[The timing of the Fed’s interest rate hike is unpredictable, and trading in the U.S. Treasury market is becoming increasingly tricky] October 22nd, against the backdrop of uncertainty about both the Federal Reserve’s policy path and the increase in the supply of Treasury bonds, investors have become increasingly picky about the U.S. Treasury bonds they wish to hold, and this situation may not change in the short term. "If you're a short-end trader, the past month has been very tricky," said Jefferies chief economist. In recent weeks, traders have been swinging between expectations for an October or December rate hike by the Federal Reserve, leading to significant divergence in demand for Treasury bills of different maturities. In the short term, uncertainty about the timing of the Fed's interest rate adjustment and the imbalance between supply and demand may persist, forcing traders to constantly adjust their investment goals in the Treasury market.