https://gcc.gnu.org/bugzilla/show_bug.cgi?id=114746
--- Comment #3 from Joseph S. Myers <jsm28 at gcc dot gnu.org> --- The actual effect of -fexcess-precision=fast is more like "outside the back end, pretend excess precision doesn't exist, but the back end might use it anyway" (complicated a bit by having genuine excess precision logic for _Float16 still in operation when otherwise pretending excess precision doesn't exist). Pretending excess precision doesn't exist includes not having its effects on constants. Maybe that's confusing, but the effects of excess precision on constants also confuse people, as do all forms of excess precision for operations, so it's not clear that an alternative would be any better.