More T-Bills, More Dependence on the Fed (June 17, 2026) | Torsten Slok's The Daily Spark | Apollo

Sources: SIFMA (Securities Industry & Financial Markets Association), Macrobond, Apollo Chief Economist

Apollo: T-bills now account for almost 85% of gross Treasury issuance, near the highest share in over two decades. By tilting issuance toward short-dated debt, the government ties its borrowing costs more closely to the front end of the curve, making its financing increasingly dependent on Fed policy. See chart.