The 10-year US Treasury yield has plummeted: The 2008 financial crisis: The 10-year US Treasury yield plummeted, reflecting market panic and liquidity crisis, prompting the Federal Reserve to initiate quantitative easing (QE). During the COVID-19 in 2020: the yield of 10-year US bonds once fell below 0.5%, the Federal Reserve cut interest rates to zero and restarted QE. The 2023 banking crisis: After the collapse of Silicon Valley Bank, US bond yields rapidly fell, and the market bet that the Federal Reserve would pause interest rate hikes.