On Friday, the wave of the sell-off of US long-term treasury bonds spread to global markets. The escalation of the Middle East conflict is driving up oil prices, and the market increasingly expects the Federal Reserve to raise interest rates to curb inflation. The yield on US 30-year Treasury bonds rose 0.01 percentage points to 5.38%, a record high in nearly 20 years; the 10-year US Treasury yield hit a high of 4.97%. Ian Samson, Fidelity's portfolio manager, said, “In the short term, all market conditions are driven by oil prices. As far as the current situation is concerned, oil transportation may be further restricted, and there is a risk that oil prices will continue to rise.” The results of US Treasury Secretary Scott Bessent's long-term US debt repurchase operation fell short of expectations. The current goal of repurchasing 6 billion US dollars of US bonds from the market was not achieved, further exacerbating investors' anxiety. T. Vincent Chung, Rowe Price fixed income portfolio manager, said: “The market is slightly disappointed. Now, once you give market expectations, you basically have to exceed them, otherwise you will be punished by the market.” Richard Yetsenga, head of research at ANZ, said: “I think the Federal Reserve is now in the interest rate hike range. The Federal Reserve has failed to meet its inflation target for five consecutive years. Regrettably, the Middle East conflict seems to be at an impasse, and oil prices remain high as a result.”

On Friday, the wave of the sell-off of US long-term treasury bonds spread to global markets. The escalation of the Middle East conflict is driving up oil prices, and the market increasingly expects the Federal Reserve to raise interest rates to curb inflation. The yield on US 30-year Treasury bonds rose 0.01 percentage points to 5.38%, a record high in nearly 20 years; the 10-year US Treasury yield hit a high of 4.97%. Ian Samson, Fidelity's portfolio manager, said, “In the short term, all market conditions are driven by oil prices. As far as the current situation is concerned, oil transportation may be further restricted, and there is a risk that oil prices will continue to rise.” The results of US Treasury Secretary Scott Bessent's long-term US debt repurchase operation fell short of expectations. The current goal of repurchasing 6 billion US dollars of US bonds from the market was not achieved, further exacerbating investors' anxiety. T. Vincent Chung, Rowe Price fixed income portfolio manager, said: “The market is slightly disappointed. Now, once you give market expectations, you basically have to exceed them, otherwise you will be punished by the market.” Richard Yetsenga, head of research at ANZ, said: “I think the Federal Reserve is now in the interest rate hike range. The Federal Reserve has failed to meet its inflation target for five consecutive years. Regrettably, the Middle East conflict seems to be at an impasse, and oil prices remain high as a result.”