The story so far · 2 days, October 17 to 18, 2026
One Turn followed this story across 2 editions, from Federal Reserve, Washington on October 17, 2026. Newest first.
US federal debt has grown rapidly through repeated deficits. Higher interest rates have sharply raised the cost of servicing it.
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Net interest costs on US government debt reached $1.05 trillion for the fiscal year through September, up more than 8% from $970 billion a year earlier.
Why it matters: Rising debt service crowds out other spending and can feed higher borrowing costs worldwide.
Sources: Japan Times · See it on the globe
Federal Reserve chair Kevin Warsh gave no signal on another interest rate hike in his last public remarks before the central bank's October meeting, while praising a 'synchronous tightening' by central banks worldwide. Upcoming inflation data may decide the move.
Sources: CNBC, CNBC · See it on the globe