B U L L E T I N

DECEMBER 2022

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

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

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

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

other Federal program agencies. 

The publication staff can be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

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

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

www.fiscal.treasury.gov 
Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations............................................................................................................................. 12

Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 13

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 16

FFO-B—Chart: Budget Receipts by Source........................................................................................................................ 16

FFO-1—Summary of Fiscal Operations.............................................................................................................................. 17

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 18

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 20

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 22

FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 23

FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports............................. 27

FEDERAL DEBT 

Introduction—Federal Debt................................................................................................................................................. 33

FD-1—Summary of Federal Debt ....................................................................................................................................... 34

FD-2—Debt Held by the Public .......................................................................................................................................... 35

FD-3—Government Account Series .................................................................................................................................... 36

FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 37

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

 Private Investors .................................................................................................................................................... 38

FD-6—Debt Subject to Statutory Limit............................................................................................................................... 39

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies................................... 40

FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 42

TREASURY FINANCING ................................................................................................................................................. 42

PDO-1—Offerings of Regular Weekly Treasury Bills........................................................................................................ 57

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 58

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 60

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 61

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 62

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 63

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 63

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 64

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 
Table of Contents 

Introduction—Foreign Currency Positions .......................................................................................................................... 66

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 67

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 68

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 68

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 69

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

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 70

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 71

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 72

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 72

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 73

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 74

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 74

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 75

FCP-V-2—Monthly Report of Major Market Participants.................................................................................................. 76

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 76

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 77

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 78

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 78

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 79

ESF-1—Balance Sheet ........................................................................................................................................................ 80

ESF-2—Income and Expense.............................................................................................................................................. 81

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 83

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 83

GLOSSARY ........................................................................................................................................................................ 84

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.
Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

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

Special Reports

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of the Economy

Federal Fiscal Operations

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
Profile of the Economy 

(Office of Macroeconomic Analysis) 

November 16, 2022

Introduction 

In the third quarter of 2022, U.S. economy continued to show strength and resilience in the face 

of global headwinds. A strong rebound in GDP in the third quarter more than recovered the 

consecutive losses in the first half of 2022, and year-to-date real GDP growth is positive. Labor 

markets remained tight—payroll job growth remained strong, unemployment rates were 

historically low, and high levels of job openings and quits rates pointed to robust demand for 

labor—with some signs that labor demand and supply are slowly realigning. Meanwhile, other 

non-labor indicators also suggested expansion. Of the six indicators used to determine business 

cycles, all were at, or near, all-time peaks. Although inflation remained elevated in the third 

quarter, price growth was the slowest since the first quarter of 2021 as energy prices fell. By 

contrast, food inflation remained brisk while core (excludes energy and food prices) held steady 

at a strong pace in the third quarter—due to continued strong demand for core goods and high, 

persistent shelter inflation. 

Looking ahead, there are upside and downside risks to the economic outlook. For potentially 

favorable developments, supply-chains may continue to recover and relieve upstream price 

pressures on inflation. In addition, wage growth is trending to a pace more consistent with the 

FOMC’s 2-percent inflation target. For potentially adverse developments, global economic 

growth is threatened by Russia’s invasion of Ukraine, impending oil production cuts by OPEC+, 

and financial instability in certain major international economies. Moreover, Asia could face a 

resurgence of COVID-19 which could threaten supply-chain disruptions and renew price 

pressures for core goods. The International Monetary Fund (IMF) now projects subpar global 

growth, which may feed back into the U.S. outlook by weakening international demand for U.S. 

goods and service exports. Nonetheless, the U.S. economy has exhibited remarkable resilience 

in the face of headwinds in recent years, and the Administration’s economic policies will 

promote sustainable and equitable growth. 

Economic Growth 

Real GDP rose 2.6 percent at an annual rate in the advance estimate of third quarter economic 

activity. The quarterly gain returned the economy to positive, year-to-date growth. Expansion 

was propelled primarily by a strong contribution from net exports—particularly trade in goods—

and, to a lesser extent, private consumption of services. Over the most recent four quarters, real 

GDP was up 1.8 percent, matching the pace over the four quarters through the second quarter. 

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

investment, and residential investment—ticked up 0.1 percent in the third quarter, slowing from 

a 0.5 percent gain in the second quarter. This measure—which excludes government spending, 

international demand for goods and services, and the change in private inventories— is typically 

1
a stronger indicator of future GDP increases and represents the private sector’s capacity to 

generate self-sustaining growth. 

Real PCE—the largest component of PDFP and roughly two-thirds of real GDP—rose by 1.4 

percent in the third quarter on an annualized basis, slowing from a 2.0 percent pace in the second 

quarter. The third quarter reading suggested that households are continuing to rotate 

consumption patterns toward pre-pandemic patterns, in which services dominate—though the 

adjustment remains slow. Although the services share of PCE has ticked up from 65 percent in 

early 2021 to 66 percent in the third quarter of 2022, it remains below the pre-pandemic average 

of about 69 percent. Consumption of services rose 2.8 percent, led by demand for health care 

services and other services, including financial services, restaurants, and travel-related 

businesses. Meanwhile, consumption of goods fell by 1.2 percent, reflecting lower spending on 

both durable and nondurable goods. 

Business fixed investment (BFI) surged by 3.7 percent at an annual rate in the third quarter, after 

ticking up by 0.1 percent in the second quarter. The reading marked the ninth consecutive 

quarterly increase in BFI. Third quarter BFI growth was led by a 10.8 percent rebound in 

equipment investment, which followed a 2.0 percent decline in the previous quarter. Investment 

in intellectual property products rose 6.9 percent—strong but somewhat slower than the second 

quarter’s 8.9 percent pace. By contrast, investment in structures posed a drag on growth for the 

sixth consecutive quarter, falling 15.3 percent in the third quarter after dropping 12.7 percent in 

the second quarter. 

