#美国国债 U.S. Treasury bonds are important tools in the global financial market, and their price fluctuations are influenced by various factors. On May 22, 2025, due to Moody's downgrade of the U.S. sovereign credit rating, the U.S. Treasury conducted its first auction of long-term Treasury bonds, drawing widespread market attention. The 20-year Treasury yield soared rapidly during the auction, reaching 4.5%, a change that reflects the market's concerns about the U.S. economic outlook.