U.S. debt exceeds 100% of GDP

U.S. federal debt now exceeds 100% of GDP for the first time since World War II.
That is a major fiscal milestone.
The debt story is no longer just about the absolute dollar amount.
It is now about debt relative to the size of the economy.
When debt grows faster than GDP, investors start focusing more on deficits, Treasury supply, interest costs, and long-term fiscal sustainability.
For $UST, the market is being forced to price a heavier debt burden into the macro outlook.