Federal Reserve Vice Chairman Jefferson stated in a speech that the Fed will pay attention to the tightening effect brought about by the rise in yields, and can "act with caution" in a better risk balance. He confidently stated that our policies are tight enough, but it may be too early to say that. In the past, the rise in long-term yields may have meant that investors believe that economic growth momentum is stronger and a higher and longer-term path of Fed interest rates is needed.