# Marketable vs non-marketable debt | PIER20 benchmarks

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. 

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.

## Summary statistics (full history)

| 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 |

## Last 24 readings

| Date | Marketable debt | Non-marketable debt |
|---|---|---|
| Aug 2024 | 27595.86 | 7660.20 |
| Sep 2024 | 27728.34 | 7736.34 |
| Oct 2024 | 27990.77 | 7960.83 |
| Nov 2024 | 28223.06 | 7864.30 |
| Dec 2024 | 28280.67 | 7937.94 |
| Jan 2025 | 28518.85 | 7701.35 |
| Feb 2025 | 28628.55 | 7590.37 |
| Mar 2025 | 28587.05 | 7627.26 |
| Apr 2025 | 28575.76 | 7637.80 |
| May 2025 | 28588.47 | 7627.35 |
| Jun 2025 | 28657.29 | 7554.18 |
| Jul 2025 | 28969.96 | 7947.02 |
| Aug 2025 | 29406.85 | 7867.42 |
| Sep 2025 | 29714.71 | 7922.84 |
| Oct 2025 | 29998.56 | 8041.53 |
| Nov 2025 | 30197.99 | 8198.22 |
| Dec 2025 | 30271.34 | 8242.67 |
| Jan 2026 | 30345.52 | 8175.85 |
| Feb 2026 | 30616.42 | 8153.39 |
| Mar 2026 | 30846.29 | 8219.13 |
| Apr 2026 | 30677.20 | 8290.63 |
| May 2026 | 30914.03 | 8293.73 |
| Jun 2026 | 31085.83 | 8376.57 |
| Jul 2026 | 31455.08 | 8316.54 |

## How to read this benchmark

**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. 

**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

**What 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. 

## Methodology

- Formula: marketable = sum of all marketable security classes; non-marketable = sum of non-marketable, in $bn
- Frequency: Monthly
- Sources: Marketable debt (marketable) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Non-marketable debt (nonmarketable) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1. Data via the U.S. Department of the Treasury, Fiscal Data.
- Data through: July 2026
- Last refreshed: 11 Aug 2026

Full interactive chart: https://pier20.com/benchmarks/marketable-vs-nonmarketable-debt
Disclaimer: research software output, not investment advice.