A Peek Around the Corner… Maybe
We have consistently struggled in our efforts to forecast interest rates. We have watched as the U.S. Federal debt has moved from $9.7 trillion and 62% of U.S. GDP to $22.7 trillion and 106% of U.S. GDP in 2019. The estimate for 2021 debt outstanding is $26.7 trillion and 136% of GDP. We assumed that with the significantly higher supply of debt that the cost of financing the debt would begin to increase – that has certainly not been the case thus far. Unemployment in the U
