BULLETIN

JUNE2020

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by

B U L L E T I N

The Treasury Bulletin is for sale

by the Superintendent of Documents

U.S. Government Printing Office

Washington, D.C. 20402
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is 

compiled from sources within Treasury departmental offices and bureaus, as well as various 

other Federal program agencies. Readers can contact the publication staff at (202) 874-6466 

to inquire about any of the published information. Suggestions are welcome. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format 

through the Bureau of the Fiscal Service’s home page. 

www.fiscal.treasury.gov
June 2020 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators ........................................................................................................................ 3

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 9 

Analysis—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source ........................ 10 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 19 

FD-1—Summary of Federal Debt ....................................................................................................................................... 20 

FD-2—Debt Held by the Public .......................................................................................................................................... 21 

FD-3—Government Account Series .................................................................................................................................... 22 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 23 

FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by 

 Private Investors .................................................................................................................................................... 24 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 25 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 26

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 28 

TREASURY FINANCING ................................................................................................................................................. 28 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 38 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 39 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 40 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 41 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 42

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 43 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 43 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 44

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 47 
June 2020 

IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 48 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 49 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 49 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 50 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 51 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 51 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 52 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 53 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 53 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 54 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 55 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 55 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 56 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 57 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 57 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 58 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 59 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 59 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 60 

ESF-1—Balance Sheet ........................................................................................................................................................ 60 

ESF-2—Income and Expense .............................................................................................................................................. 61

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 65 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 65 

 

GLOSSARY ........................................................................................................................................................................ 66

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to 

rounding; n.a. = Not available. 
V 

June 2020

Nonquarterly Tables and Reports 

For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports 

are listed below along with the issues in which they appear. 

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

FFO-5.—Internal Revenue Receipts by State ........................................................... √

FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees 

by Districts and Ports ............................................................................... √

 

Special Reports 

 

Financial Report of the United States Government excerpt ...................................... √ 

Trust Fund Reports: 

Agriculture Disaster Relief Trust Fund ............................................................. √ 

Airport and Airway Trust Fund ........................................................................ √ 

Black Lung Disability Trust Fund .................................................................... √ 

Harbor Maintenance Trust Fund ....................................................................... √ 

Hazardous Substance Superfund ....................................................................... √ 

Highway Trust Fund ......................................................................................... √ 

Inland Waterways Trust Fund ........................................................................... √ 

Leaking Underground Storage Tank Trust Fund .............................................. √ 

Nuclear Waste Fund .......................................................................................... √ 

Oil Spill Liability Trust Fund ........................................................................... √ 

Patient Centered Outcomes Research Trust Fund ............................................. √ 

Reforestation Trust Fund .................................................................................. √ 

Sport Fish Restoration and Boating Trust Fund ................................................ √ 

United States Victims of State Sponsored Terrorism Fund .............................. √ 

Uranium Enrichment Decontamination and Decommissioning Fund ............... √ 

Vaccine Injury Compensation Trust Fund ........................................................ √ 

Wool Research, Development, and Promotion Trust Fund ............................... √ 

 

 

 

OPERATIONS

Profile of theEconomy

FederalFiscalOperations 

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation

June 2020 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of May 28, 2020 

Introduction 

 At the beginning of 2020, the U.S. economy was in the 

midst of the longest recovery in American history. Yet 

towards the latter part of the first quarter, the U.S. 

experienced an exogenous shock from the 2019 novel 

coronavirus (COVID-19) pandemic and the extraordinary 

measures taken to respond on several fronts. The policies 

implemented to protect public health, which include social 

distancing requirements and mandated business closures, 

have reduced the spread of the virus but have also triggered 

a sudden, sharp decline in economic activity: according to 

the second estimate, real GDP declined by 5.0 percent at an 

annual rate in the first quarter, after three consecutive 

quarters of growth in the range of 2.0 to 2.1 percent. 

 Prior to the pandemic, the U.S. economy was performing 

very well. Data releases portrayed a still-expanding 

economy, and private forecasters expected GDP growth 

around 2 percent for the next few years. During the first two 

months of 2020, the economy generated 233,000 payroll 

jobs per month on average, significantly above the average 

monthly paces in the previous two years and well above 

estimates of the job growth needed to maintain a historically 

low unemployment rate. The economy’s strength early in 

the year was also evident in rising household incomes and 

healthy balance sheets, solid personal consumption, 

measures of consumer mood approaching the multi-years 

peaks achieved in 2018, and a marked recovery in the 

housing sector. 

 Most recently, however, economic growth has turned 

sharply negative, deflationary pressures have emerged, 

business and consumer sentiment have deteriorated 

markedly, and the unemployment rate has risen to 14.7 

percent, the highest in the post-WWII period when the 

federal government started publishing this indicator. As of 

early May, private forecasters predicted real GDP to decline 

5.9 percent on a Q4/Q4 basis in 2020 but to rebound 4.9 

percent in 2021. 

 During the pandemic, the United States has responded 

swiftly and decisively to mitigate its effects on individuals 

and the economy, implementing expansionary fiscal as well 

as monetary policies. The Administration’s response 

includes an unprecedented level of fiscal stimulus of roughly 

$2.7 trillion. A major feature of the response, the Paycheck 

Protection Program (PPP), helps small businesses keep their 

workers on payroll and will protect up to 60 million to 65 

million jobs, or about 45 to 50 percent of private-sector jobs 

before the pandemic. 

Growth of Real GDP

 (Quarterly percent change at annual rate) 

Economic Growth 

 The U.S. expansion marked a record 128 months as of 

February 2020, but the economy contracted sharply in the 

latter half of March, largely due to the consequences of the 

COVID-19 pandemic. Real GDP dropped 5.0 percent at an 

annual rate in the first quarter, reflecting steep pullbacks in 

personal consumption as well as business investment. The 

first quarter decline followed growth of 2.1 percent in real 

GDP in the fourth quarter. Private domestic final purchases 

– the sum of personal consumption, business fixed 

investment, and residential investment – fell 5.9 percent in 

the first quarter as lower consumption and business 

investment outweighed growth in residential investment; this 

measure of demand rose by 1.3 percent in the fourth quarter 

of 2019. 

 Stay-at-home orders, which forced many brick-andmortar stores to close, were implemented in mid-March, 

severely dampening purchases of services and durable 

goods. Real consumer spending dropped 6.8 percent in the 

first quarter, after growing by 1.8 percent in the fourth 

quarter. Purchases of durable goods, a category that 

includes motor vehicles, declined 13.2 percent in the first 

quarter, swinging sharply from the 2.8 percent gain in the 

previous quarter. Expenditures on services fell 9.7 percent, 

reflecting significantly reduced demand for travel and 

lodging, cinemas, theaters, concerts, bars, and restaurants as 
4 PROFILE OF THE ECONOMY 

June 2020 

well as the postponement of non-critical health procedures 

until after the pandemic. Expenditures on services had 

added 1.1 percentage points to GDP growth in the fourth 

quarter, but in the first quarter, this component alone posed a 

drag of 4.8 percentage points. Despite double-digit declines 

in purchases of both services and durable goods, 

consumption of non-durable goods grew by 7.7 percent in 

the first quarter – a notable reversal from the 0.6 percent 

decline in the fourth quarter and partially a product of the 

switch from restaurant meals to purchases of food and 

beverages for off-premises consumption. On balance, real 

personal consumption expenditures in Q1 subtracted 4.7 

percentage points from growth, posing the largest drag of 

any GDP component, after adding 1.2 percentage points to 

growth in the fourth quarter. 

 Total business fixed investment has constrained GDP 

growth in each of the past four quarters. In the first quarter 

of this year, business investment was down 7.9 percent at an 

annual rate, after declining 2.4 percent in the fourth quarter 

of 2019. Equipment investment plunged 16.7 percent, partly 

reflecting less investment in transportation equipment as 

Boeing halted production of the 737 MAX in January and 

extending the fourth quarter’s 4.3 percent decline. Spending 

on structures was down 3.9 percent, reflecting a pullback in 

manufacturing plants and commercial and health care 

buildings, after falling 7.2 percent in the previous quarter. 

Meanwhile, growth of expenditures on intellectual property 

products, an important ingredient for innovation and future 

economic growth, increased 1.0 percent, after rising 2.8 

percent in the fourth quarter. Overall, business fixed 

investment subtracted 1.1 percentage points from real GDP 

growth in the first quarter. 

 The change in private inventories, a volatile component, 

subtracted 1.4 percentage point from economic growth in the 

first quarter, after subtracting 1.0 percentage points in the 

final quarter of 2019. 

 The improvement in residential investment activity 

during the latter half of 2019 paved the way for a strong 

burst of activity in the first quarter, despite a significant pullback in March. Residential investment surged 18.5 percent 

in the first quarter, extending gains of 4.6 percent and 6.5 

percent in last year’s third and fourth quarters, respectively. 

This component added 0.7 percentage point to GDP in the 

first quarter, its largest contribution to growth since the 

second quarter of 2004. However, the economic effects of 

the COVID-19 pandemic began to weigh heavily on the 

housing sector in March, and again in April. Existing home 

sales, which account for 90 percent of all home sales and 

rose to a 13-year high in February, declined 8.5 percent in 

March and a further 17.8 percent in April. As a result, 

existing home sales were 17.2 percent lower in April relative 

to their level a year ago. New single-family home sales rose 

to a 12-year high in January, then declined 7.4 percent in 

February and 13.7 percent in March. In April, however, new 

single-family home sales surprised on the upside, rising 0.6 

percent but were still 6.2 percent lower relative to a year 

ago. Total housing starts, as well as total permits, dropped 

sharply in March and even more precipitously in April; in 

the latter month, starts fell 30.2 percent while permits were 

down 21.4 percent, respectively. Although the National 

Association of Home Builder’s home builder confidence 

index reached its highest level in about twenty years as of 

December 2019, this index had declined by April to its 

lowest level in almost eight years. As of May, the index was 

7 points higher at 37 but continued to suggest poor 

conditions in the homebuilding sector. Housing 

affordability has stabilized, as home price growth remains 

relatively subdued and mortgage rates have declined; 

however, house price growth is still exceeding income 

growth, and the downturn in labor markets may constrain 

housing demand. Average rates for 30-year mortgages are 

now at historically low levels and about 150 basis points 

below in the most recent peak mid-November 2018. 

 Government spending increased 0.8 percent in the first 

quarter, following growth of 2.5 percent in the previous 

quarter. State and local outlays edged up 0.2 percent while 

federal spending rose 1.8 percent. However, the 

contribution from federal government consumption and 

investment does not reflect the Coronavirus Aid, Relief, and 

Economic Security (CARES) Act. The CARES Act was 

passed at the end of March, but money is being disbursed in 

the second quarter. Overall, government spending added 

roughly 0.1 percentage point to growth in the first quarter, 

after contributing 0.4 percentage point in the fourth quarter. 

 The net export deficit declined $84.7 billion during the 

first quarter to $816.0 billion, as exports declined by 8.7 

percent and imports plunged by 15.5 percent. The 

narrowing of the trade deficit added 1.3 percentage points to 

Q1 GDP growth, after contributing 1.5 percentage points to 

economic growth in Q4. 

Labor Markets and Wages 

 Between September 2019 and February 2020, the 

unemployment rate remained at or near a half-century low, 

despite labor force participation rates rising to multi-year 

highs. In March 2020 however, as individuals and 

businesses began to comply with social distancing and other 

requirements in connection with the COVID-19 pandemic, 

the unemployment rate rose to 4.4 percent from February’s 

half-century low of 3.5 percent. In April 2020, as the effects 

of these measures took hold more extensively, the 

unemployment rate jumped more than 10 percentage points 

to 14.7 percent, the highest in the post-WWII period when 

the federal government started publishing this indicator. In 

January and February, the overall labor force participation 

rate (LFPR) stood at 63.4 percent, its highest level since 

June 2013, and in January the prime-age LFPR increased to 

83.1 percent, its highest level since September 2008. As of 

April 2020, however, both measures had declined markedly, 

to 60.2 percent and 79.9 percent, the lowest levels since 

January 1973 and May 1983, respectively. 
PROFILE OF THE ECONOMY 5 

June 2020 

 Broader measures of unemployment have also pulled 

back from record or multi-year lows. The most 

comprehensive measure of labor market slack, the U-6 

unemployment rate, which includes those marginally 

attached to the labor force and those working part-time for 

economic reasons, declined to a series low of 6.7 percent in 

December 2019 but as of April 2020, had jumped 14.1 

percentage points to 22.8 percent, a record high. 

 During the first two months of 2020, the economy 

generated 233,000 payroll jobs on average per month, 

accelerating noticeably from the monthly averages in 2018 

and 2019 of 193,000 and 178,000, respectively. The 

economy’s sudden turn, however, resulted in a loss of 

881,000 jobs in March 2020, and a further loss of 20.5 

million jobs in April. 

 For more than 11⁄2 years, rapid wage gains (of 3.0 percent 

or above) have been a consistent feature of the economy. 

More recently, the escalation in nominal wage gains has 

reflected higher job losses among lower wage workers, 

which has boosted the average earnings of remaining 

workers. Over the 12 months through April, nominal wages 

for private sector production and non-supervisory workers 

grew 7.7 percent, well above the 3.5 percent pace a year 

earlier. Using the CPI-W to deflate the nominal rate, real 

average hourly earnings for private production and 

nonsupervisory workers jumped 7.6 percent over the year 

through April, increasing sharply from the 1.5 percent 

advance over the previous 12-month period. 

Payroll Employment 

(Average monthly change in thousands) 

Unemployment Rate 

(Percent) 

Nonfarm Productivity of Labor 

 For the thirteen quarters through 2019 Q4, four-quarter 

nonfarm labor productivity growth rates remained above 1 

percent, a consistency not seen since 2004. However, the 

sudden collapse in output in March 2020 reduced 

productivity growth in the first quarter dramatically. Over 

the four quarters through 2020 Q1, productivity growth rose 

by 0.3 percent – the first year-over-year reading below 1 

percent since 2016 Q3. On a quarterly basis, productivity 

declined 2.5 percent at an annual rate in 2020 Q1, as a 6.2 

percent drop in output offset a 3.8 percent decline in worker 

hours. The decline followed productivity growth of 1.2 

percent in the final quarter of 2019. 

 Nominal hourly compensation costs in the nonfarm 

business sector rose 2.2 percent at an annual rate in the first 

quarter, slightly faster than the fourth quarter’s 2.1 percent 

pace. Over the most recent four quarters, hourly 

compensation costs rose 1.7 percent, 2 percentage points less 

than the year-earlier pace. Unit labor costs, defined as the 

average cost of labor per unit of output, grew 4.8 percent in 

the first quarter, after rising by 0.9 percent in the fourth 

quarter. These costs were up 1.5 percent over the most 

recent four quarters, roughly in line with the 1.6 percent, 

year-earlier advance. 

 Another measure, the Employment Cost Index (ECI), 

provides perspective on growth of the main components of 

compensation. Private wages and salaries growth 

accelerated to 3.3 percent over the year through March 2020, 

up from the 3.0 percent advance of a year earlier. This 

measure has held at or above 3.0 for the past seven quarters, 

a trend not seen since late 2006 and early 2007. 
6 PROFILE OF THE ECONOMY 

June 2020 

Industrial Production, Manufacturing and 

Services 

 Due to the COVID-19 pandemic and related social 

distancing and stay-at-home orders, measures of industrial 

production, manufacturing, and services output began 

declining in March and fell further in April. Industrial 

output at factories, mines, and utilities plunged 11.2 percent 

in April, the largest monthly drop in the 101-year history of 

the index. This followed a 4.5 percent drop in March. Over 

the 12 months ending in April, output was down 15.0 

percent. 

 Manufacturing production, which accounts for about 75 

percent of all industrial output, declined 13.7 percent in 

April, the largest drop on record for this series, following a 

5.5 percent decline in March. Although the decline in 

factory output was broad-based, April was noteworthy for a 

71.7 percent decline in the production of motor vehicles and 

parts, reflecting the shuttering of several automotive plants. 

Auto output is currently about 20 percent of pre-COVID 19 

levels. Manufacturing output was down 18.0 percent over 

the 12 months through April. Excluding motor vehicles and 

parts and high-technology industries, manufacturing was 

down 10.5 percent in April, following a 3.6 percent decline 

in March, and this measure was 13.7 percent lower over the 

12 months through April. 

 Output at mines, which includes crude oil and natural gas 

extraction and accounts for 15 percent of industrial output, 

fell 6.1 percent in April, following a 1.1 percent decline in 

March. Over the 12 months through April, mining output 

declined 7.5 percent. 

 Utilities output, the remaining 10 percent of total 

industrial output, was down 0.9 percent in April, following a 

1.9 percent decline in March. Weather is usually a factor 

contributing to swings in this sector; unseasonable weather 

in months often causes sharp swings in output from one 

period to the next. Over the 12 months through April, 

utilities production decreased 3.8 percent. 

 Other measures of manufacturing and services production 

in the economy have also declined noticeably. The Institute 

of Supply Management’s (ISM) manufacturing index has 

been below, or marginally above, the 50-point growth 

threshold since August 2019, constituting the first multimonth contraction signal for the manufacturing sector since 

early 2016. In April 2020, this index dropped further below 

the growth threshold to 41.5, an eleven-year low. In the 

service sector, the ISM’s non-manufacturing index has 

remained consistently above the growth threshold since 

February 2010, but dropped sharply in April to 41.8, its 

lowest level since March 2009. 

Prices

 Deflationary pressures emerged in March, partly 

reflecting the preventative measures implemented to prevent 

the spread of the COVID-19 virus. Although in late 2019 

and early 2020 headline consumer price inflation started to 

pick up, aggregate demand and prices weakened suddenly 

and sharply at the end of Q1. On a monthly basis, both 

headline and core (which excludes food and energy) 

inflation readings declined in both March and April. Over 

the 12 months through April 2020, the Consumer Price 

Index (CPI) for all items was up only 0.3 percent, slowing 

considerably from the 2.0 percent, year-earlier rate. Demand 

for energy dropped sharply, and energy prices plunged 

further after a production-cut agreement among major oil 

producing economies lapsed. Over the year through April 

2020, energy prices plunged 17.7 percent, compared with a 

1.7 percent, year-earlier advance. Food price inflation has 

accelerated, however, as consumers switched from 

restaurants to eat-at-home meals. Food price inflation 

accelerated to 3.5 percent over the year through April, much 

faster than the 1.8 percent pace over the 12 months through 

April 2019. Meanwhile, core inflation rose 1.4 percent over 

the 12 months through April, well below the 2.1 percent 

pace over the year through April 2019. 

 Another measure of inflation is growth in the Personal 

Consumption Expenditures Price Index (PCEPI), which is 

the preferred measure for the FOMC’s 2 percent inflation 

target. Inflation as measured by the headline PCEPI has 

held below the FOMC’s target since November 2018. 

Growth in the headline PCEPI slowed to 1.3 percent over the 

12 months through March 2020, marginally slower than the 

1.4 percent growth over the year through March 2019. Core 

PCEPI was 1.7 percent over the year through March 2020, a 

bit above the 1.5 percent rate over the year-earlier period. 

 Only house prices have bucked the recent trend of slower 

year-over-year inflation. FHFA price growth accelerated to 

a 5.9 percent pace over the twelve months through March 

from a 5.3 percent gain over the previous year. On a 12-

month basis, the Standard and Poor’s (S&P)/Case-Shiller 

composite 20-city home price index rose 3.9 percent over 

the year through March, well up from the 2.5 percent 

advance over the 12 months through March 2019.

