According to @KobeissiLetter, the U.S. Treasury recorded a $284.4 billion federal budget deficit in October, the worst opening month to any fiscal year on record. According to @KobeissiLetter, this surpasses the previous October record deficit of $284.1 billion set in 2020 during the pandemic response. According to @KobeissiLetter, government spending rose 18% year over year in October. According to @KobeissiLetter, the record deficit reading is a key macro input that traders are watching across Treasury issuance, yields, the U.S. dollar, and liquidity-sensitive risk assets including BTC and ETH.