Today, the 10-year U.S. Treasury yield hit a high of 5.04%, setting a 20-year record. After trying fiscal double buybacks to no avail, there are really only a few ways for long-term yields to truly come down: Either reduce the deficit, let the stock market drop, or slow down AI investments—but none of these are paths Trump wants to take. For now, the most realistic and effective approach is still finding ways to suppress oil prices, which delivers the quickest results. Yesterday’s agreement between Russia and Ukraine not to attack each other’s energy infrastructure is just an appetizer—the real focus remains on the two critical straits and Iran’s stance. The Yemeni Houthi forces are not just a simple guerrilla issue; at its core, it’s a matter of North Yemen vs. South Yemen civil war + unification. Once Yemen’s internal disputes are resolved and forces are unified, it would be a complete game-changer for Saudi Arabia’s outdated monarchy system. This is also the main reason Saudi Arabia refused Oman’s meeting before securing a satisfactory draft. Tomorrow, Iran’s foreign minister will visit China, which feels very similar to the rhythm before Trump’s visit to China. It’s likely that the short-term cooling of the Iran situation will have to wait until after the China-U.S. presidential talks. For now, we’re in the stage where all parties are laying their cards on the table and testing the waters. @BITstocks_CN Buy U.S. stocks on BIT—10,000+ U.S. stocks and ETFs, real holdings, enjoy dividends and profit sharing.