Consumer and Business Sentiment 

Through much of the first quarter, measures of consumer 

and business sentiment had been improving, but they began 

pulling back in March as social distancing and business 

closures took effect. Over two months, consumer 

confidence measures dropped sharply. In February, the 

Reuters/Michigan consumer sentiment index was 101.0, just 

0.4-point shy of the 14-year high reached in 2018. By April, 

it had fallen 29.2 points, although it stabilized in early May 

at about 27 points below its level in February. Meanwhile, 

The Conference Board’s consumer confidence index 

plunged by 46.9 points from February to 85.7 in April, 

falling to its lowest level since mid-2014. The confidence 

index also stabilized in May and ticked up 0.9 point as 

households’ future expectations increased. On the 

business side, the National Federation of Independent 

Business’s (NFIB) small business optimism index in 
PROFILE OF THE ECONOMY 7 

June 2020 

February was only 4.3 points below its all-time high reached 

in August 2018. Over March and April, however, the index 

had fallen a total of 13.6 points to 90.9, its lowest level since 

March 2013. 

Consumer Prices 

(Percent change from a year earlier) 

Federal Budget and Debt 

 The Federal Government posted a deficit of $984 billion 

(4.6 percent of GDP) in FY 2019, rising from $779 billion 

(3.8 percent of GDP) in FY 2018. The primary deficit 

(which excludes net interest payments) was 2.9 percent of 

GDP in FY 2019, up 0.7 percentage point from FY 2018. 

Federal receipts totaled $3.46 trillion (16.3 percent of GDP) 

in FY 2019. Although the level of receipts was $133 billion 

higher than last year, receipts’ share of the economy 

declined from 16.4 percent of GDP in FY 2018. Net 

outlays for FY 2019 were $4.45 trillion (21.0 percent of 

GDP), up from 20.3 percent of GDP in FY 2018. Federal 

debt held by the public, or federal debt less the debt held in 

government accounts, rose from $15.75 trillion at the end of 

FY 2018 to $16.80 trillion by the end of FY 2019, or 

79.2 percent of GDP. 

 The Administration’s Budget for Fiscal Year 2021 was 

released in February 2020. The Administration projects the 

federal deficit will rise to $1.08 trillion (4.9 percent of GDP) 

in FY 2020. From FY 2021 to FY 2025, the deficit would 

total $3.71 trillion (2.9 percent of GDP, on average). The 

projection assumes implementation of the Administration’s 

proposals – such as increasing spending on national defense, 

supporting major infrastructure investment, cutting nondefense discretionary outlays, and reforming health care, 

drug pricing, welfare programs, student loans, and the Postal 

Service – which would reduce the 10-year deficit relative to 

the baseline by $5.21 trillion. On net, these proposals would 

gradually reduce the deficit to $261 billion (0.7 percent of 

GDP) by FY 2030. The Budget expects that the primary 

deficit (which excludes net interest outlays) will be 3.2 

percent of GDP in FY 2020, which will turn into a small 

primary surplus by FY 2026. Debt held by the public would 

peak at 81.0 percent of GDP in FYs 2021 and 2022 but 

would gradually decline to 66.1 percent of GDP by FY 

2030. 

 The President’s Budget assumes a lower level of 

discretionary spending in FY 2021 than was agreed in the 

Bipartisan Budget Act, lifted spending caps established in 

2011 and allowed for $1.3 trillion in defense and nondefense discretionary spending over the next two fiscal 

years. In March and April, Congress passed several bills to 

help combat COVID-19 and ameliorate the economic effects 

of social distancing measures, worth about $2.7 trillion. 

These bills were passed after the President’s Budget was 

presented to Congress. 

 The Treasury’s borrowing limit is suspended until July 

31, 2021. At the end of April 2020, gross federal debt was 

$24,974.2 billion, while federal debt held by the public 

totaled $19,053.6 billion.

Economic Policy 

 The U.S. government has responded to the effects of the 

effects of COVID -19 pandemic with a range of significantly 

expansionary fiscal and monetary policies, including an 

unprecedented level of fiscal assistance and a reduction in 

the key policy interest rate to near-zero. 

 On the fiscal side, roughly $2.7 trillion in financial 

assistance has been authorized, aid that is unprecedented in 

size, breadth, and speed. The Administration has disbursed 

funds directly to taxpayers in the form of Economic Impact 

Payments, and federal tax payments have been postponed 

until July 15. The self-employed and gig economy workers 

are now eligible for unemployment insurance benefits, and 

those who are unable to work due to the pandemic are 

eligible for a supplemental $600 Pandemic Unemployment 

Assistance benefit. And less than a week after its 

authorization, Treasury and the Small Business 

Administration launched the Paycheck Protection Program, 

working directly with private lenders to provide forgivable 

loans to small businesses. As a result, small businesses can 

retain their workers while maintaining solvency during this 

crisis. 

 On the monetary policy side, the Federal Reserve’s 

Federal Open Market Committee (FOMC) has renewed its 

current cycle of monetary easing, which began in July 2019, 

but which had been paused at the turn of the year, owing to 

buoyant economic conditions. The Federal funds rate target 

was cut from a range of 2.25 to 2.5 percent down to a range 

of 1.5 to 2.0 percent, where it remained during the December 

2019 and January 2020 meetings. In fact, in its January 28-

29, 2020 accompanying statement, the Committee observed 

that at the time, “the current stance of monetary policy is 

appropriate to support sustained expansion of economic 

activity, strong labor market conditions, and inflation near 
8 PROFILE OF THE ECONOMY 

June 2020 

the [Fed’s 2 percent target].” Nonetheless, in an intermeeting move on March 3, the FOMC announced a 50 basis 

point cut in the target range to 1.0 to 1.25 percent, and on 

March 15, at another unscheduled meeting, the FOMC cut 

the target range by 100 basis points to 0.0 to 0.25 percent. 

(The scheduled, March 17-18 FOMC meeting was 

cancelled.) 

 At its scheduled meeting on April 28-29, the FOMC 

announced it would maintain the target range for the federal 

funds rate at 0 percent to 0.25 percent. In its accompanying 

statement, the Committee noted that it expects to maintain 

this FFR target range “until it is confident that the economy 

has weathered recent events and is on track to achieve its 

maximum employment and price stability goals.” 

 

 The Federal Reserve has also implemented large-scale 

purchases of Treasury securities and agency mortgagebacked securities and has established numerous emergency 

lending facilities through which it will lend up to $10 per $1 

of capital provided by Treasury. To date, Treasury has 

committed $215 billion of capital to these lending facilities 

and is able to commit up to $454 billion as conditions 

require. This degree of fiscal and monetary policy 

coordination is significantly greater in scale and faster in 

implementation than what was deployed following the 

financial crisis. 
9 

 June 2020 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

may also be liquidated (and outlays recorded) by the accrual 

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

outstanding); or by the issuance of bonds, debentures, notes, 

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as 

outlays. Outlays during a fiscal year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

provided for the year in which the money is spent. Total 

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

court fines, certain licenses, and deposits of earnings by the 

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

or the public are of a business-type or market-oriented 

nature. They are classified as either collections credited to 

appropriations or fund accounts, or offsetting receipts (i.e., 

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

Congress. These occur in two instances: (1) when 

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

appropriations; and (2) in the three types of revolving funds 

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

categories: (1) proprietary receipts, or collections from the 

public, offset against outlays by agency and by function; (2) 

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

one fund group (either Federal funds or trust funds) to a 

receipt account in the other fund group; (2) Federal 

intrafund transactions—payments and receipts both occur 

within the Federal fund group; and (3) trust intrafund 

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

There are four types of receipts, however, that are deducted 

from budget totals as undistributed offsetting receipts. They 

are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ 

retirement funds; (2) interest received by trust funds; (3) 

rents and royalties on the Outer Continental Shelf lands; and 

(4) other interest (i.e., that collected on Outer Continental 

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

forth in the “Report of the President’s Commission on 

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

with the public. Since 1971, however, various laws have 

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

Under current law, the off-budget Federal entities consist of 

the two Social Security trust funds, Federal Old-Age and 

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

[commonly known as the Gramm-Rudman-Hollings Act as 

amended by the Budget Enforcement Act of 1990 (2 United 

States Code 900-922)] included off-budget surplus or deficit 

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
10 FEDERAL FISCAL OPERATIONS 

June 2020 

on both on- and off-budget receipts, outlays and deficit of 

the Government. 

Tables FFO-1, FFO-2, and FFO-3 are published 

quarterly and cover 5 years of data, estimates for 2 years, 

detail for 13 months, and fiscal year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

officers, and daily reports from the FRBs. They also detail 

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

receipts, outlays, and surplus or deficit, as well as 

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

 Table FFO-2 includes on- and off-budget receipts 

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

 Table FFO-3 details on- and off-budget outlays by 

agency. 

 Table FFO-4 summarizes on- and off-budget 

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

tax returns are due or are filed (that is, payments with 

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

were withheld. In addition, an individual may reside in one 

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

[Source: Office of Tax Analysis, Office of Tax Policy] 

Second-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the Second-Quarter of fiscal year 2020 

supplements fiscal data reported in the March issue of 

the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $384.6 billion for the SecondQuarter of fiscal year 2020. This is an increase of $33.6 

billion over the comparable prior year quarter. Withheld 

receipts increased by $32.8 billion and non-withheld 

receipts increased by $7.3 billion during this period. 

Refunds increased by $6.5 billion over the comparable fiscal 

year 2019 quarter. There was a negligible change in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2019. 

Corporate income taxes—Net corporate income tax 

receipts were $18.8 billion for the Second-Quarter of fiscal 

year 2020. This is an increase of $4.0 billion compared to 

the prior year Second-Quarter. The $4.0 billion change is 

comprised of an increase of $2.4 billion in estimated and 

final payments, and a decrease of $1.6 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the Second-Quarter of 

fiscal year 2020 were $322.0 billion, an increase of $16.1 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $12.2 billion, $0.6 billion, and $3.4 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the Second-Quarter of fiscal year 2020. There was a 

negligible adjustment in the Second-Quarter of fiscal year 

2019. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the Second-Quarter of fiscal 

year 2020 were $5.6 billion, a decrease of $0.1 billion over 

the comparable quarter of fiscal year 2019. Net State taxes 

deposited in the U.S. Treasury decreased by $0.2 billion to 

$4.3 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.3 billion. 
FEDERAL FISCAL OPERATIONS 11 

June 2020 

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

Second-Quarter of fiscal year 2020. This was an increase of 

$0.1 billion from the comparable quarter of fiscal year 2019. 

Excise taxes—Net excise tax receipts for the SecondQuarter of fiscal year 2020 were $19.4 billion, a decrease of 

$0.6 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.2 billion, an 

increase of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.2 billion for the Second-Quarter of fiscal year 2020. 

These receipts represent an increase of $1.9 billion over the 

same quarter in fiscal year 2019. 

Customs duties—Customs duties net of refunds were 

$18.0 billion for the Second-Quarter of fiscal year 2020. 

This is an increase of $1.2 billion over the comparable prior 

year quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the Second-Quarter of fiscal year 2020 were $22.1 

billion, an increase of $4.8 billion over the comparable prior 

year quarter. This change is due in part to deposits of 

earnings by Federal Reserve banks increasing by $4.1 

billion.

Total On- and Off-Budget Results and Financing of the U.S. Government 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Second quarter 2020 

January – March 

 Fiscal year 2020 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 797,005 1,603,516

On-budget receipts .................................................. 546,750 1,143,164

Off-budget receipts .................................................. 250,255 460,353

Total outlays................................................................. 1,184,003 2,347,107

On-budget outlays.................................................... 887,277 1,876,205

Off-budget outlays.................................................... 256,726 470,901

Total surplus or deficit (-)............................................. -386,998 -743,590

On-budget surplus or deficit (-)................................ -380,528 -733,041

Off-budget surplus or deficit (-)................................ -6,471 -10,549

Means of financing: 

Borrowing from the public ............................................ 468,083 861,047

Reduction of operating cash ........................................ -111,274 -132,774

Other means ................................................................ -2,349 15,317

Total on- and off-budget financing ........................... 354,460 743,590

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2020 

[In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Source January February March

Individual income taxes...................................................... 216.7 69.6 98.3

Corporate income taxes..................................................... 10.5 -2.0 10.4

Employment and general retirement.................................. 117.6 97.2 107.2

Unemployment insurance .................................................. 3.0 2.3 0.3

Contributions for other insurance and retirement .............. 0.4 0.4 0.4

Excise taxes ....................................................................... 6.3 6.7 6.4

Estate and gift taxes .......................................................... 2.4 1.6 1.2

Customs duties .................................................................. 6.9 6.3 4.8

Miscellaneous receipts....................................................... 8.5 5.9 7.7

Total budget receipts ..................................................... 372.3 188.0 236.8

Note.—Detail may not add to totals due to independent rounding. 
12 FEDERAL FISCAL OPERATIONS 

June 2020 
FEDERAL FISCAL OPERATIONS 

June 2020 

13

TABLE FFO-1—Summary of Fiscal Operations 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 

2016 ............................ 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 

2017 ............................ 3,314,893 2,464,275 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472 

2018 ............................ 3,328,745 2,473,999 854,747 4,107,741 3,259,170 848,573 -778,995 -785,172 6,175 1,258,348 

2019 ............................ 3,462,195 254,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

2020 – Est1.................. 3,706,327 2,739,254 967,073 4,789,746 3,829,949 959,797 -1,083,419 -1,090,695 7,276 1,231,866 

2021 – Est1.................. 3,863,293 2,852,257 1,011,036 4,829,359 3,811,118 1,018,241 -966,066 -958,861 -7,205 1,177,636 

2019 - Mar................... 228,811 149,414 79,397 375,756 290,479 85,278 -146,945 -141,064 -5,881 -86,093

Apr................... 535,545 439,736 95,809 375,240 299,230 76,011 160,304 140,506 19,798 981

May.................. 232,064 158,229 73,835 439,833 352,744 87,089 -207,768 -194,514 -13,254 -1,439

June................. 333,952 241,695 92,257 342,429 292,170 50,259 -8,477 -50,475 41,999 7 

July .................. 251,348 182,519 68,829 371,044 293,461 77,582 -119,695 -110,942 -8,753 1,338 

Aug .................. 227,965 157,490 70,475 428,309 342,318 85,991 -200,344 -184,828 -15,516 438,890 

Sept................. 374,028 296,333 77,695 291,260 205,011 86,249 82,768 91,322 -8,554 259,291 

Oct................... 245,521 181,095 64,426 379,988 300,962 79,026 -134,467 -119,867 -14,600 277,223 

Nov .................. 225,185 155,648 69,537 434,024 345,901 88,122 -208,838 -190,253 -18,585 68,945 

Dec .................. 335,805 259,671 76,135 349,078 302,051 47,026 -13,273 -42,381 29,108 126,179 

2020 - Jan ................... 372,288 281,546 90,742 404,883 326,440 78,443 -32,595 -44,894 12,299 22,617 

Feb .................. 187,951 112,136 75,815 423,229 334,290 88,939 -235,278 -222,155 -13,124 186,216 

Mar .................. 236,766 153,068 83,698 355,891 266,547 89,344 -119,125 -113,479 -5,646 283,377 

Fiscal year 2020 to date ... 1,603,516 1,143,164 460,353 2,347,093 1,876,191 470,900 -743,576 -733,029 -10,548 964,557 

Means of financing—net transactions, continued 

Borrowing from the publicFederal securities, continued Cash and monetary assets (deduct) 

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887 

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -24,443 259 665,714 

2018 ...................................... -1,545 172,343 1,084,458 225,390 -527 -2,661 3,857 -79,242 -160 778,997 

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -63,946 -62 984,386 

2020 – Est1............................ -464 146,269 1,030,904 - - - - -64,838 - 966,066

2021 – Est1............................ -1,088 150,342 1,080,435 2,517 - - - 5,500 - 1,083,419

2019 - Mar............................. -299 -40,460 -45,932 43,348 -356 58 -38 149,998 -133 146,945

Apr............................. 4 13,179 -12,194 88,573 -92 -334 2,367 -238,587 -37 -160,304

May ........................... -55 -10,992 9,497 -189,711 -237 271 21 388,097 -170 207,768

June .......................... -152 12,192 -12,337 30,835 461 137 273 -11,089 197 8,477 

July............................ -112 -23,196 24,422 -87,047 -541 183 1,733 181,186 -241 119,695 

Aug............................ -198 52,505 386,186 -43,571 -196 336 -160 -142,131 -120 200,344 

Sept........................... -234 46,439 212,619 249,392 -184 -464 -233 -544,421 523 -82,768

Oct............................. -180 117,207 159,836 52,458 589 -73 5 -78,617 270 134,468

Nov............................ -74 -56,591 125,462 -92,324 -214 -57 -39 176,131 -121 208,838

Dec............................ 10 60,421 65,767 61,235 397 -133 607 -114,768 168 13,273

2020 - Jan ............................. -130 -19,411 41,898 131 -216 66 -26 -9,148 -110 32,595

Feb ............................ -325 -14,228 200,119 -46,732 -86 -25 -191 82,261 -68 235,278

Mar............................ 428 15,841 267,964 158,006 -312 -256 55 -306,149 -183 119,125

Fiscal year 2020 to date.......... -271 103,239 861,046 132,774 158 -478 411 -250,290 -44 743,577 

Note: Detail may not add to total due to rounding. 

