T-bills are now about 21% of tradable US debt, the highest share since 2020 and well above the 10-15% range of 2012-2019. Funding the deficit at the front end hands rollover risk and debt-service cost

What happened: Stress at the long end of the US yield curve appears to be moving toward short-term lending markets as Treasury bill issuance rises. Why it matters: The shift threatens to complicate life for the Fed, per the report. Key numbers: None stated.

Rising Treasury bill issuance pressures short-term rates.

Rising Treasury bill issuance pressures short-term rates. — impact context not separately stored; see What changed.