Why Is the U.S. Turning to Short-Term Debt While Long-Term Bonds Fade?

The Yield Curve Isn’t Data—It’s a Grief

I used to think bonds were just numbers on a screen—until I saw my father’s old trading terminal flicker at 3 AM, showing Treasury yields climbing like breaths held too tightly. My mother, a traditional Chinese healer, once whispered: ‘When the body loses rhythm, even silence becomes its heartbeat.’ Today, the U.S. doesn’t issue debt for growth—it issues it because it has no other choice.

Supply Over Demand? No. Demand Over Hope

The CBO says short-term bills will hit $7T this cycle—not because markets want them, but because long-term faith has frayed. We sold 30-year Treasuries like relics of a dying ritual. Yesterday’s 5%+ yield wasn’t an opportunity; it was an admission. When inflation rises and the Fed tightens rates, we’re not adjusting risk—we’re running on borrowed time.

Code Isn’t Truth—It’s Our Shared Syntax

At night, alone in my Manhattan apartment, I run simulations where algorithmic debt meets human need—and realize: if you treat yield as logic alone, you’ll miss the poetry beneath it. My father built models that predicted crisis; my mother taught me to listen to silence before action. The real asset isn’t liquidity—it’s memory encoded in spreadsheets.

You Trust Algorithms—or Consensus?

Ask yourself: when you see short-term yields climb past 4%, do you trust the model… or the collective sigh? In DeFi we build governance on code—but here, governance is written in grief.

We didn’t choose this path for efficiency—we chose it because we needed to believe that something still holds value—even when no one else does.