U.S. Public Debt

Last updated 2026-08-06.

Metric	Value	Unit
Total public debt	123%	% of GDP
Held by the public	99%	% of GDP
Intragovernmental	24%	% of GDP
Public ex Fed (marketable)	83%	% of GDP
SOMA Treasuries	14%	% of GDP
Monetary base	17%	% of GDP
Macaulay duration	3.66 y	years
WAM (public ex Fed)	5.42 y	years
10-year Treasury yield	4.69%	percent
Avg rate, marketable	3.44%	percent

Levels

Public debt outstanding

Total public debt outstanding and marketable debt held by the public excluding Federal Reserve (SOMA) holdings, each as a percent of nominal U.S. GDP. The public-ex-Fed series is marketable Treasury face less SOMA holdings of the same securities. Total debt is from the U.S. Treasury Debt to the Penny release.

Source: U.S. Treasury Fiscal Data (Debt to the Penny, MSPD); Federal Reserve Bank of New York (SOMA); FRED (GDP)

Monetary aggregates

Monetary base (currency in circulation plus reserve balances) and M1 as a percent of nominal U.S. GDP. Series are monthly; GDP is quarterly and held constant within each quarter for scaling.

Source: Board of Governors (H.3 monetary base); FRED (M1, GDP)

Maturity

Contractual cashflow profile (quarterly)

Scheduled principal and coupon payments on marketable Treasuries held by the public excluding SOMA, aggregated by calendar quarter and scaled by the latest available nominal GDP. TIPS use current inflation-adjusted face (no assumed future inflation path). Floating-rate notes use available coupon terms where reported.

Source: U.S. Treasury MSPD; Federal Reserve Bank of New York (SOMA); FRED (GDP)

Residual maturity of marketable principal (public excluding Fed)

Face amount of marketable debt held by the public excluding SOMA, grouped by years remaining to maturity and scaled by the latest available nominal GDP. Principal only (coupon payments are excluded).

Source: U.S. Treasury MSPD; Federal Reserve Bank of New York (SOMA); FRED (GDP)

Macaulay duration (public excluding Fed)

Portfolio Macaulay duration of marketable Treasuries held by the public excluding SOMA. Contractual cashflows are discounted using continuously compounded rates from the Treasury constant-maturity (par) yield curve, linearly interpolated by maturity, as of each month-end. Floating-rate notes are treated as maturing at the next coupon or reset date. Weighted-average maturity (WAM) of principal is shown for comparison.

Source: U.S. Treasury MSPD; Federal Reserve Bank of New York (SOMA); FRED (Treasury yields)

Yields and interest

Treasury par yield curve (constant maturity)

Market yields on U.S. Treasury securities at selected constant maturities (par / constant-maturity curve), percent per annum. Values are read from the daily Treasury yield curve, not from auction yields at issue.

Source: Board of Governors H.15 / Treasury constant-maturity yields (via FRED)

Average interest rates on Treasury securities

Average interest rates on selected marketable Treasury security types, as calculated by the Bureau of the Fiscal Service from interest on the stock of debt outstanding. These are not secondary-market yields. Monthly.

Source: U.S. Treasury Fiscal Data — Average Interest Rates on U.S. Treasury Securities

Interest expense on the public debt outstanding

Federal government interest payments as a percent of nominal GDP. The chart uses BEA national accounts (NIPA) federal interest payments, quarterly, from 1947.

Source: Bureau of Economic Analysis (via FRED); FRED GDP

Notes and definitions

Debt held by the public includes Federal Reserve (SOMA) holdings of Treasuries. It is not the same as privately held debt.
Intragovernmental holdings are mainly Government Account Series (GAS) securities held by federal trust funds and related accounts, plus Federal Financing Bank (FFB) debt—not the Federal Reserve’s open-market portfolio.
Public excluding the Fed is marketable Treasury face from the MSPD less SOMA holdings of the same securities.
Average interest rates from Fiscal Data describe interest cost on the stock of debt outstanding, not secondary-market yields.
Yield-curve figures use constant-maturity Treasury (CMT) market yields from the daily Treasury par curve.
WAM is the face-weighted average residual maturity of marketable principal held by the public excluding the Fed.
Ratios to GDP use nominal U.S. GDP (quarterly, seasonally adjusted annual rate).
Interest expense is federal interest payments from the national accounts (BEA/NIPA), expressed as a percent of GDP.
Monetary base is currency in circulation plus reserve balances (Board of Governors H.3). M1 is the broader liquid money stock.
Macaulay duration discounts contractual cashflows on public-ex-Fed marketable debt using interpolated CMT yields; floating-rate notes are treated as maturing at the next coupon or reset date.

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