BlockBeats News, August 13, Wednesday local time, the US Treasury issued a $420 billion 10-year bond, with the bid yield rising to the highest level since 2007. Despite investors still showing some demand, they are requiring a higher yield to purchase US Treasury bonds.The 10-year Treasury yield had previously risen to around 4.75%, reaching an 18-month high. At the same time, the 30-year Treasury yield has been hovering above 5.2%, and the upcoming 30-year bond auction on Thursday is expected to see financing costs reach the highest level in about 25 years.This implies that even if the Fed does not raise rates in September, the US government's long-term financing costs may not necessarily decrease. Analysis indicates that this situation means that the most central contradiction in the current US interest rate market is: the policy rate is determined by the Fed, but the long-term cost of borrowing is increasingly governed by fiscal policy, inflation, oil prices, and investor risk appetite.