US Treasury Secretary Scott Bessent warned investors against betting against the Treasury’s defense of the long end of the market during a speech at Southern Methodist University on September 8. In response, the 30-year Treasury yield rose from approximately 5.25% to 5.69% over three weeks, reaching levels not seen since 2002. Total federal debt has crossed the $40 trillion milestone, with total liabilities and unfunded obligations estimated at least $147 trillion. The authors advocate for passing the Fiscal Commission Act to address this growing fiscal crisis, as Social Security and Medicare trust funds are expected to be depleted between 2032 and 2033.
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