Benchmark · monthly · %

TIPS vs floating-rate funding

How much of marketable debt is inflation-linked (TIPS) versus floating-rate (FRNs)?

TIPS and FRNs are the two variable-rate segments of U.S. marketable debt outstanding. One linked to CPI inflation, the other to short-term bill yields. Their shares of the outstanding stock show how much of the book is inflation-linked versus floating-rate, not how much was issued in the latest auction week.

Readingsmonthly

TIPS share: 6.8%
FRN share: 2.1%
Spread: +4.8 pp
13-week change: +0.1 pp; from +4.7 pp
Percentile of spread: 6th; of 151 readings · since 2014-01-31

TIPS share

FRN share

TIPS vs floating-rate funding: summary statistics (Max range)
Series	First	Latest	Min	Max
TIPS share	7.75	6.84	6.74	9.17
FRN share	0.13	2.07	0.13	2.69

Source: U.S. Treasury
Series: tips-share frn-share
Frequency: monthly
Data through: July 2026
Refreshed: 11 Aug 2026

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How this is calculated

Formula

tipsShare = tipsOutstanding / totalMarketable × 100; frnShare = frnOutstanding / totalMarketable × 100

TIPS and FRN shares of total marketable debt outstanding, from the MSPD (Table 1). Each class's outstanding is divided by total marketable. A stock measure, not auction flow.

As of July 2026, the latest readings are TIPS share at 6.84% and FRN share at 2.07%. The TIPS share line is down 0.2 pp over the past year and below its long-run median of 7.97%.

Source series

U.S. Treasury

Plottedtips-shareTIPS share% · monthly · Not seasonally adjusted Plottedfrn-shareFRN share% · monthly · Not seasonally adjusted

How to read it

What a widening or narrowing means

A rising TIPS share means a larger fraction of marketable debt outstanding is inflation-protected. A rising FRN share means more of the outstanding stock floats with short rates. Neither line is weekly auction volume.

Why FRN share as the comparator

FRNs are the natural floating-rate counterpart to TIPS within marketable debt. Comparing the two shares shows how the outstanding funding mix balances inflation risk against short-rate risk.

Limitations

TIPS vs floating-rate funding 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

Outstanding funding-mix regime

When the TIPS share of outstanding marketable debt rises relative to FRNs, more of the book is inflation-linked; when FRNs rise, more of the stock floats with short rates.

Frequently asked questions

5 answers

What is the current tIPS vs floating-rate funding?

As of July 2026, the latest readings are TIPS share at 6.84% and FRN share at 2.07%. The TIPS share line is down 0.2 pp over the past year and below its long-run median of 7.97%.

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 TIPS share and FRN share, sourced from the U.S. Department of the Treasury, Fiscal Data.

How is this different from gross issuance mix?

Issuance mix is a flow of accepted auctions over a rolling window. This page is the stock of outstanding marketable debt by class.

How often is the data updated?

Monthly, after month-end publication.

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