The Treasury bond market is experiencing a major sell-off, impacting various sectors including stocks, commodities, cryptocurrencies, housing, and foreign currencies. This sell-off is due to traders abandoning long-duration US bonds, leading to increased yields. The rise in yields has caused the S&P 500 and Nasdaq to drop, strengthened the US dollar, weakened foreign currencies, caused capital outflows from China, devalued the offshore yuan, decreased the value of cryptocurrencies, put pressure on non-interest-bearing gold, weakened industrial metals, lowered crude oil prices, made housing less affordable, and resulted in a decline in mortgage applications and home-buying activity.