# TIPS vs floating-rate funding | PIER20 benchmarks

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. 

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%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| TIPS share | 7.75 | 6.84 | 6.74 | 9.17 |
| FRN share |  | 2.07 | 0.13 | 2.69 |

## Last 24 readings

| Date | TIPS share | FRN share |
|---|---|---|
| Aug 2024 | 7.36 | 2.13 |
| Sep 2024 | 7.40 | 2.22 |
| Oct 2024 | 7.27 | 2.07 |
| Nov 2024 | 7.28 | 2.15 |
| Dec 2024 | 7.35 | 2.24 |
| Jan 2025 | 7.00 | 2.10 |
| Feb 2025 | 7.00 | 2.20 |
| Mar 2025 | 7.12 | 2.30 |
| Apr 2025 | 7.10 | 2.16 |
| May 2025 | 7.17 | 2.26 |
| Jun 2025 | 7.26 | 2.35 |
| Jul 2025 | 7.08 | 2.19 |
| Aug 2025 | 7.02 | 2.25 |
| Sep 2025 | 7.03 | 2.32 |
| Oct 2025 | 6.93 | 2.15 |
| Nov 2025 | 6.96 | 2.23 |
| Dec 2025 | 7.05 | 2.31 |
| Jan 2026 | 6.77 | 2.31 |
| Feb 2026 | 6.74 | 2.21 |
| Mar 2026 | 6.78 | 2.28 |
| Apr 2026 | 6.78 | 2.12 |
| May 2026 | 6.85 | 2.19 |
| Jun 2026 | 6.96 | 2.27 |
| Jul 2026 | 6.84 | 2.07 |

## How to read this benchmark

**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

**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. 

## Methodology

- Formula: tipsShare = tipsOutstanding / totalMarketable × 100; frnShare = frnOutstanding / totalMarketable × 100
- Frequency: Monthly
- Sources: TIPS share (tips-share) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; FRN share (frn-share) 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/tips-vs-floating-rate-funding
Disclaimer: research software output, not investment advice.