The rise of treasury bond futures price is also inversely proportional to the expected rate of return of bond funds, that is, the higher the price of treasury bonds, the lower the expected rate of return of treasury bonds. Take 100 yuan national debt with interest rate of 5% as an example. Investors buy government bonds at 100 yuan, and the expected interest income for one year is 5 yuan, and the expected rate of return is 5%. If the price of national debt rises, the cost of purchasing national debt will increase, while the expected return on debt interest will remain unchanged, and the expected return will naturally decline. For example, when the price of national debt rises to 1 10 yuan, the expected rate of return will drop to 4.5%.