Nearly a quarter of a trillion dollars has been added to the US national debt in less than three weeks.
According to the U.S. Treasury Department’s Debt to the Penny dataset, the total US national debt jumped by approximately $246.96 billion between February 28th and March 17th.
The debt increase represents approximately 49% of the $502.75 billion borrowed by the US government so far this year.
The total US national debt, which has risen approximately 15% year-to-date, now stands at $39.02 trillion.
The rapid increase in the US national debt coincides with a former deputy director of the International Monetary Fund (IMF), Desmond Lachman, saying that an increase in the 10-year US Treasury bond yields since the Iran war started is an ominous sign.
“This could be a warning that foreigners are losing their appetite for US Treasury bonds. This is especially the case considering that in normal times of heightened geopolitical and economic stability, investors would have sought the safe haven of the US Treasury market and driven down long-term government bond yields.”
According to Lachman, higher long-term interest rates could impact the US economy negatively.
“Elevated 10-year US Treasury yields would lead to higher mortgage and auto loan rates. They could also be the trigger that causes a long overdue equity market correction, and they could also cause real strains in the financial system following years of reckless lending fueled by easy money.”
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The post $246,956,928,000 Added To US National Debt in March As Ex-IMF Official Warns Foreigners Could Be ‘Losing Their Appetite’ for US Treasuries appeared first on The Daily Hodl.
