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Nearly a quarter of a trillion dollars has been added to the US national debt in less than three weeks.
According to In the US Treasury Department’s Debt to the Penny dataset, the total US national debt increased by approximately $246.96 billion between February 28th and March 17th.
This increase in debt represents about 49% of the $502.75 billion the US government has borrowed so far this year.
The total US debt, which is up nearly 15% year to date, now stands at $39.02 trillion.
The rapid increase in US debt is linked to the former deputy director of the International Monetary Fund (IMF), Desmond Lachman, to say that the increase in 10-year US Treasury yields since the start of the Iran war is an ominous sign.
“This could be a warning that foreigners are stopping eating US Treasury bonds. This is especially so considering that in times of political and economic stability, investors would have found a safe haven in the US Treasury market and reduced long-term government yields.”
According to Lachman, a long-term interest rate hike could hurt the US economy.
“A rise in 10-year Treasury yields could make mortgages and auto loans more expensive. They could also be the catalyst for a long-term stock market recovery, and could cause serious financial problems after years of reckless lending for easy money.”
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