The reason for the rise and fall of US bond yields is not the adjustment of bond interest rates, but the rise and fall of bond prices. The yield of American bonds is recognized as a risk-free return in the capital market. When the market is turbulent and uncertain, investors all over the world will allocate a considerable proportion of their funds to US Treasury bonds. On the one hand, raising interest rates will lead to the return of dollars from risky assets in the United States to risk-free assets, on the other hand, when the yield of US bonds rises, it will damage the future cash flow value of the company. In particular, the current price of high-valued stocks is based on the market's forecast of their future cash flows. If the interest rate rises, it will inevitably affect the discounted value of future cash flows, and the intrinsic value of those stocks that have been overvalued and overbought will be greatly discounted, thus affecting the stock price.

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