In 2025, the size of U.S. debt will exceed US$30 trillion for the first time, and interest payment costs will reach a record of US$1.2 trillion. Under the impact of tariffs and rating downgrades from April to May, Pimco bucked the trend and increased its holdings, and the income fund returned 10.4%, the best in ten years. The Federal Reserve cut interest rates twice during the year, and leading institutions turned to Japan, Australia and the UK bond market allocation.