1These estimates are based on the President's FY 2021 Budget, released by the Office of Management and 

Budget on February 10, 2020. 
June 2020 

14 

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

 2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993 

2017 .................. 1,309,265 539,528 261,678 1,587,120 338,978 41,929 297,048 1,884,168 1,109,837 3,290 1,106,547 

2018 .................. 1,325,106 626,555 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407 

2019 .................. 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

2020 – Est1........ 1,812,040 - - 1,812,040 263,642 - 263,642 2,075,682 1,259,217 - 1,264,786 

2021 – Est1........ 1,931,678 - - 1,931,678 284,093 - 284,093 2,215,771 1,319,075 - 1,324,980 

2019 - Mar......... 135,770 16,889 55,422 97,236 13,605 4,812 8,793 106,029 101,253 - 101,253 

Apr......... 113,857 283,508 64,556 332,809 51,095 6,407 44,688 377,497 124,379 - 124,379 

May........ 108,285 10,611 15,204 103,692 6,291 5,880 411 104,103 94,545 - 94,545 

June....... 76,127 69,403 4,383 141,149 54,129 2,860 51,269 192,418 120,240 - 120,240 

July ........ 120,690 11,414 4,678 127,427 9,522 2,555 6,967 134,394 89,025 - 89,025 

Aug ........ 100,795 8,854 3,667 105,982 3,172 4,568 -1,396 104,586 91,242 - 91,242 

Sept....... 103,949 82,773 3,750 182,972 62,619 2,301 60,318 243,290 106,249 3,632 102,617 

Oct......... 108,600 28,362 10,573 126,389 10,802 4,232 6,571 132,960 86,267 - 86,267 

Nov ........ 105,275 8,593 8,105 105,764 5,918 5,385 532 106,296 93,271 - 93,271 

Dec ........ 139,853 15,839 2,986 152,706 61,054 2,744 58,311 211,017 101,976 - 101,976 

2020 - Jan ......... 123,436 95,208 1,984 261,660 11,619 1,127 10,492 227,152 117,112 - 117,112 

Feb ........ 122,599 11,161 64,134 69,626 4,365 6,406 -2,041 67,585 96,587 - 96,587 

Mar ........ 148,378 15,294 65,356 98,316 12,166 1,776 10,390 108,706 106,670 - 106,670 

Fiscal year 

2020 to date........ 748,141 174,457 153,138 769,461 105,924 21,670 84,255 853,716 601,883 - 601,883 

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 

2017 ............................ 5,349 1 5,349 1,111,896 45,961 154 45,810 4,158 34 4,191 

2018 ............................ 5,753 4 5,749 1,121,156 45,161 121 45,041 4,471 31 4,501 

2019 ............................ 5,610 90 5,519 1,197,395 41,193 259 40,934 4,730 29 4,759 

2020 – Est1.................. 5,569 - 5,569 1,264,786 42,004 - 42,004 5,205 31 5,236 

2021 – Est1.................. 5,905 - 5,905 1,324,980 43,033 - 43,033 5,550 31 5,581 

2019 - Mar................... 537 - 537 101,791 348 73 275 357 2 359 

Apr................... 533 - 533 124,912 9,916 77 9,839 376 3 378 

May ................. 521 4 516 95,061 11,578 25 11,553 466 2 468 

June ................ -121 7 -129 120,112 268 18 249 382 2 385 

July.................. 546 - 545 89,571 3,876 27 3,849 425 3 428 

Aug.................. 556 7 549 91,791 3,642 13 3,629 399 2 402 

Sept................. 500 72 429 103,046 211 14 197 384 2 386 

Oct................... 444 40 403 86,671 2,757 - 2,757 386 3 389 

Nov.................. 434 50 383 93,654 2,604 9 2,596 483 2 486 

Dec.................. 427 4 423 102,399 264 15 248 446 3 449 

2020 - Jan ................... 507 15 492 117,604 3,024 5 3,019 420 2 422 

Feb.................. 635 -17 652 97,239 2,282 3 2,279 398 2 400 

Mar.................. 536 40 495 107,165 316 20 296 402 3 405 

Fiscal year 2020 to date... 2,983 132 2,848 604,732 11,247 52 11,195 2,535 15 2,551 

 

See footnotes at end of table. 
 FEDERAL FISCAL OPERATIONS 

June 2020 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

 

2015.......................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 98,278 

2016.......................... 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 95,044 

2017.......................... 83,821 23,779 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 83,821 

2018.......................... 94,987 23,864 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 94,987 

2019.......................... 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 98,915 

2020 – Est1 ............... 94,593 20,389 - 20,389 92,304 - 92,304 72,681 38,652 111,333 2,739,254 967,073 

2021 – Est1 ............... 87,206 21,641 - 21,641 53,811 - 53,811 70,814 40,456 111,270 2,852,257 1,011,036

 

2019 - Mar ................ 7,841 1,003 67 935 5,382 220 5,163 4,206 2,212 6,418 149,414 7,841 

Apr ................ 7,093 2,391 121 2,270 5,509 272 5,237 4,070 4,251 8,319 439,736 7,093 

May............... 7,593 909 121 788 5,099 165 4,934 5,860 1,709 7,566 158,229 7,593 

June.............. 7,110 1,144 57 1,087 5,822 216 5,606 4,741 2,246 6,985 241,695 7,110 

July ............... 7,868 1,201 43 1,158 6,751 278 6,473 5,203 2,404 7,606 182,519 7,868 

Aug ............... 7,866 1,988 111 1,877 7,228 223 7,005 3,622 7,186 10,809 157,490 7,866 

Sept .............. 11,986 1,220 18 1,201 7,174 341 6,833 3,924 3,164 7,088 296,333 11,986 

Oct ................ 6,036 1,748 57 1,691 8,108 350 7,757 5,230 2,030 7,260 181,094 6,036 

Nov ............... 7,513 1,298 59 1,239 7,391 451 6,940 4,521 1,941 6,461 155,648 7,513 

Dec ............... 7,017 1,761 63 1,698 6,934 485 6,449 5,252 1,277 6,529 259,671 7,017 

2020 - Jan................. 6,308 2,380 19 2,361 7,270 352 6,918 5,803 2,702 8,506 281,546 6,308 

Feb................ 6,685 1,731 146 1,584 6,694 408 6,286 4,134 1,759 5,892 112,136 6,685 

Mar................ 6,415 1,198 -19 1,217 5,403 588 4,815 6,068 1,680 7,749 153,068 6,415 

Fiscal year 2020 to date. 39,974 10,116 325 9,790 41,800 2,634 39,165 31,008 11,389 42,397 1,143,163 39,974 

Note: Detail may not add to total due to rounding. 

1These estimates are based on the President's FY 2020 Budget, released by the Office of Management and 

Budget on March 18, 2019.

TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

 2015 .............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217 

2016 .............................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 

2017 .............................. 1,161,897 14,952 15 14,936 426 - 426 41,555 431 41,126 32,495 5,162 27,334 

2018 .............................. 1,170,699 15,532 15 15,516 394 - 394 42,979 438 42,541 39,650 3,116 36,535 

2019 .............................. 1,243,087 15,825 14 15,811 213 - 213 44,186 440 43,746 44,773 5,629 39,144 

2020 – Est1.................... 1,312,026 17,040 - 17,040 322 - 322 42,354 - 42,354 34,877 - 34,877 

2021 – Est1.................... 1,373,594 17,987 - 17,987 215 - 215 42,669 - 42,669 26,335 - 26,335 

2019 - Mar..................... 102,424 1,169 8 1,161 6 - 6 3,919 31 3,889 3,001 216 2,786 

Apr..................... 135,129 1,399 - 1,399 16 - 16 3,537 37 3,499 2,667 488 2,179 

May.................... 107,082 1,558 1 1,556 11 - 11 3,279 44 3,235 2,940 150 2,791 

June................... 120,746 1,524 - 1,524 14 - 14 3,725 44 3,681 2,160 268 1,891 

July .................... 93,848 1,507 - 1,507 14 - 14 3,683 43 3,640 3,174 466 2,707 

Aug .................... 95,822 896 5 891 - - - 3,266 43 3,224 3,912 160 3,752 

Sept................... 103,629 2,005 - 2,005 27 - 27 6,941 64 6,877 3,428 351 3,077 

Oct..................... 89,817 257 - 257 3 - 3 890 15 876 5,084 185 4,900 

Nov .................... 96,736 1,718 - 1,718 19 - 19 4,540 29 4,511 1,368 103 1,266 

Dec .................... 103,096 1,416 - 1,416 15 - 15 3,836 29 3,807 2,025 247 1,779 

2020 - Jan ..................... 121,045 1,473 - 1,473 16 - 16 3,893 30 3,863 1,421 465 955 

Feb .................... 99,918 2,861 7 2,854 24 - 24 3,672 31 3,641 320 155 165 

Mar .................... 107,866 1,291 - 1,291 23 - 23 3,248 31 3,217 2,345 462 1,883 

Fiscal year 2020 to date ..... 618,478 9,016 7 9,009 100 - 100 20,079 165 19,915 12,563 1,617 10,948 
June 2020 

16 

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

 

2015.......................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218

2016.......................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

2017.......................... 4,499 7,565 127,563 10,303 568,905 111,703 25,794 1,116,763 50,502 55,623 12,141 30,979 40,121

2018.......................... 4,670 7,780 136,713 8,561 600,705 63,706 26,479 1,120,503 68,374 54,666 13,210 34,522 39,637

2019.......................... 4,955 7,958 150,120 11,326 653,979 104,365 28,936 1,213,807 56,328 29,188 13,907 35,107 35,810 

2020 – Est1 ............... 6,048 8,580 154,617 17,124 689,589 159,297 34,351 1,322,128 62,152 36,049 17,458 45,277 36,390

2021 – Est1 ............... 5,795 8,993 129,215 12,245 729,329 78,962 35,484 1,371,719 60,330 52,394 16,153 41,133 38,267 

2019 - Mar ................ 355 605 10,544 844 55,396 6,052 2,246 100,225 4,963 3,446 796 2,692 2,526

Apr ................ 420 620 9,940 816 51,969 6,658 2,456 104,302 4,662 3,437 854 2,703 3,486

May ............... 411 814 9,603 959 61,801 4,980 2,663 146,552 4,362 -12,605 1,213 3,332 3,167

June .............. 381 584 9,911 821 48,481 34,107 1,992 67,523 3,970 3,988 1,433 2,829 3,294

July................ 501 686 9,975 1,046 52,665 4,962 2,447 104,030 5,204 3,608 1,282 3,123 3,870

Aug................ 368 656 12,161 983 60,702 6,800 2,729 132,560 4,373 3,655 1,215 2,802 3,149

Sept............... 452 659 12,891 721 52,835 6,173 3,015 75,349 4,130 4,601 1,359 3,190 1,855

Oct ................ 504 713 19,093 963 68,233 8,094 3,109 138,257 4,884 3,836 1,251 3,135 -3,368

Nov................ 303 776 18,568 2,359 60,073 4,772 2,639 159,844 5,053 3,798 900 2,778 3,357

Dec................ 586 677 15,062 1,291 59,042 4,785 2,226 103,705 5,450 4,056 1,467 3,024 5,147

2020 - Jan................. 460 689 11,225 1,012 50,354 9,839 2,830 174,269 4,563 3,667 1,255 3,671 4,882

Feb................ 385 631 13,472 993 52,622 9,295 2,348 134,840 4,299 3,753 856 364 3,355

Mar................ 455 701 11,229 1,200 57,855 6,366 2,876 107,217 4,776 4,452 1,632 3,534 5,649 

Fiscal year 2020 to date. 2,693 4,187 88,649 7,818 348,179 43,151 16,028 818,132 29,025 23,562 7,361 15,506 19,022

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

2015.......................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 

2016.......................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

2017.......................... 27,061 79,440 456,953 89,445 176,050 6,452 58,695 8,087 412 -664 18,925 

2018.......................... 26,386 78,494 521,553 107,894 178,508 5,083 55,367 8,085 383 -590 21,628 

2019.......................... 28,002 80,716 572,914 116,584 199,571 6,456 60,930 8,064 423 -1,100 23,578 

2020 – Est1 ............... 32169 84659 576465 124576 214336 5543 64521 7498 440 1222 25670 

2021 – Est1 ............... 26454 88706 575782 114876 235288 5590 65316 7533 430 107484 34717 

2019 - Mar ................ 2,729 4,812 38,938 24,443 13,382 553 5,606 580 28 -137 174 

Apr ................ 2,221 5,091 46,552 13,195 17,175 547 3,600 560 37 -98 1,806 

May ............... 2,720 6,400 47,829 11,118 27,120 296 9,039 646 40 132 8,073 

June .............. 1,485 8,522 102,800 5,989 8,019 524 173 644 26 -175 3,113 

July................ 2,013 8,008 40,342 7,860 16,630 457 5,337 602 56 -17 762 

Aug................ 2,222 8,329 39,728 9,067 24,943 683 9,356 515 31 71 1,693 

Sept............... 3,226 9,403 35,975 -29,283 9,054 519 826 682 37 -465 1,532 

Oct ................ 2,251 7,470 30,319 8,903 17,595 710 5,354 831 33 46 1,432 

Nov................ 3,377 6,493 35,643 6,937 27,152 684 10,121 829 33 -54 2,346 

Dec................ 2,733 6,533 94,225 9,272 17,014 785 5,360 777 33 -14 -706 

2020 - Jan................. 2,411 5,443 33,903 6,375 17,982 731 6,191 826 32 -27 2,489 

Feb................ 2,213 7,005 34,891 60,060 17,798 663 5,026 707 32 400 1,442 

Mar................ 2,760 6,272 40,471 22,626 7,294 795 515 690 33 -3 5,373 

Fiscal year 2020 to date. 15,745 39,216 269,452 114,173 104,835 4,368 32,567 4,660 196 348 12,376 

See footnotes at end of table 
 FEDERAL FISCAL OPERATIONS 

June 2020 

17

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

 Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

 

2015 .................. 18,272 6,836 91,736 -747 944,144 13,575 -81,120 -141,791 -4,555 -30,128 2,944,526 743,097 

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 

2018 .................. 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 

2019 .................. 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 

 

2020 – Est1........ 21,545 7,504 106,405 -158 1,155,231 27,499 101,198 -145,571 -4,901 -3,133 3,829,949 959,797 

2021 – Est1........ 23,846 8,003 - 871 1,214,807 26,452 -115,062 -140,552 -5,067 -18,998 3,811,118 1,018,241 

 

2019 - Mar......... 1,478 509 8,414 -640 92,049 28 -6,383 -1,395 -100 - 290,479 85,278 

Apr......... 1,548 518 9,374 87 92,350 1,409 -6,131 -6,213 -713 - 299,230 76,011 

May ....... 1,844 589 8,388 98 97,224 3,597 -6,800 -5,159 -614 - 352,744 87,089 

June ...... 1,611 616 8,263 80 92,993 -2,739 -6,191 -62,360 -272 - 292,170 50,259 

July........ 1,654 693 8,937 103 92,782 2,626 -6,678 -3,697 -827 - 293,461 77,582 

Aug........ 1,775 785 8,424 99 97,400 1,680 -6,265 -4,307 -70 - 342,318 85,991 

Sept....... 2,007 694 8,901 85 88,658 412 -6,375 -1,379 -476 -1 205,011 86,249 

Oct......... 1,715 679 9,587 81 93,682 3,159 -22,480 3,223 -441 - 300,962 79,026 

Nov........ 1,793 595 8,470 81 98,202 3,368 -7,025 -2,183 -295 - 345,901 88,122 

Dec........ 2,346 549 8,102 104 93,173 1,014 -7,112 -59,103 -672 - 302,065 47,026 

2020 - Jan ......... 

1,318 

 

578 

 

9,445 

 

85 

 

95,566 

 

1,759 

 

-6,895 

 

-1,716 

 

-480 

 

- 

 

326,440 

 

78,443 

Feb ........ 

1,489 

 

535 

 

9,062 

 

102 

 

95,634 

 

2,403 

 

-6,741 

 

-3,729 

 

-115 

 

- 

 

334,290 

 

88,939 

Mar........ 

1,864 

 

538 

 

8,988 

 

-1,056 

 

91,869 

 

2,772 

 

-6,760 

 

-2,767 

 

-631 

 

- 

 

266,547 

 

89,344 

Fiscal year 

2020 to date ....... 10,525 3,474 53,654 -603 568,126 14,475 -57,013 -66,275 -2,634 - 1,876,205 470,900 

 Note: Detail may not add to total due to rounding. 

1These estimates are based on the President's FY 2020 Budget, released by the Office of Management and 

Budget on March 18, 2019.
June 2020 

18 

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

June 2020 and Other Periods 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 769,350 110 - 769,460 723,782 46 - 723,828

Corporation income taxes........................................... 84,254 - - 84,254 67,987 - - 67,987

Social insurance and retirement receipts: --- - --- -

Employment and general retirement (off-budget)... - - 460,353 460,353 - - 435,402 435,402

Employment and general retirement (on-budget)... 32 - 144,348 144,379 6 - 137,494 137,500

Unemployment insurance ....................................... 7 - 11,189 11,195 13 - 11,604 11,617

Other retirement...................................................... - - 2,551 2,551 - - 2,312 2,312

Excise taxes ................................................................ 9,376 616 29,982 39,974 21,100 582 27,717 49,399

Estate and gift taxes ................................................... 9,789 - - 9,789 8,290 - - 8,290

Customs duties ........................................................... 26,028 12,380 758 39,165 23,275 10,564 855 34,694

Miscellaneous receipts................................................ 33,897 8,011 488 42,396 27,906 7,957 401 36,264

Total receipts 932,732 21,117 649,667 1,603,516 872,360 19,149 615,784 1,507,293

(On-budget) 932,732 21,117 189,315 1,143,164 872,360 19,149 180,383 1,071,891

(Off-budget) - - 460,353 460,353 - - 435,402 435,402

 

Budget outlays: 

Legislative branch ....................................................... 2,652 46 -3 2,694 2,449 -25 -2 2,422

Judicial branch ............................................................ 4,361 -13 -160 4,188 4,162 -57 -165 3,940

Department of Agriculture ........................................... 60,406 28,251 -7 88,649 59,507 26,149 -17 85,639

Department of Commerce........................................... 6,583 1,184 50 7,818 4,599 1,377 2 5,978

Department of Defense-military .................................. 345,623 2,425 130 348,178 321,829 3,591 105 325,525

Department of Education ............................................ 43,214 -62 * 43,152 40,505 179 * 40,685

Department of Energy................................................. 17,160 -1,133 * 16,027 14,454 -820 * 13,634

Department of Health and Human Services ............... 467,795 3,160 148,309 619,263 438,750 3,606 141,136 583,491

Department of Homeland Security.............................. 30,018 -1,131 138 29,025 30,415 -877 88 29,625

Department of Housing and Urban Development....... 23,782 16 -235 23,562 22,509 -40 36 22,504

Department of the Interior........................................... 6,525 529 170 7,224 5,618 719 214 6,551

Department of Justice ................................................. 16,401 139 -33 16,507 13,840 3,306 -17 17,129

Department of Labor................................................... 4,807 -3,251 17,466 19,022 4,163 -3,994 16,819 16,988

Department of State.................................................... 14,804 747 194 15,745 14,442 -668 341 14,114

Department of Transportation..................................... 4,935 73 34,209 39,216 4,309 137 30,517 34,964

Department of the Treasury: --- - --- -

Interest on the public debt....................................... 269,452 - - 269,452 259,687 - - 259,687

Other ....................................................................... 115,602 -1,327 -103 114,172 99,961 -1,367 43 98,637

Department of Veterans Affairs .................................. 106,926 -2,395 305 104,836 98,118 -1,816 331 96,633

Corps of Engineers ..................................................... 3,600 134 634 4,368 3,316 122 -9 3,429

Other defense civil programs...................................... 98,635 -5,277 -60,791 32,567 93,837 -3,460 -57,778 32,599

Environmental Protection Agency............................... 5,049 -9 -379 4,661 4,913 -32 -466 4,415

Executive Office of the President................................ 205 -1 -8 196 191 * 4 195

General Services Administration ................................ 85 260 - 345 85 -633 - -548

International Assistance Program............................... 15,028 -121 -2,532 12,374 12,704 -84 -6,022 6,598

National Aeronautics and Space Administration ........ 10,499 25 1 10,524 9,762 -22 1 9,740

National Science Foundation...................................... 3,405 66 2 3,474 3,291 67 * 3,358

Office of Personnel Management ............................... 6,627 1,715 45,312 53,654 6,657 207 43,987 50,851

Small Business Administration ................................... -607 4 - -603 -95 -1 - -96

Social Security Administration .................................... 48,239 * 519,887 568,127 46,358 * 494,068 540,426

Other independent agencies....................................... 7,380 978 6,115 14,474 6,825 -999 6,798 12,625

Undistributed offsetting receipts: --- - --- -

Interest .................................................................... - - -66,275 -66,275 - - -66,491 -66,491

Other ....................................................................... -2,449 -8,236 -48,962 -59,647 -2,550 -8,466 -45,764 -56,780

 Total outlays......................................................... 1,736,742 16,794 593,433 2,346,969 1,624,609 16,099 557,760 2,198,468

(On-budget)..................................................... 1,736,475 17,397 122,195 1,876,068 1,624,344 16,922 113,766 1,755,032

(Off-budget)..................................................... 267 -603 471,238 470,901 265 -824 443,994 443,435

 Surplus or deficit (-).............................................. -804,010 4,323 56,235 -743,453 -752,249 3,050 58,025 -691,174

(On-budget)..................................................... -803,743 3,720 67,120 -732,904 -751,984 2,226 66,617 -683,141

(Off-budget)..................................................... -267 603 -10,885 -10,549 -265 824 -8,592 -8,034

 -No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
June 2020 

19 

INTRODUCTION: Federal Debt 

Treasury securities (i.e., public debt securities) comprise 

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

section of the “Treasury Bulletin” reflect the total. Further 

detailed information is published in the “Monthly Statement 

of the Public Debt of the United States.” Likewise, 

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” tables FD-2 and FD-6 from the 

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

ownership tables, OFS-1 and OFS-2.) 

