Here’s TFA for anyone without a sub https://archive.ph/mbz1p https://archive.ph/mbz1p My take… Treasuries yield based on desirability and confidence. If eith

Here’s TFA for anyone without a sub https://archive.ph/mbz1p https://archive.ph/mbz1p My take… Treasuries yield based on desirability and confidence. If either confidence or desirability are low, yields go up, in order to make them a more attractive investment. Currently, confidence seems to be about the same as ever - the U.S. defaulting is as unlikely as it ever was - however desirability is down, as since the pandemic retail ETFs and equities have exploded in popularity, and bonds are pretty unsexy instruments at the best of times - so the yield goes up to try to attract investors. Of course, there’s also interest rates going up and inflation to factor in, however inflation doesn’t really change the picture when you’re the one printing the money, as while it pushes absolute figures up the devaluation is commensurate. So, all in all, this should actually be read as “in absolute terms, the defence budget has shrunk” - which is kinda true, kinda not, as quite a bit of what once sat under defence now sits under various discretionary spending schemes rather than “money for the DoD”.