The application of treasury bond futures hedging is as follows: (1) I intend to buy bonds, and I am worried that the price of bonds will rise due to falling interest rates; (2) borrowers who pay interest at fixed interest rate are worried that the interest rate will drop, which will lead to a relative increase in the cost of capital; (3) Lenders of funds are worried that the interest rate will drop, which will lead to the decline of loan interest rate and income.