BULLETIN

JUNE2017

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 2017 

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 ................................................................................................... 17 

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 ........................................................................................................ 39 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 40 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 41 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 42 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 43

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 44 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 44 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 45
IV 

June 2017 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 49 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 60 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 61 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 61 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 62 

ESF-1—Balance Sheet ........................................................................................................................................................ 62 

ESF-2—Income and Expense .............................................................................................................................................. 63

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 67 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 67

RESEARCH PAPER SERIES ............................................................................................................................................. 68

GLOSSARY ........................................................................................................................................................................ 69 

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 2017

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
PROFILE OF THE ECONOMY 3 

June 2017 

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of May 5, 2017 

Introduction 

The U.S. economy continued to expand in the first 

quarter of 2017, but at a much slower rate than in last year’s 

final quarter. Seasonal adjustment as well as transitory 

factors played a role in the moderation, as did a significant 

slowing of consumption, much slower inventory 

accumulation, and declines in government spending at all 

levels. However, private fixed investment rebounded 

sharply, and a slight upturn in net exports also helped 

support growth. Labor market conditions continued to 

improve, and the unemployment rate stood at 4.4 percent in 

April 2017, very close to full employment. Headline 

inflation has continued to edge higher, but it remains 

relatively low and core inflation remains stable. 

The federal budget deficit fell from a peak of 9.8 percent 

of GDP in fiscal year 2009 to an 8-year low of 2.5 percent in 

fiscal year 2015 before rising a bit to 3.2 percent of GDP in 

fiscal year 2016. In its January 2017 assessment of the 

outlook for the economy and budget, the Congressional 

Budget Office (CBO) projected the budget deficit would 

decline to 2.9 percent of GDP in fiscal year 2017, and would 

fall to 2.4 percent of GDP in fiscal year 2018. 

At its latest meeting on May 2-3, 2017, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

maintained the target range for the federal funds rate at 0.75 

to 1.00 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’s accompanying statement for the 

May meeting took account of headline as well as core 

inflation readings, saying that “inflation measured on a 12-

month basis recently has been running close to the 

Committee’s 2-percent longer-run objective” and that 

“excluding energy and food, consumer prices declined in 

March and inflation continued to run somewhat below 2 

percent.” The FOMC also asserted that “the stance of 

monetary policy remains accommodative, thereby 

supporting some further strengthening in labor market 

conditions and a sustained return to 2 percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 17.3 percent and, as of the first 

quarter of 2017, real GDP was 12.3 percent above its level at 

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

advance estimate, real GDP rose 0.7 percent at an annual 

rate in the first quarter of 2017, slowing from a 2.1 percent 

increase in the fourth quarter. Consumer spending grew 

much more slowly and private inventory investment posed a 

drag on growth. However, residential investment grew 

strongly, adding to GDP growth, and business fixed 

investment surged after improving in the two previous 

quarters. Total government spending posed a small drag on 

growth, reflecting declines in federal as well as State and 

local government expenditures. Much stronger growth of 

exports, combined with slower growth in imports, caused a 

swing in net exports, which made a small positive 

contribution to GDP growth. 

Real personal consumption expenditures—which 

account for about 69 percent of GDP—rose at a 0.3 percent 

annual rate in the first quarter, slowing from a 3.5 percent 

pace in the fourth quarter. Across spending categories, 

consumption growth for durables fell by 2.5 percent annual 

rate in the first quarter, following an 11.4 percent surge in 

the previous quarter, while consumption of nondurables 

increased by 1.5 percent in the latest quarter, after advancing 

3.3 percent in the fourth quarter. Services consumption rose 

0.4 percent in the first quarter, slowing from the fourth 

quarter’s 2.4 percent pace. Altogether, consumption 

contributed 0.2 percentage point to real GDP growth in the 

first quarter, much lower than the 2.4 percentage point 

contribution in the fourth quarter. 

After rebounding at a double-digit pace in the fourth 

quarter, housing activity continued to surge in this year’s 

first quarter. Residential investment leapt 13.7 percent, after 

jumping 9.6 percent in the fourth quarter. Residential 
4 PROFILE OF THE ECONOMY 

June 2017 

activity accounts for 3.8 percent of GDP and contributed 0.5 

percentage point to first-quarter real GDP growth. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts gained 9.3 

percent over the year through March 2017 to an annual rate 

of 821,000 units. However, single-family starts remain 55 

percent below their January 2006 peak and well below the 

1.1 million unit average observed from 1980 to 2004. Multifamily starts advanced 8.8 percent over the year through 

March 2017, but remain 12.4 percent below the prerecession peak. Sales of new single-family homes rose 15.6 

percent over the year through March 2017 to a 621,000 

annual rate. Sales of existing homes (94 percent of all home 

sales, including single-family, condos and co-ops) increased 

5.9 percent over the year through March 2017, to a 5.7 

million annual rate. 

Nonresidential fixed investment—12.4 percent of 

GDP—advanced 9.4 percent at an annual rate in the first 

quarter of 2017, following a 0.9 percent increase in the 

fourth quarter. Growth of business spending on intellectual 

property products—including outlays for software, research 

and development, entertainment, literary, and artistic 

originals—rose 2.0 percent on top of a 1.3 percent gain in 

the fourth quarter. Equipment investment jumped 9.1 percent 

in the first quarter, accelerating from a 2.0 percent increase 

in the fourth quarter. Business outlays for structures leapt 

22.1 percent, reversing from a 1.9 percent decline in the 

fourth quarter. Altogether, nonresidential fixed investment 

added 1.1 percentage points to real GDP growth in the first 

quarter, after adding 0.1 percentage point in the fourth 

quarter. Finally, businesses drew down inventories in the 

first quarter, after adding to inventories in the two previous 

quarters. The resulting change in private inventories 

subtracted 0.9 percentage point from first-quarter real GDP 

growth, after adding a full percentage point in the fourth 

quarter and 0.5 percentage point in the third quarter. 

Exports account for about 12 percent of GDP, while 

imports (which are subtracted from total domestic spending 

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

quarter of 2017, exports grew by 5.8 percent (after falling 

4.5 percent in the previous quarter) and import growth 

slowed to 4.1 percent (after surging by 8.9 percent in the 

fourth quarter). The net export deficit improved, adding 0.1 

percentage point to real GDP growth in the first quarter after 

subtracting 1.8 percentage points from growth in the fourth 

quarter.

The current account balance (reflecting international 

trade in goods and services as well as investment income 

flows and unilateral transfers) has been in deficit almost 

continuously since the early 1980s and in 2006 reached a 

record $807 billion, equivalent to 5.8 percent of GDP. The 

current account deficit narrowed sharply during the 

recession to $384 billion (2.7 percent of GDP) in 2009. It 

has widened somewhat since then but remains well below its 

2006 peak. In the fourth quarter of 2016 (latest data 

available), the current account deficit narrowed to $450 

billion (annualized), or 2.4 percent of GDP.

Government purchases—which account for close to 18 

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

from 2011 through 2014, but contributed modestly on net to 

economic growth in 2015 and 2016. However, in the first 

quarter of 2017, government outlays declined by 1.7 percent, 

after rising 0.2 percent in the fourth quarter, and subtracted 

0.3 percentage point from real GDP growth. At the federal 

level, spending fell 1.9 percent, after falling 1.2 percent in 

the fourth quarter. State and local government spending 

declined 1.5 percent, following a 1.0 percent jump in the 

fourth quarter. State and local government spending declined 

for 13 straight quarters from the fourth quarter of 2009 

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

quarters since then. Similarly, spending cutbacks at the 

federal level restrained overall growth from late 2010 

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 February 2010 

was the low point and employment rose in March of that 

year. Since then, through April 2017, total nonfarm payroll 

employment has increased by 16.3 million. Private-sector 

employment has risen 16.5 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, through April 2017, payrolls 

in professional and business services have risen by 4.1 

million, and the leisure and hospitality industry’s 

employment has increased by about 2.9 million. 

Employment in the manufacturing sector has expanded by 

943,000 since early 2010 and the construction sector has 

added 1.4 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 2.7 million 

jobs through April 2017. 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 2017, the government sector 

has added 535,000 jobs. Much of that growth occurred at 

the local level with the addition of 415,000 positions. 

Federal government employment has risen by 73,000 

during this period and state government employment has 

increased by 47,000. 

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 
PROFILE OF THE ECONOMY 5 

June 2017 

rate has trended lower and in April 2017 stood at 4.4 

percent—nearly a 10-year low. 

Broader measures of unemployment have also declined 

to levels much closer to 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 8.6 

percent in April 2017. 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 2017, 22.6 percent of 

unemployed workers were included in this category 

compared with readings around 17.6 percent in the two years 

before the recession. 

Inflation

Over the past year, headline inflation rates have 

accelerated, reflecting rising energy prices, while core 

inflation rates have remained stable, but both measures 

remain relatively low. Headline consumer prices rose 2.4 

percent over the 12 months ending in March 2017, 

accelerating after a 0.9 percent increase during the previous 

year. Energy prices advanced 10.9 percent over the year 

through March 2017, in sharp contrast with the 12.6 percent 

plunge over the year through March 2016. 

On a year-over-year basis, food prices rose 0.5 percent 

over the year through March 2017 after several twelve 

month declines; food prices advanced 0.8 over the 12 

months ending in March 2016. On a 12-month basis, core 

consumer prices (excluding food and energy) rose 2.0 

percent through March 2017, slowing from the 2.2 percent 

increase in the year ending in March 2016. Core inflation 

had been near or below 2 percent from early 2013 through 

late 2015, but hovered around 2-1⁄4 percent throughout 2016 

and the first few months of 2017. 

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. 

Since then, prices have trended higher. 

The front-month futures price of West Texas 

Intermediate (WTI) crude oil averaged $51.06 per barrel in 

April 2017, up $1.73 from the previous month’s average, 

and $10.31 above the April 2016 average. The retail price of 

regular gasoline averaged $2.45 per gallon in April 2017, 13 

cents higher than the previous month, and 29 cents higher 

than its April 2016 average. 
6 PROFILE OF THE ECONOMY 

June 2017 

Home prices have continued to rise. While the pace of 

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

exceeds the increases in broad measures of consumer prices. 

The FHFA purchase-only home price index rose 6.5 percent 

over the year ending in February 2017, lower than the peak 

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

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

home price index rose 5.9 percent over the year ending in 

February 2017, a pace less than half the peak rate of 13.8 

percent in November 2013. 

Federal Budget and Debt

The federal budget deficit declined to $438 billion (2.5 

percent of GDP) in fiscal year 2015, reaching an eight-year 

low, but rose to $587 billion (3.2 percent of GDP) in fiscal 

year 2016. The deficit is now 6.6 percentage points below 

the peak of 9.8 percent reached in fiscal year 2009. Debt 

held by the public rose to $14.2 trillion at the end of fiscal 

year 2016. As a share of the economy, publicly held debt 

rose to 77.0 percent of GDP in fiscal year 2016, from 73.7 

percent at the end of fiscal year 2015. 

In its January 2017 assessment of the outlook for the 

economy and budget, the CBO projected the budget deficit 

would decline to 2.9 percent of GDP in fiscal year 2017, and 

would fall to 2.4 percent of GDP in fiscal year 2018, before 

starting to rise again. Over the projection period fiscal year 

2019 to fiscal year 2027, the CBO estimates that the deficit 

will average nearly 4.1 percent, above the 40-year average of 

3.2 percent of GDP. The debt-to-GDP ratio is projected to 

increase over that period from 77.9 percent of GDP to 88.9 

percent by fiscal year 2027. 

Economic Policy

Key fiscal and monetary policy actions taken in past 

years aided the recovery and helped reinforce the expansion. 

On the fiscal policy side, these measures included the 

American Recovery and Reinvestment Act (ARRA) of 2009, 

a variety of selected tax cuts and credits for individuals and 

businesses, the American Taxpayer Relief Act of 2012 

(ATRA), financial support for State and local Governments, 

and extensions of Emergency Unemployment benefits. 

On May 5, the President signed an omnibus bill to fully 

fund the federal government through September 2017. The 

omnibus bill appropriates $1.1 trillion for discretionary 

spending, including non-capped spending for Overseas 

Contingency Operations and emergency and disaster relief 

funding. 

The Bipartisan Budget Act of 2015 suspended the debt 

ceiling from November 2, 2015 through March 15, 2017. On 

March 16, 2017, the debt ceiling was reinstated and 

increased to include borrowing since October 2015. With 

federal debt now at the statutory limit of $19.9 trillion, the 

Treasury Department has suspended issuing debt to finance 

government operations, and is now using extraordinary 

measures to balance any financing gaps between revenues 

and outlays. 

On the monetary policy side, the Federal Reserve began 

its last cycle of monetary policy easing in September 2007, 

partly in response to rising financial market stress, as well as 

to signs of slowing in the broader economy. 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. 

The Committee raised the rate by another 25 basis points in 

December 2016 to 0.5 to 0.75 percent, and raised it by a 

further 25 basis points to 0.75 to 1.0 percent at its March 14-

15, 2017 meeting. At its most recent meeting on May 2-3, 

2017 the FOMC maintained this range and reiterated its 

view, first expressed at the December 2015 meeting, that it 

“expects economic conditions will evolve in a manner that 

will warrant only gradual increases in the federal funds rate; 

the federal funds rate is likely to remain, for some time, 

below levels that are expected to prevail in the longer run.” 

In addition to lowering the federal funds rate target to 

respond to the financial crisis and slower economic growth, 

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” 

operation announced in September 2011). At the September 

2012 meeting, the 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. 

The 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 
PROFILE OF THE ECONOMY 7 

June 2017 

the end of 2012. The FOMC also indicated that monthly 

purchases of mortgage-backed 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 on May 2-3, 2017, 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, 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, the 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. After 

advancing 9.5 percent in 2016, the index has risen 7.2 

percent thus far in 2017 through early May, and is currently 

53 percent above its October 2007 peak. 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 10 as of early May 2017–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 concerns about global financial 

markets and global growth. More recently, yields have been 

affected by expectations for more government spending and 

higher inflation. After falling by nearly 90 basis points 

during 2014, the yield on the 10-year Treasury note rose by 

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

18 basis points over 2016. Currently, the 10-year yield 

stands at 2.36 percent, well above the record low of 1.43 

percent reached in late July 2012, but 9 basis points lower on 

the year through early May. The 3- month Treasury bill yield 

dipped below 0.1 percent between January 2012 and 

November 2015, but since then has trended higher, and 

stood at about 0.9 percent as of early May 2017. 

The 2- to 10-year Treasury yield spread, one measure of 

the steepness of the yield curve, narrowed significantly from 
8 PROFILE OF THE ECONOMY 

June 2017 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 28 basis points as of early May 2017. 

Measures of longer-term credit risk have also improved. 

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

corporate bond yield and the 10-year Treasury Constant 

Maturity yield averaged 2.11 percentage points as of 

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

average 1.84 percentage points in April 2017. The spread 

between the 10-year Treasury High Quality Market (HQM) 

corporate bond yield and the 10-year Treasury Constant 

Maturity yield average 1.35 percentage points in September 

2016, and since then has narrowed to an average of 1.16 

percentage points as of April 2017. (The HQM and TBBB 

yield curves are produced in Treasury’s Office of 

Macroeconomic Analysis. The 10-year yields from these 

curves correspond to the 10-year Treasury yield, so the 

spreads provide an accurate measure of credit risk.) 

Rates for conforming mortgages have trended lower in 

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

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

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

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

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

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

higher, and in April 2017 averaged 4.05 percent. 

