US Debt $40T, Japan Currency Intervention, Record Gold Bar - SD Bullion
US Debt $40T, Japan Currency Intervention, Record Gold Bar - SD Bullion
Source: SD Bullion
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DW NOTE
The US gross federal debt crossed $40 trillion in July 2026 — it was $36 trillion eighteen months ago. That's $4 trillion added while the Fed Funds rate sat above 3.5% and the 10-year yield above 4.6%. The cost of rolling this debt is no longer theoretical: net interest expense is now the second-largest line item in the federal budget after Social Security. Japan's currency interventions have become a quarterly ritual, burning reserves to defend a peg the bond market stopped believing in years ago. Gold at $4,109 is 22.8% off its January high, but still up 24.76% year-over-year — the bid hasn't disappeared, it's just paused while Treasury yields stay elevated and the dollar holds.