[Short-Term U.S. Treasury Bonds Accelerate Repricing Amid Fed's Inflation Fight, Dilemma Passed to Bessent] According to a report by Jinse Finance on September 28, citing Bloomberg Opinion via Jintou Data, U.S. Treasury yields saw a significant rise in September with a structural shift: since Federal Reserve Chair Walsh adopted a hawkish stance at the Jackson Hole symposium in late August, the real yields on 2-year and 5-year TIPS have risen by approximately 57 and 64 basis points, respectively, with limited changes in inflation expectations, indicating that the market is betting on further rate hikes by the Fed. On September 16, the Federal Reserve raised interest rates by 25 basis points to 3.75%-4.00% (the first hike in 2023) with a unanimous 12-0 vote. Over the course of September, the 2-year U.S. Treasury yield rose by about 55 basis points, while the 30-year yield climbed to approximately 5.52%. The market estimates about a two-thirds probability of another rate hike in October. The dilemma lies with Treasury Secretary Bessent, who relies on short-term debt financing while expanding long-term debt buybacks; continued rate increases will put her in a bind.