#美国国债 U.S. Treasury bonds are bonds issued by the U.S. government to raise fiscal funds and are one of the most important safe assets globally. Their scale has exceeded $34 trillion, mainly held by domestic and foreign investors, the Federal Reserve, and foreign governments. Treasury bonds are divided into short-term Treasury bills (T-Bills), medium-term notes (T-Notes), and long-term bonds (T-Bonds), with varying interest rates and maturities. U.S. Treasury bonds are considered low-risk investments, but high debt levels raise concerns about fiscal sustainability. Their yields directly affect global borrowing costs and are an economic barometer. Investors need to pay attention to the impact of inflation, interest rate policies, and political factors on the bond market.