U.S. debt keeps setting new records

JUST IN: U.S. federal debt has reached a record $39.4T.
The total has risen about $3.2T over the past 12 months alone.
That pace matters because debt supply is becoming a bigger part of the rates story.
The more Treasury issuance the market has to absorb, the more investors focus on yields, auctions, and demand from foreign buyers.
For $UST, fiscal pressure and rate pressure are now tightly connected.