Real residential investment—the third and final component of PDFP—dropped 26.4 percent at 

an annual rate in the third quarter, after falling 17.8 percent in the second quarter. The 

contraction in this sector, which started in the second quarter of 2021, has accelerated, reflecting 

the ongoing correction in housing markets and tighter monetary policy. In the third quarter, 

lower residential investment was led by less new single-family construction. Single-family 

structures spending fell 36.3 percent while multi-family structures investment was down 5.5 

percent. Other structures investment—which includes manufactured homes, group housing, and 

ancillary spending like brokers’ commissions—dropped 21.5 percent in the third quarter. 

The remaining components of GDP comprise the change in the buildup or drawdown of private 

inventories, international demand, and public sector demand. The change in private inventories 

(CIPI) continued to pose a drag on the economy’s performance in the third quarter. Although 

firms added $61.9 billion (constant 2012 dollars) to inventories in the third quarter, the buildup 

slowed from a $110.2 billion increase in the second quarter. As a result, CIPI subtracted 0.7 

percentage points from real GDP growth in the third quarter. Inventories tend to be a volatile 

component of GDP and became even more so through the pandemic, given changing household 

consumption patterns and supply-chain disruptions. 

On the international side, the narrowing of the trade deficit was the largest driver of GDP growth 

in the third quarter. Net exports increased by $156.5 billion to -$1,274.0 billion, adding 2.8 

percentage points to third quarter GDP growth. Total exports of goods and services surged by 

14.4 percent at an annual rate, led by exports of industrial supplies and materials (especially 

petroleum, petroleum products, and other nondurable goods) as well as exports of services 

2
(including travel and financial services). Meanwhile, total imports decreased 6.9 percent. The 

increase in net exports was the second consecutive quarter of improvement. 

After subtracting from GDP growth in each of the previous five quarters, public-sector demand 

for goods and services rose by 2.4 percent at an annual rate. Federal government consumption 

and investment grew by 3.7 percent, driven by defense spending, while state and local 

government consumption increased 1.7 percent, mainly reflecting increases in compensation for 

state and local government workers. 

Growth of Real GDP  

(Quarterly percent change at annual rate)

Labor Markets and Wages 

Labor markets have remained very tight in the third quarter, despite some signs of loosening at 

the margins. Firms have added 4.1 million jobs in the first ten months of the year—the secondstrongest year-to-date gain in 75 years and following record employment gains in 2021. 

Notably, during the third quarter, the economy surpassed pre-pandemic employment levels as of 

August 2022. In 2021, the headline unemployment rate registered the largest drop on record in a 

single calendar year, falling from 2.8 percentage points to 3.9 percent; since March, the 

unemployment rate has fluctuated in a very low range of 3.5 percent to 3.7 percent. As of 

October, the unemployment rate stood at 3.7 percent, just 0.2 percentage points above the prepandemic five-decade low. The broadest measure of unemployment—the U-6 rate, a measure of 

labor underutilization that includes underemployment and discouraged workers in addition to the 

3
unemployed—also continued to decline in 2022, falling to 6.7 percent in June and July, the 

lowest U-6 rate in the history of the series, which dates from January 1994. As of October, the 

U-6 rate had ticked up to 6.8 percent. The long-term (27 or more weeks) unemployment rate,

also expressed as a percentage of the labor force, also dropped sharply last year, and stood at

0.65 percent in September, below its level before the pandemic. As of October, this measure had

risen somewhat to 0.71 percent.

By contrast, the recovery in labor force participation seen through the first quarter has stalled 

thereafter. Although total labor force participation rate (LFPR) climbed to 62.4 percent in March 

2022—just 1.0 percentage point below the pre-pandemic rate, it has fluctuated between 62.1 

percent and 62.4 percent since then. As of October 2022, total LFPR stood at 62.2 percent. For 

prime-age (ages 25 to 54) workers, the LFPR climbed to 82.8 in August, just 0.3 percentage 

points below the nearly twelve-year high of 83.1 percent reached in January 2020, but by 

October had declined to 82.5 percent. For those workers aged 55 years or older, the LFPR 

reached 39.1 in February 2022 but has since trended down to 38.9 percent as of October. 

Between 2016 and 2019, the LFPR for those 55 or older averaged 40.1 percent but has averaged 

38.8 percent since early 2020, possibly suggesting a downward shift in labor force participation 

among older adults due to such factors as Covid concerns and rising retirement rates. 

Notwithstanding signs of loosening at the margins, the gap between labor supply and demand 

remains significant. The demand for labor has hovered near record highs for the past eighteen 

months. Before the pandemic, the record for the number of job openings was 7.6 million in 

November 2018. Yet vacancies peaked in March 2022 at 11.9 million, or roughly 57 percent 

above the pre-pandemic high. Although job openings have declined in the intervening months, 

they were still at 10.7 million as of the end of September 2022 (latest available data)—or 42 

percent above the pre-pandemic peak. The excess demand for labor has provided workers 

consequential leverage in terms of job mobility and wage demands. For example, the quits rate 

remains exceptionally strong: by the end of September 2022, the number of job quits was at 4.1 

million, almost 12 percent above the pre-pandemic high. Moreover, the official number of 

unemployed persons per job opening ticked down in September to 0.5 workers, returning to the 

record low and remaining significantly below the average ratio of 1.0 that prevailed during the 

three years before the pandemic. 

Strong nominal wage growth has been a hallmark of tight labor markets in the United States, 

although wage growth has slowed at the margin in very recent months. For production and 

nonsupervisory workers, nominal average hourly earnings increased 5.5 percent over the year 

through October 2022—slower than the 6.6 percent average of this metric over the first half of 

2022 and slower than the 6.4 percent pace registered over the year through October 2021. The 

Employment Cost Index (ECI), which better controls for changes in labor composition and is a 

more comprehensive measure of total compensation, showed private sector wages increasing 5.2 

percent over the twelve months ending in September 2022, decelerating from the twelve-month 

pace of 5.7 percent through June. 

