BULLETIN

SEPTEMBER2016

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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September 2016 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

ACCOUNT OF THE U.S. TREASURY 

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 30 

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

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

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 44
September 2016 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

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

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

TRUST FUNDS 

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

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

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

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

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

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

rounding; n.a. = Not available. 
 V 

 September 2016

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 
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
September 2016 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of August 5, 2016 

Introduction 

Economic growth was higher in the second quarter of 

2016, as strong consumer spending and a boost from net 

exports were somewhat offset by continued inventory 

adjustment and additional cutbacks in business investment. 

Labor market conditions continued to improve, and the 

unemployment rate stood at 4.9 percent in July 2016, close 

to full employment. Although inflation edged up a bit, it 

remained relatively low, in part reflecting past declines in 

energy and non-oil import prices. 

The Administration has taken a number of steps in recent 

years to promote stronger economic growth in the near term 

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

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

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

sequestration). The federal budget deficit has fallen from a 

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

in fiscal year 2015. The Mid-Session Review of the FY2017 

Budget projects the deficit will decline to 1.7 percent of 

GDP in fiscal year 2018 and then stabilize at 2.3 percent of 

GDP through the end of the forecast period in fiscal year 

2026. 

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

Federal Open Market Committee (FOMC) maintained the 

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

At that meeting, the FOMC announced it would maintain 

existing programs for reinvestment of principal payments 

and roll-overs of maturing Treasuries at auction. The 

Committee noted the “current shortfall of inflation from 2 

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

remains accommodative, thereby supporting further 

improvement in labor market conditions and a return to 2 

percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 15.5 percent and, as of the second 

quarter of 2016, real GDP was 10.6 percent above its level at 

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

advance estimate, real GDP rose 1.2 percent at an annual 

rate in the second quarter of 2016, picking up from a 0.8 

percent increase in the first quarter. Consumer spending 

grew strongly in the second quarter, making a substantial 

contribution to overall GDP growth. After a year of doubledigit growth, residential investment declined, posing a small 

drag on real GDP growth. Business fixed investment 

declined, as equipment investment fell for the third-straight 

quarter and business spending on structures continued to fall 

in response to a further drop in oil and gas drilling. After 

five consecutive quarters of positive contributions to real 

GDP growth, total government spending was a small drag in 

the second quarter, with federal government outlays as well 

as State and local government spending declining. Net 

exports contributed to GDP growth, reflecting stronger 

growth in exports and weak import demand. Private 

inventory accumulation fell further and was a large drag on 

GDP growth in the second quarter. 

Real personal consumption expenditures—which 

account for about 68 percent of GDP—rose at a 4.2 percent 

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

annual rate of 2.2 percent over the prior three quarters. 

Consumption growth was broadly-based across spending 

categories; consumer durables purchases jumped 8.6 percent 

(after a small decline in the first quarter) and consumption of 

nondurables accelerated to 6.0 percent. Services 

consumption rose 3.0 percent (after the first quarter’s 1.9 

percent rise). Altogether, consumption contributed 2.8 

percentage points to real GDP growth in the second quarter. 

Housing activity in the second quarter fell for the first 

time in about 2 years. Residential investment declined 6.1 

percent at an annual rate in the second quarter, decelerating 

from the solid 7.8 percent pace in the first quarter. 

Residential activity accounts for just over 3-1⁄2 percent of 

GDP and posed a drag of 0.2 percentage point on secondquarter real GDP growth. 
4 PROFILE OF THE ECONOMY 

September 2016 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts gained 13.4 

percent over the year through June 2016 to an annual rate of 

778,000 units. Single-family starts remain 57 percent below 

their January 2006 peak and well below the 1.1 million unit 

average observed from 1980 to 2004. Multi-family starts fell 

22.0 percent over the year through June 2016, but are near 

pre-recession levels. Sales of new single-family homes rose 

25.4 percent over the year through June 2016 to a 557,000 

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

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

3.0 percent over the year to a 5.6 million rate in June 2016. 

Home prices have continued to rise. While the pace of 

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

exceeds the increases in broad measures of consumer prices. 

The FHFA purchase-only home price index rose 5.6 percent 

over the year ending in May 2016, down from peak rates of 

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

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

5.2 percent over the year ending in May 2016, down from a 

peak of 13.8 percent in November 2013. 

Nonresidential fixed investment—nearly 13 percent of 

GDP—fell 2.3 percent at an annual rate in the second quarter 

of 2016, following a 3.4 percent drop in the first quarter. 

Growth of business spending on intellectual property 

products—including outlays for software, research and 

development, and entertainment, literary and artistic 

originals—advanced 3.5 percent on top of a 3.8 percent gain 

in the first quarter. In contrast, equipment investment fell 3.5 

percent in the second quarter, following a 9.5 percent decline 

in the first quarter. In addition, business outlays for 

structures plunged 7.9 percent, after edging up 0.1 percent in 

the first quarter. Altogether, nonresidential fixed investment 

subtracted 0.3 percentage point from real GDP growth in the 

second quarter, after a 0.4 percentage point drag in the first 

quarter. Finally, businesses liquidated inventories compared 

with a smaller build in the first quarter. The resulting change 

in private inventories subtracted 1.2 percentage points from 

second-quarter real GDP growth, after a 0.4 percentage point 

subtraction in the first quarter. 

Exports account for about 12-1⁄2 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 15-1⁄2 percent. In the 

second quarter of 2016, exports rose 1.4 percent and imports 

declined 0.4 percent. The net export deficit improved, 

adding 0.2 percentage point to real GDP growth in the 

second quarter after making an essentially neutral 

contribution to growth in the first quarter. 

The current account balance (reflecting international 

trade in goods and services as well as investment income 

flows and unilateral transfers) has been in deficit almost 

continuously since the early 1980s and in 2006 reached a 

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

current account deficit narrowed sharply during the 

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

has widened somewhat since then but remains well below its 

2006 peak. In the first quarter of 2016 (latest data available), 

the current account deficit widened to $499 billion 

(annualized), or 2.7 percent of GDP. 

Government purchases—which account for close to 18 

percent of GDP—contributed modestly on net to economic 

growth in 2015 after subtracting from GDP growth in each 

of the previous 4 years. However, in the second quarter, 

government outlays declined 0.9 percent, after rising by 1.6 

percent in the first quarter, and subtracted 0.2 percentage 

point from real GDP growth. At the federal level, spending 

declined 0.2 percent, after a 1.5 percent decline in the first 

quarter. State and local government spending declined 1.3 

percent, largely reflecting weaker spending on construction, 

following a 3.5 percent surge in the first quarter. State and 

local government spending declined for 14 straight quarters 

from the fourth quarter of 2009 through the first quarter of 

2013, but has risen in all but five quarters since then. 

Similarly, spending cutbacks at the federal level restrained 

overall growth from 2011 through 2014. 

Labor Markets

During the recession (from December 2007 through June 

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

continued even after the recovery began, but February 2010 

was the low point and employment rose in March of that 

year. Since then, through July 2016, total nonfarm payroll 

employment has increased by 14.7 million. Private-sector 

employment has risen 15.0 million. 

Job losses during the recession were spread broadly 

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

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

recovery began in early 2010, payrolls in professional and 

business services have risen by 3.7 million, and the leisure 

and hospitality industry’s employment has increased by 

more than 2.6 million through July 2016. Employment in the 

manufacturing sector has expanded by 852,000 since early 

2010 and the construction sector has added 1.2 million 

workers to its payrolls. A few sectors added jobs throughout 

the recession and still continue to hire new workers: since 

early 2010, the health care and social assistance sector has 

added an additional 2.5 million jobs. On a net basis, the 

government sector also added workers to payrolls during the 

recession, although payrolls began declining late in 2008 and 

trended lower until early 2014. Government employment has 

increased since then but growth has been uneven. From 

January 2014 through July 2016, the government sector has 

added just 369,000 jobs. Most of that growth occurred at the 

local level with the addition of 233,000 positions. Federal 

government employment has risen by 59,000 during this 

period and state government employment has increased by 

77,000. 

The unemployment rate peaked in October 2009 at a 26-

year high of 10.0 percent—5.4 percentage points above the 

4.6 percent average that prevailed in 2006 and 2007, before 

the recession began. Since then, the unemployment rate has 

trended lower and in April 2016 stood at 5.0 percent. 
PROFILE OF THE ECONOMY 5 

September 2016 

Broader measures of unemployment have also declined but 

are still elevated compared with pre-recession levels. The 

broadest measure, which includes workers who are 

underemployed and those who are only marginally attached 

to the labor force (the U-6 unemployment rate), has fallen 

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

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

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

recession. The percentage of the unemployed who have been 

out of work for 27 weeks or more also remains elevated 

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

percent of unemployed workers were included in this 

category compared with readings around 17.5 percent before 

the recession. 

Inflation

Over the past year, headline and core inflation rates 

remained relatively low and stable, due in part to low energy 

prices. Headline consumer prices rose 1.0 percent over the 

12 months ending in June 2016, after edging up 0.1 percent 

during the previous year. Energy prices fell 9.4 percent over 

the year through June 2016, a smaller decline than the 15.0 

percent plunge over the year through June 2015. Food and 

beverage prices rose 0.3 percent over the year through June 

2016, slowing substantially from the 1.8 percent increase 

over the 12 months ending in June 2015. On a 12-month 

basis, core consumer prices (excluding food and energy) 

rose 2.3 percent through June 2016, higher than the 1.8 

percent advance in the year ending in June 2015. Core 

inflation had been near or below 2 percent from early 2013 

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

higher. 

Oil and gasoline prices fell sharply between mid-2014 

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

summer of 2015, but resumed a declining trend through 

early 2016, reaching their lowest levels since early 2009. 

Since then, prices have trended broadly higher. The frontmonth futures price of West Texas Intermediate (WTI) crude 

oil averaged $45.00 per barrel in July 2016, roughly $6.16 

below its July 2015 average, and also $3.85 below its June 

average. The retail price of regular gasoline averaged $2.18 

per gallon in July 2016, 56 cents lower than a year earlier, 

and 15 cents lower than its June 2016 average. 
6 PROFILE OF THE ECONOMY 

September 2016 

Federal Budget and Debt

The federal budget deficit declined to $438 billion (2.5 

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

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

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

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

2007. Debt held by the public rose to $13.1 trillion at the end 

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

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

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

In February 2016, the Administration released its Fiscal 

Year 2017 Budget. The Mid-Session Review of the FY2017 

Budget, released in July 2016, projected the federal budget 

deficit in fiscal year 2016 would increase to $600 billion (3.3 

percent of GDP), $18 billion lower than the initial estimate 

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

fall over the next 2 fiscal years, to $330 billion (1.7 percent 

of GDP) by fiscal year 2018. Over the projection period 

(fiscal years 2019 to 2026), the Administration estimates that 

the deficit will average 2.3 percent of GDP, down from 2.6 

percent estimated in February, and below the 40-year 

average of 3.2 percent of GDP. The primary deficit–the 

deficit excluding net interest outlays–is expected to rise from 

1.2 percent in fiscal year 2015 to 2.0 percent of GDP in the 

current fiscal year. Thereafter, however, the primary deficit 

will decline to a neutral share of GDP by fiscal year 2018 

and then hover around that level for the rest of the projection 

period. 

Economic Policy

Key fiscal and monetary policy actions taken over the 

past few years aided the recovery and have helped reinforce 

the expansion. On the fiscal policy side, the American 

Recovery and Reinvestment Act (ARRA) of 2009 authorized 

the Federal Government to spend $787 billion to stimulate 

domestic demand, an amount that was increased to $840 

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

Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

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

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

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

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law. 

In January 2013, the American Taxpayer Relief Act of 

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

extended tax cuts for the vast majority of Americans and 

small businesses, extended Emergency Unemployment 

benefits for an additional year, extended a variety of other 

tax cuts and credits, postponed the sequester originally 

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

and raised tax rates for high-income earners (representing 

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

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

decade. 

At the end of October 2015, Congress passed and the 

President signed the Bipartisan Budget Act of 2015. The 

Act suspended the debt ceiling through March 15, 2017, 

established budgetary guidelines for the 2016 and 2017 

fiscal years and lessened the burden of sequestration in 

those years. Congress passed an omnibus bill in December 

2015, funding the government through September 2016. 

Partly in response to rising financial market stress, as 

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

Federal Reserve began its last cycle of monetary policy 

easing in September 2007. By December 2008, the Federal 

Open Market Committee (FOMC) had lowered the federal 

funds target interest rate to an historically low range of 0 to 

0.25 percent. The FOMC maintained this range until 

December 2015 and then raised the rate by 25 basis points to 

0.25 to 0.5 percent. At its most recent meeting in July 2016, 

the FOMC maintained this range and reiterated its view, first 

expressed at the December 2015 meeting, that it “expects 

economic conditions will evolve in a manner that will 

warrant only gradual increases in the federal funds rate; the 

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

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

In addition to lowering the federal funds rate target, the 

Federal Reserve significantly expanded its tools to increase 

liquidity in credit markets, and eased lending terms to 

sectors in need of liquidity, including a variety of facilities 

and funds directed at specific financial markets. As of June 

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

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities and continue rolling over the 

Federal Reserve’s holdings of Treasury securities as they 

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

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

At the September 2011 meeting, the FOMC announced it 

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

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

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

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

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 
PROFILE OF THE ECONOMY 7 

September 2016 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. 

