What a widening or narrowing means
A widening spread means marketable debt is growing faster. The supply of bonds that trade is expanding relative to the buy-and-hold stock. A narrowing spread means non-marketable programs are growing faster.
Benchmark · monthly · $bn
Marketable vs non-marketable debt
How much Treasury debt is marketable (traded) and how much is non-marketable?
Treasury marketable debt. Bills, notes, bonds, TIPS and FRNs. Trades in secondary markets. Non-marketable debt. Savings bonds, SLGS, GAS. Cannot be traded. This page charts both so the traded float is distinct from the held-to-maturity stock.
Treasury marketable debt. Bills, notes, bonds, TIPS and FRNs. Trades in secondary markets. Non-marketable debt. Savings bonds, SLGS, GAS. Cannot be traded. This page charts both so the traded float is distinct from the held-to-maturity stock.
- Marketable debt
- 31455.08$bn
- Non-marketable debt
- 8316.54$bn
- Spread
- 23138.54$bn
- 13-week change
- +751.96 $bn
- from 22386.57
- Percentile of spread
- 100th
- of 163 readings · since 2013-01-31
Marketable vs non-marketable debt
Marketable debt
Non-marketable debt
| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Marketable debt | 11115.32 | 31455.08 | 11115.32 | 31455.08 |
| Non-marketable debt | 5318.47 | 8316.54 | 5142.03 | 8376.57 |
How this is calculated
marketable = sum of all marketable security classes; non-marketable = sum of non-marketable, in $bnMarketable and non-marketable debt outstanding, from the MSPD (Table 1). Millions to billions.
As of July 2026, the latest readings are Marketable debt at 31455.08 $bn and Non-marketable debt at 8316.54 $bn. The Marketable debt line is up 8.6% over the past year and above its long-run median of 16514.12 $bn.
Source series
U.S. TreasuryHow to read it
Why Non-marketable debt as the comparator
Non-marketable debt is the fixed, held-to-maturity rest of the system. Placing marketable debt against it makes the liquid, traded portion visible.
Limitations
Marketable vs non-marketable debt reflects published Treasury accounting. Revisions can alter historical comparisons. Treat the chart as context for U.S. fiscal conditions, not investment advice.
How this benchmark is used
The traded-float ratio
The share of marketable debt drives the gross issuance calendar: when marketable debt grows faster, the Treasury must auction more.
Frequently asked questions
5 answersWhat is the current marketable vs non-marketable debt?
As of July 2026, the latest readings are Marketable debt at 31455.08 $bn and Non-marketable debt at 8316.54 $bn. The Marketable debt line is up 8.6% over the past year and above its long-run median of 16514.12 $bn.
How often is this benchmark updated?
This benchmark is built on monthly data. The page is refreshed when the source publishes new observations; the freshness block below the chart shows the exact data-through date and when PIER20 last fetched the file.
What data sources does this chart use?
The chart is built from Marketable debt and Non-marketable debt, sourced from the U.S. Department of the Treasury, Fiscal Data.
How is this different from public vs intragovernmental debt?
Public vs intragovernmental answers 'who holds the debt'; marketable vs non-marketable answers 'can it be traded'.
How often is the data updated?
Monthly, after month-end publication.