BULLETIN

JUNE2016

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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June 2016 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

Introduction—Source and Availability of the Balance in the Account of the U.S. Treasury .............................................. 19 

UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 19

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 21 

FD-1—Summary of Federal Debt ....................................................................................................................................... 22 

FD-2—Debt Held by the Public .......................................................................................................................................... 23 

FD-3—Government Account Series .................................................................................................................................... 24 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 25 

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

 Private Investors .................................................................................................................................................... 26 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 27 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 28

PUBLIC DEBT OPERATIONS 

Introduction—Public Debt Operations ................................................................................................................................ 30 

TREASURY FINANCING ................................................................................................................................................. 30 

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

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

June 2016 

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 2016

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 ............................... √ 

 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations

Account of theU.S.Treasury

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
June 2016 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of May 6, 2016 

Introduction 

Growth of real gross domestic product (GDP) slowed in 

the first quarter of 2016, mainly reflecting a further 

deceleration in the pace of inventory investment, a steeper 

decline in net exports, and additional cutbacks in business 

investment in the oil and gas sector. Labor market conditions 

continued to improve, and the unemployment rate stood at 5 

percent in April 2016, very close to full employment. 

Although inflation edged up a bit, it remained relatively low, 

in part reflecting past declines in energy and non-oil import 

prices. 

The Administration has taken a number of steps in recent 

years to promote stronger economic growth in the near term 

and put the deficit and debt on a sustainable path over the 

longer term. Since 2009, the budget deficit has been reduced 

by more than $4 trillion (including the deep cuts imposed by 

sequestration). The federal budget deficit has fallen from a 

peak of 9.8 percent of GDP in fiscal year 2009 to 2.5 percent 

in fiscal year 2015. The Administration’s Fiscal Year 2017 

Budget projects the deficit will decline slightly further to 2.3 

percent of GDP in fiscal year 2018 and then stabilize at 2.6 

percent of GDP through the end of the 10-year forecast 

horizon in 2026. 

At its meeting in April 2016, the Federal Reserve’s 

Federal Open Market Committee (FOMC) maintained the 

target range for the federal funds rate at 0.25 to 0.50 percent. 

At that meeting, the FOMC announced it would maintain 

existing programs for reinvestment of principal payments 

and roll-overs of maturing Treasuries at auction. The 

Committee noted the “current shortfall of inflation from 2 

percent” and reiterated that, “the stance of monetary policy 

remains accommodative, thereby supporting further 

improvement in labor market conditions and a return to 2 

percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 14.9 percent and, as of the first 

quarter of 2016, real GDP was 10.0 percent above its level at 

the end of 2007, when the recession began. According to the 

advance estimate, real GDP rose 0.5 percent at an annual 

rate in the first quarter of 2016, following a 1.4 percent 

increase in the fourth quarter. Consumer spending growth 

moderated in the first quarter, but still made a substantial 

contribution to overall GDP growth. Residential investment 

strengthened in the first quarter, after growing solidly for the 

previous eight quarters, and made a small positive 

contribution to real GDP growth. Business fixed investment 

declined, as equipment investment fell for the secondstraight quarter and business spending on structures 

continued to fall in response to the drop in oil and gas 

drilling. Growth of federal government outlays fell 

somewhat in the first quarter, but State and local government 

spending increased. Overall, the government sector provided 

a small addition to growth in the first quarter. Net exports 

posed a larger drag on GDP growth in the first quarter than 

in the previous two quarters, largely reflecting weak export 

demand. Private inventory accumulation slowed sharply in 

the first quarter and posed a larger drag on GDP growth than 

in the fourth quarter. 

Real personal consumption expenditures—which 

account for about 68 percent of GDP—rose at a 1.9 percent 

annual rate in the first quarter, after rising at an average 

annual rate of 3.0 percent over the prior three quarters. A 

contraction in consumer durables purchases, mainly related 

to a slowing of motor vehicle sales from record-high levels, 

accounted for much of the moderation; consumption of 

nondurables accelerated and services consumption rose 2.7 

percent (comparable to the fourth quarter’s 2.8 percent rise). 

Altogether, consumption contributed 1.3 percentage points 

to real GDP growth in the first quarter. 

Over the past 2 years or so, housing activity has stepped 

up. Residential investment—mostly residential homebuilding—advanced 14.8 percent at an annual rate in the 

first quarter, accelerating from the solid 10.1 percent pace in 

the fourth quarter. Residential activity accounts for 3.5 
4 PROFILE OF THE ECONOMY 

June 2016 

percent of GDP and added 0.5 percentage point to firstquarter real GDP growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts gained 22.6 

percent over the year through March 2016 to an annual rate 

of 764,000 units. Single-family starts remained 58 percent 

below their January 2006 peak, and well below the 1.1 

million unit averages observed from 1980 to 2004. Multifamily starts slipped 1.8 percent over the year through 

March 2016, but remain near pre-recession levels. Sales of 

new single-family homes rose 5.4 percent over the year 

through March 2016 to a 511,000 annual rate. Sales of all 

existing homes (94 percent of all home sales, including 

single-family, condos, and co-ops) increased 1.5 percent 

over the year to a 5.3 million rate in March 2016. 

Home prices have continued to rise. While the pace of 

increase remains below the rapid pace observed in mid2013, it has accelerated somewhat over the past year. The 

FHFA purchase-only home price index rose 5.6 percent over 

the year ending in February 2016, down from peak rates of 

around 8 percent in mid-2013. The Standard and Poor’s 

(S&P)/Case-Shiller composite 20-city home price index rose 

5.4 percent over the year ending in February 2016, down 

from a peak of 13.7 percent in November 2013. Other house 

price measures have also pointed to a faster pace of 

appreciation. 

Nonresidential fixed investment—about 13 percent of 

GDP—fell by 5.9 percent at an annual rate in the first 

quarter of 2016, following a 2.1 percent drop in the fourth 

quarter. Growth of business spending on intellectual 

property products—including outlays for software, research 

and development, and entertainment, literary and artistic 

originals—rebounded to a 1.7 percent pace from a 0.2 

percent decline in the fourth quarter. In contrast, equipment 

investment fell 8.6 percent in the first quarter, following a 

2.1 percent decline in the fourth quarter. In addition, 

business outlays for structures plunged 10.7 percent, 

following a 5.1 percent decline in the fourth quarter. 

Altogether, nonresidential fixed investment subtracted 0.8 

percentage point from real GDP growth in the first quarter, 

after posing a 0.3 percentage point drag in the fourth quarter. 

Finally, businesses accumulated inventories at a slower pace 

than in the fourth quarter. The resulting change in private 

inventories subtracted 0.3 percentage point from first-quarter 

real GDP growth, after a 0.2 percentage point subtraction in 

the fourth quarter. 

Exports account for about 12.5 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 16 percent. In the first 

quarter of 2016, exports fell 2.6 percent, and imports grew 

0.2 percent. The net export deficit deteriorated, subtracting 

0.3 percentage point from GDP growth in the first quarter 

after subtracting 0.1 percentage point from growth in the 

fourth quarter of 2015. 

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 2015, the current account 

deficit widened to $501 billion (annualized), or 2.8 percent 

of GDP. 

Government purchases—which account for close to 18 

percent of GDP—contributed modestly on net to economic 

growth in 2015 after subtracting from GDP growth in each 

of the previous 4 years. In the first quarter, government 

outlays advanced 1.2 percent at an annual rate after edging 

up 0.1 percent in the fourth quarter, and contributed 0.2 

percentage point to real GDP growth. At the federal level, 

spending declined 1.6 percent, slowing from the 2.3 percent 

advance in the fourth quarter. State and local government 

spending increased 2.9 percent, after declining by 1.2 

percent in the fourth quarter. State and local government 

spending declined for 14 straight quarters from the fourth 

quarter of 2009 through the first quarter of 2013, but has 

risen in all but four quarters since then. Similarly, spending 

cutbacks at the federal level restrained overall growth from 

2011 through 2014. 

Labor Markets

During the recession (from December 2007 through June 

2009), the economy lost 7.4 million jobs. Job losses 

continued even after the recovery began, but in February 

2010 employment began to rise. Since then, through April 

2016, total nonfarm payroll employment has increased by 

nearly 14.2 million. Private-sector employment has risen by 

14.6 million. 

Job losses during the recession were spread broadly 

across most sectors but, with the resumption of job growth, 

all of these sectors have added jobs. Since the labor market 

recovery began in early 2010, payrolls in professional and 

business services have risen by 3.6 million, and the leisure 

and hospitality industry’s employment has increased by 

more than 2.2 million through April 2016. Employment in 

the manufacturing sector has expanded by 844,000 since 

early 2010, and the construction sector has added 1.2 million 

workers to its payrolls. A few sectors added jobs throughout 

the recession and still continue to hire new workers: since 

early 2010, the health care and social assistance sector has 

added an additional 2.3 million jobs. On a net basis, the 

government sector also added workers to payrolls during the 

recession, although payrolls began declining late in 2008 and 

trended lower until early 2014. Government employment has 

increased since then but growth has been uneven. From 

January 2014 through April 2016, the government sector has 

added just 270,000 jobs. Most of the growth has occurred at 

the local level, with the addition of 184,000 positions. 

Federal government employment has risen by 24,000 during 
PROFILE OF THE ECONOMY 5 

June 2016 

this period, and State government employment has increased 

by 62,000. 

The unemployment rate peaked in October 2009 at a 26-

year high of 10.0 percent—5.4 percentage points above the 

4.6 percent average that prevailed in 2006 and 2007, before 

the recession began. Since then, the unemployment rate has 

trended lower and in April 2016 stood at 5.0 percent. 

Broader measures of unemployment have also declined but 

are still elevated compared with 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), has fallen 

from a record high of 17.1 percent in late 2009 and early 

2010 to 9.7 percent in January 2016. The U-6 unemployment 

rate averaged 8.3 percent in the 2 years prior to the last 

recession. The percentage of the unemployed who have been 

out of work for 27 weeks or more also remains elevated 

relative to its pre-recession average. In April 2016, 25.7 

percent of unemployed workers were included in this 

category compared with readings around 17.5 percent before 

the recession. 

Inflation

Headline and core inflation rates remained relatively low 

and stable, due in part to low energy prices. Headline 

consumer prices rose 0.9 percent over the 12 months ending 

in March 2016, after falling 0.1 percent over the same period 

a year earlier. Energy prices fell 12.6 percent over the year 

through March 2016, less than the 18.3 percent decline over 

the year through March 2015. Food and beverage prices rose 

0.8 percent over the year through March 2016, slowing 

substantially from the 2.3 percent increase over the 12 

months ending in March 2015. On a 12-month basis, core 

consumer prices (excluding food and energy) rose 2.2 

percent through March 2016, accelerating from the 1.8 

percent advance in the year through March 2015. Core 

inflation had been near or below 2 percent from early 2013 

through late 2015, but over the past several months, has been 

higher. 

Oil and gasoline prices fell sharply between mid-2014 

and early 2015. They trended higher in the spring and early 

summer of 2015, but resumed a declining trend through 

early 2016, reaching their lowest levels since early 2009. In 

the past few months, however, prices have begun to 

increase. The front-month futures price of West Texas 

Intermediate (WTI) crude oil averaged $41.12 per barrel in 

April 2016, roughly $13.25 below its April 2015 average, 

but $3.16 above its March 2016 average. The retail price of 

regular gasoline averaged $2.16 per gallon in April 2016, 41 

cents lower than a year earlier, but 10 cents above its March 

2016 average. 
6 PROFILE OF THE ECONOMY 

June 2016 

Federal Budget and Debt

The federal budget deficit declined to $439 billion (2.5 

percent of GDP) in fiscal year 2015 from $483 billion (2.8 

percent of GDP) in fiscal year 2014. The deficit has declined 

by 7.3 percentage points from a peak of 9.8 percent in fiscal 

year 2009, and is now at its lowest level since fiscal year 

2007. Debt held by the public rose to $13.1 trillion in fiscal 

year 2015. As a share of the economy, publicly held debt 

declined from 74.4 percent of GDP at the end of fiscal year 

2014 to 73.7 percent at the end of fiscal year 2015. 

In February 2016, the Administration released its Fiscal 

Year 2017 Budget. Budget projections show a small increase 

in the budget deficit and the debt-to-GDP ratio in the current 

fiscal year. After fiscal year 2016, the deficit is projected to 

fall slightly further to $454 billion (2.3 percent of GDP) in 

fiscal year 2018 but will gradually rise thereafter as 

mandatory spending and net interest outlays grow as shares 

of GDP. As a share of the economy, the deficit is projected to 

stabilize in the last half of the forecast horizon (fiscal years 

2021 to 2026) at 2.6 percent of GDP—well below the 40-

year average of 3.2 percent of GDP. The primary deficit—

the deficit excluding net interest outlays –will decline to a 

negligible share of GDP by fiscal year 2021 and will be 

neutral thereafter. The debt-to-GDP ratio is projected to rise 

to 76.5 percent of GDP in fiscal years 2016 and 2017 and 

then decline gradually to 75.3 percent by the end of the 10-

year forecast horizon in fiscal year 2026. 

Economic Policy

Key fiscal and monetary policy actions taken over the 

past few years aided the recovery and have helped reinforce 

the expansion. On the fiscal policy side, the American 

Recovery and Reinvestment Act (ARRA) of 2009 authorized 

the Federal Government to spend $787 billion to stimulate 

domestic demand, an amount that was increased to $840 

billion to be consistent with the President’s Fiscal Year 2012 

Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

expansion of the first-time home buyer tax credit, a new 

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

year extension of the 2001 tax cuts. In late December 2011, 

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law. 

In January 2013, the American Taxpayer Relief Act of 

2012 (ATRA) was signed into law. The ATRA permanently 

extended tax cuts for the vast majority of Americans and 

small businesses, extended Emergency Unemployment 

benefits for an additional year, extended a variety of other 

tax cuts and credits, postponed the sequester originally 

scheduled to take effect on January 1 until March 1, 2013, 

and raised tax rates for high-income earners (representing 

about 2 percent of taxpayers). Altogether, the ATRA is 

projected to reduce the deficit by $737 billion over the next 

decade. 

At the end of October 2015, Congress passed and the 

President signed the Bipartisan Budget Act of 2015. The Act 

suspended the debt ceiling through March 15, 2017, 

established budgetary guidelines for the 2016 and 2017 

fiscal years and lessened the burden of sequestration in those 

years. Congress passed an omnibus bill in December 2015, 

funding the government through September 2016. 

Partly in response to rising financial market stress, as 

well as to signs of slowing in the broader economy, the 

Federal Reserve began its last cycle of monetary policy 

easing in September 2007. By December 2008, the FOMC 

had lowered the federal funds target interest rate to an 

historically low range of 0 to 0.25 percent. The FOMC 

maintained this range until December 2015 and then raised 

the rate by 25 basis points to 0.25 to 0.5 percent. At its most 

recent meeting in April 2016, the FOMC maintained this 

range and reiterated its view, first expressed at the December 

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 lowering the federal funds rate target, the 

Federal Reserve significantly expanded its tools to increase 

liquidity in credit markets, and eased lending terms to 

sectors in need of liquidity, including a variety of facilities 

and funds directed at specific financial markets. As of June 

30, 2010, all of these special facilities had expired. At the 

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term Treasury securities (6 to 30 years) and selling an 

equal amount of shorter-term Treasury securities (3 years or 

less), all by the end of June 2012. The Committee also 

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 
PROFILE OF THE ECONOMY 7 

June 2016 

operation announced in September 2011). At the September 

2012 meeting, FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

FOMC announced additional monetary accommodation 

at the December 2012 meeting, including the completion of 

short-term securities sales (which drain liquidity) and the 

continuation of purchases of long-term Treasury securities at 

a rate of $45 billion per month beyond the end of 2012. 

FOMC also indicated that monthly purchases of mortgagebacked securities at a pace of $40 billion per month would 

continue, and affirmed its existing policy of reinvesting 

principal payments. At its most recent meeting in April 

2016, the Committee indicated that it is maintaining its 

existing policy of reinvesting principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities in agency mortgage-backed securities, and of 

rolling over maturing Treasury securities at auction.” It 

added that, “it anticipates doing so until normalization of the 

level of the federal funds rate is well under way,” and 

reiterated that, “this policy, by keeping the Committee’s 

holdings of longer-term securities at sizeable levels, should 

help maintain accommodative financial conditions.” 

At the December 2013 meeting, FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

purchases to $40 billion and $35 billion, respectively. At 

each subsequent meeting in January, March, April, June, 

July, and September 2014, the Committee announced further 

tapering of asset purchases of $5 billion in each category. At 

its meeting in October 2014, the Committee announced the 

conclusion of its asset purchase program at the end of 

October 2014. 

