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🚨🚨 The US debt crisis is entering uncharted territory 🔥📢
The US Treasury has issued a record $25.4 trillion in T-Bills over the last 12 months, lifting total Treasury issuance to a record $36.6 trillion 🔥📢
This means T-Bills now reflect 69.4% of all Treasury issuance, near an all-time high 🔥📢
The percentage has risen +27.6 points since the November 2015 low 📢
In other words, the US government is increasingly financing its long-term obligations with debt that matures in just a few months 📢
As a consequence, interest expense on public debt now moves nearly in lockstep with the Fed’s policy rate 📢
If inflation resurges and the Fed is forced to raise rates again, interest costs will climb to unprecedented levels 📢
The US debt crisis is intensifying 🔥📢
