ot so much the threat of additional rate hikes by the Federal Reserve that has investors scared. It’s more the spike in longer-term bond yields. The 10-year Treasury yield rose to a 16-year high near 5% on Thursday. The 30-year bond blew past 5.1%. And 30-year mortgages are now topping 8% -- threatening to put a freeze on the housing market. Given the economic tightening being done by the bond market, the Fed is widely expected to stand pat on rates for the remainder of the year.
The headline numbers are disturbing enough -- $33 trillion in official national debt and annual deficits of over $2 trillion projected. But the Treasury department now also faces a historic jump in debt servicing costs. The Committee for a Responsible Federal Budget is sounding the alarm. It recently reported that interest costs will surpass $800 billion this fiscal year, more than double what they were just two years ago.
Source: News Formal (newsformal.com)
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