4
Payroll Employment

(Monthly average for year shown and monthly amounts)

Unemployment Rate

(Percent)

5
Nonfarm Productivity of Labor 

Quarterly productivity growth rates have fluctuated markedly over the past several quarters. In 

the first two quarters of this year, nonfarm productivity growth rates had back-to-back declines 

as strong labor markets led to increased hours worked while real output decreased. In the third 

quarter, however, productivity growth ticked up by 0.3 percent at an annual rate as a 2.8 percent 

advance in real output slightly offset a 2.4 percent increase in hours of all persons. However, on 

a year-over-year basis, productivity growth was down 1.4 percent through the third quarter of 

2022, following a decline of 2.1 percent over the four quarters through the second quarter. The 

latter was the largest four-quarter decline since 1974. 

Nominal hourly compensation costs in the nonfarm business sector rose 3.8 percent at an annual 

rate in the third quarter of 2022, after advancing 4.5 percent in the second quarter of the year. 

Compensation costs rose at a solid 4.7 percent over the four most recent quarters, slowing from a 

5.5 percent, year-earlier pace. Unit labor costs, defined as the average cost of labor per unit of 

output, were up 3.5 percent at an annual rate in the third quarter, slowing sharply from rates 

above 8 percent in the first and second quarters of the year. These costs were up 6.1 percent over 

the most recent four quarters, accelerating from the 5.7 percent pace over the four quarters 

through the third quarter of 2021. 

Industrial Production, Manufacturing, and Services 

Total industrial production trended higher in 2021 through April of this year but has leveled off 

since, despite signals that supply-chain disruptions are easing. In October, output at factories, 

mines, and utilities ticked down 0.1 percent. Although October’s read was the fourth monthly 

decrease in the past six months, total industrial production still was up 3.3 percent over the 

previous twelve months, albeit a smaller twelve-month increase than the 4.7 percent gain over 

the previous twelve months. 

Manufacturing production, which accounts for about 74 percent of all industrial output, has fared 

better in recent months, after posing a drag on total production growth in the second quarter of 

2022. In October, manufacturing output advanced 0.1 percent—the fourth consecutive monthly 

increase—and was 2.4 percent higher over the past year. In contrast to earlier in the year, the 

automotive sector was supportive of growth in the last two months: production of motor vehicles 

and parts was up 2.0 percent in October, following a 0.4 percent gain in September. Moreover, 

production was 10.7 percent higher over the year ending October 2022, reflecting increased 

availability of semiconductors. Nonetheless, other measures of manufacturing decreased in 

October. Output at select high-technology factories fell 0.6 percent but was up 2.6 percent over 

the past year. Excluding motor vehicles and parts and high-technology industries, manufacturing 

output was flat in October, but this measure was still 1.8 percent higher over the past year 

through October. 

Output at mines, most of which is crude oil and natural gas extraction and related support 

activities, accounts for 16 percent of industrial output. As a result, mining activity is sensitive to 

energy prices; the trend of rising energy prices in 2021 and well into 2022 contributed to strong 

mining output growth. Nonetheless, mining activity began to trend somewhat lower in August in 

the wake of declining energy prices over the summer and decreased 0.4 percent in October. 

6
Monthly oil and gas extraction fell 0.9 percent in October, following a 0.7 percent gain in 

September, as producers reacted to the decline in oil and gasoline prices over the summer. 

Nonetheless, oil and gas extraction was 4.0 percent higher over the year through October 2022, 

while mining output was up 6.9 percent. 

Utilities output, the remaining 10 percent of total industrial output, dropped 1.5 percent in 

October, the third consecutive monthly decline. Weather is usually a factor contributing to 

swings in this sector; unseasonable weather in months often causes sharp swings in output from 

one month to the next. Over the 12 months through October, utilities production was up 2.5 

percent. 

According to survey measures of manufacturing and service-sector businesses, growth has 

remained positive so far this year, though it has slowed over the past several months. The 

Institute for Supply Management’s (ISM) manufacturing index peaked in March 2021 and has 

declined on net since As of October 2022, the manufacturing index was at 50.2, the lowest 

reading since May 2020 but signaling growth for the 29th consecutive month. Similarly, the 

ISM’s services index has trended lower since reaching an all-time high of 68.4 in November 

2021. As of October, it had dropped to 54.4—also the lowest level since May 2020but also the 

29th consecutive month. 

Housing Markets 

The correction observed in housing markets earlier this year has deepened in recent months, as 

rising mortgage rates and high house prices diminished demand. Since the start of this year, 

existing and new home sales have trended lower. In September, existing home sales—which 

account for 90 percent of all home sales—declined 1.5 percent over the month and were down 

23.8 percent on a twelve-month basis. Similarly, new single-family home sales dropped 10.9 

percent in September, declining for the seventh month of the past nine. New home sales were 

17.6 percent lower over the year. Given falling sales, inventories of homes available for sale 

have risen from all-time lows. The months’ supply of existing homes for sale stood at 3.2 

months in September, fully double the supply available at the beginning of the year—but still 

below the average 3.9 months of supply in 2019. Inventories have also surged for the new 

homes market. Months’ supply stood at 9.2 months in September, up from 5.7 months of sales 

in January. 

Measured with a lag, house prices remain elevated after accelerating sharply over the past two 

years. Twelve-month rates have remained in the double-digits for nearly two years. 

Nonetheless, those rates have slowed in recent months; on a monthly basis, house price indices 

have declined outright as demand has declined. The Case-Shiller national house price index—

which measures sales prices of existing homes—declined 1.1 percent in August, yet was up 13.0 

percent over the year ending in August 2022. Twelve-month grow has slowing markedly from 

the 20.0 percent advance of the year through August 2021. Similarly, the FHFA house price 

index declined 07 percent in August but still was up 11.9 percent over the year ending in August 

(not seasonally adjusted), down from 18.5 percent pace during the previous year through August. 

7
Meanwhile, new construction starts and permits for future starts have weakened further. Singlefamily housing starts dropped 6.1 percent in October, the ninth monthly decline in the past 

twelve months. Single-family permits were down 3.6 percent in October, the eighth consecutive 

monthly decline. Construction also declined the volatile multi-family sector: in October, these 

starts declined 1.2 percent and multi-family permits decreased 1.0 percent. 

