The biggest problem with the "short-terming" of the US Treasury stock, which under Bessent's extension of Yellen's Activist Treasury Issuance playbook, which pushed the percentage of T-Bills as a percentage of total debt to 23% - the highest since 2010 excluding the emergency surge during the covid crisis which relied entirely on Bills for government funding and briefly pushed the Bill percentage above 25% - even as total US debt rose above $40 trillion for the first time ever...