According to The Kobeissi Letter, the 10-year note yield has increased by 115 basis points since the start of rate cuts up to mid-January. As $9.2 trillion of government debt matures this year, the markets are preparing for significant refinancing challenges. A substantial portion of this debt was initially borrowed at lower interest rates, which may lead to increased costs for refinancing and impact bond markets.

According to The Kobeissi Letter, the 10-year note yield has increased by 115 basis points from the start of rate cuts to mid-January. This comes as $9.2 trillion of government debt is set to mature this year, leading markets to brace for significant refinancing activities. Many of these debts were initially issued at much lower interest rates, indicating potential challenges for refinancing at current higher rates.