Simon White points out that the U.S. Treasury's continued expansion of T-bill financing has pushed T-bills to 22.7% of outstanding U.S. debt, exceeding the Treasury's informal 20% cap. He believes this trend will structurally increase inflationary pressures, undermine the Federal Reserve's policy independence, and pose greater risks to market stability and the real returns of stocks and bonds. White states that finding an equilibrium interest rate that satisfies the three objectives of inflation targets, financial stability, and fiscal sustainability may be an impossible task.