Despite the fact that U.S. Treasury bonds are still regarded as "safe assets" due to the core position of the dollar and the scale of the market, the interconnectedness of major global bond markets cannot be underestimated. The turbulence in the bond markets of Japan, France, and the UK this year indicates that the contagion channels between "safe-haven assets" are always present. If the market doubts the Fed's commitment to anti-inflation, or if political forces intervene in monetary decisions, U.S. Treasuries may also face a test of trust.