AI Data Insight
Latest data shows that the YoY growth rate of US government fiscal spending in Q3 2026 skyrocketed from -23.55% in the previous month to 69.14% [1], reflecting a dramatic rebound. Aside from short-term disruptions like delayed payments due to holidays and base effects from student loans, the record-high national debt interest of $1.36 trillion is the structural culprit driving up spending. Going forward, vigilance is required regarding the upward pressure on US Treasury yields caused by debt issuance supply.