As of now, the US national debt has exceeded $34 trillion, and fiscal pressure is increasing year by year. In June 2025, the US Treasury continues to issue national debt to cope with the enormous deficit spending, especially as costs for Social Security, defense, and interest continue to rise. Recently, due to a cooling of market expectations for interest rate cuts and persistent inflation, the yield on 10-year government bonds has fluctuated between 4.2% and 4.4%, indicating that bond investors still have concerns about long-term inflation and fiscal stability.

In addition, the structure of the government bond market is facing several challenges: first, the impact of the Federal Reserve's balance sheet reduction has decreased demand for government bonds; second, major overseas buyers (such as China and Japan) continue to reduce their holdings of US debt; third, uncertainty in US politics (such as budget proposals or debt ceiling negotiations) may trigger market volatility.

Overall, although government bonds are still considered a global safe-haven asset, their long-term sustainability and interest rate risks are gradually becoming core issues of concern for investors.