[Institution: U.S. Treasury Bonds May Be Overbought] BlockBeats news, October 22, U.S. Treasury bonds have continued to rise over the past few days, driving bond yields lower. John Silvia, CEO of Dynamic Economic Strategy, pointed out that this round of gains has been excessive. Silvia analyzed that the fundamentals of 'expansionary fiscal policy and loose monetary policy,' combined with persistent inflationary pressures, indicate that U.S. Treasury bond valuations are too high. He specifically focused on the five-year Treasury bond yield—currently around 3.6%, slightly lower than the latest survey by the University of Michigan, which shows a five-year inflation expectation of 3.7%. Silvia stated that this comparison means 'even without accounting for tax factors, the real rate of return is already negative.' (Jin10)