Avg Debt Rate reads 3.48% as of 2026-08-31. Change from prior reading: +0.03. Current value sits at the 98th percentile of the trailing 5 years. Sourced from treasury, refreshed every 6 hours, and free to access via the JSON API.
→ See all indicators in today's snapshot·What is dollar liquidity?
Indicator Terminal View
Integrated Brief
The average interest rate Treasury reports each month on its marketable debt outstanding (bills, notes, bonds, TIPS and FRNs), from the Fiscal Data dataset "Average Interest Rates on U.S. Treasury Securities", with history back to January 2001. It is the rate the whole debt stock carries, not the rate on new issuance: it moves slowly because each month only the securities that mature are refinanced at current market yields. The gap between today's yields and this average is how far the interest bill still has to reprice; the panel below estimates it from the securities that actually mature in the next 12 months. TIPS enter at their real coupon, which pulls the average down. Monthly: the point is stamped at month-end, and the latest one can be more than five weeks old before the next lands. Display only: a stock-weighted average moves over years, not days, carries no coincident liquidity signal and never enters the DLI score.
Core Print
Current Interpretation
Avg Debt Rate is currently 3.48 (daily change +0.03). Based on its standardized historical distribution (z-score), current positioning reflects a "tightening bias". Check related plumbing indicators to evaluate broader systemic conditions.
Interactive Chart
Source · US Treasury · Average Interest Rates on U.S. Treasury Securities
What Treasury redeemed and issued last month and this month so far, what refinancing at today's yields does to the interest bill, and which notes and bonds mature over the next 12 months.
| Bills | Notes, bonds, TIPS, FRNs | |
|---|---|---|
| September 2026 | ||
| Matured / redeemed | $2.60T | $255.1B |
| Issued | $2.47T | $392.4B |
| Net new borrowing | -$129.9B | +$137.3B |
| October 2026, to 2026-10-02 | ||
| Matured / redeemed | $334.1B | $6.0B |
| Issued | $346.2B | $0.0B |
| Net new borrowing | +$12.1B | -$6.0B |
Daily Treasury Statement, face value. Bills mature every week, so most of a month's maturities are refinanced as they fall due; the net row is the new borrowing. Coupon redemptions include buybacks.
An estimate under one assumption: the whole amount is rolled at one reference yield (2-year for notes and bonds, 3-month for bills). Treasury chooses the actual tenor mix. TIPS and FRNs maturing in the window ($575.9B) are left out: a real coupon and a floating spread do not compare with a nominal yield.
Bills are not shown by month: the statement omits every bill auctioned after its date, so a monthly bill column would shrink toward zero and read as if maturities fall off.
Sources: Monthly Statement of the Public Debt as of 2026-08-31; Daily Treasury Statement to 2026-10-02; FRED DGS3MO and DGS2 as of 2026-10-02. Display only, not part of the DLI score.
Score contribution is currently unavailable for this indicator.
Read our complete guide on Avg Debt Rate, including historical examples, interpretation methods, and common pitfalls.