(https://www.marketwatch.com/story/the-ugly-math-on-interest-expenses-yields-and-the-40-trillion-u-s-national-debt-cb72be3b?mod=mw_rss_topstories) just hit the mainstream: federal debt service is now a structural burden, not a cyclical one. At 10Y yields of 4.64%, every 25bp rate cut saves the Treasury only $100B annually on a $40T debt base — pocket change against $600B+ in annual interest costs.

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