BREAKING: The US government sold $654 billion in Treasuries last week across 9 auctions. $500 billion were T-Bills with maturities from 4 to 26 weeks, mostly replacing maturing debt. Furthermore, $154 billion in notes and bonds were issued, including $50 billion in 10-year notes. Since 2020, T-Bills outstanding have now surged ~$4 trillion, or +160%. As a % of marketable Treasury securities, T-Bills now reflect 22%, near the highest since 2021. By comparison, T-Bills peaked at ~34% in the 2008 Financial Crisis. US government borrowing is out of control.(The Kobeissi Letter)