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It must be said that Washbasent, as Trump's right-hand man in financial power, is quite skilled and works closely together. At a time when Wash cannot fully control the Federal Reserve and the Fed's credibility is damaged, making rate cuts impossible, Bassent directly intervened to suppress long-term US Treasury yields. Just now, this move immediately pushed the 30-year Treasury yield down from 5.3% to 5.2%, and the 10-year Treasury yield from 4.7% to above 4.6%, with an effect that was immediate and obvious. Moreover, at 1 a.m. Beijing time on August 20, there will be a $16 billion auction of 20-year bonds, and at 2 a.m., the Federal Reserve minutes will be released. So this information about expanded repo operations may not cause risk assets to rise much; it is more likely to create hedging space in advance. Specifically, in terms of operations, since the gold storage concept has reached a pressure level in the short term, it is actually more appropriate to take this opportunity to short on rallies. Because this kind of policy intervention is actually similar to the joint US-Japan intervention in exchange rates—it can only brake in the short term but cannot reverse the market trend. #30年期美债收益率创2007年以来新高 $XAUT