[Bridgewater Founder Ray Dalio Warns: U.S. Bond Sell-Off Far from Over, Supply-Demand Imbalance Worsens Debt Spiral] Bridgewater founder Ray Dalio stated in an article that the U.S. is entering a new phase where the expansion of bond supply is driving up yields. This trend will directly increase borrowing costs, further inflating the scale of government debt. Dalio predicts that unless high interest rates cause sufficient damage to the real economy and financial markets, forcing a rebalancing of capital supply and demand, this vicious debt spiral will be difficult to stop. As a long-time warning voice on the U.S. debt crisis, Dalio has previously advised investors to sell bonds and buy gold and Bitcoin. This month, the yield on the U.S. 10-year Treasury note surged to its highest level in nearly 25 years, approaching the 5.4% mark. After yields hit a cyclical high, some investors and strategists, including BlackRock and Morgan Stanley Investment Management, have turned bullish on U.S. bonds, believing that the current high yields offer allocation value.