$38 trillion in debt at 5% = $1.9 trillion in interest expense per year. That is ~50% of tax revenue… The Fed is not in control. The Bond Market is in control.

https://twitter.com/WallStreetSilv/status/1611853802524622849

The highest yield on the US Treasury curve is the six month T-Bill, at 4.8%.

There is no way the Fed is going to 5%.

The Fed is not in control.

The Bond Market is in control.

— Jeffrey Gundlach (@TruthGundlach) January 7, 2023