Group 1 - The article discusses the potential impact of increased U.S. Treasury supply and tightening liquidity on bond yields, suggesting that a rapid rise in yields could prompt the Federal Reserve to accelerate monetary easing [3] - It highlights the Treasury's refinancing plan for Q3 2025, which includes a projected refinancing scale of $1.007 trillion, with net issuance of long-term bonds at $470 billion and short-term bonds at $537 billion [4] - The article notes the frequent positive spread between SOFR and EFFR, indicating shifts in market dynamics [4]