On May 22nd, Jinshi Data reported that Idanna Appio, who has worked at the Federal Reserve Bank of New York for 15 years, analyzed the history of sovereign debt crises. Now, as a fund manager of the $138 billion First Eagle Investments, she has come to a conclusion: the risk of U.S. Treasury bonds is too high and not suitable for holding. While the market expects the Federal Reserve to cut interest rates, Appio's judgment is about much more than just the timing of rate cuts. It is closely related to the accelerated inflation, increased government healthcare spending, and expanding deficit of the new era. What lies behind all of this? The fact that the world is rapidly aging, and now it is time for investment portfolios to keep up with the times. Instead of buying what is considered the safest asset in the world to balance her stock and credit holdings, Appio has increased her investment in gold. She believes that the long-term yield of U.S. bonds cannot provide sufficient compensation, and she mentioned that the surge in U.S. government borrowing has raised concerns that it may trigger a debt crisis in the coming years.