US Treasury refinancing wave approaching with $7.5T maturing in 2026; higher rates could increase annual interest costs by ~$50B.
Macro & Markets ·
Approximately $7.5 trillion in marketable Treasury debt matures in 2026, with $6.1 trillion of the current $7.0 trillion in outstanding T-Bills due within the next year, according to analysis of US debt maturity schedules. A 75 basis point rate increase could add roughly $50 billion annually to T-Bill interest costs, equivalent to 0.15% of GDP, as maturing debt gets refinanced at higher market rates than original issuance rates. The US faces a substantial refinancing wave across 2026–2028, with $4.0 trillion maturing in 2027 and $3.5 trillion in 2028.