Interest costs on global government debt have never been higher: Gross interest expenditure among OECD countries surged +$180 billion YoY in 2025, to a record $2.24 trillion
byu/RobertBartus inEconomyCharts
Sept. 14 — U.S. deficit reaches $1.97T with a month still left in fiscal 2026
The U.S. deficit is already $1.97T, above the entire $1.775T deficit recorded in FY2025. Federal interest costs are up 13% year-to-date, or $143B.
Sept. 14 — Fed’s table is set for a rate hike
https://www.reuters.com/business/feds-table-is-set-rate-hike-first-under-warsh-2026-09-14/
Oil above $100 and August inflation have pushed markets toward an almost 89% probability of a 25-bp Fed hike. That is happening while long-term Treasury yields are already near multi-decade highs.
Sept. 8 — The world’s $2tn interest bill
https://www.ft.com/content/4f28ef6c-f727-4d36-88a3-bbdbd13ddfbf
The FT found OECD debt servicing exceeded $2T in 2025, with the U.S., UK and France among countries now spending more on debt interest than defense. OECD governments are expected to borrow another $18T in 2026.