The FOMC announced additional monetary 

accommodation at the December 2012 meeting, including 

the completion of short-term securities sales (which drain 

liquidity) and the continuation of purchases of long-term 

Treasury securities at a rate of $45 billion per month beyond 

the end of 2012. The FOMC also indicated that monthly 

purchases of mortgage-backed securities at a pace of $40 

billion per month would continue, and affirmed its existing 

policy of reinvesting principal payments. At its most recent 

meeting in July 2016, the Committee indicated that it is 

maintaining its existing policy of reinvesting principal 

payments from its holdings of agency debt and agency 

mortgage-backed securities in agency mortgage-backed 

securities, and of rolling over maturing Treasury securities at 

auction.” It added that, “it anticipates doing so until 

normalization of the level of the federal funds rate is well 

under way,” and reiterated that, “this policy, by keeping the 

Committee’s holdings of longer-term securities at sizeable 

levels, should help maintain accommodative financial 

conditions.” 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

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

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

July, and September 2014, the Committee announced further 

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

its meeting in October 2014, the Committee announced the 

conclusion of its asset purchase program at the end of 

October 2014. 

Financial Markets

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008. Credit 

flows have increased substantially, and measures of risk 

tolerance and volatility have all improved, on net. 

Equity markets have more than recovered from the steep 

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

largest annual loss since the Great Depression. Although the 

index is currently 40 percent above its October 2007 peak, it 

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

6.8 percent higher through early August. Volatility has also 

declined markedly: the S&P Stock Market Volatility Index 

(VIX) often used as a measure of financial market 

uncertainty, stood at about 11 as of early August 2016–down 

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

A variety of factors have buffeted long-term Treasury 

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

as well as supply concerns related to funding of the 

Government’s debt, and more recently, concerns about 

global financial markets and slowing global growth. After 

falling by nearly 90 basis points during 2014, the yield on 

the 10-year Treasury note rose by about 10 basis points over 

the course of 2015. Currently, the 10-year yield is 68 basis 

points lower on the year at 1.59 percent, but is still above the 
8 PROFILE OF THE ECONOMY 

September 2016 

record low of 1.43 percent reached in late July 2012. The 3-

month Treasury bill yield dipped below 0.1 percent between 

January 2012 and November 2015, but since then has 

trended higher, and stood at about 0.3 percent as of early 

August 2016. The 2- to 10-year Treasury yield spread, one 

measure of the steepness of the yield curve, has narrowed 

significantly since November 2013 and stood at about 

87 basis points as of early August 2016. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread, 

which stood at 47 basis points as of early August 2016. The 

spread between the Baa corporate bond yield and the 10-year 

Treasury yield peaked at nearly 620 basis points in 

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

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

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

then, the spread has narrowed on trend, and stood at 273 

basis points as of early August, still very high by historical 

standards. 

Rates for conforming mortgages have trended lower in 

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

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

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

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

percent in August 2013. Since then, this rate has eased on 

net and in July 2016 averaged 3.44 percent. 

Foreign Exchange Rates

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

currencies of seven major trading partners (the euro area 

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

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

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

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 39 percent. Although the dollar’s exchange value 

against this index remains well below the February 2002 

peak, it has appreciated between August 2011 and July 2016 

by about 32 percent. From August 2011 through July 2016, 

the dollar has appreciated by about 35 percent against the 

yen and by about 30 percent against the euro. Against an 

index of currencies of 19 other important trading partners 

(including China, India, and Mexico), the dollar has 

appreciated by about 25 percent. 
September 2016 

9

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

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

September 2016 

10 

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

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2016 supplements fiscal data reported in the 

June issue of the “Treasury Bulletin.” At the time 

of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $323.1 billion for the second 

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

billion over the comparable prior year quarter. Withheld 

receipts increased by $20.1 billion and non-withheld 

receipts increased by $6.2 billion during this period. 

Refunds increased by $7.0 billion over the comparable fiscal 

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

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2015. 

Corporate income taxes—Net corporate income tax 

receipts were $101.5 billion for the third quarter of fiscal 

year 2016. This is a decrease of $21.9 billion compared to 

the prior year third quarter. The $21.9 billion change is 

comprised of a decrease of $19.0 billion in estimated and 

final payments, and an increase of $2.8 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2016 were $302.9 billion, an increase of $21.7 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $4.9 billion, $12.1 billion, and $5.0 

billion respectively. There was a $12.3 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of fiscal year 2016, while there was a 

$1.0 billion adjustment in the third quarter of fiscal year 

2015. 

Unemployment insurance—Unemployment insurance 

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

2016 were $23.5 billion, a decrease of $1.6 billion over the 

comparable quarter of fiscal year 2015. Net State taxes 

deposited in the U.S. Treasury decreased by $1.6 billion to 

$20.2 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $3.4 billion. 
FEDERAL FISCAL OPERATIONS 

September 2016 

11

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $0.9 billion for the 

third quarter of fiscal year 2016. This was a negligible 

change from the comparable quarter of fiscal year 2015. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2016 were $19.7 billion, a decrease of 

$1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.9 billion, not a 

significant change over the comparable prior year quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.3 billion for the third quarter of fiscal year 2016. 

These receipts represent an increase of $0.1 billion over the 

same quarter in fiscal year 2015. 

Customs duties—Customs duties net of refunds were 

$8.0 billion for the third quarter of fiscal year 2016. This is a 

decrease of $0.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2016 were $32.9 billion, a 

decrease of $1.9 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $0.5 billion.

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

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

 Third quarter 2016 

 April - June 

 Fiscal year 2016 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 992,608 2,468,827

On-budget receipts .................................................. 758,863 1,852,386

Off-budget receipts .................................................. 233,746 616,441

Total outlays................................................................. 932,411 2,869,674

On-budget outlays.................................................... 758,110 2,310,884

Off-budget outlays.................................................... 174,302 558,791

Total surplus or deficit (-)............................................. 60,197 -400,847

On-budget surplus or deficit (-)................................ 754 -458,496

Off-budget surplus or deficit (-)................................ 59,443 57,650

Means of financing: 

Borrowing from the public ............................................ 7,595 810,806

Reduction of operating cash........................................ -49,826 -164,944

Other means ................................................................ -17,964 -245,012

Total on- and off-budget financing........................... -60,195 400,849

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

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

Source April May June 

Individual income taxes...................................................... 266.2 97.0 133.8

Corporate income taxes..................................................... 35.7 4.5 61.3

Employment and general retirement.................................. 109.5 82.9 110.5

Unemployment insurance .................................................. 5.4 17.8 0.3

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

Excise taxes ....................................................................... 6.0 6.8 6.9

Estate and gift taxes .......................................................... 3.1 1.5 1.7

Customs duties .................................................................. 2.8 2.4 2.8

Miscellaneous receipts ....................................................... 9.4 11.4 12.0

Total budget receipts ..................................................... 438.4 224.6 329.6

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

September 2016 

12 
FEDERAL FISCAL OPERATIONS 

September 2016 

13

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

– net transactions 

Borrowing from 

the public– 

Federal securities 

Public debt 

securities 

(10) 

Fiscal year 

or month 

Total receipts 

 (1) 

 On-budget

 receipts 

 (2) 

 Off-budget 

 receipts 

 (3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

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

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

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

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

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 2016 - Est.................... 3,335,502 2,537,845 797,657 3,951,307 3,161,649 789,658 -615,805 -623,804 7,999 1,312,768

2017 - Est.................... 3,643,742 2,816,874 826,868 4,147,224 3,318,636 828,588 -503,482 -501,762 -1,720 716,100 2015 - June ................ 342,933 269,307 73,626 292,447 263,104 29,342 50,487 6,202 44,284 -2,494

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

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

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

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

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

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

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

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

Mar .................. 227,848 154,634 73,213 335,891 262,546 73,345 -108,043 -107,912 -131 138,536 Apr................... 438,432 354,420 84,012 331,980 266,596 65,385 106,452 87,825 18,627 -77,271

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

June................. 329,572 244,179 85,394 323,320 289,404 33,916 6,252 -45,225 51,477 116,057 Fiscal year 2016 to date ... 2,468,827 1,852,386 616,441 2,869,674 2,310,884 558,791 -400,847 -458,496 57,650 1,226,333

Means of financing—net transactions, continued

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

Other 

(18) 

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

 

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

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

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

2014 ...................................... -1,234 277,668 797,573 69,916 -1,817 188 -4,994 -359,628 -834 483,348

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

2017 - Est.............................. -3 81,639 634,458 - - - - -130,976 - 503,482 2015 - June ........................... 167 -23,189 20,862 55,393 570 -596 127 -17,144 - -51,776

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

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

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

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

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

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

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

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

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

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

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

June .......................... 42 70,019 46,080 65,245 -145 263 71 12,968 134 -6,252 Fiscal year 2016 to date.......... 463 415,991 810,805 164,944 -172 -1,302 -1,343 -246,489 -1,341 400,848

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

Office of Management and Budget on February 9, 2016.

- No transactions. 

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

September 2016 

14 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

 

Refunds 

 (10) 

 Net 

 (11) 

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

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

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

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

2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 2016 - Est.......... 1,627,834 - - 1,627,834 292,561 - 292,561 1,920,395 1,041,203 - 1,041,203

2017 - Est.......... 1,787,973 - - 1,787,973 418,734 - 418,734 2,206,707 1,080,667 - 1,080,667 2015 - June ....... 92,900 66,231 6,304 152,827 75,825 3,057 72,768 225,595 95,464 - 95,464

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

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

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

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

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

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

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

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

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

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

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

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

2016 to date........ 948,237 461,877 238,493 1,171,624 262,144 38,757 223,389 1,395,013 803,803 - 803,803

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued

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

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un-

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

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

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

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

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

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 2016 - Est.................... 5,903 - 5,903 1,047,106 49,874 - 49,874 3,794 22 3,816

2017 - Est.................... 5,974 - 5,974 1,086,641 50,290 - 50,290 4,254 21 4,275 2015 - June ................. -1 - -1 95,463 421 12 409 287 2 289

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

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

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

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

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

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

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

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

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

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

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

June ................ -170 82 -254 110,489 359 80 279 303 3 306 Fiscal year 2016 to date... 3,845 85 3,757 807,560 39,915 146 39,770 2,835 18 2,854

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2016 

15

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

 

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

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

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

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

2015 ....................... 98,278 20,043 811 19,232 37,704 2,666 35,042 96,469 49,827 146,294 2,478,328 770,394 2016 - Est............... 96,821 21,094 - 21,094 36,721 - 36,721 116,445 43,230 159,675 2,537,845 797,657

2017 - Est............... 110,060 22,399 - 22,399 39,537 - 39,537 64,818 58,015 122,833 2,816,874 826,868 2015 - June ............ 7,100 1,323 69 1,254 3,101 160 2,941 8,021 1,862 9,882 269,307 73,626

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

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

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

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

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

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

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

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

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

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

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

June ........... 6,910 1,750 71 1,678 2,874 93 2,781 9,674 2,354 12,028 244,179 85,394 Fiscal year 2016 to date. 58,953 17,233 690 16,542 26,976 1,295 25,679 92,527 29,926 122,455 1,852,385 616,441 

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

Office of Management and Budget on February 9, 2016. 

- No transactions. 

Detail may not add to totals due to rounding. 

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross

(26) 

Refunds

(27) 

Net 

(28) 

Gross

(29) 

Refunds

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds

 (33) 

 Net 

 (34) 

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

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

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

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

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217 2016 - Est ..................... 1,100,796 14,351 - 14,351 525 - 525 41,323 - 41,323 40,622 - 40,622

2017 - Est ..................... 1,141,206 15,063 - 15,063 530 - 530 47,522 - 47,522 46,945 - 46,945 2015 - June................... 96,161 1,194 - 1,194 47 - 47 3,222 - 3,222 2,793 157 2,637

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

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

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

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

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

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

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

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

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

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

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

June .................. 111,074 1,229 - 1,229 38 - 38 3,311 - 3,311 2,619 288 2,331 Fiscal year 2016 to date..... 850,184 10,005 9 9,996 345 - 345 28,350 - 28,350 23,596 3,335 20,263
FEDERAL FISCAL OPERATIONS 

September 2016 

16 

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce

(4) 

Department of

Defense, 

military 

(5) 

 Depart-

 ment of 

Education

 (6) 

 Depart-

 ment of

 Energy

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8) 

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of

 the 

 Interior

 (11) 

Department of

Justice

(12) 

 Depart-

 ment of

 Labor

 (13) 

 

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

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

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

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

2015 ....................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218 2016 - Est............... 4,728 7,729 153,773 10,527 576,328 79,098 27,416 1,110,428 51,769 28,691 14,022 39,115 43,546

2017 - Est............... 4,880 7,749 151,485 10,546 586,834 68,438 30,373 1,144,690 47,750 40,738 15,040 35,274 50,962 2015 - June ............ 330 585 10,566 778 47,082 14,706 2,279 85,036 3,460 2,162 1,319 1,882 3,848

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

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

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

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

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

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

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

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

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

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

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

June............ 347 606 10,278 686 46,273 12,096 2,185 87,030 3,700 3,294 1,489 2,750 4,033 Fiscal year 2016 to 

date............................ 3,217 5,484 110,490 6,677 417,271 59,457 19,064 792,492 32,080 20,169 9,035 21,479 31,873

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense,

civil 

programs

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration

(23) 

International 

Assistance 

Program

(24) 

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

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

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

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

2015 ....................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 2016 - Est............... 30,911 77,832 447,293 93,083 177,612 6,705 63,679 8,340 400 -719 16,042

2017 - Est............... 28,865 85,828 511,659 106,631 180,220 6,654 59,280 8,693 409 1,284 26,430 2015 - June ............ 1,960 6,601 93,014 1,923 12,898 533 5,002 726 11,531 -41 1,261

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

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

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

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

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

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

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

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

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

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

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

June ........... 2,327 7,468 95,662 5,250 13,582 540 4,585 720 31 142 761 Fiscal year 2016 to 

date............................ 18,486 53,408 345,782 120,671 123,909 4,543 45,684 6,667 288 -415 13,387 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

September 2016 

17

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security

Administration 

(29) 

Independent 

agencies

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget

 (36) 

 

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

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

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

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

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

 

2016 - Est.......... 19,153 6,895 93,883 -378 991,558 22,624 -84,405 -151,495 -3,826 -11,050 3,161,649 789,658

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

 

2015 - June ....... 1,937 613 7,294 79 83,449 -4,412 -5,456 -69,213 -1,155 -30,128 263,104 29,342

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

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

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

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

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

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

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

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

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

Apr......... 1,711 512 8,105 67 85,349 1,049 -5,750 -3,585 -100 -8,101 266,596 65,385

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

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

Fiscal year 

2016 to date ....... 13,925 4,861 68,304 -735 728,095 8,262 -65,470 -138,724 -1,935 -8,101 2,310,884 558,791

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

Office of Management and Budget on February 9, 2016. 

