Recently, the bond market has surpassed expectations. On August 5, the bullish sentiment in the bond market continued. The yield on active 10-year treasury bonds once fell below the 1.7% key mark during the intraday period, and the yield on active 30-year treasury bonds continued to be low during the year. Industry insiders said that this round of breakthroughs in the bond market was not driven by a single advantage, but rather the result of a combination of factors such as opening up space for policy imagination, uneven financial balance, changes in institutional behavior, and falling risk appetite. However, the 10-year treasury bond yield did not quickly move away from this critical point after falling below 1.7%, indicating that the market is still divided at the critical juncture. Whether the bond market can further open up room for downside remains to be seen in the future.

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