Insights
Maturity structure of U.S treasuries: 30% matures by end of 2023 Maturity structure of U.S treasuries: 30% matures by end of 2023

Maturity structure of U.S treasuries: 30% matures by end of 2023

Over 50% of the outstanding U.S. debt matures by Jan 2026

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 changesย “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)
FED Funds: (Source: Gabor Guracs)
US Treasury Securities: (Source: Horizon Kinetics)
U.S. Treasury Securities: (Source: Horizon Kinetics)