Figure 2

Maturing federal debt is being refinanced at higher rates

Average interest rate on federal debt and market Treasury yields, percentage

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Sources: “Average Interest Rates on US Treasury Securities,” Fiscal Data, US Department of the Treasury; “Market Yield on US Treasury Securities at 10-Year Constant Maturity, Quoted on an Investment Basis,” Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, updated Sep 28, 2026; and “Market Yield on US Treasury Securities at 3-Month Constant Maturity, Quoted on an Investment Basis,” Federal Reserve Economic Data, Federal Reserve Bank of St. Louis, updated Sep 28, 2026.