Seeking Alpha has published my article Treasury Floaters Muddy the Waters. It discusses the possibility that the U.S. Treasury will begin to sell floating-rate debt alongside its traditional fixed-rate bills, notes and bonds. The Treasury might employ floaters as part of a strategy to extend the average maturity of its debt. While average maturity is a good indicator of the interest rate risk to an issuer of fixed-rate debt, it does not capture the interest rate risk of floaters. If the Treasury uses floaters to increase the average maturity, it could create the appearance, but not the reality, of reduced interest rate risk.