- No transactions. 

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

September 2016 

18 

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

June 2016 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,171,600 23 - 1,171,623 1,167,390 109 - 1,167,500

Corporation income taxes........................................... 223,388 - - 223,388 255,453 - - 255,453

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 616,441 616,441 - - 588,659 588,659

Employment and general retirement (on-budget)... 1 - 191,118 191,119 -38 - 182,427 182,389

Unemployment insurance ....................................... -34 - 39,804 39,770 * - 42,085 42,084

Other retirement...................................................... - - 2,854 2,854 - - 2,680 2,680

Excise taxes ................................................................ 18,155 992 39,807 58,954 20,263 851 38,973 60,087

Estate and gift taxes ................................................... 16,543 - - 16,543 15,112 - - 15,112

Customs duties ........................................................... 16,891 7,750 1,038 25,680 17,221 7,972 1,141 26,334

Miscellaneous receipts................................................ 101,364 19,656 1,436 122,455 83,569 21,954 1,100 106,622

Total receipts....................................................... 1,547,908 28,421 892,498 2,468,827 1,558,970 30,886 857,064 2,446,920

(On-budget)..................................................... 1,547,908 28,421 276,057 1,852,386 1,558,970 30,886 268,405 1,858,261

(Off-budget)..................................................... - - 616,441 616,441 - - 588,659 588,659

Budget outlays: 

Legislative branch ....................................................... 3,289 -69 -3 3,217 3,192 2 4 3,198

Judicial branch ............................................................ 5,655 -110 -61 5,484 5,414 -134 -59 5,221

Department of Agriculture ........................................... 94,284 16,395 -189 110,490 94,385 15,684 234 110,303

Department of Commerce........................................... 6,559 -259 377 6,677 6,312 104 98 6,515

Department of Defense-military .................................. 417,079 -66 257 417,270 424,656 -1,929 81 422,808

Department of Education ............................................ 59,682 -226 * 59,457 60,326 87 * 60,413

Department of Energy................................................. 20,419 -1,356 * 19,064 20,160 -1,285 * 18,874

Department of Health and Human Services ............... 618,516 3,343 170,633 792,492 563,290 -334 191,834 754,791

Department of Homeland Security.............................. 34,843 -2,806 44 32,081 35,089 -3,977 -80 31,033

Department of Housing and Urban Development....... 20,672 -316 -188 20,169 31,498 -581 * 30,917

Department of the Interior........................................... 8,563 86 386 9,035 8,180 477 242 8,899

Department of Justice ................................................. 19,295 2,203 -19 21,479 17,624 1,494 -20 19,099

Department of Labor................................................... 6,925 -3,271 28,219 31,872 6,970 -631 28,025 34,364

Department of State.................................................... 18,092 -179 574 18,487 17,307 -126 575 17,756

Department of Transportation..................................... 76,697 -70 -23,220 53,407 6,810 12 44,101 50,923

Department of the Treasury: 

Interest on the public debt....................................... 345,780 - - 345,780 318,225 - - 318,225

Other ....................................................................... 121,529 -770 -88 120,671 109,250 -1,411 10 107,850

Department of Veterans Affairs .................................. 125,881 -2,608 635 123,908 119,448 -2,502 701 117,647

Corps of Engineers ..................................................... 3,421 71 1,050 4,543 4,118 173 666 4,958

Other defense civil programs...................................... 82,767 -882 -36,200 45,685 79,703 2,180 -32,817 49,066

Environmental Protection Agency............................... 6,469 -56 254 6,668 6,818 -33 -1,925 4,860

Executive Office of the President................................ 288 * - 288 288 * * 289

General Services Administration ................................ 56 -472 - -416 85 -842 * -757

International Assistance Program............................... 17,191 -521 -3,283 13,388 19,847 -326 -1,533 17,988

National Aeronautics and Space Administration ........ 13,942 -17 1 13,926 13,590 -26 1 13,564

National Science Foundation...................................... 4,783 69 9 4,861 4,633 49 -17 4,666

Office of Personnel Management ............................... 9,167 -2,981 62,116 68,302 8,823 -1,738 61,226 68,310

Small Business Administration ................................... -732 -4 - -735 -992 -9 - -1,001

Social Security Administration .................................... 65,819 * 662,277 728,096 64,734 * 641,398 706,133

Other independent agencies....................................... 7,831 -3,365 3,795 8,261 9,061 -4,976 3,375 7,461

Undistributed offsetting receipts: 

Interest .................................................................... - - -138,723 -138,723 - - -133,674 -133,674

Other ....................................................................... -1,893 -6,868 -66,747 -75,508 -2,446 -20,115 -74,855 -97,416

Total outlays........................................................ 2,212,870 -5,105 661,908 2,869,674 2,056,402 -20,711 727,591 2,763,281

(On-budget)..................................................... 2,212,606 -4,221 102,498 2,310,883 2,056,143 -18,241 193,830 2,231,732

(Off-budget)..................................................... 264 -883 559,410 558,791 259 -2,470 533,760 531,549

Surplus or deficit (-)............................................. -664,962 33,526 230,590 -400,847 -497,431 51,597 129,473 -316,361

(On-budget)..................................................... -664,699 32,642 173,559 -458,497 -497,173 49,127 74,575 -373,471

(Off-budget)..................................................... -264 883 57,031 57,650 -259 2,470 54,899 57,110

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

19

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

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

cash is maintained in accounts with the Federal Reserve 

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

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

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

thousands of tax and loan accounts at financial institutions 

throughout the country. 

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

United States Code 323), Treasury implemented a program 

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

cash in obligations of depositaries maintaining tax and loan 

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

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

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

depositaries and in the financial communities in which they 

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

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

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

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

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

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

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

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

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

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

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

 2015 - June ............................ 762,167 262,287 969,061 - -

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

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

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

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

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

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

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

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

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

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

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

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

 

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

September 2016 

20 

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

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

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

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

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

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

 

2015 - June ............ 254,340 - - 255,946 - - 165,516 - - 209,744 - -

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

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

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

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

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

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

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

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

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

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

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

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

 

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

2

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

other than Government account series, and taxes. 

3

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

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

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

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

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

and employees under the Federal Insurance Contributions Act beginning January 1950 

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

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

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

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
September 2016 

21

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

September 2016

22 

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency

securities 

(3) 

Total 

(4) 

Public debt

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

 

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

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

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

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

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

 

2015 - June.................... 18,176,653 18,151,998 24,655 5,076,967 5,076,962 5 13,099,686 13,075,036 24,650

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

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

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

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

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

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

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

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

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

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

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

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

 

End of fiscal 

year or month 

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

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount

(17) 

Accrual

amount

(18) 

 

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

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

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

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

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

 

2015 - June .................... 18,176,653 55,178 18,121,475 5,076,967 25,899 5,051,068 13,099,686 29,279 13,070,407

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

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

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

September 2016 

23

 Nonmarketable, continued 

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

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

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

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

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

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

 

2015 - June ............... 173,981 - 264 81,884 99,767 29,995 1,527

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

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

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

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

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

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

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

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

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

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

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

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

 

 TABLE FD-2—Debt Held by the Public

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

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

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

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

2013 .......................... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 - 398,879

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

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

 

2015 - June ............... 13,076,414 12,688,996 1,393,163 8,297,601 1,649,925 1,102,262 246,045 387,418

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

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

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

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

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

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

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

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

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

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

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

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

September 2016

24 

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

 

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

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

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

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

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

 

2015 - June .......... 2,733,614 826 68,642 6,769 5,136 7,684 633 44,388 1,115,338

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

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

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

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

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

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

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

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

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

 Apr ............ 2,785,873 828 70,904 75,591 4,519 9,162 688 42,804 1,307,288

May .......... 2,775,166 828 85,105 74,680 4,439 9,208 556 57,794 1,325,680

June ......... 2,821,674 828 86,766 73,069 4,456 9,532 535 53,041 1,327,580

 

 

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

TABLE FD-3—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

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

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

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

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

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

 

2015 - June ....... 5,134,875 13,690 57,437 43,815 22,644 50,975 757,929 205,355 -

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

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

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

September 2016 

25

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

 

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

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

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

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

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

 

2015 - June ................. 24,655 19 104 24,426 106 *

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

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

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

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

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

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

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

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

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

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

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

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

 

 

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

September 2016

26 

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

Interest-Bearing Public Debt Held by Private Investors

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

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within 

1 year 

(2) 

1-5

years 

(3) 

5-10

years 

(4) 

 10-20

 years 

 (5) 

 20 years 

 or more 

 (6) 

Average length

(months) 

(7) 

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

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

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

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

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

 

2015 - June .................... 10,237,756 2,890,796 4,335,287 2,035,095 187,318 789,260 60 

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

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

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

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

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

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

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

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

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

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

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

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

 

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

September 2016 

27

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities

 not subject

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

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

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

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

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

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

 

2015 – June 1 ......................... 18,113,000 18,112,975 18,112,975 - 18,151,998 - 39,023 

July 1........................... 18,113,000 18,112,975 18,112,975 - 18,151,323 - 38,348 

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

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

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

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

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

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

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

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

 Apr. 2 ........................... - 19,148,684 19,148,684 - 19,187,387 - 38,704 

May 2 .......................... - 19,227,001 19,227,001 - 19,265,452 - 38,452 

June 2 ......................... - 19,346,540 19,346,540 - 19,381,591 - 35,052 

 

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

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

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

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

114-74, the Statutory Debt Limit has been suspended through March 15, 2017. 
FEDERAL DEBT 

September 2016

28 

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

 

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

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

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

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

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

 

2015 - June ............................ 1,375,671 17,789 25,545 22,087 579 748

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

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

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

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

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

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

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

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

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

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

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

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

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

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

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

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

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

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

 

2015 - June............................ 1,116,112 4,717 27,548 133 59,220

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

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

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

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

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

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

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

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

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

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

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

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

 
FEDERAL DEBT 

September 2016 

29

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

 

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

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

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

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

2015 ...................................... 22,725 3,498 7,176 62,989

 

2015 - June ........................... 23,303 2,543 8,075 67,272

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

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

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

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

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

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

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

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

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

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

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

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

 

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

September 2016 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

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

the consolidation of the Financial Management Service and 

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

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

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

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

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

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

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

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

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

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

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

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

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

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

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

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: APRIL-JUNE 

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

A P R I L 

Auction of 3-Year Notes 

On April 7, 2016, Treasury announced it would auction 

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

$72,800 million of securities maturing April 15 and to pay 

down approximately $16,800 million. 

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

April 15. They are due April 15, 2019, with interest payable 

on October 15 and April 15 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

Eastern Time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on April 12. Tenders totaled 

$65,302 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.890 percent with an 

equivalent price of $99.955693. Treasury accepted in full all 

competitive tenders at yields lower than 0.890 percent. 

Tenders at the high yield were allotted 7.57 percent. The 

median yield was 0.840 percent, and the low yield was 0.745 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$23,848 million. 

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

the auction process, Treasury accepted $169 million from 

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

minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes 

of Series AL-2019 is $100. 

Auction of 9-Year 10-Month 1-5/8 Percent Notes 

On April 7, 2016, Treasury announced it would auction 

$20,000 million of 9-year 10-month 1-5/8 percent notes. The 

issue was to refund $72,800 million of securities maturing 

April 15 and to pay down approximately $16,800 million. 

The 9-year 10-month 1-5/8 percent notes of Series B-2026 

were dated February 15 and issued April 15. They are due 

February 15, 2026, with interest payable on August 15 and 

February 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 13. Tenders totaled $54,966 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.765 percent with an 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2016 

31

equivalent price of $98.739410. Treasury accepted in full all 

competitive tenders at yields lower than 1.765 percent. 

Tenders at the high yield were allotted 98.52 percent. The 

median yield was 1.725 percent, and the low yield was 1.651 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$19,992 million. Accrued interest of $2.67857 per $1,000 

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

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

the auction process, Treasury accepted $141 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 29-Year 10-Month 2-1/2 Percent Bonds 

On April 7, 2016, Treasury announced it would auction 

$12,000 million of 29-year 10-month 2-1/2 percent bonds. 