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. Although the 

index is currently 31 percent above its October 2007 peak, it 

declined by 0.7 percent during 2015, and thus far in 2016, is 

0.6 percent higher through early May. Volatility has also 

declined markedly: the S&P Stock Market Volatility Index 

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

uncertainty, stood at about 15 as of early May 2016—down 

sharply from an all-time high of 80 in late October 2008. 

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 

Government’s debt, and more recently, concerns about 

global financial markets and slowing global growth. 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. Currently, the 10-year yield is 48 basis 

points lower on the year at 1.79 percent, though still well 

above the record low of 1.43 percent reached in late July 

2012. The 3-month Treasury bill yield dipped below 0.1 

percent between January 2012 and November 2015, but 

since then has trended higher, and stood at about 0.2 percent 

as of early May 2016. The 2- to 10-year Treasury yield 

spread, one measure of the steepness of the yield curve, has 

narrowed significantly since November 2013 and stood at 

about 105 basis points as of early May 2016. 
8 PROFILE OF THE ECONOMY 

June 2016 

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 led to a narrowing of this spread through 

March 2016. In recent weeks, the spread has widened 

somewhat, and stood at 46 basis points as of early May 

2016. The spread between the Baa corporate bond yield and 

the 10-year Treasury yield peaked at nearly 620 basis points 

in December 2008. The Baa-10-year spread had narrowed to 

213 basis points in April 2014, but thereafter, widened very 

gradually to about 360 basis points as of early 2016. In 

recent weeks, the spread has narrowed again and stood at 

287 basis points as of early May 2016, still very high by 

historical standards. 

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. Since then, this rate has eased on 

net and in April 2016 averaged 3.61 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, Austra 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 recent 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 2016 by about 

30 percent. From August 2011 through April 2016, the 

dollar has appreciated by about 42 percent against the yen 

and by about 26 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 23 percent. 
June 2016 

9

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 2016 

10 

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 First-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 2016 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 $323.1 billion for the second 

quarter of fiscal year 2016. This is an increase of $19.3 

billion over the comparable prior year quarter. Withheld 

receipts increased by $20.1 billion and non-withheld 

receipts increased by $6.2 billion during this period. 

Refunds increased by $7.0 billion over the comparable fiscal 

year 2015 quarter. There was an increase of $4.6 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2015. 

Corporate income taxes—Net corporate income tax 

receipts were $37.0 billion for the second quarter of fiscal 

year 2016. This is an increase of $1.9 billion compared to 

the prior year second quarter. The $1.9 billion change is 

comprised of a decrease of $2.2 billion in estimated and 

final payments, and a decrease of $4.1 billion in corporate 

refunds. 

Employment taxes and contributions— Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2016 were $272.0 billion, an increase of $3.0 

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 -$6.3 billion, $8.6 billion, and $0.9 billion 

respectively. There was a $7.0 billion accounting adjustment 

for prior years employment tax liabilities made in the 

second quarter of fiscal year 2016, while there was a $11.6 

billion adjustment in the second quarter of fiscal year 2015. 

Unemployment insurance—Unemployment insurance 

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

2016 were $9.0 billion, a decrease of $0.9 billion over the 

comparable quarter of fiscal year 2015. Net State taxes 

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

$5.6 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.7 billion to $3.4 billion. 
FEDERAL FISCAL OPERATIONS 

June 2016 

11

Budget Results and Financing of the U.S. Government 

and First-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

second quarter of fiscal year 2016. This was a negligible 

change from the comparable quarter of fiscal year 2015. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2016 were $19.4 billion, a decrease of 

$0.3 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.0 billion, an 

increase of $0.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes— Net estate and gift tax receipts 

were $4.2 billion for the second quarter of fiscal year 2016. 

These receipts represent an increase of $0.2 billion over the 

same quarter in fiscal year 2015. 

Customs duties— Customs duties net of refunds were 

$8.5 billion for the second quarter of fiscal year 2016. This 

is an increase of $0.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2016 were $36.5 billion, 

an increase of $6.6 billion over the comparable prior year 

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

Federal Reserve banks increasing by $6.2 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 2016 

 January - March 

 Fiscal year 2016 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 710,574 1,476,219

On-budget receipts .................................................. 499,910 1,093,523

Off-budget receipts .................................................. 210,663 382,695

Total outlays................................................................. 956,064 1,937,263

On-budget outlays.................................................... 766,103 1,552,774

Off-budget outlays.................................................... 189,960 384,489

Total surplus or deficit (-)............................................. -245,490 -461,044

On-budget surplus or deficit (-)................................ -266,193 -459,250

Off-budget surplus or deficit (-)................................ 20,704 -1,793

Means of financing: 

Borrowing from the public ............................................ 251,001 803,210

Reduction of operating cash........................................ 19,613 -115,118

Other means ................................................................ -25,124 -227,048

Total on- and off-budget financing........................... 245,490 461,044

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2016 

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

Source January February March 

Individual income taxes...................................................... 181.2 64.7 77.1

Corporate income taxes..................................................... 7.2 -3.5 33.3

Employment and general retirement.................................. 99.2 78.9 93.9

Unemployment insurance .................................................. 2.2 6.3 0.5

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

Excise taxes ....................................................................... 6.1 6.7 6.6

Estate and gift taxes .......................................................... 1.3 1.3 1.6

Customs duties .................................................................. 3.0 2.5 2.9

Miscellaneous receipts ....................................................... 13.0 11.9 11.6

Total budget receipts ..................................................... 313.6 169.1 227.8

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

June 2016 

12 
FEDERAL FISCAL OPERATIONS 

June 2016 

13

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal 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 or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476

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 - Est.................... 3,335,502 2,537,845 797,657 3,951,307 3,161,649 789,658 -615,805 -623,804 7,999 1,312,768

2017 - Est.................... 3,643,742 2,816,874 826,868 4,147,224 3,318,636 828,588 -503,482 -501,762 -1,720 716,100 2015 - Mar................... 234,187 158,782 75,405 287,105 214,910 72,195 -52,918 -56,128 3,210 -4,729

Apr................... 471,801 390,011 81,790 315,092 251,497 63,595 156,709 138,514 18,195 854

May.................. 212,386 151,023 61,363 296,454 223,306 73,148 -84,068 -72,283 -11,785 140

June................. 342,933 269,307 73,626 292,447 263,104 29,342 50,487 6,202 44,284 -2,494

July .................. 225,493 168,296 57,197 374,680 309,101 65,579 -149,187 -140,804 -8,382 -984

Aug .................. 210,837 151,537 59,300 275,257 201,935 73,323 -64,421 -50,398 -14,023 -530

Sept................. 365,473 300,235 65,238 274,412 201,767 72,645 91,061 98,468 -7,407 -1,541

Oct................... 211,046 155,934 55,112 347,604 282,113 65,492 -136,558 -126,178 -10,380 -43

Nov .................. 204,968 145,440 59,528 269,520 195,509 74,011 -64,552 -50,069 -14,483 673,595

Dec .................. 349,631 292,239 57,392 364,075 309,049 55,026 -14,444 -16,810 2,366 94,513

2016 - Jan ................... 313,579 237,261 76,318 258,416 215,987 42,428 55,163 21,274 33,890 91,319

Feb .................. 169,147 108,015 61,132 361,757 287,570 74,187 -192,610 -179,555 -13,055 111,746

Mar .................. 227,848 154,634 73,213 335,891 262,546 73,345 -108,043 -107,912 -131 138,536 Fiscal year 2016 to date ... 1,476,219 1,093,523 382,695 1,937,263 1,552,774 384,489 -461,044 -459,250 -1,793 1,109,666

Means of financing—net transactions, continued

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353

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 -359,628 -834 483,348

2015 ...................................... 241 -10,027 335,867 40,415 -2,815 -3,114 -6,425 127,111 970 435,887 2016 - Est.............................. 445 301,167 1,012,046 76,284 - - - -319,957 - 615,805

2017 - Est.............................. -3 81,639 634,458 - - - - -130,976 - 503,482

 2015 - Mar............................. 58 -19,994 15,323 65,155 -1,000 -865 -2,430 98,447 - 52,910

Apr............................. 320 37,198 -36,024 173,785 965 -90 -100 53,871 -1 -156,714

May ........................... 25 1,303 -1,138 -74,922 -568 112 -194 7,951 - 82,385

June .......................... 167 -23,189 20,862 55,393 570 -596 127 -17,144 - -51,776

July............................ 9 -59,168 58,193 -44,358 -419 140 -35 46,322 - 149,187

Aug............................ -368 15,289 -16,187 -78,195 328 569 680 3,990 - 64,421

Sept........................... -196 -4,629 2,892 66,929 -2 -39 -1,275 -29,311 971 -91,061

Oct............................. 14 55,951 -55,980 -175,824 -246 352 -38 17,414 -632 136,558

Nov............................ 271 149,071 524,796 230,381 2,853 -251 -225 -227,485 - 64,553

Dec............................ 185 11,305 83,393 80,174 -3,250 -1,026 -736 7,056 -843 14,444

2016 - Jan ............................. 58 106,131 -14,755 36,734 -188 184 3 -3,675 - -55,163

Feb ............................ -185 -15,497 127,058 -97,823 31 -450 -917 -33,607 - 192,610

Mar............................ 12 -150 138,698 41,476 986 -27 313 12,093 - 108,043

 Fiscal year 2016 to date.......... 355 306,811 803,210 115,118 186 -1,218 -1,600 -228,204 -1,475 461,045

These estimates are based on the President's Fiscal Year 2017 Budget, released by the 

Office of Management and Budget on February 9, 2016.

- No transactions. 

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

June 2016 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

 2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643

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 - Est.......... 1,627,834 - - 1,627,834 292,561 - 292,561 1,920,395 1,041,203 - 1,041,203

2017 - Est.......... 1,787,973 - - 1,787,973 418,734 - 418,734 2,206,707 1,080,667 - 1,080,667 2015 - Mar......... 121,794 16,082 51,903 85,973 39,698 9,218 30,481 116,453 96,152 - 96,152

Apr......... 95,842 248,157 55,795 288,204 45,656 2,426 43,230 331,434 106,233 - 106,233

May........ 90,789 9,114 14,868 85,035 9,524 2,184 7,340 92,375 78,416 - 78,416

June....... 92,900 66,231 6,304 152,827 75,825 3,057 72,768 225,595 95,464 - 95,464

July ........ 104,331 8,986 4,187 109,130 12,031 1,417 10,615 119,745 74,146 - 74,146

Aug ........ 98,074 7,378 2,827 102,625 4,809 2,490 2,319 104,944 76,879 - 76,879

Sept....... 89,445 75,605 3,504 161,547 78,778 3,367 75,411 236,958 89,613 2,801 86,812

Oct......... 93,493 23,771 8,044 109,220 10,156 5,900 4,256 113,476 73,923 - 73,923

Nov ........ 95,330 7,448 9,162 93,615 6,603 2,930 3,673 97,288 79,989 - 79,989

Dec ........ 131,673 19,461 2,408 148,727 79,733 2,762 76,971 225,698 77,426 - 77,426

2016 - Jan ......... 101,620 80,315 705 181,230 9,577 2,383 7,194 188,424 98,747 - 98,747

Feb ........ 127,806 7,743 70,819 64,732 5,202 8,659 -3,457 61,275 78,186 - 78,186

Mar ........ 124,470 15,621 62,948 77,144 38,892 5,622 33,271 110,415 93,411 - 93,411 Fiscal year 

2016 to date........ 674,392 154,359 154,086 674,668 150,163 28,256 121,908 796,576 501,682 - 501,682

 

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) 

 

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

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 - Est.................... 5,903 - 5,903 1,047,106 49,874 - 49,874 3,794 22 3,816

2017 - Est.................... 5,974 - 5,974 1,086,641 50,290 - 50,290 4,254 21 4,275 2015 - Mar................... 646 - 646 96,797 481 27 454 326 2 328

Apr................... 500 - 500 106,733 9,538 42 9,496 299 2 301

May ................. 550 1 549 78,965 15,217 13 15,204 285 2 287

June ................ -1 - -1 95,463 421 12 409 287 2 289

July.................. 567 -2 569 74,715 3,518 20 3,498 347 2 349

Aug.................. 543 - 543 77,422 5,428 41 5,387 316 2 318

Sept................. 453 - 453 87,264 220 12 208 302 2 304

Oct................... 459 - 459 74,382 2,160 4 2,156 309 2 311

Nov.................. 453 - 453 80,442 4,833 4 4,830 294 2 297

Dec.................. 447 - 446 77,872 343 - 343 368 2 370

2016 - Jan ................... 451 - 451 99,198 2,218 4 2,214 297 1 298

Feb.................. 664 - 664 78,850 6,272 3 6,269 328 1 329

Mar.................. 527 - 527 93,938 506 39 467 331 2 333 Fiscal year 2016 to date... 3,001 - 3,000 504,682 16,332 54 16,279 1,927 10 1,938

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2016 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500

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 - Est............... 96,821 21,094 - 21,094 36,721 - 36,721 116,445 43,230 159,675 2,537,845 797,657

2017 - Est............... 110,060 22,399 - 22,399 39,537 - 39,537 64,818 58,015 122,833 2,816,874 826,868 2015 - Mar.............. 6,559 1,717 74 1,642 2,822 196 2,627 6,676 2,651 9,327 158,782 75,405

Apr.............. 6,172 3,308 63 3,245 3,546 116 3,430 9,171 1,820 10,990 390,011 81,790

May ............ 7,403 1,755 53 1,703 2,654 106 2,548 8,180 5,722 13,903 151,023 61,363

June ........... 7,100 1,323 69 1,254 3,101 160 2,941 8,021 1,862 9,882 269,307 73,626

July............. 6,879 1,386 75 1,311 3,724 123 3,602 9,345 6,050 15,395 168,296 57,197

Aug............. 7,765 1,333 68 1,265 2,993 1,086 1,908 8,462 3,365 11,827 151,537 59,300

Sept............ 23,547 1,610 66 1,544 3,438 241 3,198 9,830 2,620 12,450 300,235 65,238

Oct.............. 5,577 2,182 50 2,132 3,556 120 3,435 7,489 2,088 9,577 155,934 55,112

Nov............. 7,568 1,794 82 1,713 3,019 132 2,887 6,668 3,276 9,944 145,440 59,528

Dec............. 6,723 2,265 77 2,188 3,021 130 2,891 29,271 4,275 33,546 292,239 57,392

2016 - Jan .............. 6,122 1,322 52 1,270 3,187 139 3,047 7,539 5,466 13,005 237,261 76,318

Feb ............. 6,661 1,484 164 1,320 2,715 175 2,540 7,176 4,726 11,902 108,015 61,132

Mar............. 6,600 1,674 73 1,601 3,015 142 2,873 9,557 2,064 11,622 154,634 73,213 Fiscal year 2016 to date. 39,251 10,721 498 10,224 18,513 838 17,673 67,700 21,895 89,596 1,093,523 382,695 

These estimates are based on the President's Fiscal Year 2017 Budget, released by the 

Office of Management and Budget on February 9, 2016. 

- No transactions. 

Detail may not add to totals due to rounding. 

