BULLETIN

JUNE2018

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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www.fiscal.treasury.gov/ 
June 2018 

Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 8 

Analysis—Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source ......................9 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17

ACCOUNT OF THE U.S. TREASURY 

Introduction— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 18 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 18

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 20 

FD-1—Summary of Federal Debt ....................................................................................................................................... 21 

FD-2—Debt Held by the Public .......................................................................................................................................... 22 

FD-3—Government Account Series .................................................................................................................................... 23 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 24 

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

 Private Investors .................................................................................................................................................... 25 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 26 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 27

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 29 

TREASURY FINANCING ................................................................................................................................................. 29 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 37 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 38 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 39 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 40 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 41

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 42 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 42 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 43
June 2018 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 47 

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 

RESEARCH PAPER SERIES ............................................................................................................................................. 66

GLOSSARY ........................................................................................................................................................................ 68

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 2018

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 ................................................ √ 

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

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

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

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

 

 

 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
June 2018 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of May 4, 2018 

Introduction 

Although real GDP growth moderated further in the first 

quarter of 2018, the economy has grown by 2.9 percent over 

the past four quarters, the most rapid pace of growth since 

mid-2015. Business fixed investment made the largest 

contribution to growth in the first quarter, just ahead of 

personal consumption, which slowed considerably from the 

fourth quarter’s rapid pace. Government spending, net 

exports, and inventory investment all added modestly to 

growth, while residential investment made a neutral 

contribution. Labor market conditions remained healthy and 

continued to tighten, with the unemployment rate falling to a 

more than seventeen year low of 3.9 percent in April 2018. 

Although the pull-back in oil prices contributed to a slowing 

of inflation for much of last year, headline rates have been 

increasing and remain well above year-ago levels, and core 

inflation has begun accelerating relative to year-ago readings.

The federal budget deficit was 3.5 percent of GDP in 

fiscal year 2017. The Administration’s Fiscal Year 2019 

Budget, released in February 2018, projects the Federal 

government will post a budget deficit of $833 billion (4.2 

percent of GDP) in FY 2018, which will rise to $987 billion 

(4.5 percent) in FY 2020, before decreasing steadily 

thereafter. The higher deficit, a result of enacted tax cuts and 

the Administration’s proposed defense spending increases, 

should boost economic growth in the near term. 

At its latest meeting on May 1-2, 2018, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

maintained the target range for the federal funds rate at 1.50 

to 1.75 percent. In the accompanying statement, the FOMC 

asserted that “the stance of monetary policy remains 

accommodative, thereby supporting strong labor market 

conditions and a sustained return to 2 percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 21.1 percent and, as of the first 

quarter of 2018, real GDP was 16.0 percent above its level at 

the end of 2007, when the last recession began. At nearly 

nine years old, the current expansion is set to become the 

second-longest stretch of continuous economic growth in the 

postwar period. According to the advance estimate, real GDP 

rose 2.3 percent at an annual rate in the first quarter of 2018, 

moderating from the 2.9 percent advance in the fourth 

quarter. Consumer spending decelerated in the first quarter, 

as consumption returned to more normal levels compared 

with the hurricane-related surge in the fourth quarter, while 

business fixed investment remained strong and made the 

largest contribution to growth. Government spending, net 

exports, and inventory investment all made small but positive 

contributions to real GDP. Residential investment was flat, 

following a double-digit jump in the fourth quarter, which 

was related to post-hurricane reconstruction. 

Real personal consumption expenditures—which account 

for about 69 percent of GDP—rose at a 1.1 percent annual 

rate in the first quarter, slowing noticeably from the rapid, 4.0 

percent pace in the fourth quarter. Across spending 

categories, consumption growth for durables declined at a 3.3 

percent annual rate, reversing from the 13.7 percent surge in 

the fourth quarter (which partly reflected post-hurricane 

purchases of replacement vehicles). Consumption of 

nondurables edged up 0.1 percent in the latest quarter, 

slowing from the 4.8 percent increase in the fourth quarter. 

Services consumption increased 2.1 percent in the first 

quarter, marginally slower than the fourth quarter’s 2.3 

percent pace. Altogether, consumption contributed 0.7 

percentage point to real GDP growth in the first quarter, 

much less than the 2.8 percentage points added in the fourth 

quarter. 

Following two consecutive quarterly declines, housing 

activity rebounded in last year’s fourth quarter, then slowed 

again in this year’s first quarter. Residential investment was 

flat after surging by 12.8 percent at an annual rate in the 

fourth quarter (and after 7.3 percent and 4.7 percent declines 

in the second and third quarters, respectively). Residential 
4 PROFILE OF THE ECONOMY 

June 2018 

activity accounts for 3.8 percent of GDP and made a neutral 

contribution to first-quarter real GDP growth.

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts increased 5.2 

percent over the year through March 2018 to an annual rate 

of 867,000 units. However, single-family starts remain about 

52 percent below their January 2006 peak and also below the 

1.1 million unit average observed from 1980 to 2004. Multifamily starts surged 23.8 percent over the year through March 

2018 to an annual rate of 452,000 units, and are now 0.4 

percent above the pre-recession peak. Sales of new singlefamily homes jumped 8.8 percent over the year through 

March 2018 to a 694,000 annual rate. Sales of existing homes 

(94 percent of all home sales, including single-family, condos 

and co-ops) fell 1.2 percent over the year through March 

2018, to a 5.6 million annual rate. 

Nonresidential fixed investment—12.4 percent of GDP—

advanced 6.1 percent at an annual rate in the first quarter of 

2018, decelerating slightly from a 6.8 percent rate in the 

fourth quarter. The pace of intellectual property products 

investment stepped up to 3.6 percent in the first quarter, 

compared with a 0.8 percent gain in the fourth quarter. 

Equipment investment rose 4.7 percent in the first quarter, 

less than half the 11.6 percent pace in the fourth quarter, but

marking the sixth consecutive quarter of positive growth in 

this component. Outlays for structures surged by 12.3 percent 

in the first quarter, double the 6.3 percent pace in last year’s 

final quarter. Altogether, nonresidential fixed investment 

added 0.8 percentage point to real GDP growth in the first 

quarter, matching its contribution in the fourth quarter but 

becoming the main driver of growth, just ahead of 

consumption. The contribution of inventory investment 

reversed: after subtracting 0.5 percentage point from growth 

in the fourth quarter, this component added 0.4 percentage 

point in the first quarter. Notwithstanding the addition in the

first quarter, the change in private inventories has posed a 

drag on growth in seven of the last twelve quarters. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for nearly 15 percent. In the first 

quarter of 2018, exports grew by 4.8 percent (after rising 7.0 

percent in the previous quarter), while imports increased 2.6 

percent (after surging by 14.1 percent in the fourth quarter). 

The net export deficit narrowed, adding 0.2 percentage point 

to real GDP growth in the first quarter, after subtracting 1.2 

percentage points from growth in the fourth quarter. 

The current account balance (reflecting international trade 

in goods and services as well as investment income flows and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and in 2006 reached a record $807 

billion, equivalent to 5.8 percent of GDP. The current account 

deficit narrowed sharply during the recession to $384 billion 

(2.7 percent of GDP) in 2009. It has widened somewhat since 

then but remains well below its 2006 peak. In the fourth 

quarter of 2017 (latest data available), the current account 

deficit widened to $513 billion (annualized), or 2.6 percent of

GDP, compared with a deficit of $406 billion, or 2.1 percent 

of GDP, in the third quarter. 

Government purchases—which account for close to 18 

percent of GDP—posed a drag on GDP growth each year 

from 2011 through 2014, but contributed modestly on net to 

economic growth in 2015, 2016, and 2017. In the first quarter 

of 2018, government outlays increased 1.2 percent, 

decelerating from the 3.0 percent rise in the fourth quarter, 

but making a 0.2 percentage point contribution to real GDP 

growth. At the federal level, spending rose 1.7 percent in the 

latest quarter, after advancing 3.2 percent in the fourth 

quarter. State and local government spending slowed to a 0.8 

percent pace in the first quarter, after growing 2.9 percent in

the previous quarter. State and local government spending 

declined for 13 straight quarters from the fourth quarter of 

2009 through the fourth quarter of 2012, but has risen in all 

but seven quarters since then. Similarly, spending cutbacks at 

the federal level restrained overall growth from late 2010 

through 2014. 

Labor Markets 

Since end of 2016, total nonfarm payroll employment has 

increased by 2.99 million payrolls through April 2018, with 

almost all new jobs originating in the private sector. In the 

past sixteen months, employment in professional and 

business services has risen by 650,000, and jobs in health 

care and social assistance have increased by 517,000. The 

leisure and hospitality industry’s employment has increased 

by 419,000. Employment in the construction sector has 

expanded by about 352,000 jobs, and the manufacturing 

sector has added 304,000 workers to its payrolls. On net, 

government sector employment has increased by only 12,000 

since December 2016. All of that growth occurred at the 

local level with the addition of 69,000 positions, including 

27,000 jobs in local education. These gains were offset by a 

decline in Federal government employment of 16,000 

through April 2018 and a 41,000 drop in state government 

employment. 

In April 2018, the unemployment rate stood at 3.9 

percent, its lowest level since December 2000. 

Broader measures of unemployment have also declined to 

levels near, or below, pre-recession levels. The broadest 

measure, which includes workers who are underemployed 

and those who are only marginally attached to the labor force 

(the U-6 unemployment rate), fell to 7.8 percent in April 

2018, its lowest level since July 2001. The percentage of the 

unemployed who have been out of work for 27 weeks or 

more has also declined, but remains above its pre-recession 

average. In April 2018, 20.0 percent of unemployed workers 

were included in this category, compared with readings 

around 17.5 percent before the recession. 
PROFILE OF THE ECONOMY 5 

June 2018 

Inflation 

After a pull-back in oil prices during the first part of 2017, 

which contributed to a slowing of inflation for much of last 

year, headline inflation rates have accelerated relative to 

readings of the past couple of years, and core inflation has 

started to step up. Headline consumer prices rose 2.4 percent 

over the 12 months ending in March 2018, matching the rate 

of a year earlier, and considerably faster than the 0.9 percent

rate posted over the 12 months through March 2016. Energy 

prices advanced 7.0 percent over the year through March 

2018, slowing from the 10.9 percent pace over the year 

through March 2017. On a year-over-year basis, food prices 

rose 1.3 percent over the year through March 2018, picking 

up from the 0.5 percent rate over the 12 months ending in 

March 2017. Over the year through March 2018, core 

consumer prices (excluding food and energy) rose 2.1 

percent, accelerating slightly from the 2.0 percent increase 

over the year ending in March 2017. Core inflation had been 

near or below 2 percent from early 2013 through late 2015, 

but hovered around 2-1⁄4 percent throughout 2016 and the first 

quarter of 2017, before slowing to an average 1.7 percent in 

the latter half of 2017. 

Since early 2016, after falling to their lowest levels since 

2009, oil and gasoline prices have trended higher, although 

there was a small pull-back in oil prices in the spring and 

early summer of 2017. The front month futures price of West 

Texas Intermediate (WTI) crude oil averaged $66.33 per 

barrel in April 2018, up $3.45 from the previous month’s 

average, and $15.01 above the April 2017 average. The retail 

price of regular gasoline averaged $2.85 per gallon in April 

2018, 20 cents higher than the previous month, and 40 cents 

higher than its April 2017 average. 

Home prices have continued to rise. While the pace of 

increase remains below that observed in mid-2013, it far 

exceeds the increases in core measures of consumer prices. 

The FHFA purchase-only home price index rose 7.2 percent 

over the year ending in February 2018, a bit lower than the 

peak rates of around 8 percent observed in mid-2013. The 

Standard and Poor’s (S&P)/Case-Shiller composite 20-city 

home price index rose 6.8 percent over the year ending in 

February 2018, a pace roughly one-half of the peak rate of 

13.8 percent in November 2013. 
6 PROFILE OF THE ECONOMY 

June 2018 

Federal Budget and Debt

The federal budget deficit rose from $586 billion (3.2 

percent of GDP) in fiscal year 2016 to $666 billion (3.5 

percent of GDP) in fiscal year 2017. The deficit is now 6.3 

percentage points below the peak of 9.8 percent reached in 

fiscal year 2009. The primary deficit (receipts less spending 

excluding interest payments) rose $58 billion to $403 billion 

in fiscal year 2017. Debt held by the public (federal debt less

that held in government accounts) rose 3.5 percent to $14.76 

trillion at the end of fiscal year 2017. As a share of the 

economy, however, publicly-held debt fell to 76.5 percent of 

GDP in fiscal year 2016, from 77.0 percent at the end of 

fiscal year 2016. 

The Administration’s FY 2019 Budget, released on 

February 12, 2018, aims to expand economic growth while 

trimming wasteful spending and putting the United States on 

a sustainable fiscal path over the medium term. In particular, 

the Administration’s Budget proposal would restrain nondefense discretionary spending relative to current baseline 

levels, with the addendum to the Administration’s Budget 

targeting a lower level of non-defense discretionary spending 

in FY 2019 than envisioned under the Bipartisan Budget Act 

of 2018 signed in February of this year. As a result, the 

Administration’s FY 2019 Budget (as addended) projects that 

the Federal government budget deficit will rise to 4.2 percent 

of GDP in FY 2018, as outlays rise by $191 billion to $4.17 

trillion, and receipts rise $24 billion to $3.34 trillion. It 

projects the deficit will rise to $987 billion (4.5 percent of 

GDP) in FY 2020 before decreasing steadily thereafter. The 

Administration expects debt held by the public to rise to 78.8 

percent of GDP ($15.8 trillion) in FY 2018, and to peak at 

81.9 percent of GDP in FY 2022 before gradually declining 

to 72.6 percent of GDP by FY 2028. 

On February 9, 2018, the debt ceiling was suspended until 

March 2, 2019, at which time it will be automatically raised 

to account for interim borrowing. At the end of March 2018, 

gross federal debt stood at $21,090 billion, while debt held by

the public was $15,428 billion. 

Economic Policy

In December 2017, the United States enacted the first 

major re-write of the U.S. tax code in three decades. The new 

tax code is designed to strengthen incentives markedly for 

business investment and to deliver tax relief to middle 

income households. The new tax law lowered the U.S. 

corporate tax rate from one of the highest in the developed 

world to near the average of other advanced economies; it 

allows businesses to immediately deduct 100 percent of the 

cost of most of their new capital investments for the next five

years; and it delivers relief to working families through lower

income tax rates, a larger standard deduction, and an 

expanded child tax credit. Combined with regulatory reforms 

and infrastructure initiatives, tax reform should encourage 

people to start new businesses, draw workers into the labor 

market, and support a sustained increase in productivity. 

On the monetary policy side, the Federal Reserve began 

the current cycle of monetary policy tightening in December 

2015, raising the target range of federal funds rate by 25 basis 

points to 0.25 to 0.5 percent. The Committee raised the rate 

by another 25 basis points in December 2016 to 0.5 to 0.75 

percent, and raised it by a further 25 basis points to 0.75 to 

1.0 percent at its March 14-15, 2017, meeting. At its meeting 

on June 13-14, 2017, the rate was raised by an additional 25 

basis points to 1.0 to 1.25 percent. The FOMC raised the rate 

by another 25 basis points at its December 12-13, 2017 

meeting, bringing the range to 1.25 to 1.5 percent, and 

increased the target range by an additional 25 basis points to 

1.5 to 1.75 percent at its March 2018 meeting. At its most 

recent meeting on May 1-2, 2018, the FOMC maintained this 

range and also repeated its view, first expressed at the 

December 2015 meeting, that it “expects economic 

conditions will evolve in a manner that will warrant only 

gradual increases in the federal funds rate; the federal funds 

rate is likely to remain, for some time, below levels that are 

expected to prevail in the longer run.” 

In addition to raising the federal funds rate target, the 

Federal Reserve has also recently sought to normalize longterm interest rates. At its meeting on September 19-20, 2017, 

the FOMC announced it would initiate a balance sheet 

normalization program in October 2017. At its meeting on 

October 31-November 1, 2017, the FOMC indicated that the 

normalization program “is proceeding” but no further 

mention of the program has been made in subsequent 

accompanying statements. The program will gradually 

reduce the Federal Reserve’s holdings of securities by 

decreasing reinvestment of principal payments from those 

securities. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have increased substantially, and measures of risk 

tolerance and volatility have all improved, on net. 

Equity markets have more than recovered from the steep 

losses incurred in 2008, when the S&P 500 index suffered its 

largest annual loss since the Great Depression. After 

advancing 9.5 percent in 2016, the index rose 19.4 in 2017. 

Thus far in 2018, however, the index is 1.6 percent lower on 

the year. Currently, the index stands about 68 percent above 

its October 2007 peak. Volatility has also declined markedly 

over the last ten years: the S&P Stock Market Volatility 

Index (VIX) often used as a measure of financial market 

uncertainty, fell to roughly 9 percent in late 2017 and early 

2018 - down sharply from an all-time high of 80 in late 

October 2008. However, in early February, volatility rose to 

as high as 29 percent, and as of early May 2018, had declined 

to about 15 percent. 