Foreign Exchange Rates

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

currencies of seven major trading partners (the euro area 

countries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

next several years. From its peak in February 2002, to the 

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 39 percent. The dollar’s exchange value against this 

index has appreciated between August 2011 and April 2017 

by about 36 percent. From August 2011 through April 2017, 

the dollar has appreciated by about 43 percent against the 

yen and by about 34 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 27 percent. 
June 2017 

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 2017 

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 Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the second quarter of fiscal year 2017 

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 $342.6 billion for the second 

quarter of fiscal year 2017. This is an increase of $19.5 

billion over the comparable prior year quarter. Withheld 

receipts increased by $23.8 billion and non-withheld 

receipts decreased by $2.8 billion during this period. 

Refunds increased by $1.6 billion over the comparable fiscal 

year 2016 quarter. There was an increase of $7.0 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2016. 

Corporate income taxes—Net corporate income tax 

receipts were $24.5 billion for the second quarter of fiscal 

year 2017. This is a decrease of $12.5 billion compared to 

the prior year second quarter. The $12.5 billion change is 

comprised of a decrease of $18.0 billion in estimated and 

final payments, and a decrease of $5.5 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2017 were $286.4 billion, an increase of $14.4 

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 $8.0 billion, $3.6 billion, and $2.7 billion 

respectively. There was a negligible accounting adjustment 

for prior years’ employment tax liabilities made in the 

second quarter of fiscal year 2017, while there was a $7.0 

billion adjustment in the second quarter of fiscal year 2016. 

Unemployment insurance—Unemployment insurance 

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

2017 were $7.9 billion, a decrease of $1.0 billion over the 

comparable quarter of fiscal year 2016. Net State taxes 

deposited in the U.S. Treasury decreased by $0.7 billion to 

$4.8 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.3 billion to $3.1 billion. 
FEDERAL FISCAL OPERATIONS 

June 2017 

11

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.0 billion for the 

second quarter of fiscal year 2017. This was a negligible 

change from the comparable quarter of fiscal year 2016. 

Excise taxes—Net excise tax receipts for the second 

quarter of fiscal year 2017 were $18.1 billion, a decrease of 

$1.3 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.0 billion, an 

increase of $1.0 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.5 billion for the second quarter of fiscal year 2017. 

These receipts represent an increase of $1.3 billion over the 

same quarter in fiscal year 2016. 

Customs duties—Customs duties net of refunds were 

$8.1 billion for the second quarter of fiscal year 2017. This 

is a decrease of $0.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2017 were $38.2 billion, 

an increase of $1.7 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $2.1 billion.

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

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

 Second quarter 2017 

January - March 

 Fiscal year 2017 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 732,366 1,473,137

On-budget receipts .................................................. 510,065 1,069,826

Off-budget receipts .................................................. 222,300 403,310

Total outlays................................................................. 1,049,385 1,999,992

On-budget outlays.................................................... 830,073 1,605,468

Off-budget outlays.................................................... 219,313 394,524

Total surplus or deficit (-)............................................. -317,019 -526,855

On-budget surplus or deficit (-)................................ -320,008 -535,641

Off-budget surplus or deficit (-)................................ 2,988 8,787

Means of financing: 

Borrowing from the public ............................................ -68,091 191,177

Reduction of operating cash........................................ 306,984 261,105

Other means ................................................................ 78,126 74,573

Total on- and off-budget financing........................... 317,019 526,855

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2017 

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

Source January February March

Individual income taxes...................................................... 197.2 61.3 84.1

Corporate income taxes..................................................... 9.1 2.5 12.9

Employment and general retirement.................................. 104.7 86.4 95.3

Unemployment insurance .................................................. 4.7 2.8 0.4

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

Excise taxes ....................................................................... 5.1 5.4 7.6

Estate and gift taxes .......................................................... 2.4 1.1 2

Customs duties .................................................................. 3 2.5 2.7

Miscellaneous receipts ....................................................... 17.4 9.5 11.3

Total budget receipts ..................................................... 344.1 171.7 216.6

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

June 2017 

12 
FEDERAL FISCAL OPERATIONS 

June 2017 

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) 

 

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

 

2017 - Est.................... 3,632,248 2,791,385 840,863 4,073,170 3,259,631 813,539 -440,922 -468,246 27,324 691,771

2018 - Est.................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar................... 227,848 154,634 73,213 335,891 262,546 73,345 -108,043 -107,912 -131 138,536

Apr................... 438,432 354,420 84,012 331,977 266,592 65,385 106,455 87,828 18,627 -77,271

May.................. 224,604 160,264 64,340 277,111 202,110 75,001 -52,507 -41,846 -10,661 77,881

June................. 329,572 244,179 85,394 323,320 289,404 33,916 6,252 -45,225 51,477 116,057

July .................. 209,998 148,604 61,394 322,817 255,219 67,598 -112,819 -106,615 -6,204 47,779

Aug .................. 231,327 168,497 62,830 338,438 263,249 75,189 -107,112 -94,753 -12,359 82,704

Sept................. 356,537 287,022 69,515 323,178 248,402 74,776 33,359 38,620 -5,261 62,470

Oct................... 221,692 165,322 56,370 267,523 199,909 67,613 -45,831 -34,587 -11,243 231,774

Nov .................. 199,875 139,453 60,422 336,544 262,006 74,538 -136,669 -122,553 -14,116 141,869

Dec .................. 319,204 254,986 64,218 346,540 313,480 33,060 -27,336 -58,493 31,158 27,460

2017 - Jan ................... 344,069 263,613 80,456 292,812 225,590 67,222 51,257 38,023 13,234 -40,544

Feb .................. 171,713 104,266 67,447 363,757 287,851 75,907 -192,044 -183,585 -8,460 22,006

Mar .................. 216,584 142,186 74,397 392,816 316,632 76,184 -176,232 -174,446 -1,786 -114,742 Fiscal year 2017 to date ... 1,473,137 1,069,826 403,310 1,999,992 1,605,468 394,524 -526,855 -535,641 8,787 267,823

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) 

 

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 -250,098 -834 483,348

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

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -309,791 -171 587,416

 

2017 - Est.............................. -3 119,576 572,192 - - - - -131,269 - 440,923

2018 - Est.............................. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar............................. 12 -150 138,698 41,476 986 -27 313 12,093 - 108,043

Apr............................. -53 6,382 -83,706 25,256 303 113 144 3,070 - -106,452

May ........................... 119 32,779 45,221 -40,675 -516 -460 42 -34,323 - 52,507

June .......................... 42 70,019 46,080 65,245 -145 263 71 12,968 134 -6,252

July............................ -9 -19,008 66,778 -29,914 -196 17 77 16,021 - 112,815

Aug............................ -170 -23,227 105,761 -44,802 36 28 120 -43,267 - 107,112

Sept........................... -15 -6,025 68,480 64,365 53 -11 1,376 -36,056 1,170 -33,359

Oct............................. 14 119,132 112,656 68,256 -787 228 802 35 - 45,831

Nov............................ 26 -14,832 156,727 467 -41 -179 -383 -20,212 - 136,669

Dec............................ 56 37,631 -10,115 -22,844 -343 42 -78 14,408 - 27,336

2017 - Jan ............................. 36 19,126 -59,634 -26,462 527 -134 153 -17,539 - -51,257

Feb ............................ -233 -13,032 34,805 -183,441 -169 -511 -38 -26,867 -53 192,044

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

 Fiscal year 2017 to date.......... -135 76,511 191,177 -261,105 -705 -342 565 72,667 -53 526,855

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016.

-No transactions. 

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

June 2017 

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) 

 

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 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,548 1,060,162 3,159 1,056,993

 

2017 -Est........... 1,746,647 - - 1,746,647 409,898 - 409,898 2,156,545 1,097,407 - 1,097,407

2018 -Est........... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar......... 124,470 15,621 62,948 77,144 38,892 5,622 33,271 110,415 93,411 - 93,411

Apr......... 93,258 231,326 58,412 266,172 40,382 4,715 35,667 301,839 109,042 - 109,042

May........ 103,306 12,283 18,633 96,956 7,736 3,195 4,542 101,498 82,336 - 82,336

June....... 77,281 63,909 7,362 133,828 63,863 2,591 61,272 195,100 110,743 - 110,743

July ........ 96,844 8,006 4,983 99,867 9,259 705 8,554 108,421 79,602 - 79,602

Aug ........ 109,872 8,732 3,648 114,957 4,771 3,634 1,137 116,094 81,551 - 81,551

Sept....... 90,745 73,045 4,162 159,628 69,807 3,315 66,492 226,120 95,196 3,159 92,037

Oct......... 105,715 24,186 8,325 121,576 10,043 7,766 2,277 123,853 75,832 - 75,832

Nov ........ 95,856 7,331 11,464 91,724 3,776 3,133 643 92,367 81,471 - 81,471

Dec ........ 124,453 17,663 2,578 139,537 75,319 2,508 72,811 212,348 86,015 - 86,015

2017 - Jan ......... 121,575 77,440 1,785 197,231 11,917 2,771 9,146 206,377 104,068 - 104,068

Feb ........ 116,606 7,196 62,551 61,251 4,526 2,048 2,478 63,729 85,843 - 85,843

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

 Fiscal year 

2017 to date........ 703,767 150,061 158,437 695,391 124,843 24,608 100,234 795,625 527,988 - 527,988

 

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) 

 

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

 

2017 -Est..................... 5,522 - 5,522 1,102,929 51,312 - 51,312 4,254 21 4,275

2018 -Est..................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar................... 527 - 527 93,938 506 39 467 331 2 333

Apr................... 488 1 487 109,529 5,426 - 5,426 303 3 306

May ................. 526 2 524 82,860 17,798 12 17,786 302 2 304

June ................ -170 82 -254 110,489 359 80 279 303 3 306

July.................. 483 -82 567 80,169 1,884 19 1,865 373 3 376

Aug.................. 544 - 544 82,095 6,738 7 6,731 355 4 358

Sept................. 544 - 544 82,095 6,738 7 6,731 355 4 359

Oct................... 479 - 479 76,312 2,723 - 2,723 324 2 326

Nov.................. 384 - 384 81,855 3,402 1 3,401 318 3 321

Dec.................. 406 - 406 86,421 379 5 375 396 3 399

2017 - Jan ................... 627 - 627 104,695 4,692 4 4,689 367 3 370

Feb.................. 560 - 561 86,404 2,836 3 2,833 320 3 323

Mar.................. 557 - 557 95,316 431 44 388 339 3 342 Fiscal year 2017 to date... 3,013 - 3,014 531,003 14,463 57 14,409 2,064 17 2,081

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

June 2017 

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) 

 

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

 

2017 - Est............... 110,776 22,274 - 22,274 37,264 - 37,264 87,566 58,307 145,873 2,791,385 840,863

2018 - Est............... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar.............. 6,600 1,674 73 1,601 3,015 142 2,873 9,557 2,064 11,622 154,634 73,213

Apr.............. 5,987 3,170 22 3,148 2,993 195 2,798 7,519 1,880 9,400 354,420 84,012

May ............ 6,805 1,592 99 1,492 2,596 169 2,427 7,634 3,797 11,431 160,263 64,340

June ........... 6,910 1,750 71 1,678 2,874 93 2,781 9,674 2,354 12,028 244,179 85,394

July............. 6,077 1,707 136 1,571 3,191 132 3,059 6,950 1,511 8,461 148,604 61,394

Aug............. 7,448 1,859 98 1,762 2,992 39 2,953 9,815 4,071 13,886 168,497 62,830

Sept............ 22,566 1,538 59 1,479 3,309 164 3,145 6,379 3,562 9,942 287,022 69,515

Oct.............. 5,707 1,405 79 1,326 3,190 121 3,069 6,278 2,098 8,376 165,322 56,370

Nov............. 7,231 1,642 92 1,550 3,072 175 2,897 7,264 2,991 10,255 139,453 60,422

Dec............. 6,438 2,013 82 1,931 2,960 114 2,846 5,908 2,538 8,446 254,986 64,218

2017 - Jan .............. 5,116 2,472 45 2,427 3,135 168 2,967 7,012 10,416 17,428 263,613 80,456

Feb ............. 5,362 1,155 74 1,082 2,643 153 2,490 5,374 4,118 9,491 104,266 67,447

Mar............. 7,633 2,054 78 1,976 2,785 118 2,667 9,737 1,573 11,310 142,186 74,397 Fiscal year 2017 to date. 37,487 10,741 450 10,292 17,785 849 16,936 41,573 23,734 65,306 1,069,826 403,310 

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 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) 

 

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

 

2017 - Est ..................... 1,158,516 14,667 - 14,667 524 - 524 48,608 - 48,608 46,977 - 46,977

2018 - Est ..................... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar .................... 94,738 1,177 - 1,177 46 - 46 3,249 - 3,249 2,326 199 2,128

Apr .................... 115,261 1,268 - 1,268 50 - 50 3,495 - 3,495 2,650 1,476 1,174

May ................... 100,950 1,131 2 1,129 4 - 4 2,785 - 2,785 3,019 132 2,887

June .................. 111,074 1,229 - 1,229 38 - 38 3,311 - 3,311 2,619 288 2,331

July.................... 82,410 1,290 3 1,287 40 - 40 3,478 - 3,478 3,192 1,921 1,271

Aug.................... 89,184 1,048 3 1,045 2 - 2 3,214 - 3,214 3,353 166 3,187

Sept................... 93,285 2,036 1 2,035 78 - 78 6,390 63 6,327 15,143 1,018 14,125

Oct .................... 79,361 290 - 290 11 - 11 920 14 906 4,601 100 4,500

Nov.................... 85,577 1,314 - 1,314 47 - 47 3,844 29 3,815 2,204 150 2,054

Dec.................... 87,195 1,212 - 1,212 43 - 43 3,546 29 3,518 1,884 218 1,665

2017 - Jan..................... 109,754 1,115 - 1,115 40 - 40 3,262 29 3,233 2,203 1,475 729

Feb.................... 89,560 1,359 7 1,352 28 - 28 3,760 30 3,730 493 241 252

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

Fiscal year 2017 to date..... 547,493 6,381 7 6,374 208 - 208 18,551 161 18,391 14,871 2,356 12,514
FEDERAL FISCAL OPERATIONS 

June 2017 

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) 

 

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 ....................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371 2017 - Est............... 4,868 7,749 150,810 10,718 588,027 69,302 30,447 1,139,843 49,292 40,875 14,514 37,134 51,112

2018 - Est............... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2016 - Mar.............. 344 644 10,916 695 51,039 5,640 2,485 96,298 3,545 3,578 1,364 2,630 5,048

Apr.............. 343 589 9,337 652 47,001 4,882 2,344 109,497 3,531 -6,689 957 -632 4,014

May............. 334 576 10,171 829 39,797 5,122 2,209 65,762 2,779 3,325 776 5,536 4,172

June............ 347 606 10,278 686 46,273 12,096 2,185 87,030 3,700 3,294 1,489 2,750 4,033

July ............. 352 695 8,997 689 44,688 3,980 1,573 95,261 3,363 3,240 1,075 2,477 2,888

Aug ............. 418 595 12,126 973 45,810 7,391 1,927 101,645 4,796 2,987 1,337 3,237 3,955

Sept ............ 357 723 6,548 823 57,596 6,153 3,288 113,568 4,955 -3 1,137 2,330 2,655

Oct.............. 372 569 21,441 641 49,556 1,445 2,243 63,696 4,422 2,971 1,062 2,285 -3,005

Nov ............. 429 571 14,974 731 45,663 4,717 2,143 100,319 4,104 3,063 900 2,723 4,232

Dec ............. 371 721 12,904 837 54,172 5,320 2,085 93,941 4,590 4,923 1,182 2,364 4,601

2017 - Jan .............. 431 631 11,519 957 37,626 8,344 1,943 86,476 4,685 1,307 1,391 48 5,132

