Current yields
Treasury yield snapshot
Yield history
Treasury yield trends
Monthly closing yields by tenor
Debt position
Federal debt overview
Total federal debt ($T) — FY2006 to FY2026
From $8.5T pre-GFC to $40T+ today — a near 5x increase in 20 years
Debt-to-GDP ratio — FY2006 to FY2026
GFC pushed debt/GDP from 62% to 100%. COVID pushed it past 125%. It has never come back down.
Interest costs
The interest burden
Annual net interest expense ($B) — FY2006 to FY2026
Interest fell during ZIRP despite surging debt. Now rates have normalised, the true cost of that debt is being revealed.
Fiscal position
Deficit and revenue
Annual federal deficit ($T) — FY2006 to FY2026
GFC peak: $1.4T (FY2009). COVID peak: $3.1T (FY2020). The deficit never returns to pre-crisis norms.
Interest as % of revenue — FY2006 to FY2026
The share of tax revenue consumed by interest payments. Now approaching 1 in 5 dollars collected.
Historical data
Annual fiscal metrics
| FY | Debt ($T) | Debt/GDP | Deficit ($T) | Revenue ($T) | Interest ($B) | Int/Rev | Avg rate |
|---|