# Treasury debt cost vs 10Y yield | PIER20 benchmarks

How does the Treasury's average borrowing cost compare to the 10-year yield?

Treasury debt cost vs the 10-year yield compares the average interest rate the U.S. government pays on its stock of marketable debt to the benchmark 10-year Treasury rate. The average cost reflects debt issued over years at very different rates, so it lags the current market yield. The spread shows whether the Treasury's existing debt stock is cheaper or more expensive than new 10-year money. 

As of **July 2026**, the latest readings are Marketable debt cost at **3.44%** and 10-year Treasury yield at **4.75%**. The Marketable debt cost line is up 0.0 pp over the past year and above its long-run median of 2.06%.

## Summary statistics (full history)

| Series | First | Latest | Min | Max |
|---|---|---|---|---|
| Marketable debt cost | 2.04 | 3.44 | 1.42 | 3.44 |
| 10-year Treasury yield | 2.02 | 4.75 | 0.55 | 4.88 |

## Last 24 readings

| Date | Marketable debt cost | 10-year Treasury yield |
|---|---|---|
| Aug 2024 | 3.42 | 3.91 |
| Sep 2024 | 3.39 | 3.81 |
| Oct 2024 | 3.36 | 4.28 |
| Nov 2024 | 3.35 | 4.18 |
| Dec 2024 | 3.34 | 4.58 |
| Jan 2025 | 3.34 | 4.58 |
| Feb 2025 | 3.35 | 4.24 |
| Mar 2025 | 3.35 | 4.23 |
| Apr 2025 | 3.35 | 4.17 |
| May 2025 | 3.36 | 4.41 |
| Jun 2025 | 3.38 | 4.24 |
| Jul 2025 | 3.40 | 4.37 |
| Aug 2025 | 3.42 | 4.23 |
| Sep 2025 | 3.41 | 4.16 |
| Oct 2025 | 3.39 | 4.11 |
| Nov 2025 | 3.38 | 4.02 |
| Dec 2025 | 3.36 | 4.18 |
| Jan 2026 | 3.35 | 4.26 |
| Feb 2026 | 3.35 | 3.97 |
| Mar 2026 | 3.37 | 4.30 |
| Apr 2026 | 3.37 | 4.40 |
| May 2026 | 3.39 | 4.45 |
| Jun 2026 | 3.41 | 4.44 |
| Jul 2026 | 3.44 | 4.75 |

## How to read this benchmark

**What the spread means.** A negative spread means the Treasury's average borrowing cost is below the current 10-year yield. It locked in cheaper debt in the past. The spread narrows as old low-rate debt matures and is refinanced at higher rates. A positive spread would mean the average exceeds current yields. 

**Limitations.** The average cost is weighted across all outstanding marketable securities and excludes some floating / inflation-linked categories in the published Total Marketable average. DGS10 is a constant-maturity daily point sampled at month-end. Treat the chart as context for Treasury funding costs, not investment advice. 

## How this benchmark is used

**The debt re-pricing window.** Every month the spread narrows, the budget's interest-expense line climbs. The spread tracks how much of a rate-hike cycle has already filtered into the Treasury's average cost. 

## Frequently asked questions

**What is the current treasury debt cost vs 10Y yield?**

As of July 2026, the latest readings are Marketable debt cost at 3.44% and 10-year Treasury yield at 4.75%. The Marketable debt cost line is up 0.0 pp over the past year and above its long-run median of 2.06%.

**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 Marketable debt cost and 10-year Treasury yield, sourced from the U.S. Department of the Treasury, Fiscal Data.

**Why does the average cost lag the 10Y?**

The average is a stock cost across the debt portfolio, much of which was issued at low rates. The 10Y is a flow price for new money. The two converge slowly as old debt matures. 

## Methodology

- Formula: spread = marketable debt cost − last daily DGS10 on or before month-end
- Frequency: Monthly
- Sources: Marketable debt cost (marketable-cost-10y) https://fiscaldata.treasury.gov/datasets/average-interest-rates-treasury-securities/; 10-year Treasury yield (dgs10) https://fred.stlouisfed.org/series/DGS10. 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-cost-vs-10y-yield
Disclaimer: research software output, not investment advice.