A split is emerging among investors and dealers in the US government bond market over how the US Treasury should finance its record borrowing needs with the scale of 30-year debt sales causing friction.
At a time of record debt issuance by governments in the US and Europe, there is an acute need to maintain the confidence of bond investors. In the US, the average maturity of its outstanding debt is 58 months and in line with the average since 1980. But it is much lower than countries such as the UK.
The US Treasury is seeking to extend the life of its debt in order to lessen any future refinancing problems. Recently, it has cut the size of short-term debt sales, while maintaining those of 30-year bonds.
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