On July 20, the Chief Investment Officer of Amundi Asset Management's Core Investment Department stated that inflation has a more significant impact on bond yields than fiscal considerations. Governments can at least attempt to control bond issuance, but since the global financial crisis, central banks have found it challenging to manage inflation, and monetary policy has been compromised. This is not to downplay the importance of deficits and debt considerations; reckless fiscal policies always risk angering bond vigilantes. If investors purchasing bonds are confident in maintaining the real value of their investments, a high level of government bond supply will be more easily absorbed.