BULLETIN

SEPTEMBER2018

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 2018 

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

BUREAU OF THE FISCAL SERVICE OPERATIONS 

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

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

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 39 

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 45
September 2018 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

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

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

TRUST FUNDS 

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

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

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

GLOSSARY ........................................................................................................................................................................ 70

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 2018

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

 
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 2018 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of August 3, 2018 

Introduction 

U.S. economic growth surged in the second quarter of 

2018 to 4.1 percent at an annual rate – the most rapid pace in 

four years. A marked acceleration in consumption made the 

largest contribution to growth in the second quarter, while net

exports made the second-largest contribution, followed by 

business investment. The first half of 2018 saw the fastest 

semi-annual growth of business fixed investment (BFI) since 

2012. Real BFI grew 8.8 percent at an annual rate, almost 

double its pace in the last half of 2017. Structures rose 10.5 

percent at an annual rate in the first half of 2018, and 

business equipment investment increased 7.6 percent. 

 Labor market conditions remained healthy and continued 

to tighten, with the unemployment rate standing at 3.9 

percent as of July, just above the eighteen-year low of 3.8 

percent reached in May. Headline inflation rates continue to 

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

inflation rates have also been increasing relative to year-ago 

readings. 

Tax reform has contributed to a surge in the economy. On 

a national level, the Institute of Supply Management’s (ISM) 

semi-annual manufacturing survey (May 2018) indicated that 

manufacturers planned to increase capital expenditures by 

10.1 percent in 2018 (revised up from 2.7 in the previous 

survey), while non-manufacturers expected a 6.8 percent 

increase in capital expenditures (revised up from 3.8 percent).

Among manufacturers, planned capital expenditures have 

picked up since 2016 when respondents expected to increase 

outlays by only 1.0 percent. 

At its latest meeting on July 31-August 1, 2018, the 

Federal Reserve’s Federal Open Market Committee (FOMC) 

maintained the target range for the federal funds rate at 1.75 

to 2.0 percent. In the accompanying statement, the FOMC 

asserted that “the stance of monetary policy remains 

accommodative, thereby supporting strong labor market 

conditions and a sustained return to 2 percent inflation.” 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by 22.3 percent and, as of the second 

quarter of 2018, real GDP was 17.4 percent above its level at 

the end of 2007, when the last recession began. In 2018, real 

GDP is on track for growth of 3.1 percent over the calendar 

year, which would be the first calendar year of growth over 3 

percent since 2005. According to the advance estimate, real 

GDP rose 4.1 percent at an annual rate in the second quarter 

of 2018, stepping up sharply from the 2.2 percent advance in 

the first quarter. Consumer spending accelerated in the 

second quarter, providing the largest boost to growth, while 

net exports made the second-largest contribution. Business 

investment remained strong and government spending also 

increased. Residential investment was flat, while inventory 

investment posed a drag on growth. 

Real personal consumption expenditures—which account 

for nearly 70 percent of GDP—advanced at a 4.0 percent 

annual rate in the second quarter, rebounding from the soft, 

0.5 percent pace in the first quarter. Across spending 

categories, consumption growth for durables jumped up 9.3 

percent at an annual rate, more than offsetting the 2.0 percent

decline in the first quarter. Consumption of nondurables grew 

4.2 percent in the latest quarter, after ticking up 0.1 percent in 

the fourth quarter. Services consumption increased 3.1 

percent in the second quarter, a rate triple the first quarter’s 

1.0 percent pace. Altogether, consumption contributed 2.7 

percentage points to real GDP growth in the second quarter, 

up from 0.4 percentage point in the first quarter. 

The National Federation of Independent Business’s 

(NFIB) small business survey reports that small businesses 

have picked up their investment since 2016. The NFIB small 

business optimism index rose 0.7 point in July to 107.9, the 

second highest reading on record (the highest was in 1983). 

Small business optimism increased sharply in 2017 in 

anticipation of tax reform and regulatory relief. 

Home building and home sales remain on a gradual 

upward trend. Single-family housing starts declined 0.2 
4 PROFILE OF THE ECONOMY 

September 2018 

percent over the year through June 2018 to an annual rate of 

858,000 units. However, single-family starts remain about 53 

percent below their January 2006 peak and also below the 1.1 

million unit average observed from 1980 to 2004. Multifamily starts fell 13.7 percent over the year through June 

2018 to an annual rate of 315,000 units, and are now 30.0 

percent above the pre-recession peak. Sales of new singlefamily homes were up 2.4 percent over the year through June 

2018 to a 631,000 annual rate. Sales of existing homes (94 

percent of all home sales, including single-family, condos and 

co-ops) fell 2.2 percent over the year through June 2018, to a 

5.38 million annual rate. 

Nonresidential fixed investment—17.5 percent of GDP—

advanced 7.4 percent at an annual rate in the second quarter 

of 2018, remaining strong but decelerating from the 11.5 

percent jump in the first quarter. The pace of intellectual 

property products investment showed the same pattern, 

growing 8.2 percent in the second quarter after surging 14.1 

percent in the first quarter. Equipment investment slowed to a 

3.8 percent pace in the second quarter, after advancing 8.5 

percent in the first quarter, but the advance marked the ninth 

consecutive quarter of positive growth in this component. 

Outlays for structures surged by 13.2 percent in the second 

quarter, after an even faster advance of 13.9 percent in the 

first quarter. Altogether, nonresidential fixed investment 

added 1.0 percentage point to real GDP growth in the second 

quarter, a bit less than the 1.5 percentage point contribution to 

growth in the first quarter. The contribution of inventory 

investment reversed: after adding 0.3 percentage point to 

growth in the first quarter, this component subtracted 1.0 

percentage point in the second quarter. The change in private 

inventories has posed a drag on growth in eight of the last 

twelve quarters. 

Exports account for about 13.6 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for 18.3 percent. In the second 

quarter of 2018, exports surged 9.3 percent (after rising 3.6 

percent in the previous quarter), while imports increased 0.5 

percent (after moving up 3.0 percent in the first quarter). The

net export deficit narrowed, adding 1.1 percentage points to 

real GDP growth in the second quarter, after making an 

essentially flat contribution 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 $806 

billion, equivalent to 5.3 percent of GDP. The current account 

deficit narrowed sharply during the recession to $373 billion 

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

then but remains well below its 2006 peak. In the first quarter

of 2018 (latest data available), the current account deficit 

widened to $496 billion (annualized), or 2.5 percent of GDP, 

compared with a deficit of $465 billion, or 2.4 percent of 

GDP, in the fourth quarter of 2017. 

Government purchases—which account for close to 18 

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

from 2011 through 2014, but contributed modestly on net to 

economic growth in 2015 and 2016, before posing a slight 

drag in 2017. In the second quarter of 2018, government 

outlays increased 2.1 percent, picking up from the 1.5 percent 

rise in the first quarter, and making a 0.4 percentage point 

contribution to real GDP growth. At the federal level, 

spending rose 3.4 percent in the latest quarter, accelerating 

from 2.6 percent in the first quarter. State and local 

government spending also increased to a 1.4 percent pace in 

the second quarter, after growing 0.9 percent in the previous 

quarter. State and local government spending declined for 14 

straight quarters from the third quarter of 2009 through the 

fourth quarter of 2012, but has risen in all but seven quarters

since then. Similarly, spending cutbacks at the federal level 

restrained overall growth from late 2010 through 2014. 

Labor Markets 

Since the end of 2016, total nonfarm payroll employment 

has increased by 3.7 million jobs through July 2018, with 

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

past 19 months, employment in professional and business 

services has risen by 800,000, and jobs in health care and 

social assistance have increased by nearly 630,000. The 

leisure and hospitality industry’s employment has increased 

by about 510,000. Employment in the construction sector has 

expanded by about 420,000 jobs, and the manufacturing 

sector has added more than 400,000 workers to its payrolls. 

Government sector employment has increased by 28,000 

since December 2016. That job growth occurred at the local 

level with the addition of 61,000 positions, including 24,000 

jobs in local education. Federal government employment has 

retreated by 14,000 through July 2018 and state government 

employment has declined by 19,000. 

In July 2018, the unemployment rate stood at 3.9 percent, 

just above the eighteen-year low of 3.8 percent in May. 

Broader measures of unemployment have also declined to 

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

measure, which includes workers who are underemployed 

and those who are only marginally attached to the labor force 

(the U-6 unemployment rate), declined to 7.5 percent in July 

2018, its lowest level since May 2001. The share of the 

unemployed who have been out of work for 27 weeks or 

more has also trended lower, but remains above its prerecession average. In July 2018, 22.7 percent of unemployed 

workers were included in this category, compared with shares 

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

September 2018 

Inflation 

Headline inflation rates continue to accelerate relative to 

readings of the past few years, and core inflation has also 

been accelerating. Headline consumer prices rose 2.9 percent 

over the 12 months ending in June 2018, considerably faster 

than the 1.6 percent rate posted over the 12 months through 

June 2017. Energy prices advanced 12.0 percent over the year 

through June 2018, accelerating from the 2.3 percent pace 

over the year through June 2017. On a year-over-year basis, 

food prices rose 1.4 percent through June 2018, picking up 

from the 0.9 percent rate over the 12 months ending in June 

2017. Over the year through June 2018, core consumer prices 

(excluding food and energy) rose 2.3 percent, faster than the 

1.7 percent increase over the year ending in June 2017. Core 

inflation had been near or below 2 percent from early 2013 

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

throughout 2016 and the first quarter of 2017, before slowing 

to an average 1.7 percent in the latter half of 2017. During the 

first half of this year, core inflation averaged 2.1 percent. 

Oil and gasoline prices have been trending higher since 

mid-2017. The front month futures price of West Texas 

Intermediate (WTI) crude oil averaged $70.74 per barrel in 

July 2018, up $3.76 from the previous month’s average, and 

$24.05 above the July 2017 average. The retail price of 

regular gasoline averaged $2.85 per gallon in July 2018, 1 

cent higher than the previous month, and 49 cents higher than 

its July 2017 average. 

Home prices have continued to rise. While the pace of 

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

exceeds the increases in core measures of consumer prices. 

The FHFA purchase-only home price index rose 6.5 percent 

over the year ending in May 2018, a bit lower than the peak 

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

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

index also rose 6.5 percent over the year ending in May 2018, 

a pace less than one-half of the peak rate of 13.8 percent in 

November 2013. 

 Federal Budget and Debt

The federal budget deficit rose from $586 billion (3.3 

percent of GDP) in fiscal year 2016 to $666 billion (3.7 

percent of GDP) in fiscal year 2017. The deficit is now 5.6 

percentage points below the peak of 9.3 percent reached in 

fiscal year 2009. The primary deficit (receipts less spending 

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

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

that held in government accounts) rose 3.5 percent to $1.476 

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

economy, publicly-held debt fell from 76.8 percent of GDP in 

fiscal year 2016, to 75.6 percent at the end of fiscal year 

2017. 
6 PROFILE OF THE ECONOMY 

September 2018 

The Administration’s FY 2019 Budget, released on 

February 12, 2018, aims to expand economic growth while 

trimming wasteful spending and putting the United States on 

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

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

levels, with the addendum to the Administration’s Budget 

targeting a lower level of non-defense discretionary spending 

in FY 2019 than envisioned under the Bipartisan Budget Act 

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

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

the Federal government budget deficit will rise to 4.2 percent 

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

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

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

GDP) in FY 2020 before decreasing steadily thereafter. The 

Administration expects debt held by the public to rise to 78.8 

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

81.9 percent of GDP in FY 2022 before gradually declining 

to 72.6 percent of GDP by FY 2028. 

Economic Policy

In December 2017, the United States enacted the first 

major tax reform in three decades. The new tax code is 

designed to markedly strengthen incentives for economic 

growth and to deliver tax relief to households. The new tax 

law lowered the U.S. corporate tax rate from one of the 

highest in the developed world to near the average of other 

advanced economies; it allows businesses to immediately 

deduct 100 percent of the cost of most of their new capital 

investments for the next five years; and it reduces individual 

taxes through lower tax rates, a larger standard deduction, 

and an expanded child tax credit. Combined with regulatory 

reforms and infrastructure initiatives, tax reform has 

encouraged people to start new businesses, and workers, to 

re-enter the labor market. It also may support a sustained 

increase in productivity. 

On the monetary policy side, the Federal Reserve began 

the current cycle of monetary policy tightening in December 

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

points to 0.25 to 0.5 percent. One year later, at the December 

2016 meeting, the Committee raised the target range by 

another 25 basis points to 0.5 to 0.75 percent. In 2017, the 

FOMC raised the range in increments of 25 basis points each 

at its March 14-15, 2017, June 13-14, 2017, and December 

12-13, 2017 meetings, bringing the range to 1.25 to 1.5 

percent by the end of that year. This year, the Committee 

increased the target range by an additional 25 basis points to 

1.5 to 1.75 percent at its March 2018 meeting, and increased 

the target range by another 25 basis points to 1.75 to 2.0 

percent at its June 2018 meeting. Significantly, at the June 

meeting, the FOMC dropped language from its 

accompanying statement, first included 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.” At its most recent meeting ending on August 1, 2018, 

the FOMC maintained the target range at 1.75 to 2.0 percent. 

In addition to raising the federal funds rate target, the 

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

the FOMC announced it would initiate a balance sheet 

normalization program in October 2017. At its meeting on 

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

normalization program “is proceeding” but no further 

mention of the program has been made in subsequent 

accompanying statements. The program will gradually 

reduce the Federal Reserve’s holdings of securities by 

decreasing reinvestment of principal payments from those 

securities. 

Financial Markets 

Financial markets have 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. 

Equity markets have more than recovered from the steep 

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

largest annual loss since the Great Depression. After 

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

Thus far in 2018, the index is 6.2 percent higher on the year. 

Currently, the index stands nearly 82 percent above its 

October 2007 peak. Volatility has also declined markedly 

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

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

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

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

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

as high as 29 percent, and as of early August 2018, had 

declined to about 12 percent. 
PROFILE OF THE ECONOMY 7 

September 2018 

A variety of factors have buffeted long-term Treasury 

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

as well as supply concerns related to funding of the 

Government’s debt, and concerns about global financial 

markets and global growth. More recently, yields have been 

affected by adjustments to expectations for more government 

spending and higher inflation. After falling by nearly 90 basis

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

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

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

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

stands at 2.98 percent, roughly 1.5 percentage points above 

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

well as 58 basis points higher on the year through early 

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

percent between January 2012 and November 2015, but since 

then has trended much higher, and stood at about 2.0 percent 

as of early August 2018. The 2- to 10-year Treasury yield 

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

narrowed significantly from November 2013 to July 2016 

when it stood at 76 basis points. After widening during the 

remainder of 2016, the spread narrowed during 2017 and has 

continued to narrow this year, standing at 32 basis points as 

of early August 2018. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

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

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

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

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread over

time, and as of early August 2018, the TED spread stood at 

28 basis points. 

