B U L L E T I N

DECEMBER 2021

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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

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

other Federal program agencies. 

The publication staff can be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

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

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

www.fiscal.treasury.gov 
Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

Analysis—Summary of Economic Indicators........................................................................................................................ 1

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations..............................................................................................................................13

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 14

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 17

FFO-B—Chart: Budget Receipts by Source........................................................................................................................ 17

FFO-1—Summary of Fiscal Operations.............................................................................................................................. 18

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 19

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 21

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 23

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 24

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................. 28

FEDERAL DEBT 

Introduction—Federal Debt................................................................................................................................................. 34

FD-1—Summary of Federal Debt ....................................................................................................................................... 35

FD-2—Debt Held by the Public .......................................................................................................................................... 36

FD-3—Government Account Series .................................................................................................................................... 37

FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 38

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

 Private Investors .................................................................................................................................................... 39

FD-6—Debt Subject to Statutory Limit............................................................................................................................... 40

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies................................... 41

FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 43

TREASURY FINANCING ................................................................................................................................................. 43

PDO-1—Offerings of Regular Weekly Treasury Bills........................................................................................................ 60

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 61

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 63

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 64

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 65

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 66

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 66

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 67

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 
IV

Table of Contents 

Introduction—Foreign Currency Positions .......................................................................................................................... 69

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 70

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 70

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 71

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 72

FCP-II-2—Monthly Report of Major Market Participants.................................................................................................. 73

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 73

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 74

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 75

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 75

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 76

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 77

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 77

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants................................................................................................... 78

FCP-V-2—Monthly Report of Major Market Participants.................................................................................................. 79

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 79

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 80

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 81

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 81

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 82

ESF-1—Balance Sheet ........................................................................................................................................................ 83

ESF-2—Income and Expense.............................................................................................................................................. 84

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 86

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 86

GLOSSARY ........................................................................................................................................................................ 87

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.
VI

September 2019

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

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

Special Reports

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Wool Research, Development, and Promotion Trust Fund................................................................ √ .....
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
1

Profile of the Economy 

(Office of Macroeconomic Analysis) 

November 18, 2021

Introduction 

The U.S. economy has now expanded for five consecutive quarters, owing to the success of 

multiple stimulus programs, ongoing progress in vaccinating the population, and the reopening 

of economic sectors that were severely affected by the pandemic. Due to a robust pace of 

growth in the first half of 2021, the economy had recovered all of the activity lost during the first 

half of 2020 by the second quarter of 2021. Subsequently, real GDP growth slowed in the third 

quarter to 2.0 percent, in large part due to supply-side disruptions that have been exacerbated by 

the persistence of the pandemic. Nonetheless, this pace was consistent with the average 2.2 

percent quarterly rate seen in the five quarters prior to the onset of the pandemic. Moreover, the 

outlook for economic growth remains strong. A consensus of private forecasters expects real 

GDP growth to accelerate to 4.9 percent at an annual rate in the fourth quarter of 2021. On a 

fourth quarter over fourth quarter basis, GDP growth is expected to be 3.6 percent in 2022. 

Economic Growth 

According to the advance (first) estimate, real GDP rose 2.0 percent at an annual rate in the third 

quarter of 2021, following very strong gains of 6.3 percent and 6.7 percent in the first and second 

quarters, respectively. 

Real private domestic final purchases (PDFP) – the sum of personal consumption, business fixed 

investment, and residential investment – grew 1.1 percent at an annual rate in the third quarter. 

The slowdown follows two consecutive quarters of double-digit growth which together marked 

the strongest growth of PDFP for any half-year since 1950—excluding the unprecedented 

rebound in the second half of 2020 after the initial lockdowns. 

After two consecutive quarters of very rapid growth fueled by Economic Impact Payments and 

other federal fiscal aid, personal consumption growth slowed to a pace more consistent with prepandemic rates. Growth in real personal consumption expenditures (PCE), which account for 

about two-thirds of overall GDP, rose by 1.6 percent at an annual rate in the third quarter, 

following a 12.0 percent increase in the second quarter and a 11.4 percent advance in the first 

quarter. Strong wage growth and excess household savings likely helped cushion the downward 

pressure on household spending from the Delta variant and the waning of federal stimulus from 

the first half of the year. PCE in the third quarter stood 3.5 percent above its pre-pandemic level 

and was close to trend; the composition, however, remains heavily skewed towards goods over 

services. 

Purchases of durable goods – a category that includes motor vehicles, household equipment and 

furnishings, among other items – contracted by 26.2 percent at an annual rate, following growth 

of 11.6 percent in the second quarter and a surge of 50.0 percent in the first quarter. The decline 

in spending on durable goods mainly reflects fewer purchases of motor vehicles and parts, which 
2

fell by 53.9 percent as output at factories and inventories at dealerships have been strained by 

supply-chain disruptions. Spending on nondurable goods – such as food and beverages 

purchased for home, gasoline and other energy goods, clothing, footwear, and other goods – 

continued to expand, rising 2.6 percent in the third quarter, albeit more slowly than the rapid 

second quarter pace of 13.9 percent. Meanwhile, household expenditures on services – roughly 

two-thirds of PCE and the component most severely affected by the pandemic – grew at a rapid 

pace, rising 7.9 percent in the third quarter following an 11.5 percent advance the previous 

quarter. Consumption of services added 3.4 percentage points to GDP growth, and pandemicsensitive services (transportation, recreation, and food and accommodations) accounted for 

nearly half of that contribution. Notably, household spending on services was almost fully 

recovered as of the third quarter—just 1.5 percent below the level at the end of 2019, though still 

well below trend. Overall, real PCE growth added 1.1 percentage points to GDP growth in the 

third quarter, after contributing nearly 8 percentage points to growth in the previous quarter.

Business fixed investment (BFI) growth slowed to 1.8 percent in the third quarter, following a 

9.2 percent advance in the second quarter. Over the four preceding quarters, BFI growth 

averaged 13.3 percent, but growth in the third quarter was held back by continued weakness in 

structures as well as a moderate retracement in equipment investment. Investment in structures 

fell 7.3 percent in the third quarter, marking the seventh quarter of decline in the past eight. In 

late-2018 and 2019, falling oil prices initiated the downward trend in structures spending as 

energy companies shut down unprofitable ventures—though uncertainty over trade policy in 

2019 likely also played a role. The recovery in oil prices in the last several months has boosted 

investment in mining structures, but investment in commercial structures remains weak, 

influenced by expectations of longer-term changes in telework arrangements and increased 

online shopping—factors which tend to reduce the need for office and retail space. Meanwhile, 

equipment investment declined 3.2 percent, reflecting less investment in transportation 

equipment (a component which reduced growth by 0.2 percentage points);yet this retracement 

followed four consecutive quarters of double-digit growth. Business investment in intellectual 

property products drove BFI growth, rising 12.2 percent in the third quarter, the fourth 

consecutive quarter with a double-digit pace of growth. Overall, the contribution of total BFI to 

GDP growth was 0.2 percentage points in the third quarter, after adding 1.2 percentage points to 

growth in the second quarter. 

The change in private inventories was the strongest contributor to real GDP growth in the third 

quarter, adding 2.1 percentage points. This was a significant shift from the 1.3 percentage point 

drag on second-quarter growth. Private inventory investment tends to be volatile, with a 

drawdown often followed by a rebuild shortly after. During this year’s first and second quarters, 

there were increasingly sizeable drawdowns in private inventories, reflecting high demand for 

consumer goods as production struggled to keep pace. In the third quarter, firms continued to 

draw down inventories, but the pace slowed markedly—leading to a large positive contribution 

to GDP growth. Inventories remain stretched and restocking needs are likely extend into 2022, 

which could boost GDP growth in coming quarters. 

Residential investment declined by 7.7 percent at an annual rate in the third quarter, subtracting 

0.4 percentage points from GDP growth. Though less steep than the 11.7 percent drop in the 

second quarter, construction still was constrained in part by insufficient materials and labor. The 
3

back-to-back declines in residential investment followed three consecutive quarters of robust 

expansion. 

Several related housing market indicators have also softened in recent months. Single-family 

housing starts have declined in each of the past four months, including a 3.9 percent drop in 

October. Single-family permits, which signal future starts, trended lower from April to 

September, though permits advanced a modest 2.7 percent in October. Meanwhile, the National 

Association of Home Builder’s confidence index has softened from a record high of 90 in 

November 2020, declining to 83 in November 2021. Still homebuilder optimism remains 

elevated compared with average index levels of 66 in 2019 and 70 in 2020, pointing to a positive 

outlook for homebuilding. Moreover, a large backlog of housing units not yet started should 

contribute positively to residential investment growth in coming quarters. 

Demand for homes surged last year, especially in the second half of 2020, but sales declined in 

the first half of 2021 as supply was not able to keep pace. In September, however, existing home 

sales – which account for 90 percent of all home sales – jumped 7.0 percent over the month, and 

average sales over the quarter were 3.8 percent higher in the third quarter than in the second. 

Similarly, new single-family home sales reached a 14-year high in January 2021 but trended 

lower in the first half of 2021. Although, new home sales in September advanced 14.0 percent 

over the month, average sales in the third quarter were little changed from the second. The 

downtrend of home sales through much of 2021 have largely reflected very lean inventories. At 

the end of September, existing home inventories were equivalent to 2.4 months of sales, a bit 

below the already-low 2.7 months’ supply of a year earlier, and well below the roughly 7-month 

supply realtors considere a balanced market. By contrast, the inventory of new single-family 

home sales available for sale has moved closer to a balanced market. From a supply of 3.6 

months in January 2021, supply averaged 6.3 months over the third quarter of 2021, before 

slipping to 5.7 months in September. 

The supply-demand mismatch for housing has led to a sharp acceleration in the rates of house 

price growth, even surpassing price gains in the housing boom in the 2000s and significantly 

impacting affordability. The Case-Shiller national house price index – which only includes 

existing home sales – was up 19.8 percent over the year ending in August 2021, a sharp 

acceleration from the 5.8 percent and 3.1 percent rates seen in August 2020 and August 2019, 

respectively. The Federal Housing Finance Agency’s purchase-only house price index, which 

includes new homes, surged 18.5 percent over the year ending in August 2021, over twice the 8.4 

percent pace a year earlier and nearly four times the 4.8 percent rate over the year through 

August 2019. Mortgage rates have trended up this year: the average 30-year rate stood at 2.98 

percent in mid-November, about 30 basis points above the record low reached in January 2021. 

Although rates are still relatively low, housing affordability remains a concern given the 

magnitude of the increase in home prices. 

Total government spending rose 0.8 percent at an annual rate in the third quarter, rebounding 

from the second quarter’s 2.0 percent decline. Federal consumption and investment declined 4.7 

percent but was more than offset by a 4.4 percent increase in state and local spending; the latter 

was the fastest pace since an identical increase in the first quarter of the pandemic. The decline 

in federal spending largely reflected less consumption of private services – particularly fees to 
4

Paycheck Protection Program lenders – and nondurable goods. Meanwhile for state and local 

governments, the increase in expenditures was driven by higher employee compensation, 

particularly for workers in education. Altogether, total government spending added 0.1 

percentage point to real GDP growth, after subtracting 0.4 percentage points in the second 

quarter. 

The trade deficit widened considerably in the third quarter, increasing $67.2 billion at an annual 

rate to $1.31 trillion. Total exports of goods and services declined 2.5 percent in the third 

quarter, reversing sharply from the second quarter’s 7.6 percent gain. Although service exports 

increased in the third quarter, this was more than offset by a decline in exports of goods. Total 

imports were up 6.1 percent in the third quarter, comparable to the 7.1 percent advance in the 

second quarter. Higher services imports drove import growth, led by travel and transport as 

more U.S. citizens traveled abroad. In the third quarter, the widening of the trade deficit pared 

1.1 percentage points from GDP growth, significantly more drag than the 0.2 percentage point 

subtraction in the second quarter. 

Growth of Real GDP  

(Quarterly percent change at annual rate)

1.9 3.1 2.4

‐5.1

6.3

2.3

3.4

3.2

‐31.2

6.7

2.9

1.9

2.8

33.8

2.0 3.8

0.9 1.9

4.5

‐40.0

‐30.0

‐20.0

‐10.0

0.0

10.0

20.0

30.0

40.0

2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4

Labor Markets and Wages 

As a result of the pandemic and measures taken to contain it, the economy lost about 22.4 

million jobs over March and April 2020, including 21.4 million jobs in the private sector. 

Payroll job growth resumed in May 2020. By October 2021, labor markets had reclaimed 18.2 

million jobs, or 81 percent of the total lost. Nonetheless, total employment was still 4.2 million 

persons lower than the level in February 2020. 
5

The unemployment rate rose from a 50-year low of 3.5 percent in February 2020 to a post-World 

War II high of 14.8 percent in April 2020. Yet by October 2021, the unemployment rate had 

fallen 10.2 percentage points to 4.6 percent. The broadest measure of labor market slack, known 

as the U-6 unemployment rate, has also declined noticeably over the past year, yet remains above 

pre-pandemic levels. By October 2021, the U-6 had been cut to 8.3 percent, roughly 15 

percentage points below its level in April 2020 and within 1.5 percent points of the pre-pandemic 

low of 6.8 percent observed in December 2019. In the past few months, notable progress has 

been made in reducing long-term unemployment: after climbing to a high of 2.6 percent in 

March 2021, the share of the labor force who were unemployed 27 weeks or more has since 

declined, reaching 1.4 percent in October 2021—though that is still roughly twice the 0.6 percent 

rate seen in April 2020. 

Weekly initial unemployment claims rose to multiples of their pre-pandemic levels but have 

continued to trend much lower over the past year. As of mid-November, initial claims are 

running roughly 30 percent above the average levels seen in January and February 2020, prior to 

the pandemic’s onset. 

The headline labor force participation rate (LFPR) – as well as prime-age (ages 25-54) LFPR – 

reached multi-year highs earlier in 2020, before declining to multi-year lows in April of that 

year. These measures rebounded quickly in May and June 2020 but have shown minimal to slow 

improvement since. As of October 2021, the headline LFPR stood at 61.6 percent, or 1.4 

percentage points above April 2020’s 41⁄2 decade low, and the prime-age LFPR was 81.7 percent, 

or 1.9 percentage points above April 2020’s multi-decade low. 

From mid-2018 to the start of the pandemic, nominal average hourly earnings for production and 

nonsupervisory workers grew at or above a 3 percent (year-over-year) pace—the most 

consistently strong wage growth since the mid-2000s. At the onset of the pandemic, wage 

growth was artificially elevated – rising between 4 and 8 percent year-over-year – because job 

losses were predominantly among lower-wage workers. Even as the economy resumed hiring, 

wage gains remained elevated, in part due to continued composition effects as low-wage workers 

were slower to return to their jobs. More recently, however, compositional effects have been less 

pronounced, and wage gains have been propelled by growth in lower-wage industries—such 

leisure and hospitality. While total private production and nonsupervisory average hourly 

earnings were up 5.8 percent over the year ending in October, wages in the leisure and 

hospitality sector have jumped by 12.4 percent over the past 12 months as employers have 

offered higher wages to fill their job openings. Meanwhile, growth in wages and salaries for 

private industry workers, as measured by the Employment Cost Index (ECI), slowed modestly 

over the past year. This measure of labor cost has fewer issues adjusting for compositional 

changes of the labor force than do other measures. The ECI for wages and salaries advanced 4.2 

percent over the four quarters ending in September 2021, accelerating from the 2.5 percent gain 

over the four quarters through September 2020. Aside from some volatility associated with the 

pandemic in 2020, year-over-year growth in the Employment Cost index held around 3 percent 

since mid-2018. 

However, most industries have seen a decline in real wages due to strong paces of inflation in the 

second and third quarter of 2021. As of October, real average hourly earnings for production and 
6

nonsupervisory workers were down 1.1 percent over the year—though leisure and hospitality 

workers saw real wage growth of 5.1 percent. 

Payroll Employment

Monthly average for year shown and monthly amounts

193168

‐785

1,583

716

680

264

‐306

233

536 785

269

614

962

1,091

483

312

531

-2,000

-1,500

-1,000

-500

0

500

1,000

1,500

2,000

18 19 20 A 

2020

S O N D J 

2021

FMAMJ J ASO

Unemployment Rate

(Percent)
7

Nonfarm Productivity of Labor 

For the 13 quarters immediately preceding the pandemic, four-quarter nonfarm labor 

productivity growth rates remained at or above 1 percent, a streak not seen since 2001. With the 

sudden shutdown of the economy in March 2020 and attendant labor market dislocations, 

quarterly productivity growth rates have reflected the unusually sharp fluctuations in output and 

hours worked. In 2020, for example, productivity growth surged by 11.2 percent at an annual 

rate in the second quarter and by 4.6 percent in the third quarter. The combined 9.0 percent 

annualized half-year rate was the strongest increase in productivity since the fourth quarter of 

1961 

Although quarterly productivity declined by 3.4 percent at an annual rate in the fourth quarter of 

2020, it rebounded by 4.3 percent in the first quarter of 2021 and grew 2.3 percent in the second 

quarter, before declining 5.0 percent in the third quarter. The latest decline in productivity 

reflected a moderate 1.7 percent rise in output – which constrained by supply-chain disruptions – 

and a 7.0 percent advance in hours worked. On a year-over-year basis, productivity growth 

declined by 0.5 percent through the third quarter of 2021, swinging from a 3.5 percent fourquarter increase a year earlier. This was the first year-over-year decline in labor productivity 

growth since the second quarter of 2016. 

Nominal hourly compensation costs in the nonfarm business sector rose 2.9 percent at an annual 

rate in the third quarter of 2021, after increasing 3.5 percent in the previous quarter. On a yearover-year basis, hourly compensation costs rose at a solid 4.3 percent over the four most recent 

quarters–albeit slower than the 7.1 percent, year-earlier pace. Unit labor costs, defined as the 

average cost of labor per unit of output, rose 8.3 percent at an annual rate in the third quarter, 

following a 1.1 percent rise in the second quarter. These costs were up 4.8 percent over the most 

recent four quarters, accelerating from the 3.4 percent pace over the four quarters ending in 

2020’s third quarter. 

Industrial Production, Manufacturing, and Services 

Due to the pandemic, measures of industrial production, manufacturing, and services output 

began declining last year in March and fell further last April. For many industries, recovery 

began in May 2020 as social distancing measures and stay-at-home orders were relaxed—

although over the ensuing months, growth of output in these categories fluctuated markedly, 

affected in part by supply chain constraints. Total industrial production has trended higher in 

2021. In October, output at factories, mines, and utilities was up 1.6 percent over the month and 

5.1 percent over the previous 12 months. The gain in October elevated total industrial output to 

be 0.3 percent above pre-pandemic levels. 

Manufacturing production, which accounts for about 75 percent of all industrial output, increased 

1.2 percent in October and was 4.5percent higher over the past year. Relative to its prepandemic level, manufacturing output was 1.2 percent higher in October. Production of motor 

vehicles and parts has also fluctuated from month to month since the summer of 2020 when 
8

factories were reopened after lockdown orders were rescinded. This year, auto production has 

been constrained by a global shortage of semiconductors, such that output of motor vehicles and 

parts been volatile. After two consecutive monthly declines, production of motor vehicles and 

parts jumped 11.0 percent in October. However, production still was 3.6 percent lower over the 

year through October 2021, due in part to semiconductor shortages and other supply-chain 

disruptions. Relative to pre-pandemic levels in February 2020, production of motor vehicles and 

parts was still 6.5 percent lower in October. Meanwhile, manufacturing output at select hightechnology factories increased 1.3 percent over the month, rose 11.0 percent over the past year, 

and was 18.2 percent above pre-pandemic levels. Excluding motor vehicles and parts and hightechnology industries, manufacturing output advanced 0.6 percent in October. This measure was 

4.9 percent higher over the past year and was 1.3 percent above the level in February 2020, 

before the onset of the pandemic. 

Output at mines, which includes crude oil and natural gas extraction and accounts for 15 percent 

of industrial output, rose 4.1 percent in October. At the start of the pandemic, energy prices 

plunged, weighing on mining output; however, energy prices have been rising strongly as the 

global economy has reopened. Over the year through October 2021, mining output was up 11.8 

percent, although it was still 8.5 percent below its pre-pandemic level. 

Utilities output, the remaining 10 percent of total industrial output, increased 1.2 percent in 

October. Weather is usually a factor contributing to swings in this sector; unseasonable weather 

in months often causes sharp swings in output from one month to the next. Over the 12 months 

through October, utilities production was up 1.9 percent. 

Measures of manufacturing and services business activity in the economy have recovered since 

summer 2020 and have signaled expansion for over a year. In March 2020 due to the pandemic, 

the Institute for Supply Management (ISM) manufacturing index began to signal the first multimonth contraction for the sector since early 2016. By April 2020, the index had dropped to an 

11-year low, then started to rebound. In October 2021, the manufacturing index stood at 60.8,

indicating expansion in this sector for the seventeenth consecutive month. Similarly, the ISM’s

services index in April 2020 fell to its lowest level since March 2009. By October 2021,

however, the index had risen to 66.7, an all-time high (series dates from July 1997) and signaling

expansion for the seventeenth consecutive month.

Prices 

Last year, the onset of the pandemic and consequent recession triggered deflationary pressures as 

domestic demand declined. Inflation resumed in May as oil prices started to recovery, the 

economy reopened, and consumers shifted some of their spending from services to durable 

goods. Toward the end of 2020, inflation readings were subdued, despite rising oil prices, as 

demand for good stabilized. Starting earlier this year, however, inflation rates have accelerated 

markedly, elevated by supply-chain disruptions, continued high demand for durable goods in 

general, rising food prices, elevated global demand for energy, and the reopening of sectors that 

had languished during the pandemic—such as travel, leisure, and hospitality. 
9

In October, headline inflation – as measured by the consumer price index (CPI) – was 0.9 

percent, matching June’s rate as the fastest monthly pace since June 2008. Core inflation was 

0.6 percent in October, reflecting an acceleration in services prices, particularly for shelter, as 

well as prices for vehicles and other durable goods. On a year-over-year basis, CPI inflation was 

6.2 percent through October—the fastest yearly pace since November 1990. Energy and food 

prices remain quite elevated: the energy price index was up 30.0 percent over the year, while 

food price inflation was 5.3 percent over the past 12 months. Meanwhile, core inflation was 4.6 

percent over the 12 months ending in October—the fifth consecutive monthly reading above 4 

percent. 

The headline Personal Consumption Expenditures (PCE) Price Index (the preferred measure for 

the Federal Open Market Committee (FOMC)’s 2-percent inflation target) rose 4.4 percent over 

the year through September 2021, while core PCE inflation was 3.6 percent. Prior to March 

2021, inflation as measured by the PCE price index had held below the FOMC’s target since 

November 2018, which contributed to the FOMC adopting a new inflation regime. The flexible 

average inflation target regime would allow for inflation to exceed 2 percent for some period, 

such that PCE inflation would average 2 percent over time. 

Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment 

After improving strongly through most of the first quarter in 2020, measures of consumer and 

business sentiment pulled back in March as social distancing and business closures took effect. 

The Reuters/Michigan consumer sentiment index, which at 101.0 in February 2020 was just shy 

of the 14-year high reached in 2018, fell by more than 29 points in March. As the economy re-
10

opened, this index trended higher for several months and reached 88.3 in April 2021. Since then, 

however, the sentiment index has trended lower; by early November, this index has fallen to 

66.8, or 5 points below the pandemic low reached in April 2020. The ongoing decline in recent 

months has reflected renewed concerns among consumers about the impact of the Delta variant 

on the economy and about the persistence of significant inflationary pressures in many sectors of 

the economy. 

From a pre-pandemic level of 132.6 in February 2020, the Conference Board’s consumer 

confidence index plunged by 46.9 points to 85.7 in April 2020, reaching its lowest level since 

mid-2014. After fluctuating for several months, the confidence index began a noticeable 

uptrend in March 2021; by June 2021, it had risen to 128.9, only 3.7points below its prepandemic level. Since then, the index has trended lower, falling to 113.8 in October. 

On the business side, the National Federation of Independent Business’s (NFIB) small business 

optimism index was, as of February 2020, only 4.3 points below its all-time high reached in 

August 2018. But this index fell nearly 14 points over March and April of last year to its lowest 

level since March 2013. Small business optimism then recovered noticeably, with the index 

rising to 104.0 last October (only 0.5 points below its level in February), but has since trended 

lower, and stood at 98.2 as of October 2021. 

Federal Budget Deficit and Debt 

The federal government’s deficit and debt were trending higher before the pandemic but rose 

sharply following the multiple fiscal responses to combat the pandemic’s effects on the 

economy. At the end of fiscal year 2021, the federal government’s budget deficit was $2.78 

trillion (12.4% of GDP); although down from $3.13 trillion (15.0% of GDP) at the end of fiscal 

year 2020, the deficit was still $1.79 trillion higher than in fiscal year 2019. Federal receipts 

totaled $4.05 trillion in fiscal year 2021, up $626 billion (18.3%) from fiscal year 2020. Net 

outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1%) from fiscal year 2020, 

primarily due to the extensive fiscal measures enacted in late 2020 and early 2021 to counter the 

pandemic’s effects on low- and middle-income households and small businesses. 

At the end of fiscal year 2021, gross federal debt was $28.4 trillion, up from $26.9 trillion at the 

end of fiscal year 2020. The Treasury’s borrowing limit was raised to $28.89 trillion in midOctober. Federal debt held by the public, which includes debt held by the Federal Reserve but 

excludes federal debt held by government agencies, rose from $21.0 trillion at the end of fiscal 

year 2020 (100.3% of GDP) to $22.3 trillion by the end of fiscal year 2021 (99.7% of GDP). 

