Philip Marey, Senior US Strategist at Rabobank, noted in his latest report that the continuous rise in the 10-year US Treasury yield since September can be divided into two phases: Federal Reserve rate hike expectations pushed it to 5%, while concerns about public debt after September 23 pushed it to 5.31%. A report by Goldman Sachs interest rate strategist William Marshall reached a similar conclusion, attributing approximately 70% of the increase to the Federal Reserve's hawkish repricing. The two institutions diverge in their outlook: Rabobank believes yields have found a new floor, while Goldman Sachs sees the current environment as an opportunity to establish duration positions.