#美国国债

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**U.S. Treasuries** are issued by the U.S. Department of the Treasury and are considered one of the safest debt instruments in the world. They are divided into short-term Treasury bills (T-Bills), medium-term notes (T-Notes), and long-term bonds (T-Bonds). They have a profound impact on global financial markets and are widely held by central banks and institutional investors.

In June 2025, influenced by inflation and the Federal Reserve's (Fed) interest rate policies, U.S. Treasury yields have recently remained high, with the 10-year Treasury yield approaching 4.5%, attracting a significant influx of safe-haven funds. However, due to the growing fiscal deficit and ongoing issues regarding the debt ceiling, long-term confidence in U.S. Treasuries faces certain challenges.

Overall assessment: U.S. Treasuries remain one of the core safe-haven assets globally, being significantly influenced by market policies in the short term, while long-term sustainability should focus on the fiscal sustainability of the U.S. government. For investors, participating through ETFs or bond funds is a common way to diversify risk.