Economic Policy 

The U.S. government has responded to the effects of the COVID-19 pandemic with a range of 

significant countercyclical fiscal and monetary policies, including an unprecedented level of 

fiscal assistance and a reduction in the key policy interest rate to near-zero. 
11

On the fiscal side, Congress authorized a record-setting economic aid package of roughly $2.7 

trillion in March 2020; a second, smaller package was passed in December 2020. The aid 

included two rounds of direct Economic Impact Payments to low- and middle-income 

Americans, added a temporary federal bonus to normal state unemployment insurance benefits, 

and broadened eligibility for unemployment benefits to the self-employed and gig workers. Tax 

payments were postponed in 2020, loan payments were delayed for borrowers of federally 

backed student loans, and a moratorium on evictions was instated. This slew of policies boosted 

disposable incomes and helped American households weather the pandemic. 

In addition, Treasury and the Small Business Administration (SBA) launched the Paycheck 

Protection Program (PPP) – a forgivable loan for small businesses – less than a week after its 

authorization at the end of March 2020. The federal government worked directly with private 

lenders and used their infrastructure to hasten how quickly businesses could receive funds. In 

less than two weeks, the PPP had exhausted its initial funding: it had processed nearly 1.7 

million loans worth $342 billion. After a second appropriation, the PPP provided 5.2 million 

loans by the time of the program stopped accepting applications in August 2020, worth over 

$525 billion. A third appropriation was passed in December 2020, which allowed a second draw 

PPP loan. By August 15, 2021, the PPP had processed a total of 11.5 million loans to small 

businesses and forgiven $471.1 billion of borrowing. 

In 2021, President Biden signed the American Rescue Plan (ARP) into law. The ARP provides 

an additional $1.9 trillion in economic aid, primarily through Economic Impact Payments and 

direct aid to low- to middle-income families and to the economically vulnerable. It also assists 

state and local governments, provides additional funding for addressing COVID-19 infections 

and vaccinating the population, creates new loans and grants for small businesses, and extended 

the deadline for PPP applications. 

On the monetary policy side, the Federal Reserve’s Federal Open Market Committee (FOMC) 

resumed monetary easing in early March 2020. At the January 2020 meeting, the Federal funds 

rate target was at a range of 11⁄2 to 2 percent, and in the accompanying statement, the Committee 

observed that at the time, “the current stance of monetary policy is appropriate to support 

sustained expansion of economic activity, strong labor market conditions, and inflation near the 

[Fed’s 2 percent target].” 

However, the pandemic led to an inter-meeting move. On March 3, 2020 the FOMC announced 

a 50-basis point cut in the target range to 1 to 11⁄4 percent, and on March 15, 2020 at another 

unscheduled meeting, the FOMC cut the target range by 100 basis points to 0 to 1⁄4 percent. (The 

scheduled, March 17-18, 2020 FOMC meeting was cancelled.) 

At its scheduled meetings from April 2020 through November 2021, the FOMC has left the 

target range for the federal funds rate unchanged. In each of the accompanying statements for 

those meetings, the Committee noted that it expects to maintain this FFR target range until labor 

market conditions and the level of inflation are consistent with its maximum employment and 

price stability goals. 
12

The Federal Reserve has also implemented large-scale purchases of Treasury securities and 

agency mortgage-backed securities (MBS). At the November 2021 FOMC meeting, however, 

the Committee announced that it will begin to taper its asset purchases by $10 billion per month 

for Treasury securities and $5 billion per month for MBS from the current pace of $80 billion per 

month for Treasury securities and $40 billion per month for MBS. Importantly, the Federal 

Reserve assuaged market worries by using its Section 13(3) authority to establish numerous 

emergency lending facilities, leveraging capital provided by Treasury. The existence of these 

facilities ensured that financial markets operated smoothly and mitigated the risk of the public 

health crisis from becoming a financial crisis, but they were only authorized on an emergency 

basis through December 31, 2020. Treasury extended capital for some of these lending facilities 

through March 31, 2021, and these have now expired. 
13

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 
14

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 Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the fourth quarter of Fiscal Year 2021 

supplements fiscal data reported in the September 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. 

Note that due to the delay of certain tax 

payment deadlines under IRS Notices 2020-18 and 2020-

23, differences between the fourth quarter of Fiscal Year 

2021 and the fourth quarter of Fiscal Year 2020 may be 

unusually large.

Individual income taxes—Individual income tax 

receipts, net of refunds, were $453.7 billion for the fourth 

quarter of Fiscal Year 2021. This is a decrease of $170.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $88.8 billion and non-withheld 

receipts decreased by $251.6 billion during this period. 

Refunds increased by $7.6 billion over the comparable 

Fiscal Year 2020 quarter. There was a negligible change in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2020. 

Corporate income taxes—Net corporate income tax 

receipts were $106.7 billion for the fourth quarter of Fiscal 

Year 2021. This is a decrease of $13.1 billion compared to 

the prior year fourth quarter. The $13.1 billion change is 

comprised of a decrease of $22.4 billion in estimated and 

final payments, and a decrease of $9.4 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

Fiscal Year 2021 were $315.6 billion, an increase of $12.2 

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 $9.3 billion, $1.6 billion, and $4.8 billion 

respectively. There was a negligible accounting adjustment 

for prior years employment tax liabilities made in the fourth 

quarter of Fiscal Year 2021. There was a negligible 

adjustment in the fourth quarter of Fiscal Year 2020. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the fourth quarter of Fiscal Year 

2021 were $16.4 billion, an increase of $7.0 billion over the 

comparable quarter of Fiscal Year 2020. Net State taxes 

deposited in the U.S. Treasury increased by $6.8 billion to 

$15.5 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.2 billion to $0.9 billion. 
15

Contributions for other insurance and retirement—

Contributions for other retirement were $1.4 billion for the 

fourth quarter of Fiscal Year 2021. This was an increase of 

$0.1 billion from the comparable quarter of Fiscal Year 

2020. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of Fiscal Year 2021 were $24.9 billion, a decrease of 

$15.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.9 billion, a 

decrease of $0.7 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.7 billion for the fourth quarter of Fiscal Year 2021. 

These receipts represent a decrease of $0.8 billion over the 

same quarter in Fiscal Year 2020. 

Customs duties—Customs duties net of refunds were 

$22.6 billion for the fourth quarter of Fiscal Year 2021. 

This is an increase of $5.7 billion over the comparable prior 

year quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of Fiscal Year 2021 were $42.9 

billion, an increase of $4.3 billion over the comparable prior 

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

earnings by Federal Reserve banks increasing by $4.5 

billion. 
16

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

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”] 

 Fourth quarter 2021 

July – Sept. 

 Fiscal year 2021 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 989,901 4,045,979

On-budget receipts .................................................. 750,145 3,093,657

Off-budget receipts .................................................. 239,756 952,322

Total outlays................................................................. 1,524,130 6,818,158

On-budget outlays.................................................... 1,256,268 5,814,310

Off-budget outlays.................................................... 267,862 1,003,847

Total surplus or deficit (-)............................................. -534,229 -2,772,179

On-budget surplus or deficit (-)................................ -506,123 -2,720,654

Off-budget surplus or deficit (-)................................ -28,107 -51,525

Means of financing: 

Borrowing from the public ............................................ -40,709 1,267,948

Reduction of operating cash ........................................ 636,768 1,566,519

Other means ................................................................ -61,826 -62,285

Total on- and off-budget financing ........................... 534,229 2,772,179

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2021 

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

Source July August September

Individual income taxes...................................................... 115.1 123.8 214.8

Corporate income taxes..................................................... 16.9 3.0 86.7

Employment and general retirement.................................. 97.8 100.4 117.4

Unemployment insurance .................................................. 4.7 6.0 5.7

Contributions for other insurance and retirement .............. 0.5 0.5 0.5

Excise taxes ....................................................................... 6.8 7.4 10.6

Estate and gift taxes .......................................................... 1.5 1.7 2.4

Customs duties .................................................................. 7.5 7.3 7.9

Miscellaneous receipts....................................................... 11.1 18.1 13.6

Total budget receipts ..................................................... 262.0 268.4 459.5

Note.—Detail may not add to totals due to independent rounding. 
17
18

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

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

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

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

2020 ............................ 3,419,955 2,454,528 965,427 6,551,871 5,596,291 955,579 -3,131,917 -3,141,766 9,847 4,234,396 

2021 ............................ 4,045,980 3,093,658 952,323 6,818,159 5,814,312 1,003,847 -2,772,178 -2,720,653 -51,525 1,484,000 

2021 – Est1.................. 3,580,777 2,636,645 944,132 7,249,456 6,231,925 1,017,531 -3,668,679 -3,595,280 -73,399 3,323,340 

2022 – Est1.................. 4,174,197 3,141,598 1,032,599 6,011,148 4,930,558 1,080,590 -1,836,951 -1,788,960 -47,991 2,219,190 

2020 - Sept.................. 373,169 287,264 85,905 497,780 407,747 90,033 -124,611 -120,483 -4,128 217,501 

Oct................... 237,698 168,235 69,463 521,769 439,355 82,413 -284,071 -271,120 -12,950 190,533 

Nov .................. 219,553 144,274 75,279 364,819 274,627 90,192 -145,266 -130,354 -14,913 310,077 

Dec .................. 346,119 264,479 81,640 489,682 412,233 77,449 -143,562 -147,753 4,191 302,308 

2021 - Jan ................... 384,651 295,313 89,338 547,483 487,184 60,299 -162,832 -191,871 29,039 36,550 

Feb .................. 248,314 173,852 74,462 559,236 466,710 92,526 -310,922 -292,858 -18,064 116,451 

Mar .................. 267,614 185,367 82,248 927,217 835,564 91,653 -659,603 -650,197 -9,405 224,239 

Apr................... 439,186 336,905 102,281 664,766 577,910 86,856 -225,579 -241,004 15,425 37,502 

May.................. 463,745 383,955 79,790 595,698 503,113 92,586 -131,953 -119,158 -12,796 25,466 

June................. 449,199 391,133 58,066 623,359 561,348 62,011 -174,161 -170,215 -3,945 333,762 

July .................. 262,000 186,778 75,222 564,050 482,202 81,848 -302,050 -295,424 -6,626 -95,980

Aug .................. 268,378 191,231 77,147 439,013 345,560 93,453 -170,635 -154,329 -16,306 143

Sept................. 459,523 372,136 87,387 521,067 428,506 92,561 -61,544 -56,370 -5,175 2,949

Fiscal year 2021 to date ... 4,045,980 3,093,658 952,323 6,818,159 5,814,312 1,003,847 -2,772,178 -2,720,653 -51,525 1,484,000 

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)

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

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

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

2020 ...................................... -1,304 16,813 4,216,280 1,399,197 1,754 -309 8,253 2,494,110 853 3,131,918 

2021 ...................................... -652 215,402 1,211,761 -1,566,518 112,141 -729 1,496 3,013,945 71 2,772,167 

2021 – Est1............................ -239 173,018 3,150,083 -1,031,679 - - - -513,083 - 3,668,679

2022 – Est1............................ 337 121,454 2,098,073 - - - - -261,122 - 1,836,951

2020 - Sept ........................... -578 19,645 197,279 75,697 -417 -528 -394 -146,798 -228 124,611

Oct............................. -57 111,860 78,616 -182,881 150 250 367 387,477 92 284,071 

Nov............................ 115 58,943 251,250 24,188 685 -9 352 -131,614 414 145,266 

Dec............................ -3 18,242 284,064 105,583 374 112 2,493 -249,299 235 143,562 

2021 - Jan ............................. -80 24,925 11,544 -117,217 19 -172 -468 269,109 17 162,832 

Feb ............................ -224 6,021 110,206 -196,886 -48 129 -115 397,672 -36 310,922

Mar............................ -75 -2,055 226,219 -292,515 -811 -1,195 -1,572 730,023 -557 659,592 

Apr............................. -74 -28,093 9,335 -151,234 690 205 564 365,588 431 225,579 

May ........................... -72 55,573 -30,179 -194,017 324 -102 117 355,613 197 131,953 

June .......................... 144 22,490 311,416 75,229 -671 -14 35 -211,413 -421 174,161 

July............................ -178 -55,878 -40,280 -392,526 86 226 26 734,465 53 302,050 

Aug............................ -73 30,445 -30,375 -103,418 113,133 -100 -121 191,630 -114 170,635 

Sept........................... -75 -27,071 29,945 -140,824 -1,790 -59 -182 174,694 -240 61,544 

Fiscal year 2021 to date ....... -652 215,402 1,211,761 -1,566,518 112,141 -729 1,496 3,013,945 71 2,772,167 

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

1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and 

Budget on May 28, 2021. 
19

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

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

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

2020 .................. 1,245,088 601,920 238,346 1,608,663 263,847 52,003 211,846 1,820,509 1,257,205 - 1,257,205 

2021 .................. 1,498,655 824,141 278,436 2,044,379 419,351 47,521 371,832 2,416,211 1,254,747 7,605 1,247,142 

2021 – Est1........ 1,704,919 - - 1,704,919 268,482 - 268,482 1,973,401 1,259,217 - 1,231,281

2022 – Est1........ 2,038,575 - - 2,038,575 370,985 - 370,985 2,409,560 1,319,075 - 1,391,262

2020 - Sept........ 84,138 82,976 5,636 161,478 54,031 4,371 49,660 211,138 112,264 - 112,264 

Oct......... 87,725 32,666 11,644 108,748 14,914 5,762 9,152 117,900 93,137 - 93,137 

Nov ........ 91,573 10,239 8,037 93,775 5,147 8,339 -3,192 90,583 101,093 - 101,093 

Dec ........ 127,808 22,564 5,893 144,481 67,776 4,855 62,920 207,401 114,730 3,872 110,858 

2021 - Jan ......... 117,936 113,671 39 231,569 17,355 892 16,463 248,032 115,142 - 115,142 

Feb ........ 133,303 11,548 19,023 125,827 6,589 2,810 3,780 129,607 94,677 - 94,677 

Mar ........ 179,912 22,069 81,671 120,314 19,102 3,847 15,255 135,569 104,666 - 104,666 

Apr......... 124,090 117,079 46,525 194,650 76,057 3,288 72,769 267,419 132,942 - 132,942 

May........ 103,158 242,310 39,013 306,460 17,903 4,095 13,808 320,268 102,275 - 102,275 

June....... 173,187 116,408 24,755 264,840 78,570 4,381 74,189 339,029 78,088 - 78,088 

July ........ 112,811 15,280 13,012 115,080 20,531 3,590 16,942 132,022 97,376 - 97,376 

Aug ........ 127,495 13,366 17,014 123,847 5,957 2,925 3,033 126,880 99,960 - 99,960 

Sept....... 119,657 106,941 11,810 214,788 89,450 2,737 86,713 301,501 120,661 3,733 116,928 

Fiscal year 

2021 to date........ 1,498,655 824,141 278,436 2,044,379 419,351 47,521 371,832 2,416,211 1,254,747 7,605 1,247,142 

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) 

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

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

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

2020 ............................ 4,590 144 4,445 1,261,650 43,224 120 43,103 5,172 29 5,201 

2021 ............................ 4,755 38 4,717 1,251,858 56,742 140 56,602 5,604 26 5,630 

2021 – Est1.................. 4,575 - 4,575 1,235,856 54,557 - 54,557 5,735 31 5,766 

2022 – Est1.................. 5155 - 5,155 1,396,417 59,451 - 59,451 6,114 31 6,145 

2020 - Sept ................. 338 2 336 112,600 2,084 3 2,081 420 2 422 

Oct................... 318 - 318 93,455 1,899 8 1,891 519 3 522 

Nov.................. 352 - 352 101,445 3,817 7 3,810 464 2 466 

Dec.................. 340 9 330 111,189 3,676 11 3,666 475 2 477 

2021 - Jan ................... 428 - 428 115,570 2,177 5 2,172 427 2 429 

Feb.................. 646 - 646 95,323 3,686 5 3,681 432 2 434 

Mar.................. 488 - 488 105,153 1,150 11 1,139 429 2 431 

Apr................... 455 - 455 133,398 10,052 23 10,030 544 3 546 

May ................. 445 - 445 102,720 12,481 11 12,469 437 2 439 

June ................ -86 20 -105 77,982 1,363 11 1,352 505 2 507 

July.................. 460 7 453 97,830 4,726 28 4,698 469 2 472 

Aug.................. 468 2 466 100,426 6,045 13 6,031 452 2 454 

Sept................. 441 - 441 117,367 5,670 7 5,663 451 2 453 

Fiscal year 

2021 to date...................... 4,755 38 4,717 1,251,858 56,742 140 56,602 5,604 26 5,630 

See footnotes at end of table. 

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) 
20

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) 

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

2018........... 94,987 23,864 883 22,982 43,097 1,796 41,298 70,751 39,755 110,505 2,473,999 854,747 

2019........... 98,915 17,565 894 16,672 73,461 2,677 70,784 52,793 31,843 84,637 2,547,893 914,302 

2020........... 86,782 18,198 571 17,625 75,636 7,085 68,550 81,880 34,659 116,538 2,454,527 965,427 

2021........... 77,541 37,931 1,308 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

2021 – Est1 ..... 74,092 17,593 - 17,593 84,834 - 84,834 97,241 37,437 134,678 2,636,645 944,132 

2022 – Est1 ..... 84,277 20,781 - 20,781 57,383 - 57,383 101,604 38,579 140,183 3,141,598 1,032,599 

2020 - Sept..... 26,198 2,205 56 2,149 6,925 875 6,049 9,726 2,806 12,532 287,264 85,905 

Oct ...... 4,747 4,893 146 2,149 6,851 695 6,156 7,429 3,450 10,879 168,235 69,463 

Nov ..... 5,602 5,827 225 1,839 6,784 819 5,965 7,448 2,395 9,843 144,274 75,279 

Dec ..... 5,333 5,617 284 2,212 6,712 665 6,047 8,177 1,617 9,794 264,479 81,640 

2021 - Jan ...... 5,748 1,708 28 1,680 6,436 566 5,871 5,115 2,304 7,419 295,313 89,338 

Feb ..... 4,904 1,281 129 1,152 6,797 474 6,323 4,847 2,044 6,891 173,852 74,462 

Mar ..... 6,434 2,507 59 2,448 6,899 624 6,275 8,248 1,917 10,165 185,367 82,248 Apr...... 5,889 4,722 146 4,576 7,731 603 7,128 7,244 2,957 10,200 336,905 102,281 

May..... 6,897 3,054 17 3,036 6,977 544 6,433 9,201 2,282 11,483 383,955 79,790 

Jun...... 7,100 2,445 59 2,385 7,688 538 7,150 11,090 2,603 13,693 391,133 58,066 

 Jul....... 6,822 1,549 46 1,503 7,926 417 7,509 9,503 1,643 11,146 186,778 75,222 

Aug ..... 7,441 1,809 82 1,728 7,799 528 7,270 10,409 7,739 18,149 191,231 77,147 

 Sept ..... 10,624 2,519 87 2,433 8,350 492 7,857 11,344 2,282 13,626 372,136 87,387 

Fiscal year 

 2021 to date....... 77,541 37,931 1,308 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

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

1 These estimates are based on the President's FY 2022 Budget, released by the 

Office of Management and Budget on May 28, 2021. 

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)

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

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

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

2020 .............................. 1,309,954 9,034 20 9,015 300 - 300 43,201 440 42,763 43,997 9,298 34,701 

2021 .............................. 1,314,090 10,946 13 10,935 270 - 270 40,920 442 40,488 31,578 7,995 23,581 

2021 – Est1.................... 1,296,179 9,348 - 9,348 356 - 356 39,812 - 39,812 24,576 - 24,576 

2022 – Est1.................... 1,462,013 15,293 - 15,293 230 - 230 40,915 - 40,915 27,839 - 27,839 

2020 - Sept.................... 115,103 -114 2 -116 77 - 77 8,499 64 8,435 19,008 1,206 17,802

Oct..................... 95,868 3 - 3 8 - 8 1,001 15 986 3,882 131 3,751

Nov .................... 105,721 15 - 15 32 - 32 4,086 29 4,057 1,694 196 1,497

Dec .................... 115,332 13 - 13 28 - 28 3,508 29 3,477 2,070 254 1,816

2021 - Jan ..................... 118,171 1,145 6 1,140 9 - 9 3,377 30 3,347 1,216 2,233 -1,017

Feb .................... 99,438 1,058 - 1,058 26 - 26 3,285 31 3,254 830 264 566

Mar .................... 106,723 912 - 912 23 - 23 2,832 31 2,802 2,992 294 2,698

Apr..................... 143,974 1,150 2 1,148 -9 - -9 291 38 253 5,779 1,282 4,497

May.................... 115,628 1,538 - 1,538 33 - 33 3,603 44 3,559 2,009 242 1,767

June................... 79,841 1,552 - 1,552 33 - 33 3,635 44 3,591 2,302 378 1,924

July .................... 103,000 1,512 3 1,510 16 - 16 2,567 44 2,523 4,317 1,544 2,772

Aug .................... 106,911 1,428 - 1,428 33 - 33 4,044 43 4,012 2,173 204 1,969

Sept................... 123,483 620 2 618 38 - 38 8,691 64 8,627 2,314 973 1,341

Fiscal year 2021 to date....................... 1,314,090 10,946 13 10,935 270 - 270 40,920 442 40,488 31,578 7,995 23,581 
21

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)

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

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

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

2020................ 5,365 8,251 184,221 15,918 690,420 204,415 32,047 1,503,953 91,963 33,190 16,417 39,606 477,529

2021................ 5,265 8,310 235,194 13,135 717,585 260,381 33,695 1,466,673 91,069 31,778 15,788 39,262 404,772

2021 – Est1 ..... 6,376 8,700 288,707 16,115 712,398 231,993 35,027 1,547,354 122,714 55,836 17,656 45,284 552,567

2022 – Est1 ..... 6,129 9,250 230,131 26,415 729,445 202,398 50,910 1,662,192 76,122 64,950 21,079 41,583 109,039

2020 - Sept ..... 486 650 16,950 1,535 63,026 52,676 3,045 125,167 32,017 2,114 1,657 4,813 34,194

Oct ...... 505 810 31,858 1,282 76,530 7,709 3,235 157,909 13,079 3,876 1,208 2,597 22,852

Nov ..... 468 684 19,240 1,400 51,529 7,076 2,457 75,848 7,684 3,965 906 3,290 26,829

Dec ..... 416 656 20,972 2,495 67,000 6,696 3,255 122,881 6,879 3,817 1,654 3,152 29,951

2021 - Jan....... 449 639 14,685 985 50,864 9,566 2,540 119,632 5,945 3,373 1,182 3,660 36,314

Feb...... 391 648 14,260 940 50,862 9,101 2,512 115,320 5,830 4,336 1,024 3,061 44,991

Mar...... 442 703 16,333 995 66,640 11,947 3,223 126,258 7,050 2,900 1,376 2,636 51,928 Apr...... 394 819 22,233 745 67,179 10,297 3,347 157,718 8,246 2,051 955 3,561 39,056

May ..... 402 591 16,895 748 49,439 8,995 2,267 82,128 6,284 3,853 1,131 3,477 36,434

Jun ...... 533 745 21,423 1,252 61,491 53,980 2,471 127,772 8,834 4,044 2,048 3,760 40,953

 Jul ....... 410 663 18,660 742 63,370 11,923 2,230 167,368 5,867 -7,455 1,125 3,167 29,598

Aug ..... 391 662 20,039 811 48,948 14,781 2,847 87,298 6,722 3,828 1,175 3,094 30,582

 Sept ..... 464 690 18,596 740 63,733 108,310 3,311 126,541 8,649 3,190 2,004 3,807 15,284

Fiscal year 

 2021 to date....... 5,265 8,310 235,194 13,135 717,585 260,381 33,695 1,466,673 91,069 31,778 15,788 39,262 404,772

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)

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

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

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

2020................ 32,859 100,342 522,651 629,072 218,393 7,632 65,265 8,723 403 -266 21,677

2021................ 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 21,668 

2021 – Est1 ..... 35,771 125,747 484,698 1,197,069 235,938 7,109 68,280 7,454 473 2,148 25,552 

2022 – Est1 ..... 33,575 132,207 480,403 454,701 290,032 10,770 72,009 22,219 544 2,249 24,267

2020 - Sept ..... 4,060 12,561 38,759 -18,207 20,724 -151 4,798 655 26 -143 1,310

Oct ...... 3,493 7,944 20,076 16,213 29,924 847 11,663 813 44 56 1,035

Nov ..... 2,422 7,774 32,744 10,663 8,848 617 487 687 33 -234 2,825

Dec ..... 2,727 9,896 79,625 8,220 28,049 1,089 10,623 686 33 334 1,213 

2021 - Jan....... 2,082 6,040 27,266 175,802 9,457 589 1,577 596 33 -411 -1,113

Feb...... 1,326 8,979 32,282 47,650 18,695 610 4,688 601 35 -286 5,918

Mar...... 4,019 6,942 36,639 372,930 20,093 605 5,186 632 30 84 2,493 Apr...... 2,444 9,432 45,537 90,121 31,255 632 8,244 803 45 -62 1,327

May ..... 2,270 7,340 45,714 169,984 9,393 654 -530 669 33 -167 2,505

Jun ...... 2,466 9,356 99,290 80,416 17,920 832 4,100 837 29 39 2,223 Jul ....... 5,271 8,688 47,815 50,028 28,448 445 9,359 578 40 -240 -706

