应该比这个还多，有点长我也不懂，跳着读的

You might be wondering, why does this matter? Why can’t the FED and Government allow Treasury Bonds (TLT) to go lower? Simply put, the U.S. has to refinance $9.2 Trillion in US debt in 2025 with an estimated $28 Trillion in debt needing to be refinanced over the next 4 years. The cost to refinance this debt will depend on the yield the market is demanding to hold a US government bond until maturity. The lower ETFs like TLT go, the more of a problem the US will have to refinance this debt, further exacerbating the runaway bond market scenario.

 

https://io-fund.com/broad-market/market-trends/bond-market-threatens-stock-market-2025