The maturity wall is an illusion created by the unusual amount of T-Bills that Yellen left us with Everyone and their grandmother is now decyphering the tariff 3D chess and discussing Besset has to reduce the 10Y yield asap due to the 10T of US debt maturing. 6T of this are T-Bills that refi on a rolling basis. For the remaining 4T the average interest expense is 3-3.25% which will go up to 4-4.25% after refi. So it is not an emergency for Bessent to worry about. It is nice to reduce the interest expense. But if you crash the economy to do that, you are blowing up budget deficit and defeating the purposes.