22. Department of the Treasury · Notable
Issue longer-duration bonds, including a 50-year Treasury bill
Printed page 702 22. Department of the Treasury
“To reduce interest payments on the debt, Treasury should lock in current relatively low interest rates by issuing longer duration bonds, and even consider creating a 50-year treasury bill.”
What has happened
- Not started
Treasury did not lengthen the debt and did not create an ultra-long bond. The August 2026 quarterly refunding statement — the instrument that would carry either change — offers a 3-year note, a 10-year note and a 30-year bond, keeps nominal coupon and floating-rate auction sizes unchanged "for at least the next several quarters", and reduces the September 20-year and 30-year auctions to $13 billion and $22 billion from the August $16 billion and $25 billion. The 30-year bond remains the longest security Treasury issues; no 50-year instrument has been announced, proposed or put to the Treasury Borrowing Advisory Committee for recommendation in any of the seven refunding statements in the window.
Research log
What was searched, and what didn’t count as evidence
Research notes
All seven quarterly refunding statements in the window were listed from Treasury’s machine-readable press index (home.treasury.gov/news-data/press-releases/search/2025.json and …/2026.json): 2025-02-05, 2025-04-30, 2025-07-30, 2025-11-05, 2026-02-04, 2026-05-06, 2026-08-05. The August 2026 statement is cited as the current state of issuance policy.
The Treasury Borrowing Advisory Committee’s quarterly reports to the Secretary are the place a 50-year instrument would first be discussed; their titles are in the same index and none names one.
- Action
- issue
- Object
- long-duration Treasury debt instruments
- ID
- 1969