Target Interest Rate: TBLL seeks 3x the daily performance of long-term Treasury bonds, so changes in the Federal Reserve's target interest rate expectations greatly influence its price.

Bond Yields: As an ETF tracking long-term Treasuries, TBLL's price moves inversely with bond yields. Higher yields mean lower prices, and vice-versa.

Inflation Expectations: Anticipated inflation erodes bond values, prompting investors to sell, which decreases TBLL's price. Lower inflation expectations boost prices.

Economic Data: Strong economic data can lead to expectations of higher interest rates, negatively impacting TBLL. Weak data can boost prices as rates may stay lower.

Treasury Supply/Demand: Increased supply of Treasury bonds can lower prices, while high demand boosts them. This affects the underlying bonds TBLL tracks.

Leverage Costs: TBLL is a leveraged ETF. The cost of maintaining this leverage impacts its price. Higher borrowing costs can reduce returns and price.

Volatility: High volatility in the bond market can impact TBLL's price due to the leverage factor, magnifying both gains and losses.

Rebalancing: TBLL's daily rebalancing to maintain its 3x leverage can lead to price fluctuations, particularly in volatile markets.