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Wall Street forecasts the U.S. will net borrow $1 trillion in short-term debt over the coming year, with rising rollover risk.

1 hours ago

Bank of America, JPMorgan Chase, and Goldman Sachs project that the U.S. will net borrow roughly $1 trillion over the next year via short-term Treasury bill issuance. As U.S. long-term Treasury yields hit their highest level since 2007, the Treasury’s growing reliance on short-term debt means its fiscal financing costs have become far more sensitive to interest rate changes. Specifically, Bank of America forecasts net short-term debt borrowing of around $1.07 trillion in the fiscal year ending September 2027; JPMorgan projects full-year 2027 issuance at $1.09 trillion, while Goldman Sachs estimates $961 billion. Per Bank of America’s projections, the U.S. outstanding stock of short-term Treasuries will reach roughly $8 trillion by next September, accounting for 24.3% of all marketable U.S. government debt. Short-term debt typically carries lower financing costs than long-term debt, but requires more frequent rollovers. With the Federal Reserve holding interest rates steady at 3.75% to 4%, the rising share of short-term debt could make U.S. interest payments more large and volatile. The Treasury Borrowing Advisory Committee previously recommended that the share of short-term debt in total outstanding debt be maintained at around 20% over the long term, to balance financing costs, debt volatility, and rollover risks. The U.S. federal deficit remains at elevated levels; the Congressional Budget Office (CBO) projects the deficit will stay at roughly 6% of GDP over the next decade, leaving the Treasury with persistent massive financing needs.

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Uniswap founder: SBF spent seven figures to purchase the Uniswap.com domain name and redirected it to a fork project.

Uniswap founder Hayden Adams posted this morning that the original holder of Uniswap.com once demanded a seven-figure sum for the domain, but the Uniswap team declined to pay. Subsequently, SBF purchased the domain for a seven-figure amount and directed it to a Uniswap fork project. Adams noted that the subsequent malicious use of the domain served as the basis for Uniswap’s legal team to ultimately acquire the domain for free, though he did not disclose specific legal procedures or the exact transaction timeline.

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Bitcoin briefly broke through $82,000.

According to HTX market data, Bitcoin briefly surged past $82,000, currently trading at $81,820, with a 0.78% gain in the past 24 hours.

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A whale that netted $3.7 million from swing trading Ethereum (ETH) is chasing the rally again, adding 7,567 ETH to its holdings.

According to EmberCN’s monitoring, a crypto whale that sold ETH in August for an approximate profit of $3.7 million has repurchased ETH today. Over the past hour, the whale transferred $40 million in USDC to Binance, and has since withdrawn 7,567 ETH worth roughly $20 million from the exchange. The whale has repeatedly executed ETH trades on the 21st of each month: it bought $21 million worth of ETH on July 21, sold ETH on August 21 to pocket ~$3.7 million in profit, and repurchased ETH again on September 21.

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Trump administration plans to relax audit rules for listed companies, potentially costing the Big Four accounting firms $400 million in fees.

The U.S. Securities and Exchange Commission (SEC) is proposing to relax internal control audit requirements under the Sarbanes-Oxley Act, a move that could cost U.S. accounting firms over $4 billion annually in related fees. According to the SEC’s May proposal, public companies with a public float market capitalization below $2 billion will no longer need an auditor’s attestation on internal financial controls—up from the current $700 million threshold. Additionally, newly listed companies, regardless of size, will be exempt from this requirement for their first five years post-IPO. The SEC estimates the change will exempt roughly 1,700 companies, or 27% of all listed firms, from auditor attestation. A prior U.S. Government Accountability Office analysis found that after companies meet the current threshold and begin undergoing auditor internal control attestation, median audit fees rise by approximately 13%. Data from Ideagen Audit Analytics shows that companies potentially eligible for the exemption paid around $3.8 billion in audit fees last year, translating to an estimated $4.3 billion in related revenue for accounting firms. The Big Four accounting firms—EY, Deloitte, PwC, and KPMG—have all opposed the relaxed rules, arguing that even if independent attestation is scrapped, some internal control tests will still be required in regular audits, meaning actual cost savings for companies may be lower than expected. Investor groups have also raised concerns about the full five-year exemption for newly listed firms. SEC Chair Paul Atkins is advancing a series of deregulatory measures, including cuts to quarterly reporting requirements, and positions these reforms as part of efforts to reduce listing costs and encourage more companies to go public via IPOs.

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Is the bottom confirmed? Bitcoin climbs above the 50-week moving average for the first time in 45 weeks, surging 29% in 35 days.

Galaxy Research Head Alex Thorn wrote in a post that Bitcoin's weekly closing price has reclaimed its 50-week moving average (50W MA) for the first time in 45 weeks. Thorn noted that historically, Bitcoin reclaiming the 50W MA is often regarded as a key confirmation signal that a bear market bottom has formed. Currently, BTC has risen approximately 29% over the past 35 days.

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Ethereum briefly breaks through $2,700

According to HTX market data, Ethereum briefly broke through $2,700 and has now pulled back to $2,694, with a 24-hour increase of 2.49%.

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