In p>222, the United States raised interest rates by 375 basis points until November, and the US debt also rose. The yield of holding US debt has far exceeded that of China's national debt, and the income of China's monetary fund has gradually declined. The Fed will continue to raise interest rates to reduce inflation. However, the Fed will stop raising interest rates at some time in 223. Raising interest rates is only a means, which is not sustainable. Moreover, raising interest rates will increase the country's debt. The impact on China bond funds is only one or two years. In the near future, the Federal Reserve will cut interest rates, which in turn will benefit China bond funds.