The increase in yield is negative, which means that the future financing cost will increase. The interest rate must rise with the yield, otherwise no one will buy the newly issued bonds. Rising yield means declining credit, that is, the debt risk of bond issuers increases, or the risk of some high-risk investment products such as stocks and commodity futures decreases, and the income exceeds fixed-income bonds, which leads investors to sell bonds; The more you sell, the lower the price and the higher the yield.

The yield level of bonds is usually measured by yield to maturity. Yield to maturity refers to the rate of return that can be obtained by buying bonds at a specific price and holding them until the maturity date. It is the discount rate that makes the present value of future cash flows equal to the purchase price of bonds.