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Inflation is still temporary, Bitcoin drops below $30,000, and a reopening slowdown. Bond market says something Yesterday’s rush into Treasuries, which saw the yield on the 10-year note fall as low as 1.17% , is being blamed on renewed pandemic fears and vanishing concerns about inflation . Investors also have the apparent worsening of relations between the U.S. and China to contend with , as some may start to reassess bullish global growth forecasts. President Joe Biden yesterday said that he believes that the jump in inflation is temporary while emphasizing that the Fed is independent and takes whatever action it deems necessary. Bitcoin fall The largest cryptocurrency dropped below $30,000 for the first time in a about a month. Other virtual currencies also fell, with the Bloomberg Galaxy Crypto Index down more than 4.5%. The $30,000 level had been seen by some traders as a support point for the token so further declines from here cou