# Treasury debt composition | PIER20 benchmarks

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. 

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%.

## Summary statistics (full history)

| 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 |  | 2.07 | 0.13 | 2.69 |
| Bills 1Y change |  | 1.52 | -7.71 | 11.57 |
| Notes 1Y change |  | -1.08 | -8.27 | 5.16 |
| Bonds 1Y change |  | -0.07 | -1.55 | 2.18 |
| TIPS 1Y change |  | -0.25 | -1.61 | 0.46 |
| FRNs 1Y change |  | -0.12 | -0.58 | 1.29 |
| Top-two share | 80.92 | 73.63 | 72.78 | 81.04 |

## Last 24 readings

| Date | 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 | Top-two share |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Aug 2024 | 22.18 | 51.43 | 16.88 | 7.36 | 2.13 | 2.27 | -2.35 | 0.29 | -0.16 | -0.04 | 73.61 |
| Sep 2024 | 21.66 | 51.73 | 16.98 | 7.40 | 2.22 | 1.23 | -1.58 | 0.49 | -0.12 | -0.01 | 73.38 |
| Oct 2024 | 22.10 | 51.60 | 16.95 | 7.27 | 2.07 | 1.12 | -1.32 | 0.44 | -0.30 | 0.07 | 73.70 |
| Nov 2024 | 22.64 | 51.06 | 16.86 | 7.28 | 2.15 | 1.05 | -1.20 | 0.37 | -0.28 | 0.07 | 73.70 |
| Dec 2024 | 21.88 | 51.50 | 17.01 | 7.35 | 2.24 | 0.35 | -0.67 | 0.50 | -0.26 | 0.08 | 73.38 |
| Jan 2025 | 22.37 | 51.51 | 17.01 | 7.00 | 2.10 | 0.57 | -0.66 | 0.40 | -0.42 | 0.11 | 73.88 |
| Feb 2025 | 22.24 | 51.47 | 17.07 | 7.00 | 2.20 | -0.17 | -0.09 | 0.49 | -0.35 | 0.13 | 73.72 |
| Mar 2025 | 21.53 | 51.82 | 17.21 | 7.12 | 2.30 | -0.96 | 0.38 | 0.64 | -0.30 | 0.24 | 73.35 |
| Apr 2025 | 21.21 | 52.17 | 17.35 | 7.10 | 2.16 | -0.59 | 0.18 | 0.57 | -0.32 | 0.16 | 73.38 |
| May 2025 | 21.00 | 52.11 | 17.45 | 7.17 | 2.26 | -0.70 | 0.29 | 0.58 | -0.32 | 0.15 | 73.11 |
| Jun 2025 | 20.18 | 52.60 | 17.59 | 7.26 | 2.35 | -1.13 | 0.67 | 0.65 | -0.33 | 0.14 | 72.78 |
| Jul 2025 | 20.70 | 52.49 | 17.52 | 7.08 | 2.19 | -0.92 | 0.50 | 0.60 | -0.31 | 0.15 | 73.19 |
| Aug 2025 | 21.66 | 51.73 | 17.33 | 7.02 | 2.25 | -0.53 | 0.30 | 0.45 | -0.34 | 0.12 | 73.39 |
| Sep 2025 | 21.53 | 51.80 | 17.31 | 7.03 | 2.32 | -0.13 | 0.07 | 0.33 | -0.37 | 0.10 | 73.33 |
| Oct 2025 | 21.98 | 51.69 | 17.24 | 6.93 | 2.15 | -0.12 | 0.09 | 0.30 | -0.34 | 0.08 | 73.67 |
| Nov 2025 | 22.26 | 51.32 | 17.22 | 6.96 | 2.23 | -0.38 | 0.27 | 0.35 | -0.32 | 0.08 | 73.58 |
| Dec 2025 | 21.63 | 51.66 | 17.34 | 7.05 | 2.31 | -0.25 | 0.15 | 0.33 | -0.30 | 0.07 | 73.28 |
| Jan 2026 | 21.74 | 51.80 | 17.37 | 6.77 | 2.31 | -0.64 | 0.29 | 0.36 | -0.22 | 0.21 | 73.54 |
| Feb 2026 | 22.24 | 51.50 | 17.31 | 6.74 | 2.21 | -0.01 | 0.03 | 0.24 | -0.27 | 0.01 | 73.74 |
| Mar 2026 | 22.11 | 51.48 | 17.34 | 6.78 | 2.28 | 0.57 | -0.34 | 0.13 | -0.35 | -0.01 | 73.59 |
| Apr 2026 | 21.59 | 51.95 | 17.55 | 6.78 | 2.12 | 0.38 | -0.22 | 0.20 | -0.32 | -0.04 | 73.54 |
| May 2026 | 21.86 | 51.57 | 17.51 | 6.85 | 2.19 | 0.87 | -0.54 | 0.06 | -0.32 | -0.07 | 73.43 |
| Jun 2026 | 21.52 | 51.67 | 17.56 | 6.96 | 2.27 | 1.34 | -0.93 | -0.03 | -0.30 | -0.08 | 73.19 |
| Jul 2026 | 22.22 | 51.41 | 17.45 | 6.84 | 2.07 | 1.52 | -1.08 | -0.07 | -0.25 | -0.12 | 73.63 |

## How to read this benchmark

**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

**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. 

## Methodology

- Formula: classShare = classOutstanding / totalMarketableOutstanding x 100; topTwo = sum of the two largest class shares
- Frequency: Monthly
- Sources: Bills share (debt-comp:bills) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Notes share (debt-comp:notes) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Bonds share (debt-comp:bonds) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; TIPS share (debt-comp:tips) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; FRNs share (debt-comp:frns) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Bills 1Y change (debt-comp:bills:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Notes 1Y change (debt-comp:notes:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Bonds 1Y change (debt-comp:bonds:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; TIPS 1Y change (debt-comp:tips:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; FRNs 1Y change (debt-comp:frns:change) https://fiscaldata.treasury.gov/datasets/monthly-statement-public-debt/mspd-table-1; Top-two share (debt-comp:top-two) 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/treasury-debt-composition
Disclaimer: research software output, not investment advice.