⚔️ What is the core driving force behind the soaring and high yields of US Treasury bonds? What is the impact of comparing the prices of interest free assets such as Bitcoin and gold? The current 10-year US Treasury yield is around 5.24%, and the 30-year yield is around 5.60%. Whether the yield will continue to rise depends on Wednesday's US CPI data in the short term, but mid-term pressure remains. The core is the four driving factor lines, twisted into a rope. Article 1: AI giants are "grabbing money" in the bond market. A super large-scale cloud vendor is crazily issuing bonds this year to finance AI infrastructure. Goldman Sachs predicts that AI related bond issuances may reach $420 billion next year. The key is that investors who buy these corporate bonds will sell treasury bond bond futures to hedge interest rate risk. Each time, the yield of treasury bond is pushed up. Article 2: Fiscal deficit without brakes. In the fiscal year 2026, the US deficit is about $2 trillion, exceeding 6% of GDP. The scale of treasury bond is close to 39 trillion yuan. The Ministry of Finance's bond issuance calendar is packed with people. There is too much supply, and the yield can only go up. Article 3: With high oil prices, inflation expectations cannot be lowered. The Middle East conflict has pushed Brent crude oil above $104. Core inflation remains stuck around 3%, far above the 2% target. The market therefore does not believe that the Federal Reserve can cut interest rates quickly. Article 4: The term premium has soared, and the market demands higher risk compensation. The premium of 10-year US Treasury bonds has surged to a new 12 year high. This indicates that investors are not betting on interest rate hikes. But it is requesting "additional compensation for holding long-term US bonds". The above four core driving factors are twisted together to form a transmission chain: Oil prices → inflation → interest rates → liquidity. If the yield of US bonds does not come down, the macro suppression of BTC cannot be lifted. The same goes for gold. The biggest fear of interest free assets is' having money to earn '. The price of gold is likely to continue to decline. And global financial markets are pricing the same thing: Money is no longer free.