Measures of longer-term credit risk have also improved. 

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

corporate bond yield and the 10-year Treasury Constant 

Maturity yield averaged 211 basis points as of September 

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

182 basis points in July 2018. The spread between the 10-

year Treasury High Quality Market (HQM) corporate bond 

yield and the 10-year Treasury Constant Maturity yield 

averaged 136 basis points in September 2016, and since then 

has narrowed to an average of 115 basis points as of July 

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

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

yields from these curves correspond to the 10-year Treasury 

yield, so the spreads provide a more accurate measure of 

credit risk.) 

Rates for conforming mortgages have trended lower in 

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

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

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

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

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

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

higher, and in July 2018 averaged 4.53 percent. 

Foreign Exchange Rates

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

of seven major trading partners (the euro area countries, 

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

Switzerland) appreciated to a peak level in February 2002, 

and then depreciated significantly over the next several years.

From its peak in February 2002, to the low reached in August 
8 PROFILE OF THE ECONOMY 

September 2018 

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 2018 by about 30 percent. From August 2011 

through July 2018, the dollar has appreciated by about 45 

percent against the yen and depreciated by about 19 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 31 percent. 
September 2018

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 2018

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 2018

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 $569.2 billion for the third 

quarter of fiscal year 2018. This is an increase of $65.4 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $0.5 billion and non-withheld receipts 

increased by $67.6 billion during this period. Refunds 

increased by $1.8 billion over the comparable fiscal year 

2017 quarter. There was an increase of $18.6 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2017.

Corporate income taxes—Net corporate income tax 

receipts were $83.1 billion for the third quarter of fiscal year 

2018. This is a decrease of $39.9 billion compared to the 

prior year third quarter. The $39.9 billion change is 

comprised of a decrease of $36.9 billion in estimated and 

final payments, and an increase of $3.0 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2018 were $303.4 billion, a decrease of $13.1 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 -$10.1 billion, -$2.3 billion, and -$0.7 

billion respectively. There was a -$13.5 billion accounting 

adjustment for prior years’ employment tax liabilities made 

in the third quarter of fiscal year 2018, while there was a 

$5.1 billion adjustment in the third quarter of fiscal year 

2017.

Unemployment insurance—Unemployment insurance 

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

2018 were $22.5 billion, a decrease of $0.4 billion over the 

comparable quarter of fiscal year 2017. Net State taxes 

deposited in the U.S. Treasury decreased by $0.6 billion to 

$18.8 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $3.6 billion.
FEDERAL FISCAL OPERATIONS

September 2018

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 $1.1 billion for the 

third quarter of fiscal year 2018. This was a negligible 

change from the comparable quarter of fiscal year 2017.

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2018 were $21.6 billion, an increase of 

$1.7 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.8 billion, a 

decrease of $1.1 billion over the comparable prior year 

quarter.

Estate and gift taxes—Net estate and gift tax receipts 

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

These receipts represent a decrease of $1.8 billion over the 

same quarter in fiscal year 2017.

Customs duties—Customs duties net of refunds were 

$9.9 billion for the third quarter of fiscal year 2018. This is 

an increase of $1.6 billion over the comparable prior year 

quarter.

Miscellaneous receipts—Net miscellaneous receipts 

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

decrease of $4.4 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $4.6 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 2018

April – June

 Fiscal year 2018

 year to date

Total on- and off-budget results:

Total receipts................................................................. 1,043,800 2,540,805

On-budget receipts ................................................... 810,762 1,895,036

Off-budget receipts ................................................... 233,038 645,768

Total outlays.................................................................. 1,051,199 3,147,903

On-budget outlays..................................................... 852,350 2,535,291

Off-budget outlays..................................................... 198,849 612,612

Total surplus or deficit (-).............................................. -7,399 -607,099

On-budget surplus or deficit (-)................................. -41,589 -640,255

Off-budget surplus or deficit (-)................................. 34,190 33,156

Means of financing:

Borrowing from the public ............................................. 43,086 791,304

Reduction of operating cash ......................................... -43,157 -173,483

Other means ................................................................. 7,471 -10,722

Total on- and off-budget financing............................ 7,400 607,099

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

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

Source April May June

 

Individual income taxes...................................................... 314.3 92.5 162.3

Corporate income taxes ..................................................... 42.2 2.9 38.0

Employment and general retirement.................................. 119.2 90.5 93.6

Unemployment insurance .................................................. 9.6 12.5 0.3

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

Excise taxes ....................................................................... 6.9 7.3 7.3

Estate and gift taxes........................................................... 2.6 1.7 1.6

Customs duties .................................................................. 3.4 3.0 3.5

Miscellaneous receipts....................................................... 11.8 6.3 9.1

Total budget receipts...................................................... 510.4 217.1 316.3

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

September 2018

12
FEDERAL FISCAL OPERATIONS 

September 2018 

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 publicFederal securities 

Public debt 

securities 

(10) 

Fiscal year 

or Month 

Total 

Receipts 

(1) 

On-budget 

receipts 

(2) 

Off-budget 

receipts 

(3) 

Total 

outlays 

(4) 

On-budget 

outlays 

(5) 

Off-budget 

outlays 

(6) 

Total 

surplus 

deficit (-) 

(7) 

On-budget 

surplus 

deficit (-) 

(8) 

Off-budget 

surplus 

deficit (-) 

(9) 

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

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

2015 ............................ 3,248,722 2,478,328 770,394 3,687,623 2,944,526 743,097 -438,900 -466,197 27,297 325,601 

2016 ............................ 3,266,689 2,456,509 810,180 3,854,101 3,077,747 776,354 -587,413 -621,238 33,826 1,419,286 

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

2018 – Est1.................. 3,321,924 2,467,372 854,552 4,171,026 3,320,421 850,605 -849,102 -853,049 3,947 1,271,215 

2019 – Est1.................. 3,424,384 2,513,323 911,061 4,509,641 3,599,751 909,890 -1,085,257 -1,086,428 1,171 1,342,210 

2017 - June ................. 338,660 252,461 86,199 428,894 388,305 40,588 -90,233 -135,844 45,611 -1,137

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

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

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

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

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

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

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

Feb .................. 155,623 87,178 68,445 370,862 291,226 79,636 -215,239 -204,049 -11,191 360,521 

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

Apr................... 510,447 418,983 91,464 296,192 223,977 72,215 214,255 195,006 19,249 -22,707

May.................. 217,075 146,723 70,352 363,871 283,419 80,452 -146,796 -136,696 -10,100 74,976

June................. 316,278 245,056 71,222 391,136 344,954 46,182 -74,858 -99,899 25,041 50,078

Fiscal year 2018 to date ... 2,540,805 1,895,037 645,768 3,147,904 2,535,290 612,613 -607,097 -640,256 33,156 938,739 

Means of financing—net transactions, continued 

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

Other 

(18) 

Transaction

s not 

applied to 

year’s 

surplus or 

deficit 

(19) 

Total 

Financing 

(20) 

Fiscal year 

or month 

Agency 

securities 

(11) 

Investments 

 of Government 

accounts 

(12) 

Total 

10+11-12 

(13) 

U.S. Treasury 

operating 

cash 

(14) 

Special 

drawing 

rights 

(15) 

Other 

(16) 

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

 (17) 

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

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

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

2016 ...................................... 269 367,731 1,051,824 154,593 -279 -1,268 230 -310,961 -171 587,416 

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

2018 – Est1............................ -363 143,523 1,127,330 190,678 - - - -87,550 - 849,101

2019 – Est1............................ -685 156,271 1,185,254 - - - - -99,997 - 1,085,257

2017 - June ........................... 35 -68,555 67,452 -8,714 257 -120 -72 14,132 - 90,233

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

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

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

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

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

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

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

Feb ............................ -298 14,278 345,945 -76,405 -377 495 -21 -206,920 -94

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

-49,236

215,239 

208,743

Apr............................. -856 66,466 -90,029 129,728 -577 1,108 -64 6,110 -141

May ........................... -86 -18,877 93,766 -64,983 -746 -701 22 -13,186 -192

June .......................... -199 10,530 39,349 -21,588 -368 163 3,006 16,817 -95

Fiscal year 2018 to date ....... -847 146,577 791,313 173,483 -157 -1,723 3,645 -8,722 -243

-214,255

146,796

74,858

607,099

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

1 These estimates are based on the President's FY 2019 Budget Mid-Session Review, released by the Office 

of Management and Budget on July 13, 2018. 
FEDERAL FISCAL OPERATIONS 

September 2018 

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) 

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

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

2015 .................. 1,220,161 554,993 234,352 1,540,802 390,291 46,495 343,798 1,884,598 1,007,385 2,801 1,004,584 

2016 .................. 1,245,698 551,660 251,286 1,546,076 345,981 46,411 299,572 1,845,646 1,060,162 3,159 1,056,993 

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

2018 – Est1........ 1,685,422 - - 1,685,422 204,252 - 204,252 1,889,674 1,115,234 - 1,115,234 

2019 – Est1........ 1,705,230 - - 1,705,230 225,472 - 225,472 1,930,702 1,187,808 - 1,187,808 

2017 - June ....... 92,939 65,449 7,842 150,546 61,014 3,643 57,371 207,917 110,387 - 110,387 

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

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

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

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

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

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

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

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

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

Apr......... 99,447 277,804 62,923 314,327 48,369 6,201 42,168 356,495 118,723 - 118,723 

May........ 95,919 18,630 22,010 92,539 6,738 3,806 2,932 95,471 90,022 - 90,022 

June....... 99,337 70,784 7,773 162,349 41,027 3,025 38,001 200,350 93,677 - 93,677 

Fiscal year 

2018 to date........ 1,034,673 525,824 255,009 1,305,488 206,826 45,116 161,709 1,467,197 842,879 - 842,879 

 

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

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

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

 

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

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

2015 ............................ 5,868 1 5,868 1,010,449 51,359 182 51,177 3,629 23 3,652 

2016 ............................ 5,316 3 5,312 1,062,305 49,043 191 48,853 3,877 28 3,906 

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

2018 – Est1.................. 5,686 - 5,686 1,120,920 45,213 - 45,213 4,641 37 4,678 

2019 – Est1.................. 5,760 - 5,760 1,193,568 44,598 - 44,598 4,905 39 4,944 

2017 - June ................. -137 - -138 110,250 351 17 334 409 3 412 

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

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

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

Oct................... 493 - 493 80,800 2,883 0 2,883 332 3 335 

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

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

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

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

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

Apr................... 505 - 505 119,228 9,647 21 9,626 342 2 344 

May ................. 506 4 502 90,525 12,528 10 12,518 349 3 352 

June ................ -53 - -53 93,625 327 14 313 432 2 434 

Fiscal year 

2018 to date...................... 4,184 4 4,180 847,064 37,071 74 36,998 3,288 23 3,310 

 

See footnotes at end of table. 
 FEDERAL FISCAL OPERATIONS 

September 2018 

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) 

 

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

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

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

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

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

2018 – Est1............. 92,039 22,519 - 22,519 38,246 - 38,246 71,966 36,669 108,635 2,467,372 854,552 

2019 – Est1............. 97,502 17,320 - 17,320 40,007 - 40,007 52,666 2 43,077 95,743 2,513,323 911,061 

2017 - June ............ 7,418 1,561 102 1,459 2,986 114 2,871 6,143 1,857 7,999 252,461 86,199 

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

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

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

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

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

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

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

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

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

Apr.............. 6,905 2,686 86 2,600 3,455 7 3,448 5,286 6,515 11,801 418,983 91,464 

May ............ 7,325 1,720 69 1,650 3,156 187 2,968 5,629 637 6,265 146,723 70,352 

June ........... 7,343 1,699 87 1,612 3,616 106 3,510 5,575 3,515 9,090 245,056 71,222 

Fiscal year 

2018 to date................ 63,038 17,631 654 16,977 29,450 1,131 28,318 55,576 22,326 77,899 1,895,037 645,768 

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

1 These estimates are based on the President's FY 2019 Budget Mid-Session Review, released by the Office of 

Management and Budget on July 13, 2018.

2 Includes allowance for repeal and replacement of Obamacare of -$3,390 

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

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

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

2015.............................. 1,065,278 13,401 18 13,383 546 - 546 38,132 - 38,132 50,802 4,585 46,217 

2016.............................. 1,115,063 14,379 16 14,363 465 - 465 41,432 63 41,369 45,284 6,440 38,846 

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

2018 – Est1 ................... 1,170,811 15,479 - 15,479 427 - 427 41,354 - 41,354 34,779 - 34,779 

2019 – Est1 ................... 1,243,110 16,231 - 16,231 253 - 253 41,651 - 41,651 39,367 - 39,367 

2017 - June................... 110,996 1,297 - 1,297 31 - 31 3,492 43 3,449 2,787 146 2,641 

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

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

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

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

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

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

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

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

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

Apr .................... 129,198 1,323 - 1,323 38 - 38 3,463 37 3,426 2,505 388 2,118 

May ................... 103,395 1,367 3 1,364 33 - 33 3,537 44 3,493 2,572 138 2,435 

June .................. 94,372 1,684 - 1,684 12 - 12 4,296 44 4,252 1,566 171 1,395 

Fiscal year 

2018 to date...................... 887,372 11,177 11 11,166 287 - 287 30,175 290 29,887 23,784 2,088 21,699 
FEDERAL FISCAL OPERATIONS 

September 2018 

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) 

 

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

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

2015 ....................... 4,328 7,130 139,112 8,955 562,506 90,031 25,425 1,027,420 42,563 35,522 12,348 26,910 45,218

2016 ....................... 4,344 7,497 138,161 9,162 565,365 76,981 25,852 1,102,966 45,194 26,393 12,584 29,523 41,371

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

2018 – Est1 ............. 5,477 8,370 140,863 9,373 592,569 63,884 28,443 1,151,628 78,117 55,087 14,405 37,017 39,027

2019 – Est1 ............. 5,223 8,033 123,688 13,694 657,660 77,276 30,638 1,234,392 63,128 46,519 14,147 36,523 39,342 

2017 - June ............ 374 798 9,991 782 55,070 45,691 2,276 113,925 3,936 24,443 1,613 2,899 2,638

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

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

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

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

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

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

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

Feb ............. 333 603 9,155 722 46,451 7,846 1,991 90,079 4,996 3,409 874 3,104 4,505

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

Apr.............. 372 600 9,584 573 41,658 6,049 1,962 67,687 4,130 3,612 839 2,973 3,810

May............. 387 619 9,856 782 50,128 5,106 2,236 100,140 4,076 16,921 999 3,186 2,302

June............ 354 755 9,588 1,062 59,813 -2,269 2,556 119,364 4,855 3,749 1,582 2,671 3,383 

Fiscal year 

2018 to date................ 3,461 5,822 111,771 6,283 449,710 46,704 19,341 851,090 53,839 45,816 10,543 26,462 29,806

