This page zooms in on US government debt. The left-hand chart looks at the evolution of federal net debt, and shows how current debt levels are approaching those last seen post-World War II. The right-hand chart compares US nominal GDP growth to the level of the 10-year Treasury yield. In the post-war period, US growth accelerated sharply while central bank policy kept a tight lid on Treasury yields. Policymakers may look to achieve a similar result going forward given the rapid debt accumulation witnessed in 2020.