Although starts and permits have fallen, activity in the housing sector remains elevated as 

builders work through construction backlogs. The number of total homes under construction—

both single-family and multi-family—rose to a series’ high of 1.72 million in October (data 

series begins in 1970). Despite the large number of projects under way, builders are pessimistic 

about the conditions of single-housing markets. The National Association of Home Builders’ 

housing market index dropped to 38 in October on a preliminary basis, less than half the level of 

84 at the end of last year, suggesting that home builder sentiment has deteriorated sharply in the 

wake of higher mortgage rates and rising materials costs.

Prices 

Inflation has remained elevated in 2022, although monthly increases in recent months have been 

noticeably slower than in the spring and early summer. In July and August monthly headline 

consumer price index (CPI) inflation was 0.0 percent and 0.1 percent, respectively, reflecting 

falling energy prices, which offset still-strong price growth for food and core goods and services. 

In September, CPI inflation picked up to 0.4 percent and remained at that pace in October—

though this is still at least half the monthly rates seen in the first and second quarters. The CPI 

for energy goods and services declined in each month of the third quarter, dropping a cumulative 

11.3 percent since June but rebounded 1.8 percent in October. Food price inflation has trended 

lower, slowing from 1.2 percent in May to 0.6 percent in October—yet still remains elevated. 

Core CPI inflation (which strips out the volatile energy and food components) has been elevated 

for much of this year, ranging between 0.3 percent and 0.7 percent. (In October, monthly core 

inflation was 0.3 percent, half the rate of the previous two months.) Price growth for services 

has been the largest driving force behind core CPI inflation in recent months; persistent and 

strong growth of shelter prices, such as rents and owners’ equivalent rents, has set a high floor 

for core services inflation. Core goods prices, meanwhile, have been slowing markedly, helping 

to contain core inflation readings. 

On a twelve-month basis, inflation readings have been mixed. Over the year ending October 

2022, CPI inflation was 7.7 percent—more than a full percentage point slower than the 9.1 

percent pace recorded over the year through June. Energy price inflation was 17.6 percent over 

the twelve months ending in October, well-below the 41.6 percent twelve-month growth seen in 

June—the peak of which followed the Russian invasion of Ukraine. By contrast, food price 

inflation continued to increase, rising by 10.9 percent over the year through October, compared 

with a reading of 10.4 percent over the twelve months through June. Core inflation also picked 

up, rising 6.3 percent over the year ending in October, from 5.9 percent over the year through 

June. As with monthly inflation, price growth of core services—driven by strong shelter 

inflation—was the primary driver of faster core inflation. Core services rose 6.7 percent over the 

year through October, the fastest rate in forty years, again elevated by shelter inflation—over the 

8
twelve months through October, the CPI for rents rose 7.5 percent, while owners’ equivalent rent 

rose 6.9 percent over the same period. Over the year through October, core goods inflation was 

5.1 percent, much less than one-half the 12.3 percent yearly rate through February 2022. 

The Federal Reserves’ preferred measure of inflation is the PCE price index. The PCE price 

index assigns different weights for different components than does the CPI and uses a different 

methodology in its calculation—though the drivers of both measures remain similar. Inflation as 

measured by the PCE price index typically runs at a slower pace than CPI inflation due to these 

methodological and weighting differences—for instance, the PCE price indices have a higher 

weight for health care services, which have seen more normal rates of price increases. From 

2000 to 2019, headline PCE inflation was 0.3 percentage points slower than CPI inflation on a 

year-over-year basis, while core PCE inflation was typically 0.3 percentage points slower than 

core CPI inflation. Since spring 2021, however, the gaps have widened considerably. As of 

September 2022, PCE inflation was 6.2 percent on a year-over-year basis, or 2.0 percentage 

points below the comparable timeframe for CPI inflation. The gap between core measures has 

also widened—though to a lesser extent. Core PCE inflation was 5.1 percent over the year 

ending September, compared to 6.6 percent inflation as measured by the core CPI over the same 

time frame. (Prior to March 2021, inflation as measured by the PCE price index had held below 

the FOMC’s target since November 2018, which contributed to the FOMC adopting a new 

inflation regime. The flexible average inflation target regime allows for inflation to exceed 2 

percent for some period, such that PCE inflation would average 2 percent over time.) 

Consumer Prices

(Percent change from a year earlier)

9
Consumer and Business Sentiment 

Factors including perceptions of broad inflationary pressures in the economy, rising interest 

rates, and concerns about impending recession have dampened consumer and business sentiment. 

The Reuters/Michigan consumer sentiment index has trended much lower since April 2021, 

reaching a record low of 50.0 in June 2022 (series debuted in November 1952) before moving 

steadily higher to 59.9 in October as gasoline prices moved lower. However, the index declined 

5.2 points to 54.7 in the preliminary survey for November. The index is still more than 17 points 

below the early-pandemic low reached in April 2020. The move to a much lower range in 2022 

has reflected ongoing concerns about rapid inflation in the economy and the use of tighter 

monetary policy to contain it as well as about the fallout from Russia’s illegal invasion of 

Ukraine and its impact on food and energy prices. Concerns about the impacts from new 

variants of the COVID-19 virus have stabilized, but there are widespread fears that the economy 

may enter recession near term. 

In The Conference Board’s alternative household survey, consumer confidence index has slowly 

trended lower since June 2021, though to a lesser extent than the Reuters/Michigan survey. 

Nonetheless, between July and September of this year, consumer mood improved on declining 

gasoline prices, such that the index rose to 107.8 in September – more than 22 points above the 

early-pandemic low reached in April 2020. In the most recent survey for October, however, the 

index dropped 5.3 points to 102.5. 

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

optimism index has trended lower since mid-2021. As of October 2022, the small business 

optimism index stood at 91.3—or just 0.4 points above the pandemic low. This marked the tenth 

consecutive month below the pre-pandemic long-term average of 98. 

