2023-5-30 14:15 |
Quick Take Horizon Kinetics breaks down the maturity structure of U.S. treasury securities out to 2052, a total of $23.8 trillion. Maturity dates, years to maturity, and weighted average maturity are presented in a cumulative breakdown table. Based on figures from the end of 2022, this data reveals $23.8 trillion worth of outstanding debt that needs to be rolled over for different durations. By January 2026, over 50% of the debt will mature, and 30% by January 2024. The main issue is the federal reserve has been hiking rates at the fastest rate for over 40 years, so the debt will have to be serviced at higher rates. Gabor Guracs, a strategy advisor at Tether, also points out that rates were held too low between 2008 and 2021, and the subsequent changes “hiked to 5% too quickly.” As the fed stays higher for longer on the federal funds rate, this will continue to have a more significant % share of the U.S. budget, which will eat into other sectors such as education. FED Funds: (Source: Gabor Guracs) U.S. Treasury Securities: (Source: Horizon Kinetics)
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