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Long-term US Treasury bonds fell on Monday as investors shifted their focus to the continuously expanding debt of the United States after Moody's announced the cancellation of the country's top credit rating. The yield on 30-year US Treasury bonds rose by 8 basis points to 5.02%, the highest level since November 2023. The benchmark 10-year Treasury yield rose by 7 basis points to 4.55%. The US dollar fell against all G10 currencies, with the euro rising by 1% to $1.1274. Moody's announced on Friday evening that it had downgraded the US credit rating from Aaa to Aa1, exacerbating Wall Street's concerns about the country's fiscal outlook. Meanwhile, Congress is debating more tax cuts that have not yet found funding support. Moody's blamed the expanding budget deficit on past presidents and Congress, stating that there are currently no signs of the deficit decreasing. "I wouldn't overemphasize the significance of this downgrade, but it exacerbates the existing trend of 'de-dollarization,'" said Jordan Rochester, Head of Macro Strategy for Nomura International in Europe, the Middle East, and Africa.