希望中国再救一次，美对华释放特殊信号，不报复已经是我们的善意了

Core Viewpoint - The U.S. Treasury bonds are experiencing a historic sell-off, with yields rising sharply, indicating a significant shift in market dynamics and investor sentiment [1][3]. Group 1: Market Dynamics - The 10-year U.S. Treasury yield surged by 16 basis points, followed by an additional increase of 13 basis points, surpassing the 4.5% mark, reflecting an unprecedented sell-off [1]. - The 30-year Treasury yield also rose above 5.0%, marking a significant increase from 4.4% on April 4, indicating a broader trend of rising yields across different maturities [1]. - Typically, U.S. Treasuries act as a safe haven during market volatility, but this time they have become a source of pressure on the financial markets [1]. Group 2: Investor Behavior - The structure of U.S. Treasury bond investors has changed significantly over the past decade, with individual investors and mutual funds increasing their shares to 10.3% and 19.3%, respectively, both rising by approximately 10 percentage points [5]. - Hedge funds, which have been betting on rising bond prices and falling yields, are under pressure to liquidate positions due to changing market conditions and margin requirements [5]. - Former Treasury Secretary Janet Yellen stated that China is unlikely to sell off its U.S. Treasury holdings, as such actions would harm its own interests and the global financial stability [5][8]. Group 3: Economic Policy and Trade Relations - Concerns over the Trump administration's "reciprocal tariffs" policy have exacerbated the sell-off in U.S. Treasuries, as market participants fear tightening financial conditions [3]. - Treasury Secretary Becerra criticized China for its retaliatory tariff measures, asserting that such actions could lead to further economic tensions [8]. - The potential for a financial crisis is highlighted by warnings from investment managers regarding liquidity issues reminiscent of past market disruptions [3].