In December 2017, the interest rate on the Exchange repo market fluctuated sharply. In particular, the interest rates rose sharply in the last few days of the month. The bond market also fluctuated in a big way and showed a general trend of easy down hard up. Despite the high rate of return on various types of bonds and their dispositional value, significant buying interest in the securities market remained light. This shows that the central bank deleveraging and the Federal Reserve to raise interest rates, shrinking the context of the lack of liquidity, investors tend to be cautious. At the micro level, despite the high bond yield and outstanding investment value, there are still funds that are eager to sell off bonds due to policy adjustments, thus further raising the bond yield. However, we have also observed that after treasury bond futures hit the bottom on November 22, In the background of unusually tight funds at the end of the year, it has already rebounded prior to the current coupon and will not hit its new lows. Bond yields continue to rise has seriously affected the discovery of new debt, so we judge the bond market has entered the bottom of this round of adjustment. However, taking into account the factors in the bond market is difficult to falsify in a short period of time, so the bull market may need to further start waiting for the fundamentals, the policy aspects become clear or have change.