When the Federal Reserve began the current cycle of interest rate cuts, the market generally expected that the US bond market would finally be expected to usher in a round of bull market as US bond yields declined simultaneously along with interest rate cuts. However, expectations will never keep up with changes. After expectations of the Fed's interest rate cut were drastically lowered by the market, the US bond market, which had previously aggressively bet on interest rate cuts, retreated one after another. Trump's election then further hit the US debt market. 2024 will be a miserable year for the treasury bond market. Take the iShares 20+ year treasury bond ETF, which fell by more than 11% in 2024, while the S&P 500 index rose 23% during the same period. In fact, since the end of the bond market boom in 2021, US debt has not come out of the quagmire. However, the pressure on the US bond market seems far from over. Rumors about Trump's tariffs on the 6th once again disrupted the US bond market. Furthermore, the US bond market will face the expiration of nearly 3 trillion US dollars of bonds later this year, which may bring more difficult problems to the US bond market.

When the Federal Reserve began the current cycle of interest rate cuts, the market generally expected that the US bond market would finally be expected to usher in a round of bull market as US bond yields declined simultaneously along with interest rate cuts. However, expectations will never keep up with changes. After expectations of the Fed's interest rate cut were drastically lowered by the market, the US bond market, which had previously aggressively bet on interest rate cuts, retreated one after another. Trump's election then further hit the US debt market. 2024 will be a miserable year for the treasury bond market. Take the iShares 20+ year treasury bond ETF, which fell by more than 11% in 2024, while the S&P 500 index rose 23% during the same period. In fact, since the end of the bond market boom in 2021, US debt has not come out of the quagmire. However, the pressure on the US bond market seems far from over. Rumors about Trump's tariffs on the 6th once again disrupted the US bond market. Furthermore, later this year, the US bond market will face the maturity of nearly 3 trillion US dollars of bonds, which may bring more difficult problems to the US bond market.