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) 

 2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320

2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076

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 - Est ..................... 1,100,796 14,351 - 14,351 525 - 525 41,323 - 41,323 40,622 - 40,622

2017 - Est ..................... 1,141,206 15,063 - 15,063 530 - 530 47,522 - 47,522 46,945 - 46,945 2015 - Mar .................... 97,579 1,131 - 1,131 48 - 48 3,099 - 3,099 2,378 97 2,281

Apr .................... 116,530 1,249 3 1,246 53 - 53 3,418 - 3,418 3,071 1,616 1,455

May ................... 94,456 1,123 - 1,123 45 - 45 2,854 - 2,854 3,486 105 3,381

June .................. 96,161 1,194 - 1,194 47 - 47 3,222 - 3,222 2,793 157 2,637

July.................... 78,562 1,260 4 1,256 50 - 50 3,406 - 3,406 3,522 1,355 2,167

Aug.................... 83,127 1,077 - 1,077 35 - 35 3,414 - 3,414 3,318 79 3,239

Sept................... 87,776 1,210 2 1,208 52 - 52 3,699 - 3,699 18,965 377 18,588

Oct .................... 76,849 260 - 260 11 - 11 797 - 797 4,773 265 4,508

Nov.................... 85,569 1,355 - 1,355 60 - 60 4,053 - 4,053 2,157 56 2,101

Dec.................... 78,585 1,117 - 1,117 49 - 49 3,337 - 3,337 2,383 163 2,220

2016 - Jan..................... 101,710 1,103 - 1,103 49 - 49 3,293 - 3,293 2,353 676 1,677

Feb.................... 85,448 1,365 7 1,358 38 - 38 4,030 - 4,030 1,316 80 1,237

Mar.................... 94,738 1,177 - 1,177 46 - 46 3,249 - 3,249 2,326 199 2,128 Fiscal year 2016 to date..... 522,899 6,377 7 6,370 253 - 253 18,759 - 18,759 15,308 1,439 13,871
FEDERAL FISCAL OPERATIONS 

June 2016 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

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 - Est............... 4,728 7,729 153,773 10,527 576,328 79,098 27,416 1,110,428 51,769 28,691 14,022 39,115 43,546

2017 - Est............... 4,880 7,749 151,485 10,546 586,834 68,438 30,373 1,144,690 47,750 40,738 15,040 35,274 50,962 2015 - Mar.............. 428 610 11,814 954 46,532 6,925 2,208 68,367 4,270 3,286 1,289 3,020 4,190

Apr.............. 350 563 10,286 634 45,442 5,159 2,323 83,515 2,666 7,301 858 2,218 4,527

May............. 320 540 10,118 694 45,632 5,089 1,891 83,956 2,934 3,167 821 2,395 3,700

June............ 330 585 10,566 778 47,082 14,706 2,279 85,036 3,460 2,162 1,319 1,882 3,848

July ............. 353 715 9,839 617 49,104 13,716 2,309 119,939 3,569 2,892 1,004 2,237 3,226

Aug ............. 431 564 9,751 913 38,137 6,445 1,682 70,491 4,151 2,862 854 3,024 3,849

Sept ............ 356 629 9,218 911 52,457 9,457 2,558 82,199 3,811 -1,149 1,590 2,551 3,780

Oct.............. 405 611 17,388 644 57,705 3,470 2,544 116,914 3,812 3,216 915 2,167 -3,149

Nov ............. 338 584 15,988 748 41,427 5,500 1,389 60,941 3,158 3,406 780 2,381 3,821

Dec ............. 372 702 14,332 781 54,075 5,063 2,399 87,914 4,083 3,554 939 1,684 5,032

2016 - Jan .............. 342 559 10,966 662 37,363 8,668 1,838 82,622 3,011 3,334 888 2,099 4,725

Feb ............. 392 613 11,114 980 42,591 9,016 1,671 85,514 4,461 3,151 927 2,864 4,177

Mar ............. 344 644 10,916 695 51,039 5,640 2,485 96,298 3,545 3,578 1,364 2,630 5,048 Fiscal year 2016 to 

date............................ 2,193 3,713 80,704 4,510 284,200 37,357 12,326 530,203 22,070 20,239 5,813 13,825 19,654

 

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) 

 2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601

2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060

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 - Est............... 30,911 77,832 447,293 93,083 177,612 6,705 63,679 8,340 400 -719 16,042

2017 - Est............... 28,865 85,828 511,659 106,631 180,220 6,654 59,280 8,693 409 1,284 26,430 2015 - Mar.............. 2,339 5,717 13,889 18,697 7,755 574 2,142 609 35 133 2,457

Apr.............. 1,747 4,947 31,782 14,256 13,351 575 3,518 377 34 -384 399

May ............ 1,321 5,930 32,693 6,451 12,894 510 4,457 479 -11,472 136 999

June ........... 1,960 6,601 93,014 1,923 12,898 533 5,002 726 11,531 -41 1,261

July............. 2,188 7,526 32,394 5,612 20,305 580 8,746 704 36 -119 312

Aug............. 2,090 7,311 30,726 5,370 7,228 520 -250 690 34 -25 1,151

Sept............ 4,461 9,693 20,838 -35,383 14,038 626 5,404 751 35 12 1,523

Oct.............. 2,583 4,199 16,790 4,497 20,633 86 9,508 848 31 -34 -317

Nov............. 2,220 7,458 21,391 6,441 6,702 665 1,266 828 30 -188 2,682

Dec............. 2,165 6,966 85,679 3,321 21,131 596 9,818 801 39 178 2,041

2016 - Jan .............. 1,664 4,583 21,311 6,206 6,891 516 1,297 812 30 -251 2,010

Feb............. 1,726 5,298 18,785 61,077 13,569 514 5,420 672 33 -221 1,335

Mar............. 1,427 6,102 25,135 15,699 14,228 611 5,283 626 33 113 3,551 Fiscal year 2016 to 

date............................ 11,785 34,606 189,091 97,241 83,154 2,988 32,592 4,587 196 -403 11,302 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

June 2016 

17

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

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 - Est.......... 19,153 6,895 93,883 -378 991,558 22,624 -84,405 -151,495 -3,826 -11,050 3,161,649 789,658

2017 - Est.......... 19,256 7,026 96,116 960 1,031,667 23,516 -88,293 -147,344 -4,495 -1,897 3,318,636 828,588

 

2015 - Mar......... 1,543 538 7,462 85 74,292 -408 -5,950 1,778 -475 - 214,910 72,195

Apr......... 1,294 551 8,166 69 78,758 671 -5,663 -4,874 -324 - 251,497 63,595

May ....... 1,232 531 7,166 59 79,373 1,569 -5,598 -3,452 -81 - 223,306 73,148

June ...... 1,937 613 7,294 79 83,449 -4,412 -5,456 -69,213 -1,155 -30,128 263,104 29,342

July........ 1,479 759 7,735 61 83,652 3,835 -6,038 -4,320 -288 - 309,101 65,579

Aug........ 1,473 714 7,526 94 74,994 2,055 -5,863 -3,512 -224 - 201,935 73,323

Sept....... 1,756 698 8,164 100 79,365 224 -5,763 -287 -212 - 201,767 72,645

Oct......... 1,318 538 8,129 68 83,791 3,913 -19,208 3,580 12 - 282,113 65,492

Nov........ 1,560 540 7,339 66 75,057 1,897 -5,420 -1,015 -457 - 195,509 74,011

Dec........ 2,265 510 7,090 74 110,718 666 -5,970 -64,689 -255 - 309,049 55,026

2016 - Jan ......... 1,206 467 7,827 70 50,089 3,239 -5,486 -1,195 56 - 215,987 42,428

Feb ........ 1,473 579 7,350 79 80,423 3,310 -6,068 -718 -353 - 287,570 74,187

Mar........ 1,478 552 7,758 -1,303 80,412 -3,032 -6,033 -824 -152 - 262,546 73,345

Fiscal year 

2016 to date ....... 9,300 3,186 45,493 -946 480,490 9,993 -48,185 -64,861 -1,149 - 1,552,774 384,489

These estimates are based on the President's Fiscal Year 2017 Budget, released by the 

Office of Management and Budget on February 9, 2016. 

- No transactions. 

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

June 2016 

18 

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

March 2016 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............................................... 674,651 17 - 674,668 641,339 95 - 641,434

Corporation income taxes........................................... 121,907 - - 121,907 132,114 - - 132,114

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 382,695 382,695 - - 371,880 371,880

Employment and general retirement (on-budget)... 22 - 121,964 121,987 7 - 118,000 118,007

Unemployment insurance ....................................... -1 - 16,281 16,280 -5 - 16,980 16,975

Other retirement...................................................... - - 1,938 1,938 - - 1,804 1,804

Excise taxes ................................................................ 12,513 636 26,103 39,252 13,493 561 25,358 39,412

Estate and gift taxes ................................................... 10,224 - - 10,224 8,911 - - 8,911

Customs duties ........................................................... 11,611 5,350 713 17,674 11,361 5,273 781 17,416

Miscellaneous receipts................................................ 72,729 15,772 1,095 89,596 53,467 17,361 1,019 71,847

Total receipts....................................................... 903,656 21,774 550,789 1,476,218 860,688 23,290 535,822 1,419,800

(On-budget)..................................................... 903,656 21,774 168,094 1,093,523 860,688 23,290 163,942 1,047,920

(Off-budget)..................................................... - - 382,695 382,695 - - 371,880 371,880

 

Budget outlays: 

Legislative branch ....................................................... 2,251 -55 -4 2,193 2,171 14 3 2,189

Judicial branch ............................................................ 3,985 -179 -93 3,713 3,800 -179 -88 3,534

Department of Agriculture ........................................... 63,279 17,631 -208 80,703 63,001 16,293 41 79,335

Department of Commerce........................................... 4,481 20 9 4,511 4,334 35 40 4,409

Department of Defense-military .................................. 282,935 1,052 211 284,199 285,276 -687 63 284,652

Department of Education ............................................ 37,635 -279 * 37,356 35,379 81 * 35,459

Department of Energy................................................. 13,309 -983 * 12,325 12,953 -571 * 12,382

Department of Health and Human Services ............... 410,814 3,537 115,852 530,202 366,048 -98 136,333 502,283

Department of Homeland Security.............................. 23,698 -1,724 96 22,071 24,028 -2,121 66 21,973

Department of Housing and Urban Development....... 20,612 -187 -186 20,238 18,519 -233 1 18,287

Department of the Interior........................................... 5,401 183 230 5,814 5,344 428 130 5,902

Department of Justice ................................................. 12,644 1,218 -36 13,825 11,228 1,417 -40 12,604

Department of Labor................................................... 3,791 -3,427 19,289 19,653 3,682 -630 19,237 22,289

Department of State.................................................... 11,623 -281 443 11,785 11,401 905 420 12,727

Department of Transportation..................................... 75,036 -68 -40,363 34,605 5,036 -52 28,459 33,444

Department of the Treasury: 

Interest on the public debt....................................... 189,090 - - 189,090 160,736 -. - 160,736

Other ....................................................................... 98,014 -677 -96 97,241 86,677 -1,466 8 85,218

Department of Veterans Affairs .................................. 84,449 -1,714 419 83,154 79,636 -1,595 463 78,505

Corps of Engineers ..................................................... 2,690 209 89 2,988 3,264 254 -179 3,339

Other defense civil programs...................................... 82,723 429 -50,559 32,593 79,653 3,595 -47,158 36,089

Environmental Protection Agency............................... 4,831 -59 -185 4,587 5,169 -71 -1,821 3,277

Executive Office of the President................................ 196 * - 196 195 * * 195

General Services Administration ................................ 47 -451 - -404 49 -516 - -467

International Assistance Program............................... 13,476 -371 -1,802 11,303 15,645 -257 -58 15,331

National Aeronautics and Space Administration ........ 9,309 -9 1 9,300 9,139 -38 1 9,101

National Science Foundation...................................... 3,136 47 4 3,187 2,942 33 -4 2,971

Office of Personnel Management ............................... 6,008 -1,857 41,340 45,492 5,853 -786 40,619 45,685

Small Business Administration ................................... -943 -2 - -946 -1,200 -7 - -1,208

Social Security Administration .................................... 42,650 * 437,841 480,490 42,144 * 422,408 464,552

Other independent agencies....................................... 5,362 -2,025 6,655 9,992 6,323 -1,999 5,308 9,633

Undistributed offsetting receipts: 

Interest .................................................................... - - -64,860 -64,860 - - -56,134 -56,134

Other ....................................................................... -1,360 -6,615 -41,360 -49,336 -1,687 -7,813 -39,510 -49,010

Total outlays........................................................ 1,511,171 3,364 422,727 1,937,262 1,346,738 3,935 508,608 1,859,280

(On-budget)..................................................... 1,510,907 3,540 38,327 1,552,774 1,346,479 5,331 142,006 1,493,816

(Off-budget)..................................................... 264 -175 384,400 384,488 259 -1,396 366,602 365,465

Surplus or deficit (-)............................................. -607,515 18,409 128,062 -461,044 -486,050 19,355 27,214 -439,480

(On-budget)..................................................... -607,252 18,234 129,767 -459,250 -485,791 17,959 21,936 -445,896

(Off-budget)..................................................... -264 175 -1,705 -1,793 -259 1,396 5,278 6,415

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
June 2016 

19

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) 

 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

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 - - 

 2015 - Mar....................................... 777,976 257,105 969,927 - -

Apr....................................... 929,374 278,678 1,034,267 - -

May...................................... 553,164 177,432 805,518 - -

June..................................... 762,167 262,287 969,061 - -

July ...................................... 715,473 190,265 950,096 - -

Aug ...................................... 659,628 179,418 917,241 - -

Sept..................................... 673,726 272,810 879,607 - -

Oct....................................... 473,723 178,920 828,467 - -

Nov ...................................... 848,508 182,452 800,578 - -

Dec ...................................... 804,914 294,524 1,019,264 - -

2016 - Jan ....................................... 660,410 210,223 833,898 - -

Feb ...................................... 915,171 213,175 1,226,168 - -

Mar ...................................... 931,884 256,211 1,146,619 - -

 

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

June 2016 

20 

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) 

 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - - 

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 - - 

 

2015 - Mar.............. 100,084 - - 105,616 - - 27,237 - - 64,222 - -

Apr.............. 273,869 - - 273,869 - - 31,288 - - 122,236 - -

May............. 198,947 - - 229,131 - - 163,581 - - 196,783 - -

June............ 254,340 - - 255,946 - - 165,516 - - 209,744 - -

July ............. 209,982 - - 212,135 - - 173,642 - - 189,849 - -

Aug ............. 131,787 - - 209,982 - - 109,509 - - 165,459 - -

Sept............ 198,716 - - 198,716 - - 76,256 - - 125,049 - -

Oct.............. 22,892 - - 97,527 - - 22,892 - - 60,547 - -

Nov ............. 253,274 - - 253,274 - - 22,892 - - 133,966 - -

Dec ............. 333,447 - - 333,447 - - 160,711 - - 237,077 - -

2016 - Jan .............. 370,182 - - 370,182 - - 265,074 - - 321,834 - -

Feb ............. 272,359 - - 339,636 - - 216,862 - - 273,896 - -

Mar ............. 313,835 - - 313,835 - - 196,297 - - 257,309 - -

 

 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 2016 

21

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 2016

22 

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) 

 

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

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

 

2015 - Mar ..................... 18,176,192 18,152,056 24,136 5,061,878 5,061,873 5 13,114,314 13,090,183 24,131

Apr ..................... 18,177,024 18,152,560 24,464 5,099,005 5,099,000 5 13,078,019 13,053,560 24,459

May .................... 18,177,341 18,152,852 24,489 5,100,242 5,100,237 5 13,077,099 13,052,615 24,484

June ................... 18,176,653 18,151,998 24,655 5,076,967 5,076,962 5 13,099,686 13,075,036 24,650

July..................... 18,175,987 18,151,323 24,664 5,016,394 5,016,389 5 13,159,593 13,134,934 24,659

Aug..................... 18,175,446 18,151,150 24,296 5,031,582 5,031,577 5 13,143,864 13,119,573 24,291

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

Oct ..................... 18,177,087 18,152,982 24,105 5,084,605 5,081,914 2,691 13,092,482 13,071,068 21,414

Nov..................... 18,851,699 18,827,323 24,376 5,233,642 5,230,951 2,691 13,618,057 13,596,372 21,685

Dec..................... 18,946,739 18,922,179 24,560 5,244,964 5,222,311 6 13,701,775 13,699,868 24,554

2016 - Jan...................... 19,037,446 19,012,828 24,618 5,351,001 5,350,995 6 13,686,445 13,661,833 24,612

Feb..................... 19,149,887 19,125,455 24,432 5,335,427 5,335,422 5 13,814,460 13,790,033 24,427

Mar..................... 19,289,383 19,264,939 24,444 5,335,182 5,335,177 5 13,954,201 13,929,762 24,439 

 

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) 

 

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

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

 

2015 - Mar...................... 18,176,192 53,737 18,122,455 5,061,878 26,122 5,035,756 13,114,314 27,615 13,086,699

Apr...................... 18,177,024 53,387 18,123,637 5,099,005 26,050 5,072,955 13,078,019 27,337 13,050,682

May .................... 18,177,341 53,539 18,123,802 5,100,242 25,985 5,074,257 13,077,099 27,554 13,049,545

June ................... 18,176,653 55,178 18,121,475 5,076,967 25,899 5,051,068 13,099,686 29,279 13,070,407

July..................... 18,175,987 55,487 18,120,500 5,016,394 25,791 4,990,603 13,159,593 29,696 13,129,897

Aug..................... 18,175,446 55,844 18,119,602 5,031,582 25,691 5,005,891 13,143,864 30,154 13,113,710

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

Oct...................... 18,177,087 59,259 18,117,827 5,084,605 27,391 5,057,214 13,092,482 31,868 13,060,613

Nov..................... 18,851,699 60,004 18,791,694 5,233,642 27,357 5,206,285 13,618,057 32,647 13,585,409

Dec..................... 18,946,739 60,347 18,886,391 5,244,964 27,374 5,217,589 13,701,775 32,973 13,668,801

