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US debt news, September 2026

26 items from official releases and data, newest first. Each links to its source.

  1. Debt

    Treasury pays 3.53% on its debt and 5.29% on new ten-year borrowing

    At the end of September 2026 the average rate across all interest-bearing debt was 3.531%. On September 30, 2026 the Treasury yield curve ran from 4.02% to 5.68%, with the ten-year at 5.29% and the thirty-year at 5.64%. New ten-year borrowing therefore costs 176 basis points more than the average already being paid, and maturing securities are refinanced at the new rate. The published average excludes inflation-protected and floating rate securities.

    Average rate paid
    3.531%
    3-month bill
    4.20%
    10-year note
    5.29%
    30-year bond
    5.64%
    Gap at ten years
    +176 bp
    Source: US Treasury — Daily Treasury Par Yield Curve Rates

  2. Debt

    The average interest rate on the US debt rose to 3.531% in September 2026

    Treasury paid an average of 3.531% across all interest-bearing debt at the end of September 2026, up 4 basis points from 3.490% a month earlier. Twelve months earlier it was 3.363%, a change of plus 17 basis points. Marketable debt, the part sold at auction, averaged 3.518%. The average moves as maturing securities are replaced at current rates, which is why it can rise in a month when the debt itself barely changes.

    Average rate, all debt
    3.531%
    Change on the month
    +4 basis points
    Change on the year
    +17 basis points
    Marketable debt
    3.518%
    Source: US Treasury — Average interest rates on Treasury securities

  4. Debt

    US debt fell $4.3 billion in the week to September 25, 2026

    Total public debt outstanding was $40.10 trillion on September 25, 2026, down $4.3 billion from $40.10 trillion on September 18, 2026. Over the 30 days to September 25, 2026 it rose $27.4 billion, an average of $914 million a day. Since fiscal year 2026 began on October 1, 2025, it has risen $2.46 trillion.

    Total public debt
    $40.10 trillion
    Change over the week
    −$4.3 billion
    Change over 30 days
    +$27.4 billion
    Source: US Treasury — Debt to the Penny

  5. Auctions

    7-year note auction: 5.085% high yield, bid-to-cover 2.42

    The Treasury sold $50.6 billion of 7-year note securities on September 24, 2026. The high yield was 5.085%, 57 basis points higher than the 4.512% at the previous 7-year note auction on August 27, 2026. Bids came to 2.42 times the amount sold (previous auction: 2.50). Indirect bidders, a group that includes foreign central banks, were awarded 57.2% of the competitive amount; primary dealers, who must bid, took 12.5%.

    High yield
    5.085%
    Bid-to-cover ratio
    2.42
    Amount sold
    $50.6 billion
    Indirect bidders
    57.2%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 91282CRM5, auctioned September 24, 2026

  6. BudgetCongressional Budget Office

    Projections of Deficits and Debt Under Alternative Scenarios for Interest Rates and the Budget

    The Congressional Budget Office published “Projections of Deficits and Debt Under Alternative Scenarios for Interest Rates and the Budget”. CBO's summary: “CBO responds to a request for an analysis of projected deficits and debt under a scenario with higher interest rates and a scenario with a constant debt-to-GDP ratio.” For reference: total public debt outstanding was $40.07 trillion on September 23, 2026.

    Source: Congressional Budget Office

  7. Auctions

    5-year note auction: 5.033% high yield, bid-to-cover 2.21

    The Treasury sold $80.5 billion of 5-year note securities on September 23, 2026. The high yield was 5.033%, 64 basis points higher than the 4.393% at the previous 5-year note auction on August 26, 2026. Bids came to 2.21 times the amount sold (previous auction: 2.37). Indirect bidders, a group that includes foreign central banks, were awarded 54.3% of the competitive amount; primary dealers, who must bid, took 15.8%.

    High yield
    5.033%
    Bid-to-cover ratio
    2.21
    Amount sold
    $80.5 billion
    Indirect bidders
    54.3%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 91282CRN3, auctioned September 23, 2026

  8. Auctions

    2-year note auction: 4.787% high yield, bid-to-cover 2.63

    The Treasury sold $79.4 billion of 2-year note securities on September 22, 2026. The high yield was 4.787%, 58 basis points higher than the 4.204% at the previous 2-year note auction on August 25, 2026. Bids came to 2.63 times the amount sold (previous auction: 2.60). Indirect bidders, a group that includes foreign central banks, were awarded 57.8% of the competitive amount; primary dealers, who must bid, took 13.2%.

    High yield
    4.787%
    Bid-to-cover ratio
    2.63
    Amount sold
    $79.4 billion
    Indirect bidders
    57.8%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 91282CRP8, auctioned September 22, 2026

  10. Debt

    US debt rose $55.3 billion in the week to September 18, 2026

    Total public debt outstanding was $40.10 trillion on September 18, 2026, up $55.3 billion from $40.05 trillion on September 11, 2026. Over the 30 days to September 18, 2026 it rose $88.8 billion, an average of $3.0 billion a day. Since fiscal year 2026 began on October 1, 2025, it has risen $2.46 trillion.

