Core Insights - The current 10-year bond yield is below 4%, marking a significant moment in the market with the announcement of a government surplus of $198 billion [1][3]. - Despite the surplus, the fiscal year is projected to incur $1.2 trillion in debt servicing costs, indicating ongoing financial pressures [2]. - The market's movement below the 4% threshold occurred prior to the surplus announcement, suggesting underlying market dynamics at play [3][4]. Group 1 - The 10-year bond yield has been closing at a three-year low, with a notable drop observed in recent days [3]. - The market has been testing the 4% support level consistently throughout the week, indicating investor anxiety regarding economic conditions and potential tariff impacts [4]. - The recent decline in bond yields may not be sustainable, as concerns about economic slowdown and trade issues persist [4].