Today, the 10-year U.S. Treasury yield hit a new high for the year, and this happened even before the Fed started raising interest rates. This trend is actually easy to understand—whether it's the Fed or the People's Bank of China, they've been selling off U.S. Treasuries in recent years. The Fed has reduced its holdings by 20%, while China has cut its holdings by 50%. It's basically like the major players are cashing out and running, and now the main buyers are funds, insurance companies, and money market funds—essentially scattered players.