After a September marked by macro pressures and strong fundamentals, what’s the outlook for October? Previously, we’ve been discussing how the core macro factor in September was oil prices. Rising oil prices → driving inflation expectations → driving long-term bond yields higher. Of course, it’s not to say that rising oil prices are the only factor pushing long-term bond yields higher, but among the three factors influencing long-term bond yields, it’s the only one that can change. As mentioned before, fiscal deficits and AI-driven big tech bond issuance are irreversible.