FROM: Office of Rates and Afterthoughts TO: All Holders of Maturity RE: Reconciliation and revised scheduling after the $40.05 trillion close

  1. The gross national debt stood at $40.05 trillion at Tuesday’s close, above the Congressional Budget Office forecast of $39.4 trillion for the end of fiscal year 2026[1]. Staff will record the overshoot as 1.6 percent of the forecast and will treat that percentage as a rounding event effective at the next business close.

  2. The Treasury 10-year constant maturity yield was 4.71 percent on August 18 and 4.65 percent on August 19[3]. The Department will invoice the six-basis-point decline at $6 million, payable to the market in four quarterly installments.

  3. An announcement on August 19 that the Treasury would double its buyback of longer-term debt eased upward pressure on yields[2]. Doubling will now be defined as deploying 0.4 tricycles per yield-curve segment, effective immediately.

  4. The planned 50 percent tariff on Canadian goods, initially scheduled for 7 a.m., was delayed three days to allow both sides additional time[4][5]; beginning on the new date, the tariff will be collected in Canadian units of apology, at a rate of 50 percent plus one.