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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: ild who wrote (24680)1/14/2005 2:26:22 PM
From: russwinter  Read Replies (2) of 110194
 
<since everybody has shifted the maturity spectrum of their debt downward which increasingly necessitates ever bigger rollovers of maturing debt >

In the case of the US Treasury itself, this is illustrated in spades on page 37 of this bulletin:
fms.treas.gov

This just shows public debt, privately held, but we can that the US govt, has jammed more and more securitites into shorter maturities. In 2000 avg maturity was 6 yrs 2 months, and now it's 4 yrs 11 months. So as these short dated issues rollover, the cost of the debt just creeps up. In 2001, 66.6% of all treasuries were under 5 years, and now it's 72.5%. Part of the manipulation of the 10 year, has been to push supply in the short end as the yield curve was steep, so now as the curve flattens rapidly, the bill comes due for that.
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