Benchmark · monthly · %

Treasury debt composition

How is U.S. marketable debt split across bills, notes, bonds, TIPS and FRNs?

Treasury debt composition breaks U.S. marketable debt into its five classes. Bills (short-term), notes (2Y-10Y), bonds (20Y-30Y), TIPS and FRNs. Each as a percentage of the total. The Treasury alters this mix through its auction calendar and the quarterly refunding. The bill share of marketable debt outstanding rose from roughly 15% to over 20% after the 2020 funding wave.

Readingsmonthly

Bills share: 22.2%
1Y share change: +1.5 pp; from 20.7
Largest bucket: 51.4%; Notes share · 2026-07-31
Fastest-rising: +1.5 pp; Bills 1Y change · 2026-07-31
Top-two share: 73.6%

Bills share

Notes share

Bonds share

TIPS share

FRNs share

Treasury debt composition: summary statistics (Max range)
Series	First	Latest	Min	Max
Bills share	14.47	22.22	9.94	25.52
Notes share	66.45	51.41	51.06	67.05
Bonds share	11.27	17.45	11.22	17.59
TIPS share	7.75	6.84	6.74	9.17
FRNs share	0.13	2.07	0.13	2.69

Source: U.S. Treasury
Series: debt-comp:bills debt-comp:notes debt-comp:bonds debt-comp:tips debt-comp:frns debt-comp:bills:change debt-comp:notes:change debt-comp:bonds:change debt-comp:tips:change debt-comp:frns:change debt-comp:top-two
Frequency: monthly
Data through: July 2026
Refreshed: 11 Aug 2026

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How this is calculated

Formula

classShare = classOutstanding / totalMarketableOutstanding x 100; topTwo = sum of the two largest class shares

Five classes of marketable Treasury debt. Bills, notes, bonds, TIPS and FRNs. Each as a percentage of total marketable debt outstanding, from the MSPD (Table 1), monthly. 1Y changes and the top-two concentration share are materialised for the rail only.

As of July 2026, the latest reading is 22.22%. That is up 1.5 pp over the past year and above its long-run median of 15.19%.

Source series

U.S. Treasury

How to read it

What a rising bill share means

Bills are the shortest-dated debt and the fastest-growing class: their share rises when the Treasury relies on short-term funding, typically in response to debt-ceiling constraints on coupon issuance. A rising bill share means short-term instruments are a larger fraction of marketable debt outstanding. The average maturity of the stock is shortening.

Limitations

The data is monthly and published with a lag. The bill share is volatile around debt-ceiling deadlines. Treat the chart as context for Treasury issuance policy, not investment advice.

How this benchmark is used

The TBAC maturity recommendation

TBAC recommends the weighted average maturity target, and the composition page shows whether the actual mix aligns.

Frequently asked questions

4 answers

What is the current treasury debt composition?

As of July 2026, the latest reading is 22.22%. That is up 1.5 pp over the past year and above its long-run median of 15.19%.

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 Bills share, Notes share, Bonds share, TIPS share, FRNs share, Bills 1Y change, Notes 1Y change, Bonds 1Y change, TIPS 1Y change, FRNs 1Y change and Top-two share, sourced from the U.S. Department of the Treasury, Fiscal Data.

Why is the bill share the primary line?

Bills are the marginal funding instrument. The class the Treasury expands or contracts most rapidly.

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