 Table FD-2 categorizes by type, that is, marketable 

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those 

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

the amount of bonds with rates greater than 4-1/4 percent 

that could be held by the public. This permitted Treasury to 

offer securities maturing in more than 7 years at current 

market interest rates for the first time since 1965. In March 

1976, the definition of a bond was changed to include those 

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

to issue long-term securities. The ceiling on Treasury bonds 

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

 In table FD-6, the debt ceiling is compared with the 

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

to finance capital projects. Treasury, in turn, finances these 

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2020

20 

TABLE FD-1—Summary of Federal Debt

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

 

2015............................... 18,174,718 18,150,618 24,100 5,026,867 5,026,862 5 13,147,851 13,123,756 24,095 

2016............................... 19,597,812 19,573,445 24,367 5,395,699 5,395,695 4 14,202,113 14,177,750 24,363 

2017............................... 20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368 

2018............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

2019............................... 22,740,857 22719402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

 

2019 - Mar ..................... 22,050,081 22,027,880 22,201 5,804,029 5,804,029 - 16,246,052 16,223,851 22,201 

Apr ..................... 22,049,873 22,027,668 22,205 5,816,978 5,816,978 - 16,232,895 16,210,690 22,205 

May .................... 22,048,574 22,026,424 22,150 5,806,506 5,806,506 - 16,242,068 16,219,918 22,150 

June ................... 22,045,280 22,023,283 21,997 5,818,564 5,818,564 - 16,226,716 16,204,719 21,997 

July..................... 22,044,255 22,022,369 21,886 5,795,177 5,795,177 - 16,249,078 16,227,192 21,886 

Aug..................... 22,482,155 22,460,467 21,688 5,847,510 5,847,510 - 16,634,645 16,612,957 21,688 

Sept.................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

Oct ..................... 23,029,685 23,008,410 21,275 6,010,478 6,010,478 - 17,019,207 16,997,932 21,275 

Nov..................... 23,097,400 23,076,199 21,201 5,953,691 5,953,691 - 17,143,709 17,122,508 21,201 

Dec..................... 23,222,591 23,201,380 21,211 6,013,988 6,013,988 - 17,208,603 17,187,392 21,211 

2020 - Jan...................... 23,708,055 23,686,871 21,184 5,994,397 5,994,397 - 17,713,658 17,692,474 21,184 

Feb..................... 23,430,714 23,409,959 20,755 5,980,003 5,980,003 - 17,450,711 17,429,956 20,755 

Mar..................... 23,244,893 23,223,813 21,080 5,995,035 5,995,035 - 17,249,858 17,228,778 21,080 

 

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

2015 ............................... 18,174,718 56,852 18,117,866 5,026,867 25,603 5,001,264 13,147,851 31,249 13,116,602 

2016 ............................... 19,597,812 60,393 19,537,417 5,395,699 26,706 5,368,993 14,202,113 33,687 14,168,425 

2017 ............................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725 

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

 

2019 - Mar...................... 22,050,081 80,387 21,969,694 5,804,029 28,933 5,775,097 16,246,052 51,454 16,194,597 

Apr...................... 22,049,873 79,194 21,970,679 5,816,978 28,703 5,788,276 16,232,895 50,491 16,182,403 

May .................... 22,048,574 79,389 21,969,184 5,806,506 29,223 5,777,284 16,242,068 50,166 16,191,900 

June ................... 22,045,280 76,241 21,969,038 5,818,564 29,089 5,789,475 16,226,716 47,152 16,179,563 

July..................... 22,044,255 73,988 21,970,265 5,795,177 28,897 5,766,279 16,249,078 45,091 16,203,986 

Aug..................... 22,482,155 73,196 22,408,957 5,847,510 28,725 5,818,785 16,634,645 44,471 16,590,173 

Sept.................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

Oct...................... 23,029,685 84,625 22,945,058 6,010,478 28,048 5,982,431 17,019,207 56,577 16,962,628 

Nov..................... 23,097,400 83,469 23,013,930 5,953,691 27,851 5,925,840 17,143,709 55,618 17,088,090 

Dec..................... 23,222,591 82,471 23,140,119 5,013,988 27,727 5,986,261 17,208,603 54,744 17,153,857 

2020 - Jan ...................... 23,708,055 82,287 23,162,605 5,994,397 27,547 5,966,850 17,713,658 54,740 17,195,755 

Feb ..................... 23,430,714 82,218 23,348,496 5,980,003 27,382 5,952,621 17,450,711 54,836 17,395,874 

Mar..................... 23,244,893 75,753 23,632,301 5,995,035 26,572 5,968,463 17,249,858 49,181 17,663,838 

 
FEDERAL DEBT 

June 2020 

21 

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

 

2015 .......................... 172,826 - 264 9,138 78,115 29,995 1,642 

2016 .......................... 167,524 - 264 226,349 109,211 29,995 1,777 

2017 .......................... 161,705 - 264 223,787 80,359 29,995 1,641 

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575 

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981 

 

2019 - Mar................. 154,533 - 264 45,624 61,975 29,995 1,635 

Apr................. 154,146 - 264 94,942 58,030 29,995 1,755 

May ............... 153,752 - 264 49,279 52,845 29,995 1,756 

June .............. 153,407 - 264 48,751 47,865 29,995 1,806 

July................ 153,029 - 264 38,352 43,643 29,995 1,827 

Aug................ 152,642 - 264 244,960 44,786 29,995 1,859 

Sept............... 152,355 - 264 248,052 53,809 29,995 1,981 

Oct................. 152,088 - 264 249,394 62,591 25,473 2,040 

Nov................ 151,842 - 264 253,800 68,865 25,473 1,999 

Dec................ 151,347 - 264 255,668 77,752 25,473 2,045 

2020 - Jan ................. 150,729 - 264 264,487 73,720 25,473 2,044 

Feb ................ 150,369 - 264 263,845 76,748 25,473 2,003 

Mar................ 150,008 - 264 273,375 84,402 25,473 2,112 

 

 TABLE FD-2—Debt Held by the Public

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

2015 .......................... 13,123,847 12,831,867 1,355,231 8,366,026 1,688,208 1,135,363 287,039 291,980 

2016 .......................... 14,173,424 13,638,303 1,644,759 8,624,253 1,825,338 1,209,814 334,139 535,120 

2017 .......................... 14,673,429 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752 

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

 

2019 - Mar................. 16,204,392 15,910,365 2,479,407 9,410,162 2,203,850 1,420,671 396,275 294,027 

Apr................. 16,192,789 15,853,656 2,383,330 9,485,849 2,222,584 1,389,990 371,903 339,133 

May ............... 16,202,283 15,914,391 2,353,292 9,511,363 2,247,949 1,409,990 391,797 287,892 

June .............. 16,188,422 15,906,333 2,250,354 9,548,047 2,266,020 1,432,115 409,798 282,089 

July................ 16,211,185 15,944,073 2,205,307 9,636,337 2,282,191 1,432,181 388,058 267,112 

Aug................ 16,596,816 16,122,309 2,331,300 9,650,801 2,294,496 1,439,650 406,062 474,507 

Sept............... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

Oct................. 16,981,311 16,489,460 2,455,312 9,826,407 2,329,496 1,473,489 404,755 491,851 

Nov................ 17,105,421 16,603,177 2,514,687 9,821,958 2,357,221 1,486,555 422,756 502,243 

Dec................ 17,170,442 16,657,894 2,416,417 9,920,786 2,373,513 1,506,394 440,783 512,549 

2020 - Jan ................. 17,212,635 16,695,918 2,403,862 9,990,403 2,390,076 1,498,585 412,991 516,717 

Feb ................ 17,413,050 16,894,347 2,564,220 9,985,777 2,408,017 1,505,312 431,020 518,703 

Mar................ 17,674,771 17,139,137 2,657,089 10,084,217 2,424,353 1,524,472 449,006 535,634 
FEDERAL DEBT 

June 2020

22 

 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

2015 ..................... 2,766,649 828 66,128 7,667 4,903 7,163 874 44,368 1,003,215 

2016 ..................... 2,796,712 828 63,336 64,629 4,246 8,527 685 53,776 1,309,888 

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004 

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817 

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815 

 

2019 - Mar............ 2,789,289 862 110,133 37,778 2,731 8,830 666 68,357 1,419,657 

Apr............ 2,805,586 864 112,260 38,418 2,670 9,643 754 69,311 1,473,810 

May .......... 2,794,787 866 85,660 37,047 2,611 8,588 738 84,580 1,424,372 

June ......... 2,833,813 868 105,918 35,824 2,612 8,676 537 83,776 1,428,424 

July........... 2,826,907 869 105,837 34,556 2,554 8,530 656 82,780 1,416,975 

Aug........... 2,812,668 871 87,227 31,168 2,512 8,992 579 86,140 1,622,554 

Sept.......... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815 

Oct............ 2,792,768 875 108,825 26,284 2,407 8,864 621 83,392 1,753,441 

Nov........... 2,776,958 876 89,164 25,404 2,358 7,987 431 85,343 1,757,615 

Dec........... 2,804,355 878 108,069 25,225 2,362 8,774 436 83,826 1,746,515 

2020 - Jan ............ 2,814,717 880 89,053 25,088 2,302 9,137 746 81,737 1,754,162 

Feb ........... 2,802,598 881 95,640 24,754 2,258 9,264 557 82,797 1,755,847 

Mar........... 2,796,581 881 116,046 24,079 2,197 9,852 625 78,585 1,765,097 

 

Note—Detail may not add to totals due to rounding. 

TABLE FD-3—Government Account Series

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

2015 .................. 5,013,530 12,716 60,096 43,958 20,773 41,638 737,096 195,458 - 

2016 .................. 5,604,069 13,400 71,524 45,167 22,680 45,880 874,141 192,209 36,441 

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

 

2019 - Mar......... 5,840,580 15,220 101,002 47,535 22,480 96,856 894,471 195,317 29,396 

Apr......... 5,902,566 15,407 101,662 47,535 22,528 99,655 894,422 208,041 - 

May ....... 5,846,560 15,620 101,776 47,555 22,519 98,158 887,071 186,892 47,720 

June ...... 5,859,045 16,149 101,584 47,578 22,558 101,029 815,093 206,307 48,299 

July........ 5,825,469 16,073 102,729 47,624 22,603 99,379 807,540 200,956 48,901 

Aug........ 6,084,613 15,468 101,846 48,142 22,583 97,511 911,025 185,480 49,847 

Sept....... 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

Oct......... 6,251,829 14,927 103,614 48,213 22,657 94,144 945,609 193,875 51,313 

Nov........ 6,200,010 15,085 98,691 48,334 22,633 92,267 942,179 182,772 51,913 

Dec........ 6,262,363 15,355 104,429 48,399 22,664 93,138 951,540 193,967 52,431 

2020 - Jan ......... 6,251,581 15,374 104,142 48,457 22,694 94,566 947,166 188,341 53,019 

Feb ........ 6,236,576 15,796 101,623 48,472 22,677 93,582 942,900 183,032 53,898 

Mar........ 6,261,804 15,947 106,056 48,475 22,688 93,627 938,641 189,079 53,348 

 
FEDERAL DEBT 

June 2020 

23 

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

2015 ............................ 24,100 19 107 23,878 96 * 

2016 ............................ 24,367 19 98 24,175 75 * 

2017 ............................ 24,369 19 89 24,209 52 * 

2018 ............................ 22,822 19 80 22,696 27 * 

2019 ............................ 21,455 19 69 21,367 * * 

 

2019 - Mar................... 22,201 19 75 22,094 14 * 

Apr................... 22,205 19 75 22,097 14 * 

May ................. 22,150 19 76 22,042 14 * 

June ................ 21,997 19 75 21,890 14 * 

July.................. 21,886 19 77 21,777 14 * 

Aug.................. 21,688 19 69 21,601 * * 

Sept................. 21,455 19 69 21,367 * * 

Oct................... 21,275 19 70 21,187 * * 

Nov.................. 21,201 19 70 21,113 * * 

Dec.................. 21,211 19 71 21,122 * * 

2020 - Jan ................... 21,080 19 71 20,991 * * 

Feb .................. 20,755 19 63 20,674 * * 

Mar.................. 21,184 19 63 21,102 * * 

 

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
FEDERAL DEBT 

June 2020

24 

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

 10-20 

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

 

2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 

2016 ............................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66 

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

 

2019 - Mar...................... 13,681,505 4,108,702 5,500,058 2,529,183 103,183 1,440,379 64 

Apr...................... 13,746,594 4,045,610 5,549,483 2,608,424 86,014 1,457,062 65 

May..................... 13,821,207 4,037,791 5,631,335 2,589,055 97,685 1,465,341 65 

June.................... 13,739,980 3,948,429 5,623,904 2,587,748 97,719 1,482,180 66 

July ..................... 13,878,573 3,947,861 5,715,596 2,618,804 97,735 1,498,577 66 

Aug ..................... 13,966,170 4,094,512 5,699,342 2,554,760 105,240 1,512,317 66 

Sept.................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

Oct...................... 14,329,755 4,218,925 5,818,033 2,649,408 104,887 1,538,503 65 

Nov ..................... 14,287,972 4,253,343 5,788,593 2,585,783 118,194 1,542,059 65 

Dec ..................... 14,344,337 4,105,461 5,922,961 2,643,163 118,184 1,554,568 66 

2020 - Jan ...................... 14,299,621 4,070,628 5,935,495 2,607,084 118,121 1,568,294 66 

Feb ..................... 14,338,845 4,185,011 5,910,707 2,533,876 148,778 1,560,473 66 

Mar ..................... 13,886,350 4,160,444 5,690,478 2,437,426 132,608 1,465,394 65 

 

Note—Detail may not add to totals due to rounding. 
FEDERAL DEBT 

June 2020 

25 

TABLE FD-6—Debt Subject to Statutory Limit

[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] 

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

 

2019 – Mar2............................ 21,987,706 21,987,681 21,987,681 - 22,027,880 - 40,200 

 Apr2 ............................ 21,987,706 21,987,681 21,987,681 - 22,027,668 - 39,988 

May2 ........................... 21,987,706 21,987,681 21,987,681 - 22,026,424 - 38,743 

June2 .......................... 21,987,706 21,987,681 21,987,681 - 22,023,283 - 35,602 

July2............................ 21,987,706 21,987,681 21,987,681 - 22,022,369 - 34,688 

Aug2............................ - 22,427,545 22,427,545 - 22,460,467 - 32,922 

Sept2 .......................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 

Oct2............................. - 22,961,750 22,961,750 - 23,008,410 - 46,659 

Nov2............................ - 23,030,572 23,030,572 - 23,076,199 - 45,627 

Dec3............................ - 23,155,700 23,155,700 - 23,201,380 - 45,680 

2020 – Jan2 ............................ - 23,180,804 23,180,804 - 23,223,813 - 43,009 

Feb2 ............................ - 23,370,134 23,370,134 - 23,409,959 - 39,826 

Mar1 ............................ - 23,654,178 23,654,178 - 23,686,871 - 32,693 

 

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act, 2018, Public Law 115-123, the 

Statutory Debt Limit was suspended through March 1, 2019. The Statutory Debt Limit in 31 

U.S.C. 3101(b) was permanently increased effective March 2, 2019, to $21,987,705,611,407.70. 

 (2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and 

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019. 
FEDERAL DEBT 

June 2020

26 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688 

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636 

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601 

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453 

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432 

 

2019 - Mar.............................. 1,606,124 31,653 19,900 27,913 566 453 

Apr.............................. 1,621,331 32,077 19,959 28,216 571 453 

May ............................ 1,634,029 32,207 20,041 28,215 575 453 

June ........................... 1,632,530 33,759 20,098 28,450 578 453 

July............................. 1,633,877 33,414 20,098 28,450 578 453 

Aug............................. 1,623,098 35,815 20,931 29,354 633 431 

Sept............................ 1,570,919 39,017 21,041 29,605 660 432 

Oct.............................. 1,604,873 24,801 21,159 29,783 664 432 

Nov............................. 1,614,629 34,384 21,284 30,048 666 432 

Dec............................. 1,619,796 37,700 21,454 30,203 669 432 

2020 - Jan .............................. 1,633,513 32,843 21,513 30,439 673 432 

Feb ............................. 1,638,310 36,525 21,563 30,664 675 432 

Mar............................. 1,670,273 35,200 20,267 30,021 554 432 

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

2015 ....................................... 1,050,374 4,649 26,921 127 58,050 

2016 ....................................... 1,126,370 4,759 30,318 128 59,043 

2017 ....................................... 1,178,495 5,009 27,954 128 61,270 

2018 ....................................... 1,258,499 5,531 24,709 134 61,584 

2019 ....................................... 1,287,510 5,280 30,386 24 63,751 

 

2019 - Mar ............................. 1,335,506 5,299 24,734 134 62,880 

Apr ............................. 1,349,299 5,299 24,734 134 62,961 

May ............................ 1,351,646 5,299 33,334 134 63,545 

June ........................... 1,351,664 5,294 33,334 135 63,587 

July............................. 1,352,731 5,294 33,334 134 63,427 

Aug............................. 1,340,866 5,451 33,334 30 63,700 

Sept............................ 1,287,510 5,280 30,386 24 63,751 

Oct ............................. 1,334,055 5,380 30,386 24 64,087 

Nov............................. 1,333,325 5,630 30,386 25 64,306 

Dec............................. 1,333,325 5,530 30,386 25 65,060 

2020 - Jan.............................. 1,350,827 5,530 30,386 25 65,200 

Feb............................. 1,350,827 5,530 30,386 25 65,670 

Mar............................. 1,368,364 5,530 44,722 25 66,520 

 
FEDERAL DEBT 

June 2020 

27 

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

2015 ...................................... 22,725 3,498 7,176 62,989 

2016 ...................................... 25,022 3,577 8,020 56,308 

2017 ...................................... 24,645 3,712 7,693 63,739 

2018 ...................................... 20,213 3,725 11,212 56,699 

2019 ...................................... 16,946 3,934 11,810 60,091 

 

2019 - Mar............................. 20,257 5,821 12,700 58,308 

Apr............................. 20,259 6,178 12,369 58,822 

May ........................... 20,259 6,502 12,500 59,319 

June .......................... 20,259 2,802 12,500 59,617 

July............................ 20,259 3,199 12,534 59,972 

Aug............................ 16,946 3,533 12,639 59,435 

Sept........................... 16,946 3,934 11,810 60,523 

Oct............................. 16,946 4,337 11,810 61,009 

Nov............................ 16,946 4,671 11,334 61,192 

Dec............................ 16,946 5,062 11,334 61,670 

2020 - Jan ............................. 16,946 5,454 11,334 61,911 

Feb ............................ 16,946 5,734 11,334 61,999 

Mar............................ 16,946 6,086 13,437 62,169 

 

Note—Detail may not add to totals due to rounding. 
28 

June 2020

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JANUARY-MARCH 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J A N U A R Y 

Auction of 52-Week Bills 

On December 26, 2019, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued January 2 and will mature 

December 31. The issue was to refund $106,998 

million of all maturing bills and to pay down 

approximately $2,998 million. Treasury auctioned the 

bills on December 30. Tenders totaled $76,778 

million; Treasury accepted $26,000 million, including 

$285 million of noncompetitive tenders from the 

public. The high bank discount rate was 1.550 percent. 