A variety of factors have buffeted long-term Treasury 

interest rates over the past several years, including flight-toquality flows in response to a variety of specific risk events,

as well as supply concerns related to funding of the 
PROFILE OF THE ECONOMY 7 

June 2018 

Government’s debt, and concerns about global financial 

markets and global growth. More recently, yields have been 

affected by adjustments to expectations for more government 

spending and higher inflation. After falling by nearly 90 basis

points during 2014, the yield on the 10-year Treasury note 

rose by about 10 basis points over the course of 2015 and by 

about 18 basis points over 2016. However the yield fell 5 

basis points by the end of 2017. Currently, the 10-year yield 

stands at 2.95 percent, roughly 1.5 percentage points above 

the record low of 1.43 percent reached in late July 2012 as 

well as 55 basis points higher on the year through early May. 

The 3-month Treasury bill yield dipped below 0.1 percent 

between January 2012 and November 2015, but since then 

has trended much higher, and stood at about 1.8 percent as of 

early February 2018. The 2- to 10-year Treasury yield spread, 

one measure of the steepness of the yield curve, narrowed 

significantly from November 2013 to July 2016 when it stood 

at 76 basis points. After widening during the remainder of 

2016, the spread narrowed during 2017 and early 2018 and 

stood at 44 basis points as of early May 2018. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (also known as 

the TED spread, a measure of inter-bank liquidity and credit 

risk) rose to an all-time high of nearly 460 basis points in 

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 25 basis points as of February 2018, but has 

since widened to 52 basis points as of early May 2018. 

Measures of longer-term credit risk have also improved. 

The spread between the 10-year Treasury BBB (TBBB) 

corporate bond yield and the 10-year Treasury Constant 

Maturity yield averaged 211 basis points as of September 

2016, and since then has narrowed, standing at an average 

167 basis points in April 2018. The spread between the 10-

year Treasury High Quality Market (HQM) corporate bond 

yield and the 10-year Treasury Constant Maturity yield 

averaged 136 basis points in September 2016, and since then 

has narrowed to an average of 101 basis points as of April 

2018. (The HQM and TBBB yield curves are produced in 

Treasury’s Office of Macroeconomic Analysis. The 10-year 

yields from these curves correspond to the 10-year Treasury 

yield, so the spreads provide a more accurate measure of 

credit risk.) 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages. The interest 

rate for a 30-year conforming fixed-rate mortgage fell to a 

record low of 3.31 percent in November 2012. In the spring 

of 2013, however, it moved sharply higher, peaking at 4.58 

percent in August 2013. After that, this rate moved lower, to 

3.41 percent in July 2016. Since then, the rate has trended 

higher, and in April 2018 averaged 4.47 percent. 

Foreign Exchange Rates

The value of the U.S. dollar compared with the currencies 

of seven major trading partners (the euro area countries, 

Japan, Canada, the United Kingdom, Australia, Sweden, and 

Switzerland) appreciated to a peak level in February 2002, 

and then depreciated significantly over the next several years.

From its peak in February 2002, to the low reached in August 

2011, the exchange value of the dollar compared to an index 

of these currencies fell by about 39 percent. Although the 

dollar’s exchange value against this index remains well below 

the February 2002 peak, it has appreciated between August 

2011 and April 2018 by about 25 percent. From August 2011 

through April 2018, the dollar has appreciated by about 40 

percent against the yen and by about 17 percent against the 

euro. Against an index of currencies of 19 other important 

trading partners (including China, India, and Mexico), the 

dollar has appreciated by about 24 percent. 
June 2018 

8

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 
FEDERAL FISCAL OPERATIONS 

June 2018 

9

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 2018 

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 $345.4 billion for the second 

quarter of fiscal year 2018. This is an increase of $2.9 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $3.8 billion and non-withheld receipts 

increased by $10.4 billion during this period. Refunds 

increased by $3.7 billion over the comparable fiscal year 

2017 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 2017. 

Corporate income taxes—Net corporate income tax 

receipts were $16.6 billion for the second quarter of fiscal 

year 2018. This is a decrease of $7.9 billion compared to 

the prior year second quarter. The $7.9 billion change is 

comprised of a decrease of $4.2 billion in estimated and 

final payments, and an increase of $3.7 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2018 were $292.1 billion, an increase of $5.7 

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 $3.3 billion, $0.8 billion, and $1.3 billion 

respectively. There was a negligible accounting adjustment 

for prior years’ employment tax liabilities made in the 

second quarter of fiscal year 2018. There was also a 

negligible adjustment in the second quarter of fiscal year 

2017. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the second quarter of fiscal year

2018 were $8.4 billion, an increase of $0.5 billion over the 

comparable quarter of fiscal year 2017. Net State taxes 

deposited in the U.S. Treasury did not change significantly 

from $4.8 billion. Net Federal Unemployment Tax Act 

taxes increased by $0.5 billion to $3.6 billion. 
FEDERAL FISCAL OPERATIONS 

June 2018 

10 

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 $1.1 billion for the 

second quarter of fiscal year 2018. This was a negligible 

change from the comparable quarter of fiscal year 2017. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2018 were $22.0 billion, an increase of 

$3.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.1 billion, a 

decrease of $0.9 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.9 billion for the second quarter of fiscal year 2018. 

These receipts represent an increase of $0.4 billion over the 

same quarter in fiscal year 2017. 

Customs duties—Customs duties net of refunds were 

$8.9 billion for the second quarter of fiscal year 2018. This 

is an increase of $0.8 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2018 were $27.2 billion, 

a decrease of $11.1 billion over the comparable prior year 

quarter. This change is due in part to deposits of earnings by

Federal Reserve banks decreasing by $1.1 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 2018 

January – March 

 Fiscal year 2018 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 727,493 1,497,005

On-budget receipts .................................................. 501,082 1,084,275

Off-budget receipts .................................................. 226,412 412,730

Total outlays ................................................................. 1,102,248 2,096,714

On-budget outlays.................................................... 872,447 1,682,949

Off-budget outlays.................................................... 229,799 413,764

Total surplus or deficit (-) ............................................. -374,754 -599,707

On-budget surplus or deficit (-) ................................ -371,367 -598,675

Off-budget surplus or deficit (-) ................................ -3,388 -1,034

Means of financing: 

Borrowing from the public ............................................ 608,772 748,227

Reduction of operating cash ........................................ -60,714 -130,326

Other means ................................................................ -173,303 -18,192

Total on- and off-budget financing ........................... 374,755 599,710

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2018 

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

Source January February March 

Individual income taxes...................................................... 211.9 45.4 88.2

Corporate income taxes..................................................... 13.5 -2.0 5.1

Employment and general retirement.................................. 107.3 87.9 96.9

Unemployment insurance .................................................. 5.2 2.8 0.4

Contributions for other insurance and retirement .............. 0.4 0.3 0.4

Excise taxes ....................................................................... 8.3 5.9 7.8

Estate and gift taxes .......................................................... 2.3 2.1 1.5

Customs duties .................................................................. 3.2 2.7 3.1

Miscellaneous receipts....................................................... 9.1 10.5 7.6

Total budget receipts ..................................................... 361.0 155.6 210.8

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

June 2018 

11 
FEDERAL FISCAL OPERATIONS 

June 2018 

12 

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) 

 

2013 ............................ 2,773,979 2,100,705 673,274 3,454,254 2,820,439 633,815 -680,276 -719,738 39,460 667,974 

2014 ............................ 3,020,847 2,285,246 735,602 3,504,199 2,798,105 706,095 -483,353 -512,857 29,507 1,076,474 

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 3,980,607 3,179,404 801,202 -665,713 -715,128 49,416 666,472 

2018 - Est.................... 3,340,360 2,488,081 852,279 4,172,992 3,315,775 857,217 -832,632 -827,694 -4,938 1,272,895 

2019 - Est.................... 3,422,301 2,517,119 905,182 4,406,696 3,494,104 912,592 -984,395 -976,985 -7,410 1,225,256 

2017 - Mar................... 216,584 142,186 74,397 392,816 316,632 76,184 -176,233 -174,446 -1,786 -114,742 

Apr................... 455,605 365,351 90,254 273,177 205,920 67,257 182,428 159,431 22,997 233 

May.................. 240,418 171,413 69,005 328,841 253,114 75,727 -88,423 -81,701 -6,722 -783 

June................. 338,660 252,461 86,199 428,894 388,305 40,588 -90,233 -135,844 45,611 -1,137 

July .................. 232,040 167,405 64,635 274,980 206,636 68,344 -42,939 -39,231 -3,709 716 

Aug .................. 226,311 161,070 65,241 334,000 256,816 77,184 -107,689 -95,746 -11,943 -970 

Sept................. 348,722 276,749 71,973 340,722 263,144 77,578 8,000 13,605 -5,605 400,590 

Oct................... 235,341 175,308 60,033 298,555 229,104 69,451 -63,214 -53,796 -9,418 195,976 

Nov .................. 208,374 143,890 64,484 346,922 270,084 76,838 -138,547 -126,194 -12,354 146,858 

Dec .................. 325,797 263,995 61,801 348,989 311,314 37,676 -23,192 -47,318 24,126 -98,062 

2018 - Jan ................... 361,038 278,535 82,503 311,801 241,614 70,186 49,237 36,920 12,317 -846 

Feb .................. 155,623 87,178 68,445 370,871 291,235 79,636 -215,248 -204,057 -11,191 360,521 

Mar .................. 210,832 135,369 75,464 419,576 339,598 79,977 -208,743 -204,230 -4,514 231,945 

Fiscal year 2018 to date ... 1,497,005 1,084,275 412,730 2,096,714 1,682,949 413,764 -599,707 -598,675 -1,034 836,392 

 

Means of financing—net transactions, continued 

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

Other 

(18) 

Transaction

s 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) 

 

2013 ...................................... 703 -33,340 702,019 2,939 -267 42 -3,658 -23,503 816 680,276 

2014 ...................................... -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -250,098 -834 483,348 

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 -309,791 -171 587,416 

2017 ...................................... 3 168,172 498,301 -193,988 1,390 -935 1,938 -25,760 101 665,714 

 

2018 - Est.............................. -363 148,251 1,124,281 190,678 - - - -100,971 - 832,632 

2019 - Est.............................. -685 142,616 1,081,955 - - - - -97,560 - 984,395 

2017 - Mar............................. -34 -71,514 -43,262 -97,081 108 212 109 122,842 - 176,232 

Apr............................. -12 76,465 -76,244 180,380 514 24 220 74,954 - -182,428 

May ........................... 140 -5,777 5,134 -82,754 500 -64 208 1,182 - 88,426 

June .......................... 35 -68,555 67,452 -8,714 257 -120 -72 14,132 - 90,233 

July............................ -29 5,923 -5,236 7,906 595 -625 467 56,591 -73 42,939 

Aug............................ -271 -25,039 23,797 -133,622 232 -267 470 -49,287 -8 107,689 

Sept........................... 275 108,644 292,221 103,921 -3 459 80 -195,999 235 -8,000 

Oct............................. -15 118,510 77,450 17,533 -313 -345 22 2,768 -107 63,214 

Nov............................ 133 -19,327 166,318 6,302 416 -752 152 -21,693 40 138,547 

Dec............................ -90 6,161 -104,313 45,777 317 -601 7 172,982 25 23,194 

2018 - Jan ............................. -56 12,473 -13,375 46,861 1,201 -439 355 11,855 262 -49,236 

Feb ............................ -298 14,278 345,945 -76,405 -377 495 -21 -206,911 -94 215,248 

Mar............................ 620 -43,637 276,202 90,258 290 -651 166 22,545 59 208,743 

Fiscal year 2018 to date ....... 294 88,458 748,227 130,326 1,534 -2,293 681 -18,454 185 599,710 

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

These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on February 12, 2018. 
 FEDERAL FISCAL OPERATIONS 

June 2018 

13

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) 

 2013 .................. 1,102,745 443,651 229,992 1,316,405 312,477 38,970 273,505 1,589,910 884,988 2,443 882,545 

2014 .................. 1,149,709 476,591 231,733 1,394,567 353,553 32,822 320,729 1,715,296 962,237 2,529 959,708 

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 1,845,548 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 - Est.......... 1,660,063 - - 1,660,063 217,648 - 217,648 1,877,711 1,111,367 - 1,111,367 

2019 - Est.......... 1,687,746 - - 1,687,746 225,344 - 225,344 1,913,090 1,180,396 - 1,180,396 

2017 - Mar......... 139,562 16,245 71,734 84,072 19,262 6,382 12,879 96,951 94,759 - 94,759 

Apr......... 93,762 219,248 63,691 249,320 60,101 380 59,721 309,041 117,056 - 117,056 

May........ 108,470 14,932 19,422 103,981 11,920 5,984 5,935 109,916 88,133 - 88,133 

June....... 92,939 65,449 7,842 150,546 61,014 3,643 57,371 207,917 110,387 - 110,387 

July ........ 109,441 8,268 4,257 113,453 11,404 2,372 9,033 122,486 83,584 - 83,584 

Aug ........ 104,966 8,537 4,198 109,306 3,439 2,102 1,337 110,643 84,413 - 84,413 

Sept....... 95,920 73,033 3,831 165,123 66,257 2,840 63,417 228,540 98,276 3,290 94,986 

Oct......... 113,715 23,153 9,036 127,832 10,487 6,758 3,729 131,561 80,306 - 80,306 

Nov ........ 101,408 8,043 10,748 98,703 5,169 7,473 -2,304 96,399 86,432 - 86,432 

Dec ........ 150,922 16,124 2,736 164,311 63,557 2,930 60,627 224,938 83,617 - 83,617 

2018 - Jan ......... 130,939 83,639 2,698 211,879 15,856 2,374 13,482 225,361 106,578 - 106,578 

Feb ........ 110,667 10,611 75,890 45,388 4,333 6,325 -1,992 43,396 87,263 - 87,263 

Mar ........ 132,319 17,036 61,195 88,160 11,290 6,224 5,066 93,226 96,261 - 96,261 

Fiscal year 

2018 to date........ 739,970 158,606 162,303 736,273 110,692 32,084 78,608 814,881 540,457 - 540,457 

 

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) 

 

2013 ............................ 4,963 63 4,900 887,445 56,958 149 56,811 3,539 25 3,564 

2014 ............................ 5,374 16 5,359 965,067 55,536 142 55,394 3,447 27 3,472 

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 - Est.................... 5,552 - 5,552 1,116,919 48,064 - 48,064 4,681 37 4,718 

2019 - Est.................... 5,725 - 5,725 1,186,121 46,516 - 46,516 4,952 39 4,991 

 

2017 - Mar................... 557 - 557 95,316 431 44 388 339 3 342 

Apr................... 467 - 467 117,523 5,138 29 5,109 320 3 323 

May ................. 537 1 537 88,669 17,443 11 17,431 322 3 325 

June ................ -137 - -138 110,250 351 17 334 409 3 412 

July.................. 546 - 546 84,129 3,945 20 3,925 354 3 356 

Aug.................. 480 - 480 84,894 4,225 8 4,217 360 3 363 

Sept................. 443 - 443 95,428 396 12 385 329 2 331 

Oct................... 493 - 493 80,800 2,883 - 2,883 332 3 335 

Nov.................. 397 - 397 86,829 3,032 2 3,030 336 3 339 

Dec.................. 357 - 357 83,975 256 5 252 420 2 422 

2018 - Jan ................... 700 - 700 107,278 5,203 4 5,200 387 3 389 

Feb.................. 679 - 679 87,943 2,793 2 2,791 334 2 336 

Mar.................. 600 - 600 96,861 402 16 385 356 3 359 

 

Fiscal year 

2018 to date...................... 3,226 - 3,226 543,686 14,569 29 14,541 2,165 16 2,180 

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2018 

14 

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) 

 

2013 ....................... 84,008 19,830 919 18,910 33,119 1,305 31,814 75,766 25,750 101,514 2,100,706 673,274 

2014 ....................... 93,367 20,153 854 19,301 35,348 1,423 33,927 99,233 35,788 135,023 2,285,245 735,602 

2015 ....................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394 

2016 ....................... 95,044 22,337 983 21,354 36,468 1,630 34,836 115,671 39,070 154,744 2,456,508 810,180 

2017 ....................... 83,821 23,779 1,012 22,770 36,260 1,686 34,573 81,288 46,380 127,666 2,464,275 850,617 

2018 - Est............... 108,182 24,650 - 24,650 40,437 - 40,437 72,097 47,582 119,679 2,488,081 852,279 

2019 - Est............... 108,395 16,824 - 16,824 43,852 - 43,852 55,261 50,703 105,964 2,517,119 905,182 

2017 - Mar.............. 7,633 2,054 78 1,976 2,785 118 2,667 9,737 1,573 11,310 142,186 74,397 

Apr.............. 4,358 4,274 76 4,198 3,100 91 3,009 6,582 5,463 12,045 365,351 90,254 

May ............ 8,123 2,082 68 2,015 2,616 195 2,421 8,350 3,166 11,516 171,413 69,005 

June ........... 7,418 1,561 102 1,459 2,986 114 2,871 6,143 1,857 7,999 252,461 86,199 

July............. 7,800 1,530 86 1,445 3,310 122 3,188 6,488 2,222 8,710 167,405 64,635 

Aug............. 7,416 1,887 122 1,765 3,129 182 2,947 7,010 7,057 14,067 161,070 65,241 

Sept............ 11,219 1,704 108 1,596 3,334 133 3,201 5,142 2,881 8,023 276,749 71,973 

Oct.............. 7,463 1,647 33 1,615 3,365 126 3,239 5,259 2,185 7,445 175,308 60,033 

Nov............. 7,240 1,952 21 1,931 3,244 144 3,100 7,777 1,730 9,507 143,890 64,484 

Dec............. 4,755 1,782 70 1,712 3,210 104 3,107 5,076 1,561 6,636 263,995 61,801 

2018 - Jan .............. 8,280 2,386 94 2,292 3,323 135 3,188 7,222 1,828 9,049 278,535 82,503 

Feb ............. 5,878 2,198 94 2,104 2,812 137 2,674 7,655 2,845 10,500 87,178 68,445 

Mar............. 7,849 1,561 100 1,461 3,269 185 3,084 6,097 1,510 7,606 135,369 75,464 

Fiscal year 

2018 to date................ 41,465 11,526 412 11,115 19,223 831 18,392 39,086 11,659 50,743 1,084,275 412,730 

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

These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on February 12, 2018.

