Federal Register / Vol. 88, No. 167 / Wednesday, August 30, 2023 / Notices 59953 

1 15 U.S.C. 77f(b). 

2 15 U.S.C. 78m(e). 

3 15 U.S.C. 78n(g). 

4 15 U.S.C. 77f(b)(2). The annual adjustments are 

designed to adjust the fee rate in a given fiscal year 

so that, when applied to the aggregate maximum 

offering prices at which securities are proposed to 

be offered for the fiscal year, it is reasonably likely 

to produce total fee collections under Section 6(b) 

equal to the ‘‘target fee collection amount’’ required 

by Section 6(b)(6)(A) for that fiscal year. 

5 15 U.S.C. 78m(e)(4) and 15 U.S.C. 78n(g)(4). 

6 15 U.S.C. 77f(b)(6)(A). 

7The Commission annually adjusts for inflation 

the civil monetary penalties that can be imposed 

under the statutes administered by Commission, as 

required by the Federal Civil Penalties Inflation 

Adjustment Act Improvements Act of 2015, 

pursuant to guidance from the Office of 

Management and Budget (‘‘OMB’’). See OMB Dec. 

16, 2019, Memorandum for the Heads of Executive 

Departments and Agencies,’’ M–20–05, on 

‘‘Implementation of Penalty Inflation Adjustments 

for 2020, Pursuant to the Federal Civil Penalties 

Inflation Adjustment Act Improvements Act of 

2015.’’ 

8This value was announced on July 12, 2023. See 

https://www.bls.gov/news.release/archives/cpi_

07122023.htm. 

Filing Authority: 39 CFR 3035.105; 

Public Representative: Gregory S. 

Stanton; Comments Due: August 31, 

2023. 

2. Docket No(s).: CP2023–35; Filing 

Title: Notice of the United States Postal 

Service of Filing Modification One to 

Priority Mail Express International, 

Priority Mail International & First-Class 

Package International Service Contract 

11; Filing Acceptance Date: August 23, 

2023; Filing Authority: 39 CFR 

3035.105; Public Representative: 

Jennaca D. Upperman; Comments Due: 

August 31, 2023. 

3. Docket No(s).: MC2023–244 and 

CP2023–247; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 36 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: August 23, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Philip Abraham; 

Comments Due: August 31, 2023. 

4. Docket No(s).: MC2023–245 and 

CP2023–248; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 37 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: August 23, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Philip Abraham; 

Comments Due: August 31, 2023. 

5. Docket No(s).: MC2023–246 and 

CP2023–249; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 38 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: August 23, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Philip Abraham; 

Comments Due: August 31, 2023. 

6. Docket No(s).: MC2023–247 and 

CP2023–250; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 39 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: August 23, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Kenneth R. 

Moeller; Comments Due: August 31, 

2023. 

7. Docket No(s).: MC2023–248 and 

CP2023–251; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 40 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: August 23, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Kenneth R. 

Moeller; Comments Due: August 31, 

2023. 

8. Docket No(s).: MC2023–249 and 

CP2023–252; Filing Title: USPS Request 

to Add Priority Mail & USPS Ground 

Advantage Contract 41 to Competitive 

Product List and Notice of Filing 

Materials Under Seal; Filing Acceptance 

Date: August 23, 2023; Filing Authority: 

39 U.S.C. 3642, 39 CFR 3040.130 

through 3040.135, and 39 CFR 3035.105; 

Public Representative: Kenneth R. 

Moeller; Comments Due: August 31, 

2023. 

This Notice will be published in the 

Federal Register. 

Erica A. Barker, 

Secretary. 