    Total public debt
    $40.10 trillion
    Change over the week
    +$55.3 billion
    Change over 30 days
    +$88.8 billion
    Source: US Treasury — Debt to the Penny

  11. Federal Reserve

    Fed raises its rate target by 25 basis points to 3.75–4%

    New York Fed reference rate data for September 17, 2026 show a federal funds target range of 3.75–4%, up from 3.5–3.75%. The effective federal funds rate was 3.88%. Interest on newly issued Treasury bills tends to follow this rate, which feeds through to what the government pays on its debt.

    Target range
    3.75–4%
    Previous range
    3.5–3.75%
    Effective rate
    3.88%
    Source: Federal Reserve Bank of New York — Effective federal funds rate

  12. BudgetCongressional Budget Office

    CBO's 2026 Long-Term Projections for Social Security

    The Congressional Budget Office published “CBO's 2026 Long-Term Projections for Social Security”. CBO's summary: “In CBO's projections, the gap between Social Security's outlays and revenues generally widens over the next 75 years, and the balance of the Old-Age and Survivors Insurance Trust Fund is exhausted in fiscal year 2032.” For reference: total public debt outstanding was $40.09 trillion on September 16, 2026.

    Source: Congressional Budget Office

  13. Auctions

    10-year TIPS auction: 2.653% high real yield, bid-to-cover 2.24

    The Treasury sold $21.9 billion of 10-year TIPS securities on September 17, 2026, reopening an existing issue with 9-year 10-month remaining. The high real yield was 2.653%, 21 basis points higher than the 2.438% at the previous 10-year TIPS auction on July 23, 2026. Bids came to 2.24 times the amount sold (previous auction: 2.30). Indirect bidders, a group that includes foreign central banks, were awarded 59.1% of the competitive amount; primary dealers, who must bid, took 12.2%.

    High real yield
    2.653%
    Bid-to-cover ratio
    2.24
    Amount sold
    $21.9 billion
    Indirect bidders
    59.1%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 91282CRE3, auctioned September 17, 2026

  14. Federal ReserveFederal Reserve Board

    Federal Reserve issues FOMC statement

    The Federal Open Market Committee published its policy statement. The statement sets the target range for the federal funds rate, which influences what the Treasury pays on newly issued short-term debt. For reference: the federal funds target range was 3.75–4% and the effective rate 3.88% on October 6, 2026, the latest New York Fed figures when this item was published.

    Source: Board of Governors of the Federal Reserve System

  15. Federal ReserveFederal Reserve Board

    Federal Reserve Board and Federal Open Market Committee release economic projections from the September 15-16 FOMC meeting

    The Federal Reserve published the economic projections of Federal Open Market Committee participants, including their expectations for the federal funds rate. For reference: the federal funds target range was 3.75–4% and the effective rate 3.88% on October 6, 2026, the latest New York Fed figures when this item was published.

    Source: Board of Governors of the Federal Reserve System

  16. BudgetGovernment Accountability Office

    Export-Import Bank: Expanded Use of Delinquent Federal Debt Data Could Better Mitigate Credit Risk

    The Government Accountability Office published “Export-Import Bank: Expanded Use of Delinquent Federal Debt Data Could Better Mitigate Credit Risk”. GAO's summary: “The Export-Import Bank of the United States’ (EXIM) loan guarantee transactions are approved by EXIM’s Board of Directors, staff with individual delegated authority, or delegated authority lenders.” For reference: total public debt outstanding was $40.11 trillion on September 15, 2026.

    Source: US Government Accountability Office

  17. Auctions

    20-year bond auction: 5.420% high yield, bid-to-cover 2.57

    The Treasury sold $13.0 billion of 20-year bond securities on September 15, 2026, reopening an existing issue with 19-year 11-month remaining. The high yield was 5.420%, 22 basis points higher than the 5.204% at the previous 20-year bond auction on August 19, 2026. Bids came to 2.57 times the amount sold (previous auction: 2.53). Indirect bidders, a group that includes foreign central banks, were awarded 52.5% of the competitive amount; primary dealers, who must bid, took 16.9%.

    High yield
    5.420%
    Bid-to-cover ratio
    2.57
    Amount sold
    $13.0 billion
    Indirect bidders
    52.5%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 912810UX4, auctioned September 15, 2026

  18. Budget

    Federal deficit reaches $1.97 trillion in the first 11 months of fiscal 2026

    The Monthly Treasury Statement for August 2026 shows a deficit of $1.97 trillion for fiscal year 2026 so far, compared with a deficit of $1.97 trillion in the same months a year earlier ($7.7 billion less). Receipts were $4.85 trillion and outlays $6.81 trillion. In August alone the government ran a deficit of $167 billion, against a deficit of $345 billion in August 2025.

