According to CoinMeta, former Dallas Fed Chairman Robert Kaplan stated that bond traders are adding a ‘Warsh premium’ to Treasury yields, and there are still difficulties in the market's interpretation of Federal Reserve Chairman Kevin Warsh. Kaplan pointed out that the market is pricing in a more restrictive policy than the Fed expects, and this re-pricing began after the Fed's press conference in Warsh September. On September 16, the Fed raised interest rates by 25 basis points to 3.75% to 4%, which was the first rate hike since 2023. Kaplan believes that traders are therefore demanding an additional risk premium to hold Treasuries. At the same time, long-term yields have risen significantly, with the 10-year Treasury yield approaching 5.25%, the highest level since 2007. Kaplan also mentioned that the risk of a war in Iran could keep diesel prices high, further affecting the market.