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• PerspectivaMacroeconomics & Markets

  Fiscal space is created by the denominator, spent at the roll, and bounded by nothing the statistics publish

  Federal debt rose 8.4 trillion dollars between 2021 and 2025 and ended 0.2 points lower as a share of GDP, because the denominator grew faster than the stock. A large part of that denominator was price, and the market yield on ten-year Treasury debt went from 0.89 to 4.29 percent.

  Por Jag DeSaint 25 de setembro de 2026