[The long holiday during the jump in US Treasury yields across the board: Why? The reasons for this year's surge in Treasury yields are varied. The commentary argues that the US economy has escaped the risk of a hard landing, the downgrade of the US debt rating and the slowdown in China's economic growth are the three main reasons for the rise in US bond yields. The Financial Times attributed it to changes in supply and demand caused by the US government's growing borrowing needs and the market's gradual adjustment to the prospect of higher interest rates. The BIS also cited "basis trading" bets by hedge funds as a factor in short-term volatility in the US Treasury market.