A global bond market sell-off is pushing up borrowing costs for governments, businesses, and households in developed countries. Most on Wall Street believe this situation is far from over in the short term. Bond yields have risen to 19-year highs. Investors attribute this sharp decline to a number of factors: the ongoing US-Iran conflict exacerbating inflation concerns, a large influx of technology company bonds vying for debt funding, and anxieties about budget deficits and the policy paths of major central banks. Few agree on the relative weight of these factors, but most agree on one point: this situation is unlikely to disappear anytime soon. Furthermore, many believe the driving factor behind the sell-off is more significant—the economy has demonstrated remarkable resilience despite interest rates being considered high enough to significantly slow growth. If the 2008-09 financial crisis ushered in an era of extremely low interest rates, then the current market conditions, in the eyes of some strategists, may signify a return to pre-crisis "normalization." Robert Tip, chief investment strategist at PGIMCredit, stated, "Basically, this is a correction." Investors are cautious about buying long-term bonds due to concerns that interest rates could continue to rise, even significantly, even without immediate central bank action. Government bond yields recently hit multi-year highs. The yield on the 30-year U.S. Treasury note broke through 5.3% for the first time, reaching its highest level since 2007; the 10-year yield, a key benchmark for borrowing costs, is also near its recent high. So far, the sell-off has primarily impacted the bond market. Stock prices remain near record highs, and corporate earnings remain strong—indicating that higher interest payments have not yet significantly dampened economic growth. This is particularly noteworthy for international investors: in an environment of significantly rising interest rates, the stock market's continued strength begs the question: is it due to genuinely stronger economic fundamentals, or is it an irrational bias in market risk pricing? Those supporting "resilience" argue that corporate profit growth remains supported, partly due to productivity gains and sustained demand. The market's ability to temporarily "ignore" rising yields is precisely because profit growth has, to some extent, offset the impact of higher financing costs. If the economy is indeed more resilient to high interest rates than in the past, then current high valuations may simply be a repricing of the new interest rate environment. However, some analysts point out that this strength itself may imply bubble risks. High interest rates should suppress stock valuations, especially for growth stocks, through higher discount rates. If investors continue to chase high prices for fear of missing out, or if funds are overly concentrated in a few popular sectors, the market's sensitivity to macroeconomic risks will be suppressed. Once yields rise further, or profit growth slows, previously ignored interest rate pressures may be released in a concentrated manner. The combination of high interest rates and high valuations has historically been a signal of accumulating vulnerabilities. Continued rises in yields will ultimately have broader implications. The increasing interest burden on government debt and the level of debt in the open market have made financing costs more sensitive to interest rate changes. For international investors, the real challenge lies in weighing the changing relative attractiveness of global capital between bonds and stocks—as risk-free rates rise, the risk premium for stocks is compressed, potentially narrowing the potential for returns. Recently, US Treasury yields have fallen slightly, with the 10-year yield dropping from 4.725% to 4.706%. However, the stock market fell that day, with the Nasdaq Composite Index down 1.3% and the S&P 500 down 0.7%, with chip stocks showing a particularly pronounced correction. Nevertheless, major stock indices still recorded double-digit gains this year. Keith Lennar, Chief Investment Officer of Truist Advisory Services, pointed out: "The market has been able to ignore rising yields so far because we have had strong earnings performance. But as earnings season ends, people will pay more attention to yields." Overall, the sell-off in the bond market and high yields reflect the complex reality of interest rate normalization coexisting with economic resilience. Whether the stock market can remain "immune" ultimately depends on whether earnings truly keep pace with rising interest rates and whether investors are willing to continue paying a premium for high valuations. For international investors, this is both a window to observe global asset repricing and a moment to test their own risk appetite and valuation discipline.