The stock of marketable Treasury debt by instrument — bills, notes, bonds, TIPS, FRNs — from the Monthly Statement of the Public Debt. Deficits decide how much gets issued; this chart answers what gets issued, and for the bond market the mix often matters more than the total.
This graph shows the amount of U.S. Treasury securities outstanding by type. Some types of treasury securities of marginal amount are excluded. To see annual and quarterly changes, you may change the data type. You may also adjust the series against CPI and GDP.
Why it matters: The split between bills and coupons is the main pressure valve between the Treasury and the bond market. TBAC's reference range puts bills at 15–20% of debt outstanding: when the share pushes above that, the Treasury is absorbing the deficit with near-zero-duration paper and the market digests less duration per dollar of deficit (the bill-heavy skew of the November 2023 refunding is the canonical recent use of this lever); when coupon auctions get upsized instead, duration supply rises — and with it, on preferred-habitat/portfolio-balance logic, the term premium. This is why each Quarterly Refunding Announcement is a market event — it announces the marginal change in this mix. Comparing this page's quarterly changes against the long end of the yield curve is step one in any Treasury supply-shock analysis. The TIPS share, meanwhile, governs how much breakeven exposure is actually tradable, and FRNs plus bills make up the cash-like supply money funds want.