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) 

 2013.............................. 947,820 12,677 19 12,658 529 - 529 36,410 - 36,410 38,423 4,015 34,409 

2014.............................. 1,023,933 13,467 16 13,451 573 - 573 39,036 - 39,036 44,716 4,405 40,310 

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 - Est ..................... 1,169,701 15,736 - 15,736 473 - 473 41,812 - 41,812 50,161 - 50,161 

2019 - Est ..................... 1,237,628 16,538 - 16,538 290 - 290 42,591 - 42,591 48,976 - 48,976 

2017 - Mar .................... 96,046 1,091 - 1,091 39 - 39 3,219 30 3,189 3,486 172 3,314 

Apr .................... 122,955 1,220 - 1,220 43 - 43 3,599 37 3,562 2,306 2,775 -468 

May ................... 106,425 1,175 3 1,171 19 - 19 2,714 43 2,671 3,129 -1,133 4,262 

June .................. 110,996 1,297 - 1,297 31 - 31 3,492 43 3,449 2,787 146 2,641 

July.................... 88,410 1,367 3 1,364 33 - 33 3,680 42 3,638 3,211 445 2,766 

Aug.................... 89,474 1,425 - 1,425 23 - 23 3,130 42 3,088 3,024 144 2,880 

Sept................... 96,144 2,087 2 2,085 69 - 69 6,389 63 6,327 3,167 429 2,739 

Oct .................... 84,018 273 - 273 9 - 9 839 15 824 6,537 180 6,357 

Nov.................... 90,198 1,419 - 1,419 47 - 47 3,977 29 3,948 1,914 88 1,826 

Dec.................... 84,649 1,267 - 1,267 42 - 42 3,553 29 3,524 90 168 -79 

2018 - Jan..................... 112,867 807 - 807 27 - 27 2,263 30 2,234 5,884 672 5,213 

Feb.................... 91,070 1,751 8 1,743 42 - 42 4,880 31 4,850 -682 75 -756 

Mar.................... 97,605 1,286 - 1,286 37 - 37 3,367 31 3,336 3,398 208 3,190 

Fiscal year 

2018 to date...................... 560,407 6,803 8 6,795 204 - 204 18,879 165 18,716 17,141 1,391 15,751 
 FEDERAL FISCAL OPERATIONS 

June 2018 

15

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) 

 

2013 ....................... 4,328 7,066 155,897 9,137 607,801 40,910 24,677 886,293 57,220 56,577 9,605 29,740 80,309

2014 ....................... 4,156 6,900 141,806 6,675 578,013 59,609 23,630 936,030 43,259 38,524 11,273 28,617 57,199

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 55,474 12,141 30,979 40,121 

2018 - Est............... 5,245 8,165 145,843 9,909 612,541 63,927 28,251 1,167,867 84,183 54,887 14,360 38,513 39,435

2019 - Est............... 5,185 8,015 120,901 12,113 656,945 70,008 28,544 1,209,620 57,133 40,689 13,576 34,630 39,282 

2017 - Mar.............. 381 678 10,359 1,800 55,100 6,744 2,231 120,602 4,095 3,385 -17 3,742 5,102

Apr.............. 345 572 8,849 681 37,811 5,061 1,968 62,180 2,933 3,257 433 1,253 3,859

May............. 348 579 9,920 739 46,434 4,873 1,687 93,501 3,060 3,058 954 3,912 3,982

June............ 374 798 9,991 782 55,070 45,691 2,276 113,925 3,936 24,443 1,613 2,899 2,638

July ............. 372 570 8,978 965 40,597 4,129 1,729 65,583 4,089 3,068 1,015 2,778 3,648

Aug ............. 363 625 2,357 755 49,265 7,104 1,991 104,564 3,344 3,219 1,564 2,461 3,806

Sept ............ 393 669 6,441 725 54,109 10,264 3,277 122,701 7,765 -310 1,167 2,372 1,415

Oct.............. 401 621 21,889 670 57,041 4,622 2,462 69,224 8,294 3,382 1,099 3,046 -2,391

Nov ............. 374 627 16,685 736 44,851 4,279 1,833 98,840 8,688 3,580 1,191 3,404 3,470

Dec ............. 411 731 13,338 156 56,665 4,553 1,923 89,174 6,397 3,868 1,603 2,229 4,493

2018 - Jan .............. 482 633 11,725 875 37,288 9,610 2,074 90,398 6,600 3,616 1,391 3,505 5,894

Feb ............. 342 603 9,155 722 46,451 7,846 1,991 90,079 4,996 3,409 874 3,104 4,505

Mar ............. 347 633 9,951 707 55,815 6,908 2,304 126,184 5,803 3,679 965 2,344 4,340 

Fiscal year 

2018 to date................ 2,357 3,848 82,743 3,866 298,111 37,818 12,587 563,899 40,778 21,534 7,123 17,632 20,311

 

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) 

 

2013 ....................... 25,928 76,317 415,671 -16,618 138,463 6,301 56,811 9,485 380 -368 19,745 

2014 ....................... 27,504 76,154 429,568 17,361 149,074 6,533 57,372 9,400 373 -765 18,609 

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 89,479 176,046 6,452 58,695 8,087 412 -667 18,925 

2018 - Est............... 30,553 79,679 504,280 102,439 176,835 6,798 55,865 7,916 408 -80 16,300 

2019 - Est............... 28,922 79,737 559,012 92,837 197,446 6,732 62,341 5,554 408 757 34,862 

2017 - Mar.............. 1,969 6,448 34,785 15,919 20,558 670 9,037 591 28 55 2,263 

Apr.............. 2,559 5,206 34,427 13,331 7,131 528 -812 570 50 -270 1,911 

May............. 2,094 6,225 27,813 8,078 14,798 486 5,189 569 33 132 905 

June............ 1,726 8,712 90,430 1,025 23,161 523 9,375 731 40 54 116 

July ............. 1,981 6,712 28,672 6,908 7,194 429 843 516 28 -297 754 

Aug ............. 1,410 8,629 30,324 5,358 15,397 613 4,446 639 30 91 647 

Sept ............ 4,507 8,328 22,327 -32,888 22,488 405 10,098 647 34 -143 2,592 

Oct.............. 2,031 6,339 24,412 5,483 8,265 117 2,299 752 30 -55 3,007 

Nov ............. 2,697 6,164 38,014 5,062 14,669 565 4,390 704 31 131 1,900 

Dec ............. 2,201 6,154 83,827 2,933 23,636 922 10,091 951 38 15 861 

2018 - Jan .............. 2,008 5,466 27,815 6,241 7,695 409 1,010 690 33 -234 464 

Feb ............. 1,741 4,972 27,950 52,633 14,867 612 4,640 579 26 -53 777 

Mar ............. 2,078 5,432 38,504 29,366 23,816 771 9,532 588 30 53 495 

Fiscal year 

2018 to date................ 12,756 34,527 240,522 101,718 92,948 3,396 31,962 4,264 188 -143 7,504 

See footnotes at end of table 
FEDERAL FISCAL OPERATIONS 

June 2018 

16 

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) 

 

2013 .................. 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815 

2014 .................. 17,093 7,054 87,919 194 905,807 4,192 -79,349 -158,115 -7,473 - 2,798,103 706,095 

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 3,179,404 801,202 

 

2018 - Est.......... 19,334 7,272 99,724 -636 1,045,782 20,913 -92,867 -143,833 -4,101 -32,715 3,315,775 857,217 

2019 - Est.......... 21,175 6,940 101,787 820 1,110,083 62,243 -96,215 -143,778 -4,125 -17,483 3,494,104 912,592 

 

2017 - Mar......... 1,584 577 8,044 83 87,486 -2,103 -5,904 -3,153 -323 - 316,632 76,184 

Apr......... 1,328 548 8,282 65 78,860 1,027 -5,803 -4,852 -111 - 205,920 67,257 

May ....... 1,689 517 8,361 77 83,634 3,398 -5,698 -1,989 -519 - 253,114 75,727 

June ...... 1,751 660 6,847 -463 92,493 -2,811 -6,461 -62,969 -485 - 388,305 40,588 

July........ 1,348 659 8,052 77 79,442 3,106 -6,111 -2,603 -252 - 206,636 68,344 

Aug........ 1,598 795 8,075 82 83,908 1,989 -6,160 -3,284 -257 -1,750 256,816 77,184 

Sept....... 1,595 687 8,051 96 88,512 -1,541 -5,952 -150 42 - 263,144 77,578 

Oct......... 1,531 642 8,506 111 80,310 2,678 -20,737 3,052 -578 - 229,104 69,451 

Nov........ 1,657 561 8,332 142 83,942 46 -5,533 -4,729 -384 - 270,084 76,838 

Dec........ 2,123 497 7,086 150 89,022 -1,199 -6,165 -59,536 -160 - 311,314 37,676 

2018 - Jan ......... 1,322 576 8,252 183 82,258 2,085 -5,914 -2,102 -549 - 241,614 70,186 

Feb ........ 1,379 522 8,238 151 86,288 1,350 -6,250 -3,264 -363 - 291,235 79,636 

Mar........ 1,621 535 8,177 -1,457 91,401 -1,885 -6,115 -3,231 -115 - 339,598 79,977 

Fiscal year 

2018 to date ....... 9,633 3,333 48,591 -720 513,221 3,075 -50,714 -69,810 -2,149 - 1,682,949 413,764 

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

These estimates are based on the President's FY 2019 Budget, released by the Office of Management and 

Budget on February 12, 2018.
 FEDERAL FISCAL OPERATIONS 

June 2018 

17

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

March 2018 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............................................... 736,254 20 - 736,274 695,381 10 - 695,391

Corporation income taxes........................................... 78,607 - - 78,607 100,234 - - 100,234

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 412,730 412,730 - - 403,310 403,310

Employment and general retirement (on-budget)... 33 - 130,923 130,955 34 - 127,660 127,693

Unemployment insurance ....................................... -66 - 14,607 14,541 -13 - 14,420 14,407

Other retirement...................................................... - - 2,181 2,181 - - 2,081 2,081

Excise taxes ................................................................ 14,498 605 26,362 41,465 10,968 698 25,821 37,488

Estate and gift taxes ................................................... 11,115 - - 11,115 10,290 - - 10,290

Customs duties ........................................................... 12,004 5,592 796 18,392 11,074 5,125 737 16,936

Miscellaneous receipts................................................ 42,595 7,546 602 50,743 50,092 14,854 361 65,306

Total receipts....................................................... 895,040 13,764 588,200 1,497,005 878,060 20,688 574,389 1,473,137

(On-budget)..................................................... 895,040 13,764 175,470 1,084,274 878,060 20,688 171,079 1,069,827

(Off-budget)..................................................... - - 412,730 412,730 - - 403,310 403,310

 

Budget outlays: 

Legislative branch ....................................................... 2,333 29 -5 2,357 2,252 50 1 2,303

Judicial branch ............................................................ 3,650 325 -128 3,847 3,451 332 -30 3,754

Department of Agriculture ........................................... 62,438 20,463 -157 82,744 61,502 19,534 -8 81,028

Department of Commerce........................................... 4,378 -546 34 3,867 4,406 1,244 7 5,657

Department of Defense-military .................................. 295,779 2,303 28 298,111 283,285 2,217 118 285,620

Department of Education ............................................ 37,758 60 * 37,818 35,083 -504 1 34,580

Department of Energy................................................. 13,237 -650 * 12,587 13,805 -939 * 12,866

Department of Health and Human Services ............... 422,551 1,811 139,536 563,898 425,967 2,217 126,124 554,307

Department of Homeland Security.............................. 34,553 6,142 82 40,777 24,923 362 91 25,375

Department of Housing and Urban Development....... 21,869 -76 -260 21,533 19,074 -110 -225 18,739

Department of the Interior........................................... 5,551 1,334 238 7,124 5,611 -454 238 5,396

Department of Justice ................................................. 14,158 3,495 -20 17,633 14,502 838 -36 15,304

Department of Labor................................................... 4,755 -1,836 17,393 20,312 5,089 -2,780 18,464 20,773

Department of State.................................................... 11,706 618 432 12,756 12,269 251 263 12,783

Department of Transportation..................................... 3,656 259 30,612 34,527 4,927 95 30,606 35,628

Department of the Treasury: 

Interest on the public debt....................................... 240,522 - - 240,522 222,961 - - 222,961

Other ....................................................................... 102,706 -879 -109 101,718 88,132 -468 1 87,666

Department of Veterans Affairs .................................. 94,202 -1,612 358 92,948 87,332 -1,846 394 85,880

Corps of Engineers ..................................................... 3,500 142 -247 3,395 3,242 127 99 3,468

Other defense civil programs...................................... 89,545 -4,164 -53,420 31,962 86,980 -5,174 -52,249 29,557

Environmental Protection Agency............................... 4,213 -32 83 4,264 4,228 -18 204 4,415

Executive Office of the President................................ 202 * -15 187 197 * * 197

General Services Administration ................................ 91 -234 - -143 103 -336 - -232

International Assistance Program............................... 9,911 -173 -2,232 7,506 13,122 -365 -759 11,998

National Aeronautics and Space Administration ........ 9,629 3 1 9,632 9,398 -10 1 9,389

National Science Foundation...................................... 3,256 61 15 3,332 3,299 54 -5 3,348

Office of Personnel Management ............................... 6,402 -378 42,566 48,591 6,308 -217 41,702 47,793

Small Business Administration ................................... -715 -4 - -719 504 1 - 505

Social Security Administration .................................... 47,629 * 465,592 513,221 46,454 -10 447,520 493,964

Other independent agencies....................................... 5,823 -5,660 2,913 3,076 6,165 -5,176 5,502 6,491

Undistributed offsetting receipts: 

Interest .................................................................... - - -69,810 -69,810 - - -71,211 -71,211

Other ....................................................................... -1,832 -8,701 -42,329 -52,862 -1,472 -7,218 -41,619 -50,309

Total outlays........................................................ 1,553,458 12,102 531,153 2,096,713 1,493,100 1,698 505,194 1,999,992

(On-budget)..................................................... 1,553,331 13,226 116,392 1,682,949 1,492,948 3,173 109,347 1,605,469

(Off-budget)..................................................... 127 -1,125 414,761 413,763 151 -1,475 395,847 394,523

Surplus or deficit (-)............................................. -658,417 1,662 57,047 -599,708 -615,039 18,989 69,194 -526,856

(On-budget)..................................................... -658,290 537 59,078 -598,675 -614,888 17,514 61,731 -535,642

(Off-budget)..................................................... -127 1,125 -2,031 -1,033 -151 1,475 7,463 8,787

 -No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
June 2018 

18 

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

accounts are depleted, funds are called in (withdrawn) from 

thousands of tax and loan accounts at financial institutions 

throughout the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2013 ...................................... 9,451,987 2,297,190 11,746,237 - - 

2014 ...................................... 8,666,563 2,474,752 11,071,400 - - 

2015 ...................................... 8,447,393 2,660,727 11,067,706 - - 

2016 ...................................... 9,540,510 2,713,475 12,099,386 - - 

2017 ...................................... 9,987,969 2,813,834 12,995,790 - - 

 

2017 - Mar............................. 934,468 254,224 1,285,773 - - 

Apr............................. 853,350 309,021 981,991 - - 

May............................ 958,211 211,111 1,252,076 - - 

June........................... 905,632 264,887 1,179,233 - - 

July ............................ 724,024 205,126 921,243 - - 

Aug ............................ 853,392 191,648 1,178,662 - - 

Sept........................... 757,116 266,341 919,536 - - 

Oct............................. 841,809 209,509 1,033,786 - - 

Nov ............................ 963,631 193,323 1,150,652 - - 

 Dec............................ 716,751 296,727 967,702 - - 

 2018 - Jan ............................ 985,828 266,042 1,205,010 - - 

Feb ............................ 905,208 203,307 1,184,919 - - 

Mar ............................ 1,006,932 242,302 1,158,977 - - 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

