# Treasury debt cost | PIER20 benchmarks

What is the average interest rate the Treasury pays on marketable versus non-marketable debt?

Treasury debt cost is the weighted average interest rate the U.S. government pays on its stock of debt. Marketable (traded) and non-marketable (held to maturity). The marketable cost is the average coupon rate on the outstanding marketable book, not the yield the market is pricing today. The non-marketable cost reflects older, locked-in rates. The spread shows how much higher the traded book's average stock cost sits relative to legacy obligations. 

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%.

## Summary statistics (full history)

| 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 |

## Last 24 readings

| Date | Marketable cost | Non-marketable cost |
|---|---|---|
| Aug 2024 | 3.42 | 3.07 |
| Sep 2024 | 3.39 | 3.04 |
| Oct 2024 | 3.36 | 3.05 |
| Nov 2024 | 3.35 | 3.06 |
| Dec 2024 | 3.34 | 3.05 |
| Jan 2025 | 3.34 | 3.04 |
| Feb 2025 | 3.35 | 3.00 |
| Mar 2025 | 3.35 | 3.00 |
| Apr 2025 | 3.35 | 3.00 |
| May 2025 | 3.36 | 2.99 |
| Jun 2025 | 3.38 | 2.98 |
| Jul 2025 | 3.40 | 3.15 |
| Aug 2025 | 3.42 | 3.19 |
| Sep 2025 | 3.41 | 3.17 |
| Oct 2025 | 3.39 | 3.19 |
| Nov 2025 | 3.38 | 3.20 |
| Dec 2025 | 3.36 | 3.16 |
| Jan 2026 | 3.35 | 3.17 |
| Feb 2026 | 3.35 | 3.16 |
| Mar 2026 | 3.37 | 3.15 |
| Apr 2026 | 3.37 | 3.19 |
| May 2026 | 3.39 | 3.20 |
| Jun 2026 | 3.41 | 3.40 |
| Jul 2026 | 3.44 | 3.46 |

## How to read this benchmark

**What a widening or narrowing means.** 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. 

**Why Non-marketable cost as the comparator.** 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. 

**Limitations.** 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. 

## How this benchmark is used

**The interest-cost drag.** 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. 

## Frequently asked questions

**What is the current treasury debt cost?**

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%.

**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 cost and Non-marketable cost, sourced from the U.S. Department of the Treasury, Fiscal Data.

**How is this different from the 10-year yield?**

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. 

**How often is the data updated?**

Monthly, after month-end publication. 

## Methodology

- Formula: marketable cost = published weighted average for all marketable securities; non-marketable cost = same for non-marketable; spread bp = (marketable − non-marketable) × 100
- Frequency: Monthly
- Sources: Marketable cost (marketable-cost) https://fiscaldata.treasury.gov/datasets/average-interest-rates-treasury-securities/; Non-marketable cost (nonmarketable-cost) https://fiscaldata.treasury.gov/datasets/average-interest-rates-treasury-securities/. 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
Disclaimer: research software output, not investment advice.