2016 - Jan ...................... 19,037,446 59,677 18,977,767 5,351,001 27,280 5,323,721 13,686,445 32,397 13,654,047

Feb ..................... 19,149,887 60,559 19,089,328 5,335,427 27,203 5,308,224 13,814,460 33,356 13,781,104

Mar..................... 19,289,383 61,506 19,227,876 5,335,182 27,109 5,308,073 13,954,201 34,397 13,919,802

 
FEDERAL DEBT 

June 2016 

23

 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) 

2011 .......................... 185,187 - 2,986 151,346 151,831 29,995 1,386

2012 .......................... 183,661 - 2,986 162,880 158,514 29,995 1,380

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

 

2015 - Mar................. 174,958 - 264 144,796 117,933 29,995 1,530

Apr................. 174,630 - 264 107,558 117,427 29,995 1,517

May ............... 174,359 - 264 71,171 110,687 29,995 1,514

June .............. 173,981 - 264 81,884 99,767 29,995 1,527

July................ 173,637 - 264 49,285 88,986 29,995 1,541

Aug................ 173,255 - 264 9,148 81,077 29,995 1,616

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

Oct................. 172,537 - 264 5,859 74,963 29,995 1,667

Nov................ 172,187 - 264 212,348 74,169 29,995 1,710

Dec................ 171,630 - 264 211,479 75,154 29,995 1,729

2016 - Jan ................. 171,160 - 264 216,187 73,300 29,995 1,694

Feb ................ 170,824 - 264 218,635 75,618 29,995 1,665

Mar................ 170,370 - 264 218,157 82,799 29,995 1,677

 

 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) 

 

2011 .......................... 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 - 522,731

2012 .......................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 - 539,415

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

 

2015 - Mar................. 13,090,399 12,620,923 1,476,540 8,256,666 1,607,585 1,075,141 204,991 469,476

Apr................. 13,053,681 12,622,290 1,431,246 8,276,264 1,620,595 1,074,142 220,043 431,391

May ............... 13,052,706 12,664,716 1,445,235 8,256,836 1,636,950 1,092,671 233,024 387,990

June .............. 13,076,414 12,688,996 1,393,163 8,297,601 1,649,925 1,102,262 246,045 387,418

July................ 13,135,045 12,791,337 1,438,154 8,327,380 1,662,889 1,101,868 261,046 343,708

Aug................ 13,119,753 12,824,398 1,421,705 8,331,371 1,675,201 1,122,082 274,039 295,355

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

Oct................. 13,060,657 12,775,371 1,269,906 8,378,696 1,699,231 1,140,503 287,036 285,285

Nov................ 13,588,989 13,098,316 1,503,010 8,416,433 1,711,698 1,152,135 315,039 490,673

Dec................ 13,672,522 13,182,271 1,511,030 8,450,686 1,724,692 1,167,828 328,035 490,252

2016 - Jan ................. 13,657,155 13,164,556 1,475,291 8,463,348 1,737,698 1,160,180 328,041 492,600

Feb ................ 13,785,189 13,288,187 1,548,363 8,510,277 1,748,435 1,165,798 315,314 497,002

Mar................ 13,924,878 13,421,616 1,614,378 8,537,559 1,760,427 1,180,938 328,314 503,262
FEDERAL DEBT 

June 2016

24 

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) 

 

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

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

 

2015 - Mar............ 2,733,614 827 70,823 9,222 5,265 6,662 760 34,249 1,122,200

Apr............ 2,750,918 827 70,964 9,189 5,171 7,412 770 34,411 1,088,317

May .......... 2,742,560 827 68,769 8,297 5,102 7,167 618 49,971 1,057,395

June ......... 2,733,614 826 68,642 6,769 5,136 7,684 633 44,388 1,115,338

July........... 2,782,592 828 55,552 3,984 5,053 6,895 758 43,609 1,033,548

Aug........... 2,772,129 828 63,460 10,898 4,984 6,647 593 48,229 1,000,203

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

Oct............ 2,760,147 828 55,062 7,524 4,841 6,788 754 43,252 1,099,873

Nov........... 2,749,344 828 63,235 6,737 4,784 7,558 541 45,903 1,312,355

Dec........... 2,760,518 828 69,205 5,856 4,805 7,942 670 43,395 1,303,423

2016 - Jan ............ 2,787,040 828 69,570 75,032 4,739 7,960 645 41,617 1,311,526

Feb ........... 2,774,328 828 69,841 76,120 4,677 7,985 630 45,030 1,315,502

Mar........... 2,771,358 828 85,093 75,839 4,586 8,833 682 41,949 1,308,073

 

 

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) 

 

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

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 -

 

2015 - Mar......... 5,183,075 13,561 53,226 43,452 22,646 54,401 822,407 189,760 -

Apr......... 5,182,728 14,026 54,678 43,448 22,646 54,646 822,370 202,935 -

May ....... 5,147,519 14,337 55,232 43,821 22,644 51,521 822,321 196,937 -

June ...... 5,134,875 13,690 57,437 43,815 22,644 50,975 757,929 205,355 -

July........ 5,042,973 12,499 57,591 43,844 22,645 47,578 737,028 188,969 -

Aug........ 5,017,900 12,208 58,195 43,960 22,644 44,159 737,021 191,742 -

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

Oct......... 5,070,498 13,033 59,668 43,981 22,644 38,284 727,502 186,317 -

Nov........ 5,426,315 13,299 60,538 44,298 22,643 35,207 866,257 192,788 -

Dec........ 5,436,812 13,312 62,973 44,382 22,647 26,101 877,006 193,749 -

2016 - Jan ......... 5,547,416 12,687 62,295 44,462 22,650 33,872 872,496 199,997 -

Feb ........ 5,534,318 12,974 62,806 44,581 22,653 33,553 868,589 194,221 -

Mar........ 5,533,654 12,924 66,541 44,555 22,658 35,366 864,587 189,782 -

 
FEDERAL DEBT 

June 2016 

25

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) 

 

2011 ............................ 24,988 29 133 24,660 166 *

2012 ............................ 24,399 19 128 24,103 151 *

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

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

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

 

2015 - Mar................... 24,136 19 94 23,917 106 *

Apr................... 24,464 19 103 24,236 106 *

May ................. 24,489 19 104 24,260 106 *

June ................ 24,655 19 104 24,426 106 *

July.................. 24,664 19 105 24,434 106 *

Aug.................. 24,296 19 106 24,075 96 *

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

Oct................... 24,105 19 99 23,891 97 *

Nov.................. 24,376 19 100 24,161 97 *

Dec.................. 24,560 19 100 24,345 97 *

2016 - Jan ................... 24,618 19 101 24,401 97 *

Feb .................. 24,432 19 93 24,234 86 *

Mar.................. 24,444 19 94 24,246 86 *

 

 

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

June 2016

26 

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) 

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55 

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 

 

2015 - Mar...................... 10,170,539 2,937,164 4,344,809 1,963,151 186,095 739,320 58 

Apr...................... 10,171,783 2,936,328 4,305,686 1,990,659 186,502 752,608 59

May..................... 10,138,180 2,938,639 4,271,851 1,971,539 187,098 769,053 60

June.................... 10,237,756 2,890,796 4,335,287 2,035,095 187,318 789,260 60 

July ..................... 10,339,523 2,989,696 4,310,666 2,048,632 187,827 802,701 60

Aug ..................... 10,372,231 2,971,024 4,356,420 2,041,484 184,287 819,015 61

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

Oct...................... 10,258,432 2,899,467 4,245,995 2,076,803 184,170 851,998 62

Nov ..................... 10,645,957 3,148,974 4,352,293 2,092,839 184,006 867,845 61

Dec ..................... 10,729,926 3,170,545 4,375,239 2,119,389 183,956 880,798 61 

2016 - Jan ...................... 10,605,765 3,150,326 4,283,352 2,114,372 164,106 893,609 62

Feb ..................... 10,836,495 3,235,473 4,403,245 2,126,941 170,080 900,756 62

Mar ..................... 10,969,737 3,310,836 4,414,738 2,161,064 170,202 912,897 61

 

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

June 2016 

27

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) 

 

2011 ....................................... 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 

2012 ....................................... 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221 

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 

 

2015 – Mar.1........................... 18,113,000 18,112,975 18,112,975 - 18,152,056 - 39,081 

Apr.1............................ 18,113,000 18,112,975 18,112,975 - 18,152,560 - 39,585 

May1 ........................... 18,113,000 18,112,975 18,112,975 - 18,152,852 - 39,877 

June1 .......................... 18,113,000 18,112,975 18,112,975 - 18,151,998 - 39,023 

July1............................ 18,113,000 18,112,975 18,112,975 - 18,151,323 - 38,348 

Aug.1........................... 18,113,000 18,112,975 18,112,975 - 18,151,150 - 38,175 

Sept.1.......................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 

Oct.1............................ 18,113,000 18,112,975 18,112,975 - 18,152,982 - 40,007 

Nov.2........................... - 18,787,182 18,787,182 - 18,827,323 - 40,141 

Dec.2........................... - 18,881,744 18,881,744 - 18,922,179 - 40,435 

2016 – Jan.2 ........................... - 18,973,438 18,973,438 - 19,012,828 - 39,390 

Feb.2 ........................... - 19,086,780 19,086,780 - 19,125,455 - 38,675 

Mar.2 ........................... - 19,225,991 19,225,991 - 19,264,939 - 38,947 

 

1 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83, 

Section 2, the Statutory Debt Limitation was increased on March 16, 2015, to an amount that 

exceeds face amount of such obligations outstanding on the date of the enactment of the Act. 

2 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. 
FEDERAL DEBT 

June 2016

28 

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) 

 

2011 ....................................... 937,923 9,349 24,883 19,438 523 1,163

2012 ....................................... 979,021 9,009 24,759 20,523 495 1,001

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

 

2015 - Mar.............................. 1,309,438 16,373 26,900 23,066 609 748

Apr.............................. 1,325,201 17,222 25,275 22,757 565 748

May ............................ 1,325,951 17,242 25,381 22,890 573 748

June ........................... 1,375,671 17,789 25,545 22,087 579 748

July............................. 1,358,896 18,264 25,546 22,087 579 748

Aug............................. 1,352,583 18,897 26,184 23,050 618 688

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

Oct.............................. 1,329,693 23,478 26,346 23,207 632 688

Nov............................. 1,335,511 29,029 26,453 23,395 634 688

Dec............................. 1,360,786 31,202 26,594 23,694 644 688

2016 - Jan .............................. 1,388,510 32,219 26,687 24,020 643 688

Feb ............................. 1,398,301 32,707 26,777 24,190 648 688

Mar............................. 1,408,738 33,411 22,757 23,323 537 688

 

 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) 

 

2011 ....................................... 546,321 2,943 6,032 58 45,257

2012 ....................................... 714,368 3,421 11,527 40 57,134

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

 

2015 - Mar ............................. 1,048,257 4,612 27,538 133 56,846

Apr ............................. 1,064,256 4,652 27,538 133 57,088

May ............................ 1,064,256 4,698 27,538 133 57,180

June ........................... 1,116,112 4,717 27,548 133 59,220

July............................. 1,098,646 4,784 27,548 133 58,815

Aug............................. 1,094,234 4,746 27,548 133 58,260

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

Oct ............................. 1,070,801 4,761 26,941 127 55,489

Nov............................. 1,069,878 4,761 26,941 127 55,611

Dec............................. 1,089,686 4,799 26,981 127 56,302

2016 - Jan.............................. 1,115,131 4,812 26,981 127 56,597

Feb............................. 1,123,264 4,865 26,981 127 57,087

Mar............................. 1,142,880 4,883 26,981 127 57,169

 
FEDERAL DEBT 

June 2016 

29

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) 

 

2011 ...................................... 8,279 3,484 11,190 259,006

2012 ...................................... 11,301 3,402 7,920 114,117

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

 

2015 - Mar............................. 22,796 5,437 8,008 68,115

Apr............................. 22,961 5,765 8,008 68,233

May ........................... 23,182 6,061 8,075 67,994

June .......................... 23,303 2,543 8,075 67,272

July............................ 23,303 2,884 8,075 67,484

Aug............................ 22,334 3,158 8,075 64,658

Sept........................... 22,725 3,498 7,176 62,989

Oct............................. 22,725 3,843 7,336 63,319

Nov............................ 22,915 4,130 7,336 63,613

Dec............................ 24,892 4,483 7,336 63,358

2016 - Jan ............................. 24,941 4,837 7,347 63,480

Feb ............................ 25,002 5,065 7,347 63,553

Mar............................ 25,080 5,380 7,649 57,873

 

Note—Detail may not add to totals due to rounding. 
30 

June 2016 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JANUARY-MARCH 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J A N U A R Y 

Auction of 52-Week Bills 

On December 31, 2015, Treasury announced it would 

auction $16,000 million of 364-day Treasury bills. They were 

issued January 7 and will mature January 5, 2017. The issue 

was to refund $150,003 million of all maturing bills and to 

pay down approximately $35,003 million. Treasury auctioned 

the bills on January 5. Tenders totaled $63,239 million; 

Treasury accepted $16,000 million, including $136 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.670 percent. 

Auction of 3-Year Notes 

On January 7, 2016, Treasury announced it would auction 

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

$52,352 million of securities maturing January 15 and to raise 

new cash of approximately $5,648 million. 

The 3-year notes of Series AH-2019 were dated and issued 

January 15. They are due January 15, 2019, with interest 

payable on July 15 and January 15 until maturity. Treasury set 

an interest rate of 1-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on January 12. Tenders 

totaled $70,663 million; Treasury accepted $24,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.174 percent with an 

equivalent price of $99.855973. Treasury accepted in full all 

competitive tenders at yields lower than 1.174 percent. 

Tenders at the high yield were allotted 37.80 percent. The 

median yield was 1.140 percent, and the low yield was 0.888 

percent. Noncompetitive tenders totaled $45 million. 

Competitive tenders accepted from private investors totaled 

$23,955 million. The minimum par amount required for 

Separate Trading of Registered Interest and Principal 

Securities (STRIPS) of notes of Series AH-2019 is $100. 

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

On January 7, 2016, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2-1/4 percent notes. The 

issue was to refund $52,352 million of securities maturing 

January 15 and to raise new cash of approximately $5,648 

million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

31

The 9-year 10-month 2-1/4 percent notes of Series F-2025 

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

November 15, 2025, 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 

competitive tenders on January 13. Tenders totaled $58,132 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.090 percent with an 

equivalent price of $101.412894. Treasury accepted in full all 

competitive tenders at yields lower than 2.090 percent. 

Tenders at the high yield were allotted 36.29 percent. The 

median yield was 2.048 percent, and the low yield was 1.985 

percent. Noncompetitive tenders totaled $19 million. 

Competitive tenders accepted from private investors totaled 

$20,981 million. Accrued interest of $3.77060 per $1,000 

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

The minimum par amount required for STRIPS of notes of 

Series F-2025 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds 

On January 7, 2016, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3 percent bonds. The 

issue was to refund $52,352 million of securities maturing 

January 15 and to raise new cash of approximately $5,648 

million. 

The 29-year 10-month 3 percent bonds of November 2045 

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

November 15, 2045, 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 14. Tenders totaled $29,748 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.905 percent with an 

equivalent price of $101.882164. Treasury accepted in full all 

competitive tenders at yields lower than 2.905 percent. 

Tenders at the high yield were allotted 62.27 percent. The 

median yield was 2.842 percent, and the low yield was 2.715 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$12,987 million. Accrued interest of $5.02747 per $1,000 

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

The minimum par amount required for STRIPS of bonds of 

November 2045 is $100. 

Auction of 10-Year Treasury Inflated-Protective 

Security (TIPS) 

On January 14, 2016, Treasury announced it would 

auction $15,000 million of 10-year TIPS. The issue was to 

raise new cash of approximately $15,000 million. 

The 10-year TIPS of Series A-2026 were dated January 15 

and issued January 29. They are due January 15, 2026, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 0-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on January 21. Tenders totaled $32,868 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.725 percent with an 

equivalent adjusted price of $98.946468. Treasury accepted in 

full all competitive tenders at yields lower than 0.725 percent. 

Tenders at the high yield were allotted 65.06 percent. The 

median yield was 0.623 percent, and the low yield was 0.500 

percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors totaled 

$14,971 million. Adjusted accrued interest of $0.24015 per 

$1,000 must be paid for the period from January 15 to January 

29. Both the unadjusted price of $99.040557 and the 

unadjusted accrued interest of $0.24038 were adjusted by an 

index ratio of 0.99905, for the period from January 15 to 

January 29. The minimum par amount required for STRIPS of 

TIPS of Series A-2026 is $100. 