June 2018 

19 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances 

 During period 

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve 

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts 

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - - 

2014 ....................... 158,302 - - 162,399 - - 17,249 - - 65,510 - - 

2015 ....................... 198,716 - - 273,869 - - 27,237 - - 141,621 - - 

2016 ....................... 353,312 - - 382,887 - - 22,892 - - 251,900 - - 

2017 ....................... 159,322 - - 440,383 - - 23,416 - - 233,336 - - 

 

2017 - Mar.............. 92,205 - - 148,385 - - 23,416 - - 70,284 - - 

Apr.............. 272,585 - - 283,119 - - 81,925 - - 171,485 - - 

May............. 189,831 - - 223,209 - - 154,827 - - 184,236 - - 

June............ 181,117 - - 226,592 - - 147,181 - - 182,149 - - 

July ............. 189,023 - - 201,413 - - 162,156 - - 180,656 - - 

Aug ............. 55,401 - - 165,407 - - 50,553 - - 107,959 - - 

Sept............ 159,322 - - 173,206 - - 32,106 - - 107,642 - - 

Oct.............. 176,885 - - 212,602 - - 149,817 - - 181,566 - - 

Nov ............. 183,157 - - 201,020 - - 148,165 - - 172,761 - - 

 Dec............. 228,933 - - 228,933 - - 64,734 - - 146,990 - - 

 2018 - Jan ............. 275,794 - - 278,567 - - 169,957 - - 238,762 - - 

Feb ............. 199,390 - - 228,784 - - 166,297 - - 204,728 - - 

Mar ............. 289,648 - - 333,897 - - 187,515 - - 273,399 - - 

 

1 This report does not include Supplementary Financing Program (SFP) balances.

2 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
June 2018 

20 

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 2018 

21 

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) 

 

2013 ............................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098 

2014 ............................... 17,847,931 17,824,071 23,860 5,039,265 5,039,262 3 12,808,666 12,784,809 23,857 

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 

 

2017 - Mar ..................... 19,870,651 19,846,420 24,231 5,471,966 5,471,963 3 14,398,685 14,374,457 24,228 

Apr ..................... 19,870,348 19,846,129 24,219 5,548,161 5,548,158 3 14,322,187 14,297,971 24,216 

May .................... 19,870,301 19,845,942 24,359 5,542,298 5,542,295 3 14,328,003 14,303,647 24,356 

June ................... 19,868,948 19,844,554 24,394 5,473,659 5,473,656 3 14,395,289 14,370,898 24,391 

July..................... 19,869,273 19,844,909 24,364 5,479,502 5,479,500 3 14,389,771 14,365,409 24,361 

Aug..................... 19,868,627 19,844,533 24,094 5,454,504 5,454,502 1 14,414,123 14,390,031 24,093 

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

Oct ..................... 20,466,827 20,442,474 24,353 5,682,713 5,682,712 1 14,784,114 14,759,762 24,352 

Nov..................... 20,614,878 20,590,392 24,486 5,663,451 5,663,450 1 14,951,427 14,926,942 24,485 

Dec..................... 20,517,143 20,492,747 24,396 5,669,642 5,669,641 1 14,847,501 14,823,106 24,395 

2018 - Jan ...................... 20,518,069 20,493,730 24,339 5,682,204 5,682,203 1 14,835,865 14,811,527 24,338 

Feb..................... 20,879,713 20,855,672 24,041 5,696,585 5,696,585 - 15,183,128 15,159,087 24,041 

Mar..................... 21,114,305 21,089,643 24,662 5,652,861 5,652,861 - 15,461,444 15,436,782 24,662 

 

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) 

 

2013 ............................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,076 24,203 11,981,872 

2014 ............................... 17,847,931 55,907 17,792,023 5,039,265 26,678 5,012,587 12,808,666 29,229 12,779,436 

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 

 

2017 - Mar...................... 19,870,651 65,545 19,805,105 5,471,966 26,462 5,445,504 14,398,685 39,083 14,359,601 

Apr...................... 19,870,348 65,022 19,805,326 5,548,161 26,192 5,521,969 14,322,187 38,830 14,283,357 

May .................... 19,870,301 65,617 19,804,682 5,542,298 26,106 5,516,192 14,328,003 39,511 14,288,491 

June ................... 19,868,948 65,367 19,803,580 5,473,659 26,022 5,447,637 14,395,289 39,345 14,355,943 

July..................... 19,869,273 65,006 19,804,266 5,479,502 25,942 5,453,560 14,389,771 39,064 14,350,707 

Aug..................... 19,868,627 65,601 19,803,025 5,454,504 25,982 5,428,521 14,414,123 39,619 14,374,504 

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

Oct...................... 20,466,827 66,975 20,399,851 5,682,713 27,037 5,655,676 14,784,114 39,938 14,744,176 

Nov..................... 20,614,878 68,036 20,546,842 5,663,451 27,103 5,636,348 14,951,427 40,933 14,910,493 

Dec..................... 20,517,141 68,451 20,448,690 5,669,641 27,132 5,642,509 14,847,499 41,319 14,806,180 

2018 - Jan ...................... 20,518,069 70,281 20,447,787 5,682,203 27,222 5,654,982 14,835,866 43,059 14,792,805 

Feb ..................... 20,879,713 71,701 20,808,011 5,696,585 27,325 5,669,260 15,183,128 44,376 15,138,750 

Mar..................... 21,114,305 73,728 21,040,576 5,652,861 27,238 5,625,623 15,461,444 46,490 15,414,953 

 
FEDERAL DEBT 

June 2018

22 

 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) 

 

2013 .......................... 180,022 - 2,986 60,445 124,079 29,995 1,353 

2014 .......................... 176,762 - 2,986 196,520 105,668 29,995 1,489 

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 

 

2017 - Mar................. 164,286 - 264 122,864 106,229 29,995 1,754 

Apr................. 163,818 - 264 66,759 102,784 29,995 1,679 

May ............... 163,368 - 264 43,638 99,516 29,995 1,612 

June .............. 162,895 - 264 90,919 91,463 29,995 1,678 

July................ 162,608 - 264 41,718 84,800 29,995 1,658 

Aug................ 162,022 - 264 37,596 80,752 29,995 1,668 

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

Oct................. 161,189 - 264 226,578 82,149 29,995 1,674 

Nov................ 160,902 - 264 227,451 85,018 29,995 1,639 

Dec................ 160,476 - 264 73,658 92,447 29,995 1,813 

2018 - Jan ................. 159,902 - 264 34,070 86,570 29,995 1,797 

Feb ................ 159,475 - 264 221,169 83,390 29,995 1,787 

Mar................ 159,040 - 264 231,471 84,595 29,995 1,692 

 

 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) 

 

2013 .......................... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 

 

- 398,879 

2014 .......................... 12,784,971 12,271,552 1,409,628 8,160,196 1,534,069 1,044,676 122,985 513,419 

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 

 

2017 - Mar................. 14,369,682 13,944,290 1,754,818 8,695,552 1,890,158 1,266,181 337,580 425,392 

Apr................. 14,293,345 13,928,045 1,739,875 8,709,935 1,902,275 1,238,391 337,570 365,299 

May ............... 14,298,976 13,960,583 1,745,789 8,729,403 1,906,667 1,252,191 326,533 338,394 

June .............. 14,366,186 13,988,972 1,715,829 8,751,868 1,918,661 1,261,485 341,128 377,215 

July................ 14,360,944 14,039,901 1,756,005 8,775,867 1,930,928 1,260,445 316,656 321,044 

Aug................ 14,381,562 14,069,265 1,745,509 8,781,810 1,936,400 1,275,905 329,641 312,297 

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

Oct................. 14,751,446 14,249,596 1,853,165 8,823,959 1,960,410 1,295,052 317,010 501,851 

Nov................ 14,918,736 14,413,466 1,967,577 8,825,124 1,977,263 1,313,480 330,022 505,270 

Dec................ 14,814,721 14,456,067 1,952,521 8,844,128 1,989,231 1,327,160 343,027 358,654 

2018 - Jan ................. 14,803,170 14,490,571 1,963,109 8,884,060 2,001,727 1,322,714 318,959 312,599 

Feb ................ 15,150,589 14,654,508 2,074,218 8,894,907 2,020,733 1,330,682 333,968 496,081 

Mar................ 15,428,010 14,920,952 2,284,417 8,920,300 2,033,787 1,348,479 333,968 507,058 
FEDERAL DEBT 

June 2018 

23 

 

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) 

 

2013 ..................... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731 

2014 ..................... 2,712,805 827 68,391 10,696 5,611 5,450 803 35,919 1,110,924 

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 

 

2017 - Mar............ 2,796,253 836 80,264 62,236 3,935 9,908 771 47,354 1,278,984 

Apr............ 2,813,234 836 98,507 62,251 3,872 10,285 701 48,116 1,234,561 

May .......... 2,803,765 837 96,321 61,244 3,795 10,845 609 61,906 1,208,731 

June ......... 2,845,621 838 78,586 58,604 3,803 10,171 753 59,899 1,246,355 

July........... 2,841,024 838 97,082 57,469 3,740 10,171 671 59,373 1,200,799 

Aug........... 2,828,008 839 92,530 53,667 3,674 10,611 574 62,583 1,195,171 

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

Oct............ 2,810,934 840 93,047 50,492 3,547 10,585 621 59,653 1,490,150 

Nov........... 2,796,854 841 86,412 50,555 3,494 11,443 474 61,722 1,493,915 

Dec........... 2,820,369 842 87,369 49,311 3,502 11,001 438 59,896 1,332,003 

2018 - Jan ............ 2,828,550 843 90,182 48,381 3,441 11,077 676 57,962 1,292,486 

Feb ........... 2,815,903 844 93,958 50,347 3,383 11,297 733 60,988 1,480,432 

Mar........... 2,808,362 845 78,357 49,477 3,314 11,916 712 58,331 1,485,024 

 

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) 

 

2013 .................. 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3 

2014 .................. 5,212,466 12,759 48,750 43,213 22,649 70,113 861,349 202,207 - 

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 

 

2017 - Mar......... 5,577,222 13,483 78,191 45,247 22,033 54,047 854,151 187,316 42,213 

Apr ......... 5,597,243 13,749 76,766 45,230 22,046 59,730 854,102 210,154 43,103 

May ....... 5,568,532 13,764 75,740 45,232 22,045 61,133 854,055 204,532 43,978 

June ...... 5,548,842 13,744 78,021 45,267 22,061 66,114 786,104 204,497 28,404 

July........ 5,505,410 13,712 77,889 45,309 22,078 67,201 770,814 208,365 28,875 

Aug........ 5,476,269 13,737 78,012 45,622 22,073 67,928 770,778 200,601 29,861 

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

Oct......... 5,893,523 13,717 80,448 45,737 22,110 69,745 907,895 202,220 31,782 

Nov........ 5,875,032 13,825 81,786 45,799 22,106 70,453 903,618 199,293 32,442 

Dec........ 5,727,513 13,604 83,172 45,867 22,127 71,624 891,604 201,781 33,003 

2018 - Jan ......... 5,700,656 13,004 85,348 45,911 22,153 75,800 884,601 206,699 33,542 

Feb ........ 5,902,818 13,710 85,422 46,236 22,147 77,183 904,506 201,537 34,192 

Mar........ 5,869,320 14,103 87,634 46,215 22,176 79,475 900,250 188,445 34,684 

 
FEDERAL DEBT 

June 2018

24 

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) 

 

2013 ............................ 25,103 19 130 24,821 134 * 

2014 ............................ 23,860 19 105 23,620 116 * 

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

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

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

 

2017 - Mar................... 24,231 19 94 24,055 64 * 

Apr................... 24,219 19 95 24,042 64 * 

May ................. 24,359 19 95 24,181 64 * 

June ................ 24,394 19 96 24,215 64 * 

July.................. 24,364 19 97 24,185 64 * 

Aug.................. 24,094 19 89 23,934 52 * 

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

Oct................... 24,353 19 90 24,192 52 * 

Nov.................. 24,486 19 91 24,325 52 * 

Dec.................. 24,396 19 91 24,233 52 * 

2018 - Jan ................... 24,339 19 92 24,176 52 * 

Feb .................. 24,041 19 93 23,890 40 * 

Mar.................. 24,662 19 93 24,510 40 * 

 

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

June 2018 

25 

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) 

 

2013 ............................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55 

2014 ............................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56 

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 

 

2017 - Mar...................... 11,489,205 3,321,955 4,653,575 2,281,541 148,613 1,083,522 64 

Apr...................... 11,350,910 3,294,170 4,538,051 2,273,961 148,826 1,095,902 65 

May..................... 11,504,863 3,279,506 4,655,415 2,310,028 155,318 1,104,596 65 

June.................... 11,532,819 3,230,656 4,694,240 2,330,392 155,516 1,122,015 66 

July ..................... 11,583,458 3,253,425 4,720,738 2,319,583 155,580 1,134,133 66 

Aug ..................... 11,616,729 3,218,596 4,777,990 2,319,165 151,729 1,149,249 66 

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

Oct...................... 11,802,355 3,302,159 4,800,642 2,369,052 151,883 1,178,620 66 

Nov ..................... 11,971,545 3,415,143 4,841,876 2,377,380 142,829 1,194,317 65 

Dec ..................... 11,940,545 3,401,357 4,821,693 2,368,229 142,802 1,206,463 65 

2018 - Jan ...................... 12,066,806 3,428,088 4,892,999 2,400,852 126,409 1,218,457 65 

Feb ..................... 12,242,168 3,559,888 4,944,288 2,370,341 133,209 1,234,443 65 

Mar ..................... 12,442,216 3,776,495 4,907,194 2,376,859 133,487 1,248,181 64 

 

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

June 2018

26 

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) 

 

2013 ....................................... 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787 

2014 ....................................... - 17,781,107 17,781,107 - 17,824,071 - 42,964 

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 

 

2017 – Mar1............................ 19,808,772 19,808,747 19,808,747 - 19,846,420 - 37,673 

 Apr1 ............................ 19,808,772 19,808,747 19,808,747 - 19,846,129 - 37,382 

May1 ........................... 19,808,772 19,808,747 19,808,747 - 19,845,942 - 37,195 

Jun1 ............................ 19,808,772 19,808,747 19,808,747 - 19,844,554 - 35,807 

July1............................ 19,808,772 19,808,747 19,808,747 - 19,844,909 - 36,162 

Aug1............................ 19,808,772 19,808,747 19,808,747 - 19,844,533 - 35,786 

Sept2........................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

Oct2............................. - 20,406,237 20,406,237 - 20,442,474 - 36,237 

Nov2............................ - 20,553,698 20,553,698 - 20,590,392 - 36,694 

Dec3............................ 20,456,000 20,455,975 20,455,975 - 20,492,747 - 36,772 

2018 – Jan3 ............................ 20,456,000 20,455,975 20,455,975 - 20,493,730 - 37,755 

Feb4 ............................ - 20,816,719 20,816,719 - 20,855,672 - 38,953 

Mar4 ............................ - 21,049,524 21,049,524 - 21,089,643 - 40,119 

 

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the 

Statutory Debt Limit has been suspended through March 15, 2017. The Statutory Debt Limit in 

31 U.S.C. 3101(b) was permanently increased effective March 16, 2017 to 

$19,808,772,381,624.74. 

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

Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory 

Debt Limit was suspended through December 8, 2017. 

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 

2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased 

effective December 9, 2017, to $20,455,999,906,400.12.

(4) 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 2018 

27 

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) 

 

2013 ....................................... 1,115,182 12,135 26,069 22,111 554 908 

2014 ....................................... 1,223,498 19,064 26,203 22,126 575 748 

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 

 

2017 - Mar.............................. 1,489,212 21,866 21,281 24,836 590 636 

Apr.............................. 1,489,841 21,545 21,371 24,976 592 636 

May ............................ 1,508,749 21,182 21,430 25,257 595 636 

June ........................... 1,512,077 20,783 21,320 24,532 598 636 

July............................. 1,495,724 20,416 21,320 24,532 598 636 

Aug............................. 1,496,468 19,252 21,856 25,585 634 601 

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

Oct.............................. 1,486,849 28,857 22,058 27,293 647 601 

Nov............................. 1,496,337 31,818 22,124 27,425 656 601 

Dec............................. 1,524,298 34,224 22,226 27,676 662 601 

2018 - Jan .............................. 1,516,518 23,605 22,286 27,905 664 601 

Feb ............................. 1,517,724 23,499 22,510 28,052 665 601 

Mar............................. 1,535,644 22,958 20,494 26,112 565 601 

 

 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) 

 

2013 ....................................... 851,295 3,885 25,940 139 63,061 

2014 ....................................... 965,394 4,242 27,528 133 56,528 

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 

 

2017 - Mar ............................. 1,225,128 4,759 30,393 128 60,189 

Apr ............................. 1,225,128 4,759 30,393 128 60,216 

May ............................ 1,243,135 4,759 30,393 128 60,519 

June ........................... 1,250,153 4,759 30,393 128 60,655 

July............................. 1,232,574 4,859 30,393 128 60,950 

Aug............................. 1,236,577 4,959 30,393 128 61,477 

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

Oct ............................. 1,227,550 5,009 27,979 127 61,311 

Nov............................. 1,227,008 5,009 27,979 127 61,517 

Dec............................. 1,248,630 5,009 27,979 127 61,536 

2018 - Jan .............................. 1,249,821 4,953 27,979 127 61,518 

Feb............................. 1,249,831 4,953 27,979 127 61,983 

Mar............................. 1,271,327 4,953 27,979 127 62,317 

 
FEDERAL DEBT 

June 2018

28 

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) 

 

2013 ...................................... 18,102 3,587 8,088 79,308 

2014 ...................................... 21,634 3,532 7,757 68,034 

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 

 

2017 - Mar............................. 26,347 5,601 8,527 58,929 

Apr............................. 26,456 5,936 8,527 59,175 

May ........................... 26,456 6,241 8,527 59,489 

June .......................... 26,534 2,664 8,686 60,237 

July............................ 26,705 3,032 9,006 60,575 

Aug............................ 24,595 3,335 9,079 57,995 

Sept........................... 24,645 3,712 7,693 63,739 

Oct............................. 24,645 4,091 8,608 48,073 

Nov............................ 24,678 4,404 8,481 54,510 

Dec............................ 24,760 4,790 11,081 54,997 

2018 - Jan ............................. 24,760 5,175 11,081 56,043 

Feb ............................ 24,789 5,442 11,081 56,212 

Mar............................ 24,789 5,785 11,195 56,443 

 

Note—Detail may not add to totals due to rounding. 
29 

June 2018 

 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 6-Day Cash Management Bills 

On January 19, 2018, Treasury announced it would 

auction $25 million of 6-day bills. They were issued January 

19 and matured January 25. The issue was to raise new cash 

of approximately $25 million. Treasury auctioned the bills on 

January 19. Tenders totaled $141 million; Treasury accepted 

$25 million. The high bank discount rate was 1.210 percent. 