 

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

 

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

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

2015 ....................... 26,494 75,451 402,183 83,447 159,220 6,684 62,966 7,006 392 -889 20,976 

2016 ....................... 29,447 78,421 429,964 96,153 174,019 6,389 64,505 8,729 395 -734 16,242 

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

2018 – Est1 ............. 28,806 79,300 518,174 105,865 178,729 7,343 56,226 8,023 422 -269 22,660 

2019 – Est1 ............. 27,678 83,520 591,442 106,324 202,160 8,602 62,144 5,921 407 1,005 27,272 

2017 - June ............ 1,726 8,712 90,430 1,025 23,161 523 9,375 731 40 54 116 

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

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

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

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

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

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

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

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

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

Apr.............. 1,655 4,701 41,941 11,844 5,731 -104 -1,143 587 33 -142 1,716 

May............. 2,193 6,416 35,599 8,981 16,023 419 4,937 566 32 66 3,276 

June............ 2,371 6,903 95,594 6,381 23,843 570 9,443 716 37 -124 3,257 

Fiscal year 

2018 to date................ 18,975 52,547 413,656 128,924 138,545 4,281 45,199 6,133 290 -343 15,753 

See footnotes at end of table 
 FEDERAL FISCAL OPERATIONS 

September 2018 

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) 

 

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

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

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

2016 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 

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

 

2018 – Est1........ 19,796 7,240 99,363 133 1,040,486 165,084 -87,620 -146,576 -4,844 -151,575 3,320,421 850,605 

2019 – Est1........ 21,115 7,495 100,942 1,182 1,104,614 212,164 -95,351 -146,655 -5,137 -157,466 3,599,751 909,890 

 

2017 - June ...... 1,751 660 6,847 -463 92,493 -2,811 -6,461 -62,969 -485 - 388,305 40,588 

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

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

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

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

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

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

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

Feb ........ 1,379 522 8,238 151 86,288 1,350 -6,250 -3,264 -363 - 291,226 79,636 

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

 Apr ........ 1,472 523 8,734 127 82,842 4,623 -5,924 -6,110 -760 - 223,977 72,215 

May ....... 1,441 538 8,820 147 87,610 -471 -5,955 -3,033 -475 - 283,419 80,452 

June ...... 2,210 648 7,144 123 97,060 -4,091 -6,464 -61,857 -93 - 344,954 46,182 

Fiscal year 

2018 to date ....... 14,756 5,042 73,289 -323 780,733 3,136 -69,057 -140,810 -3,477 - 2,535,290 612,613 

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

1 These estimates are based on the President's FY 2019 Budget Mid-Session Review, released by the Office of 

Management and Budget on July 13, 2018.
FEDERAL FISCAL OPERATIONS 

September 2018 

18 

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

June 2018 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,305,445 45 - 1,305,490 1,199,224 14 * 1,199,238

Corporation income taxes........................................... 161,708 - - 161,708 223,261 - - 223,261

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 645,768 645,768 - - 648,768 648,768

Employment and general retirement (on-budget)... * - 201,294 201,294 2 - 198,676 198,677

Unemployment insurance ....................................... -5 - 37,003 36,998 5 - 37,276 37,282

Other retirement...................................................... - - 3,312 3,312 - - 3,141 3,141

Excise taxes ................................................................ 19,618 942 42,478 63,039 16,700 1,021 39,665 57,386

Estate and gift taxes ................................................... 16,978 - - 16,978 17,963 - - 17,963

Customs duties ........................................................... 18,547 8,591 1,180 28,318 16,511 7,630 1,098 25,238

Miscellaneous receipts................................................ 64,711 12,116 1,073 77,899 73,960 21,720 1,186 96,866

Total receipts....................................................... 1,587,003 21,694 932,108 2,540,804 1,547,626 30,385 929,810 2,507,820

(On-budget)..................................................... 1,587,003 21,694 286,339 1,895,036 1,547,626 30,385 281,042 1,859,052

(Off-budget)..................................................... - - 645,768 645,768 - - 648,768 648,768

Budget outlays: 

Legislative branch ....................................................... 3,462 2 -2 3,462 3,343 28 * 3,371

Judicial branch ............................................................ 5,976 -66 -89 5,821 5,725 45 -67 5,703

Department of Agriculture ........................................... 91,774 20,132 -135 111,770 91,355 18,428 4 109,787

Department of Commerce........................................... 6,650 -424 58 6,284 6,589 1,239 31 7,859

Department of Defense-military .................................. 446,350 3,292 68 449,710 423,591 1,168 176 424,935

Department of Education ............................................ 46,919 -215 * 46,704 90,437 -232 1 90,206

Department of Energy................................................. 20,461 -1,118 * 19,342 20,572 -1,774 * 18,798

Department of Health and Human Services ............... 649,762 1,844 199,483 851,089 636,015 1,304 186,595 823,914

Department of Homeland Security.............................. 48,973 4,739 127 53,838 36,286 -1,124 142 35,304

Department of Housing and Urban Development....... 46,193 -124 -254 45,815 49,923 -199 -226 49,498

Department of the Interior........................................... 8,845 1,358 340 10,543 8,644 -613 365 8,396

Department of Justice ................................................. 21,065 5,402 -5 26,462 21,613 1,776 -22 23,367

Department of Labor................................................... 6,552 -1,739 24,993 29,807 6,910 -2,578 26,919 31,251

Department of State.................................................... 18,247 152 578 18,978 18,678 -19 503 19,162

Department of Transportation..................................... 5,838 142 46,567 52,547 8,199 112 47,460 55,771

Department of the Treasury: 

Interest on the public debt....................................... 413,656 - - 413,656 375,632 - - 375,632

Other ....................................................................... 129,867 -961 18 128,924 110,637 -556 20 110,101

Department of Veterans Affairs .................................. 140,408 -2,416 554 138,546 133,079 -2,705 597 130,970

Corps of Engineers ..................................................... 4,567 -31 -256 4,280 4,913 7 86 5,006

Other defense civil programs...................................... 89,604 -5,830 -38,575 45,199 87,019 -5,969 -37,741 43,308

Environmental Protection Agency............................... 6,330 -63 -133 6,134 6,373 -15 -73 6,285

Executive Office of the President................................ 304 * -15 289 299 20 * 319

General Services Administration ................................ 73 -415 - -342 119 -434 - -315

International Assistance Program............................... 17,693 -248 -1,691 15,753 18,154 -547 -2,677 14,930

National Aeronautics and Space Administration ........ 14,748 6 1 14,755 14,151 5 1 14,157

National Science Foundation...................................... 4,933 88 20 5,041 4,993 81 -1 5,074

Office of Personnel Management ............................... 9,707 -655 64,236 73,288 9,559 -977 62,701 71,283

Small Business Administration ................................... -319 -3 - -322 186 -2 - 184

Social Security Administration .................................... 70,024 * 710,708 780,732 70,038 -10 678,923 748,951

Other independent agencies....................................... 9,369 -8,680 2,449 3,137 8,581 -3,566 3,090 8,105

Undistributed offsetting receipts: 

Interest .................................................................... - - -140,810 -140,810 - - -141,022 -141,022

Other ....................................................................... -2,927 -8,934 -60,672 -72,532 -2,307 -7,497 -59,581 -69,385

Total outlays........................................................ 2,335,105 5,236 807,562 3,147,903 2,269,306 -4,605 766,204 3,030,904

(On-budget)..................................................... 2,334,845 6,412 194,034 2,535,291 2,269,036 -2,734 186,506 2,452,808

(Off-budget)..................................................... 260 -1,176 613,528 612,612 270 -1,872 579,697 578,096

Surplus or deficit (-)............................................. -748,102 16,458 124,545 -607,099 -721,680 34,990 163,606 -523,083

(On-budget)..................................................... -747,842 15,282 92,305 -640,255 -721,410 33,118 94,536 -593,756

(Off-budget)..................................................... -260 1,176 32,240 33,156 -270 1,872 69,071 70,673

-No Transactions 

* Less than $500,000 

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

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. 

Please note that after the December 2018 issue of the 

Treasury Bulletin, the “Account of the U.S. Treasury” table will 

be discontinued. This data can be obtained using the “Daily 

Treasury Statement” published on the Treasury website: 

https://www.fms.treas.gov/dts/index/html. For questions on the 

data from the “Daily Treasury Statement” needed to calculate 

the table please email the Cash Reporting Branch at 

cash.reporting@fiscal.treasury.gov.

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals 

 Federal Reserve accounts 

 Credits 2 Tax and loan note accounts 

Fiscal year or month 

Received directly (1)

Received through 

remittance option tax 

and loan depositaries (2)

Withdrawals 3 

(3)

Taxes 4 

(4)

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5)

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

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

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

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

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

 2017 - Jun ............................. 905,632 264,887 1,179,233 - - 

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

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

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

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

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

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

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

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

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

 Apr............................. 1,198,518 337,284 1,406,073 - - 

May............................ 1,024,353 193,555 1,282,891 - - 

June........................... 738,995 239,133 999,716 - - 

See footnotes at end of table. 
September 2018 

20 ACCOUNT OF THE U.S. TREASURY

TABLE UST-1—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances

During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6)

SFP 

(7)

Tax and 

loan 

note 

accounts 

(8)

Federal 

Reserve 

(9)

SFP 

(10)

Tax and 

loan 

note 

accounts 

(11)

Federal 

Reserve 

(12)

SFP 

(13)

Tax and 

loan 

note 

accounts 

(14)

Federal 

Reserve 

(15)

SFP 

(16)

Tax and 

loan 

note 

accounts 

(17)

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

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

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

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

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

2017 - June ............ 181,117 - - 226,592 - - 147,181 - - 182,149 - - 

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

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

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

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

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

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

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

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

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

 Apr.............. 419,376 - - 419,376 - - 225,320 - - 324,996 - - 

May............. 354,393 - - 384,961 - - 311,183 - - 339,376 - - 

June............ 332,805 - - 385,423 - - 275,598 - - 325,904 - - 

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 2018 

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 2018

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) 

 

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

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

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

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

2017 ............................... 20,269,269 20,244,900 24,369 5,563,074 5,563,073 1 14,706,195 14,681,827 24,368 

 

2017 - Jun...................... 19,868,948 19,844,554 24,394 5,473,659 5,473,656 3 14,395,289 14,370,898 24,391 

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

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

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

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

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

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

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

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

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

 Apr ..................... 21,091,997 21,068,200 23,797 5,719,586 5,719,586 - 15,372,411 15,348,614 23,797 

May .................... 21,168,926 21,145,215 23,711 5,700,977 5,700,977 - 15,467,949 15,444,238 23,711 

June ................... 21,218,581 21,195,070 23,511 5,711,522 5,711,522 - 15,507,059 15,483,548 23,511 

 

End of fiscal 

year or month 

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

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

 

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

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

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

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

2017 ............................... 20,269,269 65,378 20,203,891 5,563,074 25,909 5,537,165 14,706,195 39,469 14,666,725 

 

2017 - Jun ...................... 19,868,948 65,367 19,803,580 5,473,659 26,022 5,447,637 14,395,289 39,345 14,355,943 

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

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

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

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

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

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

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

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

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

 Apr ..................... 21,091,997 74,993 21,017,004 5,719,586 27,496 5,692,089 15,372,411 47,497 15,324,915 

May .................... 21,168,926 77,032 21,091,893 5,700,977 27,764 5,673,213 15,467,949 49,268 15,418,681 

June ................... 21,218,581 76,808 21,141,772 5,711,522 27,779 5,683,742 15,507,059 49,029 15,458,030 

 
FEDERAL DEBT 

September 2018 

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) 

 

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

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

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

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

2017 .......................... 161,705 - 264 223,787 80,359 29,995 1,641 

 

2017 - Jun ................. 162,895 - 264 90,919 91,463 29,995 1,678 

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

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

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

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

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

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

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

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

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

 Apr ................ 158,606 - 264 238,954 82,219 29,995 1,645 

May ............... 158,233 - 264 242,282 83,595 29,995 1,635 

June .............. 157,866 - 264 242,251 79,115 29,995 1,648 

 

 TABLE FD-2—Debt Held by the Public

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

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

 

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

 

- 398,879 

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

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

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

2017 .......................... 14,673,429 14,175,677 1,799,570 8,798,940 1,948,414 1,286,124 342,630 497,752 

 

2017 - Jun ................. 14,366,186 13,988,972 1,715,829 8,751,868 1,918,661 1,261,485 341,128 377,215 

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

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

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

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

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

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

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

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

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

 Apr ................ 15,335,128 14,823,445 2,166,346 8,970,018 2,042,166 1,319,120 325,794 511,683 

May ............... 15,426,913 14,910,909 2,183,405 8,997,905 2,052,473 1,335,332 341,794 516,004 

June .............. 15,466,564 14,955,425 2,157,412 9,028,003 2,066,743 1,345,473 357,794 511,139 
FEDERAL DEBT 

September 2018

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) 

 

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

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

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

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

2017 ..................... 2,820,200 839 70,589 52,332 3,604 10,965 419 60,711 1,381,004 

 

2017 - Jun ............ 2,845,621 838 78,586 58,604 3,803 10,171 753 59,899 1,246,355 

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

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

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

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

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

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

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

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

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

 Apr ........... 2,812,319 846 98,752 49,698 3,238 12,293 704 58,666 1,510,497 

May .......... 2,809,249 848 98,970 49,754 3,175 12,848 599 74,145 1,504,029 

June ......... 2,832,803 848 81,579 48,324 3,178 11,766 592 72,857 1,501,002 

 

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

TABLE FD-3—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

 

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

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

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

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

2017 .................. 5,771,144 13,404 78,486 45,680 22,090 69,669 912,438 197,835 30,879 

 

2017 - Jun ......... 5,548,842 13,744 78,021 45,267 22,061 66,114 786,104 204,497 28,404 

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

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

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

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

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

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

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

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

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

 Apr ........ 5,945,577 14,016 89,034 46,197 22,208 85,490 895,568 210,426 35,625 

May ....... 5,932,098 14,210 89,890 46,165 22,209 86,925 891,146 204,373 23,563 

June ...... 5,943,775 14,640 91,530 46,215 22,241 89,410 901,488 200,132 25,170 

 
FEDERAL DEBT 

September 2018 

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) 

 

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

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

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

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

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

 

2017 - Jun ................... 24,394 19 96 24,215 64 * 

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

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

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

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

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

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

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

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

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

 Apr .................. 23,797 19 85 23,653 40 * 

May ................. 23,711 19 86 23,566 40 * 

Jun .................. 23,511 19 87 23,366 40 * 

 

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

September 2018

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) 

 

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

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

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

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

2017 ............................... 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66 

 

2017 - June .................... 11,532,819 3,230,656 4,694,240 2,330,392 155,516 1,122,015 66 

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

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

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

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

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

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

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

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

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

 Apr ...................... 12,442,945 3,654,231 4,963,054 2,444,080 119,751 1,261,828 65 

May..................... 12,550,113 3,688,168 5,031,029 2,431,911 127,495 1,271,510 65 

June.................... 12,529,613 3,670,219 5,012,734 2,427,862 127,650 1,291,149 65 

 

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

September 2018 

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) 

 

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

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

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

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

2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 

 

2017 – Jun1 ............................ 19,808,772 19,808,747 19,808,747 - 19,844,554 - 35,807 

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

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

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

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

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

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

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

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

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

 Apr4 ............................ - 21,027,545 21,027,545 - 21,068,200 - 40,656 

May4 ........................... - 21,104,039 21,104,039 - 21,145,215 - 41,176 

Jun4 ............................ - 21,155,086 21,155,086 - 21,195,070 - 39,983 

 

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

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

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

$19,808,772,381,624.74. 

