First: from 1 65438+1October 165438+1October16, 10-0-0-year treasury bond interest rate has risen/kloc-. The main reason for the sharp drop in the bond market is that the funds are slightly tight (the price of certificates of deposit rises and the interest rate of funds continues to rise).

Second: the epidemic prevention policy is optimized and the real estate policy is overweight. The expectation of scarce funds in the market has changed due to policy changes, and the market has begun to worry that the recovery of real estate may further reduce the stock of funds in the market. In the case of insufficient incremental funds, the "moving" of existing funds can easily form a seesaw effect. There are more funds in real estate and stock market, and the funds in bonds will naturally be compressed.

Third, the bond market plummeted, triggering the redemption of debt-paying institutions. On June 5438+065438+1October 5438+05, the Fund sold 97.8 billion yuan of bonds in the secondary market, a record high since May 2020. Under the influence of loss effect, the demand for redemption of wealth management products customers continues to expand, which leads to further imbalance between bond supply and demand and accelerates bond decline.