Citic Securities' research report states that in this round of the USA presidential election, the 10-year US Treasury bond yield has shown a "head start" compared to the election year of 2016. The US Treasury bond yield started to rise before the election due to fiscal expansion, inflation concerns, and other factors. Market concerns about the fiscal deficit usually drive up the term premium, which tends to push up long-term interest rates, a phenomenon that is also present recently. In addition, signs of recent economic recovery in the USA are also a core reason for the rise in US Treasury bond yields. In the short term, it is expected that the 10-year US Treasury bond yield will be highly sensitive to the election results, and in the long term, the probability is higher that the 10-year US Treasury bond yield will rise with the strengthening resilience of the US economy next year.