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

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

Debt Limit was suspended through December 8, 2017. 

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

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

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

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

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

Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was 

suspended through March 1, 2019. 
FEDERAL DEBT 

September 2018

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) 

 

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

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

2015 ....................................... 1,306,402 19,261 26,261 23,057 626 688 

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

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601 

 

2017 - Jun .............................. 1,512,077 20,783 21,320 24,532 598 636 

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

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

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

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

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

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

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

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

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

 Apr ............................. 1,536,644 22,803 20,583 26,306 568 601 

May ............................ 1,568,440 22,532 20,662 26,515 573 601 

June ........................... 1,566,178 22,359 21,139 27,018 580 601 

 

 Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

 

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

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

2015 ....................................... 1,050,374 4,649 26,921 127 58,050 

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

2017 ....................................... 1,178,495 5,009 27,954 128 61,270 

 

2017 - Jun.............................. 1,250,153 4,759 30,393 128 60,655 

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

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

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

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

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

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

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

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

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

 Apr ............................. 1,271,327 4,953 27,979 127 62,331 

May ............................ 1,302,135 4,953 27,979 127 62,675 

June ........................... 1,302,135 5,086 27,979 128 62,971 

 
FEDERAL DEBT 

September 2018 

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) 

 

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

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

2015 ...................................... 22,725 3,498 7,176 62,989 

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

2017 ...................................... 24,645 3,712 7,693 63,739 

 

2017 - Jun ............................. 26,534 2,664 8,686 60,237 

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

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

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

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

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

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

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

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

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

 Apr ............................ 24,789 6,123 11,407 56,747 

May ........................... 24,818 6,433 11,407 57,029 

Jun ............................ 24,818 2,715 11,407 57,239 

 

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

September 2018 

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

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

the consolidation of the Financial Management Service and 

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

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

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

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

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

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

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

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

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

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

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

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

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

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

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

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: APRIL-JUNE 

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

A P R I L 

Auction of 2-Year Notes 

On March 22, 2018, Treasury announced it would 

auction $30,000 million of 2-year notes. The issue was 

to refund $66,294 million of securities maturing March 

31 and to raise new cash of approximately $42,706 

million. 

The 2-year notes of Series AY-2020 were dated 

March 31 and issued April 2. They are due March 31, 

2020, with interest payable on September 30 and 

March 31 until maturity. Treasury set an interest rate 

of 2-1/4 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon eastern time (e.t.) for noncompetitive 

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

tenders on March 26. Tenders totaled $87,161 million; 

Treasury accepted $30,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 2.310 

percent with an equivalent price of $99.883557. 

Treasury accepted in full all competitive tenders at 

yields lower than 2.310 percent. Tenders at the high 

yield were allotted 50.43 percent. The median yield 

was 2.276 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $304 million. 

Competitive tenders accepted from private investors 

totaled $29,596 million. Accrued interest of $0.12295 

per $1,000 must be paid for the period from March 31 

to April 2. 

In addition to the $30,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,285 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 

AY-2020 is $100. 

Auction of 5-Year Notes 

On March 22, 2018, Treasury announced it would 

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

to refund $66,294 million of securities maturing March 

31 and to raise new cash of approximately $42,706 

million. 

The 5-year notes of Series W-2023 were dated 

March 31 and issued April 2. They are due March 31, 

2023, with interest payable on September 30 and 

March 31 until maturity. Treasury set an interest rate 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

31 

of 2-1/2 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on March 27. 

Tenders totaled $87,585 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.612 percent with an equivalent price of 

$99.478566. Treasury accepted in full all competitive 

tenders at yields lower than 2.612 percent. Tenders at 

the high yield were allotted 57.18 percent. The median 

yield was 2.570 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $57 million. 

Competitive tenders accepted from private investors 

totaled $34,943 million. Accrued interest of $0.13661 

per $1,000 must be paid for the period from March 31 

to April 2. 

In addition to the $35,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,165 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series W-2023 is $100. 

Auction of 1-Year 10-Month 0 Percent Floating 

Rate Notes (FRNs) 

On March 22, 2018, Treasury announced it would 

auction $15,000 million of 1-year 10-month 0 percent 

FRNs. The issue was to raise new cash of 

approximately $42,706 million. 

The 1-year 10-month 0 percent FRNs of Series 

AW-2020 were dated January 31 and issued April 2. 

They are due January 31, 2020, with interest payable 

on April 30, July 31, October 31, and January 31 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on March 28. 

Tenders totaled $41,681 million; Treasury accepted 

$15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.049 percent with an equivalent 

price of $99.910268. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.049 percent. Tenders at the high discount margin 

were allotted 47.55 percent. The median discount 

margin was 0.028 percent, and the low discount 

margin was 0.010 percent. Noncompetitive tenders 

totaled $16 million. Competitive tenders accepted from 

private investors totaled $14,984 million. Accrued 

interest of $0.276305717 per $100 must be paid for the 

period from January 31 to April 2. 

In addition to the $15,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,642 million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On March 22, 2018, Treasury announced it would 

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

to refund $66,294 million of securities maturing March 

31 and to raise new cash of approximately $42,706 

million. 

The 7-year notes of Series J-2025 were dated 

March 31 and issued April 2. They are due March 31, 

2025, with interest payable on September 30 and 

March 31 until maturity. Treasury set an interest rate 

of 2-5/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on March 28. 

Tenders totaled $67,865 million; Treasury accepted 

$29,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.720 percent with an equivalent price of 

$99.398415. Treasury accepted in full all competitive 

tenders at yields lower than 2.720 percent. Tenders at 

the high yield were allotted 4.76 percent. The median 

yield was 2.670 percent, and the low yield was 2.550 

percent. Noncompetitive tenders totaled $23 million. 

Competitive tenders accepted from private investors 

totaled $28,978 million. Accrued interest of $0.14344 

per $1,000 must be paid for the period from March 31 

to April 2. 

In addition to the $29,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,109 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series J-2025 is $100. 

Auction of 3-Year Notes 

On April 5, 2018, Treasury announced it would 

auction $30,000 million of 3-year notes. The issue was 

to refund $77,491 million of securities maturing April 

15 and to pay down approximately $13,491 million. 

The 3-year notes of Series AL-2021 were dated 

April 15 and issued April 16. They are due April 15, 

2021, with interest payable on October 15 and April 15 

until maturity. Treasury set an interest rate of 2-3/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on April 10. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

32 

Tenders totaled $85,537 million; Treasury accepted 

$30,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.450 percent with an equivalent price of 

$99.784450. Treasury accepted in full all competitive 

tenders at yields lower than 2.450 percent. Tenders at 

the high yield were allotted 90.13 percent. The median 

yield was 2.407 percent, and the low yield was 2.200 

percent. Noncompetitive tenders totaled $90 million. 

Competitive tenders accepted from private investors 

totaled $29,810 million. Accrued interest of $0.06489 

per $1,000 must be paid for the period from April 15 

to April 16. 

In addition to the $30,000 million of tenders 

accepted in the auction process, Treasury accepted $51 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AL-2021 is $100. 

Auction of 9-Year 10-Month 2-3/4 Percent 

Notes 

On April 5, 2018, Treasury announced it would 

auction $21,000 million of 9-year 10-month 2-3/4 

percent notes. The issue was to refund $77,491 million 

of securities maturing April 15 and to pay down 

approximately $13,491 million. 

The 9-year 10-month 2-3/4 percent notes of Series 

B-2028 were dated February 15 and issued April 16. 

They are due February 15, 2028, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on April 11. 

Tenders totaled $51,615 million; Treasury accepted 

$21,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.795 percent with an equivalent price of 

$99.611154. Treasury accepted in full all competitive 

tenders at yields lower than 2.795 percent. Tenders at 

the high yield were allotted 70.96 percent. The median 

yield was 2.740 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors 

totaled $20,992 million. Accrued interest of $4.55801 

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

15 to April 16. 

In addition to the $21,000 million of tenders 

accepted in the auction process, Treasury accepted $36 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series B-2028 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds 

On April 5, 2018, Treasury announced it would 

auction $13,000 million of 29-year 10-month 3 percent 

bonds. The issue was to refund $77,491 million of 

securities maturing April 15 and to pay down 

approximately $13,491 million. 

The 29-year 10-month 3 percent bonds of February 

2048 were dated February 15 and issued April 16. 

They are due February 15, 2048, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on April 12. 

Tenders totaled $31,387 million; Treasury accepted 

$13,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.044 percent with an equivalent price of 

$99.136422. Treasury accepted in full all competitive 

tenders at yields lower than 3.044 percent. Tenders at 

the high yield were allotted 41.80 percent. The median 

yield was 2.999 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $12,998 million. Accrued interest of $4.97238 

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

15 to April 16. 

In addition to the $13,000 million of tenders 

accepted in the auction process, Treasury accepted $22 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

February 2048 is $100. 

Auction of 5-Year Treasury Inflation Protected 

Security (TIPS) 

On April 12, 2018, Treasury announced it would 

auction $16,000 million of 5-year TIPS. The issue was 

to refund $109,374 million of securities maturing April 

30 and to raise new cash of approximately $19,626 

million. 

The 5-year TIPS of Series X-2023 were dated 

April 15 and issued April 30. They are due April 15, 

2023, with interest payable on October 15 and April 15 

until maturity. Treasury set an interest rate of 0-5/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on April 19. 

Tenders totaled $40,832 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.631 percent with an equivalent adjusted 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

33 

price of $100.196611. Treasury accepted in full all 

competitive tenders at yields lower than 0.631 percent. 

Tenders at the high yield were allotted 24.49 percent. 

The median yield was 0.567 percent, and the low yield 

was 0.200 percent. Noncompetitive tenders totaled $99 

million. Competitive tenders accepted from private 

investors totaled $15,901 million. Adjusted accrued 

interest of $0.25673 per $1,000 must be paid for the 

period from April 15 to April 30. Both the unadjusted 

price of $99.970677 and the unadjusted accrued 

interest of $0.25615 were adjusted by an index ratio of 

1.00226, for the period from April 15 to April 30. 

In addition to the $16,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,042 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2023 is $100. 

Auction of 2-Year Notes 

On April 19, 2018, Treasury announced it would 

auction $32,000 million of 2-year notes. The issue was 

to refund $109,374 million of securities maturing April 

30 and to raise new cash of approximately $19,626 

million. 

The 2-year notes of Series AZ-2020 were dated 

and issued April 30. They are due April 30, 2020, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 2-3/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on April 24. 

Tenders totaled $83,655 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.498 percent with an equivalent price of 

$99.761494. Treasury accepted in full all competitive 

tenders at yields lower than 2.498 percent. Tenders at 

the high yield were allotted 71.80 percent. The median 

yield was 2.470 percent, and the low yield was 2.395 

percent. Noncompetitive tenders totaled $357 million. 

Competitive tenders accepted from private investors 

totaled $31,493 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,084 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AZ-2020 is $100. 

Auction of 52-Week Bills 

On April 19, 2018, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued April 26 and will mature April 25, 

2019. The issue was to refund $168,997 million of all 

maturing bills and to pay down approximately $7,997 

million. Treasury auctioned the bills on April 24. 

Tenders totaled $88,259 million; Treasury accepted 

$26,000 million, including $557 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.200 percent. 

Auction of 2-Year FRNs 

On April 19, 2018, Treasury announced it would 

auction $17,000 million of 2-year FRNs. The issue 

was to refund $109,374 million of securities maturing 

April 30 and to raise new cash of approximately 

$19,626 million. 

The 2-year FRNs of Series BA-2020 were dated 

and issued April 30. They are due April 30, 2020, with 

interest payable on July 31, October 31, January 31, 

and April 30 until maturity. Treasury set a spread of 

0.033 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 25. 

Tenders totaled $62,062 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.033 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.033 percent. Tenders at the high discount margin 

were allotted 91.62 percent. The median discount 

margin was 0.029 percent, and the low discount 

margin was 0.010 percent. Noncompetitive tenders 

totaled $41 million. Competitive tenders accepted from 

private investors totaled $16,959 million. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$2,170 million from FRBs for their own accounts. 

Auction of 5-Year Notes 

On April 19, 2018, Treasury announced it would 

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

to refund $109,374 million of securities maturing April 

30 and to raise new cash of approximately $19,626 

million. 

The 5-year notes of Series Y-2023 were dated and 

issued April 30. They are due April 30, 2023, with 

interest payable on October 31 and April 30 until 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

34 

maturity. Treasury set an interest rate of 2-3/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on April 25. 

Tenders totaled $87,224 million; Treasury accepted 

$35,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.837 percent with an equivalent price of 

$99.597097. Treasury accepted in full all competitive 

tenders at yields lower than 2.837 percent. Tenders at 

the high yield were allotted 56.70 percent. The median 

yield was 2.800 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $55 million. 

Competitive tenders accepted from private investors 

totaled $34,945 million. 

In addition to the $35,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,467 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series Y-2023 is $100. 

Auction of 7-Year Notes 

On April 19, 2018, Treasury announced it would 

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

to refund $109,374 million of securities maturing April 

30 and to raise new cash of approximately $19,626 

million. 

The 7-year notes of Series K-2025 were dated and 

issued April 30. They are due April 30, 2025, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 2-7/8 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 April 26. 

Tenders totaled $74,249 million; Treasury accepted 

$29,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.952 percent with an equivalent price of 

$99.516250. Treasury accepted in full all competitive 

tenders at yields lower than 2.952 percent. Tenders at 

the high yield were allotted 72.28 percent. The median 

yield was 2.900 percent, and the low yield was 2.288 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors 

totaled $28,976 million. 

In addition to the $29,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,701 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series K-2025 is $100. 

M A Y 

May Quarterly Financing 

On May 2, 2018, Treasury announced it would 

auction $31,000 million of 3-year notes. The issue was 

to refund $39,110 million of securities maturing May 

15 and to raise new cash of approximately $33,890 

million. 

The 3-year notes of Series AM-2021 were dated 

and issued May 15. They are due May 15, 2021, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 2-5/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on May 8. 

