**[Analysis: U.S. Manufacturing Expansion Hits Four-Year High, Bond Market Stuck in a "Credibility Blind Spot"]** According to Bloomberg, U.S. manufacturing has demonstrated remarkable growth resilience. Based on the latest data released by the Institute for Supply Management (ISM), nationwide manufacturing activity has maintained expansion for seven consecutive months, with the manufacturing index jumping to 55.6 in July, the highest level since May 2022. This figure significantly surpasses the 50-point threshold that separates expansion from contraction, signaling the strongest growth cycle in over four years for the sector. The robust performance of manufacturing, coupled with inflation threats driven by geopolitical factors, has caused significant turbulence in the U.S. bond market. Long-term U.S. Treasury bonds have recently faced heavy sell-offs, with yields surging to their highest levels in nearly two decades. Mark Cabana, Head of U.S. Rates Strategy at Bank of America, described the bond market's intense volatility as a "textbook inflation credibility shock."