In the run-up to the Jackson Hole Central Bank Symposium on Thursday, market sentiment is increasingly focused on potential adjustments to monetary policy by the Federal Reserve. According to data from the Chicago Mercantile Exchange (CME) and institutional analysis, the open interest in US Treasury futures has reached unprecedented levels. Last week alone, it even set a new historical high equivalent to nearly 23 million contracts of 10-year US Treasury futures. This scale means that the risk amount corresponding to each basis point fluctuation is approximately $150 million, highlighting the sensitivity of the market to expectations of Fed rate cuts and the substantial risks faced by traders.