[Before the Fed enters the silent period of the October meeting, the U.S. bond market is closely watching Warsh’s speech and inflation report] On October 12, U.S. bond market traders are waiting for the latest CPI data and the statement of Federal Reserve Chairman Warsh to judge how quickly the Federal Reserve will continue to raise interest rates. This month's non-farm payrolls report showed a marked slowdown in job growth, prompting traders to expect the Federal Reserve to keep interest rates unchanged at its next meeting in late October, limiting the extent of the bond sell-off. The market still expects a 25 basis point rate hike in December, followed by two more rate hikes by the end of 2027. Such market pricing also means that if the consumer price index rises higher than expected in September, it will increase pressure on the Federal Reserve to speed up interest rate hikes, which may reignite the bond sell-off. The Federal Reserve will enter a routine quiet period starting from Saturday, and its two-day interest rate meeting will end on October 28.