โ ViewAdvancedMacroeconomics โบ Inflation & Interest Rates
Five Percent Meets Forty Trillion: The Fiscal Math Behind the Bond Market's Message
The 10-year Treasury yield has pushed past five percent to levels last seen before the 2008 crisis. With federal debt above $40 trillion, the higher-for-longer long end converts monetary tightening into a fiscal problem, as maturing debt refinances at today's rates and net interest compounds.
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