Over the last 18 months, the Treasury has been aggressively converting short-term debt to longer-term debt. This can be seen in the chart below with the turquoise bars being negative. When rates were low, this intuitively made sense, especially as the Fed telegraphed its plan to start raising rates. Lock in low rates for longer. […]
The post Treasury Locks in Higher Rates for Longer Despite Exploding Interest Costs first appeared on SchiffGold.