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January 2026 Bond Market Review

December economic data signaled moderating inflation alongside a continued rebalancing in labor market conditions, with price pressures still running modestly

December 2025 – Bond Market Review

The near-term economic outlook continues to be distorted by the data delays from the government shutdown. Recently released government data—reflecting

The US National Debt: History and Impact of Budget Deficits

As of September 30, 2024, the U.S. population is 337.2 million, and the national debt has reached $35.3 trillion, or about $104,676 per person. The U.S. government borrows money to cover budget deficits by issuing Treasury securities, which impacts both the federal budget and the bond market, with interest payments on the debt expected to exceed $1 trillion in 2024. The growing debt, fueled by crises, spending programs, and rising interest rates, poses challenges for fiscal sustainability, with the national debt projected to exceed $56 trillion by 2034. Local agencies may face consequences from rising federal debt, including reduced funding and higher borrowing costs, underscoring the need for prudent fiscal management at all levels of government.

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