What is behind the Treasury sell-off?

In response to a stock market downturn amid the trade war, US Treasury Secretary Scott Bessent reassured investors about 401(k) plans, stating losses were manageable. However, bond prices, which usually rise during equity declines, have also dropped, raising concerns about recession and potential Federal Reserve intervention. Analysts highlight macroeconomic factors, hedge fund strategies, and rising fears of a financial crisis, particularly as the US-China trade war escalates, with implications for Treasury demand and currency stability.