Auction of 2-Year Notes 

On December 21, 2017, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $73,948 million of securities maturing December 31 

and to raise new cash of approximately $14,052 million. 

The 2-year notes of Series BL-2019 were dated December 

31 and issued January 2. They are due December 31, 2019, 

with interest payable on June 30 and December 31 until 

maturity. Treasury set an interest rate of 1-7/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 26. Tenders totaled $65,394 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.922 percent with an 

equivalent price of $99.908366. Treasury accepted in full all 

competitive tenders at yields lower than 1.922 percent. 

Tenders at the high yield were allotted 82.48 percent. The 

median yield was 1.900 percent, and the low yield was 1.800 

percent. Noncompetitive tenders totaled $172 million. 

Competitive tenders accepted from private investors totaled 

$25,728 million. Accrued interest of $0.10359 per $1,000 

must be paid for the period from December 31 to January 2. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $3,399 million from 

Federal Reserve Banks (FRBs) for their own accounts. The 

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series BL-2019 is $100. 

Auction of 5-Year Notes 

On December 21, 2017, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $73,948 million of securities maturing December 31 

and to raise new cash of approximately $14,052 million. 

The 5-year notes of Series T-2022 were dated December 

31 and issued January 2. They are due December 31, 2022, 

with interest payable on June 30 and December 31 until 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

30 

maturity. Treasury set an interest rate of 2-1/8 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 27. Tenders totaled $80,361 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.245 percent with an 

equivalent price of $99.435896. Treasury accepted in full all 

competitive tenders at yields lower than 2.245 percent. 

Tenders at the high yield were allotted 2.99 percent. The 

median yield was 2.190 percent, and the low yield was 2.100 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors totaled 

$33,969 million. Accrued interest of $0.11740 per $1,000 

must be paid for the period from December 31 to January 2. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $4,445 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2022 is $100. 

Auction of 7-Year Notes 

On December 21, 2017, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $73,948 million of securities maturing December 31 

and to raise new cash of approximately $14,052 million. 

The 7-year notes of Series T-2024 were dated December 

31 and issued January 2. They are due December 31, 2024, 

with interest payable on June 30 and December 31 until 

maturity. Treasury set an interest rate of 2-1/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on December 28. Tenders totaled $71,347 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.370 percent with an 

equivalent price of $99.230576. Treasury accepted in full all 

competitive tenders at yields lower than 2.370 percent. 

Tenders at the high yield were allotted 57.43 percent. The 

median yield was 2.320 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$27,992 million. Accrued interest of $0.12431 per $1,000 

must be paid for the period from December 31 to January 2. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $3,660 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2024 is $100. 

Auction of 52-Week Bills 

On December 28, 2017, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued January 4 and will mature January 3, 2019. The issue 

was to refund $129,991 million of all maturing bills and to 

raise new cash of approximately $30,009 million. Treasury 

auctioned the bills on January 2. Tenders totaled $58,102 

million; Treasury accepted $20,000 million, including $314 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.780 percent. 

Auction of 3-Year Notes 

On January 4, 2018, Treasury announced it would auction 

$24,000 million of 3-year notes. The issue was to refund 

$40,231 million of securities maturing January 15 and to raise 

new cash of approximately $15,769 million. 

The 3-year notes of Series AH-2021 were dated January 

15 and issued January 16. They are due January 15, 2021, 

with interest payable on July 15 and January 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 notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 9. Tenders totaled $75,057 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.080 percent with an 

equivalent price of $99.768648. Treasury accepted in full all 

competitive tenders at yields lower than 2.080 percent. 

Tenders at the high yield were allotted 65.25 percent. The 

median yield was 2.040 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $60 million. 

Competitive tenders accepted from private investors totaled 

$23,840 million. Accrued interest of $0.05525 per $1,000 

must be paid for the period from January 15 to January 16. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $813 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AH-2021 is $100. 

Auction of 9-Year 10-Month 2-1/4 Percent Notes 

On January 4, 2018, Treasury announced it would auction 

$20,000 million of 9-year 10-month 2-1/4 percent notes. The 

issue was to refund $40,231 million of securities maturing 

January 15 and to raise new cash of approximately $15,769 

million. 

The 9-year 10-month 2-1/4 percent notes of Series F-2027 

were dated November 15 and issued January 16. They are due 

November 15, 2027, with interest payable on May 15 and 

November 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

31 

competitive tenders on January 10. Tenders totaled $53,805 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.579 percent with an 

equivalent price of $97.156278. Treasury accepted in full all 

competitive tenders at yields lower than 2.579 percent. 

Tenders at the high yield were allotted 10.65 percent. The 

median yield was 2.540 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$19,992 million. Accrued interest of $3.85359 per $1,000 

must be paid for the period from November 15 to January 16. 

In addition to the $20,000 million of tenders accepted in 

the auction process, Treasury accepted $677 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series F-2027 is $100. 

Auction of 29-Year 10-Month 2-3/4 Percent Bonds 

On January 4, 2018, Treasury announced it would auction 

$12,000 million of 29-year 10-month 2-3/4 percent bonds. 

The issue was to refund $40,231 million of securities 

maturing January 15 and to raise new cash of approximately 

$15,769 million. 

The 29-year 10-month 2-3/4 percent bonds of November 

2047 were dated November 15 and issued January 16. They 

are due November 15, 2047, with interest payable on May 15 

and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 11. Tenders totaled $32,886 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.867 percent with an 

equivalent price of $97.660428. Treasury accepted in full all 

competitive tenders at yields lower than 2.867 percent. 

Tenders at the high yield were allotted 41.08 percent. The 

median yield was 2.834 percent, and the low yield was 2.288 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$11,997 million. Accrued interest of $4.70994 per $1,000 

must be paid for the period from November 15 to January 16. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $406 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of November 2047 is $100. 

Auction of 10-Year Treasury Inflation Protected 

Security (TIPS) 

On January 11, 2018, Treasury announced it would 

auction $13,000 million of 10-year TIPS. The issue was to 

refund $104,464 million of securities maturing January 31 and 

to raise new cash of approximately $11,536 million. 

The 10-year TIPS of Series A-2028 were dated January 15 

and issued January 31. They are due January 15, 2028, with 

interest payable on July 15 and January 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 TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 18. Tenders totaled $34,938 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.548 percent with an 

equivalent adjusted price of $99.536480. Treasury accepted in 

full all competitive tenders at yields lower than 0.548 percent. 

Tenders at the high yield were allotted 91.10 percent. The 

median yield was 0.508 percent, and the low yield was 0.470 

percent. Noncompetitive tenders totaled $55 million. 

Competitive tenders accepted from private investors totaled 

$12,945 million. Adjusted accrued interest of $0.22099 per 

$1,000 must be paid for the period from January 15 to January 

31. Both the unadjusted price of $99.535485 and the 

unadjusted accrued interest of $0.22099 were adjusted by an 

index ratio of 1.00001, for the period from January 15 to 

January 31. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $1,911 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2028 is $100. 

Auction of 2-Year Notes 

On January 18, 2018, Treasury announced it would 

auction $26,000 million of 2-year notes. The issue was to 

refund $104,464 million of securities maturing January 31 and 

to raise new cash of approximately $11,536 million. 

The 2-year notes of Series AV-2020 were dated and issued 

January 31. They are due January 31, 2020, with interest 

payable on July 31 and January 31 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 notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 23. Tenders totaled $83,764 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.066 percent with an 

equivalent price of $99.871340. Treasury accepted in full all 

competitive tenders at yields lower than 2.066 percent. 

Tenders at the high yield were allotted 89.23 percent. The 

median yield was 2.022 percent, and the low yield was 1.950 

percent. Noncompetitive tenders totaled $345 million. 

Competitive tenders accepted from private investors totaled 

$25,555 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

32 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $3,821 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AV-2020 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 18, 2018, Treasury announced it would 

auction $15,000 million of 2-year FRNs. The issue was to 

refund $104,464 million of securities maturing January 31 and 

to raise new cash of approximately $11,536 million. 

The 2-year FRNs of Series AW-2020 were dated and 

issued January 31. They are due January 31, 2020, with 

interest payable on April 30, July 31, October 31, and January 

31 until maturity. Treasury set a spread of 0.000 percent after

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on January 24. Tenders totaled $50,647 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.000 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.000 percent. Tenders at the high discount margin were 

allotted 97.36 percent. The median discount margin was -

0.010 percent, and the low discount margin was -0.035 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$14,980 million. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $2,205 million from 

FRBs for their own accounts. 

Auction of 5-Year Notes 

On January 18, 2018, Treasury announced it would 

auction $34,000 million of 5-year notes. The issue was to 

refund $104,464 million of securities maturing January 31 and 

to raise new cash of approximately $11,536 million. 

The 5-year notes of Series U-2023 were dated and issued 

January 31. They are due January 31, 2023, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 2-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 24. Tenders totaled $84,438 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.434 percent with an 

equivalent price of $99.723821. Treasury accepted in full all 

competitive tenders at yields lower than 2.434 percent. 

Tenders at the high yield were allotted 53.03 percent. The 

median yield was 2.390 percent, and the low yield was 2.328 

percent. Noncompetitive tenders totaled $49 million. 

Competitive tenders accepted from private investors totaled 

$33,951 million. 

In addition to the $34,000 million of tenders accepted in 

the auction process, Treasury accepted $4,997 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series U-2023 is $100. 

Auction of 7-Year Notes 

On January 18, 2018, Treasury announced it would 

auction $28,000 million of 7-year notes. The issue was to 

refund $104,464 million of securities maturing January 31 and 

to raise new cash of approximately $11,536 million. 

The 7-year notes of Series G-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 2-1/2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on January 25. Tenders totaled $76,486 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.565 percent with an 

equivalent price of $99.585928. Treasury accepted in full all 

competitive tenders at yields lower than 2.565 percent. 

Tenders at the high yield were allotted 26.08 percent. The 

median yield was 2.525 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors totaled 

$27,982 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $4,115 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2025 is $100. 

F E B R U A R Y 

Auction of 70-Day Cash Management Bills 

On February 1, 2018, Treasury announced it would 

auction $30,000 million of 70-day bills. They were issued 

February 8 and will mature April 19. The issue was to refund 

$144,999 million of securities maturing February 1 and to pay 

down approximately $9,999 million. Treasury auctioned the 

bills on February 6. Tenders totaled $113,902 million; 

Treasury accepted $30,001 million, including $17 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.440 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

33 

Auction of 55-Day Cash Management Bills 

On February 12, 2018, Treasury announced it would 

auction $50,000 million of 55-day bills. They were issued 

February 16 and matured April 12. The issue was to raise 

new cash of approximately $50,000 million. Treasury 

auctioned the bills on February 13. Tenders totaled $126,786 

million; Treasury accepted $50,001 million, including $14 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.560 percent. 

Auction of 52-Week Bills 

On January 25, 2018, Treasury announced it would 

auction $20,000 million of 364-day Treasury bills. They were 

issued February 1 and will mature January 31, 2019. The issue 

was to refund $144,999 million of all maturing bills and to 

pay down approximately $9,999 million. Treasury auctioned 

the bills on January 30. Tenders totaled $67,163 million; 

Treasury accepted $20,000 million, including $452 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.830 percent. 

February Quarterly Financing 

On January 31, 2018, Treasury announced it would 

auction $26,000 million of 3-year notes. The issue was to 

refund $46,643 million of securities maturing February 15 and 

to raise new cash of approximately $19,357 million. 

The 3-year notes of Series AJ-2021 were dated and issued 

February 15. They are due February 15, 2021, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 6. Tenders totaled $78,105 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.280 percent with an 

equivalent price of $99.913485. Treasury accepted in full all 

competitive tenders at yields lower than 2.280 percent. 

Tenders at the high yield were allotted 9.79 percent. The 

median yield was 2.230 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $62 million. 

Competitive tenders accepted from private investors totaled 

$25,838 million. 

In addition to the $26,000 million of tenders accepted in 

the auction process, Treasury accepted $4,914 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2021 is $100. 

On January 31, 2018, Treasury announced it would 

auction $24,000 million of 10-year notes. The issue was to 

refund $46,643 million of securities maturing February 15 and 

to raise new cash of approximately $19,357 million. 

The 10-year notes of Series B-2028 were dated and issued 

February 15. They are due February 15, 2028, with interest 

payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 7. Tenders totaled $56,132 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.811 percent with an 

equivalent price of $99.471446. Treasury accepted in full all 

competitive tenders at yields lower than 2.811 percent. 

Tenders at the high yield were allotted 5.76 percent. The 

median yield was 2.750 percent, and the low yield was 2.660 

percent. Noncompetitive tenders totaled $43 million. 

Competitive tenders accepted from private investors totaled 

$23,957 million. 

In addition to the $24,000 million of tenders accepted in 

the auction process, Treasury accepted $4,536 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2028 is $100. 

On January 31, 2018, Treasury announced it would 

auction $16,000 million of 30-year bonds. The issue was to 

refund $46,643 million of securities maturing February 15 and 

to raise new cash of approximately $19,357 million. 

The 30-year bonds of February 2048 were dated and 

issued February 15. They are due February 15, 2048, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 8. Tenders totaled $36,108 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.121 percent with an 

equivalent price of $97.654131. Treasury accepted in full all 

competitive tenders at yields lower than 3.121 percent. 

Tenders at the high yield were allotted 10.65 percent. The 

median yield was 3.060 percent, and the low yield was 2.888 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$15,983 million. 

In addition to the $16,000 million of tenders accepted in 

the auction process, Treasury accepted $3,024 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of Bonds of February 2048 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

34 

Auction of 30-Year TIPS 

On February 8, 2018, Treasury announced it would 

auction $7,000 million of 30-year TIPS. The issue was to 

refund $68,245 million of securities maturing February 28 and 

to raise new cash of approximately $30,755 million. 

The 30-year TIPS of February 2048 were dated February 

15 and issued February 28. They are due February 15, 2048, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 1 percent after 

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 15. Tenders totaled $16,147 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.003 percent with an 

equivalent adjusted price of $99.895379. Treasury accepted in 

full all competitive tenders at yields lower than 1.003 percent. 

Tenders at the high yield were allotted 42.76 percent. The 

median yield was 0.933 percent, and the low yield was 0.900 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$6,976 million. Adjusted accrued interest of $0.35902 per 

$1,000 must be paid for the period from February 15 to 

February 28. Both the unadjusted price of $99.922358 and the 

unadjusted accrued interest of $0.35912 were adjusted by an 

index ratio of 0.99973, for the period from February 15 to 

February 28. 

In addition to the $7,000 million of tenders accepted in the 

auction process, Treasury accepted $1,707 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of February 2048 is $100. 

Auction of 2-Year Notes 

On February 15, 2018, Treasury announced it would 

auction $28,000 million of 2-year notes. The issue was to 

refund $68,245 million of securities maturing February 28 and 

to raise new cash of approximately $30,755 million. 

The 2-year notes of Series AX-2020 were dated and issued 

February 28. They are due February 29, 2020, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 20. Tenders totaled $76,222 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.255 percent with an 

equivalent price of $99.990276. Treasury accepted in full all 

competitive tenders at yields lower than 2.255 percent. 

Tenders at the high yield were allotted 67.49 percent. The 

median yield was 2.210 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $264 million. 

Competitive tenders accepted from private investors totaled 

$27,636 million. 

In addition to the $28,000 million of tenders accepted in 

the auction process, Treasury accepted $6,826 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AX-2020 is $100. 

Auction of 1-Year 11-Month 0 Percent FRNs 

On February 15, 2018, Treasury announced it would 

auction $15,000 million of 1-year 11-month 0 percent FRNs. 

