In 2022, the United States raised interest rates to June 1 1, which has already raised interest rates by 375 basis points, and the US debt has also risen. The yield of holding US debt has far exceeded that of China's national debt, and the income of China Monetary Fund has gradually declined. The Fed will continue to raise interest rates to reduce inflation. However, the Fed will stop raising interest rates sometime in 2023. Raising interest rates is only a means, not sustainable. Besides, 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.