Beisen took action and the Ministry of Finance rescued the market. This is the biggest impact on the market tonight. Prior to the market, the US Treasury Department announced that it will at least double the maximum size of liquidity support repurchase operations for long-term nominal interest bearing bonds to at least $4 billion per operation. The new regulations will officially come into effect on September 9th. Simply put, the previous $2 billion buyback did not yield satisfactory results, so we increased the dosage. As soon as the news came out, US10y, US20y, and US30y immediately fell The increase in a single transaction from 2 billion to at least 4 billion, coupled with multiple operations during the quarter, can significantly increase the amount of long-term repurchases in the short term (previously, the total amount of liquidity supported repurchases was in the billions of dollars). Increasing the scale of repurchasing old bonds, especially 20-year and 30-year long-term bonds, and directly clearing out long-term bonds with poor liquidity in the market, also shows that Beisen is actually very sensitive to the rise of long-term interest rates. For the stock market and risk assets, the decline in long-term returns alleviates the tightening of financial conditions, which is beneficial for growth stocks, technology stocks, and overvalued assets. If the long end is stable, it can help reduce the financing costs of enterprises. The downward trend in yield and dovish liquidity signals have lifted short-term pressure factors. Does this remind me of October 2023, https://(x.com)/qinbank/status/1716746079528481236? S=46&t=k6rimWs Ebo2D2TXolYcM-A The last time US30Y was significantly higher than 5% and US10Y was approaching 5%, it was Powell and Yellen who pulled Bill Akaman together to suppress it. Last May, https://(x.com)/qinbufark/status/19258712119296629? S=46&t=k6rimWs Ebo2D2TXolYcM-A Besent has also taken action to stabilize the bond market Today is already the second time this month that Nansen has taken action to suppress long-term yields. The first time was two weeks ago when he helped the Bank of Japan stabilize the yen exchange rate, and the core also did not want the Bank of Japan to sell US bonds to the yen. It can be seen that Nathan is actually very concerned about the increase in long-term returns. This article is sponsored by @ bitget_zh, titled 'Bitget Buying US Stocks: Instant Entry, Smooth Trading'