The U.S. bond market rose sharply and then fell back, leading to a sell-off in U.S. stocks, which briefly sparked demand for safe-haven assets.

On Tuesday, in the late trading session in New York, the yield on the 10-year benchmark US Treasury bonds fell by 1.74 basis points to 4.1212%. At 08:02 Beijing time, it opened slightly higher at 4.1444%, hitting a daily high, and then continued to decline. At 23:04, it hit a daily low of 1.0825%, then quickly recovered some lost ground, showing a V-shaped trend throughout the day. The yield on the 2-year US Treasury bonds fell by 3.34 basis points to 3.5767%, trading between 3.6122% and 3.5432% during the day. The 02/10-year US Treasury bond yield spread increased by 1.602 basis points to +54.236 basis points. The yield on the 10-year inflation-protected Treasury bonds fell by 0.71 basis points to 1.8191%; the yield on the 2-year TIPS bonds fell by 0.49 basis points to 1.0555%; and the yield on the 30-year TIPS bonds increased by 1.35 basis points to 2.5140%.