Federal government borrowing used to be Long term debt. They shifted it to short term debt to make it cheaper on the books. The government wants its free money borrowing power back and we haven’t even gone past 2% yet! Same as tech stocks. One percent money was low enough that they could borrow one dollar for every one dollar of stock sold. They didn’t need earnings or profits. Speculative value would pump up stock values to 10% over last quarters price. They then use that 10% money to pay the 2% borrowing, making an 8% profit on nothing that really exists. 5% money will make that game difficult.
The government wants its free money borrowing power back
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Of course it does. How else will they buy votes, pay off their friends, and enrich themselves? It takes a steady stream of borrowed money to do that.