Auction of 2-Year Notes 

On January 21, 2016, Treasury announced it would 

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

refund $106,787 million of securities maturing January 31 and 

to pay down approximately $1,787 million. 

The 2-year notes of Series AV-2018 were dated January 

31 and issued February 1. They are due January 31, 2018, 

with interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 0-3/4 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 January 26. Tenders totaled $75,347 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.860 percent with an 

equivalent price of $99.782632. Treasury accepted in full all 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

32 

competitive tenders at yields lower than 0.860 percent. 

Tenders at the high yield were allotted 97.03 percent. The 

median yield was 0.830 percent, and the low yield was 0.688 

percent. Noncompetitive tenders totaled $172 million. 

Competitive tenders accepted from private investors totaled 

$25,828 million. Accrued interest of $0.02060 per $1,000 

must be paid for the period from January 31 to February 1. 

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

the auction process, Treasury accepted $473 million from 

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

minimum par amount required for STRIPS of notes of Series 

AV-2018 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 21, 2016, Treasury announced it would 

auction $15,000 million of 2-year FRNs. The issue was to 

refund $106,787 million of securities maturing January 31 and 

to pay down approximately $1,787 million. 

The 2-year FRNs of Series AW-2018 were dated January 

31 and issued February 1. They are due January 31, 2018, 

with interest payable on April 30, July 31, October 31, and 

January 31 until maturity. Treasury set a spread of 0.272 

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 27. Tenders totaled $55,083 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.272 percent 

with an equivalent price of $99.999997. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.272 percent. Tenders at the high discount margin were 

allotted 1.06 percent. The median discount margin was 0.260 

percent, and the low discount margin was 0.225 percent. 

Noncompetitive tenders totaled $11 million. Competitive 

tenders accepted from private investors totaled $14,989 

million. Accrued interest of $0.001603431 per $100 must be 

paid for the period from January 31 to February 1. 

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $273 million from 

FRBs for their own accounts. 

Auction of 5-Year Notes 

On January 21, 2016, Treasury announced it would 

auction $35,000 million of 5-year notes. The issue was to 

refund $106,787 million of securities maturing January 31 and 

to pay down approximately $1,787 million. 

The 5-year notes of Series U-2021 were dated January 31 

and issued February 1. They are due January 31, 2021, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 1-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on January 27. Tenders totaled $85,341 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.496 percent with an 

equivalent price of $99.419442. Treasury accepted in full all 

competitive tenders at yields lower than 1.496 percent. 

Tenders at the high yield were allotted 7.08 percent. The 

median yield was 1.439 percent, and the low yield was 1.300 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$34,950 million. Accrued interest of $0.03777 per $1,000 

must be paid for the period from January 31 to February 1. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $637 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On January 21, 2016, Treasury announced it would 

auction $29,000 million of 7-year notes. The issue was to 

refund $106,787 million of securities maturing January 31 and 

to pay down approximately $1,787 million. 

The 7-year notes of Series G-2023 were dated January 31 

and issued February 1. They are due January 31, 2023, with 

interest payable on July 31 and January 31 until maturity. 

Treasury set an interest rate of 1-3/4 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 January 28. Tenders totaled $76,284 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.759 percent with an 

equivalent price of $99.940947. Treasury accepted in full all 

competitive tenders at yields lower than 1.759 percent. 

Tenders at the high yield were allotted 60.94 percent. The 

median yield was 1.720 percent, and the low yield was 1.588 

percent. Noncompetitive tenders totaled $27 million. 

Competitive tenders accepted from private investors totaled 

$28,973 million. Accrued interest of $0.04808 per $1,000 

must be paid for the period from January 31 to February 1. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $528 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series G-2023 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

33

F E B R U A R Y 

Auction of 52-Week Bills 

On January 28, 2016, Treasury announced it would 

auction $18,000 million of 364-day Treasury bills. They were 

issued February 4 and will mature February 2, 2017. The issue 

was to refund $121,997 million of all maturing bills and to 

raise new cash of approximately $18,003 million. Treasury 

auctioned the bills on February 2. Tenders totaled $64,613 

million; Treasury accepted $18,000 million, including $213 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.530 percent. 

February Quarterly Financing 

On February 3, 2016, Treasury announced it would 

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

refund $54,405 million of securities maturing February 15 and 

to raise new cash of approximately $7,595 million. 

The 3-year notes of Series AJ-2019 were dated February 

15 and issued February 16. They are due February 15, 2019, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 0-3/4 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 9. Tenders totaled $65,813 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.844 percent with an 

equivalent price of $99.722361. Treasury accepted in full all 

competitive tenders at yields lower than 0.844 percent. 

Tenders at the high yield were allotted 25.96 percent. The 

median yield was 0.810 percent, and the low yield was 0.700 

percent. Noncompetitive tenders totaled $61 million. 

Competitive tenders accepted from private investors totaled 

$23,939 million. Accrued interest of $0.02060 per $1,000 

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

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

the auction process, Treasury accepted $1,884 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2019 is $100. 

On February 3, 2016, Treasury announced it would 

auction $23,000 million of 10-year notes. The issue was to 

refund $54,405 million of securities maturing February 15 and 

to raise new cash of approximately $7,595 million. 

The 10-year notes of Series B-2026 were dated February 

15 and issued February 16. They are due February 15, 2026, 

with interest payable on August 15 and February 15 until 

maturity. Treasury set an interest rate of 1-5/8 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 10. Tenders totaled $58,880 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.730 percent with an 

equivalent price of $99.039809. Treasury accepted in full all 

competitive tenders at yields lower than 1.730 percent. 

Tenders at the high yield were allotted 4.46 percent. The 

median yield was 1.690 percent, and the low yield was 1.630 

percent. Noncompetitive tenders totaled $24 million. 

Competitive tenders accepted from private investors totaled 

$22,976 million. Accrued interest of $0.04464 per $1,000 

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

In addition to the $23,000 million of tenders accepted in 

the auction process, Treasury accepted $1,806 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2026 is $100. 

On February 3, 2016, Treasury announced it would 

auction $15,000 million of 30-year bonds. The issue was to 

refund $54,405 million of securities maturing February 15 and 

to raise new cash of approximately $7,595 million. 

The 30-year bonds of February 2046 were dated February 

15 and issued February 16. They are due February 15, 2046, 

with interest payable on August 15 and February 15 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 bonds before 12:00 noon 

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

competitive tenders on February 11. Tenders totaled $31,382 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.500 percent with an 

equivalent price of $99.999916. Treasury accepted in full all 

competitive tenders at yields lower than 2.500 percent. 

Tenders at the high yield were allotted 37.52 percent. The 

median yield was 2.391 percent, and the low yield was 2.300 

percent. Noncompetitive tenders totaled $16 million. 

Competitive tenders accepted from private investors totaled 

$14,984 million. Accrued interest of $0.06868 per $1,000 

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

In addition to the $15,000 million of tenders accepted in 

the auction process, Treasury accepted $1,178 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2046 is $100. 

Auction of 30-Year TIPS 

On February 11, 2016, Treasury announced it would 

auction $7,000 million of 30-year TIPS. The issue was to 

refund $60,330 million of securities maturing February 29 and 

to raise new cash of approximately $34,670 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

34 

The 30-year TIPS of February 2046 were dated February 

15 and issued February 29. They are due February 15, 2046, 

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 18. Tenders totaled $14,791 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.120 percent with an 

equivalent adjusted price of $96.792685. Treasury accepted in 

full all competitive tenders at yields lower than 1.120 percent. 

Tenders at the high yield were allotted 80.70 percent. The 

median yield was 1.010 percent, and the low yield was 0.970 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$6,980 million. Adjusted accrued interest of $0.38399 per 

$1,000 must be paid for the period from February 15 to 

February 29. Both the unadjusted price of $96.952657 and the 

unadjusted accrued interest of $0.38462 were adjusted by an 

index ratio of 0.99835, for the period from February 15 to 

February 29. 

In addition to the $7,000 million of tenders accepted in the 

auction process, Treasury accepted $2,346 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of February 2046 is $100. 

Auction of 2-Year Notes 

On February 18, 2016, Treasury announced it would 

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

refund $60,330 million of securities maturing February 29 and 

to raise new cash of approximately $34,670 million. 

The 2-year notes of Series V-2018 were dated and issued 

February 29. They are due February 28, 2018, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 0-3/4 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 23. Tenders totaled $75,578 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.752 percent with an 

equivalent price of $99.996037. Treasury accepted in full all 

competitive tenders at yields lower than 0.752 percent. 

Tenders at the high yield were allotted 7.46 percent. The 

median yield was 0.710 percent, and the low yield was 0.660 

percent. Noncompetitive tenders totaled $172 million. 

Competitive tenders accepted from private investors totaled 

$25,828 million. 

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

the auction process, Treasury accepted $8,714 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series V-2018 is $100. 

Auction of 1-Year 11-Month 0.272 Percent FRNs 

On February 18, 2016, Treasury announced it would 

auction $13,000 million of 1-year 11-month 0.272 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 11-month 0.272 percent FRNs of Series AW2018 were dated January 31 and issued February 26. They are 

due January 31, 2018, 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 24. Tenders totaled $47,129 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.237 percent 

with an equivalent price of $100.068080. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.237 percent. Tenders at the high discount margin were 

allotted 18.24 percent. The median discount margin was 0.220 

percent, and the low discount margin was 0.200 percent. 

Noncompetitive tenders totaled $14 million. Competitive 

tenders accepted from private investors totaled $12,987 

million. Accrued interest of $0.042829977 per $100 must be 

paid for the period from January 31 to February 26. 

Auction of 5-Year Notes 

On February 18, 2016, Treasury announced it would 

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

refund $60,330 million of securities maturing February 29 and 

to raise new cash of approximately $34,670 million. 

The 5-year notes of Series V-2021 were dated and issued 

February 29. They are due February 28, 2021, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 1-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on February 24. Tenders totaled $83,070 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.169 percent with an 

equivalent price of $99.786910. Treasury accepted in full all 

competitive tenders at yields lower than 1.169 percent. 

Tenders at the high yield were allotted 41.43 percent. The 

median yield was 1.120 percent, and the low yield was 1.000 

percent. Noncompetitive tenders totaled $56 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

35

Competitive tenders accepted from private investors totaled 

$33,944 million. 

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

the auction process, Treasury accepted $11,395 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On February 18, 2016, Treasury announced it would 

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

refund $60,330 million of securities maturing February 29 and 

to raise new cash of approximately $34,670 million. 

The 7-year notes of Series H-2023 were dated and issued 

February 29. They are due February 28, 2023, with interest 

payable on August 31 and February 28 until maturity. 

Treasury set an interest rate of 1-1/2 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on February 26. Tenders totaled $62,886 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.568 percent with an 

equivalent price of $99.550856. Treasury accepted in full all 

competitive tenders at yields lower than 1.568 percent. 

Tenders at the high yield were allotted 33.44 percent. The 

median yield was 1.510 percent, and the low yield was 1.420 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$27,980 million. 

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

the auction process, Treasury accepted $9,384 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series H-2023 is $100. 

M A R C H 

Auction of 52-Week Bills 

On February 25, 2016, Treasury announced it would 

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

issued March 3 and will mature March 2, 2017. The issue was 

to refund $132,003 million of all maturing bills and to raise 

new cash of approximately $9,997 million. Treasury 

auctioned the bills on March 1. Tenders totaled $65,796 

million; Treasury accepted $20,000 million, including $207 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.660 percent. 

Auction of 3-Year Notes 

On March 3, 2016, Treasury announced it would auction 

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

$32,000 million of securities maturing March 15 and to raise 

new cash of approximately $24,000 million. 

The 3-year notes of Series AK-2019 were dated and issued 

March 15. They are due March 15, 2019, with interest payable 

on September 15 and March 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 notes before 12:00 noon 

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

competitive tenders on March 8. Tenders totaled $65,038 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.039 percent with an 

equivalent price of $99.885098. Treasury accepted in full all 

competitive tenders at yields lower than 1.039 percent. 

Tenders at the high yield were allotted 19.32 percent. The 

median yield was 1.000 percent, and the low yield was 0.900 

percent. Noncompetitive tenders totaled $53 million. 

Competitive tenders accepted from private investors totaled 

$23,947 million. The minimum par amount required for 

STRIPS of notes of Series AK-2019 is $100. 

Auction of 9-Year 11-Month 1-5/8 Percent Notes 

On March 3, 2016, Treasury announced it would auction 

$20,000 million of 9-year 11-month 1-5/8 percent notes. The 

issue was to refund $32,000 million of securities maturing 

March 15 and to raise new cash of approximately $24,000 

million. 

The 9-year 11-month 1-5/8 percent notes of Series B-2026 

were dated February 15 and issued March 15. They are due 

February 15, 2026, 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 9. Tenders totaled $49,768 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.895 percent with an 

equivalent price of $97.567574. Treasury accepted in full all 

competitive tenders at yields lower than 1.895 percent. 

Tenders at the high yield were allotted 81.84 percent. The 

median yield was 1.830 percent, and the low yield was 1.761 

percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled 

$19,987 million. Accrued interest of $1.29464 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-2026 is $100. 

Auction of 29-Year 11-Month 2-1/2 Percent Bonds 

On March 3, 2016, Treasury announced it would auction 

$12,000 million of 29-year 11-month 2-1/2 percent bonds. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

36 

The issue was to refund $32,000 million of securities 

maturing March 15 and to raise new cash of approximately 

$24,000 million. 

The 29-year 11-month 2-1/2 percent bonds of February 

2046 were dated February 15 and issued March 15. They are 

due February 15, 2046, 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 10. Tenders totaled $27,927 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.720 percent with an 

equivalent price of $95.513533. Treasury accepted in full all 

competitive tenders at yields lower than 2.720 percent. 

Tenders at the high yield were allotted 1.47 percent. The 

median yield was 2.675 percent, and the low yield was 2.592 

percent. Noncompetitive tenders totaled $4 million. 

Competitive tenders accepted from private investors totaled 

$11,996 million. Accrued interest of $1.99176 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 2046 is $100. 

Auction of 9-Year 10-Month 0-5/8 Percent TIPS 

On March 10, 2016, Treasury announced it would auction 

$11,000 million of 9-year 10-month 0-5/8 percent TIPS. The 

issue was to refund $70,119 million of securities maturing 

March 31 and to raise new cash of approximately $28,881 

million. 

The 9-year 10-month 0-5/8 percent TIPS of Series A-2026 

were dated January 15 and issued March 31. They are due 

January 15, 2026, 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 17. Tenders totaled $24,737 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.315 percent with an 

equivalent adjusted price of $102.679638. Treasury accepted 

in full all competitive tenders at yields lower than 0.315 

percent. Tenders at the high yield were allotted 29.53 percent. 

The median yield was 0.210 percent, and the low yield was 

0.140 percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$10,983 million. Adjusted accrued interest of $1.30106 per 

$1,000 must be paid for the period from January 15 to March 

31. Both the unadjusted price of $102.986538 and the 

unadjusted accrued interest of $1.30495 were adjusted by an 

index ratio of 0.99702, for the period from January 15 to 

March 31. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $2,621 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2026 is $100. 

Auction of 1-Year 10-Month 0.272 Percent FRNs 

On March 17, 2016, Treasury announced it would auction 

$13,000 million of 1-year 10-month 0.272 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million. 

The 1-year 10-month 0.272 percent FRNs of Series AW2018 were dated January 31 and issued March 28. They are 

due January 31, 2018, 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 March 23. Tenders totaled $39,849 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.240 percent 

with an equivalent price of $100.059523. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.240 percent. Tenders at the high discount margin were 

allotted 20.26 percent. The median discount margin was 0.225 

percent, and the low discount margin was 0.200 percent. 

Noncompetitive tenders totaled $2 million. Competitive 

tenders accepted from private investors totaled $12,998 

million. Accrued interest of $0.093788362 per $100 must be 

paid for the period from January 31 to March 28. 

Auction of 2-Year Notes 

On March 24, 2016, Treasury announced it would auction 

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

$70,119 million of securities maturing March 31 and to raise 

new cash of approximately $28,881 million. 

The 2-year notes of Series AY-2018 were dated and issued 

March 31. They are due March 31, 2018, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 0-7/8 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 March 28. Tenders totaled $67,029 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.877 percent with an 

equivalent price of $99.996043. Treasury accepted in full all 

competitive tenders at yields lower than 0.877 percent. 

Tenders at the high yield were allotted 49.48 percent. The 

median yield was 0.830 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $170 million. 

Competitive tenders accepted from private investors totaled 

$25,830 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2016 

37

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

the auction process, Treasury accepted $6,195 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AY-2018 is $100. 

