On Monday, the yield of the 10-year u.s. treasury notes fell sharply as traders sought to adjust positions ahead of the presidential election on Tuesday, partially because a poll showed Harris unexpectedly leading in Iowa.

The u.s. 10-year treasury notes yield ended 5 basis points lower at 4.31%; the 2-year treasury notes yield fell 3 basis points to 4.17%.

Samy Chaar, Chief Economist at Lombard Odier, stated: "In the past few weeks, the 'Trump trade' has seen some reversals. Today's election situation looks different from last Friday, it hasn't reached the point of Harris leading, but Trump no longer has strong momentum."

In recent weeks, as investors bet on a Trump victory, the u.s. treasury notes yield has been rising.

The current market consensus is that Trump's immigration, tax cuts, and other policies will bring upward pressure on inflation, bond yields, and the dollar.

Since early October, the 10-year treasury notes yield has risen by more than 50 basis points. Part of the reason for the increase in yield is that the U.S. economic data has outperformed expectations, leading the market to adjust its expectations for the Fed's interest rate path.

However, jpmorgan analysts state that the recent 10-year treasury notes yield increase of about 21 basis points is due to the expectation that the Republican Party may win the presidency and both houses of Congress.

Weekend polls show Harris leading Trump in Iowa with a vote share of 47%-44%, while the state has shown a strong Republican tendency in recent years.

Within a margin of error of 3.4 percentage points, other opinion polls show that the competition in the seven swing states of the country is very intense.

Other asset classes are also taking action to reverse some of Trump's trades. The dollar also weakened against most major currencies that day, with the interest-rate-sensitive yen falling by 0.6%.

Another factor contributing to the decline in US bond yields is the employment data released last Friday. Non-farm employment was revised down by 223,000 in September after an increase of 12,000 people last month. Economists predicted a increase of 0.113 million in employment numbers.