BANK ROLE: The US national debt is nearing a historic $31 trillion mark.
"The Fed has, and accepts, responsibility for price stability," Powell said last week at the Cato Institute's 40th Annual Monetary Conference. "We need to act right now – forthrightly, strongly."
For years, the U.S. has been able to borrow cheaply, as interest rates have remained historically low. However, as the federal funds rate increases, so will short-term rates on Treasury securities, making federal borrowing more expensive. The CBO's projections show that interest payments could eventually total close to $66 trillion over the next 30 years, eventually taking up almost 40% of all federal revenue by 2052. Interest costs would also become the largest "program," over the next few decades, surpassing defense spending in 2029, Medicare in 2046 and Social Security in 2049."As interest rates rise and the nation’s debt grows, it will become even more expensive to borrow in the future.
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