The first sentence is correct. The decline of spot price of national debt is equivalent to the increase of national debt yield. It can be understood that under the premise of a certain future cash flow (the coupon rate and face value of the national debt are determined, so the future cash flow has been determined), the price of the national debt will fall, and the yield will inevitably rise. Explain by formula: current price = sum of cash flows/rate of return.

Therefore, the fear of falling national debt prices is hedged by shorting national debt futures, that is, shorting hedging.

If you plan to buy spot treasury bonds, you should do more hedging, that is, buy treasury bonds futures. In addition, it can be understood that the increase in yield means the decline in the price of government bonds, which is a favorable price change and does not require futures operation. But at this time, shorting treasury bonds futures can make money, but it is no longer the concept of hedging.