๐ฆ US Debt Tilts Toward T-Bills
After 30-year Treasury yields rose above 5% in May 2026, more than 75% of the increase in marketable Treasury debt since July came from T-bills. That compares with 18% in 2025.
The US now has a record $7.25 trillion in T-bills outstanding. They mature within a year and must be constantly refinanced. Yields are already around 3.8%-4%, while another 25 bps Fed hike is expected on Wednesday.
BofA expects 3 25 bps hikes this year, which could add over $50 billion in annual interest costs once the debt is fully rolled over. The Treasury avoided more expensive long-term borrowing by using short-term debt. Now that short-term funding is getting more expensive too.
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๐ฆ US Debt Tilts Toward T-Bills After 30-year Treasury yields rose above 5% in May 2026, more than 75
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