The Debt Cycle: A Warning for More Than Just Bond Investors The national debt's impending $40 trillion milestone serves as a stark reminder of the country's fiscal recklessness.
Bank of America strategist Michael Hartnett has been warning investors through his "Anything but Bonds" framework, and its implications extend far beyond bond investors.
Hartnett's concern lies not in the absolute size of the debt, but rather in the dynamic at play: the government's perpetual need to refinance and issue more bonds.