In addition to the $26,000 million of tenders 

accepted in the auction process, Treasury accepted $0 

million from FRBs for their own accounts. 

Auction of 3-Year Notes 

On January 2, 2020, Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was 

to refund $45,405 million of securities maturing 

January 15 and to raise new cash of approximately 

$32,595 million. 

The 3-year notes of Series AH-2023 were dated 

and issued January 15. They are due January 15, 2023, 

with interest payable on July 15 and January 15 until 

maturity. Treasury set an interest rate of 1-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon Eastern Time (ET) for noncompetitive 

tenders and before 1:00 p.m. ET for competitive 

tenders on January 7. Tenders totaled $93,037 million; 

Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 1.567 

percent with an equivalent price of $99.804399. 

Treasury accepted in full all competitive tenders at 

yields lower than 1.567 percent. Tenders at the high 

yield were allotted 67.13 percent. The median yield 

was 1.540 percent, and the low yield was 1.450 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors 

totaled $37,952 million. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,216 million from FRBs for their own accounts. The 

minimum par amount required for Separate Trading of 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 29 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

Registered Interest and Principal Securities (STRIPS) 

of notes of Series AH-2023 is $100. 

Auction of 9-Year 10-Month 1-3/4 Percent 

Notes 

On January 2, 2020, Treasury announced it would 

auction $24,000 million of 9-year 10-month 1-3/4 

percent notes. The issue was to refund $45,405 million 

of securities maturing January 15 and to raise new cash 

of approximately $32,595 million. 

The 9-year 10-month 1-3/4 percent notes of Series 

F-2029 were dated November 15 and issued January 

15. They are due November 15, 2029, with interest 

payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on January 8. 

Tenders totaled $58,743 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.869 percent with an equivalent price of 

$98.933819. Treasury accepted in full all competitive 

tenders at yields lower than 1.869 percent. Tenders at 

the high yield were allotted 26.93 percent. The median 

yield was 1.820 percent, and the low yield was 1.700 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors 

totaled $23,996 million. Accrued interest of $2.93269 

per $1,000 must be paid for the period from November 

15 to January 15. 

In addition to the $24,000 million of tenders 

accepted in the auction process, Treasury accepted 

$768 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series F-2029 is $100. 

Auction of 29-Year 10-Month 3-3/8 Percent 

Bonds 

On January 2, 2020, Treasury announced it would 

auction $16,000 million of 29-year 10-month 2-3/8 

percent bonds. The issue was to refund $45,405 

million of securities maturing January 15 and to raise 

new cash of approximately $32,595 million. 

The 29-year 10-month 2-3/8 percent bonds of 

November 2049 were dated November 15 and issued 

January 15. They are due November 15, 2049, with 

interest payable on May 15 and November 15 until 

maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on January 9. 

Tenders totaled $40,670 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.341 percent with an equivalent price of 

$100.723975. Treasury accepted in full all competitive 

tenders at yields lower than 2.341 percent. Tenders at 

the high yield were allotted 9.90 percent. The median 

yield was 2.310 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors 

totaled $15,983 million. Accrued interest of $3.98008 

per $1,000 must be paid for the period from November 

15 to January 15. 

In addition to the $16,000 million of tenders 

accepted in the auction process, Treasury accepted 

$512 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

November 2049 is $100. 

. 

Auction of 10-Year Treasury Inflation 

Protected Security (TIPS) 

On January 16, 2020, Treasury announced it would 

auction $14,000 million of 10-year TIPS. The issue 

was to refund $128,489 million of securities maturing 

January 31 and to raise new cash of approximately 

$18,511 million. 

The 10-year TIPS of Series A-2030 were dated 

January 15 and issued January 31. They are due 

January 15, 2030, with interest payable on July 15 and 

January 15 until maturity. Treasury set an interest rate 

of 0-1/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on January 23. 

Tenders totaled $32,609 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.036 percent with an equivalent adjusted 

price of $100.856173. Treasury accepted in full all 

competitive tenders at yields lower than 0.036 percent. 

Tenders at the high yield were allotted 87.40 percent. 

The median yield was -0.020 percent, and the low 

yield was -0.880 percent. Noncompetitive tenders 

totaled $40 million. Competitive tenders accepted from 

private investors totaled $13,960 million. Adjusted 

accrued interest of $0.05493 per $1,000 must be paid 

for the period from January 15 to January 31. Both the 

unadjusted price of $100.884421 and the unadjusted 

accrued interest of $0.05495 were adjusted by an index 

ratio of 0.99972, for the period from January 15 to 

January 31. 
30 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

In addition to the $14,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,446 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series A-2030 is $100. 

Auction of 52-Week Bills 

On January 23, 2020, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued January 30 and will mature January 

28, 2021. The issue was to refund $105,468 million of 

all maturing bills and to raise new cash of 

approximately $4,532 million. Treasury auctioned the 

bills on January 28. Tenders totaled $87,321 million; 

Treasury accepted $26,000 million, including $563 

million of noncompetitive tenders from the public. The 

high bank discount rate was 1.490 percent. 

In addition to the $26,000 million of tenders 

accepted in the auction process, Treasury accepted 

$361 million from FRBs for their own accounts. 

Auction of 2-Year Notes

On January 23, 2020, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $128,489 million of securities maturing 

January 31 and to raise new cash of approximately 

$18,511 million. 

The 2-year notes of Series AV-2022 were dated 

and issued January 31. They are due January 31, 2022, 

with interest payable on July 31 and January 31 until 

maturity. Treasury set an interest rate of 1-3/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on January 27. 

Tenders totaled $105,853 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.440 percent with an equivalent price of 

$99.872307. Treasury accepted in full all competitive 

tenders at yields lower than 1.440 percent. Tenders at 

the high yield were allotted 75.06 percent. The median 

yield was 1.414 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $243 million. 

Competitive tenders accepted from private investors 

totaled $39,757 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,130 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AV-2022 is $100. 

Auction of 5-Year Notes 

 

On January 23, 2020, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $128,489 million of securities maturing 

January 31 and to raise new cash of approximately 

$18,511 million. 

The 5-year notes of Series U-2025 were dated and 

issued January 31. They are due January 31, 2025, 

with interest payable on July 31 and January 31 until 

maturity. Treasury set an interest rate of 1-3/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on January 27. 

Tenders totaled $95,503 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.448 percent with an equivalent price of 

$99.649123. Treasury accepted in full all competitive 

tenders at yields lower than 1.448 percent. Tenders at 

the high yield were allotted 94.84 percent. The median 

yield was 1.400 percent, and the low yield was 1.320 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors 

totaled $40,971 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,234 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series U-2025 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 23, 2020, Treasury announced it would 

auction $20,000 million of 2-year FRNs. The issue 

was to refund $128,489 million of securities maturing 

January 31 and to raise new cash of approximately 

$18,511 million. 

The 2-year FRNs of Series AW-2022 were dated 

and issued January 31. They are due January 31, 2022, 

with interest payable on April 30, July 31, October 31, 

and January 31 until maturity. Treasury set a spread of 

0.154 percent after determining which tenders were 

accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on January 28. 

Tenders totaled $64,636 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.154 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 31 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

competitive tenders at discount margins lower than 

0.154 percent. Tenders at the high discount margin 

were allotted 80.88 percent. The median discount 

margin was 0.135 percent, and the low discount 

margin was 0.100 percent. Noncompetitive tenders 

totaled $27 million. Competitive tenders accepted from 

private investors totaled $19,974 million. 

In addition to the $20,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,065 million from FRBs for their own accounts. 

Auction of 7-Year Notes

On January 23, 2020, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $128,489 million of securities maturing 

January 31 and to raise new cash of approximately 

$18,511 million. 

The 7-year notes of Series G-2027 were dated and 

issued January 31. They are due January 31, 2027, 

with interest payable on July 31 and January 31 until 

maturity. Treasury set an interest rate of 1-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on January 28. 

Tenders totaled $75,871 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.570 percent with an equivalent price of 

$99.537680. Treasury accepted in full all competitive 

tenders at yields lower than 1.570 percent. Tenders at 

the high yield were allotted 90.42 percent. The median 

yield was 1.520 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors 

totaled $31,991 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,304 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series G-2027 is $100. 

F E B R U A R Y 

February Quarterly Financing 

On Feb 5, 2020, Treasury announced it would 

auction $38,000 million of 3-year notes, $27,000 

million of 10-year notes, and $19,000 million of 30-

year bonds to refund $70,486 million of securities 

maturing February 15, 2020 and to raise new cash of 

approximately $13,514 million. 

The 3-year notes of Series AJ-2023 were dated 

February 15 and issued February 18. They are due 

February 15, 2023, with interest payable on August 15 

and February 15 until maturity. Treasury set an interest 

rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 11. 

Tenders totaled $97,205 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.394 percent with an equivalent price of 

$99.944438. Treasury accepted in full all competitive 

tenders at yields lower than 1.394 percent. Tenders at 

the high yield were allotted 9.24 percent. The median 

yield was 1.364 percent, and the low yield was 1.250 

percent. Noncompetitive tenders totaled $53 million. 

Competitive tenders accepted from private investors 

totaled $37,847 million. Accrued interest of $0.11332 

per $1,000 must be paid for the period from February 

15 to February 18. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$16,900 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series AJ-2023 is $100. 

The 10-year notes of Series B-2030 were dated 

February 15 and issued February 18. They are due 

February 15, 2030, with interest payable on August 15 

and February 15 until maturity. Treasury set an interest 

rate of 1-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 12. 

Tenders totaled $69,674 million; Treasury accepted 

$27,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.622 percent with an equivalent price of 

$98.878738. Treasury accepted in full all competitive 

tenders at yields lower than 1.622 percent. Tenders at 

the high yield were allotted 34.49 percent. The median 

yield was 1.577 percent, and the low yield was 1.350 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors 

totaled $26,979 million. Accrued interest of $0.12363 

per $1,000 must be paid for the period from February 

15 to February 18. 

In addition to the $27,000 million of tenders 

accepted in the auction process, Treasury accepted 

$12,008 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series B-2030 is $100. 
32 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

The 30-year bonds of February 2050 were dated 

February 15 and issued February 18. They are due 

February 15, 2050, with interest payable on August 15 

and February 15 until maturity. Treasury set an interest 

rate of 2 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 13. 

Tenders totaled $46,136 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.061 percent with an equivalent price of 

$98.640308. Treasury accepted in full all competitive 

tenders at yields lower than 2.061 percent. Tenders at 

the high yield were allotted 26.95 percent. The median 

yield was 2.010 percent, and the low yield was 1.750 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors 

totaled $18,997 million. Accrued interest of $0.16484 

per $1,000 must be paid for the period from February 

15 to February 18. 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$8,450 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

February 2050 is $100. 

Auction of 56-Day Cash Management Bills 

On February 6, 2020, Treasury announced it would 

auction $30,000 million of 56-day bills. They were 

issued February 13 and will mature April 9. The issue 

was to raise new cash of approximately $114,000 

million. Treasury auctioned the bills on February 11. 

Tenders totaled $103,463 million; Treasury accepted 

$30,000 million, including $6 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.555 percent. 

Auction of 21-Day Cash Management Bills 

On February 13, 2020, Treasury announced it 

would auction $40,000 million of 21-day bills. They 

were issued February 20 and matured March 12. The 

issue was to raise new cash of approximately $124,000 

million. Treasury auctioned the bills on February 18. 

Tenders totaled $108,570 million; Treasury accepted 

$40,000 million, including $34 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.585 percent. 

 

Auction of 30-Year TIPS 

On February 13, 2020, Treasury announced it 

would auction $8,000 million of 30-year TIPS. The 

issue was to raise new cash of approximately $26,000 

million. 

The 30-year TIPS of February 2050 were dated 

February 15 and issued February 28. They are due 

February 15, 2050, with interest payable on August 15 

and February 15 until maturity. Treasury set an interest 

rate of 0-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 20. 

Tenders totaled $19,186 million; Treasury accepted 

$8,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.261 percent with an equivalent adjusted 

price of $99.642269. Treasury accepted in full all 

competitive tenders at yields lower than 0.261 percent. 

Tenders at the high yield were allotted 68.35 percent. 

The median yield was 0.200 percent, and the low yield 

was 0.088 percent. Noncompetitive tenders totaled $7 

million. Competitive tenders accepted from private 

investors totaled $7,993 million. Adjusted accrued 

interest of $0.08925 per $1,000 must be paid for the 

period from February 15 to February 28. Both the 

unadjusted price of $99.683139 and the unadjusted 

accrued interest of $0.08929 were adjusted by an index 

ratio of 0.99959, for the period from February 15 to 

February 28. The minimum par amount required for 

STRIPS of TIPS of February 2050 is $100. 

Auction of 52-Week Bills 

On February 20, 2020, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued February 27 and will mature 

February 25, 2021. The issue was to refund $110,665 

million of all maturing bills and to pay down 

approximately $665 million. Treasury auctioned the 

bills on February 25. Tenders totaled $92,575 million; 

Treasury accepted $26,001 million, including $403 

million of noncompetitive tenders from the public. The 

high bank discount rate was 1.270 percent. 

In addition to the $26,001 million of tenders 

accepted in the auction process, Treasury accepted 

$552 million from FRBs for their own accounts. 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 33 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

Auction of 1-Year 11-Month 0.154 Percent 

FRNs 

On February 20, 2020, Treasury announced it 

would auction $18,000 million of 1-year 11-month 

0.154 percent FRNs. The issue was to raise new cash 

of approximately $26,000 million. 

The 1-year 11-month 0.154 percent FRNs of Series 

AW-2022 were dated January 31 and issued February 

28. They are due January 31, 2022, with interest 

payable on April 30, July 31, October 31, and January 

31 until maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on February 26. 

Tenders totaled $44,794 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.160 percent with an equivalent 

price of $99.988116. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.160 percent. Tenders at the high discount margin 

were allotted 40.54 percent. The median discount 

margin was 0.130 percent, and the low discount 

margin was 0.070 percent. Noncompetitive tenders 

totaled $10 million. Competitive tenders accepted from 

private investors totaled $17,990 million. Accrued 

interest of $0.132321667 per $100 must be paid for the 

period from January 31 to February 28. 

M A R C H 

Auction of 2-Year Notes 

On February 20, 2020, Treasury announced it 

would auction $40,000 million of 2-year notes. The 

issue was to refund $81,746 million of securities 

maturing February 29 and to raise new cash of 

approximately $31,254 million. 

The 2-year notes of Series AX-2022 were dated 

February 29 and issued March 2. They are due 

February 28, 2022, with interest payable on August 31 

and February 28 until maturity. Treasury set an interest 

rate of 1-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 25. 

Tenders totaled $98,175 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.188 percent with an equivalent price of 

$99.876146. Treasury accepted in full all competitive 

tenders at yields lower than 1.188 percent. Tenders at 

the high yield were allotted 50.94 percent. The median 

yield was 1.150 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $161 million. 

Competitive tenders accepted from private investors 

totaled $39,739 million. Accrued interest of $0.06114 

per $1,000 must be paid for the period from February 

29 to March 2. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,045 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AX-2022 is $100.

Auction of 5-Year Notes 

On February 20, 2020, Treasury announced it 

would auction $41,000 million of 5-year notes. The 

issue was to refund $81,746 million of securities 

maturing February 29 and to raise new cash of 

approximately $31,254 million. 

The 5-year notes of Series V-2025 were dated 

February 29 and issued March 2. They are due 

February 28, 2025, with interest payable on August 31 

and February 28 until maturity. Treasury set an interest 

rate of 1-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 26. 

Tenders totaled $100,696 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.150 percent with an equivalent price of 

$99.878957. Treasury accepted in full all competitive 

tenders at yields lower than 1.150 percent. Tenders at 

the high yield were allotted 54.82 percent. The median 

yield was 1.102 percent, and the low yield was 1.000 

percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors 

totaled $40,967 million. Accrued interest of $0.06114 

per $1,000 must be paid for the period from February 

29 to March 2. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,197 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series V-2025 is $100. 

Auction of 7-Year Notes 

On February 20, 2020, Treasury announced it 

would auction $32,000 million of 7-year notes. The 

issue was to refund $81,746 million of securities 
34 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

maturing February 29 and to raise new cash of 

approximately $31,254 million. 

The 7-year notes of Series H-2027 were dated 

February 29 and issued March 2. They are due 

February 28, 2027, with interest payable on August 31 

and February 28 until maturity. Treasury set an interest 

rate of 1-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on February 27. 

Tenders totaled $79,577 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.247 percent with an equivalent price of 

$99.185208. Treasury accepted in full all competitive 

tenders at yields lower than 1.247 percent. Tenders at 

the high yield were allotted 6.18 percent. The median 

yield was 1.189 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors 

totaled $31,991 million. Accrued interest of $0.06114 

per $1,000 must be paid for the period from February 

29 to March 2. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,836 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series H-2027 is $100. 

 

Auction of 3-Year Notes 

On March 5, 2020, Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was 

to refund $23,925 million of securities maturing March 

15 and to raise new cash of approximately $54,075 

million. 

The 3-year notes of Series AK-2023 were dated 

March 15 and issued March 16. They are due March 

15, 2023, with interest payable on September 15 and 

March 15 until maturity. Treasury set an interest rate 

of 0-1/2 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 10. 

Tenders totaled $83,667 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.563 percent with an equivalent price of 

$99.813012. Treasury accepted in full all competitive 

tenders at yields lower than 0.563 percent. Tenders at 

the high yield were allotted 80.56 percent. The median 

yield was 0.490 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $32 million. 

Competitive tenders accepted from private investors 

totaled $37,958 million. Accrued interest of $0.01359 

per $1,000 must be paid for the period from March 15 

to March 16. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted $37 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AK-2023 is $100. 

Auction of 9-Year 11-Month 1-1/2 Percent 

Notes 

On March 5, 2020, Treasury announced it would 

auction $24,000 million of 9-year 11-month 1-1/2 

percent notes. The issue was to refund $23,925 million 

of securities maturing March 15 and to raise new cash 

of approximately $54,075 million. 

The 9-year 11-month 1-1/2 percent notes of Series 

B-2030 were dated February 15 and issued March 16. 

They are due February 15, 2030, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 11. 

Tenders totaled $56,713 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.849 percent with an equivalent price of 

$106.179092. Treasury accepted in full all competitive 

tenders at yields lower than 0.849 percent. Tenders at 

the high yield were allotted 74.94 percent. The median 

yield was 0.750 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors 

totaled $23,996 million. Accrued interest of $1.23626 

per $1,000 must be paid for the period from February 

15 to March 16. 

In addition to the $24,000 million of tenders 

accepted in the auction process, Treasury accepted $23 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series B-2030 is $100. 

