Group 1 - The U.S. Treasury market is facing challenges as 30-year Treasury yields approach 5%, driven by concerns over President Trump's tariff policies and disappointing ISM manufacturing data [1] - The yield on 10-year U.S. Treasuries rose over 6 basis points to nearly 4.47%, while the price of 30-year Treasuries briefly surpassed 5% [1] - Long-term bonds are under pressure, with the yield curve steepening and the gap between 5-year and 30-year yields narrowing to just below 100 basis points, the lowest level since 2021 [1] Group 2 - Large bond investors are maintaining low positions in long-term bonds, preferring shorter-term securities, as indicated by BlackRock's research [4] - The weak performance of long-term bonds has led to the 20-year Treasury yield falling below that of the 30-year yield, a situation not seen in four years [4] - The uncertainty surrounding U.S. fiscal policy and potential trade measures by the President is contributing to the lack of interest in long-term Treasuries [4] Group 3 - The bond market is experiencing stagnation in buying activity, with upcoming labor market reports expected to significantly impact Treasury yields and Federal Reserve interest rate outlooks [5] - Market participants anticipate two 25 basis point rate cuts in 2025, a revision from previous expectations of three cuts [5] - Federal Reserve officials have indicated a cautious approach to interest rate decisions, depending on the resolution of trade policy uncertainties [5]