When the market is expected to appreciate, the futures price of government bonds will rise. At this time, investors will buy treasury bonds futures, thus pushing up the price of treasury bonds. On the contrary, when the market is expected to fall, the futures price of government bonds will fall. At this time, investors will sell treasury bonds futures, thus lowering the price of treasury bonds. In addition to market expectations, fluctuations in the international financial market will also have an impact on treasury bond futures prices and treasury bond prices.