U.S. debt return up, high-valuing technology and growth assets under discount rate pressure

On 20 July, according to the early release of A, the rate of return on United States debt rose to close to 4.60 per cent for the 10-year period and exceeded 5.1 per cent for the 20-year period. Markets have retraded long-term inflation and term premium pressures, increased energy prices and risk premiums for transportation restrictions in the Straits of Hormuz, reinforcing secondary inflation concerns. The concentration of long-term bonds by large enterprises pushes the long-end rate of return, with a 10-year United States debt return approaching 4.6 per cent, putting a discount rate pressure on high-valued technology units and growing assets。