The 10-year US Treasury yield rises to 4.69%, whether Trump will repeat the TACO pattern remains to be seen

Influenced by macroeconomic factors and geopolitical conflicts, the yield on the 10-year US Treasury has risen to about 4.69%, hitting its highest level since January 2025. The market is closely watching whether US President Trump will repeat the TACO model of compromise during trade disputes. The United States Trade Representative (USTR) announced on July 23 that it will impose tariffs of 10%—12.5% on 60 economies. The main reason for the current rise in yields is geopolitical conflict, with Iran adopting a tough stance. With US midterm elections approaching, Trump needs to maintain a strong image in foreign affairs, leaving limited room for TACO maneuvering.