According to CoinMeta, analysts believe that this round of selling of U.S. Treasuries is not solely driven by the Federal Reserve's policies. It also includes concerns about fiscal deficits, government debt supply, inflation caused by the Iran war, as well as the large-scale financing needs of major tech companies for infrastructure related to AI. For the stock market, the current pressures have not yet fully materialized, but if the yield on 10-year U.S. Treasuries breaks through 5%, it could become an important warning sign for risk assets.