I'm sorry, I was wrong, he is dealing with US Treasuries. (Image 1)

Also, please let go of the obsession with tariff numbers.

For the Federal Reserve, the stock market is definitely greater than the bond market, but just yesterday (April 7, 2025), the US Treasury market experienced its largest single-day sell-off since March 2020, with the 30-year yield rising sharply (about 21 basis points) and the 10-year yield climbing to 4.18%, causing bond prices to drop significantly.

In the face of a sharp decline in the stock market, the safe-haven nature of US Treasuries is being questioned.

The current situation is:

1. Investors are turning to cash and off-balance-sheet tools like interest rate swaps.

2. Hedge funds are reducing leverage.

3. Traditional asset management companies are selling off capital-raising assets, exacerbating the selling pressure.

What we see is that tariffs have led to isolationism, weakening foreign demand for Treasuries, shaking market confidence → compounded by a shift in safe-haven logic → yields facing sustained upward risk.

This is what you should pay attention to:

The so-called aftereffects of tariffs.

I am quoting @ChenSistine's tweet.

When tariffs are as high as 54% or even 104%, it actually doesn't make a difference to us anymore.

It's like whether you buy a pair of shoes for 50,000 or 100,000, it has long ceased to be about cost-performance ratio.

Rather, it's the identity game of 'I buy because I have a problem' vs 'I can buy it no matter the price.'