On Thursday, the U.S. financial markets experienced a rare shock as multiple negative factors converged, leading to a sharp rise across the board in Treasury yields. The 30-year Treasury yield jumped 8 basis points to 5.37%, the highest since 2007, while the 10-year yield climbed 12 basis points to 4.943%, nearing the critical psychological threshold of 5%. Equities simultaneously came under pressure, with the S&P 500 index falling 0.6%.

Specifically, Brent crude oil settlement price surged 6.3% in a single day to $107.63 per barrel, and further rose to $109 after hours, reaching a new four-month high and intensifying inflation concerns. A bond buyback operation led by U.S. Treasury Secretary Scott Bessent failed to reach its $6 billion cap, with actual purchases totaling only $5.19 billion, raising market doubts about the Treasury's ability to stabilize long-term interest rates. Furthermore, U.S. President Donald Trump pledged on September 9 that if the Republican Party secures a majority in Congress in the midterm elections, he would issue $5,000 to all adult Americans. This plan is estimated to cost over $1 trillion, further exacerbating market concerns about fiscal deficits and inflationary pressures.