The European Central Bank's (ECB) September meeting minutes revealed that Eurozone financial markets have continued to be driven by rising energy prices since the July meeting, with market attention focused on increasing global long-term yields. The minutes noted that energy prices and futures curves surged due to renewed conflict between the US and Iran, with European natural gas prices reaching their highest levels since early 2023. Markets have pushed up inflation expectations and policy rate outlooks, anticipating persistent inflationary pressures until 2027, and for the first time, raised the ECB's terminal rate expectation above 3%. Additionally, coordinated intervention by US and Japanese authorities to support the yen led to an appreciation of the euro against the US dollar.