Feb ............. 320 582 9,830 690 43,502 8,011 2,221 89,275 3,479 3,090 877 4,142 4,711

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

Fiscal year 2017 to 

date............................ 2,304 3,752 81,027 5,656 285,619 34,581 12,866 554,309 25,375 18,739 5,395 15,304 20,773

 

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) 

 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 ....................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 2017 - Est............... 29,830 85,794 471,077 91,330 180,158 6,416 59,193 8,693 409 1,284 26,417

2018 - Est............... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 2016 - Mar.............. 1,427 6,102 25,135 15,699 14,228 611 5,283 626 33 113 3,551

Apr.............. 1,215 5,136 28,211 11,007 20,075 492 8,321 686 30 -38 1,763

May ............ 3,159 6,198 32,818 7,173 7,098 523 186 674 31 -116 -439

June ........... 2,327 7,468 95,662 5,250 13,582 540 4,585 720 31 142 761

July............. 2,024 6,690 32,458 5,888 14,629 590 4,641 676 40 -168 1,276

Aug............. 1,916 8,696 32,615 4,577 14,255 430 4,040 694 35 42 824

Sept............ 7,021 9,627 19,109 -34,983 21,226 826 10,140 692 32 -193 755

Oct.............. 1,863 6,131 23,043 5,784 7,339 470 156 727 31 -199 2,192

Nov............. 2,868 6,607 28,653 5,404 14,084 618 4,865 802 30 17 2,567

Dec............. 1,872 6,612 87,429 631 22,276 639 9,642 878 42 40 667

2017 - Jan .............. 2,397 4,839 23,339 5,964 7,350 551 1,260 844 34 -187 2,027

Feb............. 1,814 4,991 25,711 53,965 14,270 520 4,596 573 32 40 2,284

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

 

Fiscal year 2017 to 

date............................ 12,783 35,628 222,960 87,667 85,877 3,468 29,556 4,415 197 -234 12,000 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

June 2017 

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) 

 

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

 

2017 - Est.......... 19,256 7,026 96,360 960 1,012,127 23,352 -88,756 -144,674 -3,676 -4,097 3,259,631 813,539

2018 - Est.......... n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 

2016 - Mar......... 1,478 552 7,758 -1,303 80,412 -3,032 -6,033 -824 -152 - 262,546 73,345

 Apr ......... 1,711 512 8,105 67 85,349 1,046 -5,750 -3,585 -100 -8,101 266,592 65,385

 May ........ 1,319 493 7,420 74 76,970 1,748 -5,757 -3,503 -347 - 202,110 75,001

 June ....... 1,595 670 7,286 70 85,286 -4,528 -5,778 -66,775 -339 - 289,404 33,916

 July......... 1,520 651 7,362 76 81,434 4,449 -6,453 -3,818 -97 -329 255,219 67,598

 Aug......... 1,682 745 7,559 91 81,457 2,226 -6,173 -4,051 -413 -6 263,249 75,189

 Sept........ 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776

 Oct ......... 1,276 623 8,386 75 77,890 2,081 -19,507 1,521 -61 - 199,909 67,613

 Nov......... 1,702 544 8,364 96 81,471 1,837 -5,378 -2,884 -297 - 262,006 74,538

 Dec......... 2,212 534 6,917 94 86,046 317 -6,029 -62,195 -94 - 313,480 33,060

2017 - Jan ......... 1,215 529 8,004 84 78,569 3,642 -6,211 -1,499 -426 - 225,590 67,222

 Feb......... 1,400 540 8,079 73 82,501 716 -5,756 -3,000 -323 - 287,851 75,907

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

Fiscal year 

2017 to date ....... 9,389 3,347 47,794 505 493,963 6,490 -48,785 -71,210 -1,524 - 1,605,468 394,524

These estimates are based on the Mid-Session Review Update to the President's Fiscal 

Year 2017 Budget, released by the Office of Management and Budget on July 15, 2016. 

-No transactions. 

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

June 2017 

18 

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

March 2017 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............................................... 695,381 10 - 695,391 674,651 17 - 674,668

Corporation income taxes........................................... 100,234 - - 100,234 121,907 - - 121,907

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 403,310 403,310 - - 382,695 382,695

Employment and general retirement (on-budget)... 34 - 127,660 127,693 22 - 121,964 121,987

Unemployment insurance ....................................... -13 - 14,420 14,407 -1 - 16,281 16,280

Other retirement...................................................... - - 2,081 2,081 - - 1,938 1,938

Excise taxes ................................................................ 10,968 698 25,821 37,488 12,513 636 26,103 39,252

Estate and gift taxes ................................................... 10,290 - - 10,290 10,224 - - 10,224

Customs duties ........................................................... 11,074 5,125 737 16,936 11,611 5,350 713 17,674

Miscellaneous receipts................................................ 50,092 14,854 361 65,306 72,729 15,772 1,095 89,596

Total receipts....................................................... 878,060 20,688 574,389 1,473,137 903,656 21,774 550,789 1,476,218

(On-budget)..................................................... 878,060 20,688 171,079 1,069,827 903,656 21,774 168,094 1,093,523

(Off-budget)..................................................... - - 403,310 403,310 - - 382,695 382,695

Budget outlays: 

Legislative branch ....................................................... 2,252 50 1 2,303 2,251 -55 -4 2,193

Judicial branch ............................................................ 3,451 332 -30 3,754 3,985 -179 -93 3,713

Department of Agriculture ........................................... 61,502 19,534 -8 81,028 63,279 17,631 -208 80,703

Department of Commerce........................................... 4,406 1,244 7 5,657 4,481 20 9 4,511

Department of Defense-military .................................. 283,285 2,217 118 285,620 282,935 1,052 211 284,199

Department of Education ............................................ 35,083 -504 1 34,580 37,635 -279 * 37,356

Department of Energy................................................. 13,805 -939 * 12,866 13,309 -983 * 12,325

Department of Health and Human Services ............... 425,967 2,217 126,124 554,307 410,814 3,537 115,852 530,202

Department of Homeland Security.............................. 24,923 362 91 25,375 23,698 -1,724 96 22,071

Department of Housing and Urban Development....... 19,074 -110 -225 18,739 20,612 -187 -186 20,238

Department of the Interior........................................... 5,611 -454 238 5,396 5,401 183 230 5,814

Department of Justice ................................................. 14,502 838 -36 15,304 12,644 1,218 -36 13,825

Department of Labor................................................... 5,089 -2,780 18,464 20,773 3,791 -3,427 19,289 19,653

Department of State.................................................... 12,269 251 263 12,782 11,623 -281 443 11,785

Department of Transportation..................................... 4,927 95 30,606 35,628 75,036 -68 -40,363 34,605

Department of the Treasury: 

Interest on the public debt....................................... 222,961 - - 222,961 189,090 - - 189,090

Other ....................................................................... 88,132 -468 1 87,666 98,014 -677 -96 97,241

Department of Veterans Affairs .................................. 87,332 -1,846 394 85,880 84,449 -1,714 419 83,154

Corps of Engineers ..................................................... 3,242 127 99 3,468 2,690 209 89 2,988

Other defense civil programs...................................... 86,980 -5,174 -52,249 29,557 82,723 429 -50,559 32,593

Environmental Protection Agency............................... 4,228 -18 204 4,415 4,831 -59 -185 4,587

Executive Office of the President................................ 197 * * 197 196 * - 196

General Services Administration ................................ 103 -336 - -232 47 -451 - -404

International Assistance Program............................... 13,122 -365 -759 11,998 13,476 -371 -1,802 11,303

National Aeronautics and Space Administration ........ 9,398 -10 1 9,389 9,309 -9 1 9,300

National Science Foundation...................................... 3,299 54 -5 3,348 3,136 47 4 3,187

Office of Personnel Management ............................... 6,308 -217 41,702 47,793 6,008 -1,857 41,340 45,492

Small Business Administration ................................... 504 1 - 505 -943 -2 - -946

Social Security Administration .................................... 46,454 -10 447,520 493,964 42,650 * 437,841 480,490

Other independent agencies....................................... 6,164 -5,176 5,502 6,491 5,359 -3,704 6,655 8,310

Undistributed offsetting receipts: 

Interest .................................................................... - - -71,211 -71,211 - - -64,860 -64,860

Other ....................................................................... -1,472 -7,218 -41,619 -50,309 -1,360 -6,615 -41,360 -49,336

Total outlays........................................................ 1,493,099 1,698 505,194 1,999,991 1,511,168 1,685 422,727 1,935,579

(On-budget)..................................................... 1,492,947 3,173 109,347 1,605,468 1,510,904 3,540 38,327 1,552,771

(Off-budget)..................................................... 151 -1,475 395,847 394,523 264 -1,855 384,400 382,809

Surplus or deficit (-)............................................. -615,038 18,989 69,194 -526,855 -607,512 20,089 128,062 -459,361

(On-budget)..................................................... -614,887 17,514 61,731 -535,641 -607,249 18,234 129,767 -459,247

(Off-budget)..................................................... -151 1,475 7,463 8,787 -264 1,855 -1,705 -114

Note.—Detail may not add to totals due to rounding. 
June 2017 

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) 

 

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 - - 

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

 

2015 - Mar............................. 931,884 256,211 1,146,619 - - 

Apr............................. 717,775 280,041 972,559 - - 

May............................ 863,670 193,785 1,098,129 - - 

June........................... 853,436 252,261 1,040,452 - - 

July ............................ 624,501 184,426 838,841 - - 

Aug ............................ 921,310 196,843 1,162,954 - - 

Sept........................... 925,208 270,614 1,131,457 - - 

Oct............................. 774,742 194,969 901,455 - - 

Nov ............................ 850,468 180,444 1,030,445 - - 

Dec ............................ 746,085 290,052 1,058,982 - - 

2017 - Jan ............................. 881,558 239,759 1,147,779 - - 

Feb ............................ 748,923 206,252 1,138,615 - - 

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

 

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

June 2017 

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) 

 

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 - -

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

 

2015 - Mar.............. 313,835 - - 313,835 - - 196,297 - - 257,309 - -

Apr.............. 339,091 - - 382,887 - - 223,174 - - 284,896 - -

May............. 298,416 - - 343,705 - - 251,273 - - 293,464 - -

June............ 363,662 - - 363,668 - - 209,485 - - 282,471 - -

July ............. 333,748 - - 335,807 - - 290,469 - - 318,532 - -

Aug ............. 288,946 - - 288,946 - - 241,426 - - 261,810 - -

Sept............ 353,312 - - 364,589 - - 231,405 - - 296,992 - -

Oct.............. 421,567 - - 440,383 - - 342,875 - - 391,846 - -

Nov ............. 422,034 - - 422,034 - - 365,454 - - 394,737 - -

Dec ............. 399,190 - - 399,190 - - 319,507 - - 362,429 - -

2017 - Jan .............. 372,728 - - 406,507 - - 351,931 - - 378,407 - -

Feb ............. 189,287 - - 339,229 - - 168,837 - - 269,176 - -

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

 

 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 2017 

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 2017

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) 

 

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

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

 

2016 - Mar ..................... 19,289,383 19,264,939 24,444 5,335,182 5,335,177 5 13,954,201 13,929,762 24,439

Apr ..................... 19,211,778 19,187,387 24,391 5,341,480 5,341,475 5 13,870,298 13,845,912 24,386

May .................... 19,289,971 19,265,452 24,519 5,374,362 5,374,358 5 13,915,609 13,891,094 24,514

June ................... 19,406,152 19,381,591 24,561 5,444,287 5,444,282 5 13,961,865 13,937,309 24,556

July..................... 19,452,247 19,427,695 24,552 5,425,190 5,425,185 5 14,027,057 14,002,510 24,547

Aug..................... 19,534,678 19,510,296 24,382 5,401,852 5,401,847 5 14,132,826 14,108,449 24,377

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

Oct ..................... 19,830,096 19,805,715 24,381 5,514,763 5,514,763 4 14,315,333 14,290,952 24,377

Nov..................... 19,972,472 19,948,065 24,407 5,499,924 5,499,924 4 14,472,548 14,448,141 24,403

Dec..................... 20,001,290 19,976,827 24,463 5,537,501 5,537,501 4 14,463,789 14,439,326 24,459

2017 - Jan...................... 19,961,760 19,937,261 24,499 5,556,549 5,556,549 4 14,405,211 14,380,712 24,495

Feb..................... 19,983,859 19,959,594 24,265 5,543,497 5,543,497 4 14,440,362 14,416,097 24,261

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

 

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) 

 

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

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

 

2016 - 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

Apr...................... 19,211,778 61,227 19,150,552 5,341,480 27,024 5,314,456 13,870,298 34,203 13,836,096

May .................... 19,289,971 61,409 19,228,560 5,374,362 27,128 5,347,234 13,915,609 34,281 13,881,325

June ................... 19,406,152 61,492 19,344,659 5,444,287 27,034 5,417,253 13,961,865 34,458 13,927,406

July..................... 19,452,247 59,817 19,392,428 5,425,190 26,945 5,398,245 14,027,057 32,872 13,994,184

Aug..................... 19,534,678 59,715 19,474,962 5,401,852 26,834 5,375,017 14,132,826 32,881 14,099,945

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

Oct...................... 19,830,096 60,890 19,769,206 5,514,763 26,638 5,488,125 14,315,333 34,252 14,281,081

Nov..................... 19,972,472 61,370 19,911,100 5,499,924 26,631 5,473,293 14,472,548 34,739 14,437,807

Dec..................... 20,001,290 62,673 19,938,616 5,537,501 26,577 5,510,924 14,463,789 36,096 14,427,692

2017 - Jan ...................... 19,961,760 63,651 19,898,108 5,556,549 26,500 5,530,049 14,405,211 37,151 14,368,059

Feb ..................... 19,983,859 63,978 19,919,881 5,543,497 26,480 5,517,017 14,440,362 37,498 14,402,863

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

 
FEDERAL DEBT 

June 2017 

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) 

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

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

 

2016 - Mar................. 170,370 - 264 218,157 82,799 29,995 1,677

Apr................. 169,956 - 264 218,709 90,016 29,995 1,686

May ............... 169,501 - 264 220,189 95,502 29,995 1,721

June .............. 169,053 - 264 221,407 101,784 29,995 1,723

July................ 168,626 - 264 223,700 101,841 29,995 1,734

Aug................ 168,017 - 264 224,452 102,946 29,995 1,760

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

Oct................. 166,892 - 264 226,763 113,221 29,995 1,780

Nov................ 166,412 - 264 231,723 114,568 29,995 1,773

Dec................ 165,853 - 264 228,406 109,779 29,995 1,737

2017 - Jan ................. 165,155 - 264 230,097 107,675 29,995 1,721

Feb ................ 164,792 - 264 232,204 105,935 29,995 1,713

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

 

 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) 

 

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

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

 

2016 - Mar................. 13,924,878 13,421,616 1,614,378 8,537,559 1,760,427 1,180,938 328,314 503,262

Apr................. 13,841,195 13,330,568 1,522,780 8,550,339 1,772,500 1,156,635 328,314 510,627

May ............... 13,886,303 13,369,129 1,520,213 8,582,308 1,772,075 1,175,223 319,310 517,173

June .............. 13,932,743 13,408,515 1,504,987 8,600,641 1,784,038 1,186,562 332,287 524,227

July................ 13,998,220 13,472,060 1,547,124 8,615,474 1,796,814 1,180,357 332,290 526,160

Aug................ 14,104,114 13,576,679 1,630,685 8,612,474 1,813,340 1,199,842 320,337 527,435

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

Oct................. 14,286,501 13,747,584 1,750,597 8,634,478 1,837,331 1,216,140 309,038 538,917

Nov................ 14,443,700 13,898,964 1,870,617 8,638,259 1,836,816 1,231,234 322,038 544,736

