Why Treasury Borrowing Is Stuck at the Short End

Episode 37 of The National Debt Podcast looks at a growing anomaly in government borrowing: Treasury is issuing more short-term bills than long-term bonds, even as the debt crosses 38.5 trillion dollars. Lucas and Luna examine why the 3-month yield at 3.62 percent is cheaper than 30-year bonds at nearly 5 percent, what that means for refinancing risk, and how the Federal Reserve's interest on reserve balances rate is trapping the yield curve in an inverted shape. Drawing on current data from June 2026, they explore the structural shift in Treasury's funding strategy and the quiet fiscal danger of borrowing short in a world of high deficits. No clickbait, just the numbers and what they signal about the government's approach to managing 38.5 trillion in debt. #TreasuryBorrowing #NationalDebt #FiscalPolicy #YieldCurve #ShortTermBills #FederalReserve #InterestRates #IOER #DebtManagement #RefinancingRisk #TreasuryAuctions #38Trillion #GovernmentDebt #Economics #FexingoBusiness #BusinessPodcast #NationalDebtPodcast #FiscalOutlook Keep every episode free: buymeacoffee.com/fexingo