The United States is now paying nearly $970 billion a year just to service the interest on its $38.8 trillion national debt - a figure that has nearly tripled since 2020 and already exceeds what the federal government spends on national defense or Medicaid, according to a February analysis by the Committee for a Responsible Federal Budget (CRFB).
Markets currently price in two rate cuts by year-end. US Treasury yields were little changed, with the 10-year note holding steady near 4.4%, as traders awaited clarity from the Fed.