The bond market and your budget

1A | Sep 15

The U.S. government relies on debt to make its budgetary math work.

For much of this century, that math was relatively easy. The government’s cost to borrow money was low and the U.S. debt was rising, but manageable. The situation’s gotten a little more difficult. In August, when those borrowing costs spiked. Treasury Secretary Scott Bessent responded to the market jitters, saying bond costs needed to come down.

Even since that announcement, those borrowing costs are still at or near the highest levels seen in 20 years. On Monday, one of the most important benchmarks showed the going interest rate for U.S. debt had hit 5 percent.

What does this bond headache mean for the future of the U.S. government’s debt? What does it mean for your personal finances over the next few years?

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