Standard Chartered interest rate strategist John Davies pointed out in the report that it is not impossible for US 10-year Treasury yields to return to a high of about 5% in October 2023. The current market is similar to the situation when US Treasury bonds were sold off from July to October 2023. The market is concerned that the Bank of Japan's policy is still too loose, driving up the yield on Japan's long-term treasury bonds, driven by inflation expectations, and there is a risk that it will be transmitted to the US treasury bond market. Meanwhile, uncertainty surrounding the Fed's policy interest rate path and balance sheet prospects may continue to put pressure on US Treasury bonds in the coming months.

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