Interest rate level: the market interest rate goes up and the bond price goes down. It can be simply understood as: the market interest rate goes up, the bond interest rate goes up, then the bond price goes down. It is also easy to explain from the demand side: when the market interest rate is high, the interest rate of newly issued bonds is high, and investors tend to buy new bonds. The interest rate of the original bonds remains unchanged, the demand decreases, and the bond price drops.

2.

Liquidity level: funds did not flow to the bond market. In 2022, the monetary policy office and fiscal policy tend to be loose, and the dual factors lead to abnormal loose market funds. However, the low interest rate and massive funds in the money market did not flow to the real economy, but idling in the financial system. Monetary fund has become the main capital flow of banks and non-bank financial institutions, and the bond market has been neglected.

3.

The seesaw effect of stock market and bond market. Since June 1 1, investors have been optimistic about the stock market, some bond market funds have been redeemed and flowed into the stock market, partial stock products have been sought after, and partial debt financing has been pre-cooled.

4.

As we all know, the stampede effect of investor sentiment and the stampede effect of confidence collapse have always existed.