| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Marketable cost | 2.04 | 3.44 | 1.42 | 3.44 |
| Non-marketable cost | 3.59 | 3.46 | 2.02 | 3.59 |
marketable cost = published weighted average for all marketable securities; non-marketable cost = same for non-marketable; spread bp = (marketable − non-marketable) × 100Weighted average interest rate on marketable and non-marketable Treasury debt, from the Average Interest Rates dataset. The stock-average cost is not the current market yield.
As of July 2026, the latest readings are Marketable cost at 3.44% and Non-marketable cost at 3.46%. The Marketable cost line is up 0.0 pp over the past year and above its long-run median of 2.06%.
A widening spread means marketable stock costs are rising faster than locked-in non-marketable costs. The government is rolling legacy low-rate debt into higher-rate new issuance. A narrowing spread means the marketable book's average cost is converging back after a rate-cutting cycle.
Non-marketable debt carries rates set at issuance, some decades old, and only adjusts slowly. It is the baseline against which the marketable cost is measured.
Treasury debt cost reflects published Treasury accounting. Revisions can alter historical comparisons. Treat the chart as context for U.S. fiscal conditions, not investment advice.
The Treasury's interest expense is the third-largest item in the federal budget. Every basis-point increase in the average rate adds tens of billions to annual interest outlays.
As of July 2026, the latest readings are Marketable cost at 3.44% and Non-marketable cost at 3.46%. The Marketable cost line is up 0.0 pp over the past year and above its long-run median of 2.06%.
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.
The chart is built from Marketable cost and Non-marketable cost, sourced from the U.S. Department of the Treasury, Fiscal Data.
The 10-year yield is a single point on the curve. This page is the average STOCK cost across the entire debt portfolio, which includes securities issued decades ago at different rates.
Monthly, after month-end publication.
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