🚨 THIS IS NOT GOOD
~$9.6 trillion of U.S. marketable government debt will mature over the next 12 months, the most ever.
That’s roughly 1/3 of ALL outstanding public debt that needs to be refinanced.
Most of it was originally issued when rates were near zero. Now it refinances at 4–5%.
The math: even a 2% average rate increase on $9.6T = ~$192B in added annual interest costs alone.
For context, net interest on U.S. debt is already on pace to exceed $1 trillion/year in 2026, more than the defense budget.
The largest refinancing wall in history is here.
The next 12 months are going to be WILD. Don’t worry, I’ll keep you updated on everything.
When I make a new move in the market, I’ll say it here publicly.
If you want to WIN this year, just follow with notifications and pay attention.
Many people will regret not following me.