Aug ..... 3,313 9,372 57,719 65,880 10,501 635 -2,199 640 36 -296 1,160

 Sept ..... 3,981 13,174 37,682 -16,548 21,199 381 4,887 768 35 -86 2,788

Fiscal year 

 2021 to date....... 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 21,668 

See footnotes at end of table 
22

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) 

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

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

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

2020 .................. 21,524 7,278 105,626 577,411 1,153,912 17,654 -99,993 -135,215 -3,645 - 5,596,291 955,579 

2021 .................. 22,249 7,353 108,553 322,721 1,197,561 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 

2021 – Est1........ 23,552 8,251 107,933 372,320 1,199,226 35,010 -109,681 -124,193 -3,787 -90,141 6,231,925 1,017,531

2022 – Est1........ 24,332 10,461 111,838 9,545 1,268,754 42,921 -117,760 -124,569 -5,027 -21,027 4,930,558 1,080,590

2020 - Sept ....... 2,072 722 9,359 1,960 97,001 -2,296 -7,220 -3,677 -139 - 407,747 90,033 

Oct......... 1,993 600 8,888 2,476 102,355 4,833 -26,054 11,168 -47 - 439,355 82,413 

Nov........ 1,818 565 8,743 670 92,719 2,871 -7,683 -2,848 -278 - 274,627 90,192 

Dec........ 2,403 517 8,868 595 126,674 -2,229 -7,677 -51,432 -353 - 412,233 77,449 

2021 - Jan ......... 1,355 497 9,271 2,426 69,570 1,420 -7,379 -1,300 -129 - 487,184 60,299 

Feb ........ 1,606 559 8,119 90,968 98,942 2,688 -7,455 -5,196 -292 -4,476 466,710 92,526 

Mar........ 2,178 571 9,362 86,532 99,121 -1,151 -7,329 -3,513 -639 - 835,564 91,653 

 Apr ......... 1,818 564 9,074 56,920 104,072 2,439 -8,275 -7,816 -406 - 577,910 86,856 

May ....... 1,622 543 9,126 53,161 95,041 1,394 -7,614 -6,387 -74 - 503,113 92,586 

Jun ........ 1,925 575 8,773 31,095 104,446 -3,815 -7,985 -57,860 -607 - 561,348 62,011 

 Jul ......... 1,601 761 9,581 13,061 107,323 3,216 -7,505 -7,956 -210 - 482,202 81,848 

Aug........ 2,131 837 9,068 -17,950 98,101 2,376 -8,066 -12,242 -806 - 345,560 93,453 

 Sept........ 1,799 764 9,680 2,767 99,197 -486 -7,665 -4,196 -390 -4,466 428,506 92,561 

Fiscal year 

 2021 to date ...... 22,249 7,353 108,553 322,721 1,197,561 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 

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

1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and 

Budget on May 28, 2021.
23

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

September 2021 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 ......................................................... 2,044,131 246 - 2,044,377 1,608,487 177 - 1,608,664

Corporation income taxes ...................................................... 371,831 - - 371,831 211,845 - - 211,845

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) .............. - - 952,322 952,322 - - 965,428 965,428

Employment and general retirement (on-budget) .............. - - 299,536 299,536 - - 296,222 296,222

Unemployment insurance .................................................. * - 56,602 56,602 - - 43,104 43,104

Other retirement ................................................................ - - 5,629 5,629 - - 5,201 5,201

Excise taxes .......................................................................... 16,668 1,718 56,885 75,271 28,296 1,283 57,203 86,782

Estate and gift taxes .............................................................. 27,140 - - 27,140 17,624 - - 17,624

Customs duties ...................................................................... 52,558 25,754 1,674 79,985 44,831 22,323 1,397 68,550

Miscellaneous receipts .......................................................... 108,578 23,261 1,447 133,285 94,213 20,464 1,860 116,538

Total receipts ................................................................ 2,620,906 50,979 1,374,094 4,045,979 2,005,296 44,247 1,370,414 3,419,957

(On-budget) .............................................................. 2,620,906 50,979 421,772 3,093,657 2,005,296 44,247 404,986 2,454,529

(Off-budget) .............................................................. - - 952,322 952,322 - 965,428 965,428

Budget outlays: 

Legislative branch .................................................................. 5,358 -78 -17 5,263 5,317 54 -4 5,367

Judicial branch ....................................................................... 8,161 246 -96 8,310 8,045 289 -83 8,251

Department of Agriculture ...................................................... 216,246 18,977 -29 235,193 152,653 31,582 -12 184,223

Department of Commerce ..................................................... 11,730 1,398 6 13,134 14,563 1,303 51 15,918

Department of Defense-military ............................................. 714,491 2,634 460 717,585 687,905 2,144 370 690,419

Department of Education ....................................................... 260,498 -45 -1 260,452 204,393 22 * 204,415

Department of Energy............................................................ 35,191 -1,496 * 33,694 33,081 -1,035 * 32,046

Department of Health and Human Services ........................... 1,203,776 5,848 257,049 1,466,673 1,111,157 4,842 387,954 1,503,953

Department of Homeland Security ......................................... 95,900 -5,032 201 91,069 94,767 -2,914 110 91,963

Department of Housing and Urban Development .................. 32,233 51 -504 31,779 33,366 -13 -162 33,190

Department of the Interior ...................................................... 15,746 -400 442 15,788 16,008 64 344 16,416

Department of Justice ............................................................ 34,021 5,263 -22 39,261 32,828 6,786 -7 39,607

Department of Labor .............................................................. 354,699 -3,550 53,622 404,771 370,223 -8,736 116,043 477,530

Department of State .............................................................. 34,590 669 556 35,814 31,652 964 243 32,859

Department of Transportation ................................................ 58,745 175 46,016 104,936 32,052 115 68,176 100,342

Department of the Treasury: 

Interest on the public debt ................................................. 562,388 - - 562,388 522,652 - - 522,652

Other ................................................................................. 1,083,382 -11,957 -67 1,071,358 618,577 10,364 133 629,074

Department of Veterans Affairs.............................................. 237,250 -3,988 520 233,781 221,968 -4,172 598 218,394

Corps of Engineers ................................................................ 6,669 -118 1,385 7,936 6,230 -258 1,659 7,631

Other defense civil programs ................................................. 105,384 -12,359 -34,940 58,085 98,747 -3,955 -29,528 65,264

Environmental Protection Agency .......................................... 8,312 -71 68 8,309 8,432 12 279 8,723

Executive Office of the President ........................................... 425 * 2 427 440 * -38 402

General Services Administration ............................................ 168 -1,437 - -1,269 131 -396 - -265

International Assistance Program .......................................... 22,106 -619 -1,440 20,047 24,459 -462 -2,319 21,678

National Aeronautics and Space Administration .................... 22,283 -35 1 22,249 21,547 -24 1 21,524

National Science Foundation ................................................. 7,220 122 12 7,354 7,170 126 -18 7,278

Office of Personnel Management .......................................... 59,897 2,321 46,333 108,552 59,216 1,130 45,278 105,625

Small Business Administration............................................... 322,775 -54 - 322,721 577,415 -3 - 577,412

Social Security Administration ............................................... 92,728 * 1,099,724 1,192,453 97,991 * 1,055,923 1,153,914

Other independent agencies .................................................. 14,649 -1,763 668 13,554 12,538 -891 6,003 17,650

Undistributed offsetting receipts: 

Interest .............................................................................. - - -149,579 -149,579 - - -135,215 -135,215

Other ................................................................................. -2,204 -15,115 -106,541 -123,861 -5,242 -9,179 -91,942 -106,363

 Total Outlays 5,624,816 20,417 1,213,829 6,818,229 5,100,280 27,757 1,423,837 6,551,874

 (On-Budget) 5,624,549 17,416 207,248 5,814,381 5,100,014 30,427 465,852 5,596,293

 (Off-Budget) 267 3,001 1,006,581 1,003,847 267 2,670 957,985 955,581

 Surplus (+) or Deficit (-) -3,003,910 71,395 160,265 -2,772,250 -3,094,984 16,490 -53,423 -3,131,917

 (On-Budget) -3,003,643 68,394 214,524 -2,720,725 -3,094,718 13,820 -60,866 -3,141,764

 (Off-Budget) -267 3,001 -54,259 -51,525 -267 2,670 7,443 9,846

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
24

TABLE FFO-5—Internal Revenue Receipts by State, 2021 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total...................... 4,111,569,512 419,008,841 3,606,225,111 2,706,298,354 834,340,953

Alabama ........................................ 30,414,043 1,789,113 28,274,112 21,344,407 6,458,156

Alaska ............................................ 5,750,254 110,764 5,586,675 4,136,457 1,221,779

Arizona .......................................... 57,665,724 4,432,494 52,501,743 37,834,324 14,139,212

Arkansas ....................................... 35,972,165 4,927,594 30,264,467 25,473,942 4,391,033

California ....................................... 587,616,657 65,066,736 514,225,414 371,599,766 137,607,076

Colorado ........................................ 68,472,777 4,868,635 62,443,561 45,618,384 16,173,538

Connecticut ................................... 60,261,678 8,257,986 51,150,585 34,855,159 14,960,466

Delaware ....................................... 32,381,553 14,457,765 17,742,178 12,704,425 1,768,298

District of Columbia ....................... 34,603,494 9,681,512 24,759,137 20,022,307 4,113,481

Florida ........................................... 252,326,047 13,405,263 235,308,576 155,129,112 74,895,369

Georgia .......................................... 107,277,935 13,578,019 90,770,973 70,617,128 18,997,889

Hawaii ............................................ 9,494,260 601,545 8,729,103 6,046,869 2,563,458

Idaho ............................................. 14,060,403 783,783 13,074,503 9,139,651 3,840,042

Illinois ............................................ 183,723,676 20,425,855 160,056,372 121,183,267 33,660,594

Indiana ........................................... 65,173,208 5,212,457 59,048,268 49,227,806 9,386,398

Iowa ............................................... 28,294,030 1,888,858 26,005,740 20,721,892 5,121,878

Kansas .......................................... 29,153,251 2,155,461 25,275,953 19,087,758 5,867,922

Kentucky........................................ 36,700,830 3,052,297 33,175,948 27,726,600 5,045,792

Louisiana ....................................... 39,377,708 790,192 38,127,686 31,659,564 6,148,234

Maine ............................................. 9,817,142 561,919 9,083,043 6,690,827 2,236,941

Maryland........................................ 88,931,955 3,663,308 84,541,288 68,382,902 14,981,988

Massachusetts .............................. 144,305,270 10,495,896 131,977,531 101,472,890 28,710,993

Michigan ........................................ 94,064,899 7,851,833 85,202,411 66,163,343 17,918,380

Minnesota ...................................... 108,280,490 14,868,515 92,336,158 79,274,386 12,449,851

Mississippi ..................................... 12,651,646 615,839 11,683,251 8,814,220 2,742,148

Missouri ......................................... 74,537,986 7,833,967 65,783,626 54,096,970 10,670,524

Montana ........................................ 7,844,890 401,440 7,373,470 4,835,017 2,441,013

Nebraska ....................................... 28,527,699 7,124,615 21,114,724 16,150,115 3,888,133

Nevada .......................................... 28,819,160 1,194,925 27,242,290 13,712,389 9,714,420

New Hampshire ............................. 14,463,648 453,066 13,461,082 9,082,992 3,809,216

New Jersey ................................... 156,156,339 25,125,133 128,036,155 99,236,908 27,108,061

New Mexico ................................... 10,300,315 234,252 9,921,459 7,070,768 2,763,772

New York ....................................... 330,143,910 34,875,229 289,779,883 204,436,834 80,709,260

North Carolina ............................... 107,138,440 11,999,849 94,321,564 76,126,825 17,399,121

North Dakota ................................. 7,589,067 543,507 6,988,456 5,094,477 1,847,019

Ohio ............................................... 163,091,560 15,279,818 140,836,335 121,513,224 17,819,899

Oklahoma ...................................... 28,563,746 999,036 23,986,618 18,150,968 4,800,417

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 25

TABLE FFO-5—Internal Revenue Receipts by State, 2021, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

 Individual income taxes, employment taxes, and estate and trust income taxes

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 40,067,022 2,390,821 37,031,079 28,167,959 8,546,726

Pennsylvania ................................. 154,308,909 15,473,529 135,405,433 107,610,300 25,389,980

Rhode Island ................................. 16,491,561 3,807,910 12,550,328 10,272,657 2,068,800

South Carolina .............................. 31,110,135 1,524,268 29,139,683 20,659,148 8,193,445

South Dakota ................................ 11,525,074 305,260 11,098,890 5,558,579 2,285,640

Tennessee .................................... 82,362,552 8,873,150 71,574,197 57,381,302 13,405,006

Texas ............................................. 312,071,886 27,143,965 265,528,807 195,608,052 63,921,566

Utah ............................................... 31,536,915 1,587,041 29,258,588 21,301,494 7,647,818

Vermont ......................................... 5,001,910 200,988 4,754,993 3,498,300 1,174,403

Virginia .......................................... 108,067,359 15,945,150 91,460,782 70,120,960 20,044,052

Washington ................................... 119,862,452 12,672,565 105,826,738 81,227,528 23,620,739

West Virginia ................................. 7,143,579 246,126 6,835,618 5,370,363 1,407,132

Wisconsin ...................................... 61,583,211 6,451,803 54,221,067 42,029,599 10,682,741

Wyoming ....................................... 6,089,795 177,625 5,670,216 2,467,247 2,596,619

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 690,853 4,757 682,529 534,758 141,363

Puerto Rico ................................... 4,007,519 22,477 3,979,869 3,220,998 725,930

International .................................. 13,941,163 2,967,012 10,719,392 5,002,489 5,673,582

Undistributed 6 ............................... 11,759,761 -394,081 10,296,565 1,831,752 8,443,640

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 26

TABLE FFO-5—Internal Revenue Receipts by State, 2021, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income and employment taxes-continued 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 4

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 5

(11) 

United States, total........................... 6,275,547 5,306,607 54,003,650 23,425,026 4,620,713 58,289,822 

Alabama ............................................. 68,231 3,420 399,899 84,615 4,399 261,804 

Alaska ................................................. 11,257 794 216,389 3,324 226 49,264 

Arizona ............................................... 110,045 1,377 416,786 129,204 45,055 557,229 

Arkansas ............................................ 130,855 3,601 265,035 64,677 83,606 631,822 

California ............................................ 737,964 9,575 4,271,034 4,044,190 520,281 3,760,036 

Colorado ............................................. 89,081 20,506 542,053 315,989 66,606 777,986 

Connecticut ........................................ 59,246 5,852 1,269,862 508,551 60,363 284,194 

Delaware ............................................ 26,660 49,403 3,193,392 50,767 9,096 121,747 

District of Columbia ............................ 14,952 438,374 170,024 116,071 3,440 43,333 

Florida ................................................ 422,879 553,374 4,307,842 2,130,259 490,842 991,106 

Georgia ............................................... 226,700 50,549 878,706 448,201 38,795 2,441,947 

Hawaii ................................................. 14,960 0 103,815 29,286 1,352 132,974 

Idaho .................................................. 35,523 171 59,116 116,108 18,999 67,010 

Illinois ................................................. 263,382 351,989 4,597,140 804,290 90,501 2,346,657 

Indiana ................................................ 102,149 30,241 301,674 276,091 15,992 620,401 

Iowa .................................................... 50,359 12,191 99,421 110,383 3,242 285,807 

Kansas ............................................... 62,504 109,091 148,677 235,833 14,711 1,471,293 

Kentucky............................................. 63,437 15,471 324,648 94,465 144,064 234,056 

Louisiana ............................................ 62,186 5,263 252,440 156,850 537 302,443 

Maine .................................................. 18,657 3,849 132,770 120,700 19,751 31,730 

Maryland............................................. 100,455 15,755 1,060,187 260,651 350,150 116,558 

Massachusetts ................................... 163,571 38,722 1,591,354 547,714 196,393 1,087,735 

Michigan ............................................. 192,398 11,572 916,716 628,546 67,985 314,124 

Minnesota ........................................... 173,317 90,123 348,482 220,678 5,859 849,280 

Mississippi .......................................... 30,741 1,819 94,322 186,785 6,522 159,250 

Missouri .............................................. 140,307 110,022 765,803 208,747 25,959 685,687 

Montana ............................................. 15,906 30,764 50,770 33,068 14,133 22,779 

Nebraska ............................................ 36,797 917,069 122,610 139,759 39,734 108,868 

Nevada ............................................... 42,808 65 3,772,608 216,479 18,520 146,946 

New Hampshire .................................. 20,532 85 548,258 150,573 5,283 393,645 

New Jersey ........................................ 188,068 176,448 1,326,671 948,443 94,263 1,952,345 

New Mexico ........................................ 19,710 134 67,075 64,808 17,565 62,232 

New York ............................................ 304,320 582,298 3,747,172 2,673,615 966,573 1,848,610 

North Carolina .................................... 182,325 12,937 600,356 523,605 71,295 222,127 

North Dakota ...................................... 12,882 8,254 25,824 11,020 1 46,084 

Ohio .................................................... 236,864 25,630 1,240,718 539,625 73,226 6,362,557 

Oklahoma ........................................... 62,781 3,083 969,369 134,158 14,907 3,429,027 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 27

TABLE FFO-5—Internal Revenue Receipts by State, 2021, continued 

[In thousands of dollars. Source: Chief Financial Officer, Financial Management] 

Individual income and employment taxes-continued 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 4

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 5

(11) 

Oregon ............................................... 69,248 2,636 244,510 163,501 62,857 418,764

Pennsylvania ...................................... 255,163 72,808 2,077,182 918,963 71,260 2,439,724

Rhode Island ...................................... 27,949 22 180,900 22,445 6,776 104,101

South Carolina ................................... 51,198 2,012 233,880 118,896 8,728 318,561

South Dakota ..................................... 14,926 721 3,239,024 50,781 18,678 51,466

Tennessee ......................................... 176,021 2,355 609,513 286,707 18,736 1,609,762

Texas .................................................. 513,398 1,004,275 4,481,516 1,996,227 259,352 17,143,535

Utah .................................................... 64,866 3,687 240,724 50,303 4,498 636,485

Vermont .............................................. 8,824 3,009 70,457 15,678 4,747 25,504

Virginia ............................................... 160,275 501,865 633,629 452,704 67,436 141,288

Washington ........................................ 235,691 14,823 727,956 235,308 93,732 1,034,107

West Virginia ...................................... 13,512 723 43,888 14,096 1,764 45,975

Wisconsin ........................................... 120,521 2,796 1,385,410 230,742 69,369 610,229

Wyoming ............................................ 7,543 625 598,182 121,708 40,857 79,390

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 5,559 0 849 100 1,967 1,500

Puerto Rico ....................................... 31,404 0 1,538 632 1,035 3,506

International ...................................... 5,484 2,363 35,474 95,357 27,781 131,621

Undistributed 6 ................................... 19,154 2,018 0 1,322,751 260,918 273,609

1 Gross collections include penalties and interest in addition to taxes. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3 Collections of withheld individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

Thus, while Table 1 shows these amounts separately for the United States total, separate 

amounts are not available by State. 

4Includes collections of estimated estate and trust income taxes and payments made in 

conjunction with estate and trust tax return filings. 

5 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol 

and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on 

alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991. 

6 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed.

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners, who 

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds equal 

net collections. See Table 1 for refunds and net collections. 

Note— Collection and refund data may not be comparable for a given fiscal year 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2020 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 8 for refund data. 

Note— Classification by State is based on the individual’s address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors may use their business addresses. Such addresses could have 

been located in a State other than the State in which the individual resided. 

Similarly, taxes withheld and reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees 

who reside in a neighboring State. Also, while taxes of corporations may be paid 

from the principal office, the operations of these corporations may be located in 

one or more other State(s). 

Detail may not add to totals because of rounding. 

SOURCE: Chief Financial Officer, Financial Management 
28

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

by Districts and Ports 

[Source: U.S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

Headquarters: 

Revenue Division, Indianapolis, IN............................. $3,034,280,687.07 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC............................. 07543 ............. 82,247.65 

USCBP Vancouver, Preclearance, 

 Washington, DC............................. 37922 ............. 345,474.01 

USCBP Calgary, Preclearance, 

 Washington, DC............................ 37923 ............. 861,509.02 

USCBP Edmonton, 

 Preclearance, Washington, DC..... 37924 ............. 2,079.50 

USCBP Montreal, Preclearance, 

 Washington, DC............................ 37925 ............. 333,541.54 

USCBP Toronto, Preclearance, 

 Washington, DC............................ 37926 ............. 737,001.68 

USCBP Winnipeg, Preclearance, 

 Washington, DC............................ 37928 ............. 1,429.46 

USCBP Ottawa, Preclearance, 

 Washington, DC............................ 37929 ............. 0.00 

USCBP Victoria, Preclearance, 

 Washington, DC............................ 37930 ............. 0.00 

USCBP Halifax Preclearance, 

Washington, DC............................... 37931 ............. 0.00 

USCBP St. Thomas, 

 Preclearance, Wash. D.C ............ 47401 ............. 150,766.31 

USCBP St. Croix, 

 Preclearance, Wash. D.C ............. 47404 ............. 13,499.73 

USCBP Bermuda, Preclearance, 

 Washington, DC............................ 47421 ............. 11,112.55 

USCBP Nassau, Preclearance, 

 Washington, DC............................ 47423 ............. 117,898.43 

USCBP Aruba, Preclearance, 

 Washington, DC............................ 47424 ............. 168,467.19 

USCBP Dublin Preclearance, 

 Washington, DC............................ 57541 ............. 30,872.06 

USCBP Shannon Preclearance, 

 Washington, DC............................ 57542 ............. 0.00 

Total District .......................................................... 2,855,899.13 

Portland, Maine: 

Portland, ME .................................... 10101 ............. 28,496,605.45 

Bangor, ME ...................................... 10102 ............. 7,258,601.05 

Eastport, ME .................................... 10103 ............. 56,611.95 

Jackman, ME ................................... 10104 ............. 8,255,301.04 

Vanceboro, ME ................................ 10105 ............. 4,409,506.34 

Houlton, ME ..................................... 10106 ............. 17,278,398.20 

Fort Fairfield, ME.............................. 10107 ............. 13,203.96 

Van Buren, ME................................. 10108 ............. 7,779,829.54 

Madawaska, ME............................... 10109 ............. 22,009.43 

Fort Kent, ME............................. 10110.......... 248,933.25 

Bath, ME........................................... 10111 ............. 654.15 

Calais, ME........................................ 10115 ............. 4,326,156.03 

Limestone, ME ................................. 10118 ............. 105.88 

Bridgewater, ME............................... 10127 ............. 11,001.80 

Portsmouth, NH................................ 10131 ............. 2,070,870.79 

Belfast, ME....................................... 10132 ............. 0.00 

Searsport, ME .................................. 10152 ............. 0.00 

Manchester-Boston Reg. Airport, NH......... 10182 ............. 105,330.61 

Total District .......................................................... 80,333,119.47 

St. Albans, Vermont: 

St. Albans, VT .................................. 10201 ............. 522,188.10 

Richford, VT ..................................... 10203 ............. 31,153.02 

Beecher Falls, VT............................. 10206 ............. 120,317.24 

Burlington INTL Airport, VT.............. 10207 ............. 448,957.55 

Derby Line, VT ................................. 10209 ............. 19,389,364.49 

Norton, VT........................................ 10211 ............. 10,727,067.98 

Highgate Springs, VT....................... 10212 ............. 60,167,469.15 

Newport Border Patrol, VT........... 10253.......... 250.00 

Total District .......................................................... 91,406,767.53 

Boston, Massachusetts: 

Boston, MA....................................... 10401 ............. 404,024,897.72 

Springfield, MA................................. 10402 ............. 124,437.34 

Worcester, MA ................................. 10403 ............. 46,249,831.32 

Gloucester, MA ................................ 10404 ............. 4,186.10 

New Bedford, MA............................. 10405 ............. 27,266,727.91 

Plymouth, MA................................... 10406 ............. 0.00 

Fall River, MA................................... 10407 ............. 769,662.43 

Salem, MA........................................ 10408 ............. 42,476,069.03 

Bridgeport, CT.................................. 10410 ............. 1,339,693.65 

Hartford, CT ..................................... 10411 ............. 8,381,110.36 

New Haven, CT................................ 10412 ............. 23,428,431.55 

New London, CT .............................. 10413 ............. 0.00 

Lawrence, MA .................................. 10416 ............. 96,370.56 

Boston Logan INTL Airport, MA....... 10417 ............. 119,242,946.69 

Hanscom Field Civil Air Terminal, MA...... 10481 ............. 139,820.03 

Total District .......................................................... 673,544,184.69 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 ............. 411,518.47 

Providence, RI.................................. 10502 ............. 105,483,932.03 

Total District .......................................................... 105,895,450.50 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 ............. 13,347,929.56 

Massena, NY .................................... 10704 ............. 3,835,514.29 

Alexandria Bay, NY.......................... 10708 ............. 44,299,318.44 

Champlain, NY................................. 10712 ............. 224,989,873.46 

Trout River, NY ................................ 10715 ............. 45,940,448.83 

 Plattsburgh INTL Airport, NY........ 10781.......... 4,227.68 

Total District .......................................................... 332,417,312.26 

Buffalo, New York: 

Buffalo, NY ....................................... 10901 ............. 522,521,871.08 

Rochester, NY.................................. 10903 ............. 9,374,017.09 

Oswego, NY..................................... 10904 ............. 1,557,801.32 

Syracuse, NY ................................... 10906 ............. 14,681,868.22 

Greater Binghamton Airport, NY...... 10981 ............. 1,479.97 

Griffiss International Airport, NY ...... 10982 ............. 0.00 

Ithaca Tompkins INTL Airport, NY 10983.......... 3,337.31 

Total District .......................................................... 548,140,374.99 

Philadelphia, Pennsylvania: 

Philadelphia, PA............................... 11101 ............. 531,517,385.31 

Chester, PA...................................... 11102 ............. 172,662,109.61 

Wilmington, DE ................................ 11103 ............. 28,914,912.91 

Pittsburgh, PA .................................. 11104 ............. 100,959,558.03 

Wilkes-Barre/Scranton, PA .............. 11106 ............. 66,037,449.03 

Philadelphia International 

 Airport, PA..................................... 11108 ............. 53,890,219.83 
29

Philadelphia, Pennsylvania, continued: 

Harrisburg, PA............................... 11109 ..................... 207,359,628.76 

Allentown, PA........................ 11119......... 43,266,526.11 

Atlantic City INTL Airport, NJ ........ 11182 ..................... 5,806.65 

Trenton/Mercer Airport, PA........... 11183 ..................... 47,250.64 

UPS, Philadelphia, PA .................. 11195 ..................... 59,677,508.73 

Total District ............................................................... 1,264,338,355.61 

Baltimore, Maryland: 

Annapolis, MD .................................. 11301 ..................... 841,421.62 

Cambridge, MD.............................. 11302 ..................... 15,099.60 

Baltimore, MD ............................... 11303 ..................... 1,464,132,512.17 

Crisfield, MD......................... ... 11304.................. 0.00 

BWI Airport, MD ............................ 11305 ..................... 17,758,522.54 

Total District ............................................................... 1,482,747,555.93 

New York, New York: 

New York, NY................................ 21001 ..................... 577,060,888.45 

Albany, NY .................................... 21002 ..................... 3,315,136.66 

New York, NY/Newark, NJ............ 24601 ..................... 9,649,152,510.47 

Perth Amboy, NJ ........................... 24602 ..................... 3,288,472.59 

UPS, Newark, NJ .......................... 24670 ..................... 33,758,074.11 

FedEx Newark, NJ ........................ 24671 ..................... 30,187,471.02 

Morristown Airport, NJ .................. 24681 ..................... 56,778.58 

New York Stewart International 

Airport, NY.....................................

