Very low. After the US AAA credit rating was downgraded by Standard & Poor's, central banks in Japan and other countries all indicated that US debt was still attractive and would continue to use foreign exchange reserves to purchase US debt. To this end, the US Treasury bond market has not been hit by the downgrade, but funds have flowed into the US debt substantially, prompting the yield of the US 2-year Treasury bond to fall to a historical low of 0.23%, which also means that the Fed will postpone the rate hike schedule.

Risk assets, including stock market, commodities and currency, plummeted across the board, and the demand for hedging in the market was unprecedentedly high. The yield of US 2-year treasury bonds fell to a historical low of 0.23%, and the yield of 10 treasury bonds fell to 2.37%, the lowest since June 20 10.