10‑Year Treasury Yield (% Annualized)
This is essentially an IOU from the US government to anyone. The US gov issues the IOU in exchange for cash. The US government then uses this cash to cover the deficit (taxes + IOU - expenses). If no one wants to buy these IOU's, then the government is forced to pay a higher interest to motivate IOU buyers. This higher interest is a burden for the government.
S&P 500 Index (Year‑Start / Mid‑2025)
rcalix@rcalix.com