Federal Budget Deficit and Debt 

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

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

economy. At the end of fiscal year 2022, the federal government’s budget deficit was $1.38 

trillion (5.5 percent of GDP)—down from $2.78 trillion (12.3 percent of GDP) at the end of 

fiscal year 2021. Despite the decline in the deficit of $1.40 trillion in the most recent fiscal year, 

the deficit was still up from 4.7 percent of GDP in fiscal year 2019, and also higher than the 40-

year average of 3.8 percent. Federal receipts totaled $4.90 trillion in fiscal year 2022, up $850 

billion (21.0 percent) from fiscal year 2021. Net outlays for fiscal year 2021 were $6.27 trillion, 

down $550 billion (-8.1 percent) from fiscal year 2021, primarily due to the expiration of 

temporary programs to contain the pandemic and mitigate the impact on families and businesses. 

The Treasury’s borrowing limit was raised to $31.38 trillion in December 2021. At the end of 

fiscal year 2022, gross federal debt was $30.9 trillion, up from $28.4 trillion at the end of fiscal 

year 2021. Federal debt held by the public, which includes debt held by the Federal Reserve but 

excludes federal debt held by government agencies, rose from $22.3 trillion at the end of fiscal 

year 2021 (98.4% of GDP) to $24.3 trillion by the end of fiscal year 2022 (997.2% of GDP). 

10
Economic Policy 

As the pandemic’s impact on economic activity has waned and inflation has grown as the chief 

economic concern, fiscal and monetary policy have shifted away from income support measures 

to policies to ease price pressures. Early in the pandemic, the objective of policy was to mitigate 

the impact of COVID on the economy and provide financial support to households and business. 

In various bills passed from March 2020 to March 2021, Congress authorized over $4 trillion to 

support the economy and provide necessary health resources to combat the pandemic. At the 

same time, the Federal Open Market Committee (FOMC), the governing board of the Federal 

Reserve system, dropped the federal funds rate target range to 0.00-0.25 percent and erected 

several lending facilities to ensure market liquidity. 

In late-2021 and early-2022, however, the objective of public policy turned toward addressing 

inflation, which was being elevated in part by shifts in consumption behavior from services to 

goods, supply-chain disruptions, and labor force shortages. Congress’s first bill to address 

supply-chain vulnerabilities over the long term was the Infrastructure Investment and Jobs Act of 

2021, which among its provisions appropriated funds to rebuild deteriorating transportation 

infrastructure. Meanwhile, the Administration’s Build Back Better framework was modified into 

a second bill in 2022 that would address other long-run supply-side vulnerabilities, particularly 

those arising from climate change. On August 16, 2022, President Biden signed the Inflation 

Reduction Act , which included provisions to reduce health care costs for prescription drugs and 

health care coverage as well as an additional $370 billion for measures to reduce emissions and 

substantial deficit reduction through improved tax compliance and closing of tax loopholes. 

On the monetary policy side, the FOMC began to tighten monetary policy in 2022 in light of the 

persistence of inflation. At the March 2022 meeting, the FOMC launched a new cycle of 

monetary policy tightening, raising the target range by 25 basis points to 0.25 to 0.50 percent. At 

subsequent meetings through the most recent meeting in early November, the Committee has 

hiked the target range by a further 350 basis points, including four separate and consecutive 

increases of 75 basis points each. In the accompanying statement for the November meeting, the 

FOMC noted “modest growth in spending and production” but also observed that “the 

unemployment rate has remained low.” The Committee indicated that “Inflation remains 

elevated, reflecting supply and demand imbalances related to the pandemic, higher food and 

energy prices, and broader price pressures.” The statement also continued to observe that 

“ongoing increases in the target range will be appropriate.”

In addition, the Federal Reserve has been reducing its holdings of long-run assets of Treasury 

securities and mortgage-backed securities (MBS), putting upward pressure on longer-term 

interest rates. The FOMC’s balance sheet runoff—that is, allowing maturity of longer-term 

assets without reinvestment—began on June 1. In September, monthly runoff caps were raised 

as scheduled to $95 billion ($60 billion for Treasuries and $35 billion for MBS).

11
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 

12
on both on- and off-budget receipts, outlays and deficit of 

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source 

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

Fourth-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the fourth quarter of Fiscal Year 2022 

supplements fiscal data reported in the September issue 

of the “Treasury Bulletin.” At the time of that issue’s 

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $496.7 billion for the fourth 

quarter of Fiscal Year 2022. This is an increase of $43.0 

billion over the comparable prior year quarter. Withheld 

receipts increased by $18.9 billion and non-withheld 

receipts increased by $16.2 billion during this period. 

Refunds decreased by $7.8 billion over the comparable 

Fiscal Year 2021 quarter. There was an increase of $0.6 

billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare 

trust funds over the comparable quarter in Fiscal Year 2021. 

Corporate income taxes—Net corporate income tax 

receipts were $118.8 billion for the fourth quarter of Fiscal 

Year 2022. This is an increase of $12.1 billion compared to 

the prior year fourth quarter. The $12.1 billion change is 

comprised of an increase of $15.5 billion in estimated and 

final payments, and an increase of $3.3 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the fourth quarter of 

Fiscal Year 2022 were $344.2 billion, an increase of $28.5 

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 $18.3 billion, $3.1 billion, and $8.5 

billion respectively. There was a -$0.6 billion accounting 

adjustment for prior years employment tax liabilities made 

in the fourth quarter of Fiscal Year 2022. There was a 

negligible adjustment in the fourth quarter of Fiscal Year 

2021. 

Unemployment insurance—Unemployment insurance 

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

2022 were $12.3 billion, a decrease of $4.1 billion over the 

comparable quarter of Fiscal Year 2021. Net State taxes 

deposited in the U.S. Treasury decreased by $4.2 billion to 

$11.3 billion. Net Federal Unemployment Tax Act taxes 

did not change significantly from $0.9 billion. 

Contributions for other insurance and retirement—

Contributions for other retirement were $1.6 billion for the 

fourth quarter of Fiscal Year 2022. This was an increase of 

13
$0.2 billion from the comparable quarter of Fiscal Year 

2021. 

