There are two main channels to comprehensively analyze the transmission impact of the Fed's interest rate hike on the domestic bond market: first, the narrowing of the spread between China and the United States has limited the downward space of domestic interest rates; Second, the strength of the US dollar index triggered the capital outflow and the depreciation pressure of RMB assets, which reduced the attractiveness of the domestic bond market. Combined with the operation of the domestic bond market in the past two months, it is considered that the impact of the Fed's interest rate hike in June is limited. In fact, the key factors that determine the rate of return are still the domestic economic growth and inflation situation and the tightness of monetary policy. The investment ability of fund managers, including the actual market changes in the future, will have an impact on the fund.