Bill’s Commentary:
“The world is about to get a lesson in math!”
“Doom Loop” Engaged: US Debt Hits $40 Trillion As Treasury Enters The Endgame
It took the US 200 years to reach its first $1 trillion in debt. It took 95 days to add its last.
After several weeks of build up, today the Treasury announced that total public debt surpassed $40 trillion for the first time, after jumping by over $60 billion in one day, and has now surged by $1 trillion in just over three months, and by a third of the total in less than five years, as US lawmakers continue to ignore calls to contend with historically wide fiscal deficits.
The largely expected news came just hours after Treasury Secretary Scott Bessent unexpectedly announced the Treasury’s latest attempt to rein-in long-term borrowing costs from multi-year highs, the most important component of the growth in debt.
Bill’s Commentary:
“Why does Treasury need to support what is supposed to be the world’s safe haven? I have news for you, the Frankenstein debt market they have hobbled together is now far too large for any central bank or sovereign treasury to support…”
Treasury yields rebound, wiping out the decline following Bessent’s intervention
Bond yields climbed on Thursday, coming back from the pullback they saw the previous day after the Treasury Department announced an intervention aimed at easing pressure on longer-dated government debt.
Yields on 10-year U.S. Treasurys — the main benchmark for mortgages, auto loans and credit card debt — moved more than 5 basis points higher to 4.704%. The yield level was above the level it held before the 8:30 a.m. announcement Wednesday that Treasury would be stepping up its bond buyback program.
The yield on the 30-year U.S. Treasury bond — the primary focus of the accelerated buyback — was up more than 5 basis points at 5.248%.
Bill’s Commentary:
“Do you see?”
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