【The Kobeissi Letter】 The most ironic part about "higher rates for longer?" The US government itself needs lower interest rates more than anyone. Over the next year, a record 8.9 TRILLION of US Federal debt will mature and need to be refinanced at much higher rates. US debt service costs before the Fed started raising rates were roughly ~1.5% of GDP. Now, the US is paying ~3.1% of GDP in debt service costs as interest rates have risen. By 2034, US debt is expected to cross above a staggering 50 trillion. Who's going to pay all of the interest expense on this debt?