The issue was to raise new cash of approximately $15,000 

million. 

The 1-year 11-month 0 percent FRNs of Series AW-2020 

were dated January 31 and issued February 23. They are due 

January 31, 2020, 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. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on February 21. Tenders totaled $41,244 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.016 percent 

with an equivalent price of $99.968842. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.016 percent. Tenders at the high discount margin were 

allotted 53.72 percent. The median discount margin was 0.000 

percent, and the low discount margin was -0.020 percent. 

Noncompetitive tenders totaled $18 million. Competitive 

tenders accepted from private investors totaled $14,982 

million. Accrued interest of $0.096912403 per $100 must be 

paid for the period from January 31 to February 23. 

Auction of 5-Year Notes 

On February 15, 2018, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $68,245 million of securities maturing February 28 and 

to raise new cash of approximately $30,755 million. 

The 5-year notes of Series V-2023 were dated and issued 

February 28. They are due February 28, 2023, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 2-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 21. Tenders totaled $85,553 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.658 percent with an 

equivalent price of $99.846446. Treasury accepted in full all 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

35 

competitive tenders at yields lower than 2.658 percent. 

Tenders at the high yield were allotted 45.30 percent. The 

median yield was 2.617 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $90 million. 

Competitive tenders accepted from private investors totaled 

$34,910 million. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $8,533 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2023 is $100. 

Auction of 7-Year Notes 

On February 15, 2018, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $68,245 million of securities maturing February 28 and 

to raise new cash of approximately $30,755 million. 

The 7-year notes of Series H-2025 were dated and issued 

February 28. They are due February 28, 2025, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 2-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on February 22. Tenders totaled $72,145 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.839 percent with an 

equivalent price of $99.438593. Treasury accepted in full all 

competitive tenders at yields lower than 2.839 percent. 

Tenders at the high yield were allotted 94.15 percent. The 

median yield was 2.790 percent, and the low yield was 2.720 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$28,980 million. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $7,070 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2025 is $100. 

M A R C H

Auction of 52-Week Bills 

On February 22, 2018, Treasury announced it would 

auction $22,000 million of 364-day Treasury bills. They were 

issued March 1 and will mature February 28, 2019. The issue 

was to refund $119,991 million of all maturing bills and to 

raise new cash of approximately $58,009 million. Treasury 

auctioned the bills on February 27. Tenders totaled $66,044 

million; Treasury accepted $22,000 million, including $433 

million of noncompetitive tenders from the public. The high 

bank discount rate was 2.020 percent. 

Auction of 3-Year Notes 

On March 8, 2018, Treasury announced it would auction 

$28,000 million of 3-year notes. The issue was to refund 

$24,000 million of securities maturing March 15 and to raise 

new cash of approximately $38,000 million. 

The 3-year notes of Series AK-2021 were dated and issued 

March 15. They are due March 15, 2021, with interest payable 

on September 15 and March 15 until maturity. Treasury set an 

interest rate of 2-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on March 12. Tenders totaled $82,242 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.436 percent with an 

equivalent price of $99.824555. Treasury accepted in full all 

competitive tenders at yields lower than 2.436 percent. 

Tenders at the high yield were allotted 17.35 percent. The 

median yield was 2.400 percent, and the low yield was 2.320 

percent. Noncompetitive tenders totaled $113 million. 

Competitive tenders accepted from private investors totaled 

$27,687 million. The minimum par amount required for 

STRIPS of notes of Series AK-2021 is $100. 

Auction of 9-Year 11-Month 2-3/4 Percent Notes 

On March 8, 2018, Treasury announced it would auction 

$21,000 million of 9-year 11-month 2-3/4 percent notes. The 

issue was to refund $24,000 million of securities maturing 

March 15 and to raise new cash of approximately $38,000 

million. 

The 9-year 11-month 2-3/4 percent notes of Series B-2028 

were dated February 15 and issued March 15. They are due 

February 15, 2028, with interest payable on August 15 and 

February 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 12. Tenders totaled $52,412 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.889 percent with an 

equivalent price of $98.805633. Treasury accepted in full all 

competitive tenders at yields lower than 2.889 percent. 

Tenders at the high yield were allotted 43.16 percent. The 

median yield was 2.850 percent, and the low yield was 2.781 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$20,984 million. Accrued interest of $2.12707 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of notes of 

Series B-2028 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2018 

36 

Auction of 29-Year 11-Month 3 Percent Bonds 

On March 8, 2018, Treasury announced it would auction 

$13,000 million of 29-year 11-month 3 percent bonds. The 

issue was to refund $24,000 million of securities maturing 

March 15 and to raise new cash of approximately $38,000 

million. 

The 29-year 11-month 3 percent Bonds of February 2048 

were dated February 15 and issued March 15. They are due 

February 15, 2048, with interest payable on August 15 and 

February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 13. Tenders totaled $30,986 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.109 percent with an 

equivalent price of $97.883828. Treasury accepted in full all 

competitive tenders at yields lower than 3.109 percent. 

Tenders at the high yield were allotted 38.47 percent. The 

median yield was 3.075 percent, and the low yield was 3.010 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors totaled 

$12,996 million. Accrued interest of $2.32044 per $1,000 

must be paid for the period from February 15 to March 15. 

The minimum par amount required for STRIPS of Bonds of 

February 2048 is $100. 

Auction of 9-Year 10-Month 0-1/2 Percent TIPS 

On March 15, 2018, Treasury announced it would auction 

$11,000 million of 9-year 10-month 0-1/2 percent TIPS. The 

issue was to raise new cash of approximately $11,000 million. 

The 9-year 10-month 0-1/2 percent TIPS of Series A-2028 

were dated January 15 and issued March 29. They are due 

January 15, 2028, with interest payable on July 15 and 

January 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on March 22. Tenders totaled $28,119 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.764 percent with an 

equivalent adjusted price of $97.935177. Treasury accepted in 

full all competitive tenders at yields lower than 0.764 percent. 

Tenders at the high yield were allotted 94.40 percent. The 

median yield was 0.710 percent, and the low yield was 0.660 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$10,984 million. Adjusted accrued interest of $1.01267 per 

$1,000 must be paid for the period from January 15 to March 

29. Both the unadjusted price of $97.511975 and the 

unadjusted accrued interest of $1.00829 were adjusted by an 

index ratio of 1.00434, for the period from January 15 to 

March 29. The minimum par amount required for STRIPS of 

TIPS of Series A-2028 is $100. 

Auction of 52-Week Bills 

On March 22, 2018, Treasury announced it would auction 

$24,000 million of 364-day Treasury bills. They were issued 

March 29 and will mature March 28, 2019. The issue was to 

refund $161,008 million of all maturing bills and to raise new 

cash of approximately $23,992 million. Treasury auctioned 

the bills on March 27. Tenders totaled $71,857 million; 

Treasury accepted $24,000 million, including $487 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.070 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2018 

37 

 

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, 13 week, and 26 week) 

 

 2018 – Jan. 04 .............................................. 2018-Feb 01 28 144,592.7 50,000.1 49,338.0 562.1 99.901222 1.270 1.289

 Apr. 05 91 147,651.5 48,001.5 46,713.7 555.8 99.637264 1.435 1.460

 July 05 182 128,240.9 42,000.5 41,151.1 521.0 99.203750 1.575 1.610

Jan. 11 ............................................... Feb 08 28 151,490.5 50,000.1 49,442.8 557.3 99.900444 1.280 1.299

 Apr 12 91 139,366.9 48,000.4 46,999.7 666.7 99.638528 1.430 1.455

 July 12 182 130,727.9 42,000.1 41,103.6 582.5 99.203750 1.575 1.610

Jan. 18 ............................................... Feb 15 28 134,674.1 45,000.0 44,444.3 555.7 99.899278 1.295 1.314

 Apr 19 91 151,225.5 48,000.8 47,103.8 676.0 99.638528 1.430 1.455

 July 19 182 133,475.6 42,000.1 40,899.6 700.5 99.191111 1.600 1.635

Jan. 25 ............................................... Feb 22 28 123,090.8 35,000.5 34,388.8 611.8 99.904333 1.230 1.248

 Apr 26 91 136,505.1 48,000.4 46,352.5 647.9 99.638528 1.430 1.455

 July 26 182 126,138.0 42,000.4 40,379.7 620.7 99.183528 1.615 1.651

Feb. 01 .............................................. Mar 01 28 68,957.2 25,000.1 24,448.6 551.5 99.888000 1.440 1.462

 May 03 91 142,853.0 48,000.2 47,035.0 647.2 99.639792 1.425 1.450

 Aug 02 182 134,878.5 42,000.4 41,025.7 549.7 99.178472 1.625 1.661

Feb. 08 .............................................. Mar 08 28 47,456.7 15,000.0 13,855.8 608.3 99.884889 1.480 1.502

 May 10 91 133,327.0 48,000.4 47,183.7 638.7 99.620833 1.500 1.527

 Aug 09 182 123,070.4 42,000.1 41,092.7 607.4 99.165833 1.650 1.687

Feb. 15 .............................................. Mar 15 28 163,485.4 50,000.1 49,401.3 598.8 99.894222 1.360 1.380

 May 17 91 149,577.6 48,001.4 46,823.7 692.7 99.603139 1.570 1.598

 Aug 16 182 115,213.2 42,000.1 41,096.8 623.3 99.097583 1.785 1.826

Feb. 22 .............................................. Mar 22 28 136,395.9 55,000.2 54,397.9 602.3 99.892667 1.380 1.401

 May 24 91 139,722.3 51,000.0 49,897.3 682.7 99.587972 1.630 1.659

 Aug 23 182 140,056.5 45,000.5 44,006.6 614.8 99.079889 1.820 1.862

Mar. 01 .............................................. Mar 29 28 167,769.7 60,000.0 59,042.8 630.2 99.883722 1.495 1.518

 May 31 91 144,963.3 51,000.3 50,007.9 679.4 99.584181 1.645 1.675

 Aug 30 182 138,485.6 45,000.1 44,110.7 589.4 99.074833 1.830 1.873

Mar. 08 .............................................. Apr 05 28 195,923.7 65,000.5 63,737.7 622.8 99.879444 1.550 1.573

 June 07 91 166,452.8 51,000.2 49,992.7 693.5 99.580389 1.660 1.690

 Sep 06 182 143,463.3 45,000.6 44,118.0 582.6 99.074833 1.830 1.873

Mar. 15 .............................................. Apr 12 28 167,523.0 65,000.7 64,289.5 611.1 99.871667 1.650 1.675

 June 14 91 159,497.6 51,000.4 50,131.3 709.0 99.577861 1.670 1.700

 Sep 13 182 165,155.6 45,000.4 44,083.8 616.6 99.064722 1.850 1.893

Mar. 22 .............................................. Apr 19 28 186,942.1 65,000.2 64,094.9 650.3 99.866222 1.720 1.746

 June 21 91 170,931.1 51,000.8 49,880.9 789.9 99.550056 1.780 1.813

 Sep 20 182 130,160.0 45,000.1 43,968.2 649.6 99.014167 1.950 1.997

Mar. 29 .............................................. Apr 26 28 176,263.5 65,000.1 63,793.9 706.2 99.867389 1.705 1.731

 June 28 91 151,937.1 51,000.0 49,125.1 874.9 99.555111 1.760 1.792

 Sep 27 182 137,533.9 45,000.0 43,242.3 757.8 99.041972 1.895 1.940

 

1 All 4-week and 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. 

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 2018 

38 

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) 

 

12/26/17 01/02/18 1.875% note—12/31/19-BL 2y 68,793 29,399 1.922 - 99.908366 

12/27/17 01/02/18 2.125% note—12/31/22-T 5y 84,806 38,445 2.245 - 99.435896 

12/28/17 01/02/18 2.250% note—12/31/24-T 7y 75,007 31,660 2.370 - 99.230576 

01/02/18 01/04/18 1.780% bill—01/03/19 364d 58,102 20,000 

01/09/18 01/16/18 2.000% note—01/15/21-AH 3y 75,869 24,813 2.080 - 99.768648 

01/10/18 01/16/18 2.250% note—11/15/27-F 9y 10m 54,482 20,677 2.579 - 97.156278 

01/11/18 01/16/18 2.750% bond—11/15/47 29y 10m 33,292 12,406 2.867 - 97.660428 

01/19/18 01/19/18 1.210% cmb—01/25/18 6d 141 25 

01/18/18 01/31/18 0.500% TIPS—01/15/28-A 10y 36,848 14,911 0.548 - 99.536480 

01/23/18 01/31/18 2.000% note—01/31/20-AV 2y 87,585 29,821 2.066 - 99.871340 

01/24/18 01/31/18 0.000% FRN—01/31/20-AW 2y 52,851 17,205 0.000 - 100.000000 

01/24/18 01/31/18 2.375% note—01/31/23-U 5y 89,435 38,997 2.434 - 99.723821 

01/25/18 01/31/18 2.500% note—01/31/25-G 7y 80,602 32,115 2.565 - 99.585928 

01/30/18 02/01/18 1.830% bill—01/31/19 364d 67,163 20,000 

02/06/18 02/08/18 1.440% cmb—04/19/18 70d 113,902 30,001 

02/06/18 02/15/18 2.250% note—02/15/21-AJ 3y 83,019 30,914 2.280 - 99.913485 

02/07/18 02/15/18 2.750% note—02/15/28-B 10y 60,668 28,536 2.811 - 99.471446 

02/08/18 02/15/18 3.000% bond—02/15/48 30y 39,132 19,024 3.121 - 97.654131 

02/13/18 02/16/18 1.560% cmb—04/12/18 55d 126,786 50,001 

02/21/18 02/23/18 0.016% FRN—01/31/20-AW 1y 11m 41,244 15,000 0.000 - 99.968842 

02/15/18 02/28/18 1.000% TIPS—02/15/48 30y 17,853 8,707 1.003 - 99.895379 

02/20/18 02/28/18 2.250% note—02/29/20-AX 2y 83,048 34,826 2.255 - 99.990276 

02/21/18 02/28/18 2.625% note—02/28/23-V 5y 94,086 43,533 2.658 - 99.846446 

02/22/18 02/28/18 2.750% note—02/28/25-H 7y 79,215 36,070 2.839 - 99.438593 

02/27/18 03/01/18 2.020% bill—02/28/19 364d 66,044 22,000 

03/12/18 03/15/18 2.375% note—03/15/21-AK 3y 82,242 28,000 2.436 - 99.824555 

03/12/18 03/15/18 2.750% note—02/15/28-B 9y 11m 52,412 21,000 2.889 - 98.805633 

03/13/18 03/15/18 3.000% bond—02/15/48 29y 11m 30,986 13,000 3.109 - 97.883828 

03/22/18 03/29/18 0.500% TIPS—01/15/28-A 9y 10m 28,119 11,000 0.764 - 97.935177 

03/27/18 03/29/18 2.070% bill—03/28/19 364d 71,857 24,000 

 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. 
39 

 June 2018 

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.) 
40 OWNERSHIP OF FEDERAL SECURITIES 

June 2018 

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) 

 

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023 

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288 

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 

 

2017 - Mar ....................................... 19,870,651 19,846,420 5,471,966 - 5,471,966 2,859,131 

Apr ....................................... 19,870,348 19,846,129 5,548,161 - 5,548,161 2,860,818 

May ...................................... 19,870,301 19,845,942 5,542,298 - 5,542,298 2,862,321 

June ..................................... 19,868,948 19,844,554 5,473,659 - 5,473,659 2,864,091 

July ...................................... 19,869,273 19,844,909 5,479,502 - 5,479,502 2,865,188 

Aug ...................................... 19,868,627 19,844,533 5,454,504 - 5,454,504 2,865,298 

Sept ..................................... 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

Oct ....................................... 20,466,827 20,442,474 5,682,713 - 5,682,713 2,833,661 

Nov ...................................... 20,614,878 20,590,393 5,663,451 - 5,663,451 2,858,198 

Dec ...................................... 20,517,143 20,492,747 5,669,642 - 5,669,642 2,858,136 

2018 - Jan ....................................... 20,518,069 20,493,730 5,682,204 - 5,682,204 2,839,847 

Feb ...................................... 20,879,713 20,855,672 5,696,585 - 5,696,585 2,830,029 

Mar ...................................... 21,114,305 21,089,643 5,652,861 - 5,652,861 2,828,463 

 

 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) 

 

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5 

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3 

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 

 

2017 - Mar ....................................... 11,515,323 11,107,539 407,784 24,231 24,228 3 

Apr ....................................... 11,437,150 11,089,528 347,622 24,219 24,216 3 

May ...................................... 11,441,323 11,120,333 320,990 24,359 24,356 3 

June ..................................... 11,506,804 11,145,326 361,478 24,394 24,391 3 

July ...................................... 11,500,219 11,194,986 305,233 24,364 24,361 3 

Aug ...................................... 11,524,731 11,228,265 296,466 24,094 24,093 1 

Sept ..................................... 11,814,271 11,332,237 482,034 24,369 24,368 1 

Oct ....................................... 11,926,100 11,440,017 486,083 24,353 24,352 1 

Nov ...................................... 12,068,743 11,579,343 489,400 24,486 24,485 1 

