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Markets Are Quiet. Too Quiet.
Many Happy Returns
The US's Net Debt Issue
In 2020, there was net issuance of 4.3 trillion, which was really outstandingly large. The amount of net issuance is much less obviously because a lot of the bonds are going to mature. So they're looking at around 1.2 to 1.6 trillion per month in total. And that's been creeping up over the years.
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