#美国国债 U.S. Treasury Securities are national bonds issued by the U.S. Department of the Treasury, backed by the credit of the government, and are divided into short-term Treasury bills (T-Bills), medium-term notes (T-Notes), and long-term bonds (T-Bonds), with maturities ranging from 4 weeks to 30 years. They have fixed interest rates and are tax-exempt, regarded as the global risk-free interest rate benchmark. As of the end of 2024, the total amount of U.S. debt has exceeded $36 trillion, accounting for over 120% of GDP, primarily relying on foreign investors (such as Japan and China) and the Federal Reserve, with Japan being the largest foreign creditor at $1.13 trillion. In recent years, U.S. debt has faced selling pressure due to the expansion of the U.S. fiscal deficit, the debt ceiling deadlock, and geopolitical risks (such as Trump's tariff policy). In April, U.S. debt yields surged by 73 basis points in a single week to 4.59%, reflecting market concerns about the creditworthiness and repayment capacity of the dollar. Although U.S. debt remains a core asset in global foreign exchange reserves, its safe-haven properties have been questioned due to policy uncertainty and debates over debt sustainability.