[FR Doc. 2023–18666 Filed 8–29–23; 8:45 am] 

BILLING CODE 7710–FW–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release Nos. 33–11224; 34–98223/August 

25, 2023] 

Order Making Fiscal Year 2024 Annual 

Adjustments to Registration Fee Rates 

I. Background 

The Commission collects fees under 

various provisions of the securities 

laws. Section 6(b) of the Securities Act 

of 1933 (‘‘Securities Act’’) requires the 

Commission to collect fees from issuers 

on the registration of securities.1 Section 

13(e) of the Securities Exchange Act of 

1934 (‘‘Exchange Act’’) requires the 

Commission to collect fees on specified 

repurchases of securities.2 Section 14(g) 

of the Exchange Act requires the 

Commission to collect fees on specified 

proxy solicitations and statements in 

corporate control transactions.3 These 

provisions require the Commission to 

make annual adjustments to the 

applicable fee rates. 

II. Fiscal Year 2024 Annual Adjustment 

to Fee Rates 

Section 6(b)(2) of the Securities Act 

requires the Commission to make an 

annual adjustment to the fee rate 

applicable under Section 6(b).4 The 

annual adjustment to the fee rate under 

Section 6(b) of the Securities Act also 

sets the annual adjustment to the fee 

rates under Sections 13(e) and 14(g) of 

the Exchange Act.5

Section 6(b)(2) sets forth the method 

for determining the annual adjustment 

to the fee rate under Section 6(b) for 

fiscal year 2024. Specifically, the 

Commission must adjust the fee rate 

under Section 6(b) to a ‘‘rate that, when 

applied to the baseline estimate of the 

aggregate maximum offering prices for 

[fiscal year 2024], is reasonably likely to 

produce aggregate fee collections under 

[Section 6(b)] that are equal to the target 

fee collection amount for [fiscal year 

2024].’’ That is, the adjusted rate is 

determined by dividing the ‘‘target fee 

collection amount’’ for fiscal year 2024 

by the ‘‘baseline estimate of the 

aggregate maximum offering prices’’ for 

fiscal year 2024. 

III. Target Fee Collection Amount for 

FY 2024 

The statutory ‘‘target fee collection 

amount’’ for fiscal year 2021 and ‘‘each 

fiscal year thereafter’’ is ‘‘an amount 

that is equal to the target fee collection 

amount for the prior fiscal year, 

adjusted by the rate of inflation.’’ 6

Consistent with the fiscal year 2021 

calculation, the Commission has 

determined that it will use an approach 

similar to one that it uses to annually 

adjust civil monetary penalties by the 

rate of inflation.7 Under this approach, 

the Commission will use the year-overyear change, rounded to five decimal 

places, in the Consumer Price Index for 

All Urban Consumers (‘‘CPI–U’’), not 

seasonally adjusted, in calculating the 

target fee collection amount, which is 

then rounded to the nearest whole 

dollar. The calculation for the fiscal year 

2024 target fee collection amount is 

described in more detail below. 

The most recent CPI–U index value, 

not seasonally adjusted, available for 

use by the Commission at the time this 

fee rate update was prepared was for 

June 2023. This value is 305.109.8 The 

CPI–U index value, not seasonally 


lotter on DSK11XQN23PROD with NOTICES1
59954 Federal Register / Vol. 88, No. 167 / Wednesday, August 30, 2023 / Notices 

9See ‘‘Table 1. Consumer Price Index for All 

Urban Consumers (CPI–U): U.S. city average, by 

expenditure category, June 2023’’ in the 

announcement referenced above. 

10See 87 FR 53030, published Aug. 30, 2022 

(https://www.federalregister.gov/documents/2022/ 

08/30/2022-18668/order-making-fiscal-year-2023- 

annual-adjustments-to-registration-fee-rates). 

11Appendix A explains how we determined the 

‘‘baseline estimate of the aggregate maximum 

offering prices’’ for fiscal year 2024 using our 

methodology, and then shows the arithmetical 

process of calculating the fiscal year 2024 annual 

adjustment based on that estimate. The appendix 

includes the data used by the Commission in 

making its ‘‘baseline estimate of the aggregate 

maximum offering prices’’ for fiscal year 2024. 

12 15 U.S.C. 77f(b)(4), 15 U.S.C. 78m(e)(6), and 15 

U.S.C. 78n(g)(6). 

