The US is borrowing too much money, and that's what's driving rates higher, former Dallas Fed President says

• The US is borrowing too much money and that's what is keeping rates up, the ex-Dallas Fed Chair says.
• The US is borrowing this quarter will amount $8.66 billion dollars a day. 
• That's a "horrendously" large number, Fisher said, and it's set to grow next year. 

The higher for longer outlook for interest rates sparked a historic crash in Treasury bonds this month, but there's another factor that's set to keep yields higher going forward, and that's US fiscal policy. 

According to former Dallas Federal Reserve President Richard Fisher, massive government borrowing needed to fund massive spending will be a culprit of higher bond yields.