After FOMC Sep. meeting, dot plot has changed, which further propelled the US bond to rise to 4.5%. $iShares 20+ Year Treasury Bond ETF(TLT)$ Fed dot plot did not raise the endpoint for rate hikes, but it postponed the timing and frequency of rate cuts, which is more dovish than the market expected. Dot plot Sep. vs JuneTerm premiums (compensation for holding long-term government bonds) are the main contributor to the upward pressure on interest rates, rather than interest rate expectations, also indicating that the market does not fully agree that there will be another rate hike within the year according to the dot plot, but it is concerned about the uncertainty of the path. Although the uncertainty about the future rate cut path is far from reali