Just saw analyst Jeff Buchbinder’s analysis, and now the 10-year U.S. Treasury yield is oscillating around 4.43%, which really has the nerves of the secondary market tightening again.

To be honest, the current balancing act facing Federal Reserve Chair Kevin Wosh between inflation and the unemployment rate is quite delicate. 4.5% is like a psychological line of defense for risk assets—once it is sharply breached, the market’s overall sense of comfort will be shattered.
Watching the policy side, in order to keep things stable, they are still maintaining a restrained stance of “not taking swift action.” This macro tug-of-war and mutual probing feels very real. At this stage, we don’t need to overplay panic—just stay calm and keep a close eye on 4.5% as the key emotional watershed.