https://k4i.com/tags/rollover-risk/ Recent content in Rollover Risk on k4i.com Hugo en-us Fri, 03 Apr 2026 00:00:00 +0000 https://k4i.com/the-bill-trap-why-treasury-keeps-borrowing-short/ Fri, 03 Apr 2026 00:00:00 +0000 https://k4i.com/the-bill-trap-why-treasury-keeps-borrowing-short/ <p>One of the quieter findings in the GAO&rsquo;s March 2026 federal debt management report (GAO-26-107529) is the degree to which the U.S. government has increased its reliance on short-term borrowing — and what that implies for fiscal exposure to interest rate movements.</p> <p>In fiscal year 2014, Treasury bills accounted for 13 percent of marketable debt held by the public. By fiscal year 2025 that share had risen to 22 percent, against a long-term historical average of 20 percent. Notes declined as a share but still constitute over half of all outstanding debt. Bonds increased from 12 to 17 percent, partly due to the reintroduction of the 20-year bond in 2020.</p>