[Mogul Morgan: The market may overestimate the extent of the Fed's interest rate hikes but lacks catalysts for a dovish turn in the short term] On September 28, Morgan Stanley's latest U.S. Economic Weekly pointed out that the U.S. bond market is encountering a "perfect storm": economic growth resilience, inflation stickiness, energy market intervention risks, the Fed's turn to hawkishness, corporate bond issuance, fiscal deficits, and uncertainty about the Treasury Department's operations have jointly pushed up yields. Since March, 2-year, 5-year and 10-year U.S. bond yields have risen by about 120-150 basis points cumulatively; after the Federal Reserve raised interest rates by 25 basis points in September, the market priced in an additional tightening of nearly 100 basis points. Morgan Stanley believes that the market may overestimate the extent of the final interest rate hike, but there is a lack of fundamental catalysts in the short term to push expectations to turn dovish.