As of June 2025, the total scale of U.S. national debt has exceeded 37 trillion dollars, accounting for 123% of GDP, setting a historical record. Although the total amount of U.S. debt held by international investors in April remained close to the second highest historical level at 9.01 trillion dollars, it is noteworthy that China has continued to reduce its holdings of U.S. debt to 757 billion dollars, the lowest level since 2009.

Concerns about the financial health of the United States are increasing in the market. By 2025, the interest payments on U.S. national debt will exceed the defense budget, reaching a staggering $1.1 trillion. At the same time, about $3 trillion of debt is set to mature within the year, and the rising proportion of short-term debt is exacerbating refinancing difficulties. Credit rating agency Moody's has downgraded the U.S. sovereign credit rating from the highest level of Aaa to Aa1, warning that the current debt monetization model could undermine the dollar's foundational status.

The global geopolitical tensions (especially the relationship between Israel and Iran) and economic policy uncertainty have further exacerbated market volatility, causing the 10-year U.S. Treasury yield to briefly soar to 4.59%. Market experts believe that if the Federal Reserve initiates a structural quantitative easing policy, it may help alleviate short-term supply pressures, but the long-term risks associated with U.S. debt remain fundamentally unresolved.