The issue was to refund $72,800 million of securities 

maturing April 15 and to pay down approximately $16,800 

million. 

The 29-year 10-month 2-1/2 percent bonds of February 

2046 were dated February 15 and issued April 15. They are 

due February 15, 2046, with interest payable on August 15 

and February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on April 14. Tenders totaled $28,826 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.596 percent with an 

equivalent price of $98.011430. Treasury accepted in full all 

competitive tenders at yields lower than 2.596 percent. 

Tenders at the high yield were allotted 81.30 percent. The 

median yield was 2.560 percent, and the low yield was 2.388 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$11,988 million. Accrued interest of $4.12088 per $1,000 

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

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

the auction process, Treasury accepted $84 million from 

(FRBs) for their own accounts. The minimum par amount 

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

Auction of 5-Year Treasury Inflation Protected 

Security (TIPS) 

On April 14, 2016, Treasury announced it would auction 

$16,000 million of 5-year TIPS. The issue was to raise new 

cash of approximately $16,000 million. 

The 5-year TIPS of Series X-2021 were dated April 15 

and issued April 29. They are due April 15, 2021, with interest 

payable on October 15 and April 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 

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

competitive tenders on April 21. Tenders totaled $38,675 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.195 percent with an 

equivalent adjusted price of $101.634854. Treasury accepted 

in full all competitive tenders at yields lower than -0.195 

percent. Tenders at the high yield were allotted 53.48 percent. 

The median yield was -0.260 percent, and the low yield was -

0.425 percent. Noncompetitive tenders totaled $51 million. 

Competitive tenders accepted from private investors totaled 

$15,949 million. Adjusted accrued interest of $0.04783 per 

$1,000 must be paid for the period from April 15 to April 29. 

Both the unadjusted price of $101.596247 and the unadjusted 

accrued interest of $0.04781 were adjusted by an index ratio 

of 1.00038, for the period from April 15 to April 29. The 

minimum par amount required for STRIPS of TIPS of Series 

X-2021 is $100. 

Auction of 2-Year Notes 

On April 21, 2016, Treasury announced it would auction 

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

$109,729 million of securities maturing April 30 and to pay 

down approximately $6,729 million. 

The 2-year notes of Series AZ-2018 were dated April 30 

and issued May 2. They are due April 30, 2018, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 0-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 25. Tenders totaled $68,709 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.842 percent with an 

equivalent price of $99.818393. Treasury accepted in full all 

competitive tenders at yields lower than 0.842 percent. 

Tenders at the high yield were allotted 30.16 percent. The 

median yield was 0.805 percent, and the low yield was 0.760 

percent. Noncompetitive tenders totaled $141 million. 

Competitive tenders accepted from private investors totaled 

$25,859 million. Accrued interest of $0.04076 per $1,000 

must be paid for the period from April 30 to May 2. 

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

the auction process, Treasury accepted $6,909 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AZ-2018 is $100. 

Auction of 52-Week Bills 

On April 21, 2016, Treasury announced it would auction 

$20,000 million of 364-day Treasury bills. They were issued 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APIRL-JUNE, continued 

September 2016 

32 

April 28 and will mature April 27, 2017. The issue was to 

refund $129,996 million of all maturing bills and to pay down 

approximately $22,996 million. Treasury auctioned the bills 

on April 26. Tenders totaled $71,446 million; Treasury 

accepted $20,000 million, including $202 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.605 percent. 

Auction of 5-Year Notes 

On April 21, 2016, Treasury announced it would auction 

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

$109,729 million of securities maturing April 30 and to pay 

down approximately $6,729 million. 

The 5-year notes of Series Y-2021 were dated April 30 

and issued May 2. They are due April 30, 2021, with interest 

payable on October 31 and April 30 until maturity. Treasury 

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

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 26. Tenders totaled $81,783 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.410 percent with an 

equivalent price of $99.831723. Treasury accepted in full all 

competitive tenders at yields lower than 1.410 percent. 

Tenders at the high yield were allotted 87.24 percent. The 

median yield was 1.360 percent, and the low yield was 1.200 

percent. Noncompetitive tenders totaled $52 million. 

Competitive tenders accepted from private investors totaled 

$33,948 million. Accrued interest of $0.07473 per $1,000 

must be paid for the period from April 30 to May 2. 

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

the auction process, Treasury accepted $9,035 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 2-Year Floating Rate Notes (FRNs) 

On April 21, 2016, Treasury announced it would auction 

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

$109,729 million of securities maturing April 30 and to pay 

down approximately $6,729 million. 

The 2-year FRNs of Series BA-2018 were dated April 30 

and issued May 2. They are due April 30, 2018, with interest 

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

maturity. Treasury set a spread of 0.190 percent after 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on April 28. Tenders totaled $53,513 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.190 percent 

with an equivalent price of $99.999997. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.190 percent. Tenders at the high discount margin were 

allotted 0.72 percent. The median discount margin was 0.170 

percent, and the low discount margin was 0.140 percent. 

Noncompetitive tenders totaled $23 million. Competitive 

tenders accepted from private investors totaled $14,977 

million. Accrued interest of $0.002445322 per $100 must be 

paid for the period from April 30 to May 2. 

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

the auction process, Treasury accepted $3,986 million from 

FRBs for their own accounts. 

Auction of 7-Year Notes 

On April 21, 2016, Treasury announced it would auction 

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

$109,729 million of securities maturing April 30 and to pay 

down approximately $6,729 million. 

The 7-year notes of Series K-2023 were dated April 30 

and issued May 2. They are due April 30, 2023, with interest 

payable on October 31 and April 30 until maturity. Treasury 

set an interest rate of 1-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on April 28. Tenders totaled $74,270 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.634 percent with an 

equivalent price of $99.940670. Treasury accepted in full all 

competitive tenders at yields lower than 1.634 percent. 

Tenders at the high yield were allotted 59.85 percent. The 

median yield was 1.600 percent, and the low yield was 1.490 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled 

$27,974 million. Accrued interest of $0.08832 per $1,000 

must be paid for the period from April 30 to May 2. 

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

the auction process, Treasury accepted $7,441 million from 

FRBs for their own accounts. The minimum par amount 

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

M A Y 

Auction of 3-Year Notes 

On May 4, 2016, Treasury announced it would auction 

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

$60,093 million of securities maturing May 15 and to raise 

new cash of approximately $1,907 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2016 

33

The 3-year notes of Series AM-2019 were dated May 15 

and issued May 16. They are due May 15, 2019, with interest 

payable on November 15 and May 15 until maturity. Treasury 

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 10. Tenders totaled $70,403 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.875 percent with an 

equivalent price of $99.999989. Treasury accepted in full all 

competitive tenders at yields lower than 0.875 percent. 

Tenders at the high yield were allotted 72.78 percent. The 

median yield was 0.845 percent, and the low yield was 0.750 

percent. Noncompetitive tenders totaled $69 million. 

Competitive tenders accepted from private investors totaled 

$23,931 million. Accrued interest of $0.02378 per $1,000 

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

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

the auction process, Treasury accepted $5,428 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 10-Year Notes 

On May 4, 2016, Treasury announced it would auction 

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

$60,093 million of securities maturing May 15 and to raise 

new cash of approximately $1,907 million. 

The 10-year notes of Series C-2026 were dated May 15 

and issued May 16. They are due May 15, 2026, with interest 

payable on November 15 and May 15 until maturity. Treasury 

set an interest rate of 1-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 11. Tenders totaled $61,705 

million; Treasury accepted $23,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.710 percent with an 

equivalent price of $99.221906. Treasury accepted in full all 

competitive tenders at yields lower than 1.710 percent. 

Tenders at the high yield were allotted 30.57 percent. The 

median yield was 1.680 percent, and the low yield was 1.600 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors totaled 

$22,969 million. Accrued interest of $0.04416 per $1,000 

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

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

the auction process, Treasury accepted $5,201 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 30-Year Bonds 

On May 4, 2016, Treasury announced it would auction 

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

$60,093 million of securities maturing May 15 and to raise 

new cash of approximately $1,907 million. 

The 30-year bonds of May 2046 were dated May 15 and 

issued May 16. They are due May 15, 2046, with interest 

payable on November 15 and May 15 until maturity. Treasury 

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

tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on May 12. Tenders totaled $32,891 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.615 percent with an 

equivalent price of $97.619462. Treasury accepted in full all 

competitive tenders at yields lower than 2.615 percent. 

Tenders at the high yield were allotted 17.76 percent. The 

median yield was 2.554 percent, and the low yield was 2.388 

percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$14,985 million. Accrued interest of $0.06793 per $1,000 

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

In addition to the $15,000 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 May 2046 is $100. 

Auction of 9-Year 8-Month 0-5/8 Percent TIPS 

On May 12, 2016, Treasury announced it would auction 

$11,000 million of 9-year 8-month 0-5/8 percent TIPS. The 

issue was to refund $70,606 million of securities maturing 

May 31 and to raise new cash of approximately $28,394 

million. 

The 9-year 8-month 0-5/8 percent TIPS of Series A-2026 

were dated January 15 and issued May 31. They are due 

January 15, 2026, with interest payable on July 15 and 

January 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

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

competitive tenders on May 19. Tenders totaled $25,002 

million; Treasury accepted $11,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.275 percent with an 

equivalent adjusted price of $103.533587. Treasury accepted 

in full all competitive tenders at yields lower than 0.275 

percent. Tenders at the high yield were allotted 33.31 percent. 

The median yield was 0.210 percent, and the low yield was 

0.120 percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors totaled 

$10,969 million. Adjusted accrued interest of $2.35716 per 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APIRL-JUNE, continued 

September 2016 

34 

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

31. Both the unadjusted price of $103.321777 and the 

unadjusted accrued interest of $2.35234 were adjusted by an 

index ratio of 1.00205, for the period from January 15 to May 

31. 

In addition to the $11,000 million of tenders accepted in 

the auction process, Treasury accepted $2,805 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of TIPS of Series A-2026 is $100. 

Auction of 2-Year Notes 

On May 19, 2016, Treasury announced it would auction 

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

$70,606 million of securities maturing May 31 and to raise 

new cash of approximately $28,394 million. 

The 2-year notes of Series BB-2018 were dated and issued 

May 31. They are due May 31, 2018, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 24. Tenders totaled $78,069 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.920 percent with an 

equivalent price of $99.911026. Treasury accepted in full all 

competitive tenders at yields lower than 0.920 percent. 

Tenders at the high yield were allotted 84.57 percent. The 

median yield was 0.900 percent, and the low yield was 0.800 

percent. Noncompetitive tenders totaled $207 million. 

Competitive tenders accepted from private investors totaled 

$25,793 million. 

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

the auction process, Treasury accepted $6,631 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BB-2018 is $100. 

Auction of 52-Week Bills 

On May 19, 2016, Treasury announced it would auction 

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

May 26 and will mature May 25, 2017. The issue was to 

refund $122,995 million of all maturing bills and to pay down 

approximately $995 million. Treasury auctioned the bills on 

May 24. Tenders totaled $75,400 million; Treasury accepted 

$20,000 million, including $206 million of noncompetitive 

tenders from the public. The high bank discount rate was 

0.685 percent. 

Auction of 1-Year 11-Month 0.19 Percent FRNs 

On May 19, 2016, Treasury announced it would auction 

$13,000 million of 1-year 11-month 0.19 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million. 

The 1-year 11-month 0.19 percent FRNs of Series BA2018 were dated April 30 and issued May 27. They are due 

April 30, 2018, with interest payable on July 31, October 31, 

January 31, and April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on May 25. Tenders totaled $43,580 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.188 percent 

with an equivalent price of $100.003850. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.188 percent. Tenders at the high discount margin were 

allotted 52.73 percent. The median discount margin was 0.175 

percent, and the low discount margin was 0.140 percent. 

Noncompetitive tenders totaled $12 million. Competitive 

tenders accepted from private investors totaled $12,988 

million. Accrued interest of $0.033554498 per $100 must be 

paid for the period from April 30 to May 27. 

Auction of 5-Year Notes 

On May 19, 2016, Treasury announced it would auction 

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

$70,606 million of securities maturing May 31 and to raise 

new cash of approximately $28,394 million. 

The 5-year notes of Series Z-2021 were dated and issued 

May 31. They are due May 31, 2021, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 25. Tenders totaled $88,348 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.395 percent with an 

equivalent price of $99.903732. Treasury accepted in full all 

competitive tenders at yields lower than 1.395 percent. 

Tenders at the high yield were allotted 51.82 percent. The 

median yield was 1.350 percent, and the low yield was 1.285 

percent. Noncompetitive tenders totaled $58 million. 

Competitive tenders accepted from private investors totaled 

$33,942 million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2016 

35

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

the auction process, Treasury accepted $8,671 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 7-Year Notes 

On May 19, 2016, Treasury announced it would auction 

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

$70,606 million of securities maturing May 31 and to raise 

new cash of approximately $28,394 million. 

The 7-year notes of Series L-2023 were dated and issued 

May 31. They are due May 31, 2023, with interest payable on 

November 30 and May 31 until maturity. Treasury set an 

interest rate of 1-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on May 26. Tenders totaled $72,044 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.652 percent with an 

equivalent price of $99.822210. Treasury accepted in full all 

competitive tenders at yields lower than 1.652 percent. 

Tenders at the high yield were allotted 20.25 percent. The 

median yield was 1.615 percent, and the low yield was 1.500 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled 

$27,975 million. 

