As an update to this post from last month, Q1 2025 had less interest expense than Q4 2024. Treasury notes and bills of about 2 years or less are reinvesting with lower interest rates, while Treasury notes and bonds of 3+ years are reinvesting with higher rates. Interest expense is going to remain elevated as long as interest rates remain elevated, but the "Treasury has to roll $9 trillion in debt this year" narrative was so overdone. View quoted note →