Arthur Hayes： The decrease in US dollar foreign exchange will impact the demand for US bonds and stocks Arthur Hayes pointed out in an article that the current market has entered a "bad mode", where both the US stock market and 10-year US Treasury yields have fallen, reflecting market panic about the economic outlook. He stressed that if the export dollar yield decreases, it will lead to a lack of funds flowing into the US market, unable to support the purchase of treasury bond bonds and stocks, indicating "the end of the game".