Auction of 29-Year 11-Month 2 Percent Bonds 

On March 5, 2020, Treasury announced it would 

auction $16,000 million of 29-year 11-month 2 percent 

bonds. The issue was to refund $23,925 million of 

securities maturing March 15 and to raise new cash of 

approximately $54,075 million. 

The 29-year 11-month 2 percent bonds of February 

2050 were dated February 15 and issued March 16. 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 35 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

They are due February 15, 2050, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 12. 

Tenders totaled $37,732 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.320 percent with an equivalent price of 

$116.761508. Treasury accepted in full all competitive 

tenders at yields lower than 1.320 percent. Tenders at 

the high yield were allotted 42.48 percent. The median 

yield was 1.220 percent, and the low yield was 0.750 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $15,998 million. Accrued interest of $1.64835 

per $1,000 must be paid for the period from February 

15 to March 16. 

In addition to the $16,000 million of tenders 

accepted in the auction process, Treasury accepted $15 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

February 2050 is $100. 

 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On March 12, 2020, Treasury announced it would 

auction $12,000 million of 9-year 10-month 0-1/8 

percent TIPS. The issue was to refund $82,478 million 

of securities maturing March 31 and to raise new cash 

of approximately $42,522 million. 

The 9-year 10-month 0-1/8 percent TIPS of Series 

A-2030 were dated January 15 and issued March 31. 

They are due January 15, 2030, with interest payable 

on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 19. 

Tenders totaled $27,801 million; Treasury accepted 

$12,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.680 percent with an equivalent adjusted 

price of $94.992914. Treasury accepted in full all 

competitive tenders at yields lower than 0.680 percent. 

Tenders at the high yield were allotted 71.06 percent. 

The median yield was 0.499 percent, and the low yield 

was 0.080 percent. Noncompetitive tenders totaled $18 

million. Competitive tenders accepted from private 

investors totaled $11,982 million. Adjusted accrued 

interest of $0.26166 per $1,000 must be paid for the 

period from January 15 to March 31. Both the 

unadjusted price of $94.751298 and the unadjusted 

accrued interest of $0.26099 were adjusted by an index 

ratio of 1.00255, for the period from January 15 to 

March 31. 

In addition to the $12,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,613 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series A-2030 is $100. 

Auction of 79-Day Cash Management Bills 

On March 17, 2020, Treasury announced it would 

auction $20,000 million of 79-day bills. They were 

issued March 24 and will mature June 11. The issue 

was to raise new cash of approximately $110,000 

million. Treasury auctioned the bills on March 19. 

Tenders totaled $60,586 million; Treasury accepted 

$20,000 million, including $16 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.050 percent. 

Auction of 52-Week Bills 

On March 19, 2020, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued March 26 and will mature March 25, 

2021. The issue was to refund $105,888 million of all 

maturing bills and to raise new cash of approximately 

$4,112 million. Treasury auctioned the bills on March 

24. Tenders totaled $65,901 million; Treasury 

accepted $26,000 million, including $279 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.260 percent. 

In addition to the $26,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,156 million from FRBs for their own accounts. 

Auction of 2-Year Notes 

On March 19, 2020, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $82,478 million of securities maturing March 

31 and to raise new cash of approximately $42,522 

million. 

The 2-year notes of Series AY-2022 were dated 

and issued March 31. They are due March 31, 2022, 

with interest payable on September 30 and March 31 

until maturity. Treasury set an interest rate of 0-3/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 24. 

Tenders totaled $94,485 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 
36 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

competitive bidders were allotted securities at the high 

yield of 0.398 percent with an equivalent price of 

$99.954228. Treasury accepted in full all competitive 

tenders at yields lower than 0.398 percent. Tenders at 

the high yield were allotted 39.61 percent. The median 

yield was 0.350 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $166 million. 

Competitive tenders accepted from private investors 

totaled $39,824 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,378 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AY-2022 is $100. 

Auction of 1-Year 10-Month 0.154 Percent 

FRNs 

On March 19, 2020, Treasury announced it would 

auction $18,000 million of 1-year 10-month 0.154 

percent FRNs. The issue was to raise new cash of 

approximately $18,000 million. 

The 1-year 10-month 0.154 percent FRNs of Series 

AW-2022 were dated January 31 and issued March 27. 

They are due January 31, 2022, with interest payable 

on April 30, July 31, October 31, and January 31 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on March 25. 

Tenders totaled $52,376 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.220 percent with an equivalent 

price of $99.876498. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.220 percent. Tenders at the high discount margin 

were allotted 74.97 percent. The median discount 

margin was 0.200 percent, and the low discount 

margin was 0.140 percent. Noncompetitive tenders 

totaled $5 million. Competitive tenders accepted from 

private investors totaled $17,996 million. Accrued 

interest of $0.196843463 per $100 must be paid for the 

period from January 31 to March 27. 

Auction of 5-Year Notes 

On March 19, 2020, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $82,478 million of securities maturing March 

31 and to raise new cash of approximately $42,522 

million. 

The 5-year notes of Series W-2025 were dated and 

issued March 31. They are due March 31, 2025, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 0-1/2 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 25. 

Tenders totaled $103,750 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.535 percent with an equivalent price of 

$99.827547. Treasury accepted in full all competitive 

tenders at yields lower than 0.535 percent. Tenders at 

the high yield were allotted 6.14 percent. The median 

yield was 0.480 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors 

totaled $40,987 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,512 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series W-2025 is $100. 

Auction of 7-Year Notes 

On March 19, 2020, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $82,478 million of securities maturing March 

31 and to raise new cash of approximately $42,522 

million. 

The 7-year notes of Series J-2027 were dated and 

issued March 31. They are due March 31, 2027, with 

interest payable on September 30 and March 31 until 

maturity. Treasury set an interest rate of 0-5/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 26. 

Tenders totaled $88,260 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.680 percent with an equivalent price of 

$99.624642. Treasury accepted in full all competitive 

tenders at yields lower than 0.680 percent. Tenders at 

the high yield were allotted 86.95 percent. The median 

yield was 0.620 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors 

totaled $31,994 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,302 million from FRBs for their own accounts. The 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 37 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2020 

minimum par amount required for STRIPS of notes of 

Series J-2027 is $100. 

Auction of 37-Day Cash Management Bills 

On March 30, 2020, Treasury announced it would 

auction $60,000 million of 37-day bills. They were 

issued March 31 and will mature May 7. The issue was 

to raise new cash of approximately $170,000 million. 

Treasury auctioned the bills on March 30. Tenders 

totaled $172,865 million; Treasury accepted $60,000 

million. The high bank discount rate was 0.025 

percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2020 

38 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

 

Regular weekly: 

(4 week, 8 week, 13 week, and 26 week) 

 

2020 – Jan. 02 .............................................. 2020-Apr. 02 91 134,943.1 42,001.1 40,109.2 891.5 99.615778 1.520 1.551

 July 02 182 101,290.1 36,000.5 34,379.0 621.2 99.211333 1.560 1.599

Jan. 07............................................... Feb. 04 28 116,104.9 35,134.3 32,999.5 1,516.4 99.883333 1.500 1.527

 Mar. 03 56 110,516.4 35,134.1 33,767.1 238.6 99.764333 1.515 1.544

Jan. 09............................................... Apr. 09 91 124,301.8 42,631.1 40,422.6 956.4 99.615778 1.520 1.551

 July 09 182 111,828.8 36,541.2 34,618.5 762.8 99.231556 1.520 1.557

Jan. 14............................................... Feb. 11 28 120,484.9 37,162.2 32,718.1 1,563.0 99.884111 1.490 1.517

 Mar. 10 56 106,915.8 37,162.4 34,109.7 269.5 99.764333 1.515 1.544

Jan. 16............................................... Apr. 16 91 123,431.4 44,965.4 40,638.4 1,061.7 99.613250 1.530 1.562

 July 16 182 109,772.3 38,541.7 34,560.6 939.4 99.226500 1.530 1.568

Jan. 21............................................... Feb. 18 28 113,823.8 36,629.5 33,088.1 1,565.0 99.882944 1.505 1.532

 Mar. 17 56 113,651.5 36,629.7 34,351.2 349.0 99.762000 1.530 1.559

Jan. 23............................................... Apr. 23 91 126,807.0 42,814.8 40,787.7 1,012.4 99.613250 1.530 1.562

 July 23 182 115,770.2 36,698.5 34,884.3 815.9 99.231556 1.520 1.557

Jan. 28............................................... Feb. 25 28 125,448.2 41,531.4 37,854.4 1,494.0 99.883333 1.500 1.527

 Mar. 24 56 114,198.0 41,531.2 39,524.6 275.6 99.760444 1.540 1.569

Jan. 30............................................... Apr. 30 91 120,458.0 45,624.9 43,026.3 1,044.4 99.613250 1.530 1.562

 July 30 182 108,303.1 39,541.1 37,180.4 819.7 99.223972 1.535 1.573

Feb. 04 .............................................. Mar. 03 28 121,689.0 45,579.4 42,888.3 1,582.8 99.879833 1.545 1.573

 Mar. 31 56 136,252.8 45,579.8 43,688.0 312.5 99.758889 1.550 1.580

Feb. 06 .............................................. May 07 91 116,268.0 45,654.5 43,660.3 1,040.6 99.608194 1.550 1.582

Aug. 06 182 108,470.5 39,566.7 37,660.6 839.7 99.231556 1.520 1.557

Feb. 11 .............................................. Mar. 10 28 155,468.3 53,562.7 48,253.3 1,528.8 99.880222 1.540 1.568

Apr. 07 56 140,998.2 48,206.8 44,484.5 316.0 99.758889 1.550 1.580

Feb. 13 .............................................. May 14 91 136,908.8 46,293.3 43,547.6 1,102.7 99.608194 1.550 1.582

Aug. 13 182 139,916.3 40,121.0 37,578.9 941.4 99.236611 1.510 1.547

Feb. 18 .............................................. Mar. 17 28 139,644.1 52,258.7 48,143.3 1,537.7 99.878667 1.560 1.588

Apr. 14 56 134,100.3 47,033.2 44,510.3 290.0 99.756556 1.565 1.595

Feb. 20 .............................................. May 21 91 131,621.8 45,703.6 43,586.2 975.0 99.609458 1.545 1.577

Aug. 20 182 121,092.2 39,609.7 37,805.4 694.7 99.236611 1.510 1.547

Feb. 25 .............................................. Mar. 24 28 136,795.2 52,354.3 47,916.7 1,566.4 99.877500 1.575 1.603

Apr. 21 56 126,802.4 47,119.0 44,452.1 209.1 99.755778 1.570 1.600

Feb. 27 .............................................. May 28 91 130,705.4 45,955.0 43,018.4 981.9 99.619569 1.505 1.536

Aug. 27 182 118,687.2 39,827.5 38,000.5 799.6 99.272000 1.440 1.475

Mar. 03 .............................................. Mar. 31 28 129,903.6 50,540.9 47,405.2 1,594.8 99.881000 1.530 1.553

Apr. 28 56 122,408.1 45,486.9 43,734.5 265.6 99.766667 1.500 1.524

Mar. 05 .............................................. June 04 91 138,790.9 47,685.2 43,964.1 1,011.1 99.708042 1.155 1.174

 Sep. 03 182 123,733.8 41,327.0 38,244.5 655.6 99.489389 1.010 1.029

Mar. 10 .............................................. Apr. 07 28 136,343.0 53,165.6 47,436.4 1,568.6 99.928056 0.925 0.939

 May 05 56 125,565.3 47,849.3 44,769.0 231.2 99.872444 0.820 0.832

Mar. 12 .............................................. June 11 91 116,751.4 43,801.7 41,162.9 737.1 99.901417 0.390 0.396

 Sep. 10 182 95,158.7 37,544.7 35,423.0 477.4 99.797778 0.400 0.406

Mar. 17 .............................................. Apr. 14 28 128,358.5 53,088.4 48,608.4 1,391.6 99.969278 0.395 0.401

 May 12 56 121,219.4 42,470.8 39,795.1 205.0 99.954889 0.290 0.294

Mar. 19 .............................................. June 18 91 109,614.7 43,439.0 40,409.5 815.2 99.926694 0.290 0.294

 Sep. 17 182 101,218.4 37,233.5 34,799.3 500.7 99.848333 0.300 0.305

Mar. 24 .............................................. Apr. 21 28 148,036.3 52,713.4 47,742.6 1,420.9 99.997667 0.030 0.030

 May 19 56 121,914.4 42,170.4 39,024.0 304.1 99.995333 0.030 0.030

Mar. 26 .............................................. June 25 91 142,182.6 47,004.0 44,018.0 835.0 100.000000 0.000 0.000

 Sep. 24 182 99,169.3 40,734.3 37,535.7 464.4 99.959556 0.080 0.081

Mar. 31 .............................................. Apr. 28 28 286,032.5 61,418.8 57,843.7 1,159.6 100.000000 0.000 0.000

 May 26 56 189,602.2 51,189.5 48,815.6 194.2 100.000000 0.000 0.000

1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity 

of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 

8 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2020 

39 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

12/30/19 01/02/20 1.550% bill—12/31/20 364d 76,778 26,000 

01/07/20 01/15/20 1.500% note—01/15/23-AH 3y 94,253 39,216 1.567 - 99.804399 

01/08/20 01/15/20 1.750% note—11/15/29-F 9y 10m 59,510 24,768 1.869 - 98.933819 

01/09/20 01/15/20 2.375% bond—11/15/49 29y 10m 41,182 16,512 2.341 - 100.723975 

01/23/20 01/31/20 0.125% TIPS—01/15/30-A 10y 34,055 15,446 0.036 - 100.856173 

01/27/20 01/31/20 1.375% note—01/31/22-AV 2y 109,983 44,131 1.440 - 99.872307 

01/27/20 01/31/20 1.375% note—01/31/25-U 5y 99,736 45,234 1.448 - 99.649123 

01/28/20 01/30/20 1.490% bill—01/28/21 364d 87,681 26,361 

01/28/20 01/31/20 0.154% FRN—01/31/22-AW 2y 66,701 22,065 0.154 - 100.000000 

01/28/20 01/31/20 1.500% note—01/31/27-G 7y 79,175 35,304 1.570 - 99.537680 

02/11/20 02/13/20 1.555% CMB—04/09/20 56d 103,463 30,000 

02/11/20 02/18/20 1.375% note—02/15/23-AJ 3y 114,105 54,900 1.394 - 99.944438 

02/12/20 02/18/20 1.500% note—02/15/30-B 10y 81,681 39,008 1.622 - 98.878738 

02/13/20 02/18/20 2.000% bond—02/15/50 30y 54,586 27,450 2.061 - 98.640308 

02/18/20 02/20/20 1.585% CMB—03/12/20 21d 108,570 40,000 

02/20/20 02/28/20 0.250% TIPS—02/15/50 30y 19,186 8,000 0.261 - 99.642269 

02/25/20 02/27/20 1.270% bill—02/25/21 364d 93,126 26,552 

02/25/20 03/02/20 1.125% note—02/28/22-AX 2y 104,221 46,045 1.188 - 99.876146 

02/26/20 02/28/20 0.154% FRN—01/31/22-AW 1y 11m 44,794 18,000 0.160 - 99.988116 

02/26/20 03/02/20 1.125% note—02/28/25-V 5y 106,892 47,197 1.150 - 99.878957 

02/27/20 03/02/20 1.125% note—02/28/27-H 7y 84,413 36,836 1.247 - 99.185208 

03/10/20 03/16/20 0.500% note—03/15/23-AK 3y 83,703 38,037 0.563 - 99.813012 

03/11/20 03/16/20 1.500% note—02/15/30-B 9y 11m 56,736 24,023 0.849 - 106.179092 

03/12/20 03/16/20 2.000% bond—02/15/50 29y 11m 37,748 16,015 1.320 - 116.761508 

03/19/20 03/24/20 0.050% CMB—06/11/20 79d 60,586 20,000 

03/19/20 03/31/20 0.125% TIPS—01/15/30-A 9y 10m 29,415 13,613 0.680 - 94.992914 

03/24/20 03/26/20 0.260% bill—03/25/21 364d 67,057 27,156 

03/24/20 03/31/20 0.375% note—03/31/22-AY 2y 99,862 45,378 0.398 - 99.954228 

03/25/20 03/27/20 0.154% FRN—01/31/22-AW 1y 10m 52,376 18,000 0.220 - 99.876498 

03/25/20 03/31/20 0.500% note—03/31/25-W 5y 109,263 46,512 0.535 - 99.827547 

03/26/20 03/31/20 0.625% note—03/31/27-J 7y 92,562 36,303 0.680 - 99.624642 

03/30/20 03/31/20 0.025% CMB—05/07/20 37d 172,865 60,000 

 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
40 

June 2020 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
 OWNERSHIP OF FEDERAL SECURITIES 41 

June 2020 

TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues 

[In millions of dollars. Source: Bureau of the Fiscal Service] 

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

 Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

 

2019 - Mar....................................... 22,050,081 22,027,880 5,804,029 - 5,804,029 2,536,673 

Apr....................................... 22,049,873 22,027,668 5,816,978 - 5,816,978 2,479,643 

May...................................... 22,048,574 22,026,424 5,806,506 - 5,806,506 2,459,105 

June..................................... 22,045,280 22,023,283 5,818,564 - 5,818,564 2,452,784 

July ...................................... 22,044,255 22,022,369 5,795,177 - 5,795,177 2,416,844 

Aug ...................................... 22,482,155 22,460,467 5,847,510 - 5,847,510 2,424,708 

Sept..................................... 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

Oct....................................... 23,029,685 23,008,410 6,010,478 - 6,010,478 2,492,572 

Nov ...................................... 23,097,400 23,076,199 5,953,691 - 5,953,691 2,560,109 

Dec ...................................... 23,222,591 23,201,380 6,013,988 - 6,013,988 2,637,320 

2020 - Jan ....................................... 23,708,055 23,686,871 5,994,397 - 5,994,397 2,713,573 

Feb ...................................... 23,430,714 23,409,959 5,980,003 - 5,980,003 2,787,019 

Mar ...................................... 23,244,893 23,223,813 5,995,035 - 5,995,035 3,559,553 

 

 Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

 

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5 

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4 

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1 

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2019 ................................................ 22,719,402 16,347,340 478,637 21,455 21,455 - 

 

2019 - Mar....................................... 13,687,178 13,402,225 284,953 22,201 22,201 - 

Apr....................................... 13,731,047 13,401,269 329,779 22,205 22,205 - 

May...................................... 13,760,813 13,482,146 278,667 22,150 22,150 - 

June..................................... 13,751,935 13,478,115 273,819 21,997 21,997 - 

July ...................................... 13,585,395 13,393,594 259,051 21,886 21,886 - 

Aug ...................................... 14,074,636 13,605,527 466,650 21,688 21,688 - 

Sept..................................... 14,378,700 13,810,667 478,637 21,455 21,455 - 

Oct....................................... 14,505,360 14,021,552 483,808 21,275 21,275 - 

Nov ...................................... 14,562,399 14,067,636 494,763 21,201 21,201 - 

Dec ...................................... 14,550,072 14,044,816 505,256 21,211 21,211 - 

2020 - Jan ....................................... 14,515,843 14,006,429 509,414 21,184 21,184 - 

Feb ...................................... 14,642,937 14,131,506 511,431 20,755 20,755 - 

Mar ...................................... 14,132,283 13,603,254 529,029 21,080 21,080 - 

 

