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After experiencing the hot midsummer, the bond market has experienced frequent shocks since the beginning of autumn.

After both hitting record highs on August 7, Wind's Short-Term Pure Bond Fund Index and Medium- and Long-Term Pure Bond Fund Index have undergone adjustments for several consecutive days, causing some concern among the "egg collectors" of these "bond funds".

1►The bond market is experiencing frequent shocks. What happened?

Looking back at the beginning of August, the 10-year Treasury yield fluctuated downward again, breaking through the two important thresholds of 2.2% and 2.1% in succession. However, starting last week, the market rhythm seemed to have changed.

On the one hand, the National Association of Financial Market Institutional Investors investigated and punished some small and medium-sized financial institutions for illegal activities in treasury bond trading, such as lending accounts and transferring benefits. On the other hand, large banks concentrated on net selling long-term treasury bonds. When the consistent expectations of the bond market were broken, the trend of interest rates also turned. (News source: Cailian Press)

As bond prices and yields change inversely, as the 10-year Treasury yield rebounded to above 2.23%, 10-year Treasury futures have fallen for three consecutive days, and today it hit the biggest drop since April. (Source: Wind)

In fact, this bottoming out and rebound in interest rates is another correction of the market's long-term bond yields since the central bank announced on July 1 that it would "launch treasury bond borrowing operations."

In the central bank's "2024 Second Quarter Monetary Policy Implementation Report" that was hotly discussed over the weekend, the regulator directly revealed the interest rate volatility risks that may exist in some bond-type wealth management products in the form of a column -