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

the auction process, Treasury accepted $7,141 million from 

FRBs for their own accounts. The minimum par amount 

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

J U N E 

Auction of 3-Year Notes 

On June 2, 2016, Treasury announced it would auction 

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

$32,000 million of securities maturing June 15 and to raise 

new cash of approximately $24,000 million. 

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

June 15. They are due June 15, 2019, with interest payable on 

December 15 and June 15 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 7. Tenders totaled $67,001 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.930 percent with an 

equivalent price of $99.837652. Treasury accepted in full all 

competitive tenders at yields lower than 0.930 percent. 

Tenders at the high yield were allotted 97.63 percent. The 

median yield was 0.880 percent, and the low yield was 0.688 

percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$23,970 million. The minimum par amount required for 

STRIPS of notes of Series AN-2019 is $100. 

Auction of 9-Year 11-Month 1-5/8 Percent Notes 

On June 2, 2016, Treasury announced it would auction 

$20,000 million of 9-year 11-month 1-5/8 percent notes. The 

issue was to refund $32,000 million of securities maturing 

June 15 and to raise new cash of approximately $24,000 

million. 

The 9-year 11-month 1-5/8 percent notes of Series C-2026 

were dated May 15 and issued June 15. They are due May 15, 

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

maturity. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 8. Tenders totaled $54,019 

million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.702 percent with an 

equivalent price of $99.299186. Treasury accepted in full all 

competitive tenders at yields lower than 1.702 percent. 

Tenders at the high yield were allotted 11.21 percent. The 

median yield was 1.660 percent, and the low yield was 1.595 

percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled 

$19,988 million. Accrued interest of $1.36889 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of notes of Series 

C-2026 is $100. 

Auction of 29-Year 11-Month 2-1/2 Percent Bonds 

On June 2, 2016, Treasury announced it would auction 

$12,000 million of 29-year 11-month 2-1/2 percent bonds. 

The issue was to refund $32,000 million of securities 

maturing June 15 and to raise new cash of approximately 

$24,000 million. 

The 29-year 11-month 2-1/2 percent bonds of May 2046 

were dated May 15 and issued June 15. They are due May 15, 

2046, with interest payable on November 15 and May 15 until 

maturity. 

Treasury received tenders for the bonds before 12:00 noon 

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

competitive tenders on June 9. Tenders totaled $29,081 

million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.475 percent with an 

equivalent price of $100.524034. Treasury accepted in full all 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APIRL-JUNE, continued 

September 2016 

36 

competitive tenders at yields lower than 2.475 percent. 

Tenders at the high yield were allotted 63.49 percent. The 

median yield was 2.430 percent, and the low yield was 2.300 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors totaled 

$11,997 million. Accrued interest of $2.10598 per $1,000 

must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of bonds of May 

2046 is $100. 

Auction of 2-Year Notes 

On June 16, 2016, Treasury announced it would auction 

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

$80,338 million of securities maturing June 30 and to raise 

new cash of approximately $12,662 million. 

The 2-year notes of Series BC-2018 were dated and issued 

June 30. They are due June 30, 2018, with interest payable on 

December 31 and June 30 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 

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

competitive tenders on June 20. Tenders totaled $70,679 

million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.745 percent with an 

equivalent price of $99.762218. Treasury accepted in full all 

competitive tenders at yields lower than 0.745 percent. 

Tenders at the high yield were allotted 57.37 percent. The 

median yield was 0.700 percent, and the low yield was 0.388 

percent. Noncompetitive tenders totaled $138 million. 

Competitive tenders accepted from private investors totaled 

$25,862 million. 

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

the auction process, Treasury accepted $3,793 million from 

FRBs for their own accounts. The minimum par amount 

required for STRIPS of notes of Series BC-2018 is $100. 

Auction of 52-Week Bills 

On June 16, 2016, Treasury announced it would auction 

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

June 23 and will mature June 22, 2017. The issue was to 

refund $129,995 million of all maturing bills and to pay down 

approximately $2,995 million. Treasury auctioned the bills on 

June 21. Tenders totaled $74,141 million; Treasury accepted 

$20,000 million, including $181 million of noncompetitive 

tenders from the public. The high bank discount rate was 

0.560 percent. 

Auction of 5-Year Notes 

On June 16, 2016, Treasury announced it would auction 

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

$80,338 million of securities maturing June 30 and to raise 

new cash of approximately $12,662 million. 

The 5-year notes of Series AA-2021 were dated and issued 

June 30. They are due June 30, 2021, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

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

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 21. Tenders totaled $77,888 

million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.218 percent with an 

equivalent price of $99.550203. Treasury accepted in full all 

competitive tenders at yields lower than 1.218 percent. 

Tenders at the high yield were allotted 68.14 percent. The 

median yield was 1.165 percent, and the low yield was 1.100 

percent. Noncompetitive tenders totaled $32 million. 

Competitive tenders accepted from private investors totaled 

$33,968 million. 

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

the auction process, Treasury accepted $4,960 million from 

FRBs for their own accounts. The minimum par amount 

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

Auction of 1-Year 10-Month 0.19 Percent FRNs 

On June 16, 2016, Treasury announced it would auction 

$13,000 million of 1-year 10-month 0.19 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million. 

The 1-year 10-month 0.19 percent FRNs of Series BA2018 were dated April 30 and issued June 24. They are due 

April 30, 2018, with interest payable on July 31, October 31, 

January 31, and April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on June 22. Tenders totaled $41,009 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.188 percent 

with an equivalent price of $100.003698. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.188 percent. Tenders at the high discount margin were 

allotted 68.73 percent. The median discount margin was 0.174 

percent, and the low discount margin was 0.150 percent. 

Noncompetitive tenders totaled $4 million. Competitive 

tenders accepted from private investors totaled $12,996 

million. Accrued interest of $0.071920018 per $100 must be 

paid for the period from April 30 to June 24. 

Auction of 29-Year 8-Month 1 Percent TIPs 

On June 16, 2016, Treasury announced it would auction 

$5,000 million of 29-year 8-month 1 percent TIPS. The issue 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2016 

37

was to refund $80,338 million of securities maturing June 30 

and to raise new cash of approximately $12,662 million. 

The 29-year 8-month 1 percent TIPS of February 2046 

were dated February 15 and issued June 30. They are due 

February 15, 2046, with interest payable on August 15 and 

February 15 until maturity. 

Treasury received tenders for the TIPS before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on June 22. Tenders totaled $13,457 

million; Treasury accepted $5,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.905 percent with an 

equivalent adjusted price of $103.449203. Treasury accepted 

in full all competitive tenders at yields lower than 0.905 

percent. Tenders at the high yield were allotted 71.43 percent. 

The median yield was 0.850 percent, and the low yield was 

0.688 percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled 

$4,985 million. Adjusted accrued interest of $3.77220 per 

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

30. Both the unadjusted price of $102.463504 and the 

unadjusted accrued interest of $3.73626 were adjusted by an 

index ratio of 1.00962, for the period from February 15 to 

June 30. 

In addition to the $5,000 million of tenders accepted in the 

auction process, Treasury accepted $729 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of TIPS of February 2046 is $100. 

Auction of 7-Year Notes 

On June 16, 2016, Treasury announced it would auction 

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

$80,338 million of securities maturing June 30 and to raise 

new cash of approximately $12,662 million. 

The 7-year notes of Series M-2023 were dated and issued 

June 30. They are due June 30, 2023, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 1-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

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

competitive tenders on June 22. Tenders totaled $71,641 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.497 percent with an 

equivalent price of $99.192087. Treasury accepted in full all 

competitive tenders at yields lower than 1.497 percent. 

Tenders at the high yield were allotted 87.12 percent. The 

median yield was 1.449 percent, and the low yield was 1.350 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors totaled 

$27,993 million. 

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

the auction process, Treasury accepted $4,085 million from 

FRBs for their own accounts. The minimum par amount 

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

September 2016 

38 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount

of bids 

tendered 

(3) 

Total 

amount 2

(4) 

On

competitive

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2016 - Apr. 07 ................. 2016 - May 05 28 125,224.6 35,000.2 34,652.5 247.6 99.985611 0.185 0.188

 July 07 91 111,132.0 28,000.1 27,492.2 407.9 99.940597 0.235 0.238

 Oct. 06 182 98,494.6 24,000.1 23,302.4 397.7 99.805361 0.385 0.391

Apr. 14................. May 12 28 126,015.4 35,001.0 34,650.3 250.8 99.984444 0.200 0.203

 July 14 91 109,450.8 28,000.1 27,523.3 376.7 99.941861 0.230 0.233

 Oct. 13 182 91,857.8 24,000.2 23,279.4 320.8 99.823056 0.350 0.355

Apr. 21................. May 19 28 124,401.4 35,000.4 34,708.0 292.4 99.986389 0.175 0.177

 July 21 91 112,628.6 28,000.7 27,611.5 389.2 99.944389 0.220 0.223

 Oct. 20 182 92,499.7 24,000.1 23,471.0 329.1 99.823056 0.350 0.355

Apr. 28................. May 26 28 133,999.4 35,000.3 34,687.5 312.8 99.985222 0.190 0.193

 July 28 91 102,535.5 28,000.6 26,757.8 342.8 99.936806 0.250 0.254

 Oct. 27 182 90,157.8 24,000.2 22,668.6 331.6 99.797778 0.400 0.406

May 05................. June 02 28 145,188.9 40,000.1 39,650.7 249.4 99.986778 0.170 0.172

 Aug. 04 91 106,367.3 28,000.1 27,417.9 382.2 99.944389 0.220 0.223

 Nov. 03 182 93,359.6 24,000.1 23,205.0 395.1 99.800306 0.395 0.401

May 12................. June 09 28 149,972.9 45,000.1 44,733.0 267.1 99.980944 0.245 0.248

 Aug. 11 91 103,575.5 31,000.4 30,501.6 398.9 99.939333 0.240 0.243

 Nov. 10 182 110,750.5 26,000.2 25,435.5 364.7 99.807889 0.380 0.386

May 19................. June 16 28 151,316.9 45,000.3 44,701.4 298.9 99.981333 0.240 0.243

 Aug. 18 91 114,657.0 31,000.1 30,485.2 414.9 99.930486 0.275 0.279

 Nov. 17 182 103,944.5 26,000.6 25,404.7 356.0 99.812944 0.370 0.376

May 26................. June 23 28 155,452.7 45,000.8 44,150.8 350.0 99.979389 0.265 0.269

 Aug. 25 91 105,280.9 31,000.4 29,793.2 407.1 99.911528 0.350 0.355

 Nov. 25 182 94,773.8 26,000.3 24,876.7 348.6 99.756000 0.480 0.488

June 02................ June 30 28 122,528.2 40,000.0 39,678.1 222.0 99.979389 0.265 0.269

 Sept. 01 91 103,936.4 31,000.3 30,348.4 351.9 99.914056 0.340 0.345

 Dec. 01 182 94,024.8 26,000.1 25,562.1 337.9 99.759861 0.475 0.483

June 09................ July 07 28 140,864.6 40,000.4 39,640.7 259.7 99.985222 0.190 0.193

 Sept. 08 91 109,793.1 31,000.3 30,571.9 328.4 99.927958 0.285 0.289

 Dec. 08 182 88,198.6 26,000.1 25,579.4 320.7 99.782611 0.430 0.437

June 16................ July 14 28 149,866.7 45,000.0 44,735.5 264.5 99.981333 0.240 0.243

 Sept. 15 91 106,344.1 31,000.2 30,532.4 367.8 99.931750 0.270 0.274

 Dec. 15 182 107,886.8 26,000.2 25,517.4 382.7 99.797778 0.400 0.406

June 23................ July 21 28 169,712.1 50,000.5 49,656.7 343.7 99.980556 0.250 0.254

 Sept. 22 91 111,927.7 31,000.0 30,536.4 363.7 99.931750 0.270 0.274

 Dec. 22 182 91,701.1 26,000.3 25,535.0 365.3 99.797778 0.400 0.406

June 30................ July 28 28 154,585.7 50,000.4 49,625.1 275.3 99.979778 0.260 0.264

Sept. 29 91 106,157.9 31,000.0 29,726.2 323.8 99.934278 0.260 0.264

 

1

 All 4-week and 13-week bills represent additional issues of bills with an original maturity 

of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an 

original maturity of 52 weeks. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