Dec................ 14,434,842 13,898,806 1,815,667 8,652,238 1,848,817 1,247,054 335,030 536,035

2017 - Jan ................. 14,376,139 13,841,231 1,759,619 8,671,704 1,861,477 1,238,451 309,980 534,908

Feb ................ 14,411,381 13,876,477 1,750,698 8,677,837 1,878,200 1,246,760 322,983 534,904

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

June 2017

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) 

 

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

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

 

2016 - Mar............ 2,771,358 828 85,093 75,839 4,586 8,833 682 41,949 1,288,565

Apr............ 2,785,873 828 70,904 75,591 4,519 9,162 688 42,804 1,287,059

May .......... 2,775,166 828 85,105 74,680 4,439 9,208 556 57,794 1,292,709

June ......... 2,821,674 828 86,766 73,069 4,456 9,532 535 53,041 1,293,848

July........... 2,816,521 828 84,912 70,916 4,397 8,229 649 51,818 1,299,377

Aug........... 2,804,269 828 80,047 68,688 4,327 8,145 549 56,094 1,300,358

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

Oct............ 2,786,445 831 89,883 63,436 4,187 8,197 568 51,496 1,397,177

Nov........... 2,771,538 831 94,608 63,069 4,131 8,995 488 53,915 1,399,639

Dec........... 2,801,406 831 95,642 61,696 4,141 8,871 424 51,571 1,392,739

2017 - Jan ............ 2,811,101 835 96,964 61,852 4,082 8,856 621 49,957 1,393,421

Feb ........... 2,801,126 836 97,539 63,095 4,016 9,289 679 52,028 1,394,363

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

 

 

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) 

 

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 -

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

 

2016 - Mar......... 5,533,654 12,924 66,541 44,555 22,658 35,366 864,587 189,782 19,508 

Apr......... 5,540,299 13,245 65,878 44,553 22,662 39,243 860,043 197,018 20,229 

May ....... 5,574,935 13,185 66,811 44,902 22,664 39,646 855,873 198,398 32,971 

June ...... 5,647,975 13,091 69,311 44,888 22,668 43,886 867,683 208,967 33,732 

July........ 5,631,012 12,871 67,973 44,964 22,673 44,281 863,686 202,380 34,537 

Aug........ 5,608,243 12,851 69,052 45,151 22,677 44,433 859,941 195,410 35,423 

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

Oct......... 5,723,507 14,146 71,459 45,209 22,685 45,280 888,200 196,948 37,360 

Nov........ 5,713,582 14,003 71,761 45,206 22,006 45,138 883,926 195,934 38,394 

Dec........ 5,747,933 13,878 70,900 45,273 22,014 46,481 893,862 198,806 39,398 

2017 - Jan ......... 5,768,690 13,652 74,295 45,352 22,023 50,646 889,876 204,770 40,387 

Feb ........ 5,757,968 13,871 75,098 45,271 22,021 51,724 885,603 199,959 41,450 

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

 
FEDERAL DEBT 

June 2017 

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) 

 

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 *

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

 

2016 - Mar................... 24,444 19 94 24,246 86 *

Apr................... 24,391 19 95 24,192 86 *

May ................. 24,519 19 104 24,310 86 *

June ................ 24,561 19 105 24,351 86 *

July.................. 24,552 19 106 24,341 86 *

Aug.................. 24,382 19 98 24,190 75 *

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

Oct................... 24,381 19 99 24,188 75 *

Nov.................. 24,407 19 100 24,213 75 *

Dec.................. 24,463 19 101 24,268 75 *

2017 - Jan ................... 24,499 19 101 24,303 75 *

Feb .................. 24,265 19 93 24,089 64 *

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

 

 

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

June 2017

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) 

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

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

 

2016 - Mar...................... 10,969,737 3,310,836 4,414,738 2,161,064 170,202 912,897 61 

Apr...................... 10,768,975 3,234,985 4,284,063 2,154,678 170,272 924,977 63

May..................... 10,916,722 3,232,053 4,387,232 2,186,412 170,618 940,407 63

June.................... 10,955,381 3,211,462 4,405,469 2,209,501 171,009 957,940 63 

July ..................... 10,890,920 3,236,214 4,334,949 2,178,048 171,339 970,370 63

Aug ..................... 11,122,337 3,319,187 4,459,973 2,189,639 167,789 985,750 63

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

Oct...................... 11,293,399 3,415,659 4,456,858 2,238,393 167,731 1,014,757 63

Nov ..................... 11,444,518 3,516,272 4,508,019 2,227,400 162,803 1,030,024 63

Dec ..................... 11,360,224 3,445,952 4,489,802 2,219,388 162,911 1,042,171 63 

2017 - Jan ...................... 11,387,230 3,358,828 4,574,253 2,253,434 146,711 1,054,003 64

Feb ..................... 11,422,363 3,338,579 4,615,543 2,248,976 148,229 1,071,037 64

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

 

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

June 2017 

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) 

 

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 

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

 

2016 - Mar. 1........................... - 19,225,991 19,225,991 - 19,264,939 - 38,947 

Apr. 1........................... - 19,148,684 19,148,684 - 19,187,387 - 38,704 

May. 1 ......................... - 19,227,001 19,227,001 - 19,265,452 - 38,452 

June 1 ......................... - 19,346,540 19,346,540 - 19,381,591 - 35,052 

July 1........................... - 19,392,962 19,392,962 - 19,427,695 - 34,733 

Aug. 1.......................... - 19,475,468 19,475,468 - 19,510,296 - 34,828 

Sept. 1......................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 

Oct. 1........................... - 19,769,751 19,769,751 - 19,805,715 - 35,965 

Nov. 1.......................... - 19,910,795 19,910,795 - 19,948,065 - 37,270 

Dec. 1.......................... - 19,939,042 19,939,042 - 19,976,827 - 37,785 

2017 - Jan. 1 ........................... - 19,899,722 19,899,722 - 19,937,261 - 37,540 

Feb. 1 .......................... - 19,922,526 19,922,526 - 19,959,594 - 37,068 

Mar. 1 .......................... 19,808,772 19,808,747 19,808,747 - 19,846,420 - 37,673 

 

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

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

permanently increased effective March 16, 2017 to $19,808,772,381,624.74. 

. 
FEDERAL DEBT 

June 2017

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) 

 

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

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

 

2016 - Mar.............................. 1,408,738 33,411 22,757 23,323 537 688

Apr.............................. 1,402,817 26,286 22,824 23,500 541 688

May ............................ 1,407,725 26,021 22,898 23,698 555 688

June ........................... 1,412,849 25,846 23,708 23,854 562 688

July............................. 1,441,228 25,849 23,020 23,854 562 688

Aug............................. 1,430,830 25,448 24,574 24,119 646 635

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

Oct.............................. 1,448,803 25,710 24,705 24,480 660 636

Nov............................. 1,451,558 28,732 24,795 24,734 661 636

Dec............................. 1,480,202 30,729 25,029 25,350 719 636

2017 - Jan .............................. 1,487,215 34,210 25,071 25,462 722 636

Feb ............................. 1,476,940 22,826 25,286 25,690 724 636

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

 

 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) 

 

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

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

 

2016 - Mar ............................. 1,142,880 4,883 26,981 127 57,169

Apr ............................. 1,142,885 4,664 26,981 127 57,471

May ............................ 1,148,885 4,704 26,981 127 57,641

June ........................... 1,151,255 4,704 31,481 127 58,430

July............................. 1,179,654 4,789 31,481 127 58,656

Aug............................. 1,168,031 4,779 31,481 127 59,172

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

Oct ............................. 1,185,225 4,759 30,353 128 59,249

Nov............................. 1,183,938 4,759 30,353 128 59,386

Dec............................. 1,207,274 4,759 30,353 128 60,005

2017 - Jan.............................. 1,207,274 4,759 30,353 128 59,997

Feb............................. 1,207,283 4,759 30,393 128 60,479

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

 
FEDERAL DEBT 

June 2017 

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) 

 

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

2016 ...................................... 25,022 3,577 8,020 56,308

 

2016 - Mar............................. 25,080 5,380 7,649 57,873

Apr............................. 25,158 5,701 7,831 58,160

May ........................... 25,266 5,996 7,908 56,357

June .......................... 25,598 2,519 7,908 56,169

July............................ 25,598 2,900 7,908 56,142

Aug............................ 24,270 3,203 8,037 56,308

Sept........................... 25,022 3,577 8,020 56,308

Oct............................. 25,101 3,956 8,520 55,319

Nov............................ 25,220 4,255 8,520 55,438

Dec............................ 25,220 4,627 8,520 56,850

2017 - Jan ............................. 26,347 5,000 8,525 58,730

Feb ............................ 26,347 5,264 8,527 58,595

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

 

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

June 2017 

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 2-Year Notes 

On December 22, 2016, Treasury announced it would 

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

refund $84,379 million of securities maturing December 31 

and to raise new cash of approximately $3,621 million. 

The 2-year notes of Series BL-2018 were dated December 

31 and issued January 3. They are due December 31, 2018, 

with interest payable on June 30 and December 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 

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

p.m. e.t. for competitive tenders on December 27. Tenders 

totaled $63,348 million; Treasury accepted $26,000 million. 

All noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.280 percent with an 

equivalent price of $99.941124. Treasury accepted in full all 

competitive tenders at yields lower than 1.280 percent. 

Tenders at the high yield were allotted 53.92 percent. The 

median yield was 1.252 percent, and the low yield was 1.100 

percent. Noncompetitive tenders totaled $174 million. 

Competitive tenders accepted from private investors totaled 

$25,826 million. Accrued interest of $0.10359 per $1,000 

must be paid for the period from December 31 to January 3. 

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

the auction process, Treasury accepted $3,457 million from 

FRBs for their own accounts. The minimum par amount 

required for Separate Trading of Registered Interest and 

Principal Securities (STRIPS) of notes of Series BL-2018 is 

$100. 

Auction of 5-Year Notes 

On December 22, 2016, Treasury announced it would 

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

refund $84,379 million of securities maturing December 31 

and to raise new cash of approximately $3,621 million. 

The 5-year notes of Series AG-2021 were dated December 

31 and issued January 3. They are due December 31, 2021, 

with interest payable on June 30 and December 31 until 

maturity. Treasury set an interest rate of 2 percent after

determining which tenders were accepted on a yield auction 

basis.
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

31

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on December 28. Tenders totaled $92,495 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.057 percent with an 

equivalent price of $99.730736. Treasury accepted in full all 

competitive tenders at yields lower than 2.057 percent. 

Tenders at the high yield were allotted 5.64 percent. The 

median yield was 2.020 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $51 million. 

Competitive tenders accepted from private investors totaled 

$33,949 million. Accrued interest of $0.16575 per $1,000 

must be paid for the period from December 31 to January 3. 

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

the auction process, Treasury accepted $4,521 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes

On December 22, 2016, Treasury announced it would 

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

refund $84,379 million of securities maturing December 31 

and to raise new cash of approximately $3,621 million. 

The 7-year notes of Series T-2023 were dated December 

31 and issued January 3. They are due December 31, 2023, 

with interest payable on June 30 and December 31 until 

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

determining which tenders were accepted on a yield auction 

basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on December 29. Tenders totaled $71,246 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.284 percent with an 

equivalent price of $99.781232. Treasury accepted in full all 

competitive tenders at yields lower than 2.284 percent. 

Tenders at the high yield were allotted 51.18 percent. The 

median yield was 2.240 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$27,985 million. Accrued interest of $0.18646 per $1,000 

must be paid for the period from December 31 to January 3. 

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

the auction process, Treasury accepted $3,723 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series T-2023 is $100. 

Auction of 52-Week Bills 

On December 29, 2016, Treasury announced it would 

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

issued January 5 and will mature January 4, 2018. The issue 

was to refund $131,997 million of all maturing bills and to 

pay down approximately $4,997 million. Treasury auctioned 

the bills on January 3. Tenders totaled $67,887 million; 

Treasury accepted $20,000 million, including $177 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.870 percent. 

Auction of 3-Year Notes 

On January 5, 2017, Treasury announced it would auction 

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

$47,559 million of securities maturing January 15 and to raise 

new cash of approximately $8,441 million. 

The 3-year notes of Series AH-2020 were dated January 

15 and issued January 17. They are due January 15, 2020, 

with interest payable on July 15 and January 15 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on January 10. Tenders totaled $71,244 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.472 percent with an 

equivalent price of $99.716805. Treasury accepted in full all 

competitive tenders at yields lower than 1.472 percent. 

Tenders at the high yield were allotted 86.68 percent. The 

median yield was 1.430 percent, and the low yield was 1.350 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$23,948 million. Accrued interest of $0.07597 per $1,000 

must be paid for the period from January 15 to January 17. 

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

the auction process, Treasury accepted $1,330 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AH-2020 is $100. 

Auction of 9-Year 10-Month 2 Percent Notes 

On January 5, 2017, Treasury announced it would auction 

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

was to refund $47,559 million of securities maturing January 

15 and to raise new cash of approximately $8,441 million. 

The 9-year 10-month 2 percent notes of Series F-2026 

were dated November 15 and issued January 17. They are due 

November 15, 2026, with interest payable on May 15 and 

November 15 until maturity. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

32 

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 11. Tenders totaled $51,602 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.342 percent with an 

equivalent price of $97.010859. Treasury accepted in full all 

competitive tenders at yields lower than 2.342 percent. 

Tenders at the high yield were allotted 77.10 percent. The 

median yield was 2.300 percent, and the low yield was 2.250 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$19,987 million. Accrued interest of $3.48066 per $1,000 

must be paid for the period from November 15 to January 17. 

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

the auction process, Treasury accepted $1,108 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 29-Year 10-Month 2-7/8 Percent Bonds 

On January 5, 2017, Treasury announced it would auction 

$12,000 million of 29-year 10-month 2-7/8 percent bonds. 

The issue was to refund $47,559 million of securities 

maturing January 15 and to raise new cash of approximately 

$8,441 million. 

The 29-year 10-month 2-7/8 percent bonds of November 

2046 were dated November 15 and issued January 17. They 

are due November 15, 2046, 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 12. Tenders totaled $27,786 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.914 percent with an 

equivalent price of $99.221642. Treasury accepted in full all 

competitive tenders at yields lower than 2.914 percent. 

Tenders at the high yield were allotted 47.34 percent. The 

median yield was 2.850 percent, and the low yield was 2.750 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$11,995 million. Accrued interest of $5.00345 per $1,000 

must be paid for the period from November 15 to January 17. 

In addition to the $12,000 million of tenders accepted in 

the auction process, Treasury accepted $665 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 10-Year TIPS 

On January 12, 2017, Treasury announced it would 

auction $13,000 million of 10-year TIPS. The issue was to 

refund $127,824 million of securities maturing January 31 and 

to pay down approximately $11,824 million. 

The 10-year TIPS of Series A-2027 were dated January 15 

and issued January 31. They are due January 15, 2027, with 

interest payable on July 15 and January 15 until maturity. 

Treasury set an interest rate of 0-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on January 19. Tenders totaled $31,861 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.436 percent with an 

equivalent adjusted price of $99.326760. Treasury accepted in 

full all competitive tenders at yields lower than 0.436 percent. 

Tenders at the high yield were allotted 29.75 percent. The 

median yield was 0.400 percent, and the low yield was 0.330 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$12,950 million. Adjusted accrued interest of $0.16562 per 

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

31. Both the unadjusted price of $99.406285 and the 

unadjusted accrued interest of $0.16575 were adjusted by an 

index ratio of 0.9992, for the period from January 15 to 

January 31. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $824 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2027 is $100. 

Auction of 2-Year Notes 

On January 19, 2017, Treasury announced it would 

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

refund $127,824 million of securities maturing January 31 and 

to pay down approximately $11,824 million. 