 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 
42 

June 2020 

TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

 

Federal 

Reserve and 

Government 

accounts 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

 

2020 - Mar. 23,686.9 9,279.7 14,407.2 na 150.0 na na na na na na na 

2019 - Dec. 23,201.4 8,359.9 14,841.5 932.2 151.3 740.3 410.3 207.4 2,344.7 662.7 6,695.3 2,697.3 

 Sept. 22,719.4 8,023.6 14,695.8 911.7 152.3 730.2 404.4 208.2 2,218.0 661.6 6,776.9 2,632.5 

 June 22,023.5 7,945.2 14,078.4 810.0 153.4 506.0 399.6 202.1 1,929.9 660.1 6,629.4 2,787.9 

 Mar. 22,028.0 7,999.1 14,028.9 771.3 154.5 478.2 390.6 201.1 2,058.3 680.8 6,474.0 2,820.0 

2018 - Dec. 21,974.1 8,095.0 13,879.1 771.5 155.7 670.9 372.8 203.7 2,023.3 684.1 6,270.1 2,727.0 

 Sept. 21,516.1 8,068.1 13,447.9 683.9 156.8 644.0 304.7 226.1 1,898.2 712.7 6,225.9 2,595.7 

 June 21,195.3 8,106.9 13,088.5 665.3 157.8 622.5 307.3 225.9 1,843.4 717.7 6,225.0 2,323.5 

 Mar. 21,089.9 8,086.6 13,003.3 639.7 159.0 597.7 300.1 361.8 1,977.1 703.2 6,223.4 2,041.2 

2017 - Dec. 20,492.7 8,132.1 12,360.6 638.3 160.4 432.0 289.4 372.6 1,797.5 722.7 6,211.3 1,736.5 

 Sept. 20,244.9 8,036.9 12,208.0 611.8 161.7 570.8 266.5 359.7 1,697.8 706.0 6,301.9 1,531.8 

 June 19,844.6 7,943.4 11,901.1 621.9 162.8 425.9 262.8 348.4 1,608.5 726.7 6,151.9 1,592.2 

 Mar. 19,846.4 7,941.1 11,905.3 658.6 164.2 444.2 239.5 338.4 1,669.1 740.0 6,075.3 1,576.0 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.9 165.8 538.0 218.8 330.2 1,705.4 731.6 6,006.3 1,611.4 

 Sept. 19,573.4 7,863.5 11,709.9 627.6 167.5 545.6 203.8 341.2 1,600.4 722.1 6,155.9 1,345.8 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 329.8 1,434.2 697.4 6,279.1 1,257.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 315.5 1,404.1 681.1 6,284.4 1,350.5 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 306.7 1,318.3 668.3 6,146.2 1,373.2 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 306.6 1,195.1 634.5 6,105.9 1,251.7 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 304.3 1,139.8 642.6 6,163.1 1,113.7 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 305.1 1,170.4 663.3 6,172.6 1,001.8 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 307.0 1,121.8 654.5 6,157.7 922.4 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 924.1 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec. 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept. 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar. 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

2010 - Dec. 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9 

 Sept. 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4 

 June 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1 

 Mar. 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1 

 

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
43 

June 2020 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, March 31, 2020 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,031,320,700,650 $1,981,616,195,664 $1,981,141,050,915 $239,008,566 $236,136,183

Less amounts held by: 

The Treasury....................................... 392,444,884 56,318,884 56,100,147 7,505 211,232

FRBs ................................................... 152,302,836,461 150,644,522,174 150,644,512,528 - 9,646

Amounts in circulation ............................. $1,878,625,419,305 $1,830,915,354,606 $1,830,440,438,240 $239,001,061 $235,915,305

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,704,504,986 6,547,064,108 43,157,440,878 

Less amounts held by: 

The Treasury....................................... 336,126,000 48,770,000 287,356,000 

FRBs ................................................... 1,658,314,287 1,077,869,525 580,444,762 

Amounts in circulation ............................. $47,710,064,699 $5,420,424,583 $42,289,640,116 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2020

44 

TABLE USCC-2—Amounts Outstanding and in Circulation, March 31, 2020 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,705,185,147 $12,565,466,528 $143,503 $139,575,116 

$2 ................................................................................ 2,674,627,514 2,543,181,422 131,433,518 12,574 

$5 ................................................................................ 15,780,839,315 15,650,975,540 107,402,810 22,460,965 

$10 .............................................................................. 21,451,352,310 21,431,587,210 6,300 19,758,800 

$20 .............................................................................. 206,820,690,120 206,800,585,640 3,840 20,100,640

$50 .............................................................................. 98,476,422,100 98,464,929,800 500 11,491,800 

$100 ............................................................................ 1,472,694,113,500 1,472,672,144,600 - 21,968,900 

$500 ............................................................................ 141,755,000 141,562,500 5,500 187,000 

$1,000 ......................................................................... 165,154,000 164,945,000 5,000 204,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $ 1,830,915,354,606 $ 1,830,440,438,240 $ 239,001,061 $ 235,915,305 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Mar. 31, 2020 ....................................................................................... 1,878,625 5,700

Feb 28, 2020........................................................................................ 1,801,073 5,467

Jan. 31, 2020 ....................................................................................... 1,791,564 5,439

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
ForeignCurrencyPositions

ExchangeStabilizationFund

47 

June 2020 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 
48 

June 2020 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

10/02/19............................................................. 1,942,789 2,059,101 -109 1.3313 

10/09/19............................................................. 1,960,149 2,071,793 -116 1.3327 

10/16/19............................................................. 1,992,324 2,105,775 -119 1.3191 

10/23/19............................................................. 1,965,715 2,084,031 -94 1.3089 

10/30/19............................................................. 2,105,033 2,213,230 -141 1.3179 

 

11/06/19............................................................. 2,009,185 2,130,476 -172 1.3187 

11/13/19............................................................. 2,037,912 2,152,243 -199 1.3239 

11/20/19............................................................. 2,054,874 2,282,203 -153 1.3317 

11/27/19............................................................. 2,015,519 2,259,411 -164 1.3284 

 

12/04/19............................................................. 1,982,648 2,225,842 -137 1.3212 

12/11/19............................................................. 2,094,137 2,336,632 -160 1.3202 

12/18/19............................................................. 1,761,252 1,976,479 -155 1.3117 

12/24/19............................................................. 1,687,924 1,862,678 -165 1.3160 

 

12/31/19............................................................. 1,691,670 1,850,228 -134 1.2962 

01/08/20............................................................. 1,776,513 1,909,453 -125 1.3026 

01/15/20............................................................. 1,731,909 1,844,014 -176 1.3040 

01/22/20............................................................. 1,746,044 1,841,630 -189 1.3135 

01/29/20............................................................. 1,779,759 1,878,022 -246 1.3201 

 

02/05/20............................................................. 1,740,611 1,831,210 -267 1.3294 

02/12/20............................................................. 1,761,477 1,865,134 -248 1.3243 

02/19/20............................................................. 1,741,104 1,829,473 -197 1.3232 

02/26/20............................................................. 1,778,349 1,848,145 -242 1.3321 

 

03/04/20............................................................. 1,896,844 1,963,425 -213 1.3425 

03/11/20............................................................. 2,016,252 2,074,238 -186 1.3748 

03/18/20............................................................. 1,736,623 1,813,929 125 1.4529 

03/25/20............................................................. 1,779,164 1,839,419 166 1.4333 

 

 

 
FOREIGN CURRENCY POSITIONS 

 June 2020

49 

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2017 - Dec............... 1,486,798 1,561,949 288,642 241,105 46,583 40,354 70,598 67,895 -29 1.2517 

2018 - Dec............... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 - Apr................ 2,021,461 2,136,768 245,591 208,458 60,011 42,893 91,248 83,485 -21 1.3427 

 May............... 2,182,404 2,299,272 260,286 225,764 65,434 47,715 96,213 89,375 -37 1.3523 

 June............. 2,022,692 2,135,708 285,515 194,830 67,300 49,043 90,126 83,223 -84 1.3091 

 July.............. 2,101,493 2,197,443 276,799 182,462 58,534 50,862 87,426 79,284 -78 1.3143 

 Aug.............. 2,225,830 2,308,280 248,334 197,340 53,891 47,801 88,109 81,851 -30 1.3290 

 Sept............. 1,923,578 1,994,423 250,947 185,015 51,543 46,348 75,631 67,715 -95 1.3243 

 Oct............... 2,057,220 2,131,221 294,434 184,124 53,572 50,260 77,479 69,186 -163 1.3144 

 Nov.............. 1,939,930 2,009,440 291,921 n.a. 53,563 49,493 70,349 68,590 -141 1.3291 

 Dec.............. 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Jan............... 1,779,799 1,849,366 413,962 n.a. 47,493 46,346 69,306 63,548 -171 1.3220 

 Feb.............. 1,932,800 2,010,357 440,202 n.a. 57,471 52,991 86,169 83,187 -203 1.3411 

 Mar.............. 1,865,276 1,922,160 252,425 n.a. 71,395 60,722 103,975 97,906 283 1.4123 

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2016 - Dec............... 38,266 68,203 154,935 124,039 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar............... 38,456 72,918 163,394 117,313 482 393 946 563 n.a. 1.3321 

 June............... 36,779 75,076 146,175 112,640 1,726 827 790 823 n.a. 1.2982 

 Sept............... 35,092 64,307 145,296 93,483 1,179 785 587 345 12 1.2509 

 Dec................ 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517 

2018 - Mar............... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

 June............... 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140 

 Sept............... 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 

 Dec................ 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar............... 28,444 61,318 135,230 n.a. 326 276 2,650 471 2 1.3360 

 June............... 35,369 66,869 140,156 n.a. 1,254 661 n.a. 427 n.a. 1.3091 

 Sept............... 37,713 70,957 132,318 n.a. 527 393 n.a. 653 -2 1.3243 

 Dec................ 33,978 67,381 127,806 n.a. 449 352 n.a. 463 -5 1.2962 

 
FOREIGN CURRENCY POSITIONS 

June 2020 

50 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/02/19 .................................................................. 636,749 642,847 - 107.21 

10/09/19 .................................................................. 618,526 620,230 -17 107.43 

10/16/19 .................................................................. 623,088 624,575 -24 108.71 

10/23/19 .................................................................. 617,840 616,554 -24 108.64 

10/30/19 .................................................................. 628,821 630,966 -30 108.88 

 

11/06/19 .................................................................. 621,843 624,235 -32 108.86 

11/13/19 .................................................................. 609,320 611,368 -28 108.83 

11/20/19 .................................................................. 590,392 591,380 -34 108.67 

11/27/19 .................................................................. 598,571 599,148 n.a 109.38 

 

12/04/19 .................................................................. 605,382 610,007 n.a 108.87 

12/11/19 .................................................................. 598,676 603,017 n.a 108.67 

12/18/19 .................................................................. 559,072 561,521 n.a 109.58 

12/24/19 .................................................................. 534,137 536,966 n.a 109.38 

12/31/19 .................................................................. 524,470 529,878 n.a 108.67 

 

01/08/20 .................................................................. 547,320 554,535 n.a 109.03 

01/15/20 .................................................................. 525,473 531,532 n.a 109.94 

01/22/20 .................................................................. 520,092 524,992 n.a 109.93 

01/29/20 .................................................................. 536,066 543,626 n.a 109.15 

 

02/05/20 .................................................................. 538,441 549,039 n.a 109.74 

02/12/20 .................................................................. 538,711 546,782 n.a 110.00 

02/19/20 .................................................................. 524,224 532,080 n.a 111.17 

02/26/20 .................................................................. 545,100 552,972 n.a 110.36 

 

03/04/20 .................................................................. 566,615 574,614 -67 107.34 

03/11/20 .................................................................. 602,867 607,311 -30 104.81 

03/18/20 .................................................................. 571,427 576,003 -13 108.45 

03/25/20 .................................................................. 579,672 581,966 -30 111.43 

 
FOREIGN CURRENCY POSITIONS 

 June 2020

51 

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2017 - Dec.................. 504,078 520,500 122,567 108,990 24,449 23,590 46,603 47,891 -88 112.69 

2018 – Dec................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 – Apr.................. 582,292 593,294 111,526 81,819 31,483 31,046 55,195 57,116 80 111.4 

May................. 594,183 605,407 109,205 86,185 35,930 35,432 59,775 61,455 106 108.66 

June................ 571,660 584,948 105,346 88,182 35,444 34,475 56,015 58,105 76 107.84 

 July................. 605,719 615,544 102,858 80,246 35,056 35,194 54,776 55,999 48 108.58 

Aug ................. 628,311 637,786 108,280 87,354 38,487 40,331 59,132 59,722 61 106.3 

Sept................ 625,867 633,319 121,970 89,358 34,556 36,283 56,576 57,269 25 108.11 

 Oct.................. 627,992 631,273 109,504 84,894 32,649 33,934 54,940 56,034 9 108.09 

Nov ................. 595,565 595,977 102,084 84,652 32,666 35,307 51,103 54,503 -35 109.47 

Dec ................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 – Jan. ................ 535,693 543,117 87,022 72,337 31,814 33,768 48,528 52,024 -18 108.5 

Feb ................. 576,326 583,699 97,443 86,210 35,640 37,364 53,210 57,804 -14 108.12 

Mar. ................ 589,962 590,317 92,368 80,754 40,090 41,475 59,480 64,273 34 107.53 

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2016 - Dec................... 7,108 5,182 7,472 6,167 352 303 1,006 912 n.a. 116.78 

2017 - Mar................... 9,579 6,990 8,034 6,134 420 486 841 554 -1 111.41 

June ................. 8,848 7,755 6,915 6,245 n.a. 438 539 386 -1 112.40 

Sept.................. 6,536 6,008 7,693 6,769 800 670 609 n.a. 46 112.64 

Dec................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 

2018 - Mar................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.2 

June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

Sept.................. 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48 

Dec................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.7 

2019 - Mar................... 7,534 6,937 9,217 6,776 276 500 423 120 3 110.68 

June ................. 7,690 6,332 9,300 6,496 483 535 658 179 -38 107.84 

Sept.................. 7,663 6,731 8,406 5,728 282 428 538 126 1 108.11 

Dec................... 7,228 5,937 8,548 6,220 80 280 413 130 n.a. 108.67 

 
FOREIGN CURRENCY POSITIONS 

June 2020 

52 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/02/19 .................................................................. 1,086,611 1,148,708 n.a. 0.9975 

10/09/19 .................................................................. 1,059,726 1,102,635 n.a. 0.9950 

10/16/19 .................................................................. 1,089,209 1,141,004 n.a. 0.9959 

10/23/19 .................................................................. 1,102,887 1,150,291 n.a. 0.9907 

10/30/19 .................................................................. 1,168,808 1,213,958 n.a. 0.9909 

 

11/06/19 .................................................................. 1,136,399 1,186,102 n.a. 0.9920 

11/13/19 .................................................................. 1,152,730 1,204,739 n.a. 0.9892 

11/20/19 .................................................................. 1,096,792 1,146,087 n.a. 0.9921 

11/27/19 .................................................................. 1,072,052 1,123,466 n.a. 0.9996 

 

12/04/19 .................................................................. 1,088,289 1,133,220 n.a. 0.9893 

12/11/19 .................................................................. 1,100,808 1,142,552 n.a. 0.9856 

12/18/19 .................................................................. 940,892 991,150 n.a. 0.9819 

12/24/19 .................................................................. 877,154 930,763 n.a. 0.9807 

12/31/19 .................................................................. 867,418 913,177 n.a. 0.9677 

 

01/08/20 .................................................................. 931,966 974,557 n.a. 0.9725 

01/15/20 .................................................................. 938,602 958,763 n.a. 0.9634 

01/22/20 .................................................................. 916,129 951,396 n.a. 0.9696 

01/29/20 .................................................................. 941,632 972,759 n.a. 0.9747 

 

02/05/20 .................................................................. 919,961 964,694 n.a. 0.9729 

02/12/20 .................................................................. 969,128 1,015,358 n.a. 0.9767 

02/19/20 .................................................................. 876,270 908,562 158 0.9839 

02/26/20 .................................................................. 925,263 958,391 150 0.9759 

 

03/04/20 .................................................................. 1,039,872 1,069,041 n.a. 0.9554 

03/11/20 .................................................................. 1,115,125 1,137,975 195 0.9381 

03/18/20 .................................................................. 1,014,306 1,028,899 n.a. 0.9727 

03/25/20 .................................................................. 973,901 983,121 n.a. 0.9781 

 
FOREIGN CURRENCY POSITIONS 

 June 2020

53 

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2017 - Dec................... 802,799 840,898 108,582 88,094 46,025 44,500 79,500 79,164 139 0.9738 

2018 – Dec.................. 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a 0.9832 

2019 – Apr................... 934,384 991,240 104,499 67,153 44,305 41,186 78,202 75,617 198 1.02 

May.................. 1,028,678 1,085,179 96,817 63,971 45,064 42,094 78,182 74,937 211 1.0034 

June................. 1,034,100 1,092,763 110,664 69,748 46,932 44,671 78,949 76,146 196 0.9758 

 July.................. 1,044,955 1,110,099 95,845 65,598 45,803 43,353 81,783 78,713 n.a. 0.9902 

Aug .................. 1,176,726 1,236,996 105,921 71,538 47,361 45,022 85,064 81,028 n.a. 0.9899 

Sept................. 1,103,273 1,162,940 113,255 83,595 45,236 41,885 78,832 75,036 n.a. 0.9978 

 Oct................... 1,186,354 1,244,167 108,435 76,221 46,576 44,035 80,453 76,936 n.a. 0.9868 

Nov .................. 1,097,710 1,154,485 100,072 83,838 43,442 40,613 70,070 67,115 n.a. 1.0001 

Dec .................. 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 – Jan. ................. 994,355 1,024,500 96,193 69,982 46,513 44,284 69,965 67,047 n.a. 0.9645 

Feb .................. 1,065,027 1,097,649 89,911 68,584 47,236 45,141 65,978 63,666 n.a. 0.9671 

Mar. ................. 1,063,516 1,086,862 86,798 69,394 45,839 45,627 74,146 68,087 n.a. 0.9627 

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 14,939 14,888 98,271 16,029 - n.a. n.a. n.a. n.a. 1.0160 

2017 - Mar................... 16,299 18,151 73,924 16,435 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,015 16,797 n.a. 15,161 - n.a. n.a. n.a. - 0.9586 

Sept.................. 16,715 14,386 n.a. 18,437 47 25 n.a. n.a. n.a. 0.9688 

Dec................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 

2018 - Mar................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 

June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922 

Sept.................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758 

Dec................... 15,001 18,474 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832 

2019 - Mar................... 15,289 18,434 116,641 17,824 n.a. n.a. 1,002 n.a. n.a. 0.9962 

June ................. 14,686 23,493 111,498 16,831 n.a. n.a. n.a. n.a. n.a. 0.9758 

Sept.................. 15,812 20,811 109,705 16,410 n.a. n.a. n.a. n.a. n.a. 0.9978 

Dec................... 11,427 18,227 106,458 17,008 n.a. n.a. n.a. n.a. n.a. 0.9677 

 
FOREIGN CURRENCY POSITIONS 

June 2020 

54 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/02/19 .................................................................. 3,262,254 3,447,160 -165 1.2313 

10/09/19 .................................................................. 3,392,451 3,383,067 -136 1.2215 

10/16/19 .................................................................. 3,474,858 3,474,479 -405 1.2854 

