The U.S. is now spending about $1.25 trillion a year just on interest on the national debt — more than it spends on national defense.
But the bigger story may be what’s happening to interest rates themselves.
In this video, see how dramatically the interest-rate environment has changed since 2020 — and why where rates go next could have implications far beyond the bond market.
Watch now:
Where Do Interest Rates Go From Here?
The September Global Market Perspective takes the analysis further.
See EWI’s latest outlook for global interest rates — plus analysis of stocks, currencies, metals, energy, cryptocurrencies and other major markets around the world.
Want More Focused Interest-Rate Analysis?
If interest rates are a key part of your investing or trading decisions, EWI’s Interest Rates Pro Service gives you more frequent, focused analysis of key U.S. interest-rate markets.
Follow the Elliott wave patterns our analysts are tracking and see how the outlook develops as markets move.
See the Bigger Global Rates Story
Interest rates don’t move in isolation.
Global Rates & Money Flows follows sovereign, corporate, municipal and emerging-market debt, along with currencies and shifts in global money flows.
Veteran analyst Murray Gunn connects developments in individual markets to broader economic trends and central-bank policy — helping you understand what is happening, why it matters and what the markets may be signaling next.