The 2-year notes of Series AV-2019 were dated and issued 

January 31. They are due January 31, 2019, with interest 

payable on July 31 and January 31 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 January 24. Tenders totaled $69,737 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.210 percent with an 

equivalent price of $99.832540. Treasury accepted in full all 

competitive tenders at yields lower than 1.210 percent. 

Tenders at the high yield were allotted 62.71 percent. The 

median yield was 1.150 percent, and the low yield was 0.888 

percent. Noncompetitive tenders totaled $153 million. 

Competitive tenders accepted from private investors totaled 

$25,847 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

33

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

the auction process, Treasury accepted $1,649 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 19, 2017, Treasury announced it would 

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

refund $127,824 million of securities maturing January 31 and 

to pay down approximately $11,824 million. 

The 2-year FRNs of Series AW-2019 were dated and 

issued January 31. They are due January 31, 2019, with 

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

31 until maturity. Treasury set a spread of 0.140 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 25. Tenders totaled $47,398 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.140 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.140 percent. Tenders at the high discount margin were 

allotted 78.59 percent. The median discount margin was 0.132 

percent, and the low discount margin was 0.110 percent. 

Noncompetitive tenders totaled $23 million. Competitive 

tenders accepted from private investors totaled $14,978 

million. 

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

the auction process, Treasury accepted $951 million from 

FRBs for their own accounts. 

Auction of 5-Year Notes 

On January 19, 2017, Treasury announced it would 

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

refund $127,824 million of securities maturing January 31 and 

to pay down approximately $11,824 million. 

The 5-year notes of Series U-2022 were dated and issued 

January 31. They are due January 31, 2022, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 1-7/8 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 January 25. Tenders totaled $80,936 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.988 percent with an 

equivalent price of $99.464699. Treasury accepted in full all 

competitive tenders at yields lower than 1.988 percent. 

Tenders at the high yield were allotted 33.36 percent. The 

median yield was 1.924 percent, and the low yield was 1.845 

percent. Noncompetitive tenders totaled $45 million. 

Competitive tenders accepted from private investors totaled 

$33,956 million. 

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

the auction process, Treasury accepted $2,156 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On January 19, 2017, Treasury announced it would 

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

refund $127,824 million of securities maturing January 31 and 

to pay down approximately $11,824 million. 

The 7-year notes of Series G-2024 were dated and issued 

January 31. They are due January 31, 2024, with interest 

payable on July 31 and January 31 until maturity. Treasury set 

an interest rate of 2-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on January 26. Tenders totaled $68,718 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.335 percent with an 

equivalent price of $99.454010. Treasury accepted in full all 

competitive tenders at yields lower than 2.335 percent. 

Tenders at the high yield were allotted 11.21 percent. The 

median yield was 2.289 percent, and the low yield was 2.210 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors totaled 

$27,986 million. 

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

the auction process, Treasury accepted $1,776 million from 

FRBs for their own accounts. The minimum par amount 

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

F E B R U A R Y 

Auction of 34-Day Cash Management Bills 

On February 2, 2017, Treasury announced it would 

auction $50,000 million of 34-day bills. They were issued 

February 9 and matured March 15. The issue was to raise new 

cash of approximately $157,000 million. Treasury auctioned 

the bills on February 7. Tenders totaled $173,966 million; 

Treasury accepted $50,001 million, including $11 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.525 percent. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

34 

Auction of 52-Week Bills 

On January 26, 2017, Treasury announced it would 

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

issued February 2 and will mature February 1, 2018. The issue 

was to refund $137,000 million of all maturing bills and to 

pay down approximately $10,000 million. Treasury auctioned 

the bills on January 31. Tenders totaled $69,608 million; 

Treasury accepted $20,000 million, including $233 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.810 percent. 

February Quarterly Financing 

On February 1, 2017, Treasury announced it would 

auction $24,000 million of 3-year notes, $23,000 million of 

10-year notes, and $15,000 million of 30-year bonds. The 

issue was to refund $45,033 million of securities maturing 

February 15 and to raise new cash of approximately $16,967 

million. 

The 3-year notes of Series AJ-2020 were dated and issued 

February 15. They are due February 15, 2020, with interest 

payable on August 15 and February 15 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on February 7. Tenders totaled $66,779 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.423 percent with an 

equivalent price of $99.859519. Treasury accepted in full all 

competitive tenders at yields lower than 1.423 percent. 

Tenders at the high yield were allotted 13.03 percent. The 

median yield was 1.360 percent, and the low yield was 1.188 

percent. Noncompetitive tenders totaled $50 million. 

Competitive tenders accepted from private investors totaled 

$23,950 million. 

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

the auction process, Treasury accepted $2,771 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2020 is $100. 

The 10-year notes of Series B-2027 were dated and issued 

February 15. They are due February 15, 2027, with interest 

payable on August 15 and February 15 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on February 8. Tenders totaled $52,597 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.333 percent with an 

equivalent price of $99.263516. Treasury accepted in full all 

competitive tenders at yields lower than 2.333 percent. 

Tenders at the high yield were allotted 5.23 percent. The 

median yield was 2.260 percent, and the low yield was 2.201 

percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors totaled 

$22,966 million. 

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

the auction process, Treasury accepted $2,656 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series B-2027 is $100. 

The 30-year bonds of February 2047 were dated and 

issued February 15. They are due February 15, 2047, with 

interest payable on August 15 and February 15 until maturity. 

Treasury set an interest rate of 3 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on February 9. Tenders totaled $33,734 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.005 percent with an 

equivalent price of $99.901613. Treasury accepted in full all 

competitive tenders at yields lower than 3.005 percent. 

Tenders at the high yield were allotted 23.53 percent. The 

median yield was 2.944 percent, and the low yield was 2.888 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$14,995 million. 

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

the auction process, Treasury accepted $1,732 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of bonds of February 2047 is $100. 

Auction of 30-Year TIPS 

On February 9, 2017, Treasury announced it would 

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

refund $81,108 million of securities maturing February 28 and 

to raise new cash of approximately $13,892 million. 

The 30-year TIPS of February 2047 were dated February 

15 and issued February 28. They are due February 15, 2047, 

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

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

competitive tenders on February 16. Tenders totaled $15,766 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.923 percent with an 

equivalent adjusted price of $98.760665. Treasury accepted in 

full all competitive tenders at yields lower than 0.923 percent. 

Tenders at the high yield were allotted 63.21 percent. The 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

35

median yield was 0.818 percent, and the low yield was 0.750 

percent. Noncompetitive tenders totaled $20 million. 

Competitive tenders accepted from private investors totaled 

$6,980 million. Adjusted accrued interest of $0.31428 per 

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

February 28. Both the unadjusted price of $98.745853 and the 

unadjusted accrued interest of $0.31423 were adjusted by an 

index ratio of 1.00015, for the period from February 15 to 

February 28. 

In addition to the $7,000 million of tenders accepted in the 

auction process, Treasury accepted $971 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of February 2047 is $100. 

Auction of 2-Year Notes 

On February 16, 2017, Treasury announced it would 

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

refund $81,108 million of securities maturing February 28 and 

to raise new cash of approximately $13,892 million. 

The 2-year notes of Series AX-2019 were dated and issued 

February 28. They are due February 28, 2019, 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 21. Tenders totaled $73,299 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.230 percent with an 

equivalent price of $99.793189. Treasury accepted in full all 

competitive tenders at yields lower than 1.230 percent. 

Tenders at the high yield were allotted 9.92 percent. The 

median yield was 1.190 percent, and the low yield was 0.888 

percent. Noncompetitive tenders totaled $162 million. 

Competitive tenders accepted from private investors totaled 

$25,838 million. 

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

the auction process, Treasury accepted $3,606 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 1-Year 11-Month 0.14 Percent FRNs 

On February 16, 2017, Treasury announced it would 

auction $13,000 million of 1-year 11-month 0.14 percent 

FRNs. The issue was to raise new cash of approximately 

$13,000 million. 

The 1-year 11-month 0.14 percent FRNs of Series AW2019 were dated January 31 and issued February 24. They are 

due January 31, 2019, 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 22. Tenders totaled $40,001 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.133 percent 

with an equivalent price of $100.013572. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.133 percent. Tenders at the high discount margin were 

allotted 56.30 percent. The median discount margin was 0.120 

percent, and the low discount margin was 0.100 percent. 

Noncompetitive tenders totaled $11 million. Competitive 

tenders accepted from private investors totaled $12,989 

million. Accrued interest of $0.044672306 per $100 must be 

paid for the period from January 31 to February 24. 

Auction of 5-Year Notes 

On February 16, 2017, Treasury announced it would 

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

refund $81,108 million of securities maturing February 28 and 

to raise new cash of approximately $13,892 million. 

The 5-year notes of Series V-2022 were dated and issued 

February 28. They are due February 28, 2022, with interest 

payable on August 31 and February 28 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on February 22. Tenders totaled $77,938 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.937 percent with an 

equivalent price of $99.705893. Treasury accepted in full all 

competitive tenders at yields lower than 1.937 percent. 

Tenders at the high yield were allotted 84.24 percent. The 

median yield was 1.870 percent, and the low yield was 1.790 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$33,948 million. 

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

the auction process, Treasury accepted $4,715 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On February 16, 2017, Treasury announced it would 

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

refund $81,108 million of securities maturing February 28 and 

to raise new cash of approximately $13,892 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

36 

The 7-year notes of Series H-2024 were dated and issued 

February 28. They are due February 29, 2024, with interest 

payable on August 31 and February 28 until maturity. 

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

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on February 23. Tenders totaled $69,734 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.197 percent with an 

equivalent price of $99.535200. Treasury accepted in full all 

competitive tenders at yields lower than 2.197 percent. 

Tenders at the high yield were allotted 70.83 percent. The 

median yield was 2.141 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors totaled 

$27,993 million. 

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

the auction process, Treasury accepted $3,883 million from 

FRBs for their own accounts. The minimum par amount 

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

M A R C H

Auction of 6-Day Cash Management Bills 

On March 6, 2017, Treasury announced it would auction 

$20,000 million of 6-day bills. They were issued March 9 and 

matured March 15. The issue was to raise new cash of 

approximately $89,000 million. Treasury auctioned the bills 

on March 7. Tenders totaled $73,550 million; Treasury 

accepted $20,000 million. The high bank discount rate was 

0.515 percent. 

Auction of 44-Day Cash Management Bills 

On March 13, 2017, Treasury announced it would auction 

$33,000 million of 44-day bills. They were issued March 14 

and will mature April 27. The issue was to raise new cash of 

approximately $33,000 million. Treasury auctioned the bills 

on March 13. Tenders totaled $99,740 million; Treasury 

accepted $33,001 million. The high bank discount rate was 

0.770 percent. 

Auction of 35-Day Cash Management Bills 

On March 9, 2017, Treasury announced it would auction 

$35,000 million of 35-day bills. They were issued March 16 

and will mature April 20. The issue was to raise new cash of 

approximately $156,000 million. Treasury auctioned the bills 

on March 14. Tenders totaled $115,819 million; Treasury 

accepted $35,000 million, including $16 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.780 percent. 

Auction of 52-Week Bills 

On February 23, 2017, Treasury announced it would 

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

issued March 2 and will mature March 1, 2018. The issue was 

to refund $135,005 million of all maturing bills and to pay 

down approximately $35,005 million. Treasury auctioned the 

bills on February 28. Tenders totaled $62,801 million; 

Treasury accepted $20,000 million, including $208 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.850 percent. 

Auction of 3-Year Notes 

On March 2, 2017, Treasury announced it would auction 

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

$30,000 million of securities maturing March 15 and to raise 

new cash of approximately $26,000 million. 

The 3-year notes of Series AK-2020 were dated and issued 

March 15. They are due March 15, 2020, with interest payable 

on September 15 and March 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 March 7. Tenders totaled $65,770 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.630 percent with an 

equivalent price of $99.985419. Treasury accepted in full all 

competitive tenders at yields lower than 1.630 percent. 

Tenders at the high yield were allotted 17.70 percent. The 

median yield was 1.570 percent, and the low yield was 1.500 

percent. Noncompetitive tenders totaled $61 million. 

Competitive tenders accepted from private investors totaled 

$23,839 million. The minimum par amount required STRIPS 

of notes of Series AK-2020 is $100. 

Auction of 9-Year 11-Month 2-1/4 Percent Notes 

On March 2, 2017, Treasury announced it would auction 

$20,000 million of 9-year 11-month 2-1/4 percent notes. The 

issue was to refund $30,000 million of securities maturing 

March 15 and to raise new cash of approximately $26,000 

million. 

The 9-year 11-month 2-1/4 percent notes of Series B-2027 

were dated February 15 and issued March 15. They are due 

February 15, 2027, 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 8. Tenders totaled $53,110 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.560 percent with an 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

37

equivalent price of $97.296773. Treasury accepted in full all 

competitive tenders at yields lower than 2.560 percent. 

Tenders at the high yield were allotted 85.47 percent. The 

median yield was 2.510 percent, and the low yield was 2.449 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors totaled 

$19,990 million. Accrued interest of $1.74033 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-2027 is $100. 

Auction of 29-Year 11-Month 3 Percent Bonds 

On March 2, 2017, Treasury announced it would auction 

$12,000 million of 29-year 11-month 3 percent bonds. The 

issue was to refund $30,000 million of securities maturing 

March 15 and to raise new cash of approximately $26,000 

million. 

The 29-year 11-month 3 percent bonds of February 2047 

were dated February 15 and issued March 15. They are due 

February 15, 2047, 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 9. Tenders totaled $28,045 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.170 percent with an 

equivalent price of $96.726650. Treasury accepted in full all 

competitive tenders at yields lower than 3.170 percent. 

Tenders at the high yield were allotted 3.27 percent. The 

median yield was 3.120 percent, and the low yield was 3.000 

percent. Noncompetitive tenders totaled $6 million. 

Competitive tenders accepted from private investors totaled 

$11,994 million. Accrued interest of $2.32044 per $1,000 

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

The minimum par amount required for STRIPS of bonds of 

February 2047 is $100. 

Auction of 52-Week Bills 

On March 23, 2017, Treasury announced it would 

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

issued March 30 and will mature March 29, 2018. The issue

was to refund $107,994 million of all maturing bills and to 

raise new cash of approximately $39,006 million. Treasury 

auctioned the bills on March 28. Tenders totaled $63,396 

million; Treasury accepted $20,000 million, including $211 

million of noncompetitive tenders from the public. The high 

bank discount rate was 1.025 percent. 

Auction of 9-Year 10-Month 0-3/8 Percent TIPS 

On March 16, 2017, Treasury announced it would auction 

$11,000 million of 9-year 10-month 0-3/8 percent TIPS. The 

issue was to refund $81,354 million of securities maturing 

March 31 and to raise new cash of approximately $30,646 

million. 

The 9-year 10-month 0-3/8 percent TIPS of Series A-2027 

were dated January 15 and issued March 31. They are due 

January 15, 2027, 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 23. Tenders totaled $24,490 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.466 percent with an 

equivalent adjusted price of $99.636307. Treasury accepted in 

full all competitive tenders at yields lower than 0.466 percent. 

Tenders at the high yield were allotted 82.01 percent. The 

median yield was 0.408 percent, and the low yield was 0.340 

percent. Noncompetitive tenders totaled $22 million. 

Competitive tenders accepted from private investors totaled 

$10,978 million. Adjusted accrued interest of $0.78090 per 

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

31. Both the unadjusted price of $99.129754 and the 

unadjusted accrued interest of $0.77693 were adjusted by an 

index ratio of 1.00511, 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 $1,332 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2027 is $100. 

