**[New York Fed: Decline in Government Bond Appeal Leads to Rise in "Natural Rate of Interest"]** According to a report by Golden Finance, researchers at the New York Federal Reserve stated that a key global interest rate is rising, primarily due to the declining appeal of government bonds in terms of safety and liquidity. The so-called "natural rate of interest" (i.e., the short-term interest rate when the economy is at full employment and inflation is stable, also known as r-star) has shown a "statistically significant increase" since 2019, rising by approximately 1 percentage point in the U.S. and other developed economies. The diminished interest of investors in government bonds as safe assets may account for 50% of this rate increase. Although the natural rate of interest exists only in theory, it holds significant importance as it serves as a critical reference for central banks in determining market interest rates. Federal Reserve Chair Jerome Powell likened it to the "North Star" that sailors rely on for navigation during his speech at the Jackson Hole Symposium in 2018.