FROM JOHN PLENDER'S FT COLUMN:

"AT THE SAME TIME, TREASURY FUNDING IS INCREASINGLY RELIANT ON SHORTER-TERM SECURITIES, WHICH MEANS CONSTANT ROLLOVER RISK. WITH US PUBLIC DEBT APPROACHING ITS HIGHEST EVER LEVEL, THIS COMBINATION SOUNDS LIKE THE VERY DEFINITION OF A NON-GEOPOLITICAL FINANCIAL CHOKEPOINT, WITH VULNERABILITY TO SHOCKS. IT ALSO SUGGESTS THERE ARE NOW SYSTEMIC RISKS IN THE TREASURY MARKET." #ECONOMY #MARKETS #BONDS — VIA @ELERIANM

Treasury's shift to short-term debt creates rollover risk as US debt nears record highs.