In his latest "Global Reflections" report, Louis Miller, Managing Director of the GSX trading desk at Goldman Sachs, highlighted three core concerns facing macro investors: interest rates rising too quickly, the quiet decoupling of oil and US Treasuries, and the unpredictable situation in the Middle East. The report disclosed that the 10-year US Treasury yield has risen by approximately 68 basis points since late August, reaching about 5.32% last Thursday. The 30-year Treasury auction yield was 5.618%, the highest since August 2000. Goldman Sachs analyst April Li stated that the sensitivity of US Treasuries to oil prices has shown an asymmetric characteristic, meaning bonds barely benefit when crude oil falls, but still face pressure when crude oil rises. Additionally, the report mentioned that the best-performing systematic strategy in 2026 was shorting volatility, but net short positions in VIX futures have reached a historical record, indicating accumulating market fragility.