According to CoinMeta, the U.S. bond market encountered the worst selling pressure since April 2025, affected by inflation data that exceeded expectations and hawkish remarks from Federal Reserve officials. On Tuesday, the yield on two-year U.S. Treasury bonds soared by 21 basis points to 4.77%. Federal Reserve Governor Lael Brainard stated that if inflation continues to accelerate, she would support a one-time increase of 50 basis points in interest rates. After the release of the U.S. Consumer Price Index (CPI) data for October, traders began to factor in the possibility of a significant interest rate hike by the Federal Reserve in December. Dallas Fed President Robert Kaplan said that at least two more 25-basis-point hikes are needed, and the Federal Reserve may need to accelerate its pace of action. The market's pricing of the interest rate hike path has undergone a dramatic reconfiguration, and a high-interest-rate environment is expected to last for a longer period of time.