US posts worst October deficit on record
Market news accounts citing Treasury data report October spending at $773BN, tax revenue down 8.8% and interest costs at a record for the month; Gundlach warns long yields could head toward 6%.
What we know
Market news accounts report the worst October deficit on record (unconfirmed by official data in these posts). Spending reached $773BN, up 12% YoY, with defense spending up almost 50% MoM to $129BN. Tax revenue fell 8.8% YoY to $369BN, and interest expense hit $115.5BN. DoubleLine's Jeffrey Gundlach says the 30-year Treasury could easily head toward 6% as interest costs near $2 trillion. Japan's 30-year yield rose 6.5 bps to 3.985%.
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