Tenders totaled $85,460 million; Treasury accepted 

$31,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.664 percent with an equivalent price of 

$99.888266. Treasury accepted in full all competitive 

tenders at yields lower than 2.664 percent. Tenders at 

the high yield were allotted 79.47 percent. The median 

yield was 2.639 percent, and the low yield was 2.510 

percent. Noncompetitive tenders totaled $82 million. 

Competitive tenders accepted from private investors 

totaled $30,818 million. 

In addition to the $31,000 million of tenders 

accepted in the auction process, Treasury accepted 

$7,473 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AM-2021 is $100. 

On May 2, 2018, Treasury announced it would 

auction $25,000 million of 10-year notes. The issue 

was to refund $39,110 million of securities maturing 

May 15 and to raise new cash of approximately 

$33,890 million. 

The 10-year notes of Series C-2028 were dated and 

issued May 15. They are due May 15, 2028, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 2-7/8 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 9. 

Tenders totaled $64,053 million; Treasury accepted 

$25,000 million. All noncompetitive and successful 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

35 

competitive bidders were allotted securities at the high 

yield of 2.995 percent with an equivalent price of 

$98.969628. Treasury accepted in full all competitive 

tenders at yields lower than 2.995 percent. Tenders at 

the high yield were allotted 50.13 percent. The median 

yield was 2.950 percent, and the low yield was 2.890 

percent. Noncompetitive tenders totaled $45 million. 

Competitive tenders accepted from private investors 

totaled $24,955 million. 

In addition to the $25,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,027 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series C-2028 is $100. 

On May 2, 2018, Treasury announced it would 

auction $17,000 million of 30-year bonds. The issue 

was to refund $39,110 million of securities maturing 

May 15 and to raise new cash of approximately 

$33,890 million. 

The 30-year bonds of May 2048 were dated and 

issued May 15. They are due May 15, 2048, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 3-1/8 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 10. 

Tenders totaled $40,403 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.130 percent with an equivalent price of 

$99.903175. Treasury accepted in full all competitive 

tenders at yields lower than 3.130 percent. Tenders at 

the high yield were allotted 3.67 percent. The median 

yield was 3.100 percent, and the low yield was 3.045 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors 

totaled $16,995 million. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,098 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2048 is $100. 

Auction of 9-Year 8-Month 0-1/2 Percent 

Treasury Inflation Protected Security (TIPS) 

On May 10, 2018, Treasury announced it would 

auction $11,000 million of 9-year 8-month 0-1/2 

percent TIPS. The issue was to refund $70,592 million 

of securities maturing May 31 and to raise new cash of 

approximately $39,408 million. 

The 9-year 8-month 0-1/2 percent TIPS of Series 

A-2028 were dated January 15 and issued May 31. 

They are due January 15, 2028, with interest payable 

on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on May 17. 

Tenders totaled $26,665 million; Treasury accepted 

$11,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.934 percent with an equivalent adjusted 

price of $97.131469. Treasury accepted in full all 

competitive tenders at yields lower than 0.934 percent. 

Tenders at the high yield were allotted 22.90 percent. 

The median yield was 0.870 percent, and the low yield 

was 0.820 percent. Noncompetitive tenders totaled $14 

million. Competitive tenders accepted from private 

investors totaled $10,986 million. Adjusted accrued 

interest of $1.90032 per $1,000 must be paid for the 

period from January 15 to May 31. Both the 

unadjusted price of $96.013868 and the unadjusted 

accrued interest of $1.87845 were adjusted by an index 

ratio of 1.01164, 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 

$1,911 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series A-2028 is $100. 

Auction of 2-Year Notes 

On May 17, 2018, Treasury announced it would 

auction $33,000 million of 2-year notes. The issue was 

to refund $70,592 million of securities maturing May 

31 and to raise new cash of approximately $39,408 

million. 

The 2-year notes of Series BB-2020 were dated 

and issued May 31. They are due May 31, 2020, with 

interest payable on November 30 and May 31 until 

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

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on May 22. 

Tenders totaled $94,952 million; Treasury accepted 

$33,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.590 percent with an equivalent price of 

$99.825680. Treasury accepted in full all competitive 

tenders at yields lower than 2.590 percent. Tenders at 

the high yield were allotted 79.53 percent. The median 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

36 

yield was 2.560 percent, and the low yield was 2.200 

percent. Noncompetitive tenders totaled $420 million. 

Competitive tenders accepted from private investors 

totaled $32,430 million. 

In addition to the $33,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,732 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BB-2020 is $100. 

Auction of 52-Week Bills 

On May 17, 2018, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued May 24 and will mature May 23, 

2019. The issue was to refund $151,996 million of all 

maturing bills and to raise new cash of approximately 

$9,004 million. Treasury auctioned the bills on May 

22. Tenders totaled $95,702 million; Treasury 

accepted $26,000 million, including $579 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.275 percent. 

Auction of 1-Year 11-Month 0.033 Percent 

FRNs 

On May 17, 2018, Treasury announced it would 

auction $16,000 million of 1-year 11-month 0.033 

percent FRNs. The issue was to raise new cash of 

approximately $16,000 million. 

The 1-year 11-month 0.033 percent FRNs of Series 

BA-2020 were dated April 30 and issued May 25. 

They are due April 30, 2020, 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 23. 

Tenders totaled $52,172 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.028 percent with an equivalent 

price of $100.009127. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.028 percent. Tenders at the high discount margin 

were allotted 83.23 percent. The median discount 

margin was 0.023 percent, and the low discount 

margin was 0.010 percent. Noncompetitive tenders 

totaled $17 million. Competitive tenders accepted from 

private investors totaled $15,983 million. Accrued 

interest of $0.131984504 per $100 must be paid for the 

period from April 30 to May 25. 

Auction of 5-Year Notes 

On May 17, 2018, Treasury announced it would 

auction $36,000 million of 5-year notes. The issue was 

to refund $70,592 million of securities maturing May 

31 and to raise new cash of approximately $39,408 

million. 

The 5-year notes of Series Z-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 2-3/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on May 23. 

Tenders totaled $90,618 million; Treasury accepted 

$36,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.864 percent with an equivalent price of 

$99.472437. Treasury accepted in full all competitive 

tenders at yields lower than 2.864 percent. Tenders at 

the high yield were allotted 53.76 percent. The median 

yield was 2.820 percent, and the low yield was 2.740 

percent. Noncompetitive tenders totaled $63 million. 

Competitive tenders accepted from private investors 

totaled $35,937 million. 

In addition to the $36,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,254 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series Z-2023 is $100. 

Auction of 7-Year Notes 

On May 17, 2018, Treasury announced it would 

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

to refund $70,592 million of securities maturing May 

31 and to raise new cash of approximately $39,408 

million. 

The 7-year notes of Series L-2025 were dated and 

issued May 31. They are due May 31, 2025, with 

interest payable on November 30 and May 31 until 

maturity. Treasury set an interest rate of 2-7/8 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 $78,739 million; Treasury accepted 

$30,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.930 percent with an equivalent price of 

$99.654192. Treasury accepted in full all competitive 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

37 

tenders at yields lower than 2.930 percent. Tenders at 

the high yield were allotted 33.68 percent. The median 

yield was 2.900 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors 

totaled $29,975 million. 

In addition to the $30,000 million of tenders 

accepted in the auction process, Treasury accepted 

$5,211 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series L-2025 is $100. 

J U N E 

Auction of 3-Year Notes 

On June 7, 2018, Treasury announced it would 

auction $32,000 million of 3-year notes. The issue was 

to refund $24,000 million of securities maturing June 

15 and to raise new cash of approximately $44,000 

million. 

The 3-year notes of Series AN-2021 were dated 

and issued June 15. They are due June 15, 2021, with 

interest payable on December 15 and June 15 until 

maturity. Treasury set an interest rate of 2-5/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on June 11. 

Tenders totaled $90,460 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.664 percent with an equivalent price of 

$99.888266. Treasury accepted in full all competitive 

tenders at yields lower than 2.664 percent. Tenders at 

the high yield were allotted 97.11 percent. The median 

yield was 2.620 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $75 million. 

Competitive tenders accepted from private investors 

totaled $31,825 million. The minimum par amount 

required for STRIPS of notes of Series AN-2021 is 

$100. 

Auction of 9-Year 11-Month 2-7/8 Percent 

Notes 

On June 7, 2018, Treasury announced it would 

auction $22,000 million of 9-year 11-month 2-7/8 

percent notes. The issue was to refund $24,000 million 

of securities maturing June 15 and to raise new cash of 

approximately $44,000 million. 

The 9-year 11-month 2-7/8 percent notes of Series 

C-2028 were dated May 15 and issued June 15. They 

are due May 15, 2028, 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 11. 

Tenders totaled $57,063 million; Treasury accepted 

$22,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.962 percent with an equivalent price of 

$99.254212. Treasury accepted in full all competitive 

tenders at yields lower than 2.962 percent. Tenders at 

the high yield were allotted 45.03 percent. The median 

yield was 2.920 percent, and the low yield was 2.830 

percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors 

totaled $21,989 million. Accrued interest of $2.42188 

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-2028 is $100. 

Auction of 29-Year 11-Month 3-1/8 Percent 

Bonds 

On June 7, 2018, Treasury announced it would 

auction $14,000 million of 29-year 11-month 3-1/8 

percent bonds. The issue was to refund $24,000 

million of securities maturing June 15 and to raise new 

cash of approximately $44,000 million. 

The 29-year 11-month 3-1/8 percent bonds of May 

2048 were dated May 15 and issued June 15. They are 

due May 15, 2048, 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 12. 

Tenders totaled $33,318 million; Treasury accepted 

$14,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.100 percent with an equivalent price of 

$100.481809. Treasury accepted in full all competitive 

tenders at yields lower than 3.100 percent. Tenders at 

the high yield were allotted 81.29 percent. The median 

yield was 3.063 percent, and the low yield was 2.888 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $13,993 million. Accrued interest of $2.63247 

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 2048 is $100. 

Auction of 52-Week Bills

On June 14, 2018, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2018 

38 

They were issued June 21 and will mature June 20, 

2019. The issue was to refund $155,009 million of all 

maturing bills and to pay down approximately $4,009 

million. Treasury auctioned the bills on June 19. 

Tenders totaled $88,610 million; Treasury accepted 

$26,000 million, including $541 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.275 percent. 

Auction of 29-Year 8-Month 1 Percent 

Treasury Inflation Protected Security (TIPS) 

On June 14, 2018, Treasury announced it would 

auction $5,000 million of 29-year 8-month 1 percent 

TIPS. The issue was to raise new cash of 

approximately $21,000 million. 

The 29-year 8-month 1 percent TIPS of February 

2048 were dated February 15 and issued June 29. They 

are due February 15, 2048, with interest payable on 

August 15 and February 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 June 21. 

Tenders totaled $13,100 million; Treasury accepted 

$5,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.934 percent with an equivalent adjusted 

price of $103.306254. Treasury accepted in full all 

competitive tenders at yields lower than 0.934 percent. 

Tenders at the high yield were allotted 89.73 percent. 

The median yield was 0.890 percent, and the low yield 

was 0.850 percent. Noncompetitive tenders totaled $2 

million. Competitive tenders accepted from private 

investors totaled $4,998 million. Adjusted accrued 

interest of $3.75996 per $1,000 must be paid for the 

period from February 15 to June 29. Both the 

unadjusted price of $101.704410 and the unadjusted 

accrued interest of $3.70166 were adjusted by an index 

ratio of 1.01575, for the period from February 15 to 

June 29. The minimum par amount required for 

STRIPS of TIPS of February 2048 is $100. 

Auction of 1-Year 10-Month 0.033 Percent 

FRNs 

On June 21, 2018, Treasury announced it would 

auction $16,000 million of 1-year 10-month 0.033 

percent FRNs. The issue was to raise new cash of 

approximately $21,000 million. 

The 1-year 10-month 0.033 percent FRNs of Series 

BA-2020 were dated April 30 and issued June 29. 

They are due April 30, 2020, 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 27. 

Tenders totaled $44,700 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.042 percent with an equivalent 

price of $99.983009. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.042 percent. Tenders at the high discount margin 

were allotted 48.96 percent. The median discount 

margin was 0.030 percent, and the low discount 

margin was 0.010 percent. Noncompetitive tenders 

totaled $7 million. Competitive tenders accepted from 

private investors totaled $15,993 million. Accrued 

interest of $0.321044934 per $100 must be paid for the 

period from April 30 to June 29. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

September 2018 

39 

 

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

 On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

 

Regular weekly: 

(4 week, 13 week, and 26 week) 

 

 2018 – Apr. 05 ............................................... 2018-May 03 28 159,583.9 55,000.4 54,175.4 725.0 99.868167 1.695 1.721

 July 05 91 138,196.9 48,000.4 47,335.0 665.4 99.560167 1.740 1.772

 Oct. 04 182 130,166.8 42,000.4 40,340.0 660.4 99.036917 1.905 1.950

Apr. 12 ............................................... May 10 28 146,191.3 45,000.1 44,200.9 699.2 99.874000 1.620 1.645

 July 12 91 140,379.7 48,000.2 47,115.3 784.9 99.566486 1.715 1.746

 Oct. 11 182 127,842.4 42,000.0 40,317.5 682.5 99.049556 1.880 1.924

Apr. 19 ............................................... May 17 28 138,431.6 45,000.2 44,163.5 736.7 99.873222 1.630 1.655

 July 19 91 150,197.5 48,000.2 46,720.3 790.9 99.555111 1.760 1.792

 Oct. 18 182 131,075.4 42,000.2 40,827.2 754.0 99.016694 1.945 1.992

Apr. 26 ............................................... May 24 28 142,217.1 45,000.4 44,139.8 760.6 99.869333 1.680 1.706

 July 26 91 143,260.9 48,000.4 46,225.1 775.3 99.537417 1.830 1.864

 Oct. 25 182 137,531.0 42,000.2 40,249.8 750.5 98.996472 1.985 2.033

May 03 ............................................... May 31 28 136,991.8 45,000.4 44,165.5 734.9 99.871667 1.650 1.675

 Aug. 02 91 137,661.9 48,000.0 46,212.8 787.2 99.536153 1.835 1.869

 Nov. 01 182 132,977.6 42,000.1 40,618.9 781.1 98.993944 1.990 2.038

May 10 ............................................... June 07 28 144,929.1 45,000.6 44,247.2 753.4 99.870889 1.660 1.685

 Aug. 09 91 141,785.7 48,000.0 46,988.3 732.7 99.534889 1.840 1.874

 Nov. 08 182 131,205.1 42,000.5 41,052.1 748.5 98.988889 2.000 2.048

May 17 ............................................... June 14 28 140,708.1 45,000.2 44,153.3 747.0 99.871278 1.655 1.680