Auction of 52-Week Bills 

On March 24, 2016, Treasury announced it would auction 

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

March 31 and will mature March 30, 2017. The issue was to 

refund $125,998 million of all maturing bills and to pay down 

approximately $3,998 million. Treasury auctioned the bills on 

March 29. Tenders totaled $62,851 million; Treasury accepted 

$20,000 million, including $196 million of noncompetitive 

tenders from the public. The high bank discount rate was 

0.660 percent. 

Auction of 5-Year Notes 

On March 24, 2016, Treasury announced it would auction 

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

$70,119 million of securities maturing March 31 and to raise 

new cash of approximately $28,881 million. 

The 5-year notes of Series W-2021 were dated and issued 

March 31. They are due March 31, 2021, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 1-1/4 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 March 29. Tenders totaled $80,794 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.335 percent with an 

equivalent price of $99.590195. Treasury accepted in full all 

competitive tenders at yields lower than 1.335 percent. 

Tenders at the high yield were allotted 28.08 percent. The 

median yield was 1.270 percent, and the low yield was 1.200 

percent. Noncompetitive tenders totaled $56 million. 

Competitive tenders accepted from private investors totaled 

$33,944 million. 

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

the auction process, Treasury accepted $8,101 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On March 24, 2016, Treasury announced it would auction 

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

$70,119 million of securities maturing March 31 and to raise 

new cash of approximately $28,881 million. 

The 7-year notes of Series J-2023 were dated and issued 

March 31. They are due March 31, 2023, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 1-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on March 30. Tenders totaled $70,151 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.606 percent with an 

equivalent price of $99.300837. Treasury accepted in full all 

competitive tenders at yields lower than 1.606 percent. 

Tenders at the high yield were allotted 57.38 percent. The 

median yield was 1.553 percent, and the low yield was 1.495 

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 $6,671 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2023 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2016 

38 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2016 - Jan. 07 ................. 2016 - Feb. 04 28 154,905.1 45,000.5 44,710.8 289.7 99.984444 0.200 0.203

 Apr. 07 91 99,621.6 28,000.1 27,547.7 352.4 99.945653 0.215 0.219

 July 07 182 102,955.3 26,000.3 25,451.1 324.2 99.747222 0.500 0.510

Jan. 14................. Feb. 11 28 150,565.4 45,000.0 44,702.6 257.4 99.982889 0.220 0.224

 Apr. 14 91 104,734.2 28,000.3 27,589.9 410.4 99.945653 0.215 0.219

 July 14 182 108,950.3 26,000.4 25,446.6 453.8 99.762389 0.470 0.479

Jan. 21................. Feb. 18 28 154,664.7 50,000.7 49,721.8 278.9 99.980556 0.250 0.254

 Apr. 21 91 105,577.3 31,000.2 30,593.3 406.9 99.935542 0.255 0.259

 July 21 182 95,435.9 26,000.4 25,285.5 514.9 99.812944 0.370 0.377

Jan. 28................. Feb. 25 28 203,148.4 55,000.4 54,731.0 269.5 99.977056 0.295 0.300

 Apr. 28 91 112,576.0 34,000.2 32,657.5 344.5 99.922903 0.305 0.310

 July 28 182 94,945.8 28,000.3 26,685.6 414.7 99.790194 0.415 0.423

Feb. 04 ................ Mar. 03 28 197,328.8 55,000.2 54,680.8 319.5 99.979000 0.270 0.275

 May 05 91 127,463.4 37,000.4 36,500.7 399.6 99.911528 0.350 0.356

 Aug. 04 182 115,832.0 30,000.2 29,327.8 372.4 99.764917 0.465 0.474

Feb. 11 ................ Mar. 10 28 195,462.0 55,000.0 54,733.7 266.3 99.979389 0.265 0.269

 May 12 91 125,233.1 37,000.1 36,486.8 413.3 99.920375 0.315 0.321

 Aug. 11 182 115,730.4 30,000.4 29,282.8 417.6 99.787667 0.420 0.428

Feb. 18 ................ Mar. 17 28 177,773.9 55,000.2 54,702.6 297.6 99.979000 0.270 0.275

 May 19 91 126,166.2 37,000.1 36,493.7 406.3 99.924167 0.300 0.305

 Aug. 18 182 102,873.4 30,000.4 29,394.6 425.8 99.792722 0.410 0.418

Feb. 25 ................ Mar. 24 28 186,417.9 55,000.0 54,704.5 295.5 99.977833 0.285 0.290

 May 26 91 117,674.6 37,000.3 35,768.0 332.2 99.919111 0.320 0.326

Mar. 03 ................ Mar. 31 28 180,808.4 55,000.3 54,590.5 309.8 99.977056 0.295 0.299

 June 02 91 120,629.3 37,000.3 36,351.9 348.4 99.917847 0.325 0.330

 Sept. 01 182 103,707.8 30,000.1 29,557.4 342.7 99.757333 0.480 0.488

Mar. 10 ................ Apr. 07 28 206,291.5 60,000.4 59,629.2 271.2 99.978611 0.275 0.279

 June 09 91 128,351.4 37,000.1 36,590.9 309.2 99.920375 0.315 0.320

 Sept. 08 182 115,251.5 30,000.1 29,555.5 344.6 99.759861 0.475 0.483

Mar. 17 ................ Apr. 14 28 193,204.8 60,000.6 59,645.6 255.0 99.978222 0.280 0.284

 June 16 91 128,449.2 37,000.3 36,439.0 361.3 99.915319 0.335 0.340

 Sept. 15 182 108,277.5 30,000.1 29,591.3 308.7 99.742167 0.510 0.518

Mar. 24 ................ Apr. 21 28 196,060.0 55,001.9 54,652.1 249.9 99.979000 0.270 0.274

 June 23 91 115,782.5 34,000.6 33,457.2 343.3 99.924167 0.300 0.304

 Sept. 22 182 89,307.4 28,000.2 27,480.7 339.4 99.777556 0.440 0.447

Mar. 31 ................ Apr. 28 28 147,541.6 45,000.2 44,581.7 318.5 99.984444 0.200 0.203

June 30 91 118,113.2 31,000.3 29,807.1 343.2 99.924167 0.300 0.304

Sept. 29 182 92,984.4 26,000.2 24,881.9 316.8 99.759861 0.475 0.483

 

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 2016 

39

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

01/05/16 01/07/16 0.670% bill—01/05/17 364d 63,239 16,000 

01/12/16 01/15/16 1.125% note—01/15/19-AH 3y 70,663 24,000 1.174 - 99.855973 

01/13/16 01/15/16 2.250% note—11/15/25-F 9y 10m 58,132 21,000 2.090 - 101.412894 

01/14/16 01/15/16 3.000% bond—11/15/45 29y 10m 29,748 13,000 2.905 - 101.882164 

01/21/16 01/29/16 0.625% TIPS—01/15/26-A 10y 32,868 15,000 0.725 - 98.946468 

01/26/16 02/01/16 0.750% note—01/31/18-AV 2y 75,821 26,473 0.860 - 99.782632 

01/27/16 02/01/16 0.272% FRN—01/31/18-AW 2y 55,356 15,273 0.000 - 99.999997 

01/27/16 02/01/16 1.375% note—01/31/21-U 5y 85,978 35,637 1.496 - 99.419442 

01/28/16 02/01/16 1.750% note—01/31/23-G 7y 76,812 29,528 1.759 - 99.940947 

02/02/16 02/04/16 0.530% bill—02/02/17 364d 64,613 18,000 

02/09/16 02/16/16 0.750% note—02/15/19-AJ 3y 67,697 25,884 0.844 - 99.722361 

02/10/16 02/16/16 1.625% note—02/15/26-B 10y 60,686 24,806 1.730 - 99.039809 

02/11/16 02/16/16 2.500% bond—02/15/46 30y 32,560 16,178 2.500 - 99.999916 

02/24/16 02/26/16 0.237% FRN—01/31/18-AW 1y 11m 47,129 13,000 0.000 - 100.068080 

02/18/16 02/29/16 1.000% TIPS—02/15/46 30y 17,137 9,346 1.120 - 96.792685 

02/23/16 02/29/16 0.750% note—02/28/18-V 2y 84,292 34,714 0.752 - 99.996037 

02/24/16 02/29/16 1.125% note—02/28/21-V 5y 94,465 45,395 1.169 - 99.786910 

02/26/16 02/29/16 1.500% note—02/28/23-H 7y 72,270 37,384 1.568 - 99.550856 

03/01/16 03/03/16 0.660% bill—03/02/17 364d 65,796 20,000 

03/08/16 03/15/16 1.000% note—03/15/19-AK 3y 65,038 24,000 1.039 - 99.885098 

03/09/16 03/15/16 1.625% note—02/15/26-B 9y 11m 49,768 20,000 1.895 - 97.567574 

03/10/16 03/15/16 2.500% bond—02/15/46 29y 11m 27,927 12,000 2.720 - 95.513533 

03/23/16 03/28/16 0.240% FRN—01/31/18-AW 1y 10m 39,849 13,000 0.000 - 100.059523 

03/17/16 03/31/16 0.625% TIPS—01/15/26-A 9y 10m 27,358 13,621 0.315 - 102.679638 

03/28/16 03/31/16 0.875% note—03/31/18-AY 2y 73,223 32,195 0.877 - 99.996043 

03/29/16 03/31/16 0.660% bill—03/30/17 364d 62,851 20,000 

03/29/16 03/31/16 1.250% note—03/31/21-W 5y 88,894 42,101 1.335 - 99.590195 

03/30/16 03/31/16 1.500% note—03/31/23-J 7y 76,822 34,671 1.606 - 99.300837 

 

 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. 
June 2016 

40 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

June 2016 

41

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) 

 

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

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

 

2015 - Mar....................................... 18,176,192 18,152,056 5,061,878 - 5,061,878 2,797,509

Apr....................................... 18,177,024 18,152,560 5,099,005 - 5,099,005 2,795,913

May...................................... 18,177,341 18,152,852 5,100,242 - 5,100,242 2,794,521

June..................................... 18,176,653 18,151,998 5,076,967 - 5,076,967 2,798,523

July ...................................... 18,175,987 18,151,323 5,016,394 - 5,016,394 2,799,164

Aug ...................................... 18,175,446 18,151,150 5,031,582 - 5,031,582 2,799,426

Sept..................................... 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

Oct....................................... 18,177,087 18,152,982 5,084,605 - 5,084,605 2,804,479

Nov ...................................... 18,851,699 18,827,323 5,233,642 - 5,233,642 2,806,337

Dec ...................................... 18,946,739 18,922,179 5,244,964 - 5,244,964 2,810,057

2016 - Jan ....................................... 19,037,446 19,012,828 5,351,001 - 5,351,001 2,809,575

Feb ...................................... 19,149,887 19,125,455 5,335,427 - 5,335,427 2,813,201

Mar ...................................... 19,289,383 19,264,939 5,335,182 - 5,335,182 2,815,313

 

 Public debt securities, continued Agency securities 1

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) 

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

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

 

2015 - Mar....................................... 10,292,669 9,846,298 446,371 24,136 24,131 5

Apr....................................... 10,257,642 9,849,592 408,050 24,464 24,459 5

May...................................... 10,258,089 9,893,497 364,592 24,489 24,484 5

June..................................... 10,276,508 9,912,571 363,937 24,655 24,650 5

July ...................................... 10,335,765 10,014,268 321,497 24,664 24,659 5

Aug ...................................... 10,320,142 10,047,123 273,019 24,296 24,291 5

Sept..................................... 10,321,650 10,051,650 270,000 24,100 24,095 5

Oct....................................... 10,263,898 9,998,540 265,358 24,105 21,414 2,691

Nov ...................................... 10,787,344 10,316,306 471,038 24,376 21,685 2,691

Dec ...................................... 10,867,158 10,396,498 470,660 24,560 24,554 6

2016 - Jan ....................................... 10,852,253 10,379,385 472,868 24,618 24,612 6

Feb ...................................... 10,976,827 10,499,530 477,297 24,432 24,427 5

Mar ...................................... 11,114,444 10,630,827 483,616 24,444 24,439 5

 

 1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

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 

June 2016 

42 

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] 

 

SOMA and 

Intragovernmental 

Holdings 2,3

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 4, 5

 (4) 

U.S.

savings

bonds 6

(5) 

 Private 7

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 4

 (8) 

Mutual 

funds 4, 8

(9) 

 State and 

 local 

 govern- 

 ments 4

 (10) 

 Foreign

 and inter-

 national 9

 (11) 

Other 

 investors 10

 (12) 

 

2016 - Mar......... 19,264.9 7,801.4 11,463.6 n.a. 170.3 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2015 - Dec......... 18,922.2 7,711.2 11,211.0 540.9 171.6 547.8 159.7 299.8 1,198.4 681.2 6,148.1 1,463.4

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 337.8 162.2 297.5 1,094.0 655.0 6,106.3 1,322.9

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 403.4 169.1 292.6 1,099.3 640.8 6,163.1 1,157.9

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 463.5 172.7 294.9 1,142.3 642.6 6,172.6 1,055.7

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 517.9 176.8 284.9 1,060.6 623.6 6,156.0 1,053.2

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 508.1 185.2 280.0 1,032.7 603.1 6,069.2 1,007.3

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 498.6 189.4 273.6 984.3 606.9 6,018.7 1,015.3

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 493.4 188.9 266.7 1,127.9 586.3 5,948.3 1,141.5

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 486.7 188.2 264.7 1,121.9 586.3 5,792.6 1,206.0

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 367.7 182.6 262.3 1,091.6 583.9 5,652.8 1,290.0

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 463.6 178.5 262.6 1,081.0 609.1 5,595.0 1,293.9

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 474.7 173.7 266.6 1,104.0 609.9 5,725.0 1,240.3

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 477.5 172.8 270.6 1,034.5 604.2 5,573.8 1,245.6

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 457.8 171.4 269.5 985.4 592.6 5,476.1 1,144.5

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 437.1 171.2 268.6 964.6 585.2 5,310.9 1,154.3

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 416.5 169.4 271.5 970.6 567.1 5,145.1 1,143.1

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 401.0 160.7 271.8 895.5 561.3 5,006.9 1,021.1

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 381.7 155.7 259.6 814.1 557.8 4,912.1 902.4

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 258.6 158.0 254.8 767.3 572.4 4,690.6 955.5

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 349.7 157.9 253.5 749.4 585.3 4,481.4 1,226.2

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 336.9 153.7 248.4 721.7 595.7 4,435.6 1,369.8

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 327.4 145.2 240.6 671.0 586.0 4,324.2 1,405.1

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 316.1 150.1 231.8 676.8 584.4 4,070.0 1,371.8

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 304.4 153.6 225.7 678.5 585.0 3,877.9 1,228.7

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 295.6 151.4 222.0 668.8 585.6 3,685.1 1,032.2

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 285.5 145.6 210.2 668.5 583.6 3,570.6 928.0

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 281.6 144.6 200.0 711.8 588.5 3,460.8 796.7

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 272.5 137.0 191.0 721.1 588.2 3,265.7 846.6

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 259.7 129.9 171.4 758.2 601.4 3,077.2 596.5

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 252.7 136.7 163.4 631.4 614.0 2,802.4 407.2

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 243.8 135.5 159.4 440.3 635.1 2,587.4 297.1

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 240.1 135.4 152.1 466.7 646.4 2,506.3 275.6

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 228.7 144.2 141.9 343.5 647.8 2,353.2 210.1

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 225.4 153.2 155.1 292.7 643.1 2,235.3 248.0

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 220.6 162.3 168.9 257.6 637.8 2,192.0 204.4

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 219.6 156.3 185.4 263.2 608.3 2,194.8 325.3

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 216.1 153.4 197.9 248.2 570.5 2,103.1 315.6

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 201.7 149.3 196.8 234.2 542.3 2,025.3 407.3

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 191.6 149.6 196.1 243.4 531.6 1,977.8 416.1

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 186.2 152.9 200.3 254.2 515.7 2,082.1 403.6

 

 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. 

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings. 

4

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5

 Includes U.S. chartered depository institutions, foreign banking offices in the United 

States, banks in U.S. affiliated areas, credit unions, and bank holding companies. 

