<?xml version="1.0" encoding="UTF-8"?><rss xmlns:dc="http://purl.org/dc/elements/1.1/" xmlns:content="http://purl.org/rss/1.0/modules/content/" xmlns:atom="http://www.w3.org/2005/Atom" version="2.0" xmlns:itunes="http://www.itunes.com/dtds/podcast-1.0.dtd" xmlns:googleplay="http://www.google.com/schemas/play-podcasts/1.0"><channel><title><![CDATA[The Daily Steep ☕️: The Rollover Machine]]></title><description><![CDATA[Rollover Watch updates five numbers. Always the same five, always in the same order.
The bills share of marketable debt, currently 21.5 percent, read against the advisors' 15 to 20 percent band. The share of debt maturing within one year, currently 32.6 percent. The average interest rate on the debt, currently 3.35 percent. The interest bill itself, running at roughly one trillion dollars over the past twelve months. And the bid-to-cover on four-week bills as the pulse of demand, currently near 2.85. Every figure is computed from the Treasury's published security-level data with the same pipeline behind every chart in this paper, and a sixth element each month is one sentence pulling the month's main event through this lens.]]></description><link>https://www.philippbaumgartner.com/s/the-rollover-machine</link><image><url>https://www.philippbaumgartner.com/img/substack.png</url><title>The Daily Steep ☕️: The Rollover Machine</title><link>https://www.philippbaumgartner.com/s/the-rollover-machine</link></image><generator>Substack</generator><lastBuildDate>Thu, 23 Jul 2026 18:09:11 GMT</lastBuildDate><atom:link href="https://www.philippbaumgartner.com/feed" rel="self" type="application/rss+xml"/><copyright><![CDATA[Philipp Baumgartner]]></copyright><language><![CDATA[en]]></language><webMaster><![CDATA[treehod123@substack.com]]></webMaster><itunes:owner><itunes:email><![CDATA[treehod123@substack.com]]></itunes:email><itunes:name><![CDATA[Philipp Baumgartner]]></itunes:name></itunes:owner><itunes:author><![CDATA[Philipp Baumgartner]]></itunes:author><googleplay:owner><![CDATA[treehod123@substack.com]]></googleplay:owner><googleplay:email><![CDATA[treehod123@substack.com]]></googleplay:email><googleplay:author><![CDATA[Philipp Baumgartner]]></googleplay:author><itunes:block><![CDATA[Yes]]></itunes:block></channel></rss>