 Aug. 16 91 146,139.2 48,000.1 46,621.1 841.0 99.522250 1.890 1.925

 Nov. 15 182 125,319.5 42,000.3 41,022.0 678.3 98.971194 2.035 2.085

May 24 ............................................... June 21 28 139,656.2 45,000.0 44,144.2 755.9 99.866222 1.720 1.746

 Aug. 23 91 148,854.5 48,000.1 46,641.4 912.7 99.520986 1.895 1.931

 Nov. 23 183 132,643.9 42,000.3 40,938.2 787.1 98.942667 2.080 2.131

May 31 ............................................... June 28 28 129,824.0 40,000.1 39,296.1 704.1 99.863889 1.750 1.777

 Aug. 30 91 135,366.5 48,000.2 46,173.5 826.7 99.520986 1.895 1.931

 Nov. 29 182 130,208.4 42,000.0 40,561.6 697.4 98.973722 2.030 2.080

June 07 .............................................. July 05 28 106,520.0 35,000.1 34,201.9 798.2 99.861556 1.780 1.807

 Sep. 06 91 151,671.0 48,000.0 46,772.5 777.5 99.517194 1.910 1.946

 Dec. 06 182 137,329.6 42,000.4 40,947.2 653.2 98.953500 2.070 2.121

June 14 .............................................. July 12 28 117,621.3 35,000.2 34,091.3 808.9 99.860778 1.790 1.817

 Sep. 13 91 144,269.4 48,000.3 46,997.5 802.8 99.517194 1.910 1.946

 Dec. 13 182 150,630.3 42,000.0 41,017.4 682.6 98.950972 2.075 2.126

June 21 .............................................. July 19 28 110,730.7 35,000.1 34,232.4 767.6 99.858833 1.815 1.843

 Sep. 20 91 149,543.6 48,000.2 46,670.4 927.8 99.519722 1.900 1.936

 Dec. 20 182 116,905.1 42,000.0 41,018.4 681.6 98.950972 2.075 2.126

June 28 .............................................. July 26 28 106,906.2 35,000.4 34,210.7 789.7 99.862333 1.770 1.797

 Sep. 27 91 138,873.9 48,000.7 46,127.5 873.2 99.519722 1.900 1.936

 Dec. 27 182 125,867.6 42,000.4 40,320.0 680.3 98.945917 2.085 2.136

 

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 2018 

40 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

03/26/18 04/02/18 2.250% note—03/31/20-AY 2y 92,446 35,285 2.310 - 99.883557 

03/27/18 04/02/18 2.500% note—03/31/23-W 5y 93,751 41,166 2.612 - 99.478566 

03/28/18 04/02/18 0.049% FRN—01/31/20-AW 1y 10m 44,323 17,642 0.000 - 99.910268 

03/28/18 04/02/18 2.625% note—03/31/25-J 7y 72,974 34,109 2.720 - 99.398415 

04/10/18 04/16/18 2.375% note—04/15/21-AL 3y 85,588 30,051 2.450 - 99.784450 

04/11/18 04/16/18 2.750% note—02/15/28-B 9y 10m 51,651 21,036 2.795 - 99.611154 

04/12/18 04/16/18 3.000% bond—02/15/48 29y 10m 31,409 13,022 3.044 - 99.136422 

04/24/18 04/26/18 2.200% bill—04/25/19 364d 88,259 26,000 

04/19/18 04/30/18 0.625% TIPS—04/15/23-X 5y 42,875 18,042 0.631 - 100.196611 

04/24/18 04/30/18 2.375% note—04/30/20-AZ 2y 87,739 36,084 2.498 - 99.761494 

04/25/18 04/30/18 0.033% FRN—04/30/20-BA 2y 64,232 19,170 0.000 - 100.000000 

04/25/18 04/30/18 2.750% note—04/30/23-Y 5y 91,691 39,467 2.837 - 99.597097 

04/26/18 04/30/18 2.875% note—04/30/25-K 7y 77,950 32,702 2.952 - 99.516250 

05/08/18 05/15/18 2.625% note—05/15/21-AM 3y 92,933 38,473 2.664 - 99.888266 

05/09/18 05/15/18 2.875% note—05/15/28-C 10y 70,080 31,027 2.995 - 98.969628 

05/10/18 05/15/18 3.125% bond—05/15/48 30y 44,501 21,098 3.130 - 99.903175 

05/22/18 05/24/18 2.275% bill—05/23/19 364d 95,702 26,000 

05/23/18 05/25/18 0.028% FRN—04/30/20-BA 1y 11m 52,172 16,000 0.000 - 100.009127 

05/17/18 05/31/18 0.500% TIPS—01/15/28-A 9y 8m 28,575 12,911 0.934 - 97.131469 

05/22/18 05/31/18 2.500% note—05/31/20-BB 2y 100,685 38,732 2.590 - 99.825680 

05/23/18 05/31/18 2.750% note—05/31/23-Z 5y 96,871 42,254 2.864 - 99.472437 

05/24/18 05/31/18 2.875% note—05/31/25-L 7y 83,951 35,212 2.930 - 99.654192 

06/11/18 06/15/18 2.625% note—06/15/21-AN 3y 90,460 32,000 2.664 - 99.888266 

06/11/18 06/15/18 2.875% note—05/15/28-C 9y 11m 57,063 22,000 2.962 - 99.254212 

06/12/18 06/15/18 3.125% bond—05/15/48 29y 11m 33,318 14,000 3.100 - 100.481809 

06/19/18 06/21/18 2.275% bill—06/20/19 364d 88,610 26,000 

06/21/18 06/29/18 1.000% TIPS—02/15/48 29y 8m 13,100 5,000 0.934 - 103.306254 

06/27/18 06/29/18 0.042% FRN—04/30/20-BA 1y 10m 44,700 16,000 0.000 - 99.983009 

 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. 
41

September 2018

INTRODUCTION: Ownership of Federal Securities

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.]

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms.

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes.

• Table OFS-1 presents Treasury marketable and 

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings.

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy.

• Table OFS-2 presents the estimated ownership of 

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.)
42 OWNERSHIP OF FEDERAL SECURITIES 

September 2018

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

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

End of

fiscal year

or month

 Total

 Federal

 securities

outstanding

(1)

Public debt securities

Held by U.S. Government accounts Public issues

held by Federal

Reserve banks

(6)

 Total

 outstanding

 (2)

Total

(3)

 Marketable

 (4)

Nonmarketable

(5)

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

2017 - June ..................................... 19,868,948 19,844,554 5,473,659 - 5,473,659 2,864,091

July ...................................... 19,869,273 19,844,909 5,479,502 - 5,479,502 2,865,188

Aug ...................................... 19,868,627 19,844,533 5,454,504 - 5,454,504 2,865,298

Sept ..................................... 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

Oct....................................... 20,466,827 20,442,474 5,682,713 - 5,682,713 2,833,661

Nov ...................................... 20,614,878 20,590,393 5,663,451 - 5,663,451 2,858,198

Dec ...................................... 20,517,143 20,492,747 5,669,642 - 5,669,642 2,858,136

2018 - Jan ....................................... 20,518,069 20,493,730 5,682,204 - 5,682,204 2,839,847

Feb ...................................... 20,879,713 20,855,672 5,696,585 - 5,696,585 2,830,029

Mar ...................................... 21,114,305 21,089,643 5,652,861 - 5,652,861 2,828,463

 Apr....................................... 21,091,997 21,068,200 5,719,586 - 5,719,586 2,796,522

May...................................... 21,168,926 21,145,215 5,700,977 - 5,700,977 2,775,643

June..................................... 21,218,581 21,195,070 5,711,522 - 5,711,522 2,772,949

Public debt securities, continued Agency securities1

End of

fiscal year

or month

Held by private investors

Total

outstanding

 (10)

Held by

private

investors

(11)

Held by

Government

accounts

(12)

Total

(7)

Marketable

(8)

 Nonmarketable

 (9)

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2017 - June ..................................... 11,506,804 11,145,326 361,478 24,394 24,391 3

July ...................................... 11,500,219 11,194,986 305,233 24,364 24,361 3

Aug ...................................... 11,524,731 11,228,265 296,466 24,094 24,093 1

Sept ..................................... 11,814,271 11,332,237 482,034 24,369 24,368 1

Oct....................................... 11,926,100 11,440,017 486,083 24,353 24,352 1

Nov ...................................... 12,068,743 11,579,343 489,400 24,486 24,485 1

Dec ...................................... 11,964,969 11,622,102 342,867 24,396 24,395 1

2018 - Jan ....................................... 11,971,679 11,674,698 296,981 24,339 24,339 1

Feb ...................................... 12,329,058 11,847,913 481,145 24,041 24,041 -

Mar ...................................... 12,608,319 12,116,273 492,046 24,662 24,662 -

 Apr....................................... 12,552,092 12,053,371 498,721 23,797 23,797 -

May...................................... 12,668,595 12,163,752 504,844 23,711 23,711 -

June..................................... 12,710,599 12,209,457 501,142 23,511 23,511 -

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.
43

September 2018

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

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

Federal 

Reserve and 

Government 

accounts 2

(2)

Pension funds 3

End of month

Total

public

debt 1

(1)

Total

privately

held

(3)

 Depository

institutions 3, 4

 (4)

U.S.

savings

bonds 5

(5)

 Private 6

 (6)

State and

local

governments

(7)

 Insurance

 compa-

 nies 3

 (8)

Mutual

funds 3, 7

(9)

 State and

 local

govern-

 ments 3

 (10)

 Foreign

 and inter-

 national 8

 (11)

Other

 investors 9

 (12)

2018 - June ....... 21,195.3 8,106.9 13,088.5 n.a. 157.8 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 Mar ......... 21,089.9 8,086.6 13,003.3 640.8 159.0 541.5 232.9 359.3 1,990.8 718.1 6,216.6 2,144.3

2017 - Dec......... 20,492.7 8,132.1 12,360.6 634.4 160.4 387.2 227.6 370.7 1,803.0 722.6 6,284.9 1,769.7

 Sept ........ 20,244.9 8,036.9 12,208.0 604.5 161.7 531.9 212.0 351.2 1,693.6 693.8 6,301.9 1,657.5

 June ....... 19,844.6 7,943.4 11,901.1 622.8 162.8 395.3 210.9 342.3 1,544.6 696.1 6,151.9 1,774.4

 Mar......... 19,846.4 7,941.1 11,905.3 660.5 164.2 424.8 196.6 333.7 1,677.5 714.3 6,075.3 1,658.4

2016 - Dec......... 19,976.9 8,005.6 11,971.3 651.9 165.8 526.8 189.7 327.7 1,702.5 713.6 6,006.3 1,687.0

 Sept ........ 19,573.4 7,863.5 11,709.9 620.5 167.5 536.1 188.5 338.7 1,580.1 705.4 6,155.9 1,417.4

 June ....... 19,381.6 7,911.2 11,470.4 570.3 169.0 533.6 183.3 327.4 1,433.3 683.6 6,279.1 1,290.9

 Mar......... 19,264.9 7,801.4 11,463.6 555.3 170.3 521.6 169.2 313.1 1,392.2 665.5 6,284.4 1,392.0

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.8 171.6 505.2 174.2 304.3 1,315.3 651.4 6,146.2 1,395.9

 Sept ........ 18,150.6 7,488.7 10,661.9 513.6 172.8 305.7 171.4 304.3 1,192.3 619.0 6,105.9 1,276.9

 June ....... 18,152.0 7,536.5 10,615.5 515.4 173.9 374.1 187.0 302.1 1,135.9 625.3 6,163.1 1,138.7

 Mar......... 18,152.1 7,521.3 10,630.8 511.7 174.9 448.0 178.0 303.0 1,156.8 643.8 6,172.6 1,042.1

2014 - Dec......... 18,141.4 7,578.9 10,562.6 513.7 175.9 507.1 200.5 304.9 1,108.3 625.5 6,157.7 968.9

 Sept ........ 17,824.1 7,490.8 10,333.2 470.9 176.7 490.7 200.0 296.1 1,067.6 597.6 6,069.2 964.5

 June ....... 17,632.6 7,461.0 10,171.6 407.2 177.6 482.6 199.5 285.8 977.9 606.1 6,018.7 1,016.2

 Mar......... 17,601.2 7,301.5 10,299.7 368.3 178.3 474.3 184.3 275.0 1,050.1 600.2 5,948.3 1,220.9

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 179.8 269.5 975.3 602.5 5,792.6 1,361.9

 Sept ........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 184.3 271.5 976.2 592.3 5,652.8 1,406.0

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4

 Sept ........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4

 Sept ........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8

 June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

 Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

 Sept ........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

 June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

 Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1

 Sept ........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3

 June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2

 Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7

2008 - Dec......... 10,699.8 4,806.4 5,893.4 105.0 194.1 147.4 129.9 171.4 758.2 601.4 3,077.2 708.9

 Sept ........ 10,024.7 4,692.7 5,332.0 130.0 194.3 147.0 136.7 163.4 631.4 614.0 2,802.4 512.9

 June ....... 9,492.0 4,685.8 4,806.2 112.7 195.0 145.0 135.5 159.4 440.3 635.1 2,587.4 395.9

 Mar......... 9,437.6 4,694.7 4,742.9 125.0 195.4 143.7 135.4 152.1 466.7 646.4 2,506.3 371.9

1 Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. 2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings.

