International Financial Association warns: The skyrocketing US debt not only threatens itself but may also trigger a global market crisis.

A recent report from the International Finance Association warned that the impact of the soaring US debt is not only limited to the domestic economy but could also trigger a global bond market crisis. The report shows that the borrowing costs of some countries often move in sync with US Treasury bonds, meaning that fluctuations in US Treasury bonds will have a chain reaction on other debts. The report stated, "Due to the increasing focus on market dynamics and borrowing structures, volatility in the US Treasury bond market may intensify, which will transmit to other jurisdictions."