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[Global Bond Market Selling Pressure Deepens, 10-Year Yield Hits Multi-Year High] ⑴ Global bond selling intensified on Tuesday, with the yield on the 10-year US Treasury note rising to its highest level since 2007, after breaking through 5% the previous day for the first time in nearly three years. ⑵ Investors accelerated their sell-off of other global bonds, with yields on 10-year German and Japanese government bonds both rising to multi-year highs. ⑶ Data showed that the yield on the 10-year US Treasury note briefly touched around 5.04%, while the 30-year yield rose to around 5.40%, the highest since 2007. ⑷ The yield on the 10-year German government bond rose to around 3.57%, the highest since 2009, while the yield on the 10-year Japanese government bond touched around 3.03%, a 30-year high. ⑸ Strategists said that the interest rate market remains constrained by oil prices and geopolitical factors ahead of Wednesday's Federal Reserve meeting. ⑹ The brief optimism surrounding Iranian diplomacy on Monday quickly faded, and US Treasuries were sold off as oil prices rose again. (7) Some institutional interest rate strategists believe that regardless of whether the Federal Reserve raises interest rates, the yield on 10-year US Treasury bonds may still rise further due to inflation concerns. The market is clearly becoming tense, and any setback could trigger significant volatility. (8) Investors will closely watch the Federal Reserve's statements. Some strategists point out that if the Fed Chairman signals a willingness to take action to ensure price stability, it could help curb the sell-off of long-term Treasury bonds. (9) The US Treasury recently increased the size of its long-term debt repurchase program from $2 billion per transaction to at least $4 billion. (10) The market expects not only a Fed rate hike, but also a rate hike by the European Central Bank last week and a rate hike by the Bank of Japan expected on Friday. (11) Some institutional sources say that supply disruptions in the Middle East, coupled with geopolitical tensions, have kept oil prices high, further reinforcing inflation concerns and the rationale for tightening monetary policy. (12) With a Fed rate hike almost a certainty, the focus will shift to voting differences, especially the Fed Chairman's stance. A unanimous rate hike coupled with signals of further tightening could push up yields and prolong the dollar's upward trend.