6

 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. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: 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. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2016 

43

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, 2016 

[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 .............................. $1,614,726,498,137 $1,567,479,404,511 $1,567,000,373,372 $239,772,866 $239,258,273

Less amounts held by: 

The Treasury....................................... 274,825,669 57,416,828 57,205,755 7,505 203,568

FRBs ................................................... 171,403,070,592 169,517,947,032 169,517,936,113 - 10,919

Amounts in circulation............................. $1,443,048,601,876 $1,397,904,040,651 $1,397,425,231,504 $239,765,361 $239,043,786

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $47,247,093,626 $6,543,984,108 $40,703,109,518 

Less amounts held by: 

The Treasury....................................... 217,408,841 60,786,841 156,622,000

FRBs ................................................... 1,885,123,560 1,287,806,076 597,317,484 

Amounts in circulation............................. $45,144,561,225 $5,195,391,191 $39,949,170,034 

 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2016

44 

TABLE USCC-2—Amounts Outstanding and in Circulation, March 31, 2016 

[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 ................................................................................ $11,326,808,046 $11,186,031,383 $143,503 $140,633,160

$2 ................................................................................ 2,268,648,230 2,136,956,516 131,679,218 12,496

$5 ................................................................................ 13,523,574,945 13,391,530,585 107,921,410 24,122,950

$10 .............................................................................. 18,471,488,790 18,451,321,120 6,300 20,161,370

$20 .............................................................................. 169,818,323,740 169,798,217,300 3,840 20,102,600

$50 .............................................................................. 79,291,279,300 79,279,785,000 500 11,493,800

$100 ............................................................................ 1,102,891,398,000 1,102,869,421,600 -4 21,976,400

$500 ............................................................................ 141,981,000 141,789,000 5,500 186,500

$1,000 ......................................................................... 165,323,000 165,119,000 5,000 199,000

$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 ......................................................... $1,379,904,040,651 $1,379,425,231,504 $239,765,361 $239,043,786 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Mar. 31, 2016 ....................................................................................... 1,443,049 4,463

Feb.. 29, 2016...................................................................................... 1,430,425 4,426

Jan. 31, 2016 ....................................................................................... 1,412,797 4,374

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

 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
ForeignCurrencyPositions

ExchangeStabilizationFund
June 2016 

47

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 2016

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) 

10/07/2015 ............................................................. 1,058,181 1,086,609 n.a. 1.3038

10/14/2015 ............................................................. 1,066,485 1,092,157 n.a. 1.2983

10/21/2015 ............................................................. 1,065,641 1,096,155 n.a. 1.3117

10/28/2015 ............................................................. 1,102,465 1,134,834 n.a. 1.3149

 

11/04/2015 ............................................................. 1,064,112 1,095,830 n.a. 1.3164

11/11/2015 ............................................................. 1,056,855 1,085,799 n.a. 1.3266

11/18/2015 ............................................................. 1,080,635 1,101,536 n.a. 1.3351

11/25/2015 ............................................................. 1,123,538 1,141,372 271 1.3298

 

12/02/2015 ............................................................. 1,207,504 1,235,994 n.a. 1.3357

12/09/2015 ............................................................. 1,253,450 1,285,263 n.a. 1.3595

12/16/2015 ............................................................. 1,109,901 1,155,577 -368 1.3805

12/23/2015 ............................................................. 1,041,395 1,091,489 n.a. 1.3860

12/30/2015 ............................................................. 1,069,241 1,123,224 -394 1.3883

01/06/2016 ............................................................. 1,113,427 1,163,640 -340 1.4084

01/13/2016 ............................................................. 1,155,504 1,210,184 n.a. 1.4294

01/20/2016 ............................................................. 1,225,737 1,283,790 n.a. 1.4592

01/27/2016 ............................................................. 1,267,983 1,325,949 n.a. 1.4040

 

02/03/2016 ............................................................. 1,311,988 1,366,859 n.a. 1.3843

02/10/2016 ............................................................. 1,257,104 1,320,226 450 1.3969

02/17/2016 ............................................................. 1,261,949 1,311,794 n.a. 1.3682

02/24/2016 ............................................................. 1,336,419 1,386,261 n.a. 1.3765

 

03/02/2016 ............................................................. 1,359,020 1,421,425 n.a. 1.3466

03/09/2016 ............................................................. 1,399,468 1,464,237 n.a. 1.3233

03/16/2016 ............................................................. 1,191,818 1,258,901 n.a. 1.3364

03/23/2016 ............................................................. 1,192,455 1,257,171 n.a. 1.3199

03/30/2016 ............................................................. 1,207,332 1,268,022 n.a. 1.2962
FOREIGN CURRENCY POSITIONS 

June 2016 

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) 

 

2013 - Dec................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637

2014 - Dec................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601

2015 - Apr ................... 996,484 1,010,071 144,222 134,923 77,230 86,527 145,134 129,419 405 1.2116

May.................. 1,075,459 1,088,687 153,764 136,871 72,197 83,511 165,239 128,842 242 1.2466

June................. 936,874 953,213 148,975 137,049 63,190 88,506 140,399 113,709 n.a. 1.2473

July .................. 1,043,980 1,061,607 148,790 140,516 67,177 93,389 155,989 125,767 n.a. 1.3047

Aug .................. 1,107,353 1,125,337 156,138 136,905 80,173 n.a. 210,535 167,592 -264 1.3223

Sept................. 1,051,338 1,076,679 163,103 142,938 77,678 116,506 181,706 143,633 420 1.3396

Oct................... 1,113,981 1,149,212 167,289 137,725 67,566 97,006 144,961 116,843 n.a. 1.3082

Nov .................. 1,142,278 1,165,258 159,177 132,025 66,935 86,967 113,196 92,059 n.a. 1.3332

Dec .................. 1,041,022 1,099,522 189,596 133,241 69,496 103,445 130,520 96,399 -33 1.3839

2016 - Jan ................... 1,282,502 1,344,853 217,901 139,425 106,456 n.a. 209,820 148,433 43 1.4074

Feb .................. 1,344,917 1,402,772 224,762 140,947 116,584 160,123 187,925 135,828 n.a. 1.3522

Mar .................. 1,225,422 1,286,911 226,067 134,872 108,590 160,368 192,731 135,979 n.a. 1.2969

 

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) 

 

2012 - Dec................... 19,395 30,069 73,597 45,417 n.a. n.a. 869 662 n.a. 0.9958

2013 - Mar................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174

June.................. 20,876 43,404 88,990 55,033 737 673 10,749 7,496 n.a. 1.0513

Sept.................. 17,533 35,119 97,416 56,050 n.a. 1,285 5,062 3,397 n.a. 1.0284

Dec................... 18,183 37,339 94,712 50,955 459 1,831 5,630 4,362 52 1.0284

2014 - Mar................... 21,444 36,135 101,443 56,942 n.a. n.a. 3,387 1,551 n.a. 1.1053

June ................. 21,683 33,223 99,792 53,898 960 2,789 4,141 1,136 n.a. 1.0676

Sept.................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207

Dec................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -15 1.1601

2015 - Mar................... 78,372 106,869 127,134 102,875 n.a. 539 4,168 n.a. -14 1.2681

June ................. 71,356 97,532 132,681 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 59,087 117,523 94,14 209 134 n.a. n.a. n.a. 1.3839

 
FOREIGN CURRENCY POSITIONS 

June 2016

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) 

10/07/2015 .............................................................. 499,050 507,444 -394 119.90

10/14/2015 .............................................................. 514,758 523,267 -285 119.21

10/21/2015 .............................................................. 521,150 528,265 -156 119.91

10/28/2015 .............................................................. 543,875 550,151 -154 120.56

 554,324 560,775 49 121.52

11/04/2015 .............................................................. 565,939 573,121 67 122.86

11/11/2015 .............................................................. 550,999 557,157 n.a. 123.51

11/18/2015 .............................................................. 605,853 609,747 n.a. 122.70

11/25/2015 .............................................................. 630,258 632,730 165 123.52

 639,869 644,152 243 121.86

12/02/2015 .............................................................. 596,242 601,178 n.a. 121.88

12/09/2015 .............................................................. 549,468 556,603 21 120.94

12/16/2015 .............................................................. 515,321 520,832 -6 120.60

12/23/2015 .............................................................. 553,101 557,404 35 118.54

12/30/2015 .............................................................. 540,563 543,796 8 118.06

 555,798 559,650 98 116.38

01/06/2016 .............................................................. 556,596 560,090 182 118.90

01/13/2016 .............................................................. 579,970 582,347 24 117.92

01/20/2016 .............................................................. 591,804 595,010 n.a. 114.03

01/27/2016 .............................................................. 567,800 570,639 n.a. 114.14

 585,885 588,514 n.a. 111.36

02/03/2016 .............................................................. 593,489 597,331 n.a. 113.81

02/10/2016 .............................................................. 576,461 578,761 -5 113.06

02/17/2016 .............................................................. 528,979 533,232 -74 113.69

02/24/2016 .............................................................. 516,401 521,212 -49 112.63

 566,206 566,111 -25 112.60

03/02/2016 .............................................................. 499,050 507,444 -394 119.90

03/09/2016 .............................................................. 514,758 523,267 -285 119.21

03/16/2016 .............................................................. 521,150 528,265 -156 119.91

03/23/2016 .............................................................. 543,875 550,151 -154 120.56

03/30/2016 .............................................................. 554,324 560,775 49 121.52
FOREIGN CURRENCY POSITIONS 

June 2016 

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) 

 

2013 - Dec.................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25

2014 - Dec.................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85

2015 - Apr .................. 543,765 546,495 142,277 131,887 49,139 58,337 87,763 81,852 n.a. 119.86

May................. 564,624 566,681 146,765 134,884 48,840 60,092 108,780 91,400 -333 123.98

June................ 534,675 536,078 147,056 133,867 54,380 59,862 86,877 83,995 -455 122.10

July ................. 531,221 530,596 141,665 129,987 52,745 58,273 82,194 77,804 -395 123.94

Aug ................. 527,676 533,901 144,686 130,826 56,740 63,756 86,276 80,442 -329 121.26

Sept................ 522,835 530,019 149,163 135,398 56,082 63,638 83,783 79,161 -377 119.81

Oct.................. 553,897 558,893 146,988 138,503 50,315 58,996 79,081 73,814 30 120.70

Nov ................. 622,040 625,963 145,721 136,918 48,349 53,111 68,567 65,645 -32 123.22

Dec ................. 531,482 536,367 138,871 129,602 43,087 44,780 58,483 58,347 4 120.27

2016 - Jan .................. 599,927 603,793 140,249 133,458 49,786 52,448 66,011 66,310 -19 121.05

Feb ................. 589,830 594,323 145,011 137,131 56,883 58,446 68,723 70,164 45 112.90

Mar ................. 561,664 562,025 148,749 138,778 54,695 56,259 69,347 69,988 -44 112.42

 

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) 

 

2012 - Dec................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64

2013 - Mar................... 3,089 5,704 9,256 4,631 n.a. 825 2,923 1,779 24 94.16

June.................. 4,222 5,249 9,282 4,576 541 1,048 2,640 1,828 63 99.21

Sept.................. 4,488 5,487 9,447 4,507 n.a. 906 2,077 1,561 24 98.29

Dec................... 4,238 5,807 10,272 4,750 191 965 2,510 1,335 75 98.29

2014 - Mar................... 5,230 5,873 9,331 4,487 n.a. 426 1,093 236 n.a. 102.98

June ................. 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28

Sept.................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 n.a. 109.66

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 7,254 4,951 179 531 1,474 587 -46 119.96

June ................. 6,721 6,611 6,944 5,995 355 666 1,084 428 n.a. 122.10

Sept.................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81

Dec................... 5,669 4,016 7,182 5,357 329 368 491 390 4 120.27

 
FOREIGN CURRENCY POSITIONS 

June 2016

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) 

10/07/2015 .............................................................. 886,566 915,164 n.a. 0.9716

10/14/2015 .............................................................. 920,845 943,489 n.a. 0.9517

10/21/2015 .............................................................. 879,953 909,192 n.a. 0.9570

10/28/2015 .............................................................. 934,799 970,134 n.a. 0.9848

 912,988 947,839 n.a. 0.9933

11/04/2015 .............................................................. 960,688 993,171 n.a. 1.0045

11/11/2015 .............................................................. 971,274 1,006,420 n.a. 1.0198

11/18/2015 .............................................................. 1,012,138 1,039,498 n.a. 1.0220

11/25/2015 .............................................................. 1,101,924 1,133,367 n.a. 1.0274

 1,110,505 1,144,540 n.a. 0.9866

12/02/2015 .............................................................. 1,025,618 1,061,763 n.a. 0.9852

12/09/2015 .............................................................. 977,362 1,017,741 n.a. 0.9938

12/16/2015 .............................................................. 922,923 963,969 n.a. 0.9890

12/23/2015 .............................................................. 893,157 932,613 n.a. 1.0084

12/30/2015 .............................................................. 939,164 979,429 n.a. 1.0064

 933,261 972,812 n.a. 1.0032

01/06/2016 .............................................................. 972,604 1,011,750 n.a. 1.0176

01/13/2016 .............................................................. 974,604 1,013,168 n.a. 1.0070

01/20/2016 .............................................................. 1,009,941 1,045,377 n.a. 0.9779

01/27/2016 .............................................................. 952,182 990,251 n.a. 0.9926

 997,366 1,032,312 n.a. 0.9860

02/03/2016 .............................................................. 997,334 1,030,419 n.a. 0.9981

02/10/2016 .............................................................. 1,045,099 1,077,815 n.a. 0.9957

02/17/2016 .............................................................. 919,534 952,089 n.a. 0.9879

02/24/2016 .............................................................. 964,701 995,732 n.a. 0.9731

 960,080 993,954 722 0.9636

03/02/2016 .............................................................. 886,566 915,164 n.a. 0.9716

03/09/2016 .............................................................. 920,845 943,489 n.a. 0.9517

03/16/2016 .............................................................. 879,953 909,192 n.a. 0.9570

03/23/2016 .............................................................. 934,799 970,134 n.a. 0.9848

03/30/2016 .............................................................. 912,988 947,839 n.a. 0.9933
FOREIGN CURRENCY POSITIONS 

June 2016 

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) 

 

2013 – Dec.................. 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904

2014 - Dec................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934

2015 - Apr ................... 990,987 1,022,999 100,991 85,044 87,068 101,277 144,654 131,432 n.a. 0.9410

May.................. 957,265 985,025 94,260 78,568 84,289 98,361 142,800 135,172 -312 0.9404

June................. 944,993 972,796 96,419 82,990 82,591 96,938 128,730 113,155 98 0.9346

July .................. 928,128 953,171 88,944 78,249 78,530 89,270 124,029 110,113 n.a. 0.9636

Aug .................. 910,160 942,972 81,836 69,471 85,293 102,159 142,158 123,226 n.a. 0.9681

Sept................. 911,898 940,715 85,510 73,765 80,723 90,877 128,446 117,483 n.a. 0.9773

Oct................... 912,030 946,229 84,413 59,170 76,656 89,218 131,736 117,584 n.a. 0.9858

Nov .................. 1,080,695 1,112,940 87,602 60,066 82,709 98,220 149,346 129,932 n.a. 1.0282

Dec .................. 891,361 931,195 82,111 59,133 77,874 89,785 124,418 111,241 n.a. 1.0017

2016 - Jan ................... 996,992 1,036,737 78,866 55,233 73,231 87,259 120,702 105,625 n.a. 1.0226

Feb .................. 1,007,332 1,039,917 84,553 61,559 76,378 88,522 122,776 109,580 n.a. 0.9960

Mar .................. 965,337 1,000,584 77,259 54,884 71,734 84,327 112,604 101,090 532 0.9583

 

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) 

 

2012 - Dec................... 14,365 16,096 67,992 8,884 217 174 428 352 1 0.9155

2013 - Mar................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490

June.................. 17,279 17,163 n.a. 9,609 730 1,144 5,802 4,085 n.a. 0.9450

Sept.................. 15,013 13,051 91,002 12,620 n.a. n.a. 4,068 2,400 n.a. 0.9041

Dec................... 22699 23164 n.a. 9538 n.a. n.a. 1951 n.a. n.a. 0.8904

2014 - Mar................... 17733 17832 99179 8969 n.a. n.a. 1012 290 -2 0.8840

June ................. 18188 18726 101146 9451 n.a. n.a. 879 436 n.a. 0.8868

Sept.................. 22,420 22,430 88,531 13,999 n.a. n.a. n.a. 1,269 -319 0.9554

Dec................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934

2015 - Mar................... 24,395 27,813 90,647 13,567 n.a. n.a. n.a. 596 n.a. 0.9712

June ................. 20,333 22,935 82,868 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 n.a. 13,318 - - n.a. n.a. n.a. 1.0017

 
FOREIGN CURRENCY POSITIONS 

June 2016

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) 

10/07/2015 .............................................................. 1,968,790 2,039,629 n.a. 1.5315

10/14/2015 .............................................................. 2,011,522 2,082,423 -457 1.5445

10/21/2015 .............................................................. 1,907,997 1,975,157 -391 1.5463

10/28/2015 .............................................................. 2,053,769 2,126,784 -389 1.5319

11/04/2015 .............................................................. 2,037,267 2,120,583 -375 1.5377

