Does the U.S. Treasury actively manage the maturity structure of the national debt to minimize borrowing costs?

Does the U.S. Treasury actively manage the maturity structure of the national debt to minimize borrowing costs?

Research question:

Does the U.S. Treasury actively manage the maturity structure of the national debt to minimize borrowing costs?

Evidence:

Maturity structure – 68 quarter end proportions of bills, notes, bonds as a percentage of total

marketable debt. Combine amounts outstanding of Treasury inflation indexed notes and nominal

notes. Combine amounts outstanding of Treasury inflation indexed bonds and nominal bonds,

2000.I through 2016.III

The first recorded observation of the one-month constant maturity yield is July 2001. Hence we

will use the 3-Month Treasury Bill Secondary Market Rate as our proxy for the yield of Treasury

bills. Daily observations of this rate may be downloaded DTB3, monthly observations TB3MS.

Cost:

Quarter end term spreads from data series GS1M, GS1, GS10.