Government bond index fell, treasury futures rose. The decline in treasury bond futures shows that the yield of treasury bonds has risen, which also reflects that the capital environment has become tense. Treasury bond futures target has a fixed coupon rate. When the price of national debt falls, the cost for investors to buy national debt at this time is lower, so the income is higher. The main reason for the decline of treasury bonds futures is the tight capital environment in the market. When the capital supply is insufficient, the market interest rate will rise, which will lead to a decrease in the demand for government bonds, thus lowering the futures price of government bonds.