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States” from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. As of December 2014, includes savings bonds issued to myRA 

accounts. Current accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund." 7

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8

Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors.
September 2018 

44 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, June 30, 2018 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $1,840,526,325,403 $1,791,386,698,695 $1,790,909,773,012 $239,337,166 $237,588,517

Less amounts held by: 

The Treasury ....................................... 256,615,396 59,169,396 58,957,378 7,505 204,513

FRBs ................................................... 173,452,422,948 171,676,485,949 171,676,346,921 22 139,006

Amounts in circulation ............................. $1,666,817,287,059 $1,619,651,043,350 $1,619,174,468,713 $239,329,639 $237,244,998

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,139,626,708 $6,546,924,108 $42,592,702,600 

Less amounts held by: 

The Treasury ....................................... 197,446,000 48,770,000 148,676,000 

FRBs ................................................... 1,775,936,999 1,155,134,366 620,802,633 

Amounts in circulation ............................. $47,166,243,709 $5,343,019,742 $41,823,223,967 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2018 

45 

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2018 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,173,717,483 $12,033,463,817 $143,501 $140,110,165 

$2 ................................................................................ 2,464,974,612 2,333,432,556 131,529,518 12,538 

$5 ................................................................................ 14,791,004,735 14,660,162,600 107,635,410 23,206,725 

$10 .............................................................................. 19,394,249,030 19,374,312,100 6,300 19,930,630 

$20 .............................................................................. 183,155,069,690 183,134,966,240 3,820 20,099,630 

$50 .............................................................................. 86,648,265,100 86,636,770,100 500 11,494,500 

$100 ............................................................................ 1,300,711,680,600 1,300,689,704,800 - 6 21,975,800 

$500 ............................................................................ 141,744,500 141,601,500 5,500 137,500 

$1,000 ......................................................................... 165,122,000 164,995,000 5,000 122,000 

$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 ......................................................... $1,619,651,043,350 $1,619,174,468,713 $239,329,639 $237,244,998 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

June 30, 2018 ...................................................................................... 1,666,817 5,081 

May 31, 2018 ....................................................................................... 1,661,155 5,067 

Apr. 30, 2018 ....................................................................................... 1,643,090 5,014 

Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 

Sept. 30, 2010 ...................................................................................... 954,719 3,074 

Sept. 30, 2005 ...................................................................................... 766,487 2,578 

Sept. 30, 2000 ...................................................................................... 568,614 2,061 

Sept. 30, 1995 ...................................................................................... 409,272 1,553 

Sept. 30, 1990 ...................................................................................... 278,903 1,105 

Sept. 30, 1985 ...................................................................................... 187,337 782 

Sept. 30, 1980 ...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

 

 1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund
49 

 

September 2018 

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 
FOREIGN CURRENCY POSITIONS 

September 2018 

50 

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) 

 

01/03/18 ................................................................. 1,407,735 1,481,831 -57 1.2534 

01/10/18 ................................................................. 1,474,315 1,562,499 -91 1.2485 

01/17/18 ................................................................. 1,476,310 1,567,879 -37 1.2443 

01/24/18 ................................................................. 1,441,592 1,533,786 -21 1.2357 

01/31/18 ................................................................. 1,541,058 1,639,445 -20 1.2293 

 

02/07/18 ................................................................. 1,542,928 1,642,985 -87 1.2545 

02/14/18 ................................................................. 1,569,523 1,661,937 -94 1.2564 

02/21/18 ................................................................. 1,573,986 1,718,665 -133 1.2678 

02/28/18 ................................................................. 1,686,957 1,775,912 -182 1.2806 

 

03/07/18 ................................................................. 1,719,670 1,809,593 -180 1.2993 

03/14/18 ................................................................. 1,806,188 1,905,057 -184 1.2946 

03/21/18 ................................................................. 1,602,862 1,751,933 -171 1.2957 

03/28/18 ................................................................. 1,539,225 1,683,451 -201 1.2886 

 

04/04/18 ................................................................. 1,499,072 1,605,092 -165 1.2801 

04/11/18 ................................................................. 1,546,476 1,704,800 -166 1.2581 

04/18/18 ................................................................. 1,590,848 1,700,352 -188 1.2636 

04/25/18 ................................................................. 1,650,529 1,862,989 -186 1.2871 

 

05/02/18 ................................................................. 1,767,582 2,021,873 -213 1.2848 

05/09/18 ................................................................. 1,814,629 1,993,456 -235 1.2852 

05/16/18 ................................................................. 1,839,831 1,967,803 -238 1.2828 

05/23/18 ................................................................. 1,923,952 2,027,527 -206 1.2882 

05/30/18 ................................................................. 2,057,633 2,161,367 -208 1.2842 

 

06/06/18 ................................................................. 1,999,587 2,109,674 -187 1.2907 

06/13/18 ................................................................. 2,088,111 2,132,380 -200 1.2963 

06/20/18 ................................................................. 1,745,672 1,836,908 -236 1.3291 

06/27/18 ................................................................. 1,794,493 1,902,818 -230 1.33 

 

 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

51 

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 

2016 - Dec ................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 - July. .................. 1,631,110 1,746,381 310,503 228,041 76,855 72,020 81,365 78,403 -101 1.249 

Aug .................. 1,783,032 1,901,664 280,043 209,670 83,144 76,628 81,598 83,869 -49 1.2515 

Sept ................. 1,614,224 1,722,493 266,663 199,341 92,820 86,478 79,316 85,056 -7 1.2509 

Oct ................... 1,752,513 1,853,868 257,452 234,738 77,217 72,455 74,389 79,998 -169 1.2894 

Nov .................. 1,896,118 2,002,049 267,198 235,996 78,042 73,451 75,691 69,445 -163 1.2884 

Dec .................. 1,486,798 1,561,949 288,642 241,105 46,476 40,264 70,094 67,555 -29 1.2517 

2018 – Jan. ................. 1,697,370 1,805,258 305,843 257,784 50,819 43,955 81,624 79,783 -27 1.2293 

Feb .................. 1,835,429 1,970,647 269,382 258,599 48,868 42,713 84,517 81,011 -170 1.2806 

Mar .................. 1,582,891 1,668,031 273,192 250,913 66,022 60,512 86,779 82,811 -205 1.2891 

 Apr. .................. 1,782,649 2,024,178 274,548 240,606 67,065 61,604 89,063 86,306 -193 1.2818 

May .................. 2,174,822 2,388,409 292,735 279,317 62,754 60,827 90,218 88,094 -222 1.297 

June ................. 1,810,272 1,915,998 299,409 284,120 54,515 54,810 94,545 85,542 -193 1.314 

 

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) 

 

2015 - Dec ................... 27,142 59,087 125,045 94,958 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar ................... 30,905 61,209 129,399 94,163 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,995 65,904 140,849 106,389 363 349 726 461 7 1.301 

Sept .................. 36,885 67,444 156,802 103,615 242 285 2,316 1,180 n.a. 1.3115 

Dec ................... 38,433 68,593 156,273 124,911 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar ................... 38,456 73,351 164,569 117,991 482 393 946 563 n.a. 1.3321 

June ................. 36,833 75,342 147,064 113,013 1,726 827 790 823 n.a. 1.2982 

Sept .................. 35,092 64,307 145,296 93,483 1,179 785 587 345 12 1.2509 

Dec ................... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517 

2018 - Mar ................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

52 

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) 

 

01/03/18 .................................................................. 497,709 510,277 -12 112.28 

01/10/18 .................................................................. 492,247 503,821 -2 111.48 

01/17/18 .................................................................. 497,564 504,966 35 110.81 

01/24/18 .................................................................. 500,711 507,752 40 109.15 

01/31/18 .................................................................. 539,351 548,279 41 109.31 

 

02/07/18 .................................................................. 553,388 562,334 54 109.53 

02/14/18 .................................................................. 562,893 572,237 83 107 

02/21/18 .................................................................. 550,148 559,131 87 107.64 

02/28/18 .................................................................. 550,688 556,645 102 106.62 

 

03/07/18 .................................................................. 560,363 566,533 114 105.94 

03/14/18 .................................................................. 568,921 577,229 119 106.17 

03/21/18 .................................................................. 577,373 588,328 135 106.3 

03/28/18 .................................................................. 551,410 558,431 125 106.3 

 

04/04/18 .................................................................. 542,040 550,339 127 106.56 

04/11/18 .................................................................. 531,921 541,170 128 106.78 

04/18/18 .................................................................. 527,672 537,731 124 107.26 

04/25/18 .................................................................. 544,536 555,127 106 109.33 

 

05/02/18 .................................................................. 537,084 547,144 100 109.89 

05/09/18 .................................................................. 541,198 553,101 117 109.68 

05/16/18 .................................................................. 541,421 551,478 121 110.22 

05/23/18 .................................................................. 550,805 560,046 124 110.05 

05/30/18 .................................................................. 572,632 582,761 113 109.04 

 

06/06/18 .................................................................. 558,154 574,000 107 110 

06/13/18 .................................................................. 568,345 582,906 103 110.41 

06/20/18 .................................................................. 540,486 552,291 100 110.14 

06/27/18 .................................................................. 557,564 568,891 108 110.34 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

53 

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2015 - Dec .................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 

2016 - Dec .................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 - July. ................. 518,978 524,470 161,661 158,869 42,520 41,931 44,687 48,340 23 110.38 

Aug ................. 560,775 567,677 154,002 149,405 43,675 42,329 45,406 48,346 19 110.06 

Sept ................ 554,048 563,417 168,709 161,023 46,697 46,348 45,521 52,828 -23 112.64 

Oct .................. 553,257 560,253 152,978 142,056 49,152 48,042 51,660 54,698 -74 113.63 

Nov ................. 594,779 602,734 105,875 97,640 52,677 50,930 51,579 54,036 -85 112.3 

Dec ................. 504,078 520,500 122,567 108,990 24,445 23,589 44,445 45,720 -88 112.69 

2018 – Jan. ................ 588,620 602,701 125,195 116,372 29,346 28,819 49,700 51,177 -35 109.31 

Feb ................. 597,476 606,019 123,923 115,900 33,591 32,265 51,836 53,681 23 106.62 

Mar ................. 544,766 550,324 117,155 109,890 34,148 33,305 51,268 52,625 44 106.2 

 Apr. ................. 562,214 568,783 129,932 116,837 34,788 33,591 52,709 54,648 126 109.28 

May ................. 616,279 634,441 125,108 111,849 34,893 35,115 55,273 57,983 135 108.73 

June ................ 563,198 573,868 138,416 126,361 34,497 34,604 56,164 58,106 120 110.71 

 

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) 

 

2015 - Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar ................... 7,225 4,900 7,184 5,318 n.a. 340 687 486 -7 112.42 

June ................. 8,200 4,667 7,254 5,807 n.a. 367 723 581 -5 102.77 

Sept .................. 7,804 4,314 7,815 6,141 n.a. 382 588 488 -18 101.21 

Dec ................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a. 116.78 

2017 - Mar ................... 9,579 7,021 8,182 6,262 420 486 841 554 -1 111.41 

June ................. 8,857 7,788 7,065 6,374 n.a. 438 539 386 -1 112.4 

Sept .................. 6,536 6,008 7,693 6,769 800 670 609 n.a. 46 112.64 

Dec ................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 

2018 - Mar ................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.2 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

54 

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) 

 

01/03/18 .................................................................. 834,119 873,023 68 0.9762 

01/10/18 .................................................................. 836,186 869,333 63 0.978 

01/17/18 .................................................................. 840,571 877,146 97 0.9616 

01/24/18 .................................................................. 851,246 891,176 136 0.9452 

01/31/18 .................................................................. 927,407 974,131 163 0.9321 

 

02/07/18 .................................................................. 948,073 1,000,295 132 0.9438 

02/14/18 .................................................................. 949,638 998,221 154 0.9319 

02/21/18 .................................................................. 947,226 984,820 129 0.9375 

02/28/18 .................................................................. 936,967 984,465 152 0.943 

 

03/07/18 .................................................................. 965,802 1,009,855 163 0.9426 

03/14/18 .................................................................. 976,333 1,028,264 179 0.9461 

03/21/18 .................................................................. 844,693 895,910 186 0.954 

03/28/18 .................................................................. 846,525 895,171 230 0.9538 

 

04/04/18 .................................................................. 820,122 888,096 189 0.9595 

04/11/18 .................................................................. 845,616 896,012 n.a. 0.9578 

04/18/18 .................................................................. 856,645 904,969 265 0.967 

04/25/18 .................................................................. 903,495 958,578 n.a. 0.9828 

 

05/02/18 .................................................................. 1,013,870 1,075,948 n.a. 0.9975 

05/09/18 .................................................................. 968,734 1,024,663 n.a. 1.0042 

05/16/18 .................................................................. 1,000,549 1,053,615 n.a. 1.0004 

05/23/18 .................................................................. 1,021,370 1,075,085 n.a. 0.9952 

05/30/18 .................................................................. 1,044,500 1,104,942 n.a. 0.989 

 

06/06/18 .................................................................. 1,045,356 1,104,505 308 0.9844 

06/13/18 .................................................................. 1,085,721 1,125,607 329 0.9844 

06/20/18 .................................................................. 922,133 954,646 333 0.9956 

06/27/18 .................................................................. 907,279 942,503 296 0.9962 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

55 

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017 

2016 - Dec ................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.016 

2017 - July. .................. 863,776 892,281 94,626 77,251 61,960 64,415 84,606 78,806 n.a. 0.965 

Aug .................. 875,089 918,200 91,410 72,346 64,798 64,063 87,670 79,050 n.a. 0.961 

Sept ................. 781,450 823,353 99,217 77,326 68,697 65,123 85,868 84,292 n.a. 0.9688 

Oct ................... 823,804 885,734 98,907 74,392 68,930 67,253 85,392 84,042 n.a. 0.9968 

Nov .................. 967,393 1,020,311 94,314 68,867 74,000 73,301 84,617 84,034 72 0.9838 

Dec .................. 802,799 840,898 108,582 88,094 45,995 44,470 76,767 76,436 139 0.9738 

2018 – Jan. ................. 986,853 1,057,383 114,352 100,346 53,071 51,196 81,081 82,257 182 0.9321 

Feb .................. 980,873 1,043,662 132,497 94,894 53,428 50,515 80,861 81,485 187 0.943 

Mar .................. 846,745 903,195 117,390 93,755 53,822 53,278 77,405 77,097 147 0.9532 

 Apr. .................. 993,006 1,057,904 124,462 101,852 56,570 59,035 79,987 76,849 n.a. 0.9911 

May .................. 1,149,220 1,214,031 111,260 88,167 59,619 61,102 80,828 79,330 n.a. 0.9844 

June ................. 946,554 989,667 98,550 76,326 60,921 60,271 79,902 77,891 n.a. 0.9922 

 

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) 

 

2015 - Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 

2016 - Mar ................... 12,965 16,654 48,569 16,247 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,961 14,942 38,415 16,235 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept .................. 13,162 13,803 74,616 16,527 - n.a. n.a. n.a. n.a. 0.9694 

Dec ................... 15,062 14,957 100,733 18,341 - n.a. n.a. n.a. n.a. 1.016 

2017 - Mar ................... 16,987 18,151 76,127 18,575 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,636 16,877 105,291 17,277 - n.a. n.a. n.a. - 0.9586 

Sept .................. 16,715 14,386 n.a. 18,437 47 25 n.a. n.a. n.a. 0.9688 

Dec ................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 

2018 - Mar ................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

56 

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) 

 

01/03/18 .................................................................. 2,400,437 2,615,693 265 1.3522 

01/10/18 .................................................................. 2,384,667 2,601,413 267 1.3513 

01/17/18 .................................................................. 2,396,961 2,623,356 n.a. 1.3824 

01/24/18 .................................................................. 2,375,838 2,603,300 475 1.4198 

01/31/18 .................................................................. 2,627,180 2,851,896 464 1.419 

 

02/07/18 .................................................................. 2,558,017 2,784,959 n.a. 1.3881 

02/14/18 .................................................................. 2,605,829 2,807,574 365 1.3955 

02/21/18 .................................................................. 2,585,392 2,817,823 347 1.3946 

02/28/18 .................................................................. 2,772,916 3,011,793 355 1.3794 

 

03/07/18 .................................................................. 2,643,814 2,846,446 445 1.3888 

03/14/18 .................................................................. 2,775,033 2,969,777 441 1.3946 

03/21/18 .................................................................. 2,530,044 2,719,587 n.a. 1.4064 

