According to PANews, Arthur Hayes has highlighted that the current market is experiencing a 'bad mode,' characterized by simultaneous declines in U.S. stocks and the 10-year Treasury yield. This trend reflects growing market anxiety about the economic outlook. Hayes emphasized that a reduction in dollar export earnings could lead to insufficient capital inflows into the U.S. market, undermining the support for purchasing Treasury bonds and stocks, which could signal the 'end of the game.'