The US debt crisis has escalated again. In Q3 2025, the US government paid oversea creditors a record-breaking interest of 292 billion USD, a 3.5% increase compared to the same period last year.

The logic behind this figure is straightforward—two factors stacking up: first, the Federal Reserve's continued high-interest-rate policy; second, the expansion of US overseas debt itself. The result is that borrowing becomes more expensive for the US, and interest expenses are becoming increasingly outrageous.

What does this mean for investors? Rising US bond yields directly squeeze the valuation space for risk assets. Higher US bond yields mean funds are more easily attracted to relatively safe bond products, putting downward pressure on everything from cryptocurrencies to tech stocks. Moreover, if US fiscal pressure continues to mount, future policy adjustment space will become increasingly limited—this uncertainty alone is enough to shake market expectations.

In simple terms, the record high in US bond interest payments indicates that the global capital market pricing logic is undergoing a deep adjustment.