David Zervos(@DavidZervosDC):In the @ftopinion article below, @martinwolf_ claims that the average maturity of US Treasury issuance decreased from 6.1 years in 2024 to 2.5 years in 2026. He should check his math. The 2024 figure appears to entirely exclude bill issuance in that year, whereas bill issuance is fully included for 2026. In effect, he is comparing apples to broccoli. The truth is that the WAM of all outstanding debt has barely changed between 2024 and today (5.9 vs 5.8 years). The Treasury regularly publishes a wide range of portfolio metrics in order to provide market participants with an accurate picture of the debt maturity structure. @FT writers should consult these data before publishing claims that mislead its readers.

2026.10.02 12:18

In the @ftopinion article below, @martinwolf_ claims that the average maturity of US Treasury issuance decreased from 6.1 years in 2024 to 2.5 years in 2026. He should check his math. The 2024 figure appears to entirely exclude bill issuance in that year, whereas bill issuance is fully included for 2026. In effect, he is comparing apples to broccoli. The truth is that the WAM of all outstanding debt has barely changed between 2024 and today (5.9 vs 5.8 years). The Treasury regularly publishes a wide range of portfolio metrics in order to provide market participants with an accurate picture of the debt maturity structure. @FT writers should consult these data before publishing claims that mislead its readers.