Moe Zoyari/Bloomberg
- US national debt has ballooned to $33 trillion for the first time.
- The federal government could face another shutdown by the end of September.
- Treasury yields topped a 16-year high as the Fed ends its policy meeting on Wednesday.
Treasury yields hit a 16-year high on Wednesday after the US government's debt burden hit a record $33 trillion this week.
The surge comes as the Federal Reserve concludes its September policy meeting and is expected to hold interest rates steady.
The Fed's rate rises in recent months have increased the cost of federal borrowing, with the rate on 10-year Treasurys standing at about 4.36%, up from as low as 0.32% in early 2020.