The US money printing machine

Five charts to start your day

Well now, this is quite fascinating! Net interest payments as a share of federal revenue are at their highest level since Trump reclaimed the presidency. And our friend Elon Musk finds himself right in the thick of it.

Musk, tasked with taking a chainsaw to government spending, reckons bond traders simply haven't cottoned on. He's convinced that if his Department of Government Efficiency – or DOGE – can slash trillions from federal outlays, long-term interest rates will tumble.