Are nominal bonds adjusted for inflation?

No. Principal and interest are determined by nominal terms, unlike inflation-protected securities.

Do surging yields cause a corresponding drop in the series?

Not necessarily, because the data reflects accounting values rather than a full market revaluation.

Should this line be added to total sovereign debt to measure scale?

No, because nominal bonds are already included in the total and adding them would result in double counting.

US FED Credit US Treasury Nominal Notes and Bonds

Name: US FED Credit US Treasury Nominal Notes and Bonds
Creator: FRED (Federal Reserve Bank of St. Louis)
License: https://creativecommons.org/licenses/by/4.0/

US FED Credit US Treasury Nominal Notes and Bonds stood at 3,617,961 USD million on Oct 14, 2026, according to FRED (Federal Reserve Bank of St. Louis). It is one of the indicators in the FED balance sheet table (Value · Daily), with a complete series running from Dec 18, 2002 to Oct 14, 2026. The complete series with an interactive chart, free to download.

Source: FRED (Federal Reserve Bank of St. Louis)Last updated: Oct 15, 2026, 22:33 UTCCurated by Bui Thanh Phuc

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This indicator in the FED balance sheet table

Indicator	14-10-2026	07-10-2026	30-09-2026	23-09-2026	16-09-2026	09-09-2026	02-09-2026	26-08-2026	19-08-2026	12-08-2026
Securities held outright	6,471,059	6,466,820	6,464,597	6,471,088	6,470,320	6,468,269	6,468,278	6,462,101	6,475,303	6,471,490
U.S. Treasury securities	4,570,552	4,566,384	4,564,161	4,558,332	4,554,450	4,552,337	4,552,347	4,546,169	4,542,228	4,538,288
Nominal	3,617,961	3,617,961	3,617,961	3,620,822	3,620,822	3,620,822	3,620,822	3,621,850	3,621,850	3,621,850

Understanding US FED Credit US Treasury Nominal Notes and Bonds

This indicator reflects the book value of sovereign debt bonds that pay interest and principal under nominal terms, without adjusting principal for inflation. The scope excludes short-term Treasury bills, inflation-indexed bonds, accumulated inflation compensation, other federally sponsored agency securities, and mortgage-backed assets. Within the total sovereign debt portfolio, this is typically the component with a diverse maturity profile and differs distinctly from the inflation-indexed stream in its cash flow determination mechanism.

When the series fluctuates between days, settled transactions, maturing assets, and reinvestment volumes are the most appropriate causes to examine, rather than secondary market price movements. Comparing against the preceding period helps identify the date a change occurred, whereas observing across multiple weeks is more suitable for assessing the trend of portfolio contraction. This line should also not be added directly to total sovereign debt because their relationship is part-to-whole, which risks double-counting.

Frequently asked questions

Are nominal bonds adjusted for inflation?: No. Principal and interest are determined by nominal terms, unlike inflation-protected securities.
Do surging yields cause a corresponding drop in the series?: Not necessarily, because the data reflects accounting values rather than a full market revaluation.
Should this line be added to total sovereign debt to measure scale?: No, because nominal bonds are already included in the total and adding them would result in double counting.