According to CoinMeta, James Sullivan of JPMorgan stated that the U.S. government's intervention measures in the Treasury market may only be putting off the problems. As global debt issuance surges, investors' demand is being tested. He pointed out that the Treasury Department is actually issuing short-term bills while repurchasing long-term bonds. Although this strategy can provide temporary relief, it does not address the fundamental issue of the debt burden. Sullivan mentioned that the total U.S. government debt is about $40 trillion, while the total government debt in developed markets is about $76 trillion, and corporate debt issuance has also set records. Despite strong economic fundamentals, the increase in bond supply is crucial for the market, and issuers may need to offer more attractive yields.