Recently, there has been a significant divergence in the US Treasury bond market, with short-term bond yields decreasing and long-term bond yields increasing. On the surface, this divergence suggests that the bond market is continuously lowering interest rates in the short term (short-term trend), but the endpoint interest rate will not be very low and will only fall to a point where it cannot be lowered (long-term trend). At a deeper level, there are concerns about inflation trends and the continued increase in debt levels. Of course, it is understandable to worry about the overheating caused by Hassett's excessive easing during his tenure. In short, higher term premium compensation is needed. The occasional upward trend in long-term yields in the future is a warning from bond defenders to Benson. Beisen actually attaches great importance to the trend of long-term bond yields, https://(((x.com)))/qinbafrank/status/1955622797197357517? S=46&t=k6rimWs Ebo2D2tXolYcM-A has long hinted at yield curve control. Of course, in the long run, several prerequisites are needed to ensure that long-term bond yields are controllable and not soaring: 1. The substantial downward turn in inflation has dispelled market concerns about the continued rise in inflation. https://(((x.com)))/qinbafrank/status/1996408706926547214? s=46&t=k6rimWsEbo2D2tXolYcM-A 2. In terms of tariffs, Trump made sure that the Supreme Court ruled that tariffs were legal, so that the annual tariff revenue of US $300 billion to US $400 billion could really become financial revenue. Can we really lower interest rates? [https://((x.com))/qinbank/status/1945382161370292544]? s=46&t=k6rimWsEbo2D2tXolYcM-A， Lowering interest rates also reduces the annual interest expenditure on treasury bond. One increase and one decrease, reducing the financial burden. In addition, Beisen Te also prepared the most important tool, which is SLR unbinding: the old SLR punished "risk-free" US bonds and reserves as toxic assets, causing large banks to rather put their money in RRP (earning 4.05% risk-free interest) than buy more 10-year or 30-year US bonds for market making or holding. This is one of the regulatory roots behind the high and persistent long-term US bond yields and term premiums over the past three years Taking JPMorgan Chase as an example, Q1 2025 financial report data (under old rules) - Tier 1 Capital：2, 85 billion US dollars -Leverage exposure (TLE): $5.58 trillion - SLR = 2,850 ÷ 5.58 ≈ 5.11% → The US treasury bond bond+the reserve fund of the Federal Reserve alone accounted for about 1.8 trillion yuan, totally dragging down the denominator. If the new rules (excluding US bonds and reserve requirements) are followed, the denominator will shrink by 1.8 trillion yuan, and the SLR will immediately jump above 6.8%, instantly adding over 100 billion US dollars of "free" expansion space. The significance of SLR unbinding is to allow banks to allocate more funds to long-term bonds, which has a significant effect on lowering long-term bond yields. I saw the implementation of SLE unbinding in early 26th