Auction of 2-Year Notes 

On March 23, 2017, Treasury announced it would auction 

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

$81,354 million of securities maturing March 31 and to raise 

new cash of approximately $30,646 million. 

The 2-year notes of Series AY-2019 were dated and issued 

March 31. They are due March 31, 2019, 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 27. Tenders totaled $70,889 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.261 percent with an 

equivalent price of $99.978342. Treasury accepted in full all 

competitive tenders at yields lower than 1.261 percent. 

Tenders at the high yield were allotted 85.23 percent. The 

median yield was 1.200 percent, and the low yield was 1.140 

percent. Noncompetitive tenders totaled $165 million. 

Competitive tenders accepted from private investors totaled 

$25,728 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2017 

38 

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

the auction process, Treasury accepted $3,148 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 5-Year Notes 

On March 23, 2017, Treasury announced it would auction 

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

$81,354 million of securities maturing March 31 and to raise 

new cash of approximately $30,646 million. 

The 5-year notes of Series W-2022 were dated and issued 

March 31. They are due March 31, 2022, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 1-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on March 28. Tenders totaled $80,623 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.950 percent with an 

equivalent price of $99.644349. Treasury accepted in full all 

competitive tenders at yields lower than 1.950 percent. 

Tenders at the high yield were allotted 17.23 percent. The 

median yield was 1.890 percent, and the low yield was 1.800 

percent. Noncompetitive tenders totaled $59 million. 

Competitive tenders accepted from private investors totaled 

$33,941 million. 

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

the auction process, Treasury accepted $4,116 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 1-Year 10-Month 0.14 Percent FRNs 

On March 23, 2017, Treasury announced it would auction 

$13,000 million of 1-year 10-month 0.14 percent FRNs. The 

issue was to refund $81,354 million of securities maturing 

March 31 and to raise new cash of approximately $30,646 

million. 

The 1-year 10-month 0.14 percent FRNs of Series AW2019 were dated January 31 and issued March 31. They are 

due January 31, 2019, 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 29. Tenders totaled $44,597 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.109 percent 

with an equivalent price of $100.057148. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.109 percent. Tenders at the high discount margin were 

allotted 84.37 percent. The median discount margin was 0.103 

percent, and the low discount margin was 0.090 percent. 

Noncompetitive tenders totaled $6 million. Competitive 

tenders accepted from private investors totaled $12,994 

million. Accrued interest of $0.125305911 per $100 must be 

paid for the period from January 31 to March 31. 

In addition to the $13,000 million of tenders accepted in 

the auction process, Treasury accepted $1,574 million from 

FRBs for their own accounts. 

Auction of 7-Year Notes 

On March 23, 2017, Treasury announced it would auction 

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

$81,354 million of securities maturing March 31 and to raise 

new cash of approximately $30,646 million. 

The 7-year notes of Series J-2024 were dated and issued 

March 31. They are due March 31, 2024, with interest payable 

on September 30 and March 31 until maturity. Treasury set an 

interest rate of 2-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on March 29. Tenders totaled $71,778 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.215 percent with an 

equivalent price of $99.419378. Treasury accepted in full all 

competitive tenders at yields lower than 2.215 percent. 

Tenders at the high yield were allotted 19.22 percent. The 

median yield was 2.175 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$27,988 million. 

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

the auction process, Treasury accepted $3,390 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series J-2024 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2017 

39

 

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) 

 

 2017 - Jan. 05 ................. 2017 - Feb. 02 28 146241.7 45000.1 44519.7 380.4 99.963056 0.475 0.482

 Apr. 06 91 125813.2 34000.2 33470.8 429.4 99.866028 0.530 0.538

 July 06 182 101475.2 28000.7 27484.8 387.5 99.681500 0.630 0.641

Jan . 12................ Feb. 09 28 155657.2 45000.3 44573.9 326.5 99.961111 0.500 0.507

 Apr. 13 91 123743.7 34000.4 33459.2 441.2 99.871083 0.510 0.518

 July 13 182 104806.1 28000.5 27436.7 363.7 99.701722 0.590 0.600

Jan . 19................ Feb. 16 28 159197.3 45000.4 44605.5 294.9 99.959556 0.520 0.527

 Apr. 20 91 109575.6 34000.2 33453.0 447.2 99.866028 0.530 0.538

 July 20 182 93850.6 28000.2 27325.5 474.6 99.694139 0.605 0.615

Jan . 26................ Feb. 23 28 151408.4 45000.4 44580.6 319.8 99.962667 0.480 0.487

 Apr. 27 91 124888.8 34000.0 33523.2 376.8 99.872347 0.505 0.513

 July 27 182 103325.4 28000.1 26600.7 399.4 99.696667 0.600 0.610

Feb. 02 ................ Mar. 02 28 155418.6 45000.6 44502.7 398.0 99.961889 0.490 0.497

 May 04 91 119507.5 34000.2 33375.1 425.1 99.869819 0.515 0.523

 Aug. 03 182 97237.1 28000.1 27359.7 340.4 99.684028 0.625 0.636

Feb. 09 ................ Mar. 09 28 155550.9 45000.3 44557.1 343.1 99.958778 0.530 0.538

 May 11 91 112273.6 34000.2 33370.1 430.1 99.866028 0.530 0.538

 Aug. 10 182 101905.6 28000.4 27194.4 405.9 99.686556 0.620 0.631

Feb. 16 ................ Mar. 16 28 153353.4 45000.4 44578.9 321.5 99.959944 0.515 0.522

 May 18 91 113090.3 34000.2 33320.3 479.9 99.863500 0.540 0.548

 Aug. 17 182 90961.0 28000.1 27248.4 471.7 99.673917 0.645 0.656

Feb. 23 ................ Mar. 23 28 125947.4 35000.6 34562.2 338.5 99.962667 0.480 0.487

 May 25 91 113053.4 34000.2 32580.7 419.5 99.864764 0.535 0.543

 Aug. 24 182 91034.4 28000.2 26626.8 373.4 99.661278 0.670 0.682

Mar. 02 ................ Mar. 30 28 71288.5 18000.1 17484.0 416.1 99.968889 0.400 0.406

 June 01 91 114069.3 34000.1 33294.8 405.3 99.869819 0.515 0.523

 Aug. 31 182 87148.2 28000.3 27425.0 375.3 99.661278 0.670 0.682

Mar. 09 ................ Apr. 06 28 57209.2 15000.5 14555.7 344.8 99.955667 0.570 0.578

 June 08 91 96582.3 30000.0 29481.2 418.8 99.811681 0.745 0.757

 Sept. 07 182 89359.4 24000.3 23321.5 378.8 99.577861 0.835 0.850

Mar. 16 ................ Apr. 13 28 186838.7 55001.6 54565.1 336.5 99.940111 0.770 0.781

 June 15 91 126342.5 36000.5 35314.2 486.4 99.802833 0.780 0.792

 Sept. 14 182 94046.3 30000.1 29342.8 357.3 99.539944 0.910 0.927

Mar. 23 ................ Apr. 20 28 174099.2 55000.3 54517.4 383.0 99.942056 0.745 0.756

 June 22 91 120300.6 39000.4 38307.4 492.9 99.807889 0.760 0.772

 Sept. 21 182 102411.6 33000.1 32294.6 402.2 99.550056 0.890 0.906

Mar. 30 ................ Apr. 27 28 176289.9 55000.3 54480.5 419.8 99.942056 0.745 0.756

 June 29 91 124545.5 39000.3 37507.3 493.0 99.802833 0.780 0.792

 Sept. 28 182 106595.4 33000.1 31532.8 467.3 99.542472 0.905 0.922

 

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 2017 

40 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

12/27/16 01/03/17 1.250% note—12/31/18-BL 2y 66,806 29,457 1.280 - 99.941124 

12/28/16 01/03/17 2.000% note—12/31/21-AG 5y 97,016 38,521 2.057 - 99.730736 

12/29/16 01/03/17 2.250% note—12/31/23-T 7y 74,970 31,723 2.284 - 99.781232 

01/03/17 01/05/17 0.870% bill—01/04/18 364d 67,887 20,000 

01/10/17 01/17/17 1.375% note—01/15/20-AH 3y 72,573 25,330 1.472 - 99.716805 

01/11/17 01/17/17 2.000% note—11/15/26-F 9y 10m 52,711 21,108 2.342 - 97.010859 

01/12/17 01/17/17 2.875% bond—11/15/46 29y 10m 28,451 12,665 2.914 - 99.221642 

01/19/17 01/31/17 0.375% TIPS—01/15/27-A 10y 32,686 13,824 0.436 - 99.326760 

01/24/17 01/31/17 1.125% note—01/31/19-AV 2y 71,385 27,649 1.210 - 99.832540 

01/25/17 01/31/17 0.140% FRN—01/31/19-AW 2y 48,349 15,951 0.000 - 100.000000 

01/25/17 01/31/17 1.875% note—01/31/22-U 5y 83,092 36,156 1.988 - 99.464699 

01/26/17 01/31/17 2.250% note—01/31/24-G 7y 70,493 29,776 2.335 - 99.454010 

01/31/17 02/02/17 0.810% bill—02/01/18 364d 69,608 20,000 

02/07/17 02/09/17 0.000% cmb—03/15/17 34d 173,966 50,001 

02/07/17 02/15/17 1.375% note—02/15/20-AJ 3y 69,551 26,771 1.423 - 99.859519 

02/08/17 02/15/17 2.250% note—02/15/27-B 10y 55,253 25,656 2.333 - 99.263516 

02/09/17 02/15/17 3.000% bond—02/15/47 30y 35,466 16,732 3.005 - 99.901613 

02/22/17 02/24/17 0.133% FRN—01/31/19-AW 1y 11m 40,001 13,000 0.000 - 100.013572 

02/16/17 02/28/17 0.875% TIPS—02/15/47 30y 16,736 7,971 0.923 - 98.760665 

02/21/17 02/28/17 1.125% note—02/28/19-AX 2y 76,905 29,606 1.230 - 99.793189 

02/22/17 02/28/17 1.875% note—02/28/22-V 5y 82,653 38,715 1.937 - 99.705893 

02/23/17 02/28/17 2.125% note—02/29/24-H 7y 73,618 31,883 2.197 - 99.535200 

02/28/17 03/02/17 0.850% bill—03/01/18 364d 62,801 20,000 

03/07/17 03/09/17 0.000% cmb—03/15/17 6d 73,550 20,000 

03/13/17 03/14/17 0.000% cmb—04/27/17 44d 99,740 33,001 

03/07/17 03/15/17 1.625% note—03/15/20-AK 3y 65,770 24,000 1.630 - 99.985419 

03/08/17 03/15/17 2.250% note—02/15/27-B 9y 11m 53,110 20,000 2.560 - 97.296773 

03/09/17 03/15/17 3.000% bond—02/15/47 29y 11m 28,045 12,000 3.170 - 96.726650 

03/14/17 03/16/17 0.000% cmb—04/20/17 35d 115,819 35,000 

03/28/17 03/30/17 1.025% bill—03/29/18 364d 63,396 20,000 

03/23/17 03/31/17 0.375% TIPS—01/15/27-A 9y 10m 25,821 12,332 0.466 - 99.636307 

03/27/17 03/31/17 1.250% note—03/31/19-AY 2y 74,037 29,148 1.261 - 99.978342 

03/28/17 03/31/17 1.875% note—03/31/22-W 5y 84,739 38,116 1.950 - 99.644349 

03/29/17 03/31/17 0.109% FRN—01/31/19-AW 1y 10m 46,171 14,574 0.000 - 100.057148 

03/29/17 03/31/17 2.125% note—03/31/24-J 7y 75,168 31,390 2.215 - 99.419378 

 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 2017 

41

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 2017 

42 

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) 

 

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

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

 

2016 - Mar....................................... 19,289,383 19,264,939 5,335,182 - 5,335,182 2,815,313

 Apr....................................... 19,211,778 19,187,387 5,341,480 - 5,341,480 2,815,146

May...................................... 19,289,971 19,265,452 5,374,362 - 5,374,362 2,816,340

June..................................... 19,406,152 19,381,591 5,444,287 - 5,444,287 2,819,062

July ...................................... 19,452,247 19,427,695 5,425,190 - 5,425,190 2,821,881

Aug ...................................... 19,534,678 19,510,296 5,401,852 - 5,401,852 2,827,017

Sept..................................... 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

Oct....................................... 19,830,096 19,805,715 5,514,763 - 5,514,763 2,833,661

Nov ...................................... 19,972,472 19,948,065 5,499,924 - 5,499,924 2,840,508

Dec ...................................... 20,001,290 19,976,827 5,537,501 - 5,537,501 2,843,701

2017 - Jan ....................................... 19,961,760 19,937,261 5,556,549 - 5,556,549 2,848,025

Feb ...................................... 19,983,859 19,959,594 5,543,497 - 5,543,497 2,856,355

Mar ...................................... 19,870,651 19,846,420 5,471,966 - 5,471,966 2,859,131

 

 Public debt securities, continued Agency securities 

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) 

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

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

 

2016 - Mar....................................... 11,114,444 10,630,827 483,616 24,444 24,439 5

 Apr....................................... 11,030,761 10,540,025 490,737 24,391 24,386 5

May...................................... 11,074,750 10,577,192 497,557 24,519 24,514 5

June..................................... 11,118,242 10,611,734 506,508 24,561 24,556 5

July ...................................... 11,180,624 10,672,341 508,282 24,552 24,547 5

Aug ...................................... 11,281,427 10,772,054 509,373 24,382 24,377 5

Sept..................................... 11,347,631 10,830,489 517,142 24,367 24,363 4

Oct....................................... 11,457,291 10,936,394 520,897 24,381 24,377 4

Nov ...................................... 11,607,633 11,080,962 526,671 24,407 24,403 4

Dec ...................................... 11,595,625 11,077,564 518,061 24,463 24,459 4

2017 - Jan ....................................... 11,532,687 11,015,736 516,952 24,499 24,495 4

Feb ...................................... 11,559,742 11,042,572 517,170 24,265 24,261 4

Mar ...................................... 11,515,323 11,107,539 407,784 24,231 24,228 3

 

 

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 43 

June 2017 

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

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

 

Federal 

Reserve and 

Government 

accounts 2

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S.

