<p><em>The volatility of bid and ask prices for Indonesian State USD Bonds (Indon) is greatly influenced by the economic conditions of the issuing country and the currency of origin of the bonds. Price has an important role in influencing investors' decisions in purchasing an investment product, including Indon. The aim of this research is to examine the influence of the Fed's interest rates, currency exchange rates and Indonesia's inflation rate on the Indonesian State USD Bond benchmark series (Indon 30) during the Covid-19 pandemic crisis period that occurred in Indonesia. This research aims to determine the relationship between two or more variables. The statistical test tool in this research uses the Vector Error Correction Model (VECM) method. Empirical results show that the Fed's interest rate and currency exchange rates have a significant influence on the bid and ask prices of Indo 30, which is the reference bond series during the pandemic crisis, except for the inflation rate which has no influence during the pandemic crisis on Indon 30 bid and ask prices Therefore, investors must pay attention to changes in macroeconomic factors to make decisions about investing in government debt instruments or bonds, which in this research use bonds denominated in US Dollars</em><em>.</em></p>