https://gcc.gnu.org/bugzilla/show_bug.cgi?id=114050
--- Comment #13 from Jonathan Wakely <redi at gcc dot gnu.org> --- -fexcess-precision does affect constants. With -fexcess-precision=standard, assignments and casts discard excess precision which may otherwise be present in arithmetic expressions and constants. With -fexcess-precision=fast the excess precision might be retained even after casts and assignments, or it might be discarded at other points. But in both cases, a floating constant might have excess precision. Whether that excess precision is discarded, and when it's discarded, is affected by -fexcess-precision.