Excise taxes—Net excise tax receipts for the fourth 

quarter of Fiscal Year 2022 were $26.7 billion, an increase 

of $1.8 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $3.4 billion, an 

increase of $0.5 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $8.5 billion for the fourth quarter of Fiscal Year 2022. 

These receipts represent an increase of $2.9 billion over the 

same quarter in Fiscal Year 2021. 

Customs duties—Customs duties net of refunds were 

$25.7 billion for the fourth quarter of Fiscal Year 2022. 

This is an increase of $3.1 billion over the comparable prior 

year quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the fourth quarter of Fiscal Year 2022 were $26.3 

billion, a decrease of $16.6 billion over the comparable prior 

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

earnings by Federal Reserve banks decreasing by $17.7 

billion. 

 

14
Budget Results and Financing of the U.S. Government 

and Fourth-Quarter Receipts by Source, continued

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

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

 Fourth quarter 2022 

July – Sept. 

 Fiscal year 2022 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,060,776 4,896,119

On-budget receipts .................................................. 801,053 3,830,144

Off-budget receipts .................................................. 259,723 1,065,975

Total outlays................................................................. 1,921,097 6,271,508

On-budget outlays.................................................... 1,630,458 5,190,351

Off-budget outlays.................................................... 290,639 1,081,157

Total surplus or deficit (-)............................................. -860,321 -1,375,389

On-budget surplus or deficit (-)................................ -829,405 -1,360,207

Off-budget surplus or deficit (-)................................ -30,917 -15,182

Means of financing: 

Borrowing from the public ............................................ 367,298 1,969,815

Reduction of operating cash ........................................ 146,413 -420,834

Other means ................................................................ 346,610 -173,593

Total on- and off-budget financing ........................... 860,321 1,375,389

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2022 

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

Source July August September 

Individual income taxes...................................................... 128.0 140.9 227.7 

Corporate income taxes..................................................... 8.2 4.6 105.9 

Employment and general retirement.................................. 104.8 113.5 125.9 

Unemployment insurance .................................................. 3.0 8.9 0.4 

Contributions for other insurance and retirement .............. 0.5 0.5 0.6 

Excise taxes ....................................................................... 6.5 8.6 11.7 

Estate and gift taxes .......................................................... 2.6 2.4 3.5 

Customs duties .................................................................. 8.5 8.5 8.7 

Miscellaneous receipts....................................................... 7.2 15.8 3.3

Total budget receipts ..................................................... 269.3 303.7 487.7

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

15
16
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)

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

2019 ............................ 3,462,195 2,547,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

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

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

2022 ............................ 4,896,119 3,830,145 1,065,975 6,271,508 5,190,351 1,081,158 -1,375,389 -1,360,206 -15,183 2,453,245 

2022 – Est1.................. 4,940,674 3,873,852 1,066,822 5,972,228 4,887,495 1,084,733 -1,031,554 -1,013,643 -17,911 2,547,296 

2023 – Est1.................. 4,732,711 3,596,220 1,136,491 6,032,427 4,826,410 1,206,017 -1,299,716 -1,230,190 -69,526 1,536,012 

2021 - Sept.................. 459,523 372,136 87,387 521,067 428,506 92,561 -61,544 -56,370 -5,175 2,949 

Oct................... 283,927 212,635 71,292 448,983 365,312 83,671 -165,055 -152,677 -12,379 480,630 

Nov .................. 281,208 204,153 77,055 472,543 379,420 93,123 -191,335 -175,267 -16,068 -2,490

Dec .................. 486,723 400,594 86,129 508,028 447,074 60,953 -21,303 -46,480 25,177 710,023 

2022 - Jan ................... 465,074 365,402 99,672 346,375 259,080 87,295 118,699 106,321 12,377 392,662 

Feb .................. 289,857 208,785 81,072 506,447 406,257 100,190 -216,590 -197,471 -19,118 275,581 

Mar .................. 315,165 225,551 89,615 507,799 407,602 100,198 -192,634 -182,051 -10,583 108,100 

Apr................... 863,644 753,822 109,822 555,429 465,346 90,083 308,215 288,476 19,739 -33,792

May.................. 388,988 303,706 85,282 455,211 353,894 101,316 -66,223 -50,188 -16,034 119,641

June................. 460,757 354,444 106,313 549,598 475,908 73,690 -88,842 -121,464 32,623 63,526

July .................. 269,331 189,317 80,014 480,383 391,024 89,359 -211,052 -201,707 -9,345 22,192

Aug .................. 303,722 217,544 86,178 523,318 422,042 101,276 -219,596 -204,498 -15,098 332,833

Sept................. 487,723 394,192 93,531 917,396 817,392 100,004 -429,673 -423,200 -6,474 -15,661

Fiscal year 2022 to date ... 4,896,119 3,830,145 1,065,975 6,271,510 5,190,351 1,081,158 -1,375,389 -1,360,206 -15,183 2,453,245 

Means of financing—net transactions, continued 

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

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total 

Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

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

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -432,023 -62 616,309 

2020 ...................................... -1,304 16,813 4,216,280 1,399,197 1,754 -309 8,253 323,680 853 3,131,918 

2021 ...................................... -652 215,402 1,267,947 -1,566,518 112,141 -729 1,496 50,539 71 2,772,167 

2022 ...................................... -150 483,278 1,969,817 420,833 -10,700 -467 -6,792 -192,082 576 1,375,388 

2022 – Est1............................ 389 484,695 2,062,990 434,840 * * * -596,596 * 1,031,554 

2023 – Est1............................ 410 169,047 1,367,375 - * * * -67,659 * 1,299,716 

2021 - Sept ........................... -75 -27,071 29,945 -140,824 -1,790 -59 -182 -111,016 -240 61,544

Oct............................. 396 124,424 356,602 62,863 757 288 1,610 -126,181 152 165,055

Nov............................ 350 -9,651 7,511 -64,870 -1,421 50 -299 117,284 - 191,335

Dec............................ -460 211,223 498,340 192,955 419 -152 669 -283,146 - 21,303

2022 - Jan ............................. -11 51,668 340,983 336,735 -148 145 -371 -123,321 - -118,699

