This Thursday and Friday, there will be auctions for the 10-year and 30-year U.S. Treasury bonds, respectively. The last auction of 20-year U.S. bonds "failed" still leaves investors feeling uneasy, and the market's demand for long-term U.S. bonds has become exceptionally sensitive.

The 10-year U.S. Treasury bond serves as the anchor interest rate for pricing all financial assets. If an auction fails or demand is weak, the yield can easily rise sharply, triggering a systemic sell-off of risk assets. If the next auction goes well, it will dispel the pessimistic view of U.S. Treasury bonds. However, if the auction results are poor, the yield on the 10-year U.S. Treasury bond could quickly break above 4.5%, leading to another wave of selling.
Ether