Group 1 - Global government bond markets experienced a sell-off this week, with long-term bond yields rising across the board due to heightened concerns over national debt levels and uncertain tariff outlooks in the US [1] - The UK 30-year bond yield reached 5.69%, the highest level since at least 2006, while Germany and the Netherlands saw their 30-year yields rise to 3.4% and 3.57%, respectively, marking the highest levels since 2011 [1] - In the US, the 30-year Treasury yield approached 5%, reaching a peak of 4.997%, a level not seen since 2006, indicating significant potential losses for bondholders if they sell now [1] Group 2 - The French National Assembly plans to hold a no-confidence vote on the government's debt reduction plan, raising concerns about political gridlock hindering fiscal tightening amid high deficit levels [2] - The US federal deficit for the current fiscal year is projected at $1.7 trillion, slightly down from $1.83 trillion in 2024, but still concerning due to uncertainties surrounding tariff revenues [2] - Recent data showed US tariff revenues from April to July reached $94.4 billion, up from $24 billion in the same period last year, but analysts caution that this increase may not significantly alter the overall fiscal situation [2] Group 3 - Historical data indicates that long-term bonds typically perform poorly in September, with the iShares International Treasury Bond ETF averaging a decline of 1.46% and the iShares 20+ Year Treasury Bond ETF averaging a decline of 2.6% over the past decade [3]