurchase more long-term bonds had only a short-lived effect.