Sell-off storm spirals completely out of control! On this night, U.S. Treasuries took a lightning "five-hit combo."

In recent weeks, the sell-off in the U.S. Treasury market had generally been orderly. Then on Wednesday, alarm bells suddenly rang out across the board. A "five-lash" combination of all bearish factors formed a "perfect storm," driving the single-day increase in the 10-year Treasury yield to its largest on record since April 2025, when Trump's announcement of "Liberation Day" tariff measures triggered market turmoil. According to industry statistics, this was a rare extreme move of 4 standard deviations.