The massive tremor in US bonds has led to a re-evaluation of trust in traditional Global safe-haven Assets.

Recently, the US Treasury bond market has shown a completely different trend from the previous safe-haven logic. From April 4 to April 11, the yields on 10-year and 30-year US Treasuries rose by 38.33 and 38.66 basis points respectively. Analysts indicate that this round of rising US Treasury yields is not only influenced by rising inflation expectations and policy uncertainty but is also closely related to the high-leverage 'basis trade' and the emergence of market liquidity pressures. Notably, US Treasuries are currently facing structural pressures, having to withstand geopolitical risks and fiscal games while balancing between inflation and liquidity. As economic expectations fluctuate and policy differences intensify, the Global trust in US Treasuries is also quietly being re-evaluated. (Shanghai Securities Journal)