Feb ............................ -203 -11,263 286,641 28,421 368 -244 155 -41,351 - 216,590

Mar............................ -176 8,272 99,652 -119,740 -718 -148 -715 -28,295 4 192,682

Apr............................. -42 6,820 -40,654 271,717 -4,066 490 -710 -130 - -308,215

May ........................... 201 69,662 50,180 -69,000 662 -216 117 -52,394 - 66,223

June .......................... 164 60,426 3,264 -71,835 -1,532 122 -6,249 6,084 - 88,842

July............................ 97 -14,418 36,707 -163,133 -48 346 -163 11,347 - 211,052

Aug............................ -77 24,475 308,281 50,638 -2,585 -1,048 -449 -42,129 - 219,596

Sept........................... -389 -38,360 22,310 -33,918 -2,388 -100 -387 370,150 420 429,673

Fiscal year 2022 to date ....... -150 483,278 1,969,817 420,833 -10,700 -467 -6,792 -192,082 576 1,375,388

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

1 These estimates are based on the President's FY 2023 Mid-Session Review, released by the Office of 

Management and Budget on August 23, 2022. 

* These are not separately estimated. They are included in "other." 

17
2018 .................. 1,325,106 626,555 268,126 1,683,536 263,168 58,433 204,734 1,888,270 1,118,641 3,234 1,115,407 

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

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

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

2022 .................. 1,731,530 1,146,929 246,315 2,632,146 476,189 51,324 424,866 3,057,012 1,410,324 5,203 1,405,121 

2022 – Est1........ 2,701,451 - - 2,701,451 404,183 - 404,183 3,105,634 1,406,102 - 1,406,102 

2023 – Est1........ 2,444,000 - - 2,444,000 509,274 - 509,274 2,953,274 1,495,645 - 1,495,645 

2021 - Sept........ 119,657 106,941 11,810 214,788 89,450 2,737 86,713 301,501 120,661 3,733 116,928 

Oct......... 117,897 36,171 10,160 143,908 20,720 5,014 15,707 159,615 96,166 - 96,166 

Nov ........ 140,109 12,373 14,296 138,186 4,950 5,271 -321 137,865 104,120 - 104,120 

Dec ........ 233,750 25,087 5,534 253,304 87,339 4,054 83,285 336,589 116,254 - 116,254 

2022 - Jan ......... 152,305 136,923 55 289,173 15,346 1,768 13,577 302,750 129,130 - 129,130 

Feb ........ 150,813 19,115 20,587 149,341 7,595 2,771 4,824 154,165 103,966 - 103,966 

Mar ........ 189,108 31,890 70,426 150,573 15,334 5,146 10,188 160,761 114,868 - 114,868 

Apr......... 133,289 514,783 54,782 593,290 95,045 6,514 88,531 681,821 143,442 - 143,442 

May........ 130,831 110,700 24,650 216,882 12,198 4,491 7,708 224,590 110,056 - 110,056 

June....... 104,526 108,078 11,789 200,815 86,249 3,694 82,555 283,370 144,436 - 144,436 

July ........ 121,208 15,343 8,538 128,012 15,682 7,447 8,235 136,247 104,324 - 104,324 

Aug ........ 139,167 15,581 13,812 140,936 6,369 1,734 4,636 145,572 113,041 - 113,041 

Sept....... 118,527 120,885 11,686 227,726 109,362 3,420 105,941 333,667 130,521 5,203 125,318 

Fiscal year 

2022 to date........ 1,731,530 1,146,929 246,315 2,632,146 476,189 51,324 424,866 3,057,012 1,410,324 5,203 1,405,121 

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) 

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

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

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

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

2022 ............................ 5,644 27 5,616 1,410,737 66,616 119 66,498 6,271 23 6,294 

2022 – Est1.................. 5,516 - 5,516 1,411,618 48,386 - 48,386 6,331 31 6,362 

2023 – Est1.................. 5,334 - 5,334 1,500,979 53,969 - 53,969 6,873 30 6,903 

2021 - Sept ................. 441 - 441 117,367 5,670 7 5,663 451 2 453 

Oct................... 423 - 423 96,588 2,433 - 2,433 569 2 571 

Nov.................. 443 - 443 104,563 11,562 8 11,555 561 2 563 

Dec.................. 645 - 645 116,900 1,557 6 1,551 483 2 485 

2022 - Jan ................... 536 - 536 129,666 4,130 2 4,128 464 2 466 

Feb.................. 658 - 658 104,623 3,108 3 3,105 469 2 471 

Mar.................. 487 - 487 115,356 4,299 13 4,286 469 2 471 

Apr................... 495 - 495 143,937 5,133 24 5,109 593 2 595 

May ................. 500 2 498 110,554 20,426 9 20,417 556 2 557 

June ................ -51 - -51 144,385 1,634 18 1,616 513 2 515 

July.................. 513 42 470 104,794 3,043 18 3,025 486 1 487 

Aug.................. 453 -19 472 113,513 8,881 7 8,873 484 2 487 

Sept................. 542 2 540 125,858 410 11 400 624 2 626 

Fiscal year 

2022 to date...................... 5,644 27 5,616 1,410,737 66,616 119 66,498 6,271 23 6,294 

See footnotes at end of table. 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 

18
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) 

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

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

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

2021.......... 75,271 28,046 906 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

2022.......... 87,727 33,355 805 32,550 106,092 6,186 99,908 106,676 28,723 135,397 3,830,145 1,065,975 

2022 – Est1 ..... 85,804 30,339 - 30,339 101,014 - 101,014 115,423 36,094 151,517 3,873,852 1,066,822 

2023 – Est1 ..... 86,484 23,718 - 23,718 65,203 - 65,203 5,291 36,890 42,181 3,596,220 1,136,491 

2021 - Sept ..... 10,624 2,519 87 2,433 8,350 492 7,857 11,344 2,282 13,626 372,136 87,387 