13 15 U.S.C. 77f(b), 78m(e), and 78n(g). 

adjusted, for June 2022 is 296.311.9

Dividing the June 2023 value by the 

June 2022 value and rounding to five 

decimal places yields a multiplier value 

of 1.02969. Multiplying the fiscal year 

2023 target fee collection amount of 

$815,557,629 10 by the multiplier value 

of 1.02969 and rounding to the nearest 

whole dollar yields a fiscal year 2024 

target fee collection amount of 

$839,771,535. 

Section 6(b)(6)(B) defines the 

‘‘baseline estimate of the aggregate 

maximum offering prices’’ for fiscal year 

2024 as ‘‘the baseline estimate of the 

aggregate maximum offering price at 

which securities are proposed to be 

offered pursuant to registration 

statements filed with the Commission 

during [fiscal year 2024] as determined 

by the Commission, after consultation 

with the Congressional Budget Office 

and the Office of Management and 

Budget . . . .’’ 

To make the baseline estimate of the 

aggregate maximum offering prices for 

fiscal year 2024, the Commission is 

using the methodology it has used in 

prior fiscal years and that was 

developed in consultation with the 

Congressional Budget Office and 

OMB.11 Using this methodology, the 

Commission determines the ‘‘baseline 

estimate of the aggregate maximum 

offering price’’ for fiscal year 2024 to be 

$5,690,702,748,940. Based on this 

estimate and the fiscal year 2024 target 

fee collection amount, the Commission 

calculates the fee rate for fiscal 2024 to 

be $147.60 per million. This adjusted 

fee rate applies to Section 6(b) of the 

Securities Act, as well as to Sections 

13(e) and 14(g) of the Exchange Act. 

IV. Effective Dates of the Annual 

Adjustments 

The fiscal year 2024 annual 

adjustments to the fee rates applicable 

under Section 6(b) of the Securities Act 

and Sections 13(e) and 14(g) of the 

Exchange Act will be effective on 

October 1, 2023.12

V. Conclusion 

Accordingly, pursuant to Section 6(b) 

of the Securities Act and Sections 13(e) 

and 14(g) of the Exchange Act,13

It is hereby ordered that the fee rates 

applicable under Section 6(b) of the 

Securities Act and Sections 13(e) and 

14(g) of the Exchange Act shall be 

$147.60 per million effective on October 

1, 2023. 

By the Commission. 

J. Matthew DeLesDernier, 

Deputy Secretary. 

Appendix A 

Congress has established a target amount of 

monies to be collected from fees charged to 

issuers based on the value of their 

registrations. This appendix provides the 

formula for determining such fees, which the 

Commission adjusts annually. Congress has 

mandated that the Commission determine 

these fees based on the ‘‘aggregate maximum 

offering prices,’’ which measures the 

aggregate dollar amount of securities 

registered with the Commission over the 

course of the year (hereafter, ‘‘registrations’’). 

In order to maximize the likelihood that the 

amount of monies targeted by Congress will 

be collected, the fee rate must be set to reflect 

projected aggregate maximum offering prices. 

As a percentage, the fee rate equals the ratio 

of the target amounts of monies to the 

projected aggregate maximum offering prices. 

For 2024, the Commission has estimated 

the aggregate maximum offering prices by 

projecting forward the trend established in 

the previous decade. More specifically, an 

auto-regressive integrated moving average 

(‘‘ARIMA’’) model was used to forecast the 

value of the aggregate maximum offering 

prices for months subsequent to July 2023, 

the last month for which the Commission has 

data on the aggregate maximum offering 

prices. 

The following sections describe this 

process in detail. 

A. Baseline Estimate of the Aggregate 

Maximum Offering Prices for Fiscal Year 

2024 

First, calculate the aggregate maximum 

offering prices (AMOP) for each month in the 

sample (July 2013 through July 2023). Next, 

calculate the percentage change in the AMOP 

from month to month. 

Model the monthly percentage change in 

AMOP as a first order moving average 

process. The moving average approach 

allows one to model the effect that an 

exceptionally high (or low) observation of 

AMOP tends to be followed by a more 

‘‘typical’’ value of AMOP. 

