DoubleLine Treasury Briefing: "Trump, the Fed and Maturity Walls"

TAMPA, Fla., Sept. 8, 2025 /PRNewswire/ -- A new paper by DoubleLine Global Bond Portfolio Manager Bill Campbell explains President Trump is pressuring the Federal Reserve to cut interest rates not only to stimulate the economy but also to head off a surge in government debt-service costs as maturing Treasuries are refinanced and new bonds are issued at prevailing rates in the spot market.

The paper, titled "Trump, the Fed and Maturity Walls," projects out by calendar years the maturity walls for $28.95 trillion in outstanding Treasury debt already on the books as of July 31, 2025. In 2026 alone, Mr. Campbell writes, $4.175 trillion of that debt will mature and likely will be rolled into new, higher-cost securities if the Federal Reserve by then has not brought down official short-term interest rates.

"The maturity walls in 2027-2028, the remaining years of the Trump administration, likewise will roll into higher coupons absent a decline in interest rates," Mr. Campbell writes. "And this debt stock omits net new debt being issued to cover a federal deficit currently running at $1.9 trillion, or 6.5% of U.S. gross domestic product. Given this outlook, the president understandably is pressuring the Fed to lower interest rates." 

Please open this link: https://doubleline.com/wp-content/uploads/Trump-The-Fed-and-Maturity-Walls_September-2025.pdf

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