Certain stability that has developed recently in the global and Russian financial markets is rapidly disappearing into the past. The new tectonic movements on them will be caused, as it should be expected, by serious changes in the situation with the American debt, the volumes of which exceeded all conceivable and unthinkable limits. Like it somebody or not, but to pay for this colossal global imbalance is not so much the US itself as the rest of the world financial market players. And Russia with its ruble is no exception here. While the world continues to enjoy the last moments of stability due to the good state of the world's main economy, the hours of the new crisis are steadily approaching its beginning. Just yesterday Goldman Sachs Asset Management made a rather sharp forecast, according to which the yield of ten-year US Treasury bonds will rise to 3.5% in the next six months. The market is less likely to believe in American debt and inevitably lays in its forecasts a sharp tightening of monetary policy by the US Federal Reserve System (FRS). The massive sell-off of US debt by investors is becoming an increasingly common phenomenon. So, last week, the yield on US ten-year bonds rose to a four-year high of 2.88%. The reason was signs of accelerated inflation and uncertainty surrounding the expected tightening of the Fed's monetary policy under its new chairman, Jerome Powell. According to analysts, this year the Fed will raise interest rates at least three to four times, raising the value of the dollar. In parallel, there will be a massive sale of treasury bonds purchased under the quantitative easing program in 2008-2009. How can all these expected movements threaten Russia and its national currency? Judging by the comments of experts, nothing good is expected here. In the risk zone, this time, there may already be Russian debts, and with them all other assets. "The tightening of the monetary policy of the US Federal Reserve is, of course, not a very positive news for the Russian national debt," explained Vice-President of the Golden Mint House Alexei Vyazovsky. - The fact is that this is taking place against the background of the lowering of the Central Bank of Russia's key rate. Now it is 7.5% per annum. If the Fed raises rates to 3.5%, then the discount between the yield of Russian and American securities will be greatly reduced ". According to the expert, this may lead to the fact that from domestic OFZ (which is the most attractive asset for foreign investors) will leave foreign buyers who played on the difference in interest rates (the so-called carrie traders). In this situation, it will be more difficult for the Russian government to finance a budget deficit. And this means that the ruble, most likely, will be under the pressure of sellers. The worst outcome, Alexei Vyazovsky, considers the possible withdrawal of foreigners from Russian assets. "If any other factors intervene in this picture, it will be impossible to predict how the carry traders will behave," the expert warned.. Even more pessimistic about the situation and the fate of the ruble looks analyst of FC Kalita-finance Dmitry Golubovsky. In his opinion, what is happening will lead to a rigorous correction of the stock market and the fall of all proxy currencies. "The euro, the yen, the franc, the less pound will grow. The commodity market will remain in volatility and, rather, it will also fall, "Dmitri Golubovsky, in a conversation with the correspondent of" Utra ". - Therefore, commodity currencies will also be weakened. Unlike many "related" currencies, the ruble will get a double blow: both through the fall of the financial markets of the world, and the weakening of the world oil market ".