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@KobeissiLetter
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What the government is doing now is the equivalent of holding a 30-year mortgage at a 3% interest rate and refinancing it into a 4% one-year adjustable-rate mortgage.
In other words, you are replacing longer-term, lower-cost debt with shorter-term, higher-cost debt.
Now apply that to trillions of US dollars.
That is effectively what the US Treasury is being forced to do as long-term yields surge.
Unfortunately, the Treasury is largely playing the hand it has been dealt.
The next phase of the US deficit spending crisis began today.