issuance, as well as how the Fed has managed runoff and reinvestment of its portfolio. And how should we think about that long-term? Let's take a snapshot. So, taking a snapshot today, approximately 25% of the outstanding U.S. debt is composed of bills and floating rate notes. And so, they have very short-term maturities or they have essentially three-month duration in the case of the floating rate note. So, they are, for all intents, bills. And so, they're very subject to the changes in interest rates because once you finance a 10-year bond, you have 10 years before you're exposed to a change in yields. And so, that's the current distribution of existing U.S. debt. And that's on the high side of the amount of bills outstanding. Typically, what the government does is it keeps its issuance of coupon bonds, which are two years and longer, out to 30 years, relatively stable and predictable over time. They typically grow because the deficit and the national debt grows, but stable and (25/40)
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