Use the [estimated moving average] 

[ARIMA] model to forecast the monthly 

percent change in AMOP. These percent 

changes can then be applied to obtain 

forecasts of the total dollar value of 

registrations. The following is a more formal 

(mathematical) description of the procedure: 

1. Begin with the monthly data for AMOP. 

The sample spans ten years, from July 2013 

to July 2023. 

2. Divide each month’s AMOP (column C) 

by the number of trading days in that month 

(column B) to obtain the average daily AMOP 

(AAMOP, column D). 

3. For each month t, the natural logarithm 

of AAMOP is reported in column E. 

4. Calculate the change in log(AAMOP) 

from the previous month as Dt = log 

(AAMOPt)¥log(AAMOPt¥1). This 

approximates the percentage change. 

5. Estimate the first order moving average 

model Dt = a + bet¥1 + et, where et denotes 

the forecast error for month t. The forecast 

error is simply the difference between the 

one-month ahead forecast and the actual 

realization of Dt. The forecast error is 

expressed as et = Dt¥a¥bet¥1. The model 

can be estimated using standard 

commercially available software. Using least 

squares, the estimated parameter values are 

a = 0.0034213782 and b = 0.8643834013. 

6. For the month of August 2023 forecast 

Dt = 8/2023 = a + bet = 7/2023. For all subsequent 

months, forecast Dt = a. 

7. Calculate forecasts of log(AAMOP). For 

example, the forecast of log(AAMOP) for 

October 2023 is given by FLAAMOP t = 10/2023

= log(AAMOPt = 7/2023) + D t = 8/2023 +D t = 9/2023

+ D t = 10/2023. 

8. Under the assumption that et is normally 

distributed, the n-step ahead forecast of 

AAMOP is given by exp(FLAAMOPt + sn

2/2), 

where sn denotes the standard error of the nstep ahead forecast. 

9. For October 2023, this gives a forecast 

AAMOP of $22,085 million (Column I), and 

a forecast AMOP of $485,871 million 

(Column J). 

10. Iterate this process through September 

2024 to obtain a baseline estimate of the 

aggregate maximum offering prices for fiscal 

year 2024 of $5,690,702,748,940. 

B. Using the Forecasts From A To Calculate 

the New Fee Rate 

1. Using the data from Table A, estimate 

the aggregate maximum offering prices 

between 10/01/23 and 9/30/24 to be 

$5,690,702,748,940. 

2. The rate necessary to collect the target 

$839,771,535 in fee revenues required by 

Section 6(b) of the Securities Act is then 

calculated as: $839,771,535 ÷ 

$5,690,702,748,940 = 0.0001475690. 

3. Round the result to the seventh decimal 

point, yielding a rate of 0.0001476 (or 

$147.60 per million). 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 167 / Wednesday, August 30, 2023 / Notices 59955 

TABLE A—ESTIMATION OF BASELINE OF AGGREGATE MAXIMUM OFFERING PRICES

[Fee rate calculation] 

a. Baseline estimate of the aggregate maximum offering proces, 10/01/23 to 09/30/24 ($Millions) ............................................. 5,690,703 

b. Implied fee rate ($839,771,535 / a) ............................................................................................................................................. $147.60 

Month 

Number of 

trading days 

in month 

Aggregate 

maximum 

offering 

prices, in 

$Millions 

Average 

daily 

aggregate 

max. offering prices 

(AAMOP) in 

$Millions 

log(AAMOP) Log (change 

in AAMOP) 

Forecast 

log(AAMOP) 

Standard 

error 

Forecast 

AAMOP, in 

$Millions 

Forecast 

aggregate 

maximum 

offering 

prices, in 

$Millions 

(A) (B) (C) (D) (E) (F) (G) (H) (I) (J) 

Jul-13 ........................................ 22 263,869 11,994 23.208 .................... .................... .................... .................... ....................

Aug-13 ...................................... 22 253,305 11,514 23.167 ¥0.041 .................... .................... .................... ....................

