Over recent weeks, the dynamics on the US Treasury market—valued at an astonishing US$29 trillion—have taken an unpredictable turn. A sharp drop in bond prices, evocative of the "flight to liquidity" witnessed during the COVID era, has reignited concerns about market stability. Despite ongoing pressure on equity indices, a wave of sell-offs hit Treasuries on Monday, leading to a dramatic one-day increase of 17 basis points in the yield of the benchmark 10-year bonds, placing yields around 35 basis points. This represents one of the most significant surges in the past two decades.