10/23/19 .................................................................. 3,226,002 3,405,195 -408 1.2886 

10/30/19 .................................................................. 3,402,006 3,567,220 -341 1.2872 

 

11/06/19 .................................................................. 3,131,036 3,290,126 -393 1.2872 

11/13/19 .................................................................. 3,207,859 3,416,243 -432 1.284 

11/20/19 .................................................................. 3,174,542 3,368,831 -445 1.2918 

11/27/19 .................................................................. 3,151,705 3,377,759 -492 1.2881 

 

12/04/19 .................................................................. 3,085,454 3,282,760 -549 1.3095 

12/11/19 .................................................................. 3,205,018 3,410,730 n.a. 1.3176 

12/18/19 .................................................................. 3,039,354 3,229,275 n.a. 1.3078 

12/24/19 .................................................................. 2,794,279 3,014,136 n.a. 1.2955 

12/31/19 .................................................................. 2,778,925 3,009,213 n.a. 1.3269 

 

01/08/20 .................................................................. 2,950,308 3,127,882 n.a. 1.311 

01/15/20 .................................................................. 2,875,596 3,033,417 -421 1.303 

01/22/20 .................................................................. 2,867,877 3,038,257 -373 1.3136 

01/29/20 .................................................................. 2,910,836 3,077,868 -437 1.3012 

 

02/05/20 .................................................................. 2,863,346 3,030,718 -461 1.3000 

02/12/20 .................................................................. 2,892,775 3,061,423 -447 1.2978 

02/19/20 .................................................................. 2,870,762 3,018,782 -430 1.2934 

02/26/20 .................................................................. 2,924,129 3,070,966 -401 1.2921 

 

03/04/20 .................................................................. 2,907,388 3,092,010 -405 1.2836 

03/11/20 .................................................................. 3,106,742 3,296,694 -356 1.2887 

03/18/20 .................................................................. 2,948,116 3,132,004 -101 1.1760 

03/25/20 .................................................................. 2,952,928 3,108,909 -61 1.1763 

 
FOREIGN CURRENCY POSITIONS 

 June 2020

55 

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2017 - Dec................... 2,423,244 2,623,676 926,696 893,568 117,539 122,752 76,952 84,254 n.a. 1.3529 

2018 – Dec.................. 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 – Apr................... 3,169,915 3,315,090 642,529 634,309 140,329 142,290 93,057 91,047 -171 1.303 

May.................. 3,315,203 3,454,978 677,201 636,796 116,239 116,843 96,352 85,658 -226 1.262 

June................. 3,105,878 3,303,765 622,851 597,981 105,432 105,933 95,688 84,616 -158 1.2704 

 July.................. 3,370,422 3,555,791 677,303 702,622 123,623 120,031 104,045 108,105 -247 1.222 

Aug .................. 3,427,619 3,610,873 679,368 673,894 133,180 131,394 103,300 108,108 -160 1.2166 

Sept................. 3,334,161 3,542,552 735,791 681,090 158,814 159,851 105,636 103,805 -194 1.2305 

 Oct................... 3,442,433 3,632,212 732,395 709,180 235,893 238,671 130,162 129,384 -346 1.2939 

Nov .................. 3,188,022 3,372,011 697,434 607,641 182,832 185,455 121,398 113,883 -360 1.2939 

Dec .................. 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 – Jan. ................. 3,085,125 3,289,926 662,147 547,746 125,856 129,034 84,291 79,450 n.a. 1.3195 

Feb .................. 3,039,361 3,222,077 695,560 595,904 108,688 109,546 85,322 80,166 -265 1.2778 

Mar. ................. 3,138,105 3,315,938 694,060 606,479 112,334 109,827 90,332 83,233 -75 1.2454 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2016 - Dec................... 28,041 50,392 166,414 66,551 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar................... 32,627 57,900 173,010 73,491 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,555 58,169 200,516 65,150 1,498 1,355 2,837 1,910 50 1.2995 

Sept.................. 34,429 63,757 199,533 58,382 1,369 1,380 2,032 1,755 81 1.3402 

Dec................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 

2018 - Mar................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 

June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

Sept.................. 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 

Dec................... 35,003 56,301 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar................... 33,952 55,799 212,271 66,402 5,781 4,704 1,953 1,594 39 1.3032 

June ................. 32,407 58,743 204,923 61,096 1,296 1,645 1,867 1,167 -39 1.2704 

Sept.................. 37,755 64,063 206,151 61,989 2,359 3,062 3,625 3,150 70 1.2305 

Dec................... 36,992 59,850 205,225 60,119 4,306 5,083 2,783 n.a. 195 1.3269 

 
FOREIGN CURRENCY POSITIONS 

June 2020 

56 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

10/02/19 ................................................................ 28,404,638 27,612,596 n.a. - 

10/09/19 ................................................................ 28,190,180 27,476,380 n.a. - 

10/16/19 ................................................................ 28,555,590 27,818,969 n.a. - 

10/23/19 ................................................................ 28,291,261 27,604,076 -2,478 - 

10/30/19 ................................................................ 29,105,907 28,388,065 -2,018 - 

 

11/06/19 ................................................................ 28,596,445 27,614,743 -1,899 - 

11/13/19 ................................................................ 28,662,627 27,898,230 -1,869 - 

11/20/19 ................................................................ 28,344,276 27,530,133 -2,343 - 

11/27/19 ................................................................ 28,463,362 27,571,679 -2,237 - 

 

12/04/19 ................................................................ 28,650,241 27,827,896 -2,680 - 

12/11/19 ................................................................ 29,231,111 28,495,633 -2,926 - 

12/18/19 ................................................................ 26,225,037 25,441,206 -2,554 - 

12/24/19 ................................................................ 24,851,976 24,110,212 -2,582 - 

12/31/19 ................................................................ 24,534,406 23,695,633 -2,535 - 

 

01/08/20 ................................................................ 25,513,501 24,807,530 -2,423 - 

01/15/20 ................................................................ 24,922,887 24,306,647 -3,057 - 

01/22/20 ................................................................ 24,990,988 24,389,674 -2,502 - 

01/29/20 ................................................................ 25,822,981 25,174,370 -2,629 - 

 

02/05/20 ................................................................ 25,681,724 24,952,557 -2,428 - 

02/12/20 ................................................................ 26,071,644 25,347,579 -2,258 - 

02/19/20 ................................................................ 25,378,907 24,679,636 -2,277 - 

02/26/20 ................................................................ 26,442,829 25,715,448 -2,145 - 

 

03/04/20 ................................................................ 27,371,441 26,680,677 -2,207 - 

03/11/20 ................................................................ 29,003,311 28,311,274 -1,367 - 

03/18/20 ................................................................ 26,479,028 25,773,327 -612 - 

03/25/20 ................................................................ 26,265,073 25,652,569 -1,000 - 

 
FOREIGN CURRENCY POSITIONS 

 June 2020

57 

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2017 - Dec.............. 22,947,777 22,020,668 - - 1,381,708 1,385,483 1,129,488 1,104,281 -217 n.a 

2018 – Dec............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a 

2019 – Apr.............. 27,616,883 26,839,549 - - 1,582,336 1,839,408 1,356,414 1,316,661 312 n.a 

May............. 29,276,005 28,458,773 - - 1,754,795 1,686,563 1,357,582 1,319,015 213 n.a 

June............ 28,149,837 27,217,934 - - 1,664,320 1,612,362 1,349,305 1,298,206 -1,095 n.a 

 July............. 28,974,200 28,087,963 - - 1,611,605 1,564,197 1,337,246 1,303,182 -1,208 n.a 

Aug ............. 29,993,056 29,138,644 - - 1,745,063 1,661,092 1,352,157 1,352,572 -654 n.a 

Sept............ 28,535,400 27,699,856 - - 1,614,940 1,602,966 1,281,671 1,251,777 -948 n.a 

 Oct.............. 29,219,092 28,474,934 - - 1,570,182 1,511,671 1,322,629 1,304,180 -1,593 n.a 

Nov ............. 28,294,453 27,624,143 - - 1,455,996 1,418,798 1,258,810 1,225,075 -2,106 n.a 

Dec ............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1,902 n.a 

2020 – Jan. ............ 26,288,090 25,596,527 - - 1,363,899 1,380,408 1,184,501 1,148,168 -1,366 n.a 

Feb ............. 27,703,334 27,013,747 - - 1,557,226 1,587,528 1,265,035 1,237,457 -998 n.a 

Mar. ............ 27,248,371 26,611,540 - - 1,630,356 1,663,835 1,366,642 1,365,870 713 n.a 

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

 

2016 - Dec.................. 389,471 318,849 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar.................. 431,337 407,589 - - 28,169 17,729 20,518 20,835 1,350 n.a. 

June ................ 425,050 402,427 - - 21,559 14,688 16,157 19,475 1,982 n.a. 

Sept................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a. 

Dec.................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 

2018 - Mar.................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. 

June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a. 

Sept................. 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a. 

Dec.................. 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a. 

2019 - Mar.................. 422,727 314,275 - - 21,089 21,385 21,276 20,719 1,955 n.a. 

June ................ 443,726 335,860 - - 21,824 18,975 21,406 18,710 2,436 n.a. 

Sept................. 479,635 348,368 - - 21,672 18,799 14,654 15,647 1,937 n.a. 

Dec.................. 461,136 307,039 - - 14,761 16,200 15,290 16,072 2,063 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2020 

58 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/02/19 ............................................................................. 7,999,754 8,172,562 -142 0.9132 

10/09/19 ............................................................................. 8,040,964 8,181,950 -79 0.9109 

10/16/19 ............................................................................. 8,079,268 8,242,026 135 0.9029 

10/23/19 ............................................................................. 7,878,531 8,029,442 173 0.8994 

10/30/19 ............................................................................. 8,096,146 8,239,921 128 0.899 

 

11/06/19 ............................................................................. 7,899,532 8,070,091 -62 0.9029 

11/13/19 ............................................................................. 7,977,338 8,129,976 -118 0.9088 

11/20/19 ............................................................................. 7,846,876 7,995,719 -202 0.9039 

11/27/19 ............................................................................. 7,824,806 7,993,894 -286 0.9089 

 

12/04/19 ............................................................................. 7,975,924 8,119,995 -150 0.9029 

12/11/19 ............................................................................. 8,151,526 8,271,941 -164 0.9016 

12/18/19 ............................................................................. 7,347,011 7,468,528 -129 0.8999 

12/24/19 ............................................................................. 6,985,388 7,063,427 -238 0.9022 

12/31/19 ............................................................................. 6,795,811 6,921,533 -278 0.8907 

 

01/08/20 ............................................................................. 7,069,239 7,169,245 -342 0.8995 

01/15/20 ............................................................................. 6,887,699 6,998,443 323 0.8961 

01/22/20 ............................................................................. 6,847,269 6,897,221 -329 0.9021 

01/29/20 ............................................................................. 7,085,787 7,150,283 -290 0.9088 

 

02/05/20 ............................................................................. 6,978,041 7,064,368 -444 0.9086 

02/12/20 ............................................................................. 7,252,172 7,346,565 -549 0.9180 

02/19/20 ............................................................................. 7,046,697 7,153,757 -469 0.9264 

02/26/20 ............................................................................. 7,273,899 7,389,427 -461 0.9185 

 

03/04/20 ............................................................................. 7,581,651 7,690,945 -43 0.8985 

03/11/20 ............................................................................. 7,913,661 8,082,993 -72 0.8865 

03/18/20 ............................................................................. 7,604,597 7,786,177 -24 0.9231 

03/25/20 ............................................................................. 7,441,473 7,630,553 -100 0.9229 

 
FOREIGN CURRENCY POSITIONS 

June 2020

59

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2017 - Dec................... 6,140,523 6,462,865 2,184,607 2,013,841 514,987 502,218 334,292 341,940 1,078 0.8318 

2018 – Dec.................. 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 – Apr................... 7,505,497 7,742,184 1,777,024 2,409,763 516,150 506,554 433,560 414,440 247 0.8928 

May.................. 7,782,004 7,995,132 1,839,821 2,027,844 517,166 506,370 423,223 402,692 242 0.8969 

June................. 7,488,424 7,703,732 1,709,727 1,663,868 549,949 536,835 396,163 385,268 352 0.8792 

 July.................. 7,902,432 8,132,971 1,797,009 2,095,980 535,896 523,093 421,509 411,597 129 0.8985 

Aug .................. 8,235,457 8,458,187 1,911,532 2,205,934 533,084 519,600 431,265 424,325 76 0.9100

Sept................. 8,125,696 8,312,707 1,935,375 2,168,336 515,802 542,956 442,940 436,676 -48 0.9170 

 Oct................... 8,162,235 8,324,022 1,677,687 1,977,217 524,178 514,435 426,610 419,230 123 0.8965 

Nov .................. 7,930,985 8,061,576 1,668,964 1,620,368 497,922 478,846 365,112 357,673 -95 0.9075 

Dec .................. 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 – Jan. ................. 7,285,961 7,331,455 1,532,508 1,456,626 459,220 442,111 305,713 304,297 -127 0.9024 

Feb .................. 7,780,386 7,887,143 1,542,028 1,469,699 510,380 502,068 355,452 355,121 -195 0.9090 

Mar. ................. 7,805,377 7,990,868 1,479,544 1,475,386 604,517 598,153 367,595 362,819 215 0.9078 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2016 - Dec................... 132,047 123,382 352,547 221,574 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar................... 145,378 146,517 374,527 245,027 9,239 7,718 15,482 8,084 197 0.9347 

June ................. 170,683 151,125 421,092 237,263 9,781 8,505 9,977 4,992 n.a. 0.8763 

Sept.................. 138,547 134,715 418,632 224,298 13,624 13,030 11,161 6,860 n.a. 0.8465 

Dec................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

Sept.................. 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 

Dec................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar................... 111,351 142,602 389,681 221,676 6,158 6,074 12,830 8,899 n.a. 0.8906 

June ................. 137,368 150,573 409,163 240,600 7,462 6,185 8,050 4,421 n.a. 0.8792 

Sept.................. 142,508 162,134 413,057 254,046 5,672 6,230 8,463 4,999 448 0.9170 

Dec................... 117,971 153,512 413,527 235,023 5,082 4,549 6,925 4,215 n.a. 0.8907 
60 

June 2020 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system.

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the Exchange Stabilization Fund (ESF), which the 

Secretary of the Treasury is authorized to use to make loans, 

loan guarantees, and other investments in support of eligible 

businesses, States, and municipalities and to provide the 

subsidy amounts necessary for such loans, loan guarantees, 

and other investments in accordance with the provisions of 

the Federal Credit Reform Act of 1990 (2 U.S.C. 661 et 

seq.). This appropriated balance is held as a fund balance 

with Treasury until disbursed. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion plus the $500 billion appropriated 

under the CARES Act, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account.

• Table ESF-2 shows the results of operations by

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter.

TABLE ESF-1—Balances as of Dec. 31, 2019, and Mar. 31, 2020 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital Dec. 31, 2019 

Jan. 1, 2020, 

through 

Mar. 31, 2020 Mar. 31, 2020

Assets

U.S. dollars:

Held with Treasury:

Fund Balance................................................................... - - - 

U.S. Government securities............................................. 22,664,220 23,348 22,687,568 

Special drawing rights 1 ........................................................... 50,749,025 (613,276) 50,135,749 

Foreign exchange and securities: 

European euro ..................................................................... 12,207,075 (233,308) 11,973,767 

Japanese yen ....................................................................... 8,602,883 90,917 8,693,800 

Accounts receivable................................................................. 132,144 (26,351) 105,793 

Total assets.......................................................................... 94,355,347 (758,670) 93,596,677 

Liabilities and capital

Current liabilities:

Accounts payable................................................................. 63,719 (26,420) 37,299 

Total current liabilities ...................................................... 63,719 (26,420) 37,299 

Other liabilities:

SDR certificates ................................................................... 5,200,000 

SDR allocations ................................................................... 48,835,583 (636,742)

- 5,200,000 

48,198,841 

Total other liabilities ......................................................... 54,035,583 (636,742) 53,398,841 
EXCHANGE STABILIZATION FUND 61 

June 2020 

Continued from ESF-1:

Capital:

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 354,936 (95,508) 259,428 

Total capital...................................................................... 40,256,045 (95,508) 40,160,537 

Total liabilities and capital............................................ 94,355,347 (758,670) 93,596,677 

See footnote below. 

TABLE ESF-2—Income and Expense

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter

Jan. 1, 2020, 

through 

Mar. 31, 2020

Fiscal year to date

Oct. 1, 2019 

through 

Mar. 31, 2020

Income and expense

Profit -+ or loss-- on:

Foreign exchange .......................................................... (131,826) 108,136 

Adjustment for change in valuation

of SDR holdings and allocations 1 .................................... (25,402) 996 

Net income (+) or loss (-):

SDRs .............................................................................. 2,695 6,439 

U.S. Government securities........................................... 68,522 163,108 

Foreign exchange .......................................................... (9,497) (19,251)

Income from operations ................................................. (95,508) 259,428 

Net income (+) or loss (-) ........................................... (95,508) 259,428 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974.

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.”

Trust Funds

TRUST FUNDS 

June 2020 

65 

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax 

Analysis for excise taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2021) .............................................................................................................. 88 

less: 

 

Cash balance (fiscal year 2021) ......................................................................................................................................................................................... 3 

Unfunded authorizations (fiscal year 2021) ........................................................................................................................................................................ 85 

48-month revenue estimate (fiscal years 2022, 2023, 2024, and 2025)............................................................................................................................ 147

Note—Detail may not add due to rounding. 

48-month revenue estimate does not reflect Coronavirus impacts. Updated revenue 

projections will be reflected in September bulletin. 

Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2021) .............................................................................................................. 31 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... -1 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 32 

48-month revenue estimate (fiscal years 2022, 2023, 2024, and 2025)........................................................................................................................... 26 

Note—Detail may not add due to rounding. 

48-month revenue estimate does not reflect Coronavirus impacts. Updated revenue 

projections will be reflected in September bulletin. 

Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
June 2020 

66 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 

June 2020 

67 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

June 2020 

68 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
Personal name (Please type or print)

Company name

Street address

City, State, Zip code

Daytime phone including area code

❑ Check payable to Superintendent of Documents

❑ SOD Deposit Account

❑ Vis  ❑ MasterCar  ❑ Discover/NOVUS ❑ American Expre

(expiration date)

AUTHORIZING SIGNATURE 10/07

Thank you for your order!

Check Method of Payment:

Order Processing Code: 3509 Easy Secure Internet:

bookstore.gpo.gov

Toll Free: 866 512–1800

DC Area: 202 512–1800

Fax: 202 512–2104

Mail: U.S. Government Printing Office

PO Box 979050

St. Louis, MO 63197–9000

PUBLICATION AND SUBSCRIPTION

ORDER FORM

Qty Stock Number Publication Title Price Total Price

Qty List ID Title Price Total Price

Prices include regular domestic postage and handling and are subject to change.

International customers please add 40%

Publications

Subscription

Total for Publications

Total for Publications

Total Cost of Order

Please return order form with payment

Thank you for your interest in U.S. Government Information. ALL SALES ARE FINAL.

Fax or e-mail
DEPARTMENT OF THE TREASURY

BUREAU OF THE FISCAL SERVICE

WASHINGTON, D.C. 20227

OFFICIAL BUSINESS

PENALTY FOR PRIVATE USE, $300