2025's about to witness something wild on the Treasury front. We're staring down roughly $9.2 trillion in maturing U.S. debt—that's a quarter of the entire $36 trillion pile. Here's the kicker: over half of that maturity load, somewhere between 55% and 60%, hits in just the first six months. The refinancing pressure? Absolutely massive. Think about what happens when Uncle Sam needs to roll over that much paper in such a compressed timeframe. Liquidity concerns, rate volatility, potential spillover into risk assets—it's all on the table. This isn't some distant worry. It's landing in H1 2025, and the clock's already ticking.