The U.S. Treasury sell-off wave triggers asset rebalancing, and institutions may be forced to sell stocks to buy bonds, putting pressure on the stock market as capital flows out. Global bond markets are experiencing violent fluctuations, disrupting traditional allocation ratios between stocks and bonds. Pension funds and balanced funds are set to rebalance near the end of the quarter. Watch for liquidity shocks and a shift in market style. #美债 #资产配置 #Rebalancing