Sep-13 ...................................... 20 267,923 13,396 23.318 0.151 .................... .................... .................... ....................

Oct-13 ....................................... 23 293,847 12,776 23.271 ¥0.047 .................... .................... .................... ....................

Nov-13 ...................................... 20 326,257 16,313 23.515 0.244 .................... .................... .................... ....................

Dec-13 ...................................... 21 358,169 17,056 23.560 0.045 .................... .................... .................... ....................

Jan-14 ....................................... 21 369,067 17,575 23.590 0.030 .................... .................... .................... ....................

Feb-14 ....................................... 19 298,376 15,704 23.477 ¥0.113 .................... .................... .................... ....................

Mar-14 ....................................... 21 564,840 26,897 24.015 0.538 .................... .................... .................... ....................

Apr-14 ....................................... 21 263,401 12,543 23.252 ¥0.763 .................... .................... .................... ....................

May-14 ...................................... 21 403,700 19,224 23.679 0.427 .................... .................... .................... ....................

Jun-14 ....................................... 21 423,075 20,146 23.726 0.047 .................... .................... .................... ....................

Jul-14 ........................................ 22 373,811 16,991 23.556 ¥0.170 .................... .................... .................... ....................

Aug-14 ...................................... 21 405,017 19,287 23.683 0.127 .................... .................... .................... ....................

Sep-14 ...................................... 21 409,349 19,493 23.693 0.011 .................... .................... .................... ....................

Oct-14 ....................................... 23 338,832 14,732 23.413 ¥0.280 .................... .................... .................... ....................

Nov-14 ...................................... 19 386,898 20,363 23.737 0.324 .................... .................... .................... ....................

Dec-14 ...................................... 22 370,760 16,853 23.548 ¥0.189 .................... .................... .................... ....................

Jan-15 ....................................... 20 394,127 19,706 23.704 0.156 .................... .................... .................... ....................

Feb-15 ....................................... 19 466,138 24,534 23.923 0.219 .................... .................... .................... ....................

Mar-15 ....................................... 22 753,747 34,261 24.257 0.334 .................... .................... .................... ....................

Apr-15 ....................................... 21 356,560 16,979 23.555 ¥0.702 .................... .................... .................... ....................

May-15 ...................................... 20 478,591 23,930 23.898 0.343 .................... .................... .................... ....................

Jun-15 ....................................... 22 446,102 20,277 23.733 ¥0.166 .................... .................... .................... ....................

Jul-15 ........................................ 22 402,062 18,276 23.629 ¥0.104 .................... .................... .................... ....................

Aug-15 ...................................... 21 334,746 15,940 23.492 ¥0.137 .................... .................... .................... ....................

Sep-15 ...................................... 21 289,872 13,803 23.348 ¥0.144 .................... .................... .................... ....................

Oct-15 ....................................... 22 300,276 13,649 23.337 ¥0.011 .................... .................... .................... ....................

Nov-15 ...................................... 20 409,690 20,485 23.743 0.406 .................... .................... .................... ....................

Dec-15 ...................................... 22 308,569 14,026 23.364 ¥0.379 .................... .................... .................... ....................

Jan-16 ....................................... 19 457,411 24,074 23.904 0.540 .................... .................... .................... ....................

Feb-16 ....................................... 20 554,343 27,717 24.045 0.141 .................... .................... .................... ....................

Mar-16 ....................................... 22 900,301 40,923 24.435 0.390 .................... .................... .................... ....................

Apr-16 ....................................... 21 250,716 11,939 23.203 ¥1.232 .................... .................... .................... ....................

May-16 ...................................... 21 409,992 19,523 23.695 0.492 .................... .................... .................... ....................

Jun-16 ....................................... 22 321,219 14,601 23.404 ¥0.291 .................... .................... .................... ....................

Jul-16 ........................................ 20 289,671 14,484 23.396 ¥0.008 .................... .................... .................... ....................

Aug-16 ...................................... 23 352,068 15,307 23.452 0.055 .................... .................... .................... ....................