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign

 and inter-

 national 8

 (11) 

Other 

 investors 9

 (12) 

 

2017 - Mar......... 19,845.9 7,941.1 11,904.8 n.a. 164.2 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2016 - Dec......... 19,976.9 8,005.6 11,971.3 663.0 165.8 553.4 187.4 347.4 1,670.6 717.5 6,003.9 1,662.4

 Sept........ 19,573.4 7,863.5 11,709.9 620.5 167.5 549.1 187.3 346.9 1,537.6 713.4 6,155.2 1,432.4

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 542.4 182.2 335.6 1,402.3 697.2 6,279.3 1,292.2

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 536.4 175.6 325.9 1,386.9 679.7 6,284.9 1,348.6

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 529.2 174.8 312.2 1,315.3 666.1 6,146.2 1,348.8

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 318.8 173.5 313.3 1,192.3 643.0 6,105.9 1,228.7

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 382.9 178.0 310.1 1,135.9 629.7 6,163.1 1,126.5

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 442.8 176.4 311.0 1,156.8 639.5 6,172.6 1,045.2

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 492.1 181.3 304.9 1,108.3 621.6 6,157.7 1,007.0

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 485.5 187.1 296.1 1,067.6 601.2 6,069.2 978.9

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 481.1 189.3 285.8 977.9 605.0 6,018.7 1,029.0

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 480.1 189.0 275.0 1,050.1 586.6 5,948.3 1,224.0

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 478.1 188.3 269.5 975.3 587.7 5,792.6 1,354.9

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 358.6 182.8 271.5 976.2 585.8 5,652.8 1,403.2

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 454.0 178.7 276.2 1,000.1 611.0 5,595.0 1,368.9

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 464.6 173.9 284.3 1,066.7 612.4 5,725.0 1,267.2

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 467.5 172.9 292.7 1,031.8 608.0 5,573.8 1,232.2

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 447.0 171.4 292.6 1,080.7 594.5 5,476.1 1,035.1

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 141.0 144.2 141.9 343.5 647.8 2,353.2 297.8

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 140.5 153.2 155.1 292.7 643.1 2,235.3 332.9

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 139.9 162.3 168.9 257.6 637.8 2,192.0 285.1

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 139.7 156.3 185.4 263.2 608.3 2,194.8 405.2

 

1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4

 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. As of December 2014, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

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. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
June 2017 

44 

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, 2017 

[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 .............................. $1,713,008,132,324 $1,664,704,899,426 $1,664,226,818,779 $239,567,866 $238,512,781

Less amounts held by: 

The Treasury....................................... 340,233,459 55,740,220 55,539,022 7,505 193,693

FRBs ................................................... 176,746,069,560 174,821,663,963 174,821,658,666 - 5,297

Amounts in circulation............................. $1,535,921,829,305 $1,489,827,495,243 $1,489,349,621,091 $239,560,361 $238,313,791

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $48,303,232,898 $6,546,924,108 $ 41,756,308,790 

Less amounts held by: 

The Treasury....................................... 284,493,239 49,957,180 234,536,059

FRBs ................................................... 1,924,405,597 1,240,698,618 683,706,979 

Amounts in circulation............................. $46,094,334,062 $5,256,268,310 $ 40,838,065,752 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2017 

45

TABLE USCC-2—Amounts Outstanding and in Circulation, March 31, 2017 

[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 ................................................................................ $11,624,013,013 $11,483,466,660 $143,503 $140,402,850

$2 ................................................................................ 2,351,972,566 2,220,358,322 131,601,718 12,526

$5 ................................................................................ 14,025,002,030 13,893,493,945 107,793,910 23,714,175

$10 .............................................................................. 18,923,273,044 18,903,211,424 6,300 20,055,320

$20 .............................................................................. 176,954,359,040 176,934,252,840 3,840 20,102,360

$50 .............................................................................. 82,943,645,950 82,932,149,100 500 11,496,350

$100 ............................................................................ 1,182,692,767,500 1,182,670,787,800 - 21,979,700

$500 ............................................................................ 141,952,500 141,759,000 5,500 188,000

$1,000 ......................................................................... 165,294,000 165,082,000 5,000 207,000

$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 ......................................................... $ 1,489,827,495,243 $ 1,489,349,621,091 $ 239,560,361 $238,313,791 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

Mar. 31, 2017 ....................................................................................... 1,535,922 4,728

Feb. 28, 2017....................................................................................... 1,518,875 4,678

Jan. 31, 2017 ....................................................................................... 1,499,091 4,619

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
49 

June 2017 

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. 
50 

June 2017 

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) 

10/05/2016 ............................................................. 1,250,337 1,320,059 n.a. 1.3177

10/12/2016 ............................................................. 1,238,255 1,309,891 155 1.3277

10/19/2016 ............................................................. 1,283,124 1,347,320 -246 1.3105

10/26/2016 ............................................................. 1,326,703 1,393,169 n.a. 1.3361

11/02/2016 ............................................................. 1,402,527 1,463,309 n.a. 1.3387

11/09/2016 ............................................................. 1,458,606 1,526,336 n.a. 1.3406

11/16/2016 ............................................................. 1,441,609 1,507,185 n.a. 1.3415

11/23/2016 ............................................................. 1,419,856 1,489,858 -216 1.3467

11/30/2016 ............................................................. 1,519,280 1,583,478 55 1.3425

12/07/2016 ............................................................. 1,430,754 1,489,699 n.a. 1.3251

12/14/2016 ............................................................. 1,557,039 1,620,245 n.a. 1.3123

12/21/2016 ............................................................. 1,279,190 1,343,370 n.a. 1.3401

12/28/2016 ............................................................. 1,196,626 1,256,714 -41 1.3555

01/04/2017 ............................................................. 1,274,796 1,341,723 n.a. 1.3293

01/11/2017 ............................................................. 1,312,682 1,371,969 n.a. 1.3219

01/18/2017 ............................................................. 1,390,859 1,456,612 n.a. 1.3175

01/25/2017 ............................................................. 1,329,370 1,397,380 n.a. 1.3074

02/01/2017 ............................................................. 1,440,864 1,511,774 n.a. 1.3088

02/08/2017 ............................................................. 1,350,940 1,420,367 n.a. 1.3156

02/15/2017 ............................................................. 1,356,091 1,429,357 n.a. 1.3082

02/22/2017 ............................................................. 1,398,429 1,474,552 n.a. 1.3188

03/01/2017 ............................................................. 1,516,763 1,587,020 n.a. 1.3345

03/08/2017 ............................................................. 1,565,057 1,640,131 n.a. 1.3479

03/15/2017 ............................................................. 1,359,569 1,439,813 n.a. 1.3451

03/22/2017 ............................................................. 1,391,814 1,462,743 n.a. 1.3347

03/29/2017 ............................................................. 1,468,635 1,547,596 -275 1.3372

 
51 

June 2017 

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) 

 

2014 - Dec ................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601 

2015 - Dec ................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 

2016 - Apr ................... 1,313,456 1,380,357 220,132 163,794 98,218 n.a. 184,228 125,373 676 1.2549 

May .................. 1,419,469 1,472,381 207,358 156,602 96,646 n.a. 211,242 143,227 n.a. 1.3097 

June ................. 1,308,456 1,363,847 188,011 137,836 76,791 n.a. 158,364 108,352 n.a. 1.301 

July .................. 1,254,201 1,315,080 189,095 151,502 116,013 112,500 97,367 94,138 n.a. 1.304 

Aug .................. 1,397,344 1,449,810 192,565 155,708 95,827 92,388 87,358 84,353 n.a. 1.3122 

Sept ................. 1,296,309 1,365,694 174,148 143,656 93,983 88,639 93,305 90,083 n.a. 1.3115 

Oct ................... 1,418,178 1,483,175 201,637 162,780 94,135 89,506 90,568 90,766 -394 1.3403 

Nov .................. 1,537,629 1,601,204 187,963 145,522 90,311 86,032 99,716 100,003 58 1.3425 

Dec .................. 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 - Jan ................... 1,437,769 1,507,801 201,169 165,452 87,531 83,667 97,771 98,366 n.a. 1.303 

Feb .................. 1,486,928 1,554,144 208,225 162,974 76,331 70,834 79,523 78,471 n.a. 1.3247 

Mar .................. 1,526,359 1,598,016 182,778 152,025 64,249 59,702 74,409 73,003 -250 1.3321 

 

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) 

 

2013 - Dec ................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637 

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 .................. 78,372 106,869 127,608 102,875 n.a. 539 4,168 n.a. -14 1.2681 

June ................. 71,356 97,532 133,157 95,771 453 296 3,071 1,191 n.a. 1.2473 

Sept .................. 67,133 98,724 137,280 101,046 n.a. 260 4,831 1,110 -33 1.3396 

Dec ................... 27,142 59,087 125,045 94,958 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar .................. 30,905 61,209 129,399 94,163 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,995 65,904 140,849 106,389 363 349 726 461 7 1.301 

Sept .................. 36,885 67,444 156,802 103,615 242 285 2,316 1,180 n.a. 1.3115 

Dec ................... 38,433 68,593 156,273 124,911 401 397 2,393 n.a. n.a. 1.3426 

 

 
52 

June 2017 

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) 

10/05/2016 .............................................................. 523,295 533,377 n.a. 103.53

10/12/2016 .............................................................. 532,083 538,220 n.a. 104.48

10/19/2016 .............................................................. 498,418 507,226 n.a. 103.3

10/26/2016 .............................................................. 503,357 512,645 n.a. 104.42

 

11/02/2016 .............................................................. 550,093 556,259 n.a. 103.22

11/09/2016 .............................................................. 582,070 592,767 n.a. 104.84

11/16/2016 .............................................................. 563,570 569,715 n.a. 109.16

11/23/2016 .............................................................. 559,092 560,517 -46 112.58

11/30/2016 .............................................................. 592,239 602,291 n.a. 114.34

 

12/07/2016 .............................................................. 563,508 572,354 n.a. 113.5

12/14/2016 .............................................................. 596,213 605,026 n.a. 115.06

12/21/2016 .............................................................. 544,586 552,910 69 117.79

12/28/2016 .............................................................. 525,451 537,596 45 117.66

 

01/04/2017 .............................................................. 560,105 572,991 187 117.38

01/11/2017 .............................................................. 561,803 572,860 n.a. 116.26

01/18/2017 .............................................................. 574,494 585,143 n.a. 113.4

01/25/2017 .............................................................. 525,298 556,954 n.a. 113.6

 

02/01/2017 .............................................................. 573,544 603,895 n.a. 113.29

02/08/2017 .............................................................. 534,250 565,462 n.a. 111.74

02/15/2017 .............................................................. 560,762 591,582 n.a. 114.17

02/22/2017 .............................................................. 551,802 582,623 n.a. 113.46

 

03/01/2017 .............................................................. 612,755 624,948 n.a. 113.66

03/08/2017 .............................................................. 589,908 602,540 n.a. 114.58

03/15/2017 .............................................................. 560,816 568,347 n.a. 114.66

03/22/2017 .............................................................. 576,459 583,183 n.a. 111.06

03/29/2017 .............................................................. 580,019 583,197 n.a. 111.05
53 

June 2017 

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) 

 

2014 - Dec .................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85 

2015 - Dec .................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 

2016 - Apr .................. 608,507 607,842 163,030 161,259 57,436 58,436 71,339 72,809 127 106.9 

May ................. 568,549 572,000 154,369 152,005 54,268 54,880 71,005 71,781 n.a. 110.75 

June ................ 563,914 570,200 170,801 170,250 53,090 52,972 68,821 69,484 n.a. 102.77 

July ................. 560,321 568,843 172,329 171,033 61,490 59,444 70,191 73,096 n.a. 102.32 

Aug ................. 550,336 563,164 155,179 153,238 52,693 51,094 62,896 66,143 n.a. 103.38 

Sept ................ 553,483 559,349 163,928 162,154 52,508 51,043 62,919 64,302 n.a. 101.21 

Oct .................. 540,425 546,482 173,878 171,803 51,633 50,402 63,775 64,929 n.a. 105.07 

Nov ................. 592,885 602,968 174,780 174,758 60,784 59,998 75,464 76,880 n.a. 114.34 

Dec ................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 - Jan .................. 593,274 602,383 156,994 155,162 56,626 55,601 69,854 72,239 n.a. 112.72 

Feb ................. 602,909 611,577 173,643 172,833 57,038 55,545 70,102 73,011 n.a. 112.06 

Mar ................. 602,303 603,377 173,526 172,290 37,259 36,804 82,849 85,509 n.a. 111.41 

 

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) 

 

2013 - Dec ................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25 

2014 - Mar ................... 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 

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 7,243 4,951 179 531 1,474 587 -46 119.96 

June ................. 6,721 6,611 6,947 5,995 355 666 1,084 428 n.a. 122.1 

Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 

Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,225 4,900 7,184 5,318 n.a. 340 687 486 -7 112.42 

June ................. 8,200 4,667 7,254 5,807 n.a. 367 723 581 -5 102.77 

Sept .................. 7,804 4,314 7,815 6,141 n.a. 382 588 488 -18 101.21 

Dec ................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a. 116.78 

 
54 

June 2017 

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) 

10/05/2016 .............................................................. 835,473 859,786 n.a. 0.977

10/12/2016 .............................................................. 834,212 861,338 n.a. 0.9902

10/19/2016 .............................................................. 857,479 882,214 n.a. 0.9894

10/26/2016 .............................................................. 889,811 921,125 n.a. 0.9927

 

11/02/2016 .............................................................. 936,857 969,395 n.a. 0.9701

11/09/2016 .............................................................. 949,655 976,142 n.a. 0.9812

11/16/2016 .............................................................. 916,737 944,533 n.a. 1.0019

11/23/2016 .............................................................. 861,599 899,620 n.a. 1.0156

11/30/2016 .............................................................. 961,132 989,814 n.a. 1.0187

 

12/07/2016 .............................................................. 987,233 1,024,694 n.a. 1.0065

12/14/2016 .............................................................. 1,066,146 1,103,916 n.a. 1.0099

12/21/2016 .............................................................. 916,937 955,123 n.a. 1.0262

12/28/2016 .............................................................. 874,618 903,724 n.a. 1.0313

 

01/04/2017 .............................................................. 882,400 911,656 n.a. 1.0228

01/11/2017 .............................................................. 861,136 893,101 n.a. 1.0203

01/18/2017 .............................................................. 876,745 913,653 n.a. 1.0028

01/25/2017 .............................................................. 835,273 868,903 n.a. 0.9996

 

02/01/2017 .............................................................. 973,702 1,005,259 n.a. 0.993

02/08/2017 .............................................................. 921,809 957,439 n.a. 0.9934

02/15/2017 .............................................................. 923,229 982,234 n.a. 1.0062

02/22/2017 .............................................................. 953,141 984,019 n.a. 1.0109

 

03/01/2017 .............................................................. 1,034,044 1,066,633 n.a. 1.0072

03/08/2017 .............................................................. 1,012,099 1,042,133 535 1.0146

03/15/2017 .............................................................. 934,761 957,309 340 1.008

03/22/2017 .............................................................. 941,011 967,522 79 0.99

03/29/2017 .............................................................. 982,017 1,004,518 196 0.9966
55 

June 2017 

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) 

 

2014 - Dec ................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934 

2015 - Dec ................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017 

2016 - Apr ................... 964,626 998,481 90,539 69,423 71,628 83,335 113,696 101,380 238 0.9598 

May .................. 934,462 966,280 85,592 65,075 71,569 83,919 113,307 101,739 n.a. 0.9934 

June ................. 906,161 932,437 86,456 65,839 71,058 82,776 106,993 95,619 n.a. 0.9792 

July .................. 850,015 877,876 84,611 64,450 79,886 80,698 95,062 94,159 772 0.969 

Aug .................. 914,207 937,753 82,885 62,624 77,370 77,831 92,964 92,545 n.a. 0.983 

Sept ................. 809,002 833,527 100,213 80,209 73,675 73,637 90,162 89,726 n.a. 0.9694 

Oct ................... 884,917 915,199 107,821 87,263 69,303 71,437 84,145 81,695 n.a. 0.989 

Nov .................. 961,646 990,511 110,339 88,029 72,062 73,248 88,917 85,043 n.a. 1.0187 

Dec .................. 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.016 

2017 - Jan ................... 925,767 957,154 102,222 80,661 74,678 73,813 93,175 94,662 n.a. 0.9888 

Feb .................. 999,759 1,031,025 95,109 76,410 79,768 80,686 93,883 93,710 304 1.0022 

Mar .................. 953,661 975,655 89,904 75,199 49,975 49,151 112,834 114,744 176 0.9998 

 

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) 

 

2013 - Dec ................... 22,699 23,164 n.a. 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904 

2014 - Mar ................... 17,733 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.8840 

June ................. 18,188 18,726 101,146 9,451 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 90,329 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 

June ................. 20,333 22,935 82,573 12,529 n.a. n.a. 116 n.a. -10 0.9346 

Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 

Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,965 16,654 48,569 16,247 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,961 14,942 38,415 16,235 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept .................. 13,162 13,803 74,616 16,527 - n.a. n.a. n.a. n.a. 0.9694 

Dec ................... 15,062 14,957 100,733 18,341 - n.a. n.a. n.a. n.a. 1.016 

 
56 

June 2017 

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) 

