The issuance of short-term zero-coupon bonds in the United States is nearing a record high, demonstrating that the US debt crisis is intensifying.
TL;DR
미국 재무부가 지난 12개월 동안 기록적인 25.4조 달러의 단기 무이표 채권을 발행하여 총 발행액이 36.6조 달러에 달하며, 이는 미국 정부가 장기 부채를 단기 부채로 재정 조달하는 비율이 69.4%로 역사적 최고치에 근접함을 보여줍니다. 이로 인해 공공 부채 이자 지급이 연준 정책 금리와 거의 동조화되어, 인플레이션 재상승 시 이자 비용이 전례 없는 수준으로 치솟을 위험이 커지고 있습니다.
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On December 9th, according to The Kobeissi Letter, the U.S. Treasury issued a record $25.4 trillion in T-Bills (note: T-Bills are short-term, zero-coupon bonds with maturities of one year or less issued by the U.S. Treasury) over the past 12 months, bringing the Treasury's total issuance to a record $36.6 trillion. This means that T-Bills currently account for 69.4% of total U.S. Treasury issuance, approaching historical highs.
This means that the U.S. government is increasingly using debt maturing in a few months to finance its long-term debt. Consequently, interest payments on public debt now move almost in tandem with the Federal Reserve's policy rate. If inflation picks up again and the Fed is forced to raise rates once more, interest costs will climb to unprecedented levels.
The US debt crisis is worsening.