24682 ..................... 37,185.70 

John F. Kennedy INTL Airport, 

NY .................................................

24701 ..................... 1,463,573,214.23 

NYACC JFK INTL Airport, NY ....... 24771 ..................... 2,667,703.65 

DHL JFK INTL Airport, NY............ 24772 ..................... 98,373,486.07 

Micom JFK INTL Airport, NY......... 24773 ..................... 363,182.80 

IBC JFK INTL Airport NY .............. 24774 ..................... 244,902.49 

FedEx JFK INTL Airport, NY ........... 24778 ..................... 146,362.54 

Total District ............................................................... 11,862,225,369.36 

Great Falls, Montana: 

Raymond, MT................................ 33301 ..................... 2,687,410.17 

Eastport, ID ................................... 33302 ..................... 35,542,088.35 

Salt Lake City, UT ......................... 33303 ..................... 330,867,660.24 

Great Falls INTL Airport, MT......... 33304 ..................... 2,759,051.22 

Butte Airport, MT........................... 33305 ..................... 43,118.22 

Turner, MT .................................... 33306 ..................... 13,000.38 

Denver, CO ................................... 33307 ..................... 227,841,987.98 

Porthill, ID...................................... 33308 ..................... 283,754.99 

Scobey, MT................................... 33309 ..................... 3,439.24 

Sweetgrass, MT ............................ 33310 ..................... 46,977,902.79 

Piegan, MT.................................... 33316 ..................... 44,564.99 

Opheim, MT .................................. 33317 ..................... 5,917.54 

Roosville, MT ................................ 33318 ..................... 7,308,366.54 

Morgan, MT................................... 33319 ..................... 364,429.60 

Del Bonita, MT .............................. 33322 ..................... 20,806.50 

Wild Horse, MT ............................. 33323 ..................... 3,914.56 

Kalispell Airport, MT...................... 33324 ..................... 77.94 

Willow Creek, MT.......................... 33325 ..................... 354.90 

Billings, MT (ICE) ...................... 33326 ................. 9,080.00 

Rocky Mtn Metro Airport, CO........ 33383 ..................... 41,498.44 

Centennial Airport, CO.................. 33384 ..................... 86,805.33 

Eagle County Regional 

 Airport, CO ................................. 33385 ..................... 70,560.19 

Bozeman Yellowstone INTL Airport, 

MT ........................................................ 33386 ..................... 18,188.21 

Total District ............................................................... 654,993,978.32 

Pembina, North Dakota: 

Pembina, ND.................................. 33401..................... 86,644,661.77 

Portal, ND....................................... 33403..................... 131,719,531.27 

Neche, ND...................................... 33404..................... 17,787.61 

St. John, ND................................... 33405..................... 505.50 

Northgate, ND ................................ 33406..................... 276,338.21 

Walhalla, ND .................................. 33407..................... 15,653.50 

Hannah, ND .................................. 33408 ..................... 0.00 

Sarles, ND..................................... 33409 ..................... 1,056.40 

Hector International Airport, ND.... 33411 ..................... 2,638,956.38 

Antler, ND...................................... 33413 ..................... 2,142.70 

Sherwood, ND............................... 33414 ..................... 408,067.49 

Hansboro, ND ............................... 33415 ..................... 4,285.20 

Maida, ND ..................................... 33416 ..................... 734.40 

Fortuna, ND................................... 33417 ..................... 1,491.90 

Westhope, ND............................... 33419 ..................... 2,663.81 

Noonan, ND .................................. 33420 ..................... 3,392.10 

Carbury, ND .................................. 33421 ..................... 962.70 

Dunseith, ND................................. 33422 ..................... 1,833,466.77 

Warroad, MN................................. 33423 ..................... 234,345.42 

Baudette, MN ................................ 33424 ..................... 339.45 

Pinecreek, MN............................... 33425 ..................... 121.20 

Roseau, MN .................................. 33426 ..................... 57,926.66 

Mark Andrews INTL Airport, ND ... 33427 ..................... 9,922,231.96 

Lancaster, MN............................... 33430 ..................... 411,719.30 

Williston Basin INTL Airport, ND... 33433 ..................... 183.59 

Minot INTL Airport, ND............... 33434.................. 646.11 

Total District ............................................................... 234,199,211.40 

Minneapolis, Minnesota: 

Minneapolis, MN ........................... 33501 ..................... 608,695,844.33 

Sioux Falls Regional Airport, SD .. 33502 ..................... 4,761,895.73 

Duluth, MN/Superior, WI ............... 33510 ..................... 1,837,931.60 

Ashland, WI................................ 33511.................. 23,971.68 

Omaha, NE .................................. 33512 ..................... 148,879,231.38 

Des Moines, IA.............................. 33513 ..................... 8,108,090.28 

Rochester, MN .............................. 33581 ..................... 58,139.45 

Total District ............................................................... 772,365,104.45 

International Falls, Minnesota: 

International Falls, MN.................. 33604 ..................... 369,561,449.08 

Grand Portage, MN....................... 33613 ..................... 2,494,684.93 

Total District ............................................................... 372,056,134.01 

Milwaukee, Wisconsin: 

General Mitchell INTL Airport, 

WI .................................................. 33701 ..................... 68,162,792.84 

Marinette, WI................................. 33702 ..................... 867.88 

Green Bay Austin Straubel INTL 

Airport, WI ..................................... 33703 ..................... 2,543,953.67 

Manitowoc, WI............................... 33706 ..................... 0.00 

Racine, WI..................................... 33708 ..................... 263,842.55 

Appleton INTL Airport, WI............. 33781 ..................... 6,368.81 

Sheyboygan County Memorial 

Airport, WI......................................... 33782 ..................... 834.07 

Total District ............................................................... 70,978,659.82 

Detroit, Michigan: 

Detroit, MI...................................... 33801 ..................... 1,490,817,973.93 

Port Huron, MI............................... 33802 ..................... 393,044,174.03 

Sault Sainte Marie, MI................... 33803 ..................... 14,535,662.95 

Saginaw/Bay City/Flint, MI ............ 33804 ..................... 894,915.44 

Battle Creek, MI ............................ 33805 ..................... 5,773,625.44 

Grand Rapids, MI.......................... 33806 ..................... 21,550,487.49 

Detroit Metropolitan Airport, MI..... 33807 ..................... 124,818,222.18 

Marquette, MI ................................ 33809 ..................... 0.00 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021
30

Detroit, MI continued: 

Algonac, MI .................................... 33814................... 0.00 

Muskegon, MI................................. 33815................... 875.78 

Grand Haven, MI............................ 33816................... 0.00 

Oakland County Intl Airport, MI.......... 33881................... 74,936.94 

Willow Run Airport, MI ................... 33882................... 28,448.76 

Capital Region Intl Airport, MI........ 33883................... 55,368.80 

Total District ............................................................. 2,051,594,691.74 

Chicago, Illinois 

Chicago, IL ..................................... 33901................... 7,101,120,162.09 

Peoria, IL........................................ 33902................... 32,597,936.00 

Gary/Chicago INTL Airport, IN....... 33905................... 268,717.55 

Davenport, IA/Moline-Rock 

Island, IL............................................. 33908................... 77,968.17 

Chicago Rockford INTL Airport, IL ........ 33909................... 67,395,781.21 

Midway International Airport, IL ..... 33910................... 284,552.61 

IBC Chicago, IL .............................. 33972................... 1,790.70 

Waukegan National Airport, IL....... 33981................... 12,142.99 

Chicago Executive Airport, IL......... 33983................... 61,682.59 

Dupage County Airport, IL ............. 33984................... 17,687.29 

Decatur Airport, IL.......................... 33985................... 0.00 

South Bend International 

Airport, IN....................................... 33986................... 12,332.45 

Williard Airport, IL....................... 33987............... 2,055.93 

DHL Chicago, IL............................. 33991................... 1,897,433.62 

Total District ............................................................. 7,203,750,243.20 

Cleveland, Ohio: 

Cleveland, OH................................ 34101................... 607,595,142.84 

Cincinnati, OH/Erlanger, KY............. 34102................... 556,046,042.76 

Columbus, OH................................ 34103................... 1,167,176,772.25 

Dayton, OH .................................... 34104................... 30,371,467.90 

Toledo-Sandusky-Port Clinton, 

OH.................................................. 34105................... 60,441,535.25 

Erie, PA .......................................... 34106................... 13,476,195.06 

Northern Kentucky, KY (ICE)......... 34107................... 1,047,847.00 

Indianapolis, IN .............................. 34110................... 416,814,628.88 

Louisville, KY.................................. 34115................... 375,065,689.95 

Evansville, IN ................................. 34116................... 59,053,942.07 

Ashtabula/Conneaut, OH............... 34122................... 656,529.51 

Fort Wayne INTL Airport, IN .......... 34183................... 2,627,693.68 

Blue Grass Airport, KY................... 34184................... 17,788.51 

UPS Louisville, KY ......................... 34196................... 787,129,579.65 

DHL Cincinnati, OH........................ 34197................... 501,741,111.09 

FedEx Indianapolis, IN................... 34198................... 166,138,677.80 

Total District ......................................................... 4,745,400,644.20 

St. Louis, Missouri: 

Kansas City, MO............................ 34501................... 825,829,128.98 

St. Joseph, MO .............................. 34502................... 5,546.84 

St. Louis, MO ................................. 34503................... 387,015,095.67 

Wichita, KS..................................... 34504................... 2,413,043.81 

Springfield, MO .............................. 34505................... 29,732,363.94 

MidAmerica St Louis Airport, 

MO.................................................. 34581................... 0.00 

Total District ............................................................. 1,244,995,179.24 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901................... 448,825.64 

Fajardo, PR.................................... 44904................... 4,906,702.20 

Mayaguez, PR................................ 44907................... 138,982.26 

Ponce, PR...................................... 44908................... 6,093,481.07 

San Juan, PR................................. 44909................... 302,755,348.40 

Luis Munoz International Airport, 

PR........................................................ 44913................... 16,747,638.79 

Total District ............................................................. 331,090,978.36

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101................... 10,583,486.31 

Cruz Bay, VI ................................... 45102................... 188,782.05 

Christiansted, VI............................. 45104................... 5,081,259.74 

Total District ............................................................. 15,853,528.10 

Miami, Florida: 

Miami Seaport, FL.......................... 45201................... 1,360,426,137.84 

Key West, FL.................................. 45202................... 32,589.27 

Port Everglades/Fort Lauderdale, FL .... 45203................... 314,207,888.02 

West Palm Beach, FL .................... 45204................... 8,426,445.37 

Fort Pierce, FL ............................... 45205................... 14,053.10 

Miami International Airport, FL....... 45206................... 210,200,292.87 

Fort Lauderdale International 

 Airport, FL ................................... 45210................... 860,738.66 

West Palm Beach Border Patrol, 

FL............................................... 45252............... 7,371.07 

UPS Miami International Airport, 

 FL (Inactive) ................................ 45273................... 10,420.86 

Marathon International Airport, FL..... 45281................... 2,072.87 

Boca Raton Airport, FL....................... 45282................... 111,169.67 

Witham Field, FL 45283................... 58,878.25 

UPS Miami International 

 Airport, FL ................................... 45295................... 1,569,379.92 

DHL Miami INTL Airport, FL........... 45296................... 22,403,318.87 

FedEx Miami INTL Airport, FL ....... 45297................... 8,392,013.97 

IBC Miami INTL Airport, FL............ 45298................... 21,883.61 

Miami Seaport, FL (Alternate)........ 45299................... 2,325,524.88 

Total District ............................................................. 1,929,070,179.10 

Washington, DC: 

Washington-Dulles, VA.................. 45401................... 90,040,990.48 

R. Regan Wash. Nat. Airport, VA.......... 45402................... 0.00 

Total District ............................................................. 90,040,990.48 

Norfolk, Virginia: 

Norfolk-Newport News, VA ............ 41401................... 2,250,594,751.88 

Richmond-Petersburg, VA ............. 41404................... 36,410,591.21 

Charleston, WV.............................. 41409................... 7,847,127.93 

Front Royal, VA.............................. 41410................... 372,952.09 

New River Valley Airport, VA ......... 41412................... 16,771.87 

Total District ............................................................. 2,295,242,194.98 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501................... 342,657,968.58 

Greensboro/Winston-Salem, NC ... 41502................... 113,332,127.40 

Raleigh-Durham, NC...................... 41503................... 35,722,687.03 

Morehead City-Beaufort, NC.......... 41511................... 5,164,249.48 

Charlotte, NC ................................. 41512................... 203,959,576.31 

Charlotte-Monroe Exec. Airport, NC ..... 41581................... 1,039.82 

Total District ............................................................. 700,837,648.62 

Charleston, South Carolina: 

Charleston, SC............................... 41601................... 2,291,562,751.50 

Georgetown, SC............................. 41602................... 25,641.28 

Greenville-Spartanburg, SC............. 41603................... 322,691,750.86 

Columbia, SC................................. 41604................... 12,947,535.62 

Myrtle Beach International 

 Airport, SC...................................... 41681................... 2,862.26 

Total District ............................................................. 2,627,230,541.52 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021
31

Savannah, Georgia: 

Brunswick, GA................................ 41701........................ 246,432,239.89 

Savannah, GA................................ 41703........................ 5,508,944,205.57 

Atlanta, GA..................................... 41704........................ 1,329,993,142.50 

Albany, GA (ICE)............................ 41705........................ 0.00 

Dalton, GA (ICE) ............................ 41706........................ 227.87 

Cobb County International 

 Airport, GA .................................. 41781........................ 0.00 

Total District .................................................................. 7,085,369,815.83 

Tampa, Florida: 

Tampa, FL...................................... 41801........................ 261,250,516.72 

Jacksonville, FL.............................. 41803........................ 763,508,054.37 

Fernandina Beach, FL ................... 41805........................ 206,300.96 

Orlando INTL Airport, FL................ 41808........................ 26,672,885.23 

Orlando Sanford INTL Airport, 

FL ................................................... 41809........................ 798,878.71 

Sarasota/Bradenton, FL (ICE).... 41811.................... 129.50 

St. Petersburg, FL.......................... 41814........................ 9,113,959.05 

Cape Canaveral, FL....................... 41816........................ 6,654,625.57 

Panama City, FL ............................ 41818........................ 8,693,526.95 

Pensacola, FL ................................ 41819........................ 5,493,748.44 

Port Manatee, FL ........................... 41821........................ 26,101,937.73 

Ft. Myers, FL .................................. 41822........................ 209,542.13 

Naples Airport, FL .......................... 41880........................ 36,435.74 

Lakeland Linder Airport, FL............ 41881........................ 0.00 

Sarasota Bradenton INTL Airport, FL.... 41883........................ 35,867.74 

Daytona Beach International 

Airport, FL ................................. 41884........................ 22,856.82 

Melbourne INTL Airport, FL ........... 41885........................ 63,829.25 

Leesburg INTL Airport, FL ............. 41887........................ 3,421.21 

Orlando Executive Airport, FL........ 41888........................ 4,816.47 

St. Augustine, FL............................ 41889........................ 24,412.62 

Total District .................................................................. 1,108,895,745.21 

Mobile, Alabama: 

Mobile, AL ...................................... 51901........................ 613,627,312.74 

Gulfport, MS................................... 51902........................ 23,661,195.37 

Pascagoula, MS............................. 51903........................ 4,647,014.90 

Birmingham, AL.............................. 51904........................ 110,646,421.22 

Huntsville, AL ................................. 51910........................ 61,895,908.49 

Total District .................................................................. 814,477,852.72 

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001........................ 3,704,901.03 

New Orleans, LA............................ 52002........................ 513,659,252.00 

Little Rock, AR ............................... 52003........................ 11,881,236.62 

Baton Rouge, LA............................ 52004........................ 16,509,661.89 

Memphis, TN.................................. 52006........................ 1,526,495,879.75 

Nashville, TN.................................. 52007........................ 332,907,203.35 

Chattanooga, TN............................ 52008........................ 23,562,635.71 

Gramercy, LA................................. 52010........................ 24,798,754.50 

Greenville, MS................................ 52011........................ 33,792.20 

Vicksburg, MS................................ 52015........................ 34,551,506.99 

Knoxville, TN.................................. 52016........................ 62,098,349.53 

Lake Charles, LA............................ 52017........................ 5,190,856.97 

Shreveport/Bossier City, LA........... 52018........................ 2,775,240.50 

Tri-Cities Airport, TN........................... 52027........................ 314.01 

Rogers Municipal Airport, AR......... 52084........................ 11,313.29 

FedEx Memphis, TN........................... 52095........................ 819,334,220.55 

Total District .................................................................. 3,377,515,118.89 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101........................ 29,359,920.97 

Sabine, TX ..................................... 62102........................ 46,874.48 

Orange, TX..................................... 62103........................ 4,465.01 

Beaumont, TX ................................ 62104........................ 1,149,053.76 

Border Patrol Sector HQ, AZ...... 62150.................... 11,673.60 

Blythe Border Patrol, CA................ 62151........................ 12,430.50 

Yuma Border Patrol, AZ................. 62152........................ 14,677.99 

Wellton Border Patrol, AZ .............. 62153........................ 4,120.00 

Total District .................................................................. 30,603,216.31 

Laredo, Texas:

Border Patrol Sector HQ, 

TX................................................... 62250........................ 118,454.38 

 Laredo Del Mar Border Patrol, TX..... 62251........................ 378,237.95 

Cotulla Border Patrol, TX............... 62252........................ 24,900.00 

Hebbronville Border Patrol, TX...... 62253........................ 50,050.00 

Laredo South Border Patrol, TX .... 62254........................ 24,080.00 

Freer Border Patrol, TX.................. 62256........................ 35,050.00 

Zapata Border Patrol, TX............... 62258........................ 23,500.00 

Laredo West Border Patrol, TX...... 62259........................ 23,043.00 

Brownsville, TX .............................. 62301........................ 62,327,170.01 

Del Rio, TX..................................... 62302........................ 9,040,606.42 

Eagle Pass, TX .............................. 62303........................ 452,319,948.56 

Laredo, TX ..................................... 62304........................ 1,205,985,775.15 

Hidalgo, TX .................................... 62305........................ 176,070,581.05 

Rio Grande City, TX....................... 62307........................ 2,741,476.51 

Progreso, TX.................................. 62309........................ 1,283,310.90 

Roma, TX ....................................... 62310........................ 1,766,678.62 

Border Patrol Sector HQ, TX...... 62350.................... 178,617.94 

Comstock Border Patrol, TX .......... 62351........................ 11,175.15 

Carrizo Springs Border 

 Patrol, TX .................................... 62352........................ 69,585.44 

Del Rio Border Patrol, TX .............. 62353........................ 88,489.98 

Eagle Pass Border Patrol, TX........ 62354........................ 9,742.88 

Brackettville Border Patrol, TX....... 62355........................ 162,014.24 

Uvalde Border Patrol, TX............... 62356........................ 73,323.47 

Rocksprings Border Patrol, TX 62357........................ 5,500.00 

Border Patrol Sector HQ, TX ......... 62361........................ 147,173.19 

South Texas INTL Airport at 

Edinburg, TX......................................... 62381........................ 184.74 

Valley International Airport, 

 TX............................................... 62383........................ 277,044.98 

Total District .................................................................. 1,913,235,714.56 

El Paso, Texas: 

Ysleta, TX....................................... 62401........................ 241,296,963.48 

El Paso, TX .................................... 62402........................ 100,453,166.15 

Presidio, TX.................................... 62403........................ 1,225,935.83 

Tornillo, TX..................................... 62404........................ 135,068.33 

Columbus, NM ............................... 62406........................ 271,640.43 

Albuquerque, NM........................... 62407........................ 1,386,359.92 

Santa Teresa, NM.......................... 62408........................ 82,545,047.48 

Fort Hancock, TX........................ 62409.................... 24,938.41 

Santa Teresa Airport, NM........... 62481.................... 1,859.24 

Total District .................................................................. 427,340,979.27 

Nogales, Arizona:

Douglas, AZ ................................... 62601........................ 1,724,173.38 

Lukeville, AZ................................... 62602........................ 106,765.83 

Naco, AZ ........................................ 62603........................ 55,118.34 

Nogales, AZ ................................... 62604........................ 171,417,383.02 

Phoenix, AZ.................................... 62605........................ 133,835,715.11 

Sasabe, AZ .................................... 62606........................ 32,464.40 

San Luis, AZ................................... 62608........................ 4,981,780.42 

Tucson, AZ..................................... 62609........................ 7,295,097.81 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021
32

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

Nogales, AZ - continued 

Border Patrol Sector HQ, AZ............ 62650...................... 16,370.90 

Casa Grande Border Patrol, AZ ....... 62651...................... 130,196.83 

Tucson Border Patrol, AZ................. 62652...................... 118,609.25 

Nogales Border Patrol, AZ ............... 62653...................... 92,121.51 

Willcox Border Patrol, AZ ................. 62654...................... 68,533.00 

Douglas Border Patrol, AZ ............... 62655...................... 42,757.04 

Ajo Border Patrol, AZ........................ 62656...................... 40,882.57 

Naco Border Patrol, AZ .................... 62657...................... 84,794.94 

Sonoita Border Patrol, AZ ................ 62658...................... 123,331.00 

Scottsdale Airport, AZ....................... 62681...................... 46,345.23 

Phoenix-Mesa Gateway Airport, 

AZ ..................................................... 62682...................... 19,844.51 

Total District..................................................... 320,232,285.09 

Houston, Texas: 

Houston, TX...................................... 65301...................... 3,279,471,752.71 

Texas City, TX .................................. 65306...................... 8,306,666.72 

George Bush 

 Intercontinental Airport, TX............ 65309...................... 141,941,138.93 

Galveston, TX................................... 65310...................... 35,060,765.25 

Freeport, TX...................................... 65311...................... 53,143,420.78 

Corpus Christi, TX ............................ 65312...................... 36,534,080.21 

Port Lavaca, TX................................ 65313...................... 20,433,343.38 

William P Hobby Airport, TX............. 65314...................... 28,767.72 

Border Patrol Sector HQ, TX............ 65350...................... 10,148.00 

Mercedes Border 

 Patrol, TX....................................... 65351...................... 235,564.00 

Falfurrias Border Patrol, TX.............. 65352...................... 358,471.00 

Rio Grande City Border Patrol, TX... 65353...................... 24,761.11 

McAllen Border Patrol, TX................ 65354...................... 66,162.18 

Brownsville Border Patrol, TX .......... 65355...................... 7,100.00 

Harlingen Border Patrol, TX ............. 65356...................... 3,750.00 

Kingsville Border Patrol, TX ............. 65357...................... 188,449.50 

Fort Brown Border Patrol, TX........... 65358...................... 4,787.00 

Corpus Christi Border Patrol, TX...... 65359...................... 8,233.00 

Sugar Land Regional Airport, TX ..... 65381...................... 87,221.24 

Conroe-North Houston Reg Airport, TX ... 65382...................... 69,158.27 

Total District................................................................... 3,575,983,741.00 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501...................... 2,564,137,097.46 

Amarillo, TX ...................................... 65502...................... 3,990.21 

Lubbock, TX...................................... 65503...................... 721,494.29 

Oklahoma City, OK........................... 65504...................... 34,567,414.14 

Tulsa, OK.......................................... 65505...................... 17,396,099.68 

Austin, TX ......................................... 65506...................... 33,194,147.37 