Dec ...................................... 11,964,969 11,622,102 342,867 24,396 24,395 1 

2018 - Jan ....................................... 11,971,679 11,674,698 296,981 24,339 24,339 1 

Feb ...................................... 12,329,058 11,847,913 481,145 24,041 24,041 1 

Mar ...................................... 12,608,319 12,116,273 492,046 24,662 24,662 1 

 

 

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. 
 OWNERSHIP OF FEDERAL SECURITIES 41 

June 2018 

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) 

 

2018 - Mar......... 21,089.9 8,086.6 13,003.3 n.a. 159.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 632.6 160.4 385.4 217.4 344.1 1,788.1 717.0 6,284.9 1,830.6 

 Sept........ 20,244.9 8,036.9 12,208.0 604.5 161.7 532.1 211.2 343.3 1,692.9 692.5 6,301.9 1,668.0 

 June ....... 19,844.6 7,943.4 11,901.1 622.8 162.8 395.3 208.4 339.3 1,542.9 695.5 6,151.9 1,782.1 

 Mar......... 19,846.4 7,941.1 11,905.3 660.5 164.2 424.8 198.7 332.4 1,677.4 713.1 6,075.3 1,658.8 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 651.9 165.8 526.8 191.1 327.7 1,702.7 712.4 6,006.3 1,686.6 

 Sept........ 19,573.4 7,863.5 11,709.9 620.5 167.5 536.1 189.9 338.7 1,580.2 704.0 6,155.9 1,417.3 

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 533.6 183.3 327.4 1,433.3 684.5 6,279.1 1,290.0 

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 521.6 169.2 313.1 1,392.1 665.5 6,284.4 1,392.0 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 505.2 174.2 304.3 1,315.3 651.4 6,146.2 1,395.9 

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 305.7 171.4 304.3 1,192.3 619.0 6,105.9 1,276.9 

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 374.1 187.0 302.1 1,135.9 625.3 6,163.1 1,138.7 

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 448.0 178.0 303.0 1,156.8 643.8 6,172.6 1,042.1 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 507.1 200.5 304.9 1,108.3 625.4 6,157.7 968.9 

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 490.7 200.0 296.1 1,067.6 597.6 6,069.2 964.5 

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 482.6 199.5 285.8 977.9 606.1 6,018.7 1,016.2 

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 474.3 184.3 275.0 1,050.1 600.2 5,948.3 1,220.9 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 179.8 269.5 975.3 602.5 5,792.6 1,361.8 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 184.3 271.5 976.2 592.2 5,652.8 1,406.0 

 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 

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1 

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3 

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2 

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7 

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9 

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9 

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9 

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9 

 

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. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. As of December 2014, 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 
June 2018 

42 

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, 2018 

[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 .............................. $1,823,109,382,868 $1,774,069,225,986 $1,773,592,054,065 $239,385,266 $237,786,655

Less amounts held by: 

The Treasury ....................................... 403,713,852 56,059,852 55,865,894 7,505 186,453

FRBs ................................................... 186,100,099,836 184,261,751,230 184,261,747,899 30 3,301

Amounts in circulation ............................. $1,636,605,569,180 $1,589,751,414,904 $1,589,274,440,272 $239,377,731 $237,596,901

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,040,156,882 $6,546,924,108 $42,493,232,774 

Less amounts held by: 

The Treasury ....................................... 347,654,000 48,770,000 298,884,000 

FRBs ................................................... 1,838,348,606 1,161,829,186 676,519,420 

Amounts in circulation ............................. $46,854,154,276 $5,336,324,922 $41,517,829,354 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2018 

43 

TABLE USCC-2—Amounts Outstanding and in Circulation, March 31, 2018 

[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 ................................................................................ $11,980,695,816 $11,840,374,063 $143,503 $140,178,250 

$2 ................................................................................ 2,451,126,364 2,319,569,070 131,544,718 12,576 

$5 ................................................................................ 14,630,506,510 14,499,526,205 107,668,310 23,311,995 

$10 .............................................................................. 19,324,527,314 19,304,564,794 6,290 19,956,230 

$20 .............................................................................. 181,234,448,200 181,214,343,240 3,820 20,101,140

$50 .............................................................................. 85,721,668,500 85,710,170,500 500 11,497,500 

$100 ............................................................................ 1,274,096,208,600 1,274,074,222,900 -6 21,985,700 

$500 ............................................................................ 141,805,000 141,609,500 5,500 190,000 

$1,000 ......................................................................... 165,213,000 165,000,000 5,000 208,000 

$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 ......................................................... $1,589,751,414,904 $1,589,274,440,272 $239,377,731 $237,596,901 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

Mar. 31, 2018 ....................................................................................... 1,636,606 4,997 

Feb. 28, 2018 ....................................................................................... 1,627,120 4,971 

Jan. 31, 2018 ....................................................................................... 1,607,456 4,913 

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 2018 

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. 
FOREIGN CURRENCY POSITIONS 

June 2018 

48 

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) 

 

10/04/17 ................................................................. 1,467,283 1,571,734 n.a. 1.2479 

10/11/17 ................................................................. 1,467,410 1,575,983 n.a. 1.2511 

10/18/17 ................................................................. 1,490,254 1,597,033 n.a. 1.2473 

10/25/17 ................................................................. 1,582,727 1,681,407 n.a. 1.2799 

 

11/01/17 ................................................................. 1,626,192 1,733,265 n.a. 1.289 

11/08/17 ................................................................. 1,593,916 1,767,086 n.a. 1.2727 

11/15/17 ................................................................. 1,622,179 1,738,286 n.a. 1.2783 

11/22/17 ................................................................. 1,638,928 1,750,658 n.a. 1.2728 

11/29/17 ................................................................. 1,707,960 1,875,163 n.a. 1.285 

 

12/06/17 ................................................................. 1,749,519 1,830,146 n.a. 1.2788 

12/13/17 ................................................................. 1,836,755 1,920,592 n.a. 1.2872 

12/20/17 ................................................................. 1,447,019 1,526,545 n.a. 1.2846 

12/27/17 ................................................................. 1,380,616 1,456,127 n.a. 1.2645 

 

01/03/18 ................................................................. 1,407,735 1,481,831 -57 1.2534 

01/10/18 ................................................................. 1,474,315 1,562,499 -91 1.2485 

01/17/18 ................................................................. 1,476,310 1,567,879 -37 1.2443 

01/24/18 ................................................................. 1,441,592 1,533,786 -21 1.2357 

01/31/18 ................................................................. 1,541,058 1,639,445 -20 1.2293 

 

02/07/18 ................................................................. 1,542,928 1,642,985 -87 1.2545 

02/14/18 ................................................................. 1,569,523 1,661,937 -94 1.2564 

02/21/18 ................................................................. 1,573,986 1,718,665 -133 1.2678 

02/28/18 ................................................................. 1,686,957 1,775,912 -182 1.2806 

 

03/07/18 ................................................................. 1,719,670 1,809,593 -180 1.2993 

03/14/18 ................................................................. 1,806,188 1,905,057 -184 1.2946 

03/21/18 ................................................................. 1,602,862 1,751,933 -171 1.2957 

03/28/18 ................................................................. 1,539,225 1,683,451 -201 1.2886 

 

 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

2015 - Dec ................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 

2016 - Dec ................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 – Apr. .................. 1,382,049 1,457,589 214,711 170,373 60,907 53,172 58,186 56,711 -383 1.3669 

May .................. 1,571,951 1,663,034 241,761 188,542 65,337 57,846 60,517 59,621 n.a. 1.3498 

June ................. 1,425,119 1,521,847 233,338 189,840 69,570 65,880 64,493 61,138 -199 1.2982 

July .................. 1,631,110 1,746,381 310,503 228,041 76,855 72,020 81,365 78,403 -101 1.249 

Aug .................. 1,783,032 1,901,664 280,043 209,670 83,144 76,628 81,598 83,869 -49 1.2515 

Sept ................. 1,614,224 1,722,493 266,663 199,341 92,820 86,478 79,316 85,056 -7 1.2509 

Oct ................... 1,752,513 1,853,868 257,452 234,738 77,217 72,455 74,389 79,998 -169 1.2894 

Nov .................. 1,896,118 2,002,049 267,198 235,996 78,042 73,451 75,691 69,445 -163 1.2884 

Dec .................. 1,486,798 1,561,282 288,642 241,105 46,476 40,264 70,094 67,555 -29 1.2517 

2018 – Jan. ................. 1,697,251 1,805,140 305,843 257,784 50,818 43,954 81,624 79,782 -27 1.2293 

Feb .................. 1,835,429 1,970,647 269,382 258,598 48,868 42,713 84,517 81,011 -170 1.2806 

Mar .................. 1,586,670 1,704,560 273,192 250,913 66,062 60,552 86,955 82,987 -205 1 

 

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) 

 

2014 - Dec ................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -15 1.1601 

2015 - Mar ................... 78,372 106,869 127,608 102,875 n.a. 539 4,168 n.a. -14 1.2681 

June ................. 71,356 97,532 133,157 95,771 453 296 3,071 1,191 n.a. 1.2473 

Sept .................. 67,133 98,724 137,280 101,046 n.a. 260 4,831 1,110 -33 1.3396 

Dec ................... 27,142 59,087 125,045 94,958 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar ................... 30,905 61,209 129,399 94,163 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,995 65,904 140,849 106,389 363 349 726 461 7 1.301 

Sept .................. 36,885 67,444 156,802 103,615 242 285 2,316 1,180 n.a. 1.3115 

Dec ................... 38,433 68,593 156,273 124,911 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar ................... 38,456 73,351 161,693 115,423 482 393 946 563 n.a. 1.3321 

June ................. 36,833 75,342 145,656 111,685 1,726 827 790 823 n.a. 1.2982 

Sept .................. 35,092 64,307 144,727 92,840 1,179 785 587 345 12 1.2509 

Dec ................... 33,411 65,839 133,239 89,900 534 483 n.a. 1,372 n.a. 1.2517 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

10/04/17 .................................................................. 523,711 532,372 n.a. 112.84 

10/11/17 .................................................................. 519,663 527,684 n.a. 112.35 

10/18/17 .................................................................. 519,334 528,306 n.a. 112.94 

10/25/17 .................................................................. 531,491 536,001 112 113.70 

 

11/01/17 .................................................................. 549,428 557,857 209 114.04 

11/08/17 .................................................................. 551,176 558,053 188 113.62 

11/15/17 .................................................................. 568,192 573,961 188 113.15 

11/22/17 .................................................................. 558,793 722,886 174 111.62 

11/29/17 .................................................................. 576,247 582,060 229 111.75 

 

12/06/17 .................................................................. 556,832 567,010 99 112.32 

12/13/17 .................................................................. 570,624 580,738 216 113.19 

12/20/17 .................................................................. 500,340 511,071 233 113.29 

12/27/17 .................................................................. 472,666 483,589 n.a. 113.28 

 

01/03/18 .................................................................. 497,709 510,277 -12 112.28 

01/10/18 .................................................................. 492,247 503,821 -2 111.48 

01/17/18 .................................................................. 497,564 504,966 35 110.81 

01/24/18 .................................................................. 500,711 507,752 40 109.15 

01/31/18 .................................................................. 539,351 548,279 41 109.31 

 

02/07/18 .................................................................. 553,388 562,334 54 109.53 

02/14/18 .................................................................. 562,893 572,237 83 107.00 

02/21/18 .................................................................. 550,148 559,131 87 107.64 

02/28/18 .................................................................. 550,688 556,645 102 106.62 

 

03/07/18 .................................................................. 560,363 566,533 114 105.94 

03/14/18 .................................................................. 568,921 577,229 119 106.17 

03/21/18 .................................................................. 577,373 588,328 135 106.30 

03/28/18 .................................................................. 551,410 558,431 125 106.30 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

2015 - Dec .................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 

2016 - Dec .................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 - Apr .................. 519,753 524,338 149,421 147,076 45,496 43,921 49,609 52,761 289 111.44 

May ................. 516,358 525,824 155,016 152,151 47,205 46,242 51,143 54,204 167 110.71 

June ................ 499,209 505,103 163,699 159,445 43,941 43,139 47,672 50,223 32 112.4 

July ................. 518,978 524,470 161,661 158,869 42,520 41,931 44,687 48,340 23 110.38 

Aug ................. 560,775 567,677 154,002 149,405 43,675 42,329 45,406 48,346 19 110.06 

Sept ................ 554,048 563,417 168,709 161,023 46,697 46,348 45,521 52,828 -23 112.64 

Oct .................. 553,257 560,253 152,978 142,056 49,152 48,042 51,660 54,698 -74 113.63 

Nov ................. 594,779 602,734 105,875 97,640 52,677 50,930 51,579 54,036 -85 112.3 

Dec ................. 504,035 520,527 122,567 108,990 24,445 23,589 44,445 45,720 -88 112.69 

2018 - Jan .................. 588,260 602,338 125,195 116,372 29,346 28,819 49,700 51,177 -35 109.31 

Feb ................. 597,476 606,019 127,566 131,230 33,591 32,265 51,836 53,681 23 106.62 

Mar ................. 560,856 566,975 117,155 109,890 34,148 33,305 51,308 52,665 44 106.2 

 

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) 

 

2014 - Dec ................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85 

2015 - Mar ................... 6,835 6,172 7,243 4,951 179 531 1,474 587 -46 119.96 

June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a. 122.1 

Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 

Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,225 4,900 7,184 5,318 n.a. 340 687 486 -7 112.42 

June ................. 8,200 4,667 7,254 5,807 n.a. 367 723 581 -5 102.77 

Sept .................. 7,804 4,314 7,815 6,141 n.a. 382 588 488 -18 101.21 

Dec ................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a. 116.78 

2017 - Mar ................... 9,579 7,021 8,680 6,811 420 486 841 554 -1 111.41 

June ................. 8,857 7,788 7,890 7,166 n.a. 438 539 386 -1 112.4 

Sept .................. 6,536 6,008 8,246 7,302 800 670 609 n.a. 46 112.64 

Dec ................... 6,451 6,017 9,242 7,630 n.a. 373 537 n.a. 3 112.69 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

10/04/17 .................................................................. 774,277 810,794 n.a. 0.9756 

10/11/17 .................................................................. 786,427 819,271 484 0.9732 

10/18/17 .................................................................. 754,160 796,038 496 0.9817 

10/25/17 .................................................................. 811,552 848,065 293 0.9888 

 

11/01/17 .................................................................. 823,021 871,472 390 1.0014 

11/08/17 .................................................................. 832,407 886,395 n.a. 0.9997 

11/15/17 .................................................................. 875,472 924,440 n.a. 0.9902 

11/22/17 .................................................................. 887,902 926,520 n.a. 0.9838 

11/29/17 .................................................................. 940,850 987,637 330 0.9837 

 

12/06/17 .................................................................. 962,840 994,449 242 0.9904 

12/13/17 .................................................................. 1,031,516 1,085,864 382 0.9894 

12/20/17 .................................................................. 825,550 863,095 583 0.9859 

12/27/17 .................................................................. 796,402 830,931 480 0.987 

 

01/03/18 .................................................................. 834,119 873,023 68 0.9762 

01/10/18 .................................................................. 836,186 869,333 63 0.978 

01/17/18 .................................................................. 840,571 877,146 97 0.9616 

01/24/18 .................................................................. 851,246 891,176 136 0.9452 

01/31/18 .................................................................. 927,407 974,131 163 0.9321 

 

02/07/18 .................................................................. 948,073 1,000,295 132 0.9438 

02/14/18 .................................................................. 949,638 998,221 154 0.9319 

02/21/18 .................................................................. 947,226 984,820 129 0.9375 

02/28/18 .................................................................. 936,967 984,465 152 0.943 

 

03/07/18 .................................................................. 965,802 1,009,855 163 0.9426 

03/14/18 .................................................................. 976,333 1,028,264 179 0.9461 

03/21/18 .................................................................. 844,693 895,910 186 0.954 

03/28/18 .................................................................. 846,525 895,171 230 0.9538 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

2015 - Dec ................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017 

2016 - Dec ................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.016 

2017 – Apr. .................. 778,983 806,435 91,813 75,963 67,317 66,252 69,523 70,043 -265 0.9944 

May .................. 918,143 940,064 101,856 85,607 65,179 65,619 73,900 73,108 -75 0.9684 

June ................. 767,024 796,286 98,618 82,584 62,505 63,247 71,060 69,085 n.a. 0.9586 

July .................. 863,776 892,281 94,626 77,251 61,960 64,415 84,606 78,806 n.a. 0.965 

Aug .................. 875,089 918,200 91,410 72,346 64,798 64,063 87,670 79,050 n.a. 0.961 

Sept ................. 781,450 823,353 99,217 77,326 68,697 65,123 85,868 84,292 n.a. 0.9688 

Oct ................... 823,804 885,734 98,907 74,392 68,930 67,253 85,392 84,042 n.a. 0.9968 

Nov .................. 967,393 1,020,311 94,314 68,867 74,000 73,301 84,617 84,034 72 0.9838 

Dec .................. 804,554 840,898 108,582 88,094 45,995 44,470 76,767 76,436 139 0.9738 

