1, economic development and economic quality will directly affect the national debt market. When the economy is in the process of decline, the market interest rate will drop, the funds will turn to national debt investment, and the price of national debt will also rise. On the contrary, the upward trend of the economy may lead to an increase in the interest rate of funds, leading to a decline in national debt.

2. Market interest rate level. Bonds are typical interest rate commodities, and the interest rate level in the money market is closely related to the rise and fall of bond prices. Treasury bond futures prices are inversely proportional to interest rates. When the market interest rate rises, the credit is tight, the funds for investing in government bonds decrease, and the market price of government bonds falls. When the market interest rate drops and the credit is loose, the capital flowing into the national debt market increases, the demand increases and the national debt price rises.

3. Price level. When prices rise, people will invest their money in real estate or other commodities with stronger value preservation function in order to preserve their value, and the demand for national debt will decrease, which will lead to the decline of national debt prices.