Bills Share reads 22.22% as of 2026-07-31. Change from prior reading: +0.70. Current value sits at the 87th percentile of the trailing 5 years. Sourced from treasury, refreshed every 6 hours, and free to access via the JSON API.
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Indicator Terminal View
Integrated Brief
MSPD Table 1 — Treasury bills (securities maturing in one year or less) as a share of total marketable Treasury debt outstanding, from the Treasury's Monthly Statement of the Public Debt. Treasury's own debt-management advisory committee (TBAC) has recommended keeping this share in a roughly 15–20% band; a higher share means more of the debt stock has to be rolled over in the near term, which raises how sensitive federal borrowing costs are to short-term rate moves and how much bill supply money-market funds have to absorb. Monthly and slow: the point is stamped at month-end and released around the 8th business day of the following month, so the latest stamp can be close to six weeks old before the next one lands. A forward-looking structural indicator, not a coincident one — it speaks to issuance plans, not to current funding stress.
Core Print
Current Interpretation
Bills Share is currently 22.22 (daily change +0.70). Based on its standardized history position (z-score), the current read is "Neutral range". Check related indicators to confirm whether this is isolated noise or a broader liquidity shift.
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Bills Share is a core liquidity signal used to track funding conditions and risk appetite in US dollar markets.
This indicator shifts available liquidity and risk premium, which can move valuations in equities, crypto, and credit.
Use the related indicators and the Liquidity Score direction together to avoid overreacting to a single data point.
Read our complete guide on Bills Share, including historical examples, interpretation methods, and common pitfalls.