San Antonio, TX ............................... 65507...................... 16,774,312.99 

Border Patrol Sector HQ, TX............ 65550...................... 22,091.00 

Presidio Border Patrol, TX................ 65553...................... 39,119.00 

Marfa Border Patrol, TX.................... 65554...................... 49,424.64 

Fort Stockton Border Patrol, TX.... 65556.................. 4,883.00 

Sanderson Border Patrol, TX ........... 65557...................... 10,500.00 

Alpine Border Patrol, TX................... 65558...................... 42,024.17 

Sierra Blanca Border Patrol, TX....... 65560...................... 76,908.00 

Van Horn Border Patrol, TX ............. 65561...................... 24,626.00 

Midland Border Patrol, TX................ 65562...................... 0.00 

Midland International Airport, TX...... 65582...................... 44,140.41 

Fort Worth Alliance Airport, TX......... 65583...................... 6,811,023.65 

Addison Airport, TX .......................... 65584...................... 90,809.94 

McKinney National Airport, TX............ 65585...................... 18,648.87 

Kelly Field, TX................................... 65587...................... 0.00 

Dallas Love Field Airport, TX............ 65588...................... 289,526.03 

Fort Worth Meacham INTL 

Airport, TX......................................... 65589...................... 46,605.33 

Total District................................................................... 2,674,364,886.18 

San Diego, California:

San Diego, CA.................................. 72501...................... 141,813,360.12 

Andrade, CA ..................................... 72502...................... 247,900.82 

Calexico, CA..................................... 72503...................... 17,746.00 

San Ysidro, CA................................. 72504...................... 3,322,107.28 

Tecate, CA........................................ 72505...................... 3,126,999.45 

Otay Mesa, CA ................................. 72506...................... 229,977,352.65 

Calexico East, CA............................. 72507...................... 43,044,467.19 

Indio Border Patrol, CA..................... 72551...................... 500.00 

McClellan-Palomar Airport, CA ....... 72581...................... 79,638.58 

Brown Field Border Patrol, CA ......... 75653...................... 0.00 

Total District................................................................... 421,630,072.09 

Los Angeles, California: 

Los Angeles, CA............................... 72704...................... 22,351,115,181.73 

Port San Luis Harbor, CA................. 72707...................... 0.00 

Long Beach, CA ............................... 72709...................... 280,710,949.45 

Ventura, CA.................................. 72712...................... 137.18 

Port Hueneme, CA ........................... 72713...................... 129,623,451.91 

Morro Bay, CA........................................... 72719...................... 0.00 

Los Angeles INTL Airport, CA.................. 72720...................... 1,672,905,678.32 

Ontario International Airport, CA.............. 72721...................... 581,924.71 

Las Vegas, NV.................................. 72722...................... 34,015,419.56 

FedEx Los Angeles, CA ................... 72775...................... 252,602.88 

IBC Los Angeles, CA........................... 72776...................... 82,405.77 

Micom Inglewood, CA....................... 72777...................... 57,151.05 

Palm Springs, CA ............................. 72781...................... 70,047.24 

San Bernardino INTL Airport, CA............ 72782...................... 61,245.34 

S. California Logistics Airport, CA....... 72783...................... 12,064,687.99 

John Wayne Airport, CA................... 72787...................... 146,360.16 

Van Nuys, CA ................................... 72788...................... 91,675.87 

DHL Los Angeles, CA....................... 72791...................... 201,665,419.95 

UPS Ontario, CA .............................. 72795...................... 95,398,749.59 

Total District............................................................. 24,778,843,088.70 

San Francisco, California: 

San Francisco International 

 Airport, CA .................................... 72801...................... 357,857,601.49 

Eureka, CA ....................................... 72802...................... 15,667.27 

Fresno, CA........................................ 72803...................... 58,618,417.87 

Monterey, CA.................................... 72805...................... 263.98 

San Francisco, CA............................ 72809...................... 2,125,724,771.54 

Stockton, CA..................................... 72810...................... 3,562,694.66 

Oakland International Airport, CA..... 72811...................... 221,873,858.47 

Richmond, CA................................... 72812...................... 820,245.22 

Crockett, CA ..................................... 72815...................... 0.00 

Martinez, CA..................................... 72820...................... 37,717.75 

Redwood City, CA ............................ 72821...................... 3,427.75 

San Pablo Bay, CA........................... 72829...................... 0.00 

Carquinez Strait, CA......................... 72830...................... 6,535,435.77 

Reno, NV .......................................... 72833...................... 12,457,877.53 

San Jose International Airport, CA... 72834...................... 387,648.91 

Sacramento International Airport, CA..... 72835...................... 7,245,945.20 

Fresno Yosemite INTL Airport, CA... 72882...................... 106,588.83 

FedEx Oakland, CA.......................... 72895...................... 159,728,594.02 

Total District................................................................... 2,954,976,756.26 
33

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2021

Portland, Oregon: 

Astoria, OR ....................................... 72901................... 1,093,408.51 

Newport, OR..................................... 72902................... 0.00 

Coos Bay, OR................................... 72903................... 190,815.28 

Portland, OR..................................... 72904................... 494,742,640.85 

Longview, WA................................... 72905................... 42,022,469.32 

Boise, ID ........................................... 72907................... 925,563.03 

Vancouver, WA................................. 72908................... 8,707,099.87 

Kalama, WA...................................... 72909................... 5,691,373.30 

Portland International Airport, OR.... 72910................... 4,364,488.70 

Brush, CO (ICE) .............................. 72919................... (52,000.00) 

Medford, OR ..................................... 72982................... 2,663,046.31 

Hillsboro Airport, OR......................... 72983................... 1,288.16 

Total District................................................................ 560,350,193.33 

Seattle, Washington: 

Seattle, WA....................................... 73001................... 1,445,699,328.40 

Tacoma, WA..................................... 73002................... 1,407,704,576.10 

Aberdeen, WA .................................. 73003................... 256,894.76 

Blaine, WA........................................ 73004................... 355,116,209.05 

Bellingham, WA ................................ 73005................... 5,925,503.43 

Everett, WA....................................... 73006................... 21,272,935.04 

Port Angeles, WA ............................. 73007................... 98,031.99 

Port Townsend, WA.......................... 73008................... 6,813.67 

Sumas, WA....................................... 73009................... 97,301,058.49 

Anacortes, WA.................................. 73010................... 4,773,673.10 

Nighthawk, WA................................. 73011................... 1,862.90 

Danville, WA ..................................... 73012................... 216,081.62 

Ferry, WA.......................................... 73013................... 187.30 

Friday Harbor, WA............................ 73014................... 531,009.19 

Boundary, WA................................... 73015................... 4,781,426.81 

Laurier, WA....................................... 73016................... 18,917,099.04 

Point Roberts, WA............................ 73017................... 314,466.63 

Oroville, WA...................................... 73019................... 21,960,279.22 

Frontier, WA...................................... 73020................... 1,722,276.04 

Spokane, WA.................................... 73022................... 12,819,976.22 

Kenneth G Ward Memorial 

Lynden, WA ...................................... 73023................... 157,136.67 

Metaline Falls, WA............................ 73025................... 606,332.01 

Olympia, WA..................................... 73026................... 122,798.77 

Neah Bay, WA .................................. 73027................... 0.00 

Seattle-Tacoma International 

 Airport, WA .................................... 73029................... 78,064,895.30 

UPS, Seattle, WA ............................. 73071................... 4,276,865.04 

Airborne Express Southeast, WA. 73074................ 144.29 

Grant County Airport, WA................. 73082................... 3,789,947.10 

Total District................................................................ 3,486,437,808.18 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 54,407.55 

Ketchikan, AK ................................... 73102................... 242,382.38 

Skagway, AK .................................... 73103................... 8,642.42 

Alcan, AK.......................................... 73104................... 806,864.82 

Wrangell, AK..................................... 73105................... 1,034.80 

Dalton Cache, AK............................. 73106................... 32,161.69 

Fairbanks, AK................................... 73111................... 70,091.29 

Sitka, AK........................................... 73115................... 3,685.06 

Anchorage, AK.................................. 73126................... 9,515,934.35 

FedEx Anchorage, AK...................... 73195................... 364,785,143.88 

UPS Anchorage, AK......................... 73196................... 1,499,338.56 

Total District................................................................ 377,019,686.80 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 63,917,846.97 

Hilo, HI .............................................. 73202................... 87,533.31 

Kahului, HI ........................................ 73203................... 110,444.60 

Nawiliwili-Port Allen, HI..................... 73204................... 38,102.46 

Honolulu Airport, HI .......................... 73205................... 4,701,732.33 

Kona, HI............................................ 73206................... 10,332.00 

FedEx Honolulu, HI....................... 73279................... 47,940,665.01 

Total District................................................................ 116,806,656.68 

Guam

Guam................................................ 73207................... 85,105.00 

Total District................................................................ 85,105.00 

Total Customs and Border Protection Collections 

 for fiscal year 2021 ..................................................... 98,842,053,706.18 
34

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. 
35

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) 

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

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

2019............................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2020............................... 26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

2021............................... 28,448,421 28,426,919 19,502 6,123,040 6,123,040 - 22,325,381 22,303,879 19,502 

2020 - Sept .................... 26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

Oct ..................... 27,155,572 27,135,477 20,095 6,019,517 6,019,517 - 21,136,055 21,115,960 20,095 

Nov..................... 27,466,498 27,446,288 20,210 6,078,238 6,078,238 - 21,388,260 21,368,050 20,210 

Dec..................... 27,768,006 27,747,798 20,208 6,096,382 6,096,382 - 21,671,624 21,651,416 20,208 

2021 - Jan...................... 27,804,680 27,784,553 20,127 6,121,360 6,121,360 - 21,683,320 21,663,193 20,127 

Feb..................... 27,922,267 27,902,364 19,903 6,127,521 6,127,521 - 21,794,746 21,774,843 19,903 

Mar..................... 28,152,398 28,132,570 19,828 6,125,707 6,125,707 - 22,026,691 22,006,863 19,828 

 Apr ..................... 28,194,469 28,174,714 19,755 6,098,072 6,098,072 - 22,096,397 22,076,642 19,755 

May .................... 28,218,691 28,199,008 19,683 6,153,591 6,153,591 - 22,065,100 22,045,417 19,683 

June ................... 28,549,263 28,529,436 19,827 6,175,904 6,175,904 - 22,373,359 22,353,532 19,827 

 July .................... 28,447,372 28,427,722 19,650 6,119,935 6,119,935 - 22,327,437 22,307,787 19,650 

Aug..................... 28,446,893 28,427,317 19,576 6,150,237 6,150,237 - 22,296,656 22,277,080 19,576 

Sept.................... 28,448,421 28,426,919 19,502 6,123,040 6,123,040 - 22,325,381 22,303,879 19,502 

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) 

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

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

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

2020 ............................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071 

2021 ............................... 28,448,421 64,433 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,832 22,287,019 

2020 - Sept .................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071 

Oct...................... 27,155,572 63,986 27,071,490 6,019,517 25,619 5,993,898 21,136,055 38,367 21,097,687 

Nov..................... 27,466,498 64,720 27,401,777 6,078,238 25,398 6,052,840 21,388,260 39,322 21,348,937 

Dec..................... 27,768,006 63,921 27,704,083 6,096,382 25,301 6,071,082 21,671,624 38,620 21,633,001 

2021 - Jan ...................... 27,804,680 64,127 27,740,552 6,121,360 25,354 6,096,007 21,683,320 38,773 21,644,545 

Feb ..................... 27,922,267 65,487 27,856,779 6,127,521 25,494 6,102,027 21,794,746 39,993 21,754,751 

Mar..................... 28,152,398 71,455 28,080,943 6,125,707 25,735 6,099,972 22,026,691 45,720 21,980,970 

 Apr ..................... 28,194,469 76,097 28,118,371 6,098,072 26,193 6,071,879 22,096,397 49,904 22,046,492 

May .................... 28,218,691 74,925 28,143,765 6,153,591 26,139 6,127,452 22,065,100 48,786 22,016,313 

June ................... 28,549,263 71,591 28,477,671 6,175,904 25,962 6,149,943 22,373,359 45,629 22,327,728 

 July..................... 28,447,372 65,857 28,381,513 6,119,935 25,871 6,094,064 22,327,437 39,986 22,287,449 

Aug..................... 28,446,893 65,310 28,381,583 6,150,237 25,728 6,124,509 22,296,656 39,582 22,257,074 

Sept.................... 28,448,421 64,433 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,832 22,287,019 
36

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) 

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

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

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

2020 .......................... 148,677 - 264 291,831 106,607 116,100 2,523

2021 .......................... 143,662 - 264 120,537 127,047 32,781 3,144

2020 - Sept ............... 148,677 - 264 291,831 106,607 116,100 2,523

Oct................. 148,286 - 264 297,682 116,844 111,102 2,672

Nov................ 147,882 - 264 300,591 116,269 111,108 2,700

Dec................ 147,130 - 264 296,812 115,786 111,112 2,793

2021 - Jan ................. 146,655 - 264 299,532 114,583 53,074 2,800

Feb ................ 146,320 - 264 299,601 117,109 53,074 2,826

Mar................ 145,793 - 264 297,423 121,684 53,075 2,799

 Apr ................ 145,269 - 264 296,675 123,708 53,075 2,911

May ............... 144,915 - 264 298,295 125,339 53,075 2,955

June .............. 144,693 - 264 299,575 122,755 44,571 3,052

 July................ 144,382 - 264 281,874 135,428 44,572 3,075

Aug................ 144,020 - 264 24,175 129,562 44,573 3,060

Sept............... 143,662 - 264 120,537 127,047 32,781 3,144

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) 

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

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

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

2020 .......................... 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002 

2021 .......................... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

2020 - Sept ............... 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002 

Oct................. 21,633,001 20,420,124 4,984,441 10,721,511 2,691,618 1,544,239 478,315 676,850 

Nov................ 21,349,472 20,670,657 4,942,664 10,911,912 2,781,069 1,560,512 474,500 678,814 

Dec................ 21,632,419 20,958,523 4,963,056 11,084,744 2,833,625 1,578,599 498,499 673,896 

2021 - Jan ................. 21,643,915 21,027,007 4,953,849 11,165,664 2,859,903 1,549,101 498,490 616,908 

Feb ................ 21,755,737 21,136,544 4,857,868 11,305,192 2,913,929 1,559,328 500,226 619,194 

Mar................ 21,986,939 21,365,900 4,667,846 11,590,088 3,000,423 1,581,333 526,210 621,038 

 Apr ................ 22,056,055 21,434,152 4,538,683 11,776,025 3,056,509 1,561,548 501,387 621,903 

May ............... 22,020,939 21,396,096 4,375,781 11,821,157 3,087,149 1,584,621 527,387 624,843 

June .............. 22,329,823 21,714,913 4,273,670 12,097,216 3,173,226 1,617,396 553,405 614,910 

 July................ 22,284,628 21,675,033 4,140,792 12,176,507 3,201,102 1,603,247 553,383 609,595 

Aug................ 22,254,544 21,908,889 4,036,835 12,403,488 3,287,357 1,627,920 553,288 345,654 

Sept............... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 
37

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) 

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

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

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

2020 ..................... 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

2021 ..................... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

2020 - Sept .......... 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

Oct............ 2,786,189 882 131,420 24,465 1,869 14,050 363 62,097 1,849,842

Nov........... 2,800,868 882 71,036 24,576 1,906 13,677 476 57,707 1,953,187

Dec........... 2,793,146 882 142,775 24,029 1,851 16,052 654 59,468 1,890,383

2021 - Jan ............ 2,814,839 882 139,117 22,927 1,800 16,182 571 56,126 1,918,988

Feb ........... 2,797,938 882 172,681 23,056 1,753 16,009 604 55,326 1,903,510

Mar........... 2,787,279 882 177,660 22,403 1,697 25,770 667 55,152 1,903,614

 Apr ........... 2,800,686 882 153,709 18,439 1,650 22,004 726 42,160 1,906,482

May .......... 2,787,919 882 180,596 18,523 1,615 22,494 485 56,028 1,921,171

June ......... 2,785,928 882 177,726 17,560 1,607 23,179 502 62,576 1,924,703

 July........... 2,779,001 882 149,550 14,703 1,560 24,149 628 52,365 1,909,548

Aug........... 2,763,094 882 173,498 13,671 1,519 24,281 740 60,183 1,664,717

Sept.......... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

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) 

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

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

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

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2020 - Sept ....... 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

Oct......... 6,314,081 20,552 106,072 49,176 11,171 95,802 971,125 119,479 69,527 

Nov........ 6,375,655 19,789 108,864 49,217 11,165 95,138 967,720 130,884 68,563 

Dec........ 6,390,322 18,205 110,403 49,253 11,166 90,703 976,112 134,505 70,735 

2021 - Jan ......... 6,418,212 17,420 108,611 49,306 11,166 97,789 971,807 137,918 52,763 

Feb ........ 6,424,251 17,426 109,660 49,858 11,159 96,888 967,819 127,692 71,990 

Mar........ 6,420,855 17,082 112,485 49,759 11,159 97,106 963,956 120,954 73,230 

 Apr ........ 6,392,633 17,020 112,291 49,722 12,793 99,862 960,504 118,615 75,088 

May ....... 6,451,133 17,283 111,133 49,692 12,789 99,752 956,515 136,163 78,093 

June ...... 6,475,076 17,441 114,403 49,028 22,838 97,756 966,224 133,123 79,600 

 July........ 6,401,459 17,619 111,127 49,697 22,839 97,420 962,098 116,012 92,261 

Aug........ 6,173,650 17,661 114,408 50,187 22,836 97,068 947,947 127,759 93,199 

Sept....... 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 
38

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) 

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

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

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

2020 ............................ 20,151 19 58 20,075 * *

2021 ............................ 19,502 19 45 19,438 * *

2020 - Sept ................. 20,151 19 58 20,075 * *

Oct................... 20,095 19 58 20,018 * *

Nov.................. 20,210 19 58 20,133 * *

Dec.................. 20,208 19 59 20,130 * *

2021 - Jan ................... 20,127 19 59 20,049 * *

Feb .................. 19,903 19 51 19,833 * *

Mar.................. 19,828 19 51 19,758 * *

 April.................. 19,755 19 52 19,684 * *

May ................. 19,683 19 52 19,612 * *

June ................ 19,827 19 52 19,756 * *

 July.................. 19,650 19 53 19,578 * *

Aug.................. 19,576 19 45 19,513 * *

Sept................. 19,502 19 45 19,438 * *

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
39

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) 

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

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

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

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

2020 - Sept..................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

Oct...................... 15,769,769 6,342,837 5,443,753 2,325,158 242,348 1,415,673 57 

Nov ..................... 16,078,428 6,330,355 5,635,499 2,389,470 301,145 1,421,959 58 

Dec ..................... 16,284,139 6,361,468 5,716,708 2,454,885 317,935 1,433,143 58 

2021 - Jan ...................... 16,144,933 6,367,936 5,599,900 2,415,636 315,069 1,446,391 58

Feb ..................... 16,230,397 6,281,711 5,728,953 2,422,721 351,910 1,445,103 59 

Mar ..................... 16,438,546 6,102,024 5,923,038 2,560,765 395,746 1,456,974 60 

 Apr...................... 16,432,951 6,000,621 5,919,098 2,631,745 412,677 1,468,811 61

May..................... 16,241,507 5,853,774 5,896,838 2,595,751 420,066 1,475,078 62 

June.................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62 

 July..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63

Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64 

Sept.................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

Note—Detail may not add to totals due to rounding. 
40

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) 

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

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

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

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

2020 – Sept2........................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

Oct2............................. - 27,420,529 27,420,529 - 27,446,288 - 25,759

Nov2............................ - 27,109,188 27,109,188 - 27,135,477 - 26,288

Dec3............................ - 27,721,341 27,721,341 - 27,747,798 - 26,457

2021 – Jan3 ............................ - 27,757,191 27,757,191 - 27,784,553 - 27,362

Feb4 ............................ - 27,871,301 27,871,301 - 27,902,364 - 31,063

Mar4 ............................ - 28,100,561 28,100,561 - 28,132,570 - 32,009

 Apr4 ............................ - 28,143,582 28,143,582 - 28,174,714 - 31,132

May4 ........................... - 28,168,249 28,168,249 - 28,199,008 - 30,759

June4 .......................... - 28,501,528 28,501,528 - 28,529,436 - 27,907

 July4............................ - 28,401,438 28,401,438 - 28,427,722 - 26,284

Aug4............................ 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879

Sept4........................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

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

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

Debt Limit was suspended through December 8, 2017.

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

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

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

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

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

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

suspended through March 1, 2019.
41

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) 

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

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

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

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ....................................... 1,809,674 31,592 21,196 30,286 658 317

2020 - Sept ............................ 1,813,390 43,575 21,396 30,483 637 363

Oct.............................. 1,843,219 28,117 21,504 30,668 636 363

Nov............................. 1,862,833 34,099 21,598 30,963 642 363

Dec............................. 1,859,398 28,781 21,756 31,298 648 363

2021 - Jan .............................. 1,817,313 29,585 21,881 31,417 651 363

Feb ............................. 1,823,065 29,428 21,698 31,569 653 363

Mar............................. 1,840,824 27,661 20,095 28,819 571 363

 Apr ............................. 1,838,936 27,823 20,171 28,940 578 363

May ............................ 1,840,653 27,637 20,280 29,093 582 363

June ........................... 1,798,723 27,746 20,425 29,317 585 363

 July............................. 1,869,619 27,596 20,425 29,319 585 363

Aug............................. 1,918,353 28,636 21,182 30,141 656 317

Sept............................ 1,809,674 31,592 21,196 30,286 658 317

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) 

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

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

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

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2021 ....................................... 1,221,381 5,629 66,271 10 70,500

2020 - Sept ............................ 1,249,871 5,649 44,722 30 71,373

Oct ............................. 1,292,454 5,649 51,817 30 71,974

Nov............................. 1,292,456 5,640 51,817 30 72,681

Dec............................. 1,292,020 5,643 51,817 30 72,366

2021 - Jan.............................. 1,310,294 5,580 51,817 36 72,547

Feb............................. 1,310,294 5,530 51,817 36 72,875

Mar............................. 1,326,753 5,552 51,817 36 71,477

 Apr ............................. 1,326,766 5,510 51,817 30 68,686

May ............................ 1,326,766 5,628 51,817 30 69,467

June ........................... 1,291,837 5,762 51,817 30 69,963

 July ............................ 1,326,667 5,870 70,044 30 70,223

Aug............................. 1,325,568 5,867 70,044 10 70,624

Sept............................ 1,221,381 5,629 66,271 10 70,500
42

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) 

2017 ...................................... 24,645 3,712 7,693 63,739

2018 ...................................... 20,213 3,725 11,212 56,699

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2021 ...................................... 14,531 4,567 262,655 80,081

2020 - Sept ........................... 15,388 4,384 176,174 149,345

Oct............................. 15,389 4,852 176,174 143,592

Nov............................ 15,390 5,745 188,096 143,313

Dec............................ 15,389 5,271 188,096 145,920

2021 - Jan ............................. 15,390 6,222 188,096 83,434

Feb ............................ 15,390 6,611 192,965 83,836

Mar............................ 15,390 7,001 192,965 92,324

 Apr ............................ 15,390 7,399 192,982 92,481

May ........................... 15,390 7,776 192,982 92,842

June .......................... 15,391 3,375 197,982 84,130

 July............................ 15,391 3,790 214,982 84,334

Aug............................ 14,431 4,145 264,070 82,662

Sept........................... 14,531 4,567 262,655 80,081

Note—Detail may not add to totals due to rounding. 
43

 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: JULY-SEPTEMBER 

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

JULY 

Auction of 42-Day Cash Management Bills 

On June 24, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were 

issued July 1 and matured August 12. The issue was to raise new cash of approximately $40,000 million. 

Treasury auctioned the bills on June 29. Tenders totaled $137,062 million; Treasury accepted $40,002 

million, including $11 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.050 percent. 

Auction of 119-Day Cash Management Bills 

On June 29, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued July 6 and will mature November 2. The issue was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on June 30. Tenders totaled $145,754 million; Treasury accepted 

$35,002 million, including $8 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.050 percent. 

Auction of 42-Day Cash Management Bills 

On July 1, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued 

July 8 and matured August 19. The issue was to raise new cash of approximately $40,000 million. 

Treasury auctioned the bills on July 6. Tenders totaled $147,926 million; Treasury accepted $40,002 
44

million, including $16 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.045 percent. 

Auction of 119-Day Cash Management Bills 

On July 6, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued 

July 13 and will mature November 9. The issue was to raise new cash of approximately $35,000 million. 

Treasury auctioned the bills on July 7. Tenders totaled $133,497 million; Treasury accepted $35,001 

million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 

0.050 percent. 

Auction of 42-Day Cash Management Bills 

On July 8, 2021, Treasury announced it would auction $35,000 million of 42-day bills. They were issued 

July 15 and matured August 26. The issue was to raise new cash of approximately $35,000 million. 

Treasury auctioned the bills on July 13. Tenders totaled $136,195 million; Treasury accepted $35,001 

million, including $21 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.045 percent. 

Auction of 52-Week Bills 

On July 8, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They 

were issued July 15 and will mature July 14, 2022. The issue was to refund $181,995 million of all 

maturing bills and to pay down approximately $7,995 million. Treasury auctioned the bills on July 13. 

Tenders totaled $117,594 million; Treasury accepted $34,000 million, including $207 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,166 

million from Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 3-Year Notes 

On July 8, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to 

refund $55,992 million of securities maturing July 15 and to raise new cash of approximately $64,008 

million. 

