The BlackRock Group highlights that the escalating US government debt could diminish investors' appetite for long-term Treasury bonds and dollar-denominated assets, thereby prompting increased capital outflows to overseas markets. The tariff measures implemented during the Trump administration have already sparked market turbulence and fueled uncertainty regarding the dollar's status as a global reserve currency. While fears of 'de-dollarization' remain speculative at this stage, the relentless climb in government debt may serve to intensify this risk. BlackRock's third-quarter fixed income outlook report underscores that the burgeoning issue of US government debt now represents the most significant threat to the 'privileged position' of financial markets.