[Bank of New York Mellon: U.S. Treasury Safe-Haven Logic Fails] According to a report by John Velis from the Bank of New York Mellon, under the current backdrop of the Middle East conflict, U.S. Treasuries have not performed as expected during geopolitical turmoil. He stated: 'Typically, after such geopolitical shocks, market volatility increases, and risk assets such as stocks and corporate bonds weaken.' Additionally, the U.S. dollar usually appreciates, and U.S. Treasuries rise, reflecting safe-haven behavior. For certain assets, such as the U.S. dollar, price movements have indeed followed this usual pattern, but what is truly puzzling is the performance of U.S. Treasuries. 'We originally expected Treasuries to rise and yields to fall, but on the first trading day after the airstrikes, the actual situation was the complete opposite.'