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Fed funds rate and total interest paid on outstanding treasury bonds are not a 1:1 relationship. The coupon payments of a bond are determined at the time of issuance. So for example if a 30 year bond was issued 10 years ago, the ongoing coupon payments that the US treasury is paying today on that bond are a fixed amount that was determined at the time the bond was issued 10 years ago. Every individual issuance of bonds has a specific coupon payment which is determined at time of issuance.