#美国国债

1. What is U.S. Treasury Debt?

U.S. Treasury debt is government bonds issued by the U.S. Department of the Treasury, denominated in U.S. dollars, mainly divided into:

• Short-term Treasury bills (T-Bills): with a maturity of less than 1 year

• Medium-term Treasury notes (T-Notes): with a maturity of 2 to 10 years

• Long-term Treasury bonds (T-Bonds): with a maturity of 20 to 30 years

The interest rates (yields) and market prices of these bonds are influenced by multiple factors, including Federal Reserve policies, inflation expectations, economic data, and geopolitical risks.

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2. Significance of Issuing Treasury Debt

1. Financing for the government

Every issuance of Treasury debt is part of the U.S. government's efforts to cover budget deficits, repay principal and interest, or meet emergency expenditures. For example, military, infrastructure, and social welfare expenditures may rely on debt issuance.

2. Reflecting market expectations for interest rates and the economy

If the market expects inflation to rise, investors will demand higher interest rates, leading to increased bond yields and decreased prices. Conversely, if there is market panic and a search for safe havens, funds will flow into the Treasury market, pushing prices up and yields down.

3. Global capital pricing benchmark

U.S. Treasury debt serves as a benchmark tool for the "risk-free rate" and has a stabilizing effect on the global financial system. Whether it is mortgage rates, corporate borrowing costs, or funding pressures in emerging markets, they are almost all closely related to U.S. Treasury yields.

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3. Treasury Auction Mechanism and Recent Trends

U.S. Treasury debt is issued through an auction process, which is divided into competitive and non-competitive bidding:

• Bidders (mostly large institutions) will quote the interest rates they are willing to accept.

• Non-competitive bidders (such as individual investors) will accept the interest rate determined by the Treasury Department.

According to the latest round of Treasury debt issuance in June 2025:

• The winning bid interest rate for 10-year Treasury bonds reached 4.39%, hitting a recent high

• The bid-to-cover ratio was 2.4, indicating strong market demand for the bond

• Major central banks in Asia and Europe remain key buyers, demonstrating strong demand for U.S. dollar assets as a safe haven

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