2018 – Jan. ................. 986,822 1,057,352 114,351 100,346 53,071 51,196 81,081 82,257 182 0.9321 

Feb .................. 980,873 1,043,662 132,497 94,894 53,428 50,515 80,861 81,485 187 0.943 

Mar .................. 856,261 913,246 117,390 93,755 53,822 53,278 77,405 77,097 147 0.9532 

 

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) 

 

2014 - Dec ................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934 

2015 - Mar ................... 24,395 27,813 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 

June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346 

Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 

Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,965 16,654 48,569 16,247 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,961 14,942 38,415 16,235 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept .................. 13,162 13,803 74,616 16,527 - n.a. n.a. n.a. n.a. 0.9694 

Dec ................... 15,062 14,957 100,733 18,341 - n.a. n.a. n.a. n.a. 1.016 

2017 - Mar ................... 16,987 18,151 75,643 18,090 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,636 16,877 104,803 16,789 - n.a. n.a. n.a. - 0.9586 

Sept .................. 16,715 14,386 n.a. 17,935 47 25 n.a. n.a. n.a. 0.9688 

Dec ................... 13,981 15,244 136,332 21,004 n.a. n.a. n.a. n.a. n.a. 0.9738 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

10/04/17 .................................................................. 2,572,654 2,737,750 -36 1.3268 

10/11/17 .................................................................. 2,592,321 2,754,061 151 1.321 

10/18/17 .................................................................. 2,592,937 2,771,456 179 1.3183 

10/25/17 .................................................................. 2,834,942 2,821,283 38 1.3252 

 

11/01/17 .................................................................. 2,796,829 3,021,268 58 1.3257 

11/08/17 .................................................................. 2,693,436 2,927,691 130 1.3108 

11/15/17 .................................................................. 2,690,911 2,946,860 -38 1.3165 

11/22/17 .................................................................. 2,594,930 2,804,068 n.a. 1.3291 

11/29/17 .................................................................. 2,872,439 3,072,592 n.a. 1.3436 

 

12/06/17 .................................................................. 2,740,411 2,979,088 n.a. 1.3382 

12/13/17 .................................................................. 2,874,013 3,105,573 n.a. 1.3365 

12/20/17 .................................................................. 2,481,869 2,711,694 n.a. 1.3408 

12/27/17 .................................................................. 2,385,362 2,622,632 n.a. 1.3403 

 

01/03/18 .................................................................. 2,400,437 2,615,693 265 1.3522 

01/10/18 .................................................................. 2,384,667 2,601,413 267 1.3513 

01/17/18 .................................................................. 2,396,961 2,623,356 n.a. 1.3824 

01/24/18 .................................................................. 2,375,838 2,603,300 475 1.4198 

01/31/18 .................................................................. 2,627,180 2,851,896 464 1.419 

 

02/07/18 .................................................................. 2,558,017 2,784,959 n.a. 1.3881 

02/14/18 .................................................................. 2,605,829 2,807,574 365 1.3955 

02/21/18 .................................................................. 2,585,392 2,817,823 347 1.3946 

02/28/18 .................................................................. 2,772,916 3,011,793 355 1.3794 

 

03/07/18 .................................................................. 2,643,814 2,846,446 445 1.3888 

03/14/18 .................................................................. 2,775,033 2,969,777 441 1.3946 

03/21/18 .................................................................. 2,530,044 2,719,587 n.a. 1.4064 

03/28/18 .................................................................. 2,665,809 2,870,574 359 1.411 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

2015 - Dec ................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 

2016 - Dec ................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 – Apr. .................. 2,514,037 2,665,959 897,783 854,920 99,777 98,548 115,796 113,922 250 1.2938 

May .................. 2,716,048 2,891,563 862,327 824,198 110,083 108,380 131,068 137,770 n.a. 1.2905 

June ................. 2,483,318 2,626,161 867,362 830,391 119,012 118,204 145,951 147,180 51 1.2995 

July .................. 2,632,803 2,820,355 885,057 856,156 120,503 124,499 128,372 141,586 103 1.3196 

Aug .................. 2,724,719 2,898,594 832,105 803,286 116,058 118,534 129,649 137,322 99 1.2888 

Sept ................. 2,711,567 2,895,640 845,056 794,639 142,922 139,917 137,361 145,899 241 1.3402 

Oct ................... 2,829,670 3,046,396 841,243 796,719 139,103 136,155 136,457 145,243 305 1.3281 

Nov .................. 2,964,748 3,215,150 860,406 815,265 147,952 153,873 156,622 159,284 259 1.3506 

Dec .................. 2,423,105 2,623,676 926,696 893,568 111,989 115,312 75,795 83,179 n.a. 1.3529 

2018 – Jan. ................. 2,815,811 3,043,115 904,368 844,973 136,126 139,244 78,650 86,168 n.a. 1.419 

Feb .................. 2,929,302 3,173,541 852,315 795,166 132,548 138,361 82,391 87,587 n.a. 1.3794 

Mar .................. 2,680,116 2,881,561 910,959 851,220 136,289 140,329 77,591 78,519 n.a. 1.4027 

 

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) 

 

2014 - Dec ................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578 

2015 - Mar ................... 30,264 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.485 

June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727 

Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 

Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 25,097 48,638 161,912 64,787 460 958 5,159 2,545 76 1.4381 

June ................. 32,851 59,068 168,024 68,927 n.a. n.a. 3,488 1,337 131 1.3242 

Sept .................. 27,814 58,602 163,430 65,795 406 432 2,465 727 63 1.3015 

Dec ................... 28,214 50,414 166,901 66,789 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar ................... 32,757 57,906 182,064 82,094 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,749 58,195 209,496 74,067 1,498 1,355 2,837 1,910 50 1.2995 

Sept .................. 34,429 63,757 208,624 67,493 1,369 1,380 2,032 1,755 81 1.3402 

Dec ................... 25,399 53,184 201,028 64,366 n.a. n.a. n.a. n.a. 47 1.3529 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

10/04/17 ................................................................ 24,393,051 23,649,399 n.a. n.a. 

10/11/17 ................................................................ 24,641,233 23,927,514 n.a. n.a. 

10/18/17 ................................................................ 24,688,776 23,941,752 n.a. n.a. 

10/25/17 ................................................................ 25,004,135 24,079,581 n.a. n.a. 

 

11/01/17 ................................................................ 25,601,251 24,735,195 n.a. n.a. 

11/08/17 ................................................................ 25,350,133 24,535,846 n.a. n.a. 

11/15/17 ................................................................ 26,002,081 25,105,428 n.a. n.a. 

11/22/17 ................................................................ 25,522,807 24,641,296 n.a. n.a. 

11/29/17 ................................................................ 27,004,771 26,056,333 -2,166 n.a. 

 

12/06/17 ................................................................ 26,296,589 25,421,971 -1,289 n.a. 

12/13/17 ................................................................ 27,812,824 26,523,851 -1,588 n.a. 

12/20/17 ................................................................ 23,423,363 22,551,631 -2,815 n.a. 

12/27/17 ................................................................ 22,444,394 21,625,031 -3,530 n.a. 

 

01/03/18 ................................................................ 22,363,835 21,550,868 124 n.a. 

01/10/18 ................................................................ 23,284,607 22,435,577 341 n.a. 

01/17/18 ................................................................ 23,678,898 22,765,625 1,097 n.a. 

01/24/18 ................................................................ 23,974,921 23,014,935 753 n.a. 

01/31/18 ................................................................ 25,697,315 24,717,373 1,276 n.a. 

 

02/07/18 ................................................................ 25,744,859 24,800,890 1,178 n.a. 

02/14/18 ................................................................ 26,346,228 25,360,533 1,374 n.a. 

02/21/18 ................................................................ 26,200,319 25,194,746 -1,133 n.a. 

02/28/18 ................................................................ 26,959,558 25,968,507 -903 n.a. 

 

03/07/18 ................................................................ 26,690,537 25,810,409 -1,153 n.a. 

03/14/18 ................................................................ 27,480,884 26,847,738 -928 n.a. 

03/21/18 ................................................................ 25,529,428 24,617,901 -847 n.a. 

03/28/18 ................................................................ 25,800,974 24,893,504 -1,131 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

2015 - Dec .............. 23,238,723 22,612,485 - - 2,124,407 1,978,064 1,357,669 1,515,285 -7,263 n.a. 

2016 - Dec .............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

2017 – Apr. ............. 22,891,442 22,376,553 - - 1,862,305 1,891,160 1,417,946 1,417,304 -2,860 n.a. 

May ............. 24,520,485 23,900,070 - - 1,870,595 1,888,411 1,592,551 1,594,624 -2,311 n.a. 

June ............ 22,770,719 22,453,863 - - 1,809,499 1,825,703 1,524,282 1,521,005 155 n.a. 

July ............. 24,410,171 23,687,051 - - 1,786,041 1,787,417 1,617,854 1,609,517 -203 n.a. 

Aug ............. 26,230,917 25,902,293 - - 1,842,779 1,863,511 1,663,720 1,670,125 732 n.a. 

Sept ............ 25,831,047 25,040,543 - - 1,881,948 1,890,006 1,681,015 1,695,003 416 n.a. 

Oct .............. 26,237,151 25,310,694 - - 1,906,482 1,911,803 1,704,527 1,716,059 -69 n.a. 

Nov ............. 28,055,100 27,082,715 - - 1,874,917 1,882,417 1,664,993 1,633,793 317 n.a. 

Dec ............. 22,952,680 22,023,076 - - 1,342,990 1,344,134 1,100,000 1,074,915 -217 n.a. 

2018 – Jan. ............ 27,711,586 26,556,048 - - 1,466,966 1,452,838 1,290,966 1,283,247 n.a. n.a. 

Feb ............. 28,690,487 27,547,965 - - 1,487,746 1,471,377 1,337,489 1,318,162 1,250 n.a. 

Mar ............. 26,294,607 25,274,052 - - 1,439,763 1,668,150 1,268,629 1,224,125 595 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) 

 

2014 - Dec .................. 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a. 

2015 - Mar .................. 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a. 

June ................ 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a. 

Sept ................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a. 

Dec .................. 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a. 

2016 - Mar .................. 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a. 

June ................ 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a. 

Sept ................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

Dec .................. 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar .................. 432,581 409,997 - - 28,357 17,729 20,518 21,040 1,350 n.a. 

June ................ 426,181 406,215 - - 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. 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

10/04/17 ............................................................................. 6,376,198 6,512,624 n.a. 0.8503 

10/11/17 ............................................................................. 6,540,261 6,679,325 n.a. 0.8441 

10/18/17 ............................................................................. 6,428,666 6,572,302 n.a. 0.8493 

10/25/17 ............................................................................. 6,433,079 6,602,576 n.a. 0.8473 

 

11/01/17 ............................................................................. 6,714,961 7,009,975 n.a. 0.8607 

11/08/17 ............................................................................. 6,649,152 6,930,495 n.a. 0.8627 

11/15/17 ............................................................................. 6,946,322 7,233,345 n.a. 0.8479 

11/22/17 ............................................................................. 6,586,395 6,837,432 n.a. 0.8482 

11/29/17 ............................................................................. 7,093,463 7,424,308 n.a. 0.8433 

 

12/06/17 ............................................................................. 6,985,431 7,269,016 n.a. 0.8483 

12/13/17 ............................................................................. 7,422,554 7,878,883 n.a. 0.8502 

12/20/17 ............................................................................. 6,315,736 6,563,535 n.a. 0.8417 

12/27/17 ............................................................................. 6,030,055 6,246,986 2,389 0.8402 

 

01/03/18 ............................................................................. 5,917,167 6,229,007 295 0.8313 

01/10/18 ............................................................................. 6,344,908 6,656,775 188 0.8363 

01/17/18 ............................................................................. 6,403,099 6,666,218 670 0.8177 

01/24/18 ............................................................................. 6,505,775 6,629,228 730 0.8071 

01/31/18 ............................................................................. 7,047,813 7,212,750 710 0.8046 

 

02/07/18 ............................................................................. 7,024,481 7,290,545 478 0.8143 

02/14/18 ............................................................................. 7,128,508 7,665,770 509 0.8067 

02/21/18 ............................................................................. 6,984,266 7,364,391 445 0.8121 

02/28/18 ............................................................................. 7,399,838 7,833,931 229 0.8189 

 

03/07/18 ............................................................................. 7,107,701 7,418,748 540 0.8066 

03/14/18 ............................................................................. 7,386,172 7,778,790 483 0.8089 

03/21/18 ............................................................................. 6,681,683 7,139,355 555 0.8151 

03/28/18 ............................................................................. 6,886,654 7,239,377 156 0.8096 

 
FOREIGN CURRENCY POSITIONS 

June 2018 

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) 

 

2015 - Dec ................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,858 694,076 n.a. 0.9209 

2016 - Dec ................... 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 – Apr. .................. 6,570,267 6,807,132 2,250,202 2,121,817 585,127 579,493 611,870 635,852 -609 0.9179 

May .................. 7,036,134 7,117,328 2,123,061 2,032,558 615,754 611,357 546,304 555,684 -302 0.89 

June ................. 6,187,887 6,326,053 2,128,982 2,066,762 550,808 542,812 515,849 526,401 -36 0.8763 

July .................. 6,520,855 6,717,142 2,233,294 2,141,277 556,513 537,021 519,889 521,493 856 0.8456 

Aug .................. 6,838,729 7,022,201 2,168,180 2,087,955 625,316 616,688 514,917 524,360 260 0.8408 

Sept ................. 6,682,397 6,846,458 1,974,611 1,853,302 590,904 586,129 509,884 512,543 190 0.8465 

Oct ................... 6,868,706 7,148,517 2,071,132 1,915,336 583,788 576,004 517,044 516,484 -12 0.8585 

Nov .................. 7,329,380 7,568,045 2,031,462 1,896,864 579,459 567,241 542,522 543,060 257 0.8405 

Dec .................. 6,140,523 6,466,719 2,184,607 2,013,841 489,182 476,486 333,795 341,768 1,078 0.8318 

2018 – Jan. ................. 7,570,032 7,893,660 2,179,433 1,996,007 577,363 576,178 359,848 359,803 1,355 0.8046 

Feb .................. 7,917,099 8,400,309 2,031,565 1,941,506 582,861 575,417 382,664 377,419 977 0.8189 

Mar .................. 7,056,476 7,433,895 2,102,036 1,947,767 555,884 548,131 355,962 353,214 918 0.8117 

 

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) 

 

2014 - Dec ................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264 

2015 - Mar ................... 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.931 

June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 

Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 

Dec ................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar ................... 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a. 0.878 

June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a. 0.9064 

Sept .................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a. 0.8898 

Dec ................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar ................... 145,758 148,204 416,803 287,640 9,239 7,902 15,666 8,084 197 0.9347 

June ................. 170,784 153,986 471,949 286,090 9,781 8,505 9,977 4,992 n.a. 0.8763 

Sept .................. 138,547 134,715 457,764 261,003 13,624 13,030 11,161 6,860 n.a. 0.8465 

Dec ................... 132,848 141,002 464,598 260,462 7,219 5,647 6,446 3,750 1,410 0.8318 

 
60 

June 2018 

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. 

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, 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, 2017, and Mar. 31, 2018 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2017 

Jan. 1, 2018, 

through 

Mar. 31, 2018 Mar. 31, 2018 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance ................................................................... - - - 

U.S. Government securities ............................................. 22,127,146 49,217 22,176,363 

Special drawing rights 1 ........................................................... 51,863,514 1,115,313 52,978,827 

Foreign exchange and securities: 

European euro ..................................................................... 13,029,250 308,224 13,337,474 

Japanese yen ....................................................................... 8,298,551 506,468 8,805,019 

Accounts receivable ................................................................. 145,379 10,038 155,417 

Total assets .......................................................................... 95,463,840 1,989,260 97,453,100 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 60,733 8,183 68,916 

Total current liabilities ...................................................... 60,733 8,183 68,916 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 50,294,121 1,049,935 51,344,056 

Total other liabilities ......................................................... 55,494,121 1,049,935 56,544,056 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 294,030 939,274 1,233,304 

Total capital ...................................................................... 39,908,986 931,142 40,840,128 

Total liabilities and capital ............................................ 95,463,840 1,989,260 97,453,100 

See footnote on the following page. 
61 

June 2018 

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, 2018, 

through 

Mar. 31, 2018 

Fiscal year to date 

Oct. 1, 2017, 

through 

Mar. 31, 2018 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... 831,134 1,054,950 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... 32,750 44,843 

Net income (+) or loss (-): 

SDRs .............................................................................. 3,229 5,864 

U.S. Government securities ........................................... 78,461 139,598 

Foreign exchange .......................................................... -6,300 -11,951 

Income from operations ................................................. 939,274 1,233,304 

Net income (+) or loss (-) ........................................... 939,274 1,233,304 

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 2018 

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 figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

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. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 87 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 

21 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 66 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ............................................................................................................................ 149 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 30 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 22 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ........................................................................................................................... 26 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
66 

June 2018 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

June 2018 

67 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Margaret Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
June 2018 

68 

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 

Treasury to a specific Government agency, trust fund, or 
GLOSSARY 

June 2018 

69 

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. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 
GLOSSARY 

June 2018 

70 

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). 
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