The U.S. national debt is hurtling toward $40 trillion, and Bank of America Research strategist Michael Hartnett’s “Anything but Bonds” framework is becoming ever more applicable. Boiled down, Hartnett warns the US is accumulating too much debt, which causes the government to issue too many bonds—and investors want compensation for the fiscal risk—making long-duration Treasurys
The government’s near-$40 trillion national debt is now costing the Treasury more than $3 billion a day in service payments, according to a new report from the Congressional Budget Office (CBO). In its August budget update, the CBO reported that net interest on public debt totaled $963 billion between October 2025 (when the fiscal year
