---
title: "Institutional managers: Concerns about the U.S. government's ability to repay its debts may deter some investors from putting their money into U.S. Treasury bonds"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/224094294.md"
description: "Institutional manager Patrick Fruzzetti pointed out that the U.S. debt burden has increased from less than $17 trillion at the end of 2019 to about $28 trillion, and it is expected that the federal deficit-to-GDP ratio will exceed 6% by 2025. Both he and Jeff Muhlenkamp stated that investor concerns about the U.S. government's ability to repay its debts may lead to reluctance to invest in U.S. Treasury bonds. Muhlenkamp allocates about 12% of his assets to gold, while Fruzzetti emphasized that unless the new government takes concrete actions to control the deficit, he will not reduce his gold positions"
datetime: "2025-01-06T16:35:16.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/224094294.md)
  - [en](https://longbridge.com/en/news/224094294.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/224094294.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/224094294.md) | [繁體中文](https://longbridge.com/zh-HK/news/224094294.md)


# Institutional managers: Concerns about the U.S. government's ability to repay its debts may deter some investors from putting their money into U.S. Treasury bonds

Patrick Fruzzetti, a portfolio manager at Rose Advisors in New York, believes that the biggest difference now compared to Trump's first term is the level of deficit spending. According to the Congressional Budget Office, the U.S. debt burden has increased from less than $17 trillion at the end of 2019 to about $28 trillion, with the federal deficit-to-GDP ratio expected to exceed 6% by 2025. Portfolio manager Jeff Muhlenkamp stated that concerns about the U.S. government's ability to repay debt may deter some investors from putting money into U.S. Treasury bonds. He has allocated about 12% of the assets in his eponymous fund indirectly to gold. "Actions speak louder than words," Fruzzetti said regarding the incoming Trump administration's commitment to controlling the federal deficit. "Unless they can prove it with actions, I won't reduce my gold positions."

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