10/05/2016 .............................................................. 2,586,351 2,723,041 n.a. 1.2745

10/12/2016 .............................................................. 2,630,250 2,768,057 n.a. 1.2195

10/19/2016 .............................................................. 2,646,999 2,765,687 n.a. 1.2279

10/26/2016 .............................................................. 2,753,397 2,886,019 n.a. 1.2234

 

11/02/2016 .............................................................. 2,785,232 2,922,071 n.a. 1.2315

11/09/2016 .............................................................. 2,767,330 2,885,324 n.a. 1.2474

11/16/2016 .............................................................. 2,732,942 2,851,782 -336 1.245

11/23/2016 .............................................................. 2,739,340 2,877,316 -394 1.2458

11/30/2016 .............................................................. 2,864,216 2,993,448 -453 1.2481

 

12/07/2016 .............................................................. 2,879,797 3,025,295 -51 1.2604

12/14/2016 .............................................................. 3,244,000 3,191,745 -100 1.2706

12/21/2016 .............................................................. 2,863,062 2,885,997 n.a. 1.2348

12/28/2016 .............................................................. 2,784,361 2,811,465 276 1.2222

 

01/04/2017 .............................................................. 2,742,478 2,887,828 n.a. 1.2299

01/11/2017 .............................................................. 2,728,855 2,873,147 301 1.2118

01/18/2017 .............................................................. 3,011,476 3,031,739 n.a. 1.2309

01/25/2017 .............................................................. 2,893,682 2,883,142 n.a. 1.262

 

02/01/2017 .............................................................. 2,930,230 3,040,801 n.a. 1.2643

02/08/2017 .............................................................. 2,782,925 2,898,024 n.a. 1.2543

02/15/2017 .............................................................. 2,829,943 2,946,988 n.a. 1.2465

02/22/2017 .............................................................. 2,894,451 3,009,608 449 1.2456

 

03/01/2017 .............................................................. 3,085,928 3,227,260 523 1.2318

03/08/2017 .............................................................. 2,992,063 3,140,836 n.a. 1.2152

03/15/2017 .............................................................. 2,774,673 2,915,111 n.a. 1.2222

03/22/2017 .............................................................. 2,928,661 2,950,854 415 1.2476

03/29/2017 .............................................................. 2,917,254 3,073,550 508 1.2411
57 

June 2017 

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) 

 

2014 - Dec ................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578 

2015 - Dec ................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 

2016 - Apr ................... 2,332,459 2,441,203 780,946 815,609 131,823 148,164 199,086 184,093 n.a. 1.4625 

May .................. 2,528,692 2,637,088 767,054 792,261 147,533 169,789 229,916 214,284 n.a. 1.453 

June ................. 2,549,235 2,674,206 848,274 872,640 155,764 182,365 232,457 209,815 n.a. 1.3242 

July .................. 2,557,400 2,672,258 901,277 917,494 165,470 160,505 231,617 227,557 n.a. 1.327 

Aug .................. 2,814,334 2,927,659 887,534 880,127 131,293 126,872 179,111 177,955 n.a. 1.3129 

Sept ................. 2,618,883 2,747,565 869,051 828,784 120,207 117,731 164,545 163,770 n.a. 1.3015 

Oct ................... 2,745,019 2,880,821 829,418 781,724 115,226 110,065 177,757 177,916 n.a. 1.2212 

Nov .................. 2,871,185 3,000,437 820,971 779,232 112,863 106,019 165,405 165,117 -449 1.2481 

Dec .................. 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 - Jan ................... 2,849,780 2,988,670 838,019 794,530 95,593 88,183 141,363 141,155 n.a. 1.2585 

Feb .................. 3,005,053 3,145,213 858,677 820,136 108,005 105,628 142,123 142,638 442 1.2427 

Mar .................. 2,928,810 3,081,454 863,958 825,560 157,963 154,196 117,449 115,096 n.a. 1.2537 

 

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) 

 

2013 - Dec ................... 34,365 29,425 156,665 38,670 1,861 n.a. 2,360 1,364 172 1.6574 

2014 - Mar ................... 24,285 20,785 159,297 38,963 n.a. n.a. n.a. 404 - 1.6675 

June ................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 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 42,342 160,656 61,050 n.a. 745 5,418 3,293 -85 1.485 

June ................. 29,155 39,283 162,972 61,154 1,163 1,191 1,602 1,018 57 1.5727 

Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 

Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 25,097 48,638 161,912 64,787 460 958 5,159 2,545 76 1.4381 

June ................. 32,851 59,068 168,024 68,927 n.a. n.a. 3,488 1,337 131 1.3242 

Sept .................. 27,814 58,602 163,430 65,795 406 432 2,465 727 63 1.3015 

Dec ................... 28,214 50,414 166,901 66,789 n.a. 428 2,686 1,577 4 1.2337 

 
58 

June 2017 

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) 

10/05/2016 ............................................................ 24,582,602 23,954,805 n.a. n.a.

10/12/2016 ............................................................ 25,194,997 24,589,663 n.a. n.a.

10/19/2016 ............................................................ 24,662,731 23,961,424 n.a. n.a.

10/26/2016 ............................................................ 24,983,823 24,358,871 n.a. n.a.

 

11/02/2016 ............................................................ 25,899,271 25,285,558 n.a. n.a.

11/09/2016 ............................................................ 26,219,513 25,685,785 n.a. n.a.

11/16/2016 ............................................................ 26,001,749 25,561,266 n.a. n.a.

11/23/2016 ............................................................ 25,901,062 25,262,535 n.a. n.a.

11/30/2016 ............................................................ 27,458,464 26,813,058 n.a. n.a.

 

12/07/2016 ............................................................ 26,796,059 26,085,379 n.a. n.a.

12/14/2016 ............................................................ 28,144,091 27,439,517 n.a. n.a.

12/21/2016 ............................................................ 25,112,480 24,373,520 -7,314 n.a.

12/28/2016 ............................................................ 24,239,129 23,481,068 -6,744 n.a.

 

01/04/2017 ............................................................ 24,949,513 24,180,770 n.a. n.a.

01/11/2017 ............................................................ 25,258,081 24,483,854 n.a. n.a.

01/18/2017 ............................................................ 25,967,721 25,207,435 n.a. n.a.

01/25/2017 ............................................................ 25,019,090 24,220,592 n.a. n.a.

 

02/01/2017 ............................................................ 26,623,306 25,847,124 n.a. n.a.

02/08/2017 ............................................................ 25,402,029 24,483,868 n.a. n.a.

02/15/2017 ............................................................ 25,763,801 24,868,463 n.a. n.a.

02/22/2017 ............................................................ 26,096,604 25,190,235 n.a. n.a.

 

03/01/2017 ............................................................ 27,633,236 26,720,356 n.a. n.a.

03/08/2017 ............................................................ 27,305,370 26,444,509 -6,882 n.a.

03/15/2017 ............................................................ 25,215,124 24,491,785 n.a. n.a.

03/22/2017 ............................................................ 25,583,727 24,887,166 n.a. n.a.

03/29/2017 ............................................................ 26,111,838 25,515,972 n.a. n.a.
59 

June 2017 

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) 

 

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 - Dec .............. 23,238,723 22,612,485 - - 2,124,406 1,978,028 1,357,603 1,515,284 -7,263 n.a. 

2016 - Apr .............. 25,819,119 25,308,715 - - 2,464,483 2,226,566 1,708,525 1,961,781 -2,091 n.a. 

May ............. 25,750,475 25,241,261 - - 2,567,032 2,230,210 1,651,792 1,972,493 -4,427 n.a. 

June ............ 25,490,001 24,878,219 - - 2,480,461 2,155,087 1,620,127 1,929,426 n.a. n.a. 

July ............. 27,129,821 26,506,848 - - 2,590,300 2,615,761 1,821,089 1,779,134 -1,785 n.a. 

Aug ............. 26,449,920 25,822,922 - - 2,270,867 2,240,778 1,628,824 1,617,632 n.a. n.a. 

Sept ............ 25,353,418 24,783,019 - - 2,129,618 2,126,408 1,612,644 1,574,536 -1,156 n.a. 

Oct .............. 25,487,936 24,881,480 - - 2,188,089 2,190,906 1,639,433 1,610,256 n.a. n.a. 

Nov ............. 27,576,354 26,932,500 - - 2,540,013 2,536,790 1,749,543 1,727,774 n.a. n.a. 

Dec ............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

2017 - Jan .............. 26,316,132 25,565,748 - - 2,322,038 2,337,702 1,594,787 1,581,259 n.a. n.a. 

Feb ............. 27,078,137 26,211,027 - - 2,272,229 2,288,071 1,622,346 1,607,055 -6,518 n.a. 

Mar ............. 26,583,079 25,983,824 - - 2,221,495 2,237,584 1,575,038 1,565,686 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) 

 

2013 - 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 9,624 2,424 n.a. 

Dec ................... 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a. 

2016 - Mar ................... 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a. 

June ................. 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a. 

Sept .................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

Dec ................... 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

 
60 

June 2017 

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) 

10/05/2016 ......................................................................... 7,179,856 7,331,254 -540 0.8932

10/12/2016 ......................................................................... 7,369,063 7,509,444 -356 0.9079

10/19/2016 ......................................................................... 7,298,382 7,456,737 -119 0.9119

10/26/2016 ......................................................................... 7,359,924 7,518,214 515 0.9161

 

11/02/2016 ......................................................................... 7,493,321 7,650,113 636 0.8994

11/09/2016 ......................................................................... 7,736,227 7,910,682 582 0.9131

11/16/2016 ......................................................................... 7,694,900 7,861,258 4,957 0.9347

11/23/2016 ......................................................................... 7,524,611 7,708,857 2,233 0.947

11/30/2016 ......................................................................... 8,075,379 8,256,949 2,486 0.9454

 

12/07/2016 ......................................................................... 7,761,878 7,971,461 3,010 0.9295

12/14/2016 ......................................................................... 8,434,023 8,592,849 3,156 0.9384

12/21/2016 ......................................................................... 7,497,261 7,657,008 1,801 0.9592

12/28/2016 ......................................................................... 7,303,658 7,447,591 1,660 0.9626

 

01/04/2017 ......................................................................... 7,640,541 7,837,261 n.a. 0.9546

01/11/2017 ......................................................................... 7,590,575 7,800,944 2,153 0.9523

01/18/2017 ......................................................................... 7,850,815 7,999,394 1,673 0.9362

01/25/2017 ......................................................................... 7,387,336 7,538,080 3,043 0.9308

 

02/01/2017 ......................................................................... 8,140,077 8,209,100 3,414 0.9295

02/08/2017 ......................................................................... 7,639,632 7,798,656 3,348 0.9339

02/15/2017 ......................................................................... 7,587,286 7,752,599 2,667 0.9437

02/22/2017 ......................................................................... 7,746,085 7,988,358 3,776 0.9474

 

03/01/2017 ......................................................................... 8,221,155 8,498,422 3,572 0.9466

03/08/2017 ......................................................................... 8,152,581 8,380,650 2,403 0.9481

03/15/2017 ......................................................................... 7,644,391 7,866,218 n.a. 0.9407

03/22/2017 ......................................................................... 7,861,223 8,014,290 2,914 0.9259

03/29/2017 ......................................................................... 7,925,838 8,131,067 n.a. 0.9297
61 

June 2017 

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) 

 

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 - Dec ................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,846 694,070 n.a. 0.9209 

2016 - Apr ................... 7,359,201 7,529,440 2,404,924 2,338,019 499,976 523,257 609,634 586,599 -1,423 0.874 

May .................. 7,371,305 7,525,525 2,319,710 2,258,758 489,887 518,113 623,712 583,584 n.a. 0.8981 

June ................. 7,262,803 7,422,486 2,374,855 2,317,155 481,255 509,286 614,420 580,517 -2,860 0.9064 

July .................. 7,382,517 7,538,238 2,446,363 2,379,400 482,181 469,391 599,725 597,447 -1,233 0.8954 

Aug .................. 7,552,615 7,692,892 2,299,016 2,246,796 456,381 447,189 552,241 552,908 1,111 0.8972 

Sept ................. 7,220,989 7,349,806 2,398,068 2,346,015 464,875 457,030 540,037 537,809 -676 0.8898 

Oct ................... 7,408,312 7,557,139 2,332,495 2,266,764 461,910 454,661 559,673 558,888 -780 0.9122 

Nov .................. 8,097,253 8,277,228 2,343,980 2,273,163 494,972 492,605 716,999 720,634 2,481 0.9454 

Dec .................. 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 - Jan ................... 7,876,190 8,043,990 2,193,148 2,099,904 440,371 431,543 690,381 701,534 3,357 0.9264 

Feb .................. 7,902,113 8,181,100 2,214,456 2,109,043 457,030 443,899 742,167 757,386 3,493 0.9418 

Mar .................. 7,937,501 8,154,261 2,165,176 2,064,298 697,046 700,547 499,722 502,997 n.a. 0.9347 

 

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) 

 

2013 - Dec ................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7257 

2014 - Mar ................... 85,631 68,576 310,459 141,879 9,177 n.a. 6,401 3,759 765 0.7258 

June ................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -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 ................... 150,385 138,996 284,817 183,576 7,240 3,962 15,297 9,179 1,582 0.931 

June ................. 146,038 136,974 297,381 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 

Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 

Dec ................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar ................... 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a. 0.878 

June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a. 0.9064 

Sept .................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a. 0.8898 

Dec ................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477 

 
62 

June 2017 

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, 2016, and Mar. 31, 2017 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2016 

Jan. 1, 2017, 

through 

Mar. 31, 2017 Mar. 31, 2017 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,013,695 19,530 22,033,225 

Special drawing rights 1 ........................................................... 48,882,447 466,127 49,348,574 

Foreign exchange and securities: 

European euro ..................................................................... 11,479,692 85,545 11,565,237 

Japanese yen....................................................................... 8,012,386 385,426 8,397,812 

Accounts receivable................................................................. 96,295 23,393 119,688 

Total assets.......................................................................... 90,484,515 980,022 91,464,537 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 17,708 9,084 26,792 

Total current liabilities ...................................................... 17,708 9,084 26,792 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 47,475,929 442,153 47,918,082 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 52,675,929 442,153 53,118,082 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2.......................... -2,000,926 586,198 -1,414,728

Total capital...................................................................... 37,790,878 528,785 38,319,663 

Total liabilities and capital............................................ 90,484,515 980,022 91,464,537 

See footnote on the following page. 
63 

June 2017 

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, 2017, 

through 

Mar. 31, 2017 

Fiscal year to date

Oct. 1, 2016, 

through 

Mar. 31, 2017 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange ........................................................................ 544,772 -1,433,889

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 13,091 -23,846

Interest -+ or net charges -- on: 

SDRs............................................................................................ 1,149 1,669 

U.S. Government securities......................................................... 29,362 46,751 

Foreign exchange ........................................................................ -2,175 -5,412

Income from operations ............................................................... 586,198 -1,414,728

Net income -+ or loss -- ............................................................... 586,198 1,414,728

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 2017 

67

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 2018) .............................................................................................................. 90 

less: 

Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 

34 

Unfunded authorizations (fiscal year 2018)........................................................................................................................................................................ 55 

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022)............................................................................................................................ 148

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2018) .............................................................................................................. 29 

less: 

Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 11 

Unfunded authorizations (fiscal year 2018)........................................................................................................................................................................ 17 

48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022)........................................................................................................................... 26 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
68 

June 2017 

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 2017 

69

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 2017 

70 

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. The Statutory 

Debt Limit was permanently increased effective March 16, 

2017 to $19,808,772,381,624.74. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 

June 2017 

71

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

June 2017 

72 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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