September 2016 

39

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

04/12/16 04/15/16 0.875% note—04/15/19-AL 3y 65,471 24,169 0.890 - 99.955693 

04/13/16 04/15/16 1.625% note—02/15/26-B 9y 10m 55,107 20,141 1.765 - 98.739410 

04/14/16 04/15/16 2.500% bond—02/15/46 29y 10m 28,911 12,084 2.596 - 98.011430 

04/26/16 04/28/16 0.605% bill—04/27/17 364d 71,446 20,000 

04/21/16 04/29/16 0.125% TIPS—04/15/21-X 5y 38,675 16,000 -0.195 - 101.634854 

04/25/16 05/02/16 0.750% note—04/30/18-AZ 2y 75,618 32,909 0.842 - 99.818393 

04/26/16 05/02/16 1.375% note—04/30/21-Y 5y 90,819 43,035 1.410 - 99.831723 

04/28/16 05/02/16 0.190% FRN—04/30/18-BA 2y 57,500 18,986 0.000 - 99.999997 

04/28/16 05/02/16 1.625% note—04/30/23-K 7y 81,711 35,441 1.634 - 99.940670 

05/10/16 05/16/16 0.875% note—05/15/19-AM 3y 75,831 29,428 0.875 - 99.999989 

05/11/16 05/16/16 1.625% note—05/15/26-C 10y 66,906 28,201 1.710 - 99.221906 

05/12/16 05/16/16 2.500% bond—05/15/46 30y 36,283 18,392 2.615 - 97.619462 

05/24/16 05/26/16 0.685% bill—05/25/17 364d 75,400 20,000 

05/25/16 05/27/16 0.188% FRN—04/30/18-BA 1y 11m 43,580 13,000 0.000 - 100.003850 

05/19/16 05/31/16 0.625% TIPS—01/15/26-A 9y 8m 27,807 13,805 0.275 - 103.533587 

05/24/16 05/31/16 0.875% note—05/31/18-BB 2y 84,700 32,631 0.920 - 99.911026 

05/25/16 05/31/16 1.375% note—05/31/21-Z 5y 97,018 42,671 1.395 - 99.903732 

05/26/16 05/31/16 1.625% note—05/31/23-L 7y 79,184 35,141 1.652 - 99.822210 

06/07/16 06/15/16 0.875% note—06/15/19-AN 3y 67,001 24,000 0.930 - 99.837652 

06/08/16 06/15/16 1.625% note—05/15/26-C 9y 11m 54,019 20,000 1.702 - 99.299186 

06/09/16 06/15/16 2.500% bond—05/15/46 29y 11m 29,081 12,000 2.475 - 100.524034 

06/21/16 06/23/16 0.560% bill—06/22/17 364d 74,141 20,000 

06/22/16 06/24/16 0.188% FRN—04/30/18-BA 1y 10m 41,009 13,000 0.000 - 100.003698 

06/20/16 06/30/16 0.625% note—06/30/18-BC 2y 74,472 29,793 0.745 - 99.762218 

06/21/16 06/30/16 1.125% note—06/30/21-AA 5y 82,848 38,960 1.218 - 99.550203 

06/22/16 06/30/16 1.375% note—06/30/23-M 7y 75,725 32,085 1.497 - 99.192087 

06/22/16 06/30/16 1.000% TIPS—02/15/46 29y 8m 14,187 5,729 0.905 - 103.449203 

 

 

 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. 
September 2016 

40 

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 

September 2016 

41

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

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

End of 

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6) 

 Total

 outstanding

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

 

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

 

2015 - June ..................................... 18,176,653 18,151,998 5,076,967 - 5,076,967 2,798,523

July ...................................... 18,175,987 18,151,323 5,016,394 - 5,016,394 2,799,164

Aug ...................................... 18,175,446 18,151,150 5,031,582 - 5,031,582 2,799,426

Sept..................................... 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

Oct....................................... 18,177,087 18,152,982 5,084,605 - 5,084,605 2,804,479

Nov ...................................... 18,851,699 18,827,323 5,233,642 - 5,233,642 2,806,337

Dec ...................................... 18,946,739 18,922,179 5,244,964 - 5,244,964 2,810,057

2016 - Jan ....................................... 19,037,446 19,012,828 5,351,001 - 5,351,001 2,809,575

Feb ...................................... 19,149,887 19,125,455 5,335,427 - 5,335,427 2,813,201

Mar ...................................... 19,289,383 19,264,939 5,335,182 - 5,335,182 2,815,313

Apr....................................... 19,211,778 19,187,387 5,341,480 - 5,341,480 2,815,146

May...................................... 19,289,971 19,265,452 5,374,362 - 5,374,362 2,816,340

June..................................... 19,406,152 19,381,591 5,444,287 - 5,444,287 2,819,062

 

 Public debt securities, continued Agency securities 1

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

 

2015 - June ..................................... 10,276,508 9,912,571 363,937 24,655 24,650 5

July ...................................... 10,335,765 10,014,268 321,497 24,664 24,659 5

Aug ...................................... 10,320,142 10,047,123 273,019 24,296 24,291 5

Sept..................................... 10,321,650 10,051,650 270,000 24,100 24,095 5

Oct....................................... 10,263,898 9,998,540 265,358 24,105 21,414 2,691

Nov ...................................... 10,787,344 10,316,306 471,038 24,376 21,685 2,691

Dec ...................................... 10,867,158 10,396,498 470,660 24,560 24,554 6

2016 - Jan ....................................... 10,852,253 10,379,385 472,868 24,618 24,612 6

Feb ...................................... 10,976,827 10,499,530 477,297 24,432 24,427 5

Mar ...................................... 11,114,444 10,630,827 483,616 24,444 24,439 5

Apr....................................... 11,030,761 10,540,025 490,737 24,391 24,386 5

May...................................... 11,074,750 10,577,192 497,557 24,519 24,514 5

June..................................... 11,118,242 10,611,734 506,508 24,561 24,556 5

 

 1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

Note—Public issues held by the Federal Reserve banks have been revised to include 

Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal 

National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal 

Home Loan Bank System.
OWNERSHIP OF FEDERAL SECURITIES 

September 2016 

42 

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

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

 

SOMA and 

Intragovernmental 

Holdings 2,3

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 4, 5

 (4) 

U.S.

savings

bonds 6

(5) 

 Private 7

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 4

 (8) 

Mutual 

funds 4, 8

(9) 

 State and 

 local 

 govern- 

 ments 4

 (10) 

 Foreign

 and inter-

 national 9

 (11) 

Other 

 investors 10

 (12) 

 

2016 - June ....... 19,381.6 7,911.2 11,470.4 n.a. 169.0 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 Mar ........ 19,264.9 7,801.4 11,463.6 555.1 170.3 548.3 160.5 301.3 1,399.7 714.3 6,287.0 1,327.0

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 540.1 163.6 296.8 1,314.6 686.7 6,148.1 1,342.8

 Sept........ 18,150.6 7,488.7 10,661.9 513.6 172.8 329.8 162.2 297.8 1,185.8 659.1 6,106.3 1,234.5

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 395.9 169.1 293.2 1,135.2 639.9 6,163.1 1,129.6

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 455.2 172.7 292.7 1,144.0 641.7 6,172.6 1,065.3

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 509.1 176.8 285.4 1,107.4 622.6 6,157.7 1,013.9

 Sept........ 17,824.1 7,490.8 10,333.2 470.9 176.7 499.4 185.2 280.0 1,066.8 602.3 6,069.2 982.6

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 489.7 189.4 273.6 977.1 606.3 6,018.7 1,032.1

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 484.7 188.9 266.7 1,049.4 585.9 5,948.3 1,229.2

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 478.1 188.2 264.7 974.6 586.1 5,792.6 1,362.0

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 358.6 182.6 262.3 975.4 583.5 5,652.8 1,415.7

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 454.0 178.5 262.6 999.3 608.8 5,595.0 1,385.6

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 464.6 173.7 266.6 1,065.7 609.7 5,725.0 1,288.9

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 467.5 172.8 270.6 1,030.7 603.9 5,573.8 1,259.6

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 447.0 171.4 269.5 1,079.6 592.5 5,476.1 1,061.2

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 268.6 996.7 585.1 5,310.9 1,132.0

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 271.5 1,014.4 567.0 5,145.1 1,109.3

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 271.8 926.7 561.1 5,006.9 999.2

 Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 787.5 557.6 4,912.1 937.2

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

 Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1

 Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9

 Sept........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9

2007 - Dec......... 9,229.2 4,833.5 4,395.7 129.8 196.5 141.0 144.2 141.9 343.5 647.8 2,353.2 297.8

 Sept........ 9,007.7 4,738.0 4,269.7 119.7 197.1 140.5 153.2 155.1 292.7 643.1 2,235.3 332.9

 June ....... 8,867.7 4,715.1 4,152.6 110.4 198.6 139.9 162.3 168.9 257.6 637.8 2,192.0 285.1

 Mar......... 8,849.7 4,576.6 4,273.1 119.8 200.3 139.7 156.3 185.4 263.2 608.3 2,194.8 405.2

2006 - Dec......... 8,680.2 4,558.1 4,122.1 114.8 202.4 139.8 153.4 197.9 248.2 570.5 2,103.1 392.0

 Sept........ 8,507.0 4,432.8 4,074.2 113.6 203.7 125.8 149.3 196.8 234.2 542.3 2,025.3 483.2

 June ....... 8,420.0 4,389.2 4,030.8 119.5 205.2 117.7 149.6 196.1 243.4 531.6 1,977.8 490.1

 Mar......... 8,371.2 4,257.2 4,114.0 113.0 206.0 116.8 152.9 200.3 254.2 515.7 2,082.1 473.0

 

 1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face 

value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. 

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings. 

4

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5

 Includes U.S. chartered depository institutions, foreign banking offices in the United 

States, banks in U.S. affiliated areas, credit unions, and bank holding companies. 

6

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
September 2016 

43

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, June 30, 2016 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,638,719,377,370 $1,591,155,251,774 $1,590,676,482,565 $239,720,166 $239,049,043

Less amounts held by: 

The Treasury....................................... 153,507,854 45,409,759 45,178,901 7,505 223,353

FRBs ................................................... 174,642,792,023 172,785,931,108 172,785,923,689 - 7,419

Amounts in circulation............................. $1,463,923,077,493 $1,418,323,910,907 $1,417,845,379,975 $239,712,661 $238,818,271

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $47,564,125,596 $6,545,664,108 $41,018,461,488 

Less amounts held by: 

The Treasury....................................... 108,098,095 58,932,095 49,166,000

FRBs ................................................... 1,856,860,915 1,276,135,415 580,725,500 

Amounts in circulation............................. $45,599,166,586 $5,210,596,598 $40,388,569,988 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2016

44 

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2016 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no

longer issued 

(4) 

$1 ................................................................................ $11,511,238,335 $11,370,531,545 $143,503 $140,563,287

$2 ................................................................................ 2,277,441,422 2,145,767,070 131,661,818 12,534

$5 ................................................................................ 13,671,833,960 13,539,938,140 107,886,110 24,009,710

$10 .............................................................................. 18,568,730,400 18,548,589,300 6,300 20,134,800

$20 .............................................................................. 173,611,139,540 173,591,034,020 3,840 20,101,680

$50 .............................................................................. 80,259,300,050 80,247,807,200 500 11,492,350

$100 ............................................................................ 1,118,111,721,100 1,118,089,752,200 -4 21,968,900

$500 ............................................................................ 141,973,500 141,783,500 5,500 184,500

$1,000 ......................................................................... 165,317,000 165,117,000 5,000 195,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000

Fractional notes 5 ........................................................ 600 - 90 510

Total currency ......................................................... $1,418,323,910,907 $1,417,845,379,975 $ 239,712,661 $238,818,271 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

June 30, 2016 ...................................................................................... 1,463,923 4,520

May 31, 2016 ....................................................................................... 1,458,751 4,507

Apr. 30, 2016 ....................................................................................... 1,447,675 4,475

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

Sept. 30, 1980...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

June 30, 1965 ...................................................................................... 39,719 204

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

 Includes $481,781,898 in standard silver dollars. 

4

 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
Foreign Currency Positions

Exchange Stabilization Fund
September 2016 

47

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

September 2016

48 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

01/06/16 ................................................................. 1,113,427 1,163,640 -340 1.4084

01/13/16 ................................................................. 1,155,504 1,210,184 n.a. 1.4294

01/20/16 ................................................................. 1,225,737 1,283,790 n.a. 1.4592

01/27/16 ................................................................. 1,267,983 1,325,949 n.a. 1.404

 

02/03/16 ................................................................. 1,316,817 1,367,004 n.a. 1.3843

02/10/16 ................................................................. 1,263,834 1,320,180 450 1.3969

02/17/16 ................................................................. 1,261,949 1,311,794 n.a. 1

02/24/16 ................................................................. 1,336,419 1,386,261 n.a. 1.3765

 

03/02/2016 ............................................................. 1,359,020 1,421,425 n.a. 1.3466

03/09/2016 ............................................................. 1,399,468 1,464,237 n.a. 1.3233

03/16/2016 ............................................................. 1,191,818 1,258,905 n.a. 1.3364

03/23/2016 ............................................................. 1,192,455 1,257,171 n.a. 1.3199

03/30/2016 ............................................................. 1,207,332 1,268,022 n.a. 1.2962

 

04/06/2016 ............................................................. 1,175,559 1,244,227 n.a. 1

04/13/2016 ............................................................. 1,226,107 1,286,567 n.a. 1.2789

04/20/2016 ............................................................. 1,217,796 1,282,840 1,085 1.2623

04/27/2016 ............................................................. 1,249,516 1,316,008 171 1.2637

 

05/04/2016 ............................................................. 1,301,951 1,367,498 n.a. 1.2882

05/11/2016 ............................................................. 1,285,882 1,351,482 n.a. 1

05/18/2016 ............................................................. 1,321,200 1,377,277 n.a. 1

05/25/2016 ............................................................. 1,351,650 1,404,790 650 1.3089

 

06/01/2016 ............................................................. 1,369,208 1,421,268 n.a. 1.3089

06/08/2016 ............................................................. 1,428,201 1,465,316 n.a. 1.2694

06/15/2016 ............................................................. 1,197,340 1,238,816 n.a. 1.2912

06/22/2016 ............................................................. 1,194,074 1,239,523 n.a. 1.282

06/29/2016 ............................................................. 1,219,090 1,278,469 n.a. 1.299
FOREIGN CURRENCY POSITIONS 

September 2016 

49

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637

2014 - Dec................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601

2015 - July................... 1,043,980 1,061,607 148,790 138,626 67,177 93,389 155,989 125,767 n.a. 1.3047