The 3-year notes of Series AQ-2024 were dated and issued July 15. They are due July 15, 2024, with 

interest payable on January 15 and July 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 notes before 11:00 a.m. Eastern Time (ET) for noncompetitive tenders 

and before 11:30 a.m. ET for competitive tenders on July 12. Tenders totaled $139,844 million; Treasury 

accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high yield of 0.426 percent with an equivalent price of $99.848134. Treasury accepted in full all 

competitive tenders at yields lower than 0.426 percent. Tenders at the high yield were allotted 52.23 

percent. The median yield was 0.380 percent, and the low yield was 0.080 percent. Noncompetitive 

tenders totaled $38 million. Competitive tenders accepted from private investors totaled $57,962 million. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $9,548 

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 AQ-2024 is $100. 
TREASURY FINANCING: JULY-SEPTEMBER, continued 

45

Auction of 9-Year 10-Month 1-5/8 Percent Notes 

On July 8, 2021, Treasury announced it would auction $38,000 million of 9-year 10-month 1-5/8 percent 

notes. The issue was to refund $55,992 million of securities maturing July 15 and to raise new cash of 

approximately $64,008 million. 

The 9-year 10-month 1-5/8 percent notes of Series C-2031 were dated May 15 and issued July 15. They 

are due May 15, 2031, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 12. Tenders totaled $90,719 million; Treasury accepted $38,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 1.371 percent with an equivalent price of $102.328230. Treasury accepted in full all competitive

tenders at yields lower than 1.371 percent. Tenders at the high yield were allotted 52.61 percent. The

median yield was 1.314 percent, and the low yield was 1.243 percent. Noncompetitive tenders totaled $10

million. Competitive tenders accepted from private investors totaled $37,990 million. Accrued interest of

$2.69361 per $1,000 must be paid for the period from May 15 to July 15.

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $6,256 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series C-2031 is $100. 

Auction of 29-Year 10-Month 2-3/8 Percent Bonds 

On July 8, 2021, Treasury announced it would auction $24,000 million of 29-year 10-month 2-3/8 percent 

bonds. The issue was to refund $55,992 million of securities maturing July 15 and to raise new cash of 

approximately $64,008 million. 

The 29-year 10-month 2-3/8 percent bonds of May 2051 were dated May 15 and issued July 15. They are 

due May 15, 2051, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 13. Tenders totaled $52,633 million; Treasury accepted $24,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 2.000 percent with an equivalent price of $108.392467. Treasury accepted in full all competitive

tenders at yields lower than 2.000 percent. Tenders at the high yield were allotted 62.83 percent. The

median yield was 1.900 percent, and the low yield was 1.870 percent. Noncompetitive tenders totaled $1

million. Competitive tenders accepted from private investors totaled $23,999 million. Accrued interest of

$3.93682 per $1,000 must be paid for the period from May 15 to July 15.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,951 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

May 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On July 13, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued July 20 and will mature November 16. The issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on July 14. Tenders totaled $119,970 million; Treasury accepted 
46

$30,003 million, including $1 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.050 percent. 

Auction of 42-Day Cash Management Bills 

On July 15, 2021, Treasury announced it would auction $35,000 million of 42-day bills. They were issued 

July 22 and matured September 2. The issue was to raise new cash of approximately $35,000 million. 

Treasury auctioned the bills on July 20. Tenders totaled $138,869 million; Treasury accepted $35,001 

million, including $16 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.045 percent. 

Auction of 119-Day Cash Management Bills 

On July 20, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued July 27 and will mature November 23. The issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on July 21. Tenders totaled $125,424 million; Treasury accepted 

$30,001 million, including $6 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.050 percent. 

Auction of 42-Day Cash Management Bills 

On July 22, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were issued 

July 29 and matured September 9. The issue was to raise new cash of approximately $20,000 million. 

Treasury auctioned the bills on July 27. Tenders totaled $88,130 million; Treasury accepted $20,001 

million, including $13 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.040 percent. 

Auction of 10-Year Treasury Inflation Protected Security (TIPS) 

On July 15, 2021, Treasury announced it would auction $16,000 million of 10-year TIPS. The issue was 

to raise new cash of approximately $16,000 million. 

The 10-year TIPS of Series D-2031 were dated July 15 and issued July 30. They are due July 15, 2031, 

with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 0-1/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 22. Tenders totaled $39,942 million; Treasury accepted $16,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of -1.016 percent with an equivalent adjusted price of $112.423650. Treasury accepted in full all

competitive tenders at yields lower than -1.016 percent. Tenders at the high yield were allotted 11.24

percent. The median yield was -1.077 percent, and the low yield was -1.880 percent. Noncompetitive

tenders totaled $30 million. Competitive tenders accepted from private investors totaled $15,970 million.

Adjusted accrued interest of $0.05115 per $1,000 must be paid for the period from July 15 to July 30.

Both the unadjusted price of $111.990248 and the unadjusted accrued interest of $0.05095 were adjusted

by an index ratio of 1.00387, for the period from July 15 to July 30. The minimum par amount required

for STRIPS of TIPS of Series D-2031 is $100.

AUGUST 

Auction of 19-Year 10-Month 2-1/4 Percent Bonds 
TREASURY FINANCING: JULY-SEPTEMBER, continued 

47

On July 15, 2021, Treasury announced it would auction $24,000 million of 19-year 10-month 2-1/4 

percent bonds. The issue was to refund $141,252 million of securities maturing July 31 and to raise new 

cash of approximately $93,748 million. 

The 19-year 10-month 2-1/4 percent bonds of May 2041 were dated May 15 and issued August 2. They 

are due May 15, 2041, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 21. Tenders totaled $55,895 million; Treasury accepted $24,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 1.890 percent with an equivalent price of $105.917067. Treasury accepted in full all competitive

tenders at yields lower than 1.890 percent. Tenders at the high yield were allotted 22.24 percent. The

median yield was 1.800 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $1

million. Competitive tenders accepted from private investors totaled $23,999 million. Accrued interest of

$4.83016 per $1,000 must be paid for the period from May 15 to August 2.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,298 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

May 2041 is $100. 

Auction of 2-Year Notes 

On July 22, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to 

refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 

million. 

The 2-year notes of Series BD-2023 were dated July 31 and issued August 2. They are due July 31, 2023, 

with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 0-1/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 26. Tenders totaled $148,278 million; Treasury accepted $60,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 0.213 percent with an equivalent price of $99.824943. Treasury accepted in full all competitive tenders

at yields lower than 0.213 percent. Tenders at the high yield were allotted 93.81 percent. The median

yield was 0.180 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $117

million. Competitive tenders accepted from private investors totaled $59,683 million. Accrued interest of

$0.00679 per $1,000 must be paid for the period from July 31 to August 2.

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $5,746 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BD-2023 is $100. 

Auction of 5-Year Notes 

On July 22, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to 

refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 

million. 
48

The 5-year notes of Series AB-2026 were dated July 31 and issued August 2. They are due July 31, 2026, 

with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 0-5/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 27. Tenders totaled $143,934 million; Treasury accepted $61,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 0.710 percent with an equivalent price of $99.583614. Treasury accepted in full all competitive tenders

at yields lower than 0.710 percent. Tenders at the high yield were allotted 1.38 percent. The median yield

was 0.660 percent, and the low yield was 0.599 percent. Noncompetitive tenders totaled $21 million.

Competitive tenders accepted from private investors totaled $60,929 million. Accrued interest of

$0.03397 per $1,000 must be paid for the period from July 31 to August 2.

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $5,842 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AB-2026 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On July 22, 2021, Treasury announced it would auction $28,000 million of 2-year FRNs. The issue was to 

refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 

million. 

The 2-year FRNs of Series BE-2023 were dated July 31 and issued August 2. They are due July 31, 2023, 

with interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury set a 

spread of 0.029 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on July 28. Tenders totaled $85,170 million; Treasury accepted 

$28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.029 percent with an equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.029 percent. Tenders at the high discount margin 

were allotted 61.87 percent. The median discount margin was 0.023 percent, and the low discount margin 

was 0.010 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from 

private investors totaled $27,980 million. Accrued interest of $0.000438924 per $100 must be paid for the 

period from July 31 to August 2. 

In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $2,681 

million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On July 22, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to 

refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 

million. 

The 7-year notes of Series N-2028 were dated July 31 and issued August 2. They are due July 31, 2028, 

with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 1 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 29. Tenders totaled $138,316 million; Treasury accepted $62,000
TREASURY FINANCING: JULY-SEPTEMBER, continued 

49

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield 

of 1.050 percent with an equivalent price of $99.663627. Treasury accepted in full all competitive tenders 

at yields lower than 1.050 percent. Tenders at the high yield were allotted 39.56 percent. The median 

yield was 0.985 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $9 million. 

Competitive tenders accepted from private investors totaled $61,991 million. Accrued interest of 

$0.05435 per $1,000 must be paid for the period from July 31 to August 2. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $5,937 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series N-2028 is $100. 

Auction of 119-Day Cash Management Bills 

On July 27, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 3 and will mature November 30. The issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on July 28. Tenders totaled $104,882 million; Treasury accepted 

$30,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.050 percent. 

Auction of 42-Day Cash Management Bills 

On July 29, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were issued 

August 5 and matured September 16. The issue was to raise new cash of approximately $20,000 million. 

Treasury auctioned the bills on August 3. Tenders totaled $87,041 million; Treasury accepted $20,001 

million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 

0.040 percent. 

Auction of 119-Day Cash Management Bills 

On August 3, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 10 and will mature December 7. The issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on August 4. Tenders totaled $123,279 million; Treasury accepted 

$30,001 million, including $4 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.050 percent. 

Auction of 42-Day Cash Management Bills 

On August 5, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were 

issued August 12 and matured September 23. The issue was to raise new cash of approximately $20,000 

million. Treasury auctioned the bills on August 10. Tenders totaled $80,018 million; Treasury accepted 

$20,000 million, including $12 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.040 percent. 

Auction of 52-Week Bills 

On August 5, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued August 12 and will mature August 11, 2022. The issue was to refund $181,997 million 

of all maturing bills and to pay down approximately $22,997 million. Treasury auctioned the bills on 

August 10. Tenders totaled $123,032 million; Treasury accepted $34,000 million, including $211 million 

of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent. 
50

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,847 

million from FRBs for their own accounts. 

August Quarterly Financing 

On Aug 4, 2021, Treasury announced it would auction $58,000 million of 3-year notes, $41,000 million 

of 10-year notes, and $27,000 million of 30-year bonds to refund $58,598 million of securities maturing 

August 15, 2021 and to raise new cash of approximately $67,402 million. 

The 3-year notes of Series AR-2024 were dated August 15 and issued August 16. They are due August 

15, 2024, with interest payable on February 15 and August 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 10. Tenders totaled $147,365 million; Treasury accepted

$58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.465 percent with an equivalent price of $99.732422. Treasury accepted in full all

competitive tenders at yields lower than 0.465 percent. Tenders at the high yield were allotted 14.81

percent. The median yield was 0.420 percent, and the low yield was 0.303 percent. Noncompetitive

tenders totaled $43 million. Competitive tenders accepted from private investors totaled $57,952 million.

Accrued interest of $0.01019 per $1,000 must be paid for the period from August 15 to August 16.

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $25,876 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AR-2024 is $100. 

The 10-year notes of Series E-2031 were dated August 15 and issued August 16. They are due August 15, 

2031, with interest payable on February 15 and August 15 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 ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on August 11. Tenders totaled $108,526 million; Treasury accepted

$41,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.340 percent with an equivalent price of $99.160510. Treasury accepted in full all

competitive tenders at yields lower than 1.340 percent. Tenders at the high yield were allotted 90.39

percent. The median yield was 1.315 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $15 million. Competitive tenders accepted from private investors totaled $40,985 million.

Accrued interest of $0.03397 per $1,000 must be paid for the period from August 15 to August 16.

In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $18,292 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series E-2031 is $100. 

The 30-year bonds of August 2051 were dated August 15 and issued August 16. They are due August 15, 

2051, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 2 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 12. Tenders totaled $59,626 million; Treasury accepted

$27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.040 percent with an equivalent price of $99.105786. Treasury accepted in full all
TREASURY FINANCING: JULY-SEPTEMBER, continued 

51

competitive tenders at yields lower than 2.040 percent. Tenders at the high yield were allotted 50.59 

percent. The median yield was 1.959 percent, and the low yield was 1.900 percent. Noncompetitive 

tenders totaled $3 million. Competitive tenders accepted from private investors totaled $26,997 million. 

Accrued interest of $0.05435 per $1,000 must be paid for the period from August 15 to August 16. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $12,046 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On August 10, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 17 and will mature December 14. The issue was to raise new cash of approximately 

$30,000 million. Treasury auctioned the bills on August 11. Tenders totaled $133,478 million; Treasury 

accepted $30,002 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.045 percent. 

Auction of 42-Day Cash Management Bills 

On August 12, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were 

issued August 19 and matured September 30. The issue was to raise new cash of approximately $20,000 

million. Treasury auctioned the bills on August 17. Tenders totaled $84,743 million; Treasury accepted 

$20,001 million, including $14 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.040 percent. 

Auction of 57-Day Cash Management Bills 

On August 12, 2021, Treasury announced it would auction $50,000 million of 57-day bills. They were 

issued August 19 and will mature October 15. The issue was to raise new cash of approximately $50,000 

million. Treasury auctioned the bills on August 17. Tenders totaled $135,928 million; Treasury accepted 

$50,000 million, including $18 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.065 percent. 

Auction of 119-Day Cash Management Bills 

On August 17, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 24 and will mature December 21. The issue was to raise new cash of approximately 

$30,000 million. Treasury auctioned the bills on August 18. Tenders totaled $117,941 million; Treasury 

accepted $30,000 million, including $1 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.045 percent. 

Auction of 67-Day Cash Management Bills 

On August 19, 2021, Treasury announced it would auction $40,000 million of 67-day bills. They were 

issued August 26 and will mature November 1. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on August 24. Tenders totaled $114,771 million; Treasury accepted 

$40,000 million, including $13 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.060 percent. 

Auction of 1-Year 11-Month 0.029 Percent FRNs 
52

On August 19, 2021, Treasury announced it would auction $26,000 million of 1-year 11-month 0.029 

percent FRNs. The issue was to raise new cash of approximately $26,000 million. 

The 1-year 11-month 0.029 percent FRNs of Series BE-2023 were dated July 31 and issued August 27. 

They are due July 31, 2023, with interest payable on October 31, January 31, April 30, and July 31 until 

maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on August 25. Tenders totaled $82,311 million; Treasury accepted 

$26,001 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.026 percent with an equivalent price of $100.005852. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.026 percent. Tenders at the high discount margin 

were allotted 91.04 percent. The median discount margin was 0.024 percent, and the low discount margin 

was 0.010 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from 

private investors totaled $25,987 million. Accrued interest of $0.006356157 per $100 must be paid for the 

period from July 31 to August 27. 

Auction of 119-Day Cash Management Bills 

On August 24, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 31 and will mature December 28. The issue was to raise new cash of approximately 

$30,000 million. Treasury auctioned the bills on August 25. Tenders totaled $116,379 million; Treasury 

accepted $30,003 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.050 percent. 

Auction of 20-Year Bonds 

On August 12, 2021, Treasury announced it would auction $27,000 million of 20-year bonds. The issue 

was to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately 

$134,868 million. 

The 20-year bonds of August 2041 were dated August 15 and issued August 31. They are due August 15, 

2041, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 

1-3/4 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on August 18. Tenders totaled $65,748 million; Treasury accepted

$27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.850 percent with an equivalent price of $98.336995. Treasury accepted in full all

competitive tenders at yields lower than 1.850 percent. Tenders at the high yield were allotted 31.99

percent. The median yield was 1.781 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $1 million. Competitive tenders accepted from private investors totaled $26,999 million.

Accrued interest of $0.76087 per $1,000 must be paid for the period from August 15 to August 31.

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $3,392 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2041 is $100. 

Auction of 29-Year 6-Month 0-1/8 Percent TIPS 
TREASURY FINANCING: JULY-SEPTEMBER, continued 

53

On August 12, 2021, Treasury announced it would auction $8,000 million of 29-year 6-month 0-1/8 

percent TIPS. The issue was to refund $83,132 million of securities maturing August 31 and to raise new 

cash of approximately $134,868 million. 

The 29-year 6-month 0-1/8 percent TIPS of February 2051 were dated August 15 and issued August 31. 

They are due February 15, 2051, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 19. Tenders totaled $18,734 million; Treasury accepted

$8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of -0.292 percent with an equivalent adjusted price of $117.718212. Treasury accepted in full all

competitive tenders at yields lower than -0.292 percent. Tenders at the high yield were allotted 90.35

percent. The median yield was -0.360 percent, and the low yield was -0.880 percent. Noncompetitive

tenders totaled $6 million. Competitive tenders accepted from private investors totaled $7,994 million.

Adjusted accrued interest of $0.05670 per $1,000 must be paid for the period from August 15 to August

31. Both the unadjusted price of $112.836888 and the unadjusted accrued interest of $0.05435 were

adjusted by an index ratio of 1.04326, for the period from August 15 to August 31.

In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $1,005 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

February 2051 is $100. 

Auction of 2-Year Notes 

On August 19, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was 

to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately 

$134,868 million. 

The 2-year notes of Series BF-2023 were dated and issued August 31. They are due August 31, 2023, 

with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 0-1/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 24. Tenders totaled $158,967 million; Treasury accepted

$60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.242 percent with an equivalent price of $99.766706. Treasury accepted in full all

competitive tenders at yields lower than 0.242 percent. Tenders at the high yield were allotted 17.47

percent. The median yield was 0.210 percent, and the low yield was 0.088 percent. Noncompetitive

tenders totaled $88 million. Competitive tenders accepted from private investors totaled $59,912 million.

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $7,539 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BF-2023 is $100. 

Auction of 5-Year Notes 

On August 19, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was 

to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately 

$134,868 million. 
54

The 5-year notes of Series AC-2026 were dated and issued August 31. They are due August 31, 2026, 

with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 0-3/4 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 25. Tenders totaled $143,311 million; Treasury accepted

$61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.831 percent with an equivalent price of $99.604103. Treasury accepted in full all

competitive tenders at yields lower than 0.831 percent. Tenders at the high yield were allotted 75.87

percent. The median yield was 0.775 percent, and the low yield was 0.710 percent. Noncompetitive

tenders totaled $32 million. Competitive tenders accepted from private investors totaled $60,963 million.

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $7,664 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AC-2026 is $100. 

Auction of 7-Year Notes 

On August 19, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was 

to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately 

$134,868 million. 

The 7-year notes of Series P-2028 were dated and issued August 31. They are due August 31, 2028, with 

interest payable on February 28 and August 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 ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 26. Tenders totaled $144,831 million; Treasury accepted

$62,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.155 percent with an equivalent price of $99.798822. Treasury accepted in full all

competitive tenders at yields lower than 1.155 percent. Tenders at the high yield were allotted 43.03

percent. The median yield was 1.099 percent, and the low yield was 0.990 percent. Noncompetitive

tenders totaled $14 million. Competitive tenders accepted from private investors totaled $61,986 million.

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $7,790 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series P-2028 is $100. 

SEPTEMBER 

Auction of 21-Day Cash Management Bills 

On August 26, 2021, Treasury announced it would auction $45,000 million of 21-day bills. They were 

issued September 2 and matured September 23. The issue was to raise new cash of approximately 

$45,000 million. Treasury auctioned the bills on August 31. Tenders totaled $129,798 million; Treasury 

accepted $45,000 million, including $3 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.040 percent. 

Auction of 119-Day Cash Management Bills 

On August 31, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued September 7 and will mature January 4, 2022. The issue was to raise new cash of approximately 
TREASURY FINANCING: JULY-SEPTEMBER, continued 

55

$30,000 million. Treasury auctioned the bills on September 1. Tenders totaled $149,779 million; Treasury 

accepted $30,001 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.045 percent. 

Auction of 21-Day Cash Management Bills 

On September 2, 2021, Treasury announced it would auction $45,000 million of 21-day bills. They were 

issued September 9 and matured September 30. The issue was to raise new cash of approximately 

$45,000 million. Treasury auctioned the bills on September 7. Tenders totaled $152,546 million; Treasury 

accepted $45,002 million, including $11 million of noncompetitive tenders from the public. The high 

bank discount rate was 0.050 percent. 

Auction of 52-Week Bills 

On September 2, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued September 9 and will mature September 8, 2022. The issue was to refund $162,006 

million of all maturing bills and to raise new cash of approximately $15,994 million. Treasury auctioned 

the bills on September 7. Tenders totaled $127,482 million; Treasury accepted $34,001 million, including 

$162 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $3,419 

million from FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On September 7, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued September 14 and will mature January 11, 2022. The issue was to raise new cash of approximately 

$30,000 million. Treasury auctioned the bills on September 8. Tenders totaled $131,353 million; Treasury 

accepted $30,002 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.045 percent. 

Auction of 3-Year Notes 

On September 2, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue 

was to refund $22,222 million of securities maturing September 15 and to raise new cash of 

approximately $97,778 million. 

The 3-year notes of Series AS-2024 were dated and issued September 15. They are due September 15, 

2024, with interest payable on March 15 and September 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 7. Tenders totaled $141,869 million; Treasury accepted

$58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.447 percent with an equivalent price of $99.785680. Treasury accepted in full all

competitive tenders at yields lower than 0.447 percent. Tenders at the high yield were allotted 57.12

percent. The median yield was 0.400 percent, and the low yield was 0.080 percent. Noncompetitive

tenders totaled $37 million. Competitive tenders accepted from private investors totaled $57,956 million.
56

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $6,176 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AS-2024 is $100. 

Auction of 9-Year 11-Month 1-1/4 Percent Notes 

On September 2, 2021, Treasury announced it would auction $38,000 million of 9-year 11-month 1-1/4 

percent notes. The issue was to refund $22,222 million of securities maturing September 15 and to raise 

new cash of approximately $97,778 million. 

The 9-year 11-month 1-1/4 percent notes of Series E-2031 were dated August 15 and issued September 

15. They are due August 15, 2031, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 8. Tenders totaled $98,573 million; Treasury accepted

$38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.338 percent with an equivalent price of $99.184765. Treasury accepted in full all

competitive tenders at yields lower than 1.338 percent. Tenders at the high yield were allotted 77.78

percent. The median yield was 1.288 percent, and the low yield was 1.230 percent. Noncompetitive

tenders totaled $9 million. Competitive tenders accepted from private investors totaled $37,991 million.

Accrued interest of $1.05299 per $1,000 must be paid for the period from August 15 to September 15.

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $4,046 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series E-2031 is $100. 

Auction of 29-Year 11-Month 2 Percent Bonds 

On September 2, 2021, Treasury announced it would auction $24,000 million of 29-year 11-month 2 

percent bonds. The issue was to refund $22,222 million of securities maturing September 15 and to raise 

new cash of approximately $97,778 million. 

The 29-year 11-month 2 percent bonds of August 2051 were dated August 15 and issued September 15. 

They are due August 15, 2051, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on September 9. Tenders totaled $59,660 million; Treasury accepted

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.910 percent with an equivalent price of $102.042432. Treasury accepted in full all

competitive tenders at yields lower than 1.910 percent. Tenders at the high yield were allotted 17.79

percent. The median yield was 1.860 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $2 million. Competitive tenders accepted from private investors totaled $23,998 million.

Accrued interest of $1.68478 per $1,000 must be paid for the period from August 15 to September 15.

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,556 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On September 14, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They 

were issued September 21 and will mature January 18, 2022. The issue was to raise new cash of 
TREASURY FINANCING: JULY-SEPTEMBER, continued 

57

approximately $30,000 million. Treasury auctioned the bills on September 15. Tenders totaled $130,577 

million; Treasury accepted $30,001 million, including $ million of noncompetitive tenders from the 

public. The high bank discount rate was 0.045 percent. 

Auction of 1-Year 10-Month 0.029 Percent FRNs 

On September 16, 2021, Treasury announced it would auction $26,000 million of 1-year 10-month 0.029 

percent FRNs. The issue was to raise new cash of approximately $26,000 million. 

The 1-year 10-month 0.029 percent FRNs of Series BE-2023 were dated July 31 and issued September 

24. They are due July 31, 2023, with interest payable on October 31, January 31, April 30, and July 31

until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on September 22. Tenders totaled $73,902 million; Treasury 

accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high discount margin of 0.026 percent with an equivalent price of $100.005620. Treasury accepted 

in full all competitive tenders at discount margins lower than 0.026 percent. Tenders at the high discount 

margin were allotted 78.99 percent. The median discount margin was 0.022 percent, and the low discount 

margin was 0.010 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted 

from private investors totaled $25,983 million. Accrued interest of $0.012042661 per $100 must be paid 

for the period from July 31 to September 24. 

Auction of 119-Day Cash Management Bills 

On September 21, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They 

were issued September 28 and will mature January 25, 2022. The issue was to raise new cash of 

approximately $30,000 million. Treasury auctioned the bills on September 22. Tenders totaled $101,218 

million; Treasury accepted $30,001 million, including $ million of noncompetitive tenders from the 

public. The high bank discount rate was 0.035 percent. 

Auction of 19-Year 11-Month 1-3/4 Percent Bonds 

On September 16, 2021, Treasury announced it would auction $24,000 million of 19-year 11-month 1-3/4 

percent bonds. The issue was to refund $82,611 million of securities maturing September 30 and to raise 

new cash of approximately $138,389 million. 

