U.S. Treasury Secretary Yellen takes multiple measures to intervene in the bond market, as Wall Street worries about rising "sell America" sentiment.

U.S. Treasury Secretary Yellen has recently implemented a series of unconventional measures, including a coordinated intervention in the yen exchange rate and adjustments to bond issuance guidelines, in an attempt to curb the surge in U.S. long-term Treasury yields. However, influenced by multiple factors such as an expanding fiscal deficit, high inflation, and policy uncertainty, confidence in the U.S. Treasury market has waned. Despite the Treasury's utilization of various tools to lower borrowing costs, the market remains cautious about their actual effectiveness. Currently, due to factors such as rising energy costs from geopolitical conflicts in the Middle East and the U.S. government's annual budget deficit approaching $2 trillion, the yield on 30-year U.S. Treasury bonds has exceeded 5%, reaching its highest level since 2007. Some Wall Street institutions have pointed out that uncertainty in policy communication between Yellen and the Federal Reserve constitutes a "double whammy," prompting investors to reassess their preferences for U.S. core assets. Against this backdrop, the "Sell America" trading strategy has regained attention among global institutional investors. The core of this strategy is to reduce holdings in U.S. stocks, U.S. bonds, and the dollar. Analysts warn that if the U.S. cannot effectively lower inflation expectations and reduce the fiscal deficit, relying solely on short-term foreign exchange interventions and debt maturity adjustments is unlikely to fundamentally restore market confidence. As global capital begins to reprice U.S. assets, the dollar may face further downward pressure in the next 12 months, and structural challenges in the U.S. debt market are increasingly prominent. Consequently, the trading sentiment in the global capital market skewed towards "Sell America" is heating up again.