The US debt crisis intensifies: ~26% of US federal debt is set to mature within the next 12 months, one of the largest portions this century. By comparison, the peak was ~29% in 2020, when interest rates set by the Fed were at 0%. Between 2010 and 2020, this percentage remained below 20%. Currently, interest rates stand at 3.75%, with the market pricing in 2 cuts this year. This means ~$10 trillion in debt must be refinanced at significantly higher interest rates over the coming year. This comes as the US Treasury has shifted toward issuing shorter-dated bonds to minimize interest costs in the near term. Who is going to buy all of this debt?(The Kobeissi Letter)