The global bond market has experienced a large-scale sell-off. Since mid-September, U.S. Treasury yields have been on an almost continuous rise, increasing by over 100 basis points. This trend mirrors the stock market crashes of 2022 and 2023, when U.S. Treasury yields briefly approached 5%. However, despite the continued rise in bond yields, the stock market has not seen the expected major correction. This may suggest that if yields keep climbing, the stock market could face further downside risk. Similar to the U.S. bond market, the European bond market is also in decline. The yield on the U.K. 10-year Treasury bond has hit a new high since 2008, while the 30-year bond yield has reached its highest level since 1998. Although the U.K. Treasury has stated that the bond market is functioning normally with strong demand, the market remains under pressure. Meanwhile, uncertainty in the European economy is rising, inflationary pressures are gradually increasing, and the economic growth outlook remains bleak, making the situation in the European bond market even more complicated. Weak economic data and concerns about fiscal deficits have left investors uncertain about the future market.