Of course, loose monetary policy is beneficial to the return of bond funds, and the relevant explanations are as follows: Many times, the misunderstanding caused by confusing the yield to maturity holding bonds with the return rate during the holding period is actually caused by not understanding the principle of bond investment. Bonds are generally issued in fixed coupon rate (coupon rate has confirmed that even floating rate notes is facing the same problem at the time of issuance, but the impact is lower than that of fixed coupon rate bonds), and the face value of bonds is fixed, that is, the future cash flow of bond investment is predictable and will not default. For bond investment, bond valuation is carried out by using the discounted cash flow model (that is, the interest rate is inversely proportional to the price). Generally speaking, bond investment attaches great importance to holding in yield to maturity (the so-called long-term interest rate refers to holding in yield to maturity). Due to the fixed cash flow of bonds, bond prices are inversely proportional to interest rates. If monetary policy is loose, it will lead to a decline in market interest rate, which will lead to a decline in bond holdings to yield to maturity through market transmission. It also means that the increase in bond prices in bond market transactions will be reflected in a decline in bond holdings to yield to maturity. Because many times investors don't have to hold bonds until maturity, the rise of bond prices will indirectly affect the holding period yield, that is to say, the monetary easing policy will reduce the yield to maturity of bonds, thus increasing the holding period yield or bringing benefits.