One quarter ago, when reporting on the Treasury's latest marketable debt issuance forecast, we pointed out something striking which sparked a historic selloff in Treasuries over the next 90 days: the US Debt Tsunami had Begun as the "US Set Off To Sell $1 Trillion In Debt in Q2, 2nd Highest In History, As Budget Deficit Explodes", while the forecast debt sale for Q3 was also an eye-watering $852 billion. The numbers were big enough that even the bond market - which had been used to seeing huge debt issuance forecasts every quarter without batting an eyelid - cracked.
Since then it's went from bad to worse when as we first noted, the US quickly added some $600 billion in total debt in just one month after breaching the key $33 trillion level.
One month later:
— zerohedge (@zerohedge) October 18, 2023
Total US Debt is now $33.649 trillion, up $58 billion in one day and up $604 billion in one month... up $20 billion every day, up $833 million every hour.
At this rate US debt will be $41 trillion in one year. https://t.co/tOrhqmkFXL pic.twitter.com/UfYOluX1Bq