Sep-16 ...................................... 21 326,116 15,529 23.466 0.014 .................... .................... .................... ....................

Oct-16 ....................................... 21 266,115 12,672 23.263 ¥0.203 .................... .................... .................... ....................

Nov-16 ...................................... 21 443,034 21,097 23.772 0.510 .................... .................... .................... ....................

Dec-16 ...................................... 21 310,614 14,791 23.417 ¥0.355 .................... .................... .................... ....................

Jan-17 ....................................... 20 503,030 25,152 23.948 0.531 .................... .................... .................... ....................

Feb-17 ....................................... 19 255,815 13,464 23.323 ¥0.625 .................... .................... .................... ....................

Mar-17 ....................................... 23 723,870 31,473 24.172 0.849 .................... .................... .................... ....................

Apr-17 ....................................... 19 255,275 13,436 23.321 ¥0.851 .................... .................... .................... ....................

May-17 ...................................... 22 569,965 25,908 23.978 0.657 .................... .................... .................... ....................

Jun-17 ....................................... 22 445,081 20,231 23.730 ¥0.247 .................... .................... .................... ....................

Jul-17 ........................................ 20 291,167 14,558 23.401 ¥0.329 .................... .................... .................... ....................

Aug-17 ...................................... 23 263,981 11,477 23.164 ¥0.238 .................... .................... .................... ....................

Sep-17 ...................................... 20 372,705 18,635 23.648 0.485 .................... .................... .................... ....................

Oct-17 ....................................... 22 173,749 7,898 22.790 ¥0.858 .................... .................... .................... ....................

Nov-17 ...................................... 21 377,262 17,965 23.612 0.822 .................... .................... .................... ....................

Dec-17 ...................................... 20 281,126 14,056 23.366 ¥0.245 .................... .................... .................... ....................

Jan-18 ....................................... 21 593,025 28,239 24.064 0.698 .................... .................... .................... ....................

Feb-18 ....................................... 19 353,182 18,589 23.646 ¥0.418 .................... .................... .................... ....................

Mar-18 ....................................... 21 685,784 32,656 24.209 0.563 .................... .................... .................... ....................

Apr-18 ....................................... 21 367,569 17,503 23.586 ¥0.624 .................... .................... .................... ....................

May-18 ...................................... 22 543,840 24,720 23.931 0.345 .................... .................... .................... ....................

Jun-18 ....................................... 21 477,967 22,760 23.848 ¥0.083 .................... .................... .................... ....................

Jul-18 ........................................ 21 327,710 15,605 23.471 ¥0.377 .................... .................... .................... ....................

Aug-18 ...................................... 23 347,239 15,097 23.438 ¥0.033 .................... .................... .................... ....................

Sep-18 ...................................... 19 259,874 13,678 23.339 ¥0.099 .................... .................... .................... ....................

Oct-18 ....................................... 23 300,814 13,079 23.294 ¥0.045 .................... .................... .................... ....................

Nov-18 ...................................... 21 447,767 21,322 23.783 0.489 .................... .................... .................... ....................

Dec-18 ...................................... 19 276,130 14,533 23.400 ¥0.383 .................... .................... .................... ....................

Jan-19 ....................................... 21 495,624 23,601 23.885 0.485 .................... .................... .................... ....................

Feb-19 ....................................... 19 372,166 19,588 23.698 ¥0.186 .................... .................... .................... ....................


lotter on DSK11XQN23PROD with NOTICES1
59956 Federal Register / Vol. 88, No. 167 / Wednesday, August 30, 2023 / Notices 

Month 

Number of 

trading days 

in month 

Aggregate 

maximum 

offering 

prices, in 

$Millions 

Average 

daily 

aggregate 

max. offering prices 

(AAMOP) in 

$Millions 

log(AAMOP) Log (change 

in AAMOP) 

Forecast 

log(AAMOP) 

Standard 

error 

Forecast 

AAMOP, in 

$Millions 

Forecast 

aggregate 

maximum 

offering 

prices, in 

$Millions 

(A) (B) (C) (D) (E) (F) (G) (H) (I) (J) 

Mar-19 ....................................... 21 604,813 28,801 24.084 0.385 .................... .................... .................... ....................

