CICC: Where Does the "Problem" with U.S. Treasuries Lie?

U.S. 10-year and 30-year Treasury yields hit highs of 4.7% and 5.3%, respectively, triggering sharp volatility in global tech stocks. CICC Research points out that the root of this turmoil is not a stock debt crisis, but a dual shock from short-term supply-demand mismatch compounded by Warsh undermining the Fed's credibility. The dollar has become the biggest casualty, while gold and cryptocurrencies have surged. The key to resolving the situation lies not in Treasury buyback operations, but in whether the AI industry can break through its current ceiling—this is the core variable determining whether financing costs can be absorbed by returns.