03/28/18 .................................................................. 2,665,809 2,870,574 359 1.411 

 

04/04/18 .................................................................. 2,526,657 2,728,507 344 1.4076 

04/11/18 .................................................................. 2,545,095 2,749,725 369 1.4194 

04/18/18 .................................................................. 2,638,364 2,844,423 314 1.4227 

04/25/18 .................................................................. 2,775,653 2,960,065 333 1.3941 

 

05/02/18 .................................................................. 2,973,289 3,242,557 n.a. 1.361 

05/09/18 .................................................................. 2,876,250 3,085,274 n.a. 1.3567 

05/16/18 .................................................................. 2,878,170 3,078,471 n.a. 1.3478 

05/23/18 .................................................................. 2,947,057 3,143,803 n.a. 1.3341 

05/30/18 .................................................................. 3,056,748 3,259,591 n.a. 1.3296 

 

06/06/18 .................................................................. 3,036,631 3,239,955 n.a. 1.3429 

06/13/18 .................................................................. 3,099,750 3,263,387 n.a. 1.3378 

06/20/18 .................................................................. 2,741,703 2,933,962 45 1.3213 

06/27/18 .................................................................. 2,840,482 3,049,008 126 1.3139 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

57 

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 

2016 - Dec ................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 - July. .................. 2,632,803 2,820,355 885,057 856,156 120,503 124,499 128,372 141,586 103 1.3196 

Aug .................. 2,724,719 2,898,594 832,105 803,286 116,058 118,534 129,649 137,322 99 1.2888 

Sept ................. 2,711,567 2,895,640 845,056 794,639 142,922 139,917 137,361 145,899 241 1.3402 

Oct ................... 2,829,670 3,046,396 841,243 796,719 139,103 136,155 136,457 145,243 305 1.3281 

Nov .................. 2,964,748 3,215,150 860,406 815,265 147,952 153,873 156,622 159,284 259 1.3506 

Dec .................. 2,423,244 2,623,676 926,696 893,568 111,989 115,312 75,795 83,179 n.a. 1.3529 

2018 – Jan. ................. 2,821,376 3,048,648 904,368 844,973 136,127 139,245 78,651 86,169 n.a. 1.419 

Feb .................. 2,929,302 3,173,541 852,317 795,166 132,548 138,361 82,391 87,587 n.a. 1.3794 

Mar .................. 2,662,360 2,857,271 910,959 851,220 136,289 140,329 77,591 78,519 n.a. 1.4027 

 Apr. .................. 2,958,979 3,133,692 905,121 854,856 142,471 145,902 79,657 80,208 283 1.3751 

May .................. 3,181,688 3,373,798 953,505 911,941 120,659 127,518 78,553 82,447 n.a. 1.3289 

June ................. 2,881,883 3,092,444 942,772 908,663 127,873 128,901 81,869 87,774 50 1.3197 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar ................... 25,097 48,638 161,912 64,787 460 958 5,159 2,545 76 1.4381 

June ................. 32,851 59,068 168,024 68,927 n.a. n.a. 3,488 1,337 131 1.3242 

Sept .................. 27,814 58,602 163,430 65,795 406 432 2,465 727 63 1.3015 

Dec ................... 28,214 50,414 166,901 66,789 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar ................... 32,757 57,906 173,336 73,570 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,749 58,195 200,797 65,224 1,498 1,355 2,837 1,910 50 1.2995 

Sept .................. 34,429 63,757 199,533 58,382 1,369 1,380 2,032 1,755 81 1.3402 

Dec ................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 

2018 - Mar ................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

58 

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) 

 

01/03/18 ................................................................ 22,363,835 21,550,868 124 n.a. 

01/10/18 ................................................................ 23,284,607 22,435,577 341 n.a. 

01/17/18 ................................................................ 23,678,898 22,765,625 1,097 n.a. 

01/24/18 ................................................................ 23,974,921 23,014,935 753 n.a. 

01/31/18 ................................................................ 25,697,315 24,717,373 1,276 n.a. 

 

02/07/18 ................................................................ 25,744,859 24,800,890 1,178 n.a. 

02/14/18 ................................................................ 26,346,228 25,360,533 1,374 n.a. 

02/21/18 ................................................................ 26,200,319 25,194,746 -1,133 n.a. 

02/28/18 ................................................................ 26,959,558 25,968,507 -903 n.a. 

 

03/07/18 ................................................................ 26,690,537 25,810,409 -1,153 n.a. 

03/14/18 ................................................................ 27,480,884 26,847,738 -928 n.a. 

03/21/18 ................................................................ 25,529,428 24,617,901 -847 n.a. 

03/28/18 ................................................................ 25,800,974 24,893,504 -1,131 n.a. 

 

04/04/18 ................................................................ 24,952,956 24,033,803 1,233 n.a. 

04/11/18 ................................................................ 25,313,646 24,395,459 1,037 n.a. 

04/18/18 ................................................................ 25,359,329 24,470,649 844 n.a. 

04/25/18 ................................................................ 26,401,735 25,493,439 648 n.a. 

 

05/02/18 ................................................................ 27,606,559 26,652,228 617 n.a. 

05/09/18 ................................................................ 27,188,155 26,298,673 563 n.a. 

05/16/18 ................................................................ 27,571,497 26,599,741 560 n.a. 

05/23/18 ................................................................ 27,641,103 26,758,475 828 n.a. 

05/30/18 ................................................................ 29,010,542 28,079,107 958 n.a. 

 

06/06/18 ................................................................ 28,641,986 27,668,979 -643 n.a. 

06/13/18 ................................................................ 29,173,552 28,423,377 -422 n.a. 

06/20/18 ................................................................ 26,563,566 25,810,435 -823 n.a. 

06/27/18 ................................................................ 27,211,022 26,415,117 -1,061 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

59 

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec .............. 23,238,723 22,612,485 - - 2,124,407 1,978,064 1,357,669 1,515,285 -7,263 n.a. 

2016 - Dec .............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

2017 - July. ............. 24,410,171 23,687,051 - - 1,786,041 1,787,417 1,617,854 1,609,517 -203 n.a. 

Aug ............. 26,230,917 25,902,293 - - 1,842,779 1,863,511 1,663,720 1,670,125 732 n.a. 

Sept ............ 25,831,047 25,040,543 - - 1,881,948 1,890,006 1,681,015 1,695,003 416 n.a. 

Oct .............. 26,237,151 25,310,694 - - 1,906,482 1,911,803 1,704,527 1,716,059 -69 n.a. 

Nov ............. 28,055,100 27,082,715 - - 1,874,917 1,882,417 1,664,993 1,633,793 317 n.a. 

Dec ............. 22,947,777 22,020,668 - - 1,342,990 1,344,134 1,100,000 1,074,915 -217 n.a. 

2018 – Jan. ............ 27,792,524 26,632,221 - - 1,467,101 1,453,027 1,291,155 1,283,372 1,708 n.a. 

Feb ............. 28,690,487 27,547,965 - - 1,487,746 1,471,377 1,337,489 1,318,162 1,250 n.a. 

Mar ............. 25,837,850 24,838,886 - - 1,439,353 1,667,740 1,268,555 1,224,051 595 n.a. 

 Apr. ............. 27,262,601 26,287,757 - - 1,509,411 1,743,124 1,248,143 1,221,839 286 n.a. 

May ............. 30,701,662 29,547,709 - - 1,628,637 1,874,265 1,348,236 1,328,962 564 n.a. 

June ............ 27,726,499 26,853,431 - - 1,679,682 1,926,681 1,381,331 1,363,295 238 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) 

 

2015 - Dec .................. 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a. 

2016 - Mar .................. 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a. 

June ................ 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a. 

Sept ................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

Dec .................. 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar .................. 432,581 409,997 - - 28,357 17,729 20,518 21,040 1,350 n.a. 

June ................ 426,181 406,215 - - 21,559 14,688 16,157 19,475 1,982 n.a. 

Sept ................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a. 

Dec .................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 

2018 - Mar .................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

60 

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) 

 

01/03/18 ............................................................................. 5,917,167 6,229,007 295 0.8313 

01/10/18 ............................................................................. 6,344,908 6,656,775 188 0.8363 

01/17/18 ............................................................................. 6,403,099 6,666,218 670 0.8177 

01/24/18 ............................................................................. 6,505,775 6,629,228 730 0.8071 

01/31/18 ............................................................................. 7,047,813 7,212,750 710 0.8046 

 

02/07/18 ............................................................................. 7,024,481 7,290,545 478 0.8143 

02/14/18 ............................................................................. 7,128,508 7,665,770 509 0.8067 

02/21/18 ............................................................................. 6,984,266 7,364,391 445 0.8121 

02/28/18 ............................................................................. 7,399,838 7,833,931 229 0.8189 

 

03/07/18 ............................................................................. 7,107,701 7,418,748 540 0.8066 

03/14/18 ............................................................................. 7,386,172 7,778,790 483 0.8089 

03/21/18 ............................................................................. 6,681,683 7,139,355 555 0.8151 

03/28/18 ............................................................................. 6,886,654 7,239,377 156 0.8096 

 

04/04/18 ............................................................................. 6,530,780 6,994,946 72 0.8135 

04/11/18 ............................................................................. 6,669,145 6,924,625 141 0.8075 

04/18/18 ............................................................................. 6,643,703 6,884,267 196 0.8077 

04/25/18 ............................................................................. 7,064,731 7,297,540 56 0.8212 

 

05/02/18 ............................................................................. 7,622,820 7,948,159 -138 0.8356 

05/09/18 ............................................................................. 7,329,013 7,581,120 -271 0.8437 

05/16/18 ............................................................................. 7,445,430 7,760,236 -310 0.8483 

05/23/18 ............................................................................. 7,429,625 7,716,069 -356 0.8552 

05/30/18 ............................................................................. 8,005,241 8,298,620 -506 0.8573 

 

06/06/18 ............................................................................. 7,737,364 7,959,441 -352 0.849 

06/13/18 ............................................................................. 7,890,468 8,050,228 -409 0.8486 

06/20/18 ............................................................................. 7,286,345 7,437,198 -528 0.8627 

06/27/18 ............................................................................. 7,404,128 7,565,096 -762 0.863 

 
FOREIGN CURRENCY POSITIONS 

September 2018 

61 

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec ................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,858 694,076 n.a. 0.9209 

2016 - Dec ................... 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 - July. .................. 6,520,855 6,717,142 2,233,294 2,141,277 556,513 537,021 519,889 521,493 856 0.8456 

Aug .................. 6,838,729 7,022,201 2,168,180 2,087,955 625,316 616,688 514,917 524,360 260 0.8408 

Sept ................. 6,682,397 6,846,458 1,974,611 1,853,302 590,904 586,129 509,884 512,543 190 0.8465 

Oct ................... 6,868,706 7,148,517 2,071,132 1,915,336 583,788 576,004 517,044 516,484 -12 0.8585 

Nov .................. 7,329,380 7,568,045 2,031,462 1,896,864 579,459 567,241 542,522 543,060 257 0.8405 

Dec .................. 6,140,523 6,462,865 2,184,607 2,013,841 489,182 476,486 333,795 341,768 1,078 0.8318 

2018 – Jan. ................. 7,574,924 7,898,327 2,179,433 1,996,007 577,392 576,206 359,874 359,831 1,355 0.8046 

Feb .................. 7,917,099 8,400,309 2,014,358 1,890,759 582,861 575,417 382,664 377,419 977 0.8189 

Mar .................. 6,920,112 7,302,877 2,102,036 1,947,767 555,863 548,110 355,962 353,214 918 0.8117 

 Apr. .................. 7,373,506 7,667,890 2,372,634 2,196,888 529,331 520,418 371,398 372,934 520 0.8282 

May .................. 8,494,312 8,722,333 2,468,268 2,279,608 582,475 574,748 441,429 442,282 261 0.8569 

June ................. 7,757,244 7,921,592 2,432,964 2,215,903 590,402 582,345 455,948 460,854 78 0.8564 

 

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) 

 

2015 - Dec ................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar ................... 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a. 0.878 

June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a. 0.9064 

Sept .................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a. 0.8898 

Dec ................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar ................... 145,758 148,204 386,434 256,887 9,239 7,902 15,666 8,084 197 0.9347 

June ................. 170,784 153,986 433,647 249,889 9,781 8,505 9,977 4,992 n.a. 0.8763 

Sept .................. 138,547 134,715 418,632 224,298 13,624 13,030 11,161 6,860 n.a. 0.8465 

Dec ................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar ................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

 
62 

September 2018 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund -ESF was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 -codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of Mar. 31, 2018, and June 30, 2018 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Mar. 31, 2018 

Apr. 1, 2018, 

through 

June 30, 2018 June 30, 2018 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance ................................................................... - - - 

U.S. Government securities ............................................. 22,176,363 64,917 22,241,280 

Special drawing rights 1 ........................................................... 52,978,827 -1,690,525 51,288,302 

Foreign exchange and securities: 

European euro ..................................................................... 13,337,474 -654,802 12,682,672 

Japanese yen ....................................................................... 8,805,019 -358,706 8,446,313 

Accounts receivable ................................................................. 155,417 -11,805 143,612 

Total assets .......................................................................... 97,453,100 -2,650,921 94,802,179 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 68,916 9,004 77,920 

Total current liabilities ...................................................... 68,916 9,004 77,920 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 51,344,056 -1,670,079 49,673,977 

Total other liabilities ......................................................... 56,544,056 -1,670,079 54,873,977 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 1,233,304 -998,655 234,649 

Total capital ...................................................................... 40,840,128 -989,846 39,850,282 

Total liabilities and capital ............................................ 97,453,100 -2,650,921 94,802,179 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 63 

September 2018 

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, 2018 

through 

June 30, 2018 

Fiscal year to date 

Oct. 1, 2017 

through 

June 30, 2018 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... 8,071,568 9,126,518 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... -9,162,187 -9,117,344 

Net income (+) or loss (-): 

SDRs .............................................................................. 3,451 9,315 

U.S. Government securities ........................................... 96,025 235,623 

Foreign exchange .......................................................... -7,512 -19,463 

Income from operations ................................................. -998,655 234,649 

Net income (+) or loss (-) ........................................... -998,655 234,649 

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 2018 

67 

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 87 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 19 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 68 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ............................................................................................................................ 145 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2019) .............................................................................................................. 30 

less: 

 

Cash balance (fiscal year 2019) ......................................................................................................................................................................................... 8 

Unfunded authorizations (fiscal year 2019) ........................................................................................................................................................................ 22 

48-month revenue estimate (fiscal years 2020, 2021, 2022, and 2023) ........................................................................................................................... 25 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
68 

September 2018 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2018 

69 

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Holly Posin, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 3127 MT 

Washington, DC 20220 

Telephone (202) 622-2020 or fax (202) 622-2633
September 2018 

70 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 

September 2018 

71 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

September 2018 

72 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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