Apr-19 ....................................... 21 267,737 12,749 23.269 ¥0.815 .................... .................... .................... ....................

May-19 ...................................... 22 476,892 21,677 23.800 0.531 .................... .................... .................... ....................

Jun-19 ....................................... 20 399,178 19,959 23.717 ¥0.083 .................... .................... .................... ....................

Jul-19 ........................................ 22 359,438 16,338 23.517 ¥0.200 .................... .................... .................... ....................

Aug-19 ...................................... 22 401,391 18,245 23.627 0.110 .................... .................... .................... ....................

Sep-19 ...................................... 20 382,876 19,144 23.675 0.048 .................... .................... .................... ....................

Oct-19 ....................................... 23 181,113 7,874 22.787 ¥0.888 .................... .................... .................... ....................

Nov-19 ...................................... 20 553,889 27,694 24.044 1.258 .................... .................... .................... ....................

Dec-19 ...................................... 21 438,062 20,860 23.761 ¥0.283 .................... .................... .................... ....................

Jan-20 ....................................... 21 636,403 30,305 24.135 0.373 .................... .................... .................... ....................

Feb-20 ....................................... 19 424,133 22,323 23.829 ¥0.306 .................... .................... .................... ....................

Mar-20 ....................................... 22 409,403 18,609 23.647 ¥0.182 .................... .................... .................... ....................

Apr-20 ....................................... 21 389,821 18,563 23.644 ¥0.002 .................... .................... .................... ....................

May-20 ...................................... 20 731,835 36,592 24.323 0.679 .................... .................... .................... ....................

Jun-20 ....................................... 22 650,219 29,555 24.110 ¥0.214 .................... .................... .................... ....................

Jul-20 ........................................ 22 457,871 20,812 23.759 ¥0.351 .................... .................... .................... ....................

Aug-20 ...................................... 21 465,953 22,188 23.823 0.064 .................... .................... .................... ....................

Sep-20 ...................................... 21 435,323 20,730 23.755 ¥0.068 .................... .................... .................... ....................

Oct-20 ....................................... 22 429,638 19,529 23.695 ¥0.060 .................... .................... .................... ....................

Nov-20 ...................................... 20 849,894 42,495 24.473 0.777 .................... .................... .................... ....................

Dec-20 ...................................... 22 493,133 22,415 23.833 ¥0.640 .................... .................... .................... ....................

Jan-21 ....................................... 19 753,590 39,663 24.404 0.571 .................... .................... .................... ....................

Feb-21 ....................................... 19 785,163 41,324 24.445 0.041 .................... .................... .................... ....................

Mar-21 ....................................... 23 960,806 41,774 24.456 0.011 .................... .................... .................... ....................

Apr-21 ....................................... 21 430,803 20,514 23.744 ¥0.711 .................... .................... .................... ....................

May-21 ...................................... 20 759,512 37,976 24.360 0.616 .................... .................... .................... ....................

Jun-21 ....................................... 22 512,966 23,317 23.872 ¥0.488 .................... .................... .................... ....................

Jul-21 ........................................ 21 485,097 23,100 23.863 ¥0.009 .................... .................... .................... ....................

Aug-21 ...................................... 22 608,745 27,670 24.044 0.181 .................... .................... .................... ....................

Sep-21 ...................................... 21 565,229 26,916 24.016 ¥0.028 .................... .................... .................... ....................

Oct-21 ....................................... 21 338,100 16,100 23.502 ¥0.514 .................... .................... .................... ....................

Nov-21 ...................................... 21 387,841 18,469 23.639 0.137 .................... .................... .................... ....................

Dec-21 ...................................... 22 618,897 28,132 24.060 0.421 .................... .................... .................... ....................

Jan-22 ....................................... 20 809,773 40,489 24.424 0.364 .................... .................... .................... ....................