The 19-year 11-month 1-3/4 percent bonds of August 2041 were dated August 15 and issued September 

30. They are due August 15, 2041, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 21. Tenders totaled $56,568 million; Treasury accepted

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.795 percent with an equivalent price of $99.249087. Treasury accepted in full all

competitive tenders at yields lower than 1.795 percent. Tenders at the high yield were allotted 88.91

percent. The median yield was 1.740 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $1 million. Competitive tenders accepted from private investors totaled $23,999 million.

Accrued interest of $2.18750 per $1,000 must be paid for the period from August 15 to September 30.
58

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,890 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2041 is $100. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On September 16, 2021, Treasury announced it would auction $14,000 million of 9-year 10-month 0-1/8 

percent TIPS. The issue was to refund $82,611 million of securities maturing September 30 and to raise 

new cash of approximately $138,389 million. 

The 9-year 10-month 0-1/8 percent TIPS of Series D-2031 were dated July 15 and issued September 30. 

They are due July 15, 2031, with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on September 23. Tenders totaled $35,749 million; Treasury accepted

$14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of -0.939 percent with an equivalent adjusted price of $112.982468. Treasury accepted in full

all competitive tenders at yields lower than -0.939 percent. Tenders at the high yield were allotted 24.95

percent. The median yield was -1.000 percent, and the low yield was -1.080 percent. Noncompetitive

tenders totaled $13 million. Competitive tenders accepted from private investors totaled $13,987 million.

Adjusted accrued interest of $0.26637 per $1,000 must be paid for the period from July 15 to September

30. Both the unadjusted price of $110.937883 and the unadjusted accrued interest of $0.26155 were

adjusted by an index ratio of 1.01843, for the period from July 15 to September 30.

In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,686 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

Series D-2031 is $100. 

Auction of 2-Year Notes 

On September 23, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue 

was to refund $82,611 million of securities maturing September 30 and to raise new cash of 

approximately $138,389 million. 

The 2-year notes of Series BG-2023 were dated and issued September 30. They are due September 30, 

2023, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 

0-1/4 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30

a.m. ET for competitive tenders on September 27. Tenders totaled $136,826 million; Treasury accepted

$60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.310 percent with an equivalent price of $99.880464. Treasury accepted in full all

competitive tenders at yields lower than 0.310 percent. Tenders at the high yield were allotted 15.68

percent. The median yield was 0.280 percent, and the low yield was 0.200 percent. Noncompetitive

tenders totaled $94 million. Competitive tenders accepted from private investors totaled $59,906 million.

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $7,226 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BG-2023 is $100. 

Auction of 5-Year Notes 
TREASURY FINANCING: JULY-SEPTEMBER, continued 

59

On September 23, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue 

was to refund $82,611 million of securities maturing September 30 and to raise new cash of 

approximately $138,389 million. 

The 5-year notes of Series AD-2026 were dated and issued September 30. They are due September 30, 

2026, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 

0-7/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 27. Tenders totaled $144,330 million; Treasury accepted

$61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 0.990 percent with an equivalent price of $99.440349. Treasury accepted in full all

competitive tenders at yields lower than 0.990 percent. Tenders at the high yield were allotted 20.36

percent. The median yield was 0.936 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $39 million. Competitive tenders accepted from private investors totaled $60,956 million.

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $7,346 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AD-2026 is $100. 

Auction of 7-Year Notes 

On September 23, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue 

was to refund $82,611 million of securities maturing September 30 and to raise new cash of 

approximately $138,389 million. 

The 7-year notes of Series Q-2028 were dated and issued September 30. They are due September 30, 

2028, with interest payable on March 31 and September 30 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 ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 28. Tenders totaled $139,177 million; Treasury accepted

$62,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.332 percent with an equivalent price of $99.453681. Treasury accepted in full all

competitive tenders at yields lower than 1.332 percent. Tenders at the high yield were allotted 68.26

percent. The median yield was 1.270 percent, and the low yield was 0.880 percent. Noncompetitive

tenders totaled $23 million. Competitive tenders accepted from private investors totaled $61,977 million.

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $7,467 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series Q-2028 is $100. 
60

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) 

2021-July 01.................................................. 2021-Sep. 30 91 214,199.3 64,936.5 56,577.3 424.3 99.987361 0.050 0.051

Dec. 30 182 201,866.7 61,517.7 53,470.5 401.5 99.972194 0.055 0.056

July 06........................................................... Aug. 03 28 141,744.3 43,164.2 39,234.2 667.8 99.996111 0.050 0.051

Aug. 31 56 181,462.5 43,162.8 39,718.7 181.9 99.993000 0.045 0.046

July 08........................................................... Oct. 07 91 173,786.4 64,236.0 56,432.4 568.5 99.987361 0.050 0.051

2022-Jan. 06 182 200,626.4 60,854.7 53,587.5 412.9 99.974722 0.050 0.051

July 13........................................................... 2021-Aug. 10 28 138,215.9 43,259.0 39,263.1 640.0 99.996111 0.050 0.051

Sep. 07 56 169,394.0 43,256.6 39,785.8 164.9 99.993000 0.045 0.046

July 15........................................................... Oct. 14 91 171,063.1 60,620.2 53,312.8 590.6 99.987361 0.050 0.051

2022-Jan. 13 182 196,956.0 57,249.3 50,317.1 482.9 99.974722 0.050 0.051

July 20........................................................... 2021-Aug. 17 28 152,117.3 42,861.7 39,218.1 681.9 99.996500 0.045 0.046

Sep. 14 56 130,147.4 37,505.6 34,794.4 157.2 99.992222 0.050 0.051

July 22........................................................... Oct. 21 91 193,190.6 61,159.1 53,230.7 670.2 99.987361 0.050 0.051

2022-Jan. 20 182 185,038.0 57,762.5 50,531.1 470.9 99.974722 0.050 0.051

July 27........................................................... 2021-Aug. 24 28 139,698.6 43,431.4 39,352.2 648.5 99.996500 0.045 0.046

Sep. 21 56 148,896.4 38,003.9 34,829.3 172.8 99.993000 0.045 0.046

July 29........................................................... Oct. 28 91 188,568.0 60,739.2 53,339.0 562.7 99.987361 0.050 0.051

2022-Jan. 27 182 168,727.8 57,365.4 50,374.8 427.5 99.974722 0.050 0.051

Aug. 03.......................................................... 2021-Aug. 31 28 141,299.9 43,357.8 39,333.9 666.7 99.996500 0.045 0.046

Sep. 28 56 125,978.1 37,938.4 34,849.3 151.6 99.993000 0.045 0.046

Aug. 05.......................................................... Nov. 04 91 170,985.0 61,590.2 53,267.2 536.8 99.987361 0.050 0.051

2022-Feb. 03 182 172,747.8 58,167.6 50,366.7 436.2 99.972194 0.055 0.056

Aug. 10.......................................................... 2021-Sep. 07 28 137,132.6 43,482.1 39,306.0 694.9 99.996889 0.040 0.041

Oct. 05 56 122,606.1 38,046.1 34,831.5 168.7 99.992222 0.050 0.051

Aug. 12.......................................................... Nov. 12 92 176,933.2 60,110.3 53,234.9 565.2 99.987222 0.050 0.051

2022-Feb. 10 182 188,784.6 56,773.2 50,372.9 449.6 99.974722 0.050 0.051

Aug. 17.......................................................... 2021-Sep. 14 28 134,901.4 42,964.6 39,312.0 688.8 99.996500 0.045 0.046

Oct. 12 56 115,725.1 37,593.9 34,813.9 186.7 99.991444 0.055 0.056

Aug. 19.......................................................... Nov. 18 91 139,323.3 58,141.8 50,228.0 572.1 99.982306 0.070 0.071

2022-Feb. 17 182 144,595.3 54,722.2 47,289.2 511.5 99.974722 0.050 0.051

Aug. 24.......................................................... 2021-Sep. 21 28 124,732.8 38,588.5 34,369.3 631.9 99.996889 0.040 0.041

Oct. 19 56 111,320.1 33,076.6 29,714.4 187.4 99.991444 0.055 0.056

Aug. 26.......................................................... Nov. 26 92 173,793.8 56,643.7 50,235.1 566.5 99.985944 0.055 0.056

2022-Feb. 24 182 150,238.9 53,311.1 47,318.7 482.2 99.974722 0.050 0.051

Aug. 31.......................................................... 2021-Sep. 28 28 118,111.3 33,259.9 29,343.9 656.3 99.997278 0.035 0.035

Oct. 26 56 106,904.6 33,260.8 29,717.3 183.7 99.990667 0.060 0.061

Sep. 02.......................................................... Dec. 02 91 200,437.5 58,423.0 50,278.2 524.5 99.988625 0.045 0.046

2022-Mar. 03 182 158,782.6 54,986.8 47,400.0 402.9 99.972194 0.055 0.056

Sep. 07.......................................................... 2021-Oct. 05 28 99,285.2 28,063.9 24,343.9 657.7 99.997278 0.035 0.035

Nov. 02 56 94,220.0 33,676.1 29,724.5 176.8 99.989889 0.065 0.066

Sep. 09.......................................................... Dec. 09 91 201,098.6 56,129.8 50,367.6 533.3 99.988625 0.045 0.046

2022-Mar. 10 182 186,752.2 52,828.9 47,520.5 381.3 99.974722 0.050 0.051

Sep. 14.......................................................... 2021-Oct. 12 28 87,934.1 22,187.5 19,336.1 664.3 99.995333 0.060 0.061

Nov. 09 56 99,456.3 33,281.4 28,804.6 196.1 99.989889 0.065 0.066
Continued from PDO-1 61

Sep. 16........................................................... Dec. 16 91 175,694.1 53,293.8 47,313.2 566.9 99.989889 0.040 0.041

2022-Mar. 17 182 175,211.6 49,965.4 44,398.1 404.3 99.974722 0.050 0.051

Sep. 21........................................................... 2021-Oct. 19 28 61,589.9 17,196.5 14,263.6 636.5 99.995722 0.055 0.056

Nov. 16 56 107,929.9 34,393.6 29,674.4 226.4 99.991444 0.055 0.056

Sep. 23........................................................... Dec. 23 91 170,388.7 46,990.3 44,398.5 451.9 99.991153 0.035 0.035

2022-Mar. 24 182 165,096.9 46,990.6 44,344.8 455.8 99.977250 0.045 0.046

Sep. 28........................................................... 2021-Oct. 26 28 49,176.6 11,770.9 9,212.5 687.8 99.996111 0.050 0.051

Nov. 23 56 101,916.5 29,427.1 24,852.9 147.6 99.994556 0.035 0.035

Sep. 30........................................................... Dec. 30 91 148,421.4 49,215.2 41,590.8 409.6 99.991153 0.035 0.035

2022-Mar. 31 182 143,238.0 49,217.0 41,443.9 358.3 99.974722 0.050 0.051

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. 

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) 

06/29/21 07/01/21 0.050% CMB—08/12/21 42d 137,062 40,002

06/30/21 07/06/21 0.050% CMB—11/02/21 119d 145,754 35,002

07/06/21 07/08/21 0.045% CMB—08/19/21 42d 147,926 40,002

07/07/21 07/13/21 0.050% CMB—11/09/21 119d 133,497 35,001

07/13/21 07/15/21 0.045% CMB—08/26/21 42d 136,195 35,001 

07/13/21 07/15/21 0.075% bill—07/14/22 364d 121,760 38,166

07/12/21 07/15/21 0.375% note—07/15/24-AQ 3y 149,392 67,548 0.426 - 99.848134 

07/12/21 07/15/21 1.625% note—05/15/31-C 9y 10m 96,975 44,256 1.371 - 102.328230 

07/13/21 07/15/21 2.375% bond—05/15/51 29y 10m 56,584 27,951 2.000 - 108.392467 

07/14/21 07/20/21 0.050% CMB—11/16/21 119d 119,970 30,003

07/20/21 07/22/21 0.045% CMB—09/02/21 42d 138,869 35,001

07/21/21 07/27/21 0.050% CMB—11/23/21 119d 125,424 30,001

07/27/21 07/29/21 0.040% CMB—09/09/21 42d 88,130 20,001 

07/22/21 07/30/21 0.125% TIPS—07/15/31-D 10y 39,942 16,000 -1.016 - 112.423650 

07/21/21 08/02/21 2.250% bond—05/15/41 19y 10m 58,193 26,298 1.890 - 105.917067 

07/26/21 08/02/21 0.125% note—07/31/23-BD 2y 154,024 65,746 0.213 - 99.824943 

07/27/21 08/02/21 0.625% note—07/31/26-AB 5y 149,776 66,842 0.710 - 99.583614 

07/28/21 08/02/21 0.029% FRN—07/31/23-BE 2y 87,851 30,682 0.029 - 100.000000 

07/29/21 08/02/21 1.000% note—07/31/28-N 7y 144,253 67,937 1.050 - 99.663627 

07/28/21 08/03/21 0.050% CMB—11/30/21 119d 104,882 30,001 

08/03/21 08/05/21 0.040% CMB—09/16/21 42d 87,041 20,001

08/04/21 08/10/21 0.050% CMB—12/07/21 119d 123,279 30,001

08/10/21 08/12/21 0.040% CMB—09/23/21 42d 80,018 20,000 

08/10/21 08/12/21 0.080% bill—08/11/22 364d 126,879 37,847
62

Continued from PDO-2 

08/10/21 08/16/21 0.375% note—08/15/24-AR 3y 173,242 83,876 0.465 - 99.732422 

08/11/21 08/16/21 1.250% note—08/15/31-E 10y 126,818 59,292 1.340 - 99.160510 

08/12/21 08/16/21 2.000% bond—08/15/51 30y 71,672 39,046 2.040 - 99.105786 

08/11/21 08/17/21 0.045% CMB—12/14/21 119d 133,478 30,002 

08/17/21 08/19/21 0.040% CMB—09/30/21 42d 84,743 20,001 

08/17/21 08/19/21 0.065% CMB—10/15/21 57d 135,928 50,000 

08/18/21 08/24/21 0.045% CMB—12/21/21 119d 117,941 30,000 

08/24/21 08/26/21 0.060% CMB—11/01/21 67d 114,771 40,000 

08/25/21 08/27/21 0.029% FRN—07/31/23-BE 1y 11m 82,311 26,001 0.026 - 100.005852 

08/25/21 08/31/21 0.050% CMB—12/28/21 119d 116,379 30,003 

08/18/21 08/31/21 1.750% bond—08/15/41 20y 69,140 30,392 1.850 - 98.336995 

08/19/21 08/31/21 0.125% TIPS—02/15/51 29y 6m 19,739 9,005 -0.292 - 117.718212 

08/24/21 08/31/21 0.125% note—08/31/23-BF 2y 166,505 67,539 0.242 - 99.766706 

08/25/21 08/31/21 0.750% note—08/31/26-AC 5y 150,975 68,664 0.831 - 99.604103 

08/26/21 08/31/21 1.125% note—08/31/28-P 7y 152,621 69,790 1.155 - 99.798822 

08/31/21 09/02/21 0.040% CMB—09/23/21 21d 129,798 45,000 

09/01/21 09/07/21 0.045% CMB—01/04/22 119d 149,779 30,001 

09/07/21 09/09/21 0.050% CMB—09/30/21 21d 152,546 45,002 

09/07/21 09/09/21 0.075% bill—09/08/22 364d 130,901 37,420

09/08/21 09/14/21 0.045% CMB—01/11/22 119d 131,353 30,002

09/07/21 09/15/21 0.375% note—09/15/24-AS 3y 148,045 64,176 0.447 - 99.785680 

09/08/21 09/15/21 1.250% note—08/15/31-E 9y 11m 102,620 42,046 1.338 - 99.184765 

09/09/21 09/15/21 2.000% bond—08/15/51 29y 11m 62,216 26,556 1.910 - 102.042432 

09/15/21 09/21/21 0.045% CMB—01/18/22 119d 130,577 30,001 

09/22/21 09/24/21 0.029% FRN—07/31/23-BE 1y 10m 73,902 26,000 0.026 - 100.005620 

09/22/21 09/28/21 0.035% CMB—01/25/22 119d 101,218 30,001 

09/21/21 09/30/21 1.750% bond—08/15/41 19y 11m 59,458 26,890 1.795 - 99.249087 

09/23/21 09/30/21 0.125% TIPS—07/15/31-D 9y 10m 37,435 15,686 -0.939 - 112.982468 

09/27/21 09/30/21 0.250% note—09/30/23-BG 2y 144,053 67,226 0.310 - 99.880464 

09/27/21 09/30/21 0.875% note—09/30/26-AD 5y 151,676 68,347 0.990 - 99.440349 

09/28/21 09/30/21 1.250% note—09/30/28-Q 7y 146,644 69,467 1.332 - 99.453681 

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. 
63

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.) 
64

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) 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2020 - Sept...................................... 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

Oct....................................... 27,155,572 27,135,477 6,019,517 - 6,019,517 4,958,328 

Nov ...................................... 27,466,498 27,446,288 6,078,238 - 6,078,238 5,039,121 

Dec ...................................... 27,768,006 27,747,798 6,096,382 - 6,096,382 5,127,835 

2021 - Jan ....................................... 27,804,680 27,784,553 6,121,360 - 6,121,360 5,208,587 

Feb ...................................... 27,922,267 27,902,364 6,127,521 - 6,127,521 5,299,299 

Mar ...................................... 28,152,398 28,132,570 6,125,707 - 6,125,707 5,401,362 

 Apr....................................... 28,194,469 28,174,714 6,098,072 - 6,098,072 5,469,955 

May...................................... 28,218,691 28,199,008 6,153,591 - 6,153,591 5,555,127 

June..................................... 28,549,263 28,529,436 6,175,904 - 6,175,904 5,644,351 

 July...................................... 28,447,372 28,427,722 6,119,935 - 6,119,935 5,736,573 

Aug ...................................... 28,446,893 28,427,317 6,150,237 - 6,150,237 5,837,254 

Sept..................................... 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2017 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2018 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2019 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2020 ................................................ 22,719,402 16,347,340 478,637 21,455 21,455 - 

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2020 - Sept...................................... 16,164,654 15,501,967 662,687 20,151 20,151 - 

Oct....................................... 13,996,327 14,273,711 504,547 20,095 20,095 - 

Nov ...................................... 14,628,901 14,866,844 360,330 20,210 20,210 - 

Dec ...................................... 15,253,024 14,104,204 417,839 20,208 20,208 - 

2021 - Jan ....................................... 16,454,606 15,840,378 614,228 20,127 20,127 - 

Feb ...................................... 16,475,544 15,859,221 616,323 19,903 19,903 - 

Mar ...................................... 16,605,501 15,986,738 618,763 19,828 19,828 - 

 Apr....................................... 16,606,687 15,986,899 619,789 19,755 19,755 - 

May...................................... 16,490,290 15,866,200 624,090 19,683 19,683 - 

June..................................... 16,709,181 16,094,674 614,507 19,827 19,827 - 

 July...................................... 16,571,214 15,961,969 609,245 19,650 19,650 - 

Aug ...................................... 16,439,826 16,094,934 344,892 19,576 19,576 - 

Sept..................................... 16,394,280 15,967,103 427,176 19,502 19,502 - 

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. 
65

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) 

2021 - Sept........ 28,428.9 11,579.1 16,849.8 - 143.6 - - - - - - -

 June ....... 28,529.4 11,382.9 17,146.5 1,435.4 144.6 869.3 400.7 416.2 3,440.0 1,326.2 7,497.2 1,616.8 

 Mar......... 28,132.6 11,095.5 17,037.1 1,339.8 145.7 841.0 374.6 388.1 3,665.1 1,112.1 7,028.4 2,142.2 

2020 - Dec......... 27,747.8 10,809.2 16,938.6 1,264.9 147.1 864.4 354.2 398.2 3,552.9 1,111.9 7,070.8 2,174.1 

 Sept........ 26,945.4 10,371.9 16,573.5 1,240.9 148.6 846.0 327.0 413.3 3,531.8 1,057.7 7,069.2 1,939.0 

 June ....... 26,477.4 10,157.7 16,319.6 1,157.9 149.8 818.1 306.3 402.6 3,559.4 1,032.8 7,052.1 1,840.6 

 Mar......... 23,686.9 9,279.7 14,407.2 947.6 150.0 787.5 336.8 396.3 2,384.6 862.1 6,949.5 1,592.8 

2019 - Dec......... 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 344.2 368.7 2,350.6 793.1 6,844.2 2,349.0 

 Sept........ 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 346.4 366.5 2,217.3 766.8 6,923.5 2,322.4 

 June ....... 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.4 1,951.2 751.4 6,625.9 2,572.6 

 Mar......... 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.0 2,058.3 752.7 6,474.0 2,657.7 

2018 - Dec......... 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,023.3 713.2 6,270.1 2,581.5 

 Sept........ 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,898.2 730.7 6,225.9 2,476.0 

 June ....... 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,843.4 726.8 6,225.0 2,199.9 

 Mar......... 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 1,977.1 715.8 6,223.4 2,033.6 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,797.5 735.0 6,211.3 1,720.4 

 Sept........ 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,697.8 704.0 6,301.9 1,530.5 

 June ....... 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,608.5 710.1 6,151.9 1,605.8 

 Mar......... 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,669.1 724.6 6,075.3 1,588.4 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept........ 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June ....... 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar......... 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept........ 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June ....... 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar......... 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept........ 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June ....... 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar......... 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 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.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the 

FRB Flow of Funds Z.1 release series reporting this data. This new series is now being 

captured and “Insurance companies” data have been revised back to June 2013. 
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, Sept. 30, 2021 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,446,206,098,839 $2,396,007,176,031 $2,395,532,392,391 $238,941,666 $235,841,974

Less amounts held by: 

The Treasury....................................... 116,347,724 62,291,724 62,067,429 42,307 181,988

FRBs ................................................... 249,135,589,099 247,921,061,867 247,921,060,076 100 1,691

Amounts in circulation............................. $2,196,954,162,016 $2,148,023,822,440 $2,147,549,264,886 $238,899,259 $235,658,295

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $50,198,922,808 6,547,064,108 43,651,858,700 

Less amounts held by: 

The Treasury....................................... 54,056,000 48,770,000 5,286,000 

FRBs ................................................... 1,214,527,232 992,516,292 222,010,940 

Amounts in circulation .............................

$48,930,339,576 $5,505,777,816 $ 43,424,561,760 

See footnotes following table USCC-2. 

