US Federal Interest Payments · USD bn (SAAR)

## What this measures

What the federal government pays in interest each quarter, at an annual rate, on the national-accounts basis.

## Why it matters

The cost of the debt, not its size. It climbs with a lag as low-rate debt rolls into higher-rate debt, so it can keep rising well after the Fed stops.

## How to read it

Read it against defense spending (`fred_national_defense_spending`) and tax receipts (`fred_us_tax_receipts`) — the ratios live as `us.fiscal.interest_to_defense` and `us.fiscal.interest_pct_receipts`.

## What it does not say

National-accounts basis, which differs from the Treasury's budget outlay series (`fred_us_interest_outlays`) in coverage and timing.

## Source

U.S. Bureau of Economic Analysis via FRED, series A091RC1Q027SBEA.