HSBC's global multi-asset strategy team pointed out that the sudden surge in US interest rate volatility is the biggest risk currently facing the bond market. However, the team believes that this situation is unlikely to occur in the short term. "We do not expect this to happen in the coming weeks." The MOVE index, which measures the implied volatility of the US Treasury market, has generally trended downward since reaching a high point in April last year, with several periods of temporary rebounds during this time.