66
67

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2021 

[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 ................................................................................ $13,893,909,429 $13,754,293,207 $143,471 $139,472,751 

$2 ................................................................................ 2,797,974,216 2,666,548,124 131,413,518 12,574 

$5 ................................................................................ 16,795,750,805 16,666,084,935 107,355,370 22,310,500 

$10 .............................................................................. 22,870,000,880 22,850,277,870 5,110 19,717,900 

$20 .............................................................................. 239,058,451,360 239,038,347,200 600 20,103,560 

$50 .............................................................................. 120,023,011,650 120,011,520,450 -8,500 11,499,700 

$100 ............................................................................ 1,732,272,645,000 1,732,250,676,600 -19,400 21,987,800 

$500 ............................................................................ 141,734,500 141,540,500 4,000 190,000 

$1,000 ......................................................................... 165,139,000 164,926,000 5,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,440,000 3,340,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $ 2,148,023,822,440 $2,147,549,264,886 $ 238,899,259 $ 235,658,295 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Sept. 30, 2021...................................................................................... 2,196,954 6,600

Aug. 31, 2021....................................................................................... 2,190,901 6,588

July 31, 2021........................................................................................ 2,186,316 6,574

Sept. 30, 2020...................................................................................... 2,032,424 6,150

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

June 30, 1980 ...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund
69

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 
70

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) 

04/07/21 ................................................................. 2,206,026 2,233,724 -172 1.2614

04/14/21 ................................................................. 1,976,262 2,012,820 -142 1.2515

04/21/21 ................................................................. 1,931,636 1,942,170 -133 1.2484

04/28/21 ................................................................. 1,904,661 1,921,978 -77 1.2354

05/05/21 ................................................................. 1,952,734 1,975,917 -42 1.2262

05/12/21 ................................................................. 2,043,804 2,048,616 -92 1.2104

05/19/21 ................................................................. 1,963,558 1,967,299 -68 1.2089

05/26/21 ................................................................. 2,008,269 2,008,884 -89 1.2111

06/02/21 ................................................................. 2,036,221 2,044,142 -20 1.2047

06/09/21 ................................................................. 2,059,601 2,069,381 -106 1.2102

06/16/21 ................................................................. 1,860,322 1,872,765 -103 1.2165

06/23/21 ................................................................. 1,882,840 1,889,141 -224 1.2286

06/30/21 ............................................................ 1,972,051 1,977,487 -223 1.2404 

07/07/21 ................................................................. 1,906,421 1,915,016 -337 1.2506

07/14/21 ................................................................. 1,961,933 1,964,053 -153 1.2521

07/21/21 ................................................................. 1,912,177 1,919,448 -248 1.2538

07/28/21 ................................................................. 1,973,060 1,976,917 -228 1.2563

08/04/21 ................................................................. 1,960,900 1,960,127 -222 1.2551

08/11/21 ................................................................. 1,999,366 2,005,360 -78 1.2513

08/18/21 ................................................................. 1,928,048 1,934,813 -336 1.2638

08/25/21 ................................................................. 1,984,044 1,983,457 -259 1.2624

09/01/21 ................................................................. 2,162,144 2,171,959 -342 1.2615

09/08/21 ................................................................. 2,189,671 2,200,996 -287 1.2681

09/15/21 ................................................................. 1,903,390 1,918,899 -284 1.2653

09/22/21 ................................................................. 1,871,803 1,896,386 -288 1.2733

09/29/21 ................................................................. 1,823,900 1,841,059 -325 1.2750
71

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) 

2018 - Dec ................... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 - Dec ................... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Oct. .................. 1,703,429 1,758,534 224,685 n.a. 48,430 45,795 81,609 77,280 -190 1.3332 

Nov .................. 1,792,131 1,833,180 273,359 195,891 55,702 54,430 91,951 84,834 -225 1.2982 

Dec .................. 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 – Jan. ................. 1,770,713 1,800,577 237,343 166,597 60,229 58,558 94,655 84,992 -116 1.2776 

Feb .................. 2,002,996 2,047,366 254,560 179,784 67,565 66,850 98,878 85,596 -117 1.2698 

Mar .................. 2,282,462 2,302,400 299,885 244,667 64,889 64,901 95,349 89,904 -107 1.2571 

 Apr. .................. 2,041,923 2,057,465 223,148 153,300 54,871 57,489 93,507 84,248 -27 1.2291 

May .................. 2,048,784 2,075,557 218,449 156,807 64,082 63,840 109,543 111,552 -29 1.2087 

June ................. 2,006,475 2,007,476 171,759 159,735 77,145 73,809 134,924 137,377 -183 1.2404 

 July. ................. 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 

Aug .................. 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 

Sept ................. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 

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) 

2018 - Dec ................... 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar ................... 44,154 77,412 136,922 n.a. 326 276 4,592 n.a. 4 1.336 

June ................. 61,181 92,673 141,337 n.a. 1,612 922 n.a. 427 n.a. 1.3091 

Sept .................. 65,325 98,507 135,411 n.a. 527 393 n.a. 653 -2 1.3243 

Dec ................... 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962 

2020 - Mar ................... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123 

June ................. 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614 

Sept .................. 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 

Dec ................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 

2021 - Mar ................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

June ................. 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 
72

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) 

04/07/21 .................................................................. 566,318 573,363 -57 109.67

04/14/21 .................................................................. 558,349 554,556 -65 108.93

04/21/21 .................................................................. 552,682 556,597 -59 108.09

04/28/21 .................................................................. 550,717 555,706 -64 108.81

05/05/21 .................................................................. 592,821 597,834 n.a. 109.27

05/12/21 .................................................................. 551,507 559,805 n.a. 109.53

05/19/21 .................................................................. 545,088 554,235 -72 108.76

05/26/21 .................................................................. 559,939 566,121 n.a. 109.1

06/02/21 .................................................................. 580,334 586,286 n.a. 109.59

06/09/21 .................................................................. 575,373 580,033 n.a. 109.61

06/16/21 .................................................................. 543,616 545,517 -79 109.88

06/23/21 .................................................................. 554,379 557,378 -85 110.86

06/30/21.............................................................. 559,243 562,363 -73 111.05

07/07/21 .................................................................. 540,084 542,091 -71 110.62

07/14/21 .................................................................. 540,591 545,008 -64 110.03

07/21/21 .................................................................. 541,481 541,041 -73 110.22

07/28/21 .................................................................. 547,020 546,257 -70 110.06

08/04/21 .................................................................. 539,389 542,706 -71 109.44

08/11/21 .................................................................. 555,172 559,687 -71 110.47

08/18/21 .................................................................. 538,233 543,099 -73 109.92

08/25/21 .................................................................. 552,496 555,512 -67 110.03

09/01/21 .................................................................. 572,522 577,815 -67 110.03

09/08/21 .................................................................. 582,786 587,494 -78 110.32

09/15/21 .................................................................. 542,221 546,410 -74 109.40

09/22/21 .................................................................. 576,605 550,186 -80 109.59

09/29/21 .................................................................. 596,323 572,271 -90 111.83
73

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) 

2018 - Dec .................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 - Dec .................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 - Oct. ................. 551,159 549,301 88,637 77,844 29,742 31,765 45,209 48,076 3 104.54 

Nov ................. 583,969 582,439 86,824 76,272 30,927 32,800 45,772 48,846 11 104.38 

Dec ................. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 – Jan. ................ 572,126 535,411 96,452 81,942 29,099 30,875 42,146 44,256 1 104.64 

Feb ................. 614,597 574,596 97,995 80,031 26,972 28,589 40,987 43,116 21 106.64 

Mar ................. 590,832 593,506 106,991 93,309 27,446 28,288 41,003 43,537 -9 110.61 

 Apr. ................. 567,978 571,315 80,853 68,133 24,935 26,069 38,704 40,559 -27 109.33 

May ................. 572,366 582,086 83,062 68,554 24,250 25,780 38,338 39,855 -27 109.83 

June ................ 567,818 570,584 84,812 76,766 22,729 23,922 35,724 37,547 -26 111.05 

 July. ................ 554,596 554,165 70,634 60,541 22,119 23,297 33,820 35,360 -5 109.70 

Aug ................. 563,062 565,922 70,295 60,291 21,429 22,256 31,645 33,429 -8 110.05 

Sept ................ 613,737 587,685 85,319 72,785 21,474 22,581 31,421 34,069 -33 111.50 

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) 

2018 - Dec ................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

2019 - Mar ................... 7,790 7,262 9,387 6,865 297 513 425 122 3 110.68 

June ................. 7,769 6,437 9,348 6,519 499 554 665 186 -38 107.84 

Sept .................. 7,691 6,782 8,470 5,769 302 445 550 135 1 108.11 

Dec ................... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 

2020 - Mar ................... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53 

June ................. 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 

Sept .................. 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58 

Dec ................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 

2021 - Mar ................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

 June ................. 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 
74

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) 

04/07/21 .................................................................. 821,160 843,343 n.a. 0.9274

04/14/21 .................................................................. 835,342 867,332 n.a. 0.9228

04/21/21 .................................................................. 797,624 827,452 n.a. 0.9166

04/28/21 .................................................................. 797,870 832,022 n.a. 0.9124

05/05/21 .................................................................. 801,564 832,797 n.a. 0.9130

05/12/21 .................................................................. 794,937 829,083 n.a. 0.9088

05/19/21 .................................................................. 826,719 861,776 n.a. 0.9003

05/26/21 .................................................................. 826,329 852,323 159 0.8973

06/02/21 .................................................................. 873,277 897,311 n.a. 0.8980

06/09/21 .................................................................. 873,153 903,919 n.a. 0.8958

06/16/21 .................................................................. 775,000 812,851 72 0.8986

06/23/21 .................................................................. 782,796 815,409 35 0.9169

06/30/21.............................................................. 891,711 903,780 n.a. 0.9253

07/07/21 .................................................................. 838,784 858,692 64 0.9252

07/14/21 .................................................................. 866,086 887,114 28 0.9154

07/21/21 .................................................................. 843,487 855,425 68 0.9179

07/28/21 .................................................................. 854,186 872,803 103 0.9134

08/04/21 .................................................................. 808,225 832,331 137 0.9061

08/11/21 .................................................................. 836,567 860,296 85 0.9215

08/18/21 .................................................................. 858,162 883,853 65 0.9179

08/25/21 .................................................................. 897,893 924,218 62 0.9137

09/01/21 .................................................................. 968,306 992,599 41 0.9145

09/08/21 .................................................................. 932,361 962,716 13 0.9219

09/15/21 .................................................................. 863,776 895,736 13 0.9196

09/22/21 .................................................................. 875,078 905,655 26 0.9223

09/29/21 .................................................................. 880,625 909,122 21 0.9335
75

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) 

2018 - Dec ................... 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 

2019 - Dec ................... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 - Oct. .................. 957,045 972,381 82,486 59,614 36,546 33,368 50,714 49,187 n.a. 0.9165 

Nov .................. 939,685 966,047 79,537 59,193 34,296 32,042 50,156 48,387 n.a. 0.9060 

Dec .................. 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 – Jan. ................. 849,599 881,768 79,328 60,189 31,612 29,452 45,854 45,648 n.a. 0.8905 

Feb .................. 909,212 943,183 86,020 70,546 35,879 32,391 55,072 54,518 n.a. 0.9092 

Mar .................. 929,721 962,928 111,825 99,888 40,799 36,826 60,746 59,553 n.a. 0.9418 

 Apr. .................. 886,203 919,745 66,391 53,952 41,057 37,255 62,056 61,530 n.a. 0.9127 

May .................. 907,082 956,795 71,244 58,361 38,856 36,976 58,262 56,780 n.a. 0.8995 

June ................. 953,238 988,629 71,968 67,603 34,376 33,359 53,154 52,903 69 0.9253 

 July. ................. 889,817 927,598 65,244 51,437 32,520 30,130 52,157 50,280 117 0.9061 

Aug .................. 1,007,233 1,047,742 67,580 58,989 35,418 32,547 57,952 59,107 66 0.9161 

Sept ................. 941,447 978,529 73,713 61,402 37,392 36,565 60,400 58,162 31 0.9339 

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) 

2018 - Dec ................... 15,001 18,474 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832 

2019 - Mar ................... 15,382 18,508 116,780 17,956 n.a. n.a. 1,002 n.a. n.a. 0.9962 

June ................. 15,792 24,077 111,660 16,940 n.a. n.a. n.a. n.a. n.a. 0.9758 

Sept .................. 15,906 20,908 109,813 16,485 82 n.a. 148 67 n.a. 0.9978 

Dec ................... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677 

2020 - Mar ................... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 

June ................. n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467 

Sept .................. n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 

Dec ................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar ................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

 June ................. 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 
76

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) 

04/07/21 .................................................................. 3,155,896 3,311,516 -14 1.3757

04/14/21 .................................................................. 3,078,682 3,264,588 -22 1.3790

04/21/21 .................................................................. 2,995,859 3,167,877 -121 1.3936

04/28/21 .................................................................. 3,070,441 3,250,770 -107 1.3917

05/05/21 .................................................................. 3,197,689 3,353,098 -102 1.3913

05/12/21 .................................................................. 3,124,135 3,292,699 -73 1.4081

05/19/21 .................................................................. 3,158,647 3,322,204 -26 1.4169

05/26/21 .................................................................. 3,211,367 3,380,845 45 1.4129

06/02/21 .................................................................. 3,251,370 3,436,690 67 1.4177

06/09/21 .................................................................. 3,273,368 3,465,318 -104 1.4124

06/16/21 .................................................................. 3,022,784 3,184,562 -76 1.4110

06/23/21 .................................................................. 3,098,876 3,239,900 -122 1.3977

06/30/21 ............................................................. 3,250,002 3,439,601 -97 1.3806 

07/07/21 .................................................................. 3,031,552 3,195,108 -158 1.3792

07/14/21 .................................................................. 3,194,917 3,342,350 -144 1.3854

07/21/21 .................................................................. 3,103,984 3,242,935 -143 1.3695

07/28/21 .................................................................. 3,207,284 3,336,157 -179 1.3884

08/04/21 .................................................................. 3,161,398 3,276,653 -201 1.3912

08/11/21 .................................................................. 3,246,768 3,360,136 -213 1.3866

08/18/21 .................................................................. 3,191,649 3,303,971 -88 1.3749

08/25/21 .................................................................. 3,219,692 3,325,909 -153 1.3723

09/01/21 .................................................................. 3,346,077 3,489,056 -76 1.3790

09/08/21 .................................................................. 3,210,846 3,326,194 68 1.3761

09/15/21 .................................................................. 3,015,503 3,147,030 21 1.3837

09/22/21 .................................................................. 3,098,416 3,227,630 40 1.3669

09/29/21 .................................................................. 3,301,738 3,436,669 19 1.3439
77

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) 

2018 - Dec ................... 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 - Dec ................... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 - Oct. .................. 3,232,180 3,394,734 655,529 557,915 111,934 108,000 80,289 82,582 -64 1.2933 

Nov .................. 3,307,523 3,477,920 700,787 585,524 98,597 94,155 83,970 88,187 69 1.3338 

Dec .................. 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 – Jan. ................. 3,094,238 3,272,974 741,022 595,349 90,750 87,423 88,917 81,744 77 1.3723 

Feb .................. 3,427,549 3,607,808 698,107 575,176 107,650 105,462 86,953 87,450 74 1.3947 

Mar .................. 3,399,267 3,583,991 678,361 629,784 101,951 98,434 74,068 70,975 -1 1.3795 

 Apr. .................. 3,337,230 3,527,657 505,764 456,979 98,642 94,837 70,994 69,478 -55 1.3838 

May .................. 3,309,764 3,507,988 559,975 493,259 86,665 84,259 64,180 61,118 71 1.4188 

June ................. 3,306,543 3,494,167 565,087 504,257 76,806 75,434 69,588 67,183 -91 1.3806 

 July. ................. 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913 

Aug .................. 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747 

Sept ................. 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2018 - Dec ................... 35,003 56,301 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar ................... 38,710 60,551 212,555 66,770 11,947 10,874 2,508 2,109 57 1.3032 

June ................. 33,103 59,034 205,735 61,990 1,363 1,645 1,897 1,197 -37 1.2704 

Sept .................. 38,175 64,162 207,780 63,653 5,195 3,823 3,871 3,397 83 1.2305 

Dec ................... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269 

2020 - Mar ................... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 

June ................. 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 

Sept .................. 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 

Dec ................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662

2021 - Mar ................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

 June ................. 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 
78

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) 

04/07/21 ................................................................ 27,349,454 26,569,802 -1,560 n.a.

04/14/21 ................................................................ 27,392,423 26,651,529 -1,285 n.a.

04/21/21 ................................................................ 26,609,061 25,879,058 -1,715 n.a.

04/28/21 ................................................................ 27,067,976 26,402,162 -1,854 n.a.

05/05/21 ................................................................ 27,209,916 26,423,251 -2,056 n.a.

05/12/21 ................................................................ 27,192,939 26,287,299 -1,420 n.a.

05/19/21 ................................................................ 27,201,062 26,365,505 -1,566 n.a.

05/26/21 ................................................................ 27,911,387 27,128,145 -1,868 n.a.

06/02/21 ................................................................ 28,306,374 27,511,147 -2,142 n.a.

06/09/21 ................................................................ 28,955,031 28,158,038 -2,198 n.a.

06/16/21 ................................................................ 26,399,027 25,707,702 -1,992 n.a.

06/23/21 ................................................................ 26,846,654 26,051,612 -2,393 n.a.

06/30/21 .......................................................... 27,611,626 26,720,904 -2,601 n.a. 

07/07/21 ................................................................ 26,493,017 25,659,046 -2,270 n.a.

07/14/21 ................................................................ 27,155,219 26,377,445 -2,590 n.a.

07/21/21 ................................................................ 26,675,832 25,846,424 -2,860 n.a.

07/28/21 ................................................................ 27,384,297 26,646,133 -2,811 n.a.

08/04/21 ................................................................ 26,790,140 25,993,926 -2,490 n.a.

08/11/21 ................................................................ 27,664,117 26,772,316 -2,543 n.a.

08/18/21 ................................................................ 27,373,300 26,593,363 -2,117 n.a.

08/25/21 ................................................................ 28,092,408 27,356,850 -3,450 n.a.

09/01/21 ................................................................ 29,589,248 28,772,608 -3,296 n.a.

09/08/21 ................................................................ 29,282,248 28,454,856 -3,262 n.a.

09/15/21 ................................................................ 27,163,541 26,198,046 -2,698 n.a.

09/22/21 ................................................................ 27,651,796 26,620,004 -2,491 n.a.

09/29/21 ................................................................ 28,386,164 27,452,261 -2,724 n.a.
79

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) 

2018 - Dec .............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a.

2019 - Dec .............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1902 n.a.

2020 - Oct. ............. 26,310,379 25,787,833 - - 1,384,975 1,374,666 1,241,723 1,249,970 117 n.a.

Nov ............. 28,284,969 27,161,281 - - 1,406,692 1,388,649 1,319,213 1,339,533 -772 n.a.

Dec ............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 – Jan. ............ 27,260,519 26,568,251 - - 1,392,685 1,377,196 1,318,878 1,345,890 -1,205 n.a.

Feb ............. 29,049,951 28,289,749 - - 1,386,453 1,369,219 1,292,974 1,300,441 -736 n.a.

Mar ............. 28,837,712 28,080,020 - - 1,409,087 1,393,480 1,266,936 1,295,961 -509 n.a.

 Apr. ............. 28,153,212 27,370,680 - - 1,369,601 1,347,210 1,209,128 1,229,889 -1,721 n.a.

May ............. 28,477,597 27,686,519 - - 1,378,269 1,382,290 1,335,962 1,361,299 -1,587 n.a.

June ............ 28,371,515 27,445,636 - - 1,365,836 1,366,509 1,260,538 1,292,253 -1853 n.a.

 July. ............ 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a.

Aug ............. 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2688 n.a.

Sept ............ 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 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) 

2018 - Dec .................. 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a.

2019 - Mar.................. 479,088 367,085 - - 24,392 24,220 27,390 26,982 1,982 n.a.

June ................ 492,795 384,134 - - 22,611 19,703 22,966 20,310 2,439 n.a.

Sept ................. 517,152 383,695 - - 22,698 19,505 21,249 19,635 1,960 n.a.

Dec .................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar .................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a.

June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a.

Sept ................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a.

Dec .................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

 June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.
80

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) 

04/07/21 ............................................................................. 7,583,591 7,771,312 192 0.8410

04/14/21 ............................................................................. 7,615,337 7,768,947 226 0.8351

04/21/21 ............................................................................. 7,378,133 7,544,922 -78 0.8311

04/28/21 ............................................................................. 7,415,555 7,588,578 184 0.8266

05/05/21 ............................................................................. 7,302,493 7,457,101 82 0.8331

05/12/21 ............................................................................. 7,343,121 7,542,800 11 0.8282

05/19/21 ............................................................................. 7,274,732 7,473,934 20 0.8186

05/26/21 ............................................................................. 7,532,517 7,701,539 -123 0.8194

06/02/21 ............................................................................. 7,588,329 7,763,163 6 0.8188

06/09/21 ............................................................................. 7,609,755 7,810,612 -64 0.8208

06/16/21 ............................................................................. 7,186,817 7,360,937 -570 0.8252

06/23/21 ............................................................................. 7,359,265 7,530,702 -659 0.8368

06/30/21 ........................................................................... 7,544,125 7,719,039 -562 0.8440 

07/07/21 ............................................................................. 7,241,653 7,408,302 -489 0.8472

07/14/21 ............................................................................. 7,491,348 7,668,027 -433 0.8456

07/21/21 ............................................................................. 7,237,141 7,411,121 -145 0.8475

07/28/21 ............................................................................. 7,354,633 7,537,176 -229 0.8468

08/04/21 ............................................................................. 7,137,100 7,331,520 -294 0.8445

08/11/21 ............................................................................. 7,439,947 7,625,359 59 0.8520

08/18/21 ............................................................................. 7,360,758 7,550,351 159 0.8546

08/25/21 ............................................................................. 7,519,233 7,703,308 152 0.8505

09/01/21 ............................................................................. 8,001,894 8,206,954 159 0.8439

09/08/21 ............................................................................. 7,878,354 8,065,981 106 0.8462

09/15/21 ............................................................................. 7,547,700 7,723,668 50 0.8467

09/22/21 ............................................................................. 7,511,559 7,665,922 -15 0.8519

09/29/21 ............................................................................. 7,928,338 8,111,957 341 0.8612
81

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) 

2018 - Dec ................... 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 - Dec ................... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 - Oct. .................. 7,610,961 7,731,933 1,629,698 1,441,998 573,385 567,065 355,937 342,392 -381 0.8586 

Nov .................. 7,985,834 8,129,044 1,607,199 1,540,279 581,051 575,894 345,375 332,602 -158 0.837 

Dec .................. 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 – Jan. ................. 7,563,421 7,695,095 1,504,154 1,340,558 559,384 555,378 352,313 342,696 252 0.8241 

Feb .................. 7,836,248 7,973,948 1,556,999 1,304,954 548,195 548,795 378,481 369,348 143 0.8269 

Mar .................. 8,068,820 8,224,468 1,785,930 1,656,036 516,344 527,888 390,374 384,224 -41 0.8516 

 Apr. .................. 7,865,156 8,031,263 1,323,093 1,181,557 539,190 545,503 366,466 364,085 -51 0.8313 

May .................. 7,552,510 7,694,740 1,403,319 1,294,190 602,994 618,745 377,810 375,265 -193 0.8201 

June ................. 7,848,191 7,990,484 1,493,136 1,324,662 541,773 561,660 390,838 381,357 -141 0.844 

 July. ................. 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 

Aug .................. 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 

Sept ................. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 

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) 

2018 - Dec ................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar ................... 123,672 155,693 399,029 230,690 6,690 6,683 16,534 12,516 n.a. 0.8906 

June ................. 138,570 152,753 415,773 246,478 7,578 6,376 8,135 4,478 n.a. 0.8792 

Sept .................. 143,594 164,534 418,921 259,403 5,806 6,451 8,774 5,174 449 0.9170 

Dec ................... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 

2020 - Mar ................... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 

June ................. 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 

Sept .................. 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 

Dec ................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177 

2021 - Mar ................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

 June ................. 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 
82

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021, subsequently rescinded $479 billion of the $500 

billion appropriation provided to Treasury. 

Resources of the fund include (a) Fund Balance, which is 

available to support subsidy costs for loan modifications and 

expenditures for administrative expenses in support of the 

CARES Act, (b) U.S. Government securities (dollar 

balances), (c) special drawing rights -SDRs, and (d) foreign 

currencies. Principal sources of income -+ or loss -- for the 

fund are profits -+ or losses -- on SDRs and foreign 

exchange, and interest earned on U.S Government, foreign 

securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies and special 

drawing rights, an international reserve asset created by the 

International Monetary Fund (IMF) to supplement its 

member countries’ position in the Fund, have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at cost. 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. The 

additional appropriated capital represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of Consolidated 

Appropriations Act, 2021. Conversion gains and losses are 

reflected in the cumulative net income -+ or loss -- account. 

• Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

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. CARES Act related 

administrative costs incurred in connection with the loans, 

and other investments are accrued. 
83

TABLE ESF-1—Balances as of June 30, 2021, and September 30, 2021 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2021 

June 30, 2021, 

through 

Sept. 30, 2021 Sept. 30, 2021 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 1,650,647 333,629 1,984,276 

U.S. Government securities............................................. 22,838,051 (1,160) 22,836,891 

Special drawing rights 1 ........................................................... 52,444,969 111,429,205 163,874,174 

Economic Recovery Program Investments............................. 40,278,368 (13,418,549) 26,859,819 

Economic Recovery Program Loans Receivable.................... 1,297,330 (150,622) 1,146,708 

Foreign exchange and securities: 

European euro ..................................................................... 12,721,043 (303,738) 12,417,305 

Japanese yen....................................................................... 8,417,306 (34,097) 8,383,209 

Accounts receivable ................................................................. 48,934 6,244 55,178 

Total assets .......................................................................... 139,696,648 97,860,912 237,557,560 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,718 6,423 11,141 

Total current liabilities ...................................................... 4,718 6,423 11,141 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 50,374,993 111,450,476 161,825,469 

Debt, including accrued interest payable 25,832,165 (1,841,073) 23,991,092 

Total other liabilities ......................................................... 81,407,158 109,609,403 191,016,561 

Capital: 

Initial Appropriated Capital Account .................................... 200,000 - 200,000 

Additional Appropriated Capital Account 19,462,510 (13,109,315) 6,353,195 

Net income -+ or loss -- -see Table ESF-2 .......................... (1,894,419) 1,354,399 (540,020) 

Total capital ...................................................................... 58,284,772 (11,754,914) 46,529,858 

Total liabilities and capital ............................................ 139,696,648 97,860,912 237,557,560 

See footnote on the following page. 
84

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2021, 

through 

September 30, 2021 

Fiscal year to date 

Oct. 1, 2020 

through 

September 30, 2021 

Income and expense 

Profit -+ or loss-- on: 

 Foreign exchange ......................................................... (325,747) (626,504)

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... (25,528) 1,543

Interest (+) or net charges (-) on: 

 SDRs........................................................................... (94) 422

 U.S. Government Securities........................................ 2,835 7,053

 Foreign exchange........................................................ (11,781) (44,470)

Economic Recovery Program (+) or net charges (-) on: 

 Appropriations Revenue.............................................. 2,186 19,086

 Administrative Expense............................................... 

. 

(2,067) (19,092)

 Facility Fees................................................................. - 15,020

 Net gain (loss) on Disposition of Investments.............. 462,468 511,533

 Net Interest revenue and expense............................... 1,252,127 (404,611)

 Income for operations.................................................. 1,354,399 (540,020)

 Net income (+) or loss (-) ........................................ 1,354,399 (540,020)

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
86

TABLE TF-6A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and mass 

transit accounts, respectively, include the latest estimates 

received from Treasury’s Office of Tax Analysis for excise 

taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .......................................................................................................... 74 

less: 

Cash balance (fiscal year 2023) ..................................................................................................................................................................................... 66 

Unfunded authorizations (fiscal year 2023) .................................................................................................................................................................... 8 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)........................................................................................................................ 141 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .......................................................................................................... 44 

less: 

Cash balance (fiscal year 2023) ..................................................................................................................................................................................... 24 

Unfunded authorizations (fiscal year 2023) .................................................................................................................................................................... 20 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)....................................................................................................................... 25 

Note—Detail may not add due to rounding. Reflects extension of authorized revenue 

collection and funding levels prescribed in P.L. 117-58. 

Note— 

48-month revenue estimate reflects FY 2022 Midsession Review projections.
87

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
88

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. 
89

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).