⛏ America’s debt load isn’t overwhelming

Fisher: America’s debt load isn’t overwhelming
A perennial false fear reared its head again as America’s debt odometer crossed the $40 trillion mark last week. Meanwhile, Treasury Secretary Scott Bessent announced the buyback program for long-term US Treasury bonds will double in size next month—sparking further alarm that the government is worried over debt affordability and warnings that the plan failed when yields kept ticking up. So are Treasurys—the bedrock of the global financial system—in trouble now? We think not, and a closer look at the evidence shows why. Read on »

Wheat Hits Three-Year High as Russia Prepares to Escalate War
Chicago contracts rose by their daily limit of 45 cents a bushel Wednesday, before rising further Thursday. Wheat last traded up 0.9% for the session at $7.55 a bushel, on pace for its highest close since July 2023. The latest price jump extends a sharp run up in prices for the commodity, with Chicago contracts trading around 30% above their end of June low. Read on »

The Warsh Fed is Growing Money Supply at the Fastest Rate since Covid
Money Supply is a very important indicator. It helps show how tight or loose current monetary conditions are regardless of what the Fed is doing with interest rates. Even if the Fed is tight, if Money Supply is increasing, it has an inflationary effect. One key metric shown here is the “Wenzel” 13-week annualized money supply figure. Read on »