The minutes of the Federal Reserve meeting mentioned that since the FOMC meeting in January, the US financial situation has eased moderately, and the rise in the stock market has offset the impact of rising interest rates. Nominal treasury yields rose during the two sessions. As far as short-term bonds are concerned, most of the increase is due to increased inflation compensation, as there are signs that inflation is falling more slowly than the market had anticipated in recent months. In contrast, the main reason for the rise in longer-term treasury bond yields was the rise in real interest rates, reflecting steady job market data and stronger than expected economic activity data.