A $1.5--2T annual U.S. deficit means the market has to digest trillions in fresh Treasuries every year. Issuance has been front-loaded into T-bills since Yellen and that playbook hasn't changed under Bessent despite earlier objections. Structural, not political.
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A $1.5--2T annual U.S. deficit means the market has to digest trillions in fresh Treasuries every year. Issuance has been front-loaded into T-bills since Yellen and that playbook hasn't changed under Bessent despite earlier objections. Structural, not political.