US Debt Maturity Profile - Marketable Securities
(AKA - When do we pay for all of this?)
I continue to be impressed by the good fortune the US has had during this period of expanding debt. Our average interest rate has improved from last year. This has been accomplished despite managing to push debt out to further maturities. With any upwardly sloping yield curve, there’s a trade-off between low rates and long financing periods. We seem to have avoided this trade-off by bringing down yields across the curve.
I remain skeptical about this winning streak. All winning streaks must end, and interest rates can only drop so far. Enjoy it while it lasts.
(February treasury data here)
