How to view the current adjustment of U.S. Treasury bonds and the risk of U.S. dollar liquidity

This week, the U.S. Treasury market shifted from rising to falling, with the 10-year and 30-year Treasury yields rising to 4.5% and 5.0%, respectively. The increase in short-term rates was relatively small, and changes in interest rate cut expectations were limited. Factors of concern in the market include hedge fund basis trade liquidations, some institutions selling U.S. Treasuries due to liquidity pressures, potential tax hike hints causing panic among foreign investors, and foreign central banks selling U.S. Treasuries. The rise in Treasury yields accompanied by a decline in the U.S. dollar exchange rate and poor performance in U.S. stocks indicates that capital may be fleeing from dollar assets