Shocking stat of the day: ~$7.0 trillion worth of T-Bills are currently outstanding, with ~$6.1 trillion maturing within the next year. Including the remaining maturities, ~$7.5 trillion worth of marketable Treasury debt is maturing in 2026. Another ~$4.0 trillion matures in 2027, followed by ~$3.5 trillion in 2028. Meanwhile, if the Fed hikes rates by 75 basis points, annual interest costs on T-bills alone could rise by ~$50 billion, equivalent to 0.15% of GDP. This comes as much of this debt would be refinanced at higher market rates than those at which it was originally issued. The US is set to face a massive refinancing wave at higher borrowing costs.(The Kobeissi Letter)