{"id": "maturity_wall_12m", "framework": "spiral", "framework_title": "Debt Spiral", "title": "Marketable debt maturing within 12 months", "kind": "computed", "direction": "tracking", "unit": "usd", "display": {"decimals": 1, "suffix": "", "format": null, "signed": false}, "state": "tracking", "previous_state": "unknown", "state_changed_on": "2026-08-31", "as_of": "2026-09-30", "value": "10640155363354", "value_display": "$10.64 T", "delta_value": null, "delta_display": null, "delta_period": null, "threshold_hit": null, "thresholds": [], "what_moved": "$10.6 T of marketable debt matures within 12 months (33 % of the stock) at a weighted-average coupon of 3.41 %; recent coupon auctions cleared 1.40 pp higher.", "provenance": {"value_source": {"series": "maturity_12m_amount", "date": "2026-09-30", "value": "10640155.363354", "url": "https://api.fiscaldata.treasury.gov/services/api/fiscal_service/v1/debt/mspd/mspd_table_3?filter=record_date:eq:2026-09-30,security_type_desc:eq:Marketable", "snapshot": "sha256:8396d3cecd5cf5fe693aa9f7960b1d6d82e8325ecfb2d4a45f5e3ecf47dbdec3", "fetched_at": "2026-10-08T18:15:03", "vintage": "2026-10-08T181503.206413:8396d3cecd5c"}, "explainer": {"title": "Why the Treasury's Nightmare May Soon Be Yours", "date": "2026-03-29", "url": "https://www.jameslavish.com/p/why-the-treasurys-nightmare-may-soon"}, "metric": "sum(outstanding) where maturity_date <= as_of + 365d; share of marketable; weighted-average coupon of that paper; rollover_rate_gap = mean(high_yield of last-quarter coupon auctions) − that WAC"}, "extras": {"share_pct": "33.426785", "wac_pct": "3.408421", "recent_coupon_high_yield_mean_pct": "4.811", "recent_coupon_auctions": 24, "rollover_rate_gap_pp": "1.403", "rate_sensitivity_note": "≈ $95 B/yr per 100 bp on the maturing subset (Lavish, 2026-03-29)", "months": []}, "explainer": {"title": "Why the Treasury's Nightmare May Soon Be Yours", "date": "2026-03-29", "url": "https://www.jameslavish.com/p/why-the-treasurys-nightmare-may-soon"}, "references": [{"label": "he reported", "value": "33 % rolls inside 12 months; $9.47T maturing in 2026 at ~2.3 % WAC", "cite": {"title": "What If The Fed Raises Rates", "date": "2026-05-24", "url": "https://www.jameslavish.com/p/what-if-the-fed-raises-rates"}, "quote": null, "stated_by": null, "attributed_to": null}], "sparkline": [{"d": "2026-06-30", "v": 10146468315591.0}, {"d": "2026-07-31", "v": 10481977761174.0}, {"d": "2026-08-31", "v": 10768676913287.0}, {"d": "2026-09-30", "v": 10640155363354.0}], "sparkline_days": 365, "computed_at": "2026-11-06T14:15:00", "stated_by": null, "calm_band": null, "zero_band": null, "reading_rule": null, "metric": "sum(outstanding) where maturity_date <= as_of + 365d; share of marketable; weighted-average coupon of that paper; rollover_rate_gap = mean(high_yield of last-quarter coupon auctions) − that WAC", "history": [{"d": "2026-06-30", "v": 10146468.315591}, {"d": "2026-07-31", "v": 10481977.761174}, {"d": "2026-08-31", "v": 10768676.913287}, {"d": "2026-09-30", "v": 10640155.363354}], "history_series": "maturity_12m_amount", "companion_history": [], "state_changes": [{"on": "2026-08-31", "from": "unknown", "to": "tracking", "value": "10768676913287.000000", "note": "$10.8 T of marketable debt matures within 12 months (34 % of the stock) at a weighted-average coupon of 3.37 %; recent coupon auctions cleared 1.27 pp higher."}], "state_history": [{"as_of": "2026-08-31", "state": "tracking", "value": "10768676913287"}, {"as_of": "2026-09-30", "state": "tracking", "value": "10640155363354"}]}