Treasury Bills Reach 22.4% of Marketable Debt, Highest Share Since 2020

Treasury bills ended fiscal 2026 at $7.118 trillion, or 22.36% of marketable federal debt, the largest fiscal year end share since 2020. Bills grew $721.1 billion over the year.

Treasury bills ended fiscal 2026 at $7.118 trillion, or 22.36% of marketable federal debt, the largest fiscal year end share since 2020. Bills grew $721.1 billion over the year.

Fed Governor Christopher Waller said 16 of 18 officials who filed September projections expect another 2026 rate increase, and that the hikes need not come at back to back meetings.

Total public debt outstanding reached $40,305,316,210,829.72 on October 8, 2026, the first reading ever above $40.3 trillion and up $133.49 billion in six business days.

Treasury's blended rate on all interest bearing federal debt reached 3.531% on September 30, the highest since April 2009, while new 30-year bonds cleared 5.618%.

Minutes of the September FOMC meeting show a unanimous 12 to 0 vote to raise rates and most officials expecting one more increase before the end of 2026.

The federal debt grew $2.46 trillion in fiscal 2026 and closed at $40.097 trillion, the first fiscal year to end above $40 trillion. Here is what it costs.

Core PCE inflation held at 3.0% in August while consumer spending jumped 0.9% and the saving rate fell to 4.1%, leaving the Fed a split signal before the October FOMC meeting.

Every Treasury maturity from three years out to 30 years closed at or above 5.00% on September 28, 2026, the first time since July 2007. The 10-year reached 5.24%.

Federal interest expense reached $1,267.8 billion in eleven months of fiscal 2026, topping all of fiscal 2025, as the average rate on Treasury debt hit a 17-year high.

Treasury raised four bill auction sizes on September 24 and will sell $316 billion on Monday and Tuesday, $18 billion more than the same four tenors raised at their most recent sales.