Expectations of the Fed's interest rate cuts continue to weigh on U.S. Treasury yields, and the previous low-risk and high-return investment window is gradually closing.

Recently, short-term U.S. Treasury yields have exceeded 5%, providing investors with a scarce opportunity to earn solid returns without taking on principal lock-in risk and chasing high-risk targets, especially for pension funds, insurance companies and endowments, which means that the decade-long era of near-zero interest rates after the crisis has come to an end.

Even if high inflation erodes real returns, institutions that have been forced to actively hunt for income have ushered in a stable investment environment, and this pattern is changing with the prospect of interest rate cuts.