    Deficit, fiscal 2026 to date
    $1.97 trillion
    Receipts
    $4.85 trillion
    Outlays
    $6.81 trillion
    Versus a year earlier
    −0.4%
    Source: US Treasury — Monthly Treasury Statement

  19. Federal Reserve

    Fed's Treasury holdings rose $27.5 billion in August 2026

    The Federal Reserve held $4.44 trillion of US Treasury securities in its last weekly report of August 2026 (August 26, 2026), up $27.5 billion from $4.41 trillion on July 29, 2026. Its holdings peaked at $5.68 trillion on April 20, 2022.

    Treasury securities held
    $4.44 trillion
    Change over the month
    +$27.5 billion
    Peak
    $5.68 trillion
    Source: Federal Reserve Bank of New York — SOMA holdings

  21. Debt

    US debt fell $48.4 billion in the week to September 11, 2026

    Total public debt outstanding was $40.05 trillion on September 11, 2026, down $48.4 billion from $40.09 trillion on September 4, 2026. Over the 30 days to September 11, 2026 it rose $133 billion, an average of $4.4 billion a day. Since fiscal year 2026 began on October 1, 2025, it has risen $2.41 trillion.

    Total public debt
    $40.05 trillion
    Change over the week
    −$48.4 billion
    Change over 30 days
    +$133 billion
    Source: US Treasury — Debt to the Penny

  22. Auctions

    30-year bond auction: 5.308% high yield, bid-to-cover 2.61

    The Treasury sold $22.0 billion of 30-year bond securities on September 10, 2026, reopening an existing issue with 29-year 11-month remaining. The high yield was 5.308%, 9 basis points higher than the 5.216% at the previous 30-year bond auction on August 13, 2026. Bids came to 2.61 times the amount sold (previous auction: 2.39). Indirect bidders, a group that includes foreign central banks, were awarded 79.5% of the competitive amount; primary dealers, who must bid, took 2.2%.

    High yield
    5.308%
    Bid-to-cover ratio
    2.61
    Amount sold
    $22.0 billion
    Indirect bidders
    79.5%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 912810UW6, auctioned September 10, 2026

  23. Auctions

    10-year note auction: 4.834% high yield, bid-to-cover 2.71

    The Treasury sold $39.0 billion of 10-year note securities on September 9, 2026, reopening an existing issue with 9-year 11-month remaining. The high yield was 4.834%, 15 basis points higher than the 4.683% at the previous 10-year note auction on August 12, 2026. Bids came to 2.71 times the amount sold (previous auction: 2.53). Indirect bidders, a group that includes foreign central banks, were awarded 79.2% of the competitive amount; primary dealers, who must bid, took 4.3%.

    High yield
    4.834%
    Bid-to-cover ratio
    2.71
    Amount sold
    $39.0 billion
    Indirect bidders
    79.2%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 91282CRF0, auctioned September 9, 2026

  24. BudgetCongressional Budget Office

    Monthly Budget Review: August 2026

    The Congressional Budget Office published “Monthly Budget Review: August 2026”. CBO's summary: “The federal budget deficit totaled $2.0 trillion in the first 11 months of fiscal year 2026, the CBO estimates. That amount is $6 billion less than the deficit recorded during the same period last fiscal year.” For reference: total public debt outstanding was $40.05 trillion on September 10, 2026.

    Source: Congressional Budget Office

  25. Auctions

    3-year note auction: 4.474% high yield, bid-to-cover 2.72

    The Treasury sold $58.0 billion of 3-year note securities on September 8, 2026. The high yield was 4.474%, 18 basis points higher than the 4.291% at the previous 3-year note auction on August 11, 2026. Bids came to 2.72 times the amount sold (previous auction: 2.71). Indirect bidders, a group that includes foreign central banks, were awarded 62.1% of the competitive amount; primary dealers, who must bid, took 10.9%.

    High yield
    4.474%
    Bid-to-cover ratio
    2.72
    Amount sold
    $58.0 billion
    Indirect bidders
    62.1%
    Source: US Treasury — Auction results (TreasuryDirect), CUSIP 91282CRL7, auctioned September 8, 2026

  26. Debt

    US debt fell $9.5 billion in the week to September 4, 2026

    Total public debt outstanding was $40.09 trillion on September 4, 2026, down $9.5 billion from $40.10 trillion on August 28, 2026. Over the 30 days to September 4, 2026 it rose $265 billion, an average of $8.8 billion a day. Since fiscal year 2026 began on October 1, 2025, it has risen $2.46 trillion.

    Total public debt
    $40.09 trillion
    Change over the week
    −$9.5 billion
    Change over 30 days
    +$265 billion
    Source: US Treasury — Debt to the Penny

Sources

© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org.

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