Feb-22 ....................................... 19 531,622 27,980 24.055 ¥0.370 .................... .................... .................... ....................

Mar-22 ....................................... 23 868,009 37,740 24.354 0.299 .................... .................... .................... ....................

Apr-22 ....................................... 20 607,591 30,380 24.137 ¥0.217 .................... .................... .................... ....................

May-22 ...................................... 21 529,417 25,210 23.951 ¥0.187 .................... .................... .................... ....................

Jun-22 ....................................... 21 410,380 19,542 23.696 ¥0.255 .................... .................... .................... ....................

Jul-22 ........................................ 20 364,895 18,245 23.627 ¥0.069 .................... .................... .................... ....................

Aug-22 ...................................... 23 495,621 21,549 23.794 0.166 .................... .................... .................... ....................

Sep-22 ...................................... 21 371,472 17,689 23.596 ¥0.197 .................... .................... .................... ....................

Oct-22 ....................................... 21 175,612 8,362 22.847 ¥0.749 .................... .................... .................... ....................

Nov-22 ...................................... 21 362,262 17,251 23.571 0.724 .................... .................... .................... ....................

Dec-22 ...................................... 21 311,922 14,853 23.421 ¥0.150 .................... .................... .................... ....................

Jan-23 ....................................... 20 484,759 24,238 23.911 0.490 .................... .................... .................... ....................

Feb-23 ....................................... 19 700,233 36,854 24.330 0.419 .................... .................... .................... ....................

Mar-23 ....................................... 23 775,232 33,706 24.241 ¥0.089 .................... .................... .................... ....................

Apr-23 ....................................... 19 310,952 16,366 23.518 ¥0.722 .................... .................... .................... ....................

May-23 ...................................... 22 574,632 26,120 23.986 0.467 .................... .................... .................... ....................

Jun-23 ....................................... 21 87,686 4,176 22.153 ¥1.833 .................... .................... .................... ....................

Jul-23 ........................................ 20 778,808 38,940 24.385 2.233 .................... .................... .................... ....................

Aug-23 ...................................... 23 .................... .................... .................... .................... 23.737 0.380 21,876 503,156 

Sep-23 ...................................... 20 .................... .................... .................... .................... 23.740 0.383 21,980 439,609 

Oct-23 ....................................... 22 .................... .................... .................... .................... 23.743 0.387 22,085 485,871 

Nov-23 ...................................... 21 .................... .................... .................... .................... 23.747 0.390 22,190 465,993 

Dec-23 ...................................... 20 .................... .................... .................... .................... 23.750 0.393 22,296 445,914 

Jan-24 ....................................... 21 .................... .................... .................... .................... 23.754 0.397 22,402 470,438 

Feb-24 ....................................... 20 .................... .................... .................... .................... 23.757 0.400 22,508 450,168 

Mar-24 ....................................... 20 .................... .................... .................... .................... 23.761 0.403 22,616 452,311 

Apr-24 ....................................... 22 .................... .................... .................... .................... 23.764 0.407 22,723 499,909 

May-24 ...................................... 22 .................... .................... .................... .................... 23.767 0.410 22,831 502,288 

Jun-24 ....................................... 19 .................... .................... .................... .................... 23.771 0.413 22,940 435,859 

Jul-24 ........................................ 22 .................... .................... .................... .................... 23.774 0.416 23,049 507,080 

Aug-24 ...................................... 22 .................... .................... .................... .................... 23.778 0.420 23,159 509,493 

Sep-24 ...................................... 20 .................... .................... .................... .................... 23.781 0.423 23,269 465,379 

BILLING CODE 8011–01–P 


lotter on DSK11XQN23PROD with NOTICES1
Federal Register / Vol. 88, No. 167 / Wednesday, August 30, 2023 / Notices 59957 

[FR Doc. 2023–18723 Filed 8–29–23; 8:45 a.m.] 

BILLING CODE 8011–01–C 


lotter on DSK11XQN23PROD with NOTICES1EN30AU23.000</GPH>