đš THIS IS NOT GOOD
~$9.6 trillion of U.S. marketable government debt will mature over the next 12 months, the most ever.
Thatâs 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 4â5%.
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. Donât worry, Iâll keep you updated on everything.
When I make a new move in the market, Iâll 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.