11/11/2015 .............................................................. 2,176,370 2,255,532 -470 1.5212

11/18/2015 .............................................................. 2,102,439 2,189,033 -115 1.5210

11/25/2015 .............................................................. 2,362,457 2,470,023 -190 1.5109

12/02/2015 .............................................................. 2,478,919 2,588,817 n.a. 1.4927

12/09/2015 .............................................................. 2,477,557 2,596,254 n.a. 1.5168

12/16/2015 .............................................................. 2,325,221 2,441,822 n.a. 1.5013

12/23/2015 .............................................................. 2,145,526 2,239,894 -549 1.4863

12/30/2015 .............................................................. 2,097,186 2,194,847 -518 1.4832

01/06/2016 .............................................................. 2,136,112 2,232,947 n.a. 1.4626

01/13/2016 .............................................................. 2,177,913 2,274,994 n.a. 1.4470

01/20/2016 .............................................................. 2,189,510 2,282,513 n.a. 1.4167

01/27/2016 .............................................................. 2,224,396 2,317,791 n.a. 1.4261

02/03/2016 .............................................................. 2,211,970 2,298,086 -6 1.4576

02/10/2016 .............................................................. 2,146,428 2,237,522 268 1.4473

02/17/2016 .............................................................. 2,150,180 2,231,890 169 1.4317

02/24/2016 .............................................................. 2,269,118 2,359,163 -720 1.3932

03/02/2016 .............................................................. 2,283,171 2,375,564 n.a. 1.4059

03/09/2016 .............................................................. 2,298,299 2,390,799 420 1.4236

03/16/2016 .............................................................. 2,170,172 2,264,431 369 1.4100

03/23/2016 .............................................................. 2,185,165 2,286,293 135 1.4111

03/30/2016 .............................................................. 2,278,564 2,381,938 476 1.4390
FOREIGN CURRENCY POSITIONS 

June 2016 

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) 

 

2013 - Dec................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574

2014 - Dec................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578

2015 - Apr ................... 1,972,106 2,055,237 680,219 632,317 98,966 103,701 134,754 128,057 n.a. 1.5328

May.................. 1,997,455 2,078,594 658,212 615,861 105,551 100,115 136,412 129,682 n.a. 1.5286

June................. 1,969,511 2,049,067 642,383 604,284 110,813 106,756 102,382 100,469 n.a. 1.5727

July .................. 1,992,908 2,073,991 658,958 626,938 101,035 98,445 94,215 93,188 86 1.5634

Aug .................. 2,092,773 2,166,158 663,720 636,233 95,422 96,929 104,644 102,015 -349 1.5363

Sept................. 1,980,149 2,054,827 650,708 665,287 84,785 88,676 97,674 91,804 n.a. 1.5116

Oct................... 2,086,433 2,157,545 642,429 660,368 79,955 81,072 87,008 85,102 -249 1.5445

Nov .................. 2,360,516 2,469,653 664,148 677,964 83,441 90,095 105,205 96,226 -181 1.5044

Dec .................. 2,097,242 2,195,891 663,775 692,622 78,769 88,691 110,325 99,992 -536 1.4746

2016 - Jan ................... 2,242,437 2,331,409 710,275 739,361 98,347 112,901 143,993 131,101 -429 1.4184

Feb .................. 2,289,024 2,377,171 753,517 793,207 104,509 124,895 172,178 148,214 21 1.3926

Mar .................. 2,239,307 2,345,456 719,273 754,868 111,379 131,861 184,228 162,080 556 1.4381

 

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 

Otions 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) 

 

2012 - Dec................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262

2013 - Mar................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193

June.................. 25,286 23,953 66,608 37,013 714 977 3,877 1,328 39 1.5210

Sept.................. 23,881 18,501 149,903 36,241 1,006 1,145 n.a. 1,287 155 1.6179

Dec................... 34365 29425 156665 38670 1861 n.a. 2360 1364 172 1.6574

2014 - Mar................... 24285 20785 159297 38963 n.a. n.a. n.a. 404 - 1.6675

June ................. 28452 25936 159978 38559 1500 1381 2464 866 194 1.7105

Sept.................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 n.a. 1.6220

Dec................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578

2015 - Mar................... 30,264 42,342 158,473 61,050 n.a. 745 5,418 3,293 -85 1.4850

June ................. 29,155 39,283 160,747 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 76,382 60,749 358 351 3,151 1,330 n.a. 1.4746

 
FOREIGN CURRENCY POSITIONS 

June 2016

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) 

10/07/2015 ............................................................ 23,229,144 22,106,944 -1,663 n.a.

10/14/2015 ............................................................ 23,623,273 22,513,344 -6,732 n.a.

10/21/2015 ............................................................ 23,035,718 21,913,341 n.a. n.a.

10/28/2015 ............................................................ 24,152,017 23,035,715 -5,618 n.a.

 

11/04/2015 ............................................................ 23,947,496 22,832,213 -6,796 n.a.

11/11/2015 ............................................................ 24,758,524 23,611,467 -7,453 n.a.

11/18/2015 ............................................................ 24,209,541 23,084,665 -8,320 n.a.

11/25/2015 ............................................................ 26,414,457 25,276,815 -6,907 n.a.

 

12/02/2015 ............................................................ 27,273,023 26,064,734 -7,144 n.a.

12/09/2015 ............................................................ 27,678,016 26,783,996 n.a. n.a.

12/16/2015 ............................................................ 25,885,293 25,076,488 -9,084 n.a.

12/23/2015 ............................................................ 23,367,857 22,724,557 -5,440 n.a.

12/30/2015 ............................................................ 23,010,927 22,383,953 -5,053 n.a.

01/06/2016 ............................................................ 23,369,202 22,838,879 -6,963 n.a.

01/13/2016 ............................................................ 23,756,814 23,251,347 -4,311 n.a.

01/20/2016 ............................................................ 24,142,073 23,644,866 -7,019 n.a.

01/27/2016 ............................................................ 24,323,313 23,836,130 -6,540 n.a.

 

02/03/2016 ............................................................ 25,431,924 24,930,528 -5,315 n.a.

02/10/2016 ............................................................ 25,462,875 24,951,797 -4,773 n.a.

02/17/2016 ............................................................ 23,805,447 23,317,950 -3,907 n.a.

02/24/2016 ............................................................ 23,983,319 23,420,830 -3,178 n.a.

 

03/02/2016 ............................................................ 25,431,924 24,930,528 -5,315 n.a.

03/09/2016 ............................................................ 25,462,875 24,951,797 -4,773 n.a.

03/16/2016 ............................................................ 23,805,447 23,317,950 -3,907 n.a.

03/23/2016 ............................................................ 23,983,319 23,420,830 -3,178 n.a.

03/30/2016 ............................................................ 24,745,551 24,258,406 -4,688 n.a.
FOREIGN CURRENCY POSITIONS 

June 2016 

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) 

 

2013 - Dec.............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a.

2014 - Dec.............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a.

2015 - Apr .............. 24,201,652 23,272,405 - - 2,523,577 2,291,357 1,584,348 1,813,633 -10,133 n.a.

May............. 24,110,395 23,318,912 - - 2,467,809 2,233,891 1,850,041 2,188,982 -3,883 n.a.

June............ 23,066,221 22,358,940 - - 2,339,302 2,167,095 1,566,843 1,745,101 4,422 n.a.

July ............. 23,394,671 22,573,947 - - 2,293,536 2,128,226 1,632,556 1,678,632 7,403 n.a.

Aug ............. 24,068,267 23,051,803 - - 2,539,766 2,328,203 1,770,106 1,863,986 -1,048 n.a.

Sept............ 23,563,409 22,486,420 - - 2,526,052 2,280,176 1,710,295 1,852,295 -2,310 n.a.

Oct.............. 24,477,244 23,329,369 - - 2,549,232 2,291,490 1,557,318 1,842,031 -5,509 n.a.

Nov ............. 26,886,275 25,760,439 - - 2,592,734 2,373,038 1,579,841 1,829,914 -5,256 n.a.

Dec ............. 23,238,718 22,612,482 - - 2,123,663 1,977,186 1,356,847 1,514,472 -7,248 n.a.

2016 - Jan .............. 25,234,746 24,741,304 - - 2,370,298 2,137,037 1,491,971 1,747,546 -14,299 n.a.

Feb ............. 25,776,570 25,258,980 - - 2,463,137 2,213,088 1,597,951 1,865,640 -6,115 n.a.

Mar ............. 24,853,887 24,371,205 - - 2,497,827 2,251,147 1,738,244 1,994,478 n.a. 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) 

 

2012 - Dec................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

June.................. 328,601 311,076 - - 98,395 64,260 25,319 25,299 1,863 n.a.

Sept.................. 277,343 315,420 - - 57,525 36,377 28,655 25,091 n.a. n.a.

Dec................... 357,382 377,984 - - 54,936 34,030 34,942 35,389 4,121 n.a.

2014 - Mar................... 391,996 400,511 - - 36,072 18,155 20,269 16,834 n.a. n.a.

June ................. 411,412 415,310 - - 56,218 29,924 20,610 26,265 3,106 n.a.

Sept.................. 470,994 427,001 - - 77,178 42,620 23,410 26,139 10,422 n.a.

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 9624 2424 n.a.

Dec................... 394,957 340,085 - - 28,177 18,640 6,330 8,699 1,846 n.a.

 
FOREIGN CURRENCY POSITIONS 

June 2016

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) 

10/07/2015 ......................................................................... 6,965,382 7,162,233 n.a. 0.8890

10/14/2015 ......................................................................... 7,084,606 7,727,353 n.a. 0.8744

10/21/2015 ......................................................................... 6,816,010 7,027,058 n.a. 0.8814

10/28/2015 ......................................................................... 7,413,939 7,624,230 n.a. 0.9037

 

11/04/2015 ......................................................................... 7,400,302 7,594,237 n.a. 0.9207

11/11/2015 ......................................................................... 7,767,593 7,969,412 n.a. 0.9308

11/18/2015 ......................................................................... 7,408,672 7,608,234 n.a. 0.9400

11/25/2015 ......................................................................... 8,555,253 8,759,224 4,377 0.9420

 

12/02/2015 ......................................................................... 8,864,069 9,109,411 n.a. 0.9458

12/09/2015 ......................................................................... 8,851,488 9,057,701 n.a. 0.9104

12/16/2015 ......................................................................... 8,403,234 8,553,024 n.a. 0.9143

12/23/2015 ......................................................................... 7,270,589 7,441,297 n.a. 0.9195

12/30/2015 ......................................................................... 7,245,017 7,407,374 n.a. 0.9164

01/06/2016 ......................................................................... 7,361,386 7,528,119 n.a. 0.9292

01/13/2016 ......................................................................... 7,413,098 7,581,715 n.a. 0.9206

01/20/2016 ......................................................................... 7,513,619 7,682,119 10,017 0.9168

01/27/2016 ......................................................................... 7,509,457 7,679,055 n.a. 0.9202

 

02/03/2016 ......................................................................... 7,567,589 7,749,502 11,975 0.9049

02/10/2016 ......................................................................... 7,637,561 7,843,635 n.a. 0.8911

02/17/2016 ......................................................................... 7,446,734 7,584,709 n.a. 0.8977

02/24/2016 ......................................................................... 7,564,820 7,751,539 n.a. 0.9074

 

03/02/2016 ......................................................................... 7,651,067 7,821,492 3,165 0.9221

03/09/2016 ......................................................................... 7,508,423 7,679,657 n.a. 0.9073

03/16/2016 ......................................................................... 7,154,575 7,254,420 623 0.9029

03/23/2016 ......................................................................... 6,913,835 7,062,496 -487 0.8949

03/30/2016 ......................................................................... 7,218,318 7,374,716 377 0.8826
FOREIGN CURRENCY POSITIONS 

June 2016 

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) 

 

2013 - Dec................... 4,986,374 5,023,973 1,899,825 1,777,323 334,550 358,527 391,263 369,449 6,489 0.7257

2014 - Dec................... 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264

2015 - Apr ................... 7,411,812 7,560,127 2,329,637 2,240,443 537,758 617,533 848,179 745,470 n.a. 0.8959

May.................. 7,215,572 7,365,301 2,149,556 2,051,034 539,369 624,563 1,023,618 817,625 n.a. 0.9096

June................. 7,438,996 7,672,559 2,091,704 1,985,996 568,012 644,762 874,016 784,087 n.a. 0.8965

July .................. 7,320,770 7,553,819 2,047,192 1,949,937 529,205 591,868 830,488 768,196 n.a. 0.9068

Aug .................. 7,247,138 7,470,982 2,024,660 1,959,357 566,309 615,920 824,558 775,937 n.a. 0.8933

Sept................. 7,141,758 7,331,845 2,022,309 1,976,889 521,770 565,873 761,074 726,021 n.a. 0.8959

Oct................... 7,504,507 7,695,131 2,068,710 2,010,864 536,147 608,360 813,123 761,260 n.a. 0.9056

Nov .................. 8,618,765 8,824,919 1,972,307 1,951,096 590,818 659,267 965,633 923,923 n.a. 0.9468

Dec .................. 7,266,999 7,435,516 1,918,196 1,862,061 504,161 532,803 716,194 693,323 n.a. 0.9209

2016 - Jan ................... 7,780,221 7,954,619 2,029,674 1,974,888 540,241 574,056 695,531 664,448 n.a. 0.9232

Feb .................. 7,791,652 7,968,756 2,089,901 2,060,977 553,654 589,449 728,915 696,928 n.a. 0.9201

Mar .................. 7,232,255 7,393,837 2,086,812 2,036,857 535,503 554,854 649,039 624,914 712 0.8780

 

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) 

 

2012 - Dec................... 69,920 61,111 203,194 120,619 8,126 2,152 3,662 n.a. 8 0.7584

2013 - Mar................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803

June.................. 80,198 71,480 225,064 138,339 10,852 5,750 15,771 12,375 313 0.7686

Sept.................. 72,099 68,918 327,873 157,426 11,714 4,796 7,647 5,601 818 0.7388

Dec................... 93606 107641 295577 138564 8848 3866 7004 6196 939 0.7257

2014 - Mar................... 85631 68576 310459 141879 9177 n.a. 6401 3759 765 0.7258

June ................. 87542 83012 318085 145765 10853 8432 18099 11116 -709 0.7305

Sept.................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7919

Dec................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264

2015 - Mar................... 150,385 138,996 283,667 183,576 7,240 3,962 15,297 9,179 1,582 0.9310

June ................. 146,038 136,974 295,965 183,030 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................... 126,355 121,422 236,668 184,248 5,153 1,869 10,724 6,624 -40 0.9209

 
June 2016 

60 

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, 2015, and Mar. 31, 2015 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2015 

Jan. 1, 2016, 

through 

Mar. 31, 2016 Mar. 31, 2016 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,646,596 11,807 22,658,403

Special drawing rights 1 ........................................................... 49,688,054 829,951 50,518,005

Foreign exchange and securities: 

European euro ..................................................................... 11,840,495 587,696 12,428,191 

Japanese yen....................................................................... 7,771,090 558,451 8,329,541 

Accounts receivable................................................................. 68,076 10,636 78,712 

Total assets.......................................................................... 92,014,311 1,998,541 94,012,852 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,436 312 4,748 

Total current liabilities ...................................................... 4,436 312 4,748 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 48,937,998 815,439 49,753,437 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 54,137,998 815,439 54,953,437 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -358,418 1,147,555 789,137 

Total capital...................................................................... 37,871,877 1,182,790 39,054,667 

Total liabilities and capital............................................ 92,014,311 1,998,541 94,012,852 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

June 2016 

61

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, 2016, 

through 

Mar. 31, 2016 

Fiscal year to date

Oct. 1, 2015, 

through 

Mar. 31, 2016 

Income and expense 

 Profit (+) or loss(-) on: 

Foreign exchange ........................................................................ 1,119,357 761,314 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 12,539 2,801 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 100 -152

U.S. Government securities......................................................... 13,686 18,530 

Foreign exchange ........................................................................ 1,873 6,644 

Income from operations ............................................................... 1,147,555 789,137 

Net income (+) or loss (-)............................................................. 1,147,555 789,137 

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 2016 

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 2017) .............................................................................................................. 89

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 43

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 47

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)............................................................................................................................ 137

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 24

less: 

Cash balance (fiscal year 2017 .......................................................................................................................................................................................... 11

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 13

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)........................................................................................................................... 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 2016 

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 2016 

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: 

Ann 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 2016 

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 Bipartisan Budget 

Act of 2015, Public Law 114-74, the Statutory Debt Limit has 

been suspended through March 15, 2017. 

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 

account. Their rate is based on an average of market yields on 
GLOSSARY 

June 2016 

69

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 2016 

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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