U.S. Treasury yields rose across the board, with the 5-year yield climbing to its highest level since early 2025. This followed Federal Reserve Chairman Warsh's distinctly hawkish remarks at the Jackson Hole symposium last Friday, where he emphasized price stability as the Fed's core responsibility. Meanwhile, international crude oil futures rebounded on Monday due to military conflict between the U.S. and Iran, with Brent crude briefly surpassing the $90 mark and rising nearly 4% on the day, further strengthening the market's "inflation + rate hike" trade. Federal funds futures pricing now indicates that the probability of a Fed rate hike in September has increased to approximately 64% from about 35% before Warsh's speech.