Treasury bonds are extremely low-risk products among many investment and wealth management products, so they have always been called Phnom Penh bonds. Treasury bond futures are futures contracts based on treasury bonds, and they are also a kind of financial futures. Recently, the main contract of 10-year treasury bond futures was raised, which broke through the high point of 20 16 and also created a record high. So what does the rise of treasury bond futures mean? What does the rise in treasury bond futures mean? We should know that treasury bond futures are a kind of margin trading, which takes treasury bonds as the subject matter and buys treasury bonds at the price, quantity and date agreed in the futures contract. In bond futures trading, the main factors affecting bond futures prices are bond coupon rate and market interest rate. In particular, the futures price of government bonds is positively related to the price of government bonds. The rise of treasury bond futures price means the rise of treasury bond price, which will directly lead to the decline of treasury bond yield and interest rate. On the other hand, the rise of treasury bond futures will have a positive effect on the stock price rise, but the impact on the stock market is limited because of the high threshold of the treasury bond futures market itself and the limited market transaction scale. Based on the above analysis, the rise of treasury bond futures has a great impact on the interest rate of treasury bonds, but has little impact on the stock market.