Aug .................. 1,107,353 1,125,337 156,138 134,505 80,173 n.a. 210,535 167,592 -264 1.3223

Sept................. 1,051,338 1,076,679 163,103 140,538 77,678 116,506 181,706 143,633 420 1.3396

Oct................... 1,113,981 1,149,212 167,289 135,325 67,566 97,006 144,961 116,843 n.a. 1.3082

Nov .................. 1,142,278 1,165,258 159,177 129,624 66,935 86,967 113,196 92,059 n.a. 1.3332

Dec .................. 1,041,022 1,099,522 189,596 130,841 69,496 103,445 130,520 96,399 -33 1.3839

2016 - Jan ................... 1,282,502 1,344,853 217,901 137,025 106,456 n.a. 209,820 148,433 43 1.4074

Feb .................. 1,344,917 1,402,772 224,762 138,546 116,584 160,123 187,925 135,828 n.a. 1.3522

Mar .................. 1,225,422 1,286,911 226,067 132,471 108,590 160,368 192,731 135,979 n.a. 1.2969

 Apr................... 1,313,456 1,380,357 210,103 154,278 98,218 n.a. 184,228 125,373 674 1.2549

May.................. 1,419,469 1,472,381 198,326 147,510 96,646 n.a. 211,242 143,227 n.a. 1.3097

June................. 1,308,456 1,363,847 179,635 128,921 76,791 n.a. 158,364 108,352 n.a. 1

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2013 - Dec................... 18,183 37,339 94,712 50,955 n.a. 1,831 5,630 4,362 52 1.0637

2014 - Mar................... 21,444 36,135 101,443 56,942 n.a. n.a. 3,387 1,551 n.a. 1.1053

June.................. 21,683 33,223 99,792 53,898 960 2,789 4,141 1,136 n.a. 1.0676

Sept.................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207

Dec................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -15 1.1601

2015 - Mar................... 78,372 106,869 127,134 102,875 n.a. 539 4,168 n.a. -14 1.2681

June ................. 71,356 97,532 132,681 95,771 453 296 3,071 1,191 n.a. 1.2473

Sept.................. 67,133 98,724 137,280 101,046 n.a. 260 4,831 1,110 -33 1.3396

Dec................... 27,142 59,087 124,805 94,853 209 134 n.a. n.a. n.a. 1.3839

2016 - Mar................... 30,905 61,123 128,141 93,297 270 373 1,834 n.a. n.a. 1.2969

 
FOREIGN CURRENCY POSITIONS 

September 2016

50 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/06/16 .................................................................. 553,101 557,404 35 118.54

01/13/16 .................................................................. 540,563 543,796 8 118.06

01/20/16 .................................................................. 555,798 559,650 98 116.38

01/27/16 .................................................................. 556,596 560,090 182 118.9

 

02/03/16 .................................................................. 580,036 582,431 24 117.92

02/10/16 .................................................................. 592,209 595,187 n.a. 114.03

02/17/16 .................................................................. 567,800 570,639 n.a. 114.14

02/24/16 .................................................................. 585,885 588,587 n.a. 111.36

 

03/02/2016 .............................................................. 593,489 597,413 n.a. 113.81

03/09/2016 .............................................................. 576,461 578,854 -5 113.06

03/16/2016 .............................................................. 528,979 533,325 -74 114

03/23/2016 .............................................................. 516,401 521,316 -49 113

03/30/2016 .............................................................. 566,206 566,215 -25 113

 

04/06/2016 .............................................................. 552,789 552,866 11 109.63

04/13/2016 .............................................................. 534,956 540,123 186 109.21

04/20/2016 .............................................................. 556,891 558,917 n.a. 109.51

04/27/2016 .............................................................. 571,038 570,333 38 111.26

 

05/04/2016 .............................................................. 604,187 608,890 119 107.12

05/11/2016 .............................................................. 519,467 524,886 299 108.48

05/18/2016 .............................................................. 522,118 528,520 n.a. 110

05/25/2016 .............................................................. 528,836 534,977 n.a. 110.22

 

06/01/2016 .............................................................. 563,123 569,258 n.a. 109.55

06/08/2016 .............................................................. 560,830 568,647 n.a. 106.68

06/15/2016 .............................................................. 529,883 536,147 n.a. 105.87

06/22/2016 .............................................................. 525,957 533,344 n.a. 104.56

06/29/2016 .............................................................. 564,170 570,984 n.a. 103
FOREIGN CURRENCY POSITIONS 

September 2016 

51

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2013 - Dec.................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25

2014 - Dec.................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85

2015 - July.................. 531,221 530,596 141,665 129,494 52,745 58,273 82,194 77,804 -395 123.94

Aug ................. 527,676 533,901 144,686 130,332 56,740 63,756 86,276 80,442 -329 121.26

Sept................ 522,835 530,019 149,163 134,944 56,082 63,638 83,783 79,161 -377 119.81

Oct.................. 553,897 558,893 146,988 138,049 50,315 58,996 79,081 73,814 30 120.7

Nov ................. 622,040 625,963 145,721 136,464 48,349 53,111 68,567 65,645 -32 123.22

Dec ................. 531,482 536,367 138,871 129,149 43,087 44,780 58,483 58,347 4 120.27

2016 - Jan .................. 599,927 603,793 140,249 133,004 49,786 52,448 66,011 66,310 -19 121.05

Feb ................. 589,830 594,323 145,011 136,596 56,883 58,446 68,723 70,164 45 112.9

Mar ................. 561,664 562,025 148,756 138,244 54,695 56,259 69,347 69,988 -44 112.42

 Apr.................. 608,509 607,845 143,092 135,723 57,436 58,436 71,339 72,809 118 106.9

May................. 568,549 572,000 149,059 140,626 54,268 54,880 71,005 71,781 n.a. 110.75

June................ 563,920 570,207 151,106 143,579 53,090 52,972 68,821 69,484 n.a. 102.77

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

 Written 

 (8) 

 

2013 - Dec................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25

2014 - Mar................... 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28

June.................. 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28

Sept.................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 n.a. 109.66

Dec................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85

2015 - Mar................... 6,835 6,172 7,254 4,951 179 531 1,474 587 -46 119.96

June ................. 6,721 6,611 6,944 5,995 355 666 1,084 428 n.a. 122.1

Sept.................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81

Dec................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27

2016 - Mar................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42

 
FOREIGN CURRENCY POSITIONS 

September 2016

52 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/06/16 .................................................................. 893,157 932,613 n.a. 1.0084

01/13/16 .................................................................. 939,164 979,429 n.a. 1.0064

01/20/16 .................................................................. 933,261 972,812 n.a. 1.0032

01/27/16 .................................................................. 972,604 1,011,750 n.a. 1.0176

 

02/03/16 .................................................................. 974,546 1,013,006 n.a. 1.007

02/10/16 .................................................................. 1,010,898 1,046,727 n.a. 0.9779

02/17/16 .................................................................. 952,182 990,251 n.a. 0.9926

02/24/16 .................................................................. 997,366 1,032,312 n.a. 0.986

 

03/02/2016 .............................................................. 997,334 1,030,419 n.a. 0.9981

03/09/2016 .............................................................. 1,045,099 1,077,815 n.a. 0.9957

03/16/2016 .............................................................. 919,534 952,089 n.a. 0.9879

03/23/2016 .............................................................. 964,701 995,733 n.a. 0.9731

03/30/2016 .............................................................. 960,080 993,954 722 1

 

04/06/2016 .............................................................. 941,584 974,723 374 0.9537

04/13/2016 .............................................................. 945,112 975,462 283 0.9651

04/20/2016 .............................................................. 939,542 967,487 353 0.9671

04/27/2016 .............................................................. 969,239 1,001,513 n.a. 0.971

 

05/04/2016 .............................................................. 926,459 959,786 n.a. 0.9574

05/11/2016 .............................................................. 920,594 951,330 n.a. 0.9699

05/18/2016 .............................................................. 907,416 936,272 n.a. 1

05/25/2016 .............................................................. 906,155 936,958 n.a. 0.9908

 

06/01/2016 .............................................................. 931,614 964,243 940 0.9892

06/08/2016 .............................................................. 994,749 1,025,563 1,130 0.9594

06/15/2016 .............................................................. 892,650 925,682 1,068 0.9647

06/22/2016 .............................................................. 901,165 936,876 n.a. 0.9584

06/29/2016 .............................................................. 893,956 920,743 n.a. 1
FOREIGN CURRENCY POSITIONS 

September 2016 

53

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904

2014 - Mar................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934

June.................. 928,128 953,171 88,944 77,170 78,530 89,270 124,029 110,113 n.a. 0.9636

Sept.................. 910,160 942,972 81,836 68,577 85,293 102,159 142,158 123,226 n.a. 0.9681

Dec................... 911,898 940,715 85,510 73,121 80,723 90,877 128,446 117,483 n.a. 0.9773

2015 - Mar................... 912,030 946,229 84,413 58,526 76,656 89,218 131,736 117,584 n.a. 0.9858

June ................. 1,080,695 1,112,940 87,602 59,422 82,709 98,220 149,346 129,932 n.a. 1.0282

Sept.................. 891,361 931,195 82,111 58,489 77,874 89,785 124,418 111,241 n.a. 1.0017

Dec................... 996,992 1,036,737 78,866 54,589 73,231 87,259 120,702 105,625 n.a. 1.0226

2015 - Mar................... 1,007,332 1,039,917 84,553 60,915 76,378 88,522 122,776 109,580 n.a. 0.996

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 22,699 23,164 n.a. 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904

2014 - Mar................... 17,733 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.8840

June.................. 18,188 18,726 101,146 9,451 n.a. n.a. 879 436 n.a. 0.8868

Sept.................. 22,420 22,430 88,531 13,999 n.a. n.a. n.a. 1,269 -319 0.9554

Dec................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934

2015 - Mar................... 24,395 27,813 90,647 13,567 n.a. n.a. n.a. 596 n.a. 0.9712

June ................. 20,333 22,935 82,868 12,529 n.a. n.a. 116 n.a. -10 0.9346

Sept.................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773

Dec................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017

2016 - Mar................... 12,976 16,654 46,077 13,861 n.a. - n.a. n.a. n.a. 0.9583

 
FOREIGN CURRENCY POSITIONS 

September 2016

54 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/06/16 .................................................................. 2,136,112 2,232,947 n.a. 1.4626

01/13/16 .................................................................. 2,177,913 2,274,994 n.a. 1.447

01/20/16 .................................................................. 2,189,510 2,282,513 n.a. 1.4167

01/27/16 .................................................................. 2,224,396 2,317,791 n.a. 1.4261

 

02/03/16 .................................................................. 2,214,817 2,299,162 -6 1.4576

02/10/16 .................................................................. 2,150,682 2,235,071 268 1.4473

02/17/16 .................................................................. 2,150,180 2,231,890 169 1.4317

02/24/16 .................................................................. 2,269,118 2,359,163 -720 1.3932

 

03/02/2016 .............................................................. 2,283,171 2,375,564 n.a. 1.4059

03/09/2016 .............................................................. 2,298,299 2,390,799 420 1.4236

03/16/2016 .............................................................. 2,170,172 2,264,431 369 1.41

03/23/2016 .............................................................. 2,185,165 2,286,293 135 1.4111

03/30/2016 .............................................................. 2,278,564 2,381,938 476 1

 

04/06/2016 .............................................................. 2,214,763 2,316,497 754 1.4162

04/13/2016 .............................................................. 2,236,780 2,341,682 n.a. 1.4223

04/20/2016 .............................................................. 2,231,639 2,342,671 n.a. 1.4375

04/27/2016 .............................................................. 2,415,149 2,525,179 n.a. 1.4554

 

05/04/2016 .............................................................. 2,339,282 2,450,051 n.a. 1

05/11/2016 .............................................................. 2,319,632 2,437,680 n.a. 1

05/18/2016 .............................................................. 2,412,540 2,512,107 n.a. 1.4615

05/25/2016 .............................................................. 2,473,858 2,576,942 n.a. 1.4694

 

06/01/2016 .............................................................. 2,539,168 2,648,194 n.a. 1.4395

06/08/2016 .............................................................. 2,235,384 2,643,957 n.a. 1.4546

06/15/2016 .............................................................. 2,355,327 2,457,981 n.a. 1.4185

06/22/2016 .............................................................. 2,327,077 2,431,543 -84 1.4682

06/29/2016 .............................................................. 2,540,472 2,655,240 218 1
FOREIGN CURRENCY POSITIONS 

September 2016 

55

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574

2014 - Dec................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578

2015 - July................... 1,992,908 2,073,991 658,958 622,819 101,035 98,445 94,215 93,188 86 1.5634

Aug .................. 2,092,773 2,166,158 663,720 632,133 95,422 96,929 104,644 102,015 -349 1.5363

Sept................. 1,980,149 2,054,827 650,708 661,263 84,785 88,676 97,674 91,804 n.a. 1.5116

Oct................... 2,086,683 2,157,545 642,429 656,344 79,955 81,072 87,008 85,102 -249 1.5445

Nov .................. 2,360,516 2,469,653 664,148 673,940 83,441 90,095 105,205 96,226 -181 1.5044

Dec .................. 2,097,242 2,195,891 663,775 689,139 78,769 88,691 110,325 99,992 -536 1.4746

2016 - Jan ................... 2,242,437 2,331,409 710,275 735,878 98,347 112,901 143,993 131,101 -429 1.4184

Feb .................. 2,289,024 2,377,171 753,517 789,732 104,509 124,895 172,178 148,214 21 1.3926

Mar .................. 2,239,307 2,345,456 719,273 749,772 111,379 131,861 184,228 162,080 556 1.4381

 Apr................... 2,332,459 2,441,202 708,435 747,051 131,823 148,164 199,086 184,093 n.a. 1.4625

May.................. 2,528,692 2,637,088 702,822 730,453 147,533 169,789 229,916 214,284 n.a. 1.453

June................. 2,549,272 2,674,243 762,839 790,046 155,764 182,365 232,457 209,815 n.a. 1.3242

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Otions positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 34,365 29,425 156,665 38,670 1,861 n.a. 2,360 1,364 172 1.6574

2014 - Mar................... 24,285 20,785 159,297 38,963 n.a. n.a. n.a. 404 - 1.6675

June.................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 1.7105

Sept.................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 n.a. 1.622

Dec................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578

2015 - Mar................... 30,264 42,342 158,473 61,050 n.a. 745 5,418 3,293 -85 1.485

June ................. 29,155 39,283 160,747 61,154 1,163 1,191 1,602 1,018 57 1.5727

Sept.................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116

Dec................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746

2016 - Mar................... 25,197 48,655 161,265 64,422 460 958 5,159 2,545 76 1.4381

 
FOREIGN CURRENCY POSITIONS 

September 2016

56 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

01/06/16 ................................................................ 23,369,202 22,838,879 -6,963 n.a.

