On Tuesday (September 1), the US 10-year government bond yield briefly rose to 4.78%, its highest since January 2025; the Japanese 10-year government bond yield touched 3% for the first time in 30 years; and Australia's equivalent government bond yield also rose to its highest since 2011. Market pricing for "higher for longer" interest rates is undergoing a comprehensive re-evaluation, driven primarily by Federal Reserve Chairman Warsh reiterating his anti-inflation stance, escalating US-Iran conflict pushing up oil prices, the US national debt exceeding $40 trillion, and the continuous expansion of the fiscal deficit.