01/13/16 ................................................................ 23,756,814 23,251,347 -4,311 n.a.

01/20/16 ................................................................ 24,142,073 23,644,866 -7,019 n.a.

01/27/16 ................................................................ 24,323,313 23,836,130 -6,540 n.a.

02/03/16 ................................................................ 24,915,606 24,461,210 -8,440 n.a.

02/10/16 ................................................................ 25,151,503 24,664,927 -8,244 n.a.

02/17/16 ................................................................ 24,564,309 24,117,148 -8,991 n.a.

02/24/16 ................................................................ 25,416,418 24,911,208 -8,639 n.a.

03/02/2016 ............................................................ 25,432,634 24,930,528 -5,315 n.a.

03/09/2016 ............................................................ 25,463,672 24,951,797 -4,773 n.a.

03/16/2016 ............................................................ 23,806,245 23,317,950 -3,907 n.a.

03/23/2016 ............................................................ 23,984,222 23,420,830 -3,178 n.a.

03/30/2016 ............................................................ 24,746,453 24,258,406 -4,688 n.a.

04/06/2016 ............................................................ 24,554,723 24,045,865 -3,395 n.a.

04/13/2016 ............................................................ 24,399,083 23,846,271 n.a. n.a.

04/20/2016 ............................................................ 24,347,429 23,829,002 n.a. n.a.

04/27/2016 ............................................................ 25,178,052 24,921,029 -2,679 n.a.

05/04/2016 ............................................................ 25,227,202 24,668,812 n.a. n.a.

05/11/2016 ............................................................ 24,571,381 24,030,063 n.a. n.a.

05/18/2016 ............................................................ 24,727,025 24,215,423 n.a. n.a.

05/25/2016 ............................................................ 25,128,597 24,595,101 n.a. n.a.

06/01/2016 ............................................................ 25,954,692 25,395,153 n.a. n.a.

06/08/2016 ............................................................ 26,538,186 25,988,149 n.a. n.a.

06/15/2016 ............................................................ 24,267,521 23,734,298 n.a. n.a.

06/22/2016 ............................................................ 24,214,957 23,677,718 n.a. n.a.

06/29/2016 ............................................................ 25,400,110 24,801,171 n.a. n.a.
FOREIGN CURRENCY POSITIONS 

September 2016 

57

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec.............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a.

2014 - Dec.............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a.

2015 - July.............. 23,394,671 22,573,947 - - 2,293,536 2,128,226 1,632,556 1,678,632 7,403 n.a.

Aug ............. 24,068,267 23,051,803 - - 2,539,766 2,328,203 1,770,106 1,863,986 -1,048 n.a.

Sept............ 23,563,409 22,486,420 - - 2,526,052 2,280,176 1,710,295 1,852,295 -2,310 n.a.

Oct.............. 24,477,244 23,329,751 - - 2,549,232 2,291,490 1,557,318 1,842,031 -5,509 n.a.

Nov ............. 26,886,275 25,760,439 - - 2,592,734 2,373,038 1,579,841 1,829,914 -5,256 n.a.

Dec ............. 23,238,718 22,612,482 - - 2,123,663 1,977,186 1,356,847 1,514,472 -7,248 n.a.

2016 - Jan .............. 25,234,746 24,741,304 - - 2,370,298 2,137,037 1,491,971 1,747,546 -14,299 n.a.

Feb ............. 25,776,570 25,258,980 - - 2,463,137 2,213,088 1,597,951 1,865,640 -6,115 n.a.

Mar ............. 24,853,887 24,371,205 - - 2,497,827 2,251,147 1,738,244 1,994,478 n.a. n.a.

 Apr.............. 25,819,959 25,309,671 - - 2,464,483 2,226,566 1,708,525 1,961,781 -2,108 n.a.

May............. 25,750,475 25,241,261 - - 2,567,032 2,230,210 1,651,792 1,972,493 -4,428 n.a.

June............ 25,490,336 24,878,561 - - 2,480,461 2,155,087 1,620,127 1,929,426 n.a. n.a.

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets

(3) 

Liabilities

(4) 

Bought

(5) 

 Written

 (6) 

 Bought

 (7) 

Written 

(8) 

 

2013 - Dec................... 357,382 377,984 - - 54,936 34,030 34,942 35,389 4,121 n.a.

2014 - Mar................... 391,996 400,511 - - 36,072 18,155 20,269 16,834 n.a. n.a.

June.................. 411,412 415,310 - - 56,218 29,924 20,610 26,265 3,106 n.a.

Sept.................. 470,994 427,001 - - 77,178 42,620 23,410 26,139 10,422 n.a.

Dec................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a.

2015 - Mar................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a.

June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a.

Sept.................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a.

Dec................... 394,957 340,085 - - 28,177 18,640 6,330 8,699 1,846 n.a.

2016 - Mar................... 388,976 345,432 - - 29,718 19,703 6,875 11,280 1,434 n.a.

 
FOREIGN CURRENCY POSITIONS 

September 2016

58 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

01/06/16 ............................................................................. 7,361,386 7,528,119 n.a. 0.9292

01/13/16 ............................................................................. 7,413,098 7,581,715 n.a. 0.9206

01/20/16 ............................................................................. 7,513,619 7,682,119 10,017 0.9168

01/27/16 ............................................................................. 7,509,457 7,679,055 n.a. 0.9202

02/03/16 ............................................................................. 7,569,771 7,752,140 11,975 0.9049

02/10/16 ............................................................................. 7,638,937 7,845,939 n.a. 0.8911

02/17/16 ............................................................................. 7,446,734 7,584,709 n.a. 0.8977

02/24/16 ............................................................................. 7,564,820 7,751,539 n.a. 0.9074

03/02/2016 ......................................................................... 7,651,067 7,821,492 3,165 0.9221

03/09/2016 ......................................................................... 7,508,423 7,679,657 n.a. 0.9073

03/16/2016 ......................................................................... 7,154,575 7,254,420 623 1

03/23/2016 ......................................................................... 6,913,835 7,062,496 -487 1

03/30/2016 ......................................................................... 7,218,318 7,374,716 377 0.8826

04/06/2016 ......................................................................... 7,091,458 7,252,587 519 0.8749

04/13/2016 ......................................................................... 7,193,783 7,371,740 1,557 0.8864

04/20/2016 ......................................................................... 6,954,064 7,136,468 1,555 0.8826

04/27/2016 ......................................................................... 7,248,347 7,417,181 -643 0.8832

05/04/2016 ......................................................................... 7,150,388 7,319,505 -848 1

05/11/2016 ......................................................................... 7,164,286 7,322,452 -1,466 1

05/18/2016 ......................................................................... 7,184,317 7,329,815 n.a. 0.8868

05/25/2016 ......................................................................... 7,351,222 7,509,349 n.a. 0.8965

06/01/2016 ......................................................................... 7,591,576 7,752,412 n.a. 0.8957

06/08/2016 ......................................................................... 7,668,215 7,833,294 n.a. 0.8772

06/15/2016 ......................................................................... 7,179,662 7,349,790 -3,046 1

06/22/206 ........................................................................... 7,014,265 7,183,566 -426 1

06/29/2016 ......................................................................... 7,300,107 7,460,608 -2,299 0.8995
FOREIGN CURRENCY POSITIONS 

September 2016 

59

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 4,986,374 5,023,973 1,899,825 1,777,323 334,550 358,527 391,263 369,449 6,489 0.7257

2014 - Dec................... 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264

2015 - July................... 7,320,770 7,553,819 2,047,192 1,929,274 529,205 591,868 830,488 768,196 n.a. 0.9068

Aug .................. 7,247,138 7,470,982 2,024,660 1,940,120 566,309 615,920 824,558 775,937 n.a. 0.8933

Sept................. 7,141,758 7,331,845 2,022,309 1,957,777 521,770 565,873 761,074 726,021 n.a. 0.8959

Oct................... 7,504,507 7,695,131 2,068,710 1,991,753 536,147 608,360 813,123 761,260 n.a. 0.9056

Nov .................. 8,618,765 8,824,919 1,972,307 1,931,985 590,818 659,267 965,633 923,923 n.a. 0.9468

Dec .................. 7,266,999 7,435,516 1,918,196 1,844,155 504,161 532,803 716,194 693,323 n.a. 0.9209

2016 - Jan ................... 7,780,221 7,954,619 2,029,674 1,956,982 540,241 574,056 695,531 664,448 n.a. 0.9232

Feb .................. 7,791,652 7,968,756 2,089,901 2,044,871 553,654 589,449 728,915 696,928 n.a. 0.9201

Mar .................. 7,232,255 7,393,836 2,086,812 2,020,750 535,503 554,854 649,039 624,914 712 0.878

 Apr................... 7,359,297 7,529,536 2,035,984 1,983,631 499,976 523,257 609,634 586,599 -1,498 0.874

May.................. 7,371,305 7,525,525 2,022,486 1,974,254 489,887 518,113 623,712 583,584 n.a. 0.8981

June................. 7,262,942 7,422,625 2,052,020 2,008,197 481,255 509,286 614,420 580,517 -2,899 0.9064

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written

(6) 

Bought

(7) 

Written 

(8) 

 

2013 - Dec................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7257

2014 - Mar................... 85,631 68,576 310,459 141,879 9,177 n.a. 6,401 3,759 765 0.7258

June.................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -709 0.7305

Sept.................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7919

Dec................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264

2015 - Mar................... 150,385 138,996 283,667 183,576 7,240 3,962 15,297 9,179 1,582 0.931

June ................. 146,038 136,974 295,965 183,030 3,264 3,244 14,458 8,048 1,222 0.8965

Sept.................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959

Dec................... 126,355 121,422 283,432 184,306 5,153 1,869 10,724 6,624 -40 0.9209

2016 - Mar................... 133,865 119,404 292,432 185,595 4,902 2,544 4,868 2,723 n.a. 0.878

 
September 2016 

60 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of Mar. 31, 2016, and June 30, 2016 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Mar. 31, 2016 

Apr. 1, 2016, 

through 

June 30, 2016 June 30, 2016 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,658,403 9,972 22,668,375 

Special drawing rights 1 ........................................................... 50,518,005 -357,604 50,160,401 

Foreign exchange and securities: 

European euro ..................................................................... 12,428,191 -365,367 12,062,824 

Japanese yen....................................................................... 8,329,541 789,853 9,119,394 

Accounts receivable................................................................. 78,712 -14,167 64,545 

Total assets.......................................................................... 94,012,852 62,687 94,075,539 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 4,748 -631 4,117 

Total current liabilities ...................................................... 4,748 -631 4,117 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,753,437 -352,450 49,400,987 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 54,953,437 -352,450 54,600,987 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... 789,137 393,767 1,182,904 

Total capital...................................................................... 39,054,667 415,768 39,470,435 

Total liabilities and capital............................................ 94,012,852 62,687 94,075,539 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2016 

61

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

Apr. 1, 2016, 

through 

June 30, 2016 

Fiscal year to date

Oct. 1, 2015, 

through 

June 30, 2016 

Income and expense 

 Profit (+) or loss(-) on: 

Foreign exchange ........................................................................ 389,560 1,150,874 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. -5,430 -2,629

Interest (+) or net charges (-) on: 

SDRs............................................................................................ -1,301 -1,453

U.S. Government securities......................................................... 11,891 30,421 

Foreign exchange ........................................................................ -953 5,691 

Income from operations ............................................................... 393,767 1,182,904 

Net income (+) or loss (-)............................................................. 393,767 1,182,904 

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

September 2016 

65

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 89

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 43

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 46

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)............................................................................................................................ 142

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 29

less: 

Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 15

Unfunded authorizations (fiscal year 2017)........................................................................................................................................................................ 13

48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021)........................................................................................................................... 26

Note—Detail may not add due to rounding. Note—Estimates are based on Fiscal Year 2017 MSR revenue assumptions and currently 

authorized contract authority under public law 114-94. 
66 

September 2016 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2016 

67

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
September 2016 

68 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget 

Act of 2015, Public Law 114-74, the Statutory Debt Limit has 

been suspended through March 15, 2017. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 
GLOSSARY 

September 2016 

69

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 
GLOSSARY 

September 2016 

70 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).