Oct ...... 5,586 2,533 75 2,458 8,381 611 7,770 6,851 2,057 8,908 212,635 71,292 

Nov...... 7,775 1,864 60 1,804 8,434 618 7,816 7,945 1,322 9,267 204,153 77,055 

Dec...... 7,155 2,367 14 2,353 8,633 447 8,187 11,918 1,600 13,519 400,594 86,129 

2022 - Jan....... 5,285 2,341 5 2,336 8,876 289 8,587 10,152 1,708 11,861 365,402 99,672 

Feb...... 5,486 1,790 80 1,710 8,529 480 8,049 10,690 1,588 12,278 208,785 81,072 

Mar...... 7,426 3,726 112 3,615 8,641 490 8,151 13,126 1,982 15,107 225,551 89,615 Apr ...... 6,626 4,275 90 4,184 9,570 408 9,162 10,294 1,920 12,214 753,822 109,822 

May ..... 8,046 3,340 167 3,173 8,505 409 8,095 11,768 1,794 13,561 303,706 85,282 

Jun ...... 7,651 2,482 83 2,399 8,988 625 8,364 10,339 2,123 12,462 354,444 106,313 

 Jul ....... 6,461 2,657 27 2,630 9,028 498 8,530 5,922 1,239 7,161 189,317 80,014 

Aug...... 8,552 2,537 111 2,426 9,133 678 8,456 6,612 9,236 15,848 217,544 86,178 

 Sept ..... 11,678 3,443 -19 3,462 9,374 633 8,741 1,059 2,231 3,290 394,192 93,531 

Fiscal year 

 2022 to date ....... 87,727 33,355 805 32,550 106,092 6,186 99,908 106,676 28,723 135,397 3,830,145 1,065,975 

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

1 These estimates are based on the President's FY 2023 Mid-Session Review, 

released by the Office of Management and Budget on August 23, 2022. 

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)

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

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

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

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

2022 .............................. 1,483,529 11,403 27 11,376 180 - 180 47,076 444 46,632 36,610 7,070 29,537 

2022 – Est1.................... 1,466,366 13,989 - 13,989 182 - 182 43,360 - 43,360 28,273 - 28,273 

2023 – Est1.................... 1,561,851 15,944 - 15,944 136 - 136 40,909 - 40,909 29,495 - 29,495 

2021 - Sept.................... 123,483 620 2 618 38 - 38 8,691 64 8,627 2,314 973 1,341

Oct..................... 99,592 322 - 322 7 - 7 917 15 902 4,447 93 4,354

Nov .................... 116,681 1,645 - 1,645 35 - 35 4,373 29 4,344 1,997 246 1,751

Dec .................... 118,936 1,433 - 1,433 30 - 30 3,809 29 3,779 2,139 226 1,912

2022 - Jan ..................... 134,260 1,353 - 1,353 28 - 28 3,596 30 3,566 1,772 1,434 338 

Feb .................... 108,199 -427 - -427 -7 - -7 4,448 31 4,417 1,527 24 1,502 

Mar .................... 120,113 480 - 480 9 - 9 3,813 31 3,782 3,361 205 3,155 

Apr..................... 149,641 578 - 578 11 - 11 4,591 38 4,554 2,646 1,162 1,484 

May.................... 131,528 -763 16 -779 -9 - -9 3,260 44 3,215 5,858 239 5,619 

June................... 146,516 652 - 652 18 - 18 4,781 45 4,737 2,482 238 2,244 

July .................... 108,306 631 - 631 17 - 17 4,625 44 4,581 3,033 1,801 1,232 

Aug .................... 122,873 3,655 5 3,650 20 - 20 1,800 43 1,757 3,419 294 3,125 

Sept................... 126,884 1,844 6 1,838 21 - 21 7,063 65 6,998 3,929 1,108 2,821 

Fiscal year 

2022 to date....................... 1,483,529 11,403 27 11,376 180 - 180 47,076 444 46,632 36,610 7,070 29,537 

19
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)

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

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

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

2021 ................ 5,265 8,310 235,194 13,135 717,585 260,452 33,695 1,466,673 91,069 31,779 15,788 39,262 404,772

2022 ................ 5,752 8,720 245,218 11,734 726,571 639,367 22,439 1,642,892 80,864 29,309 13,916 39,603 51,734

2022 – Est1...... 6,465 9,022 259,176 13,945 719,470 231,346 23,019 1,660,606 91,031 29,286 15,509 41,460 103,387

2023 – Est1...... 6,686 9,726 227,087 14,780 781,096 186,517 46,584 1,659,150 84,666 72,004 22,751 45,227 66,808

2021 - Sept ..... 464 690 18,596 740 63,733 108,310 3,311 126,541 8,649 3,190 2,004 3,807 15,284

Oct....... 508 815 25,867 801 65,482 14,669 3,434 120,506 6,339 4,689 1,275 2,760 2,094

Nov...... 548 738 23,629 1,978 60,817 11,543 2,251 134,199 8,079 4,386 1,242 3,546 5,481

Dec...... 427 647 24,959 977 70,927 12,947 2,909 134,866 6,950 3,651 1,307 3,007 5,706

2022 - Jan....... 469 692 20,490 823 44,217 14,375 2,242 137,399 6,483 4,514 1,032 3,065 5,170

Feb...... 462 663 17,847 858 55,287 13,807 2,514 127,627 5,912 4,432 960 3,038 5,666

Mar...... 441 669 18,600 897 61,668 3,152 2,467 139,280 6,836 4,384 825 3,528 4,447 Apr ...... 432 772 18,029 821 58,164 15,588 1,960 170,272 6,489 4,963 454 3,294 3,345

May ..... 556 681 18,533 1,203 54,303 11,702 952 90,602 7,243 5,175 1,181 3,844 8,244

Jun ...... 438 692 23,097 903 60,214 52,748 1,173 136,715 7,059 -18,540 1,824 3,324 3,415

 Jul ....... 485 748 18,727 829 58,853 9,635 602 138,652 5,369 4,659 1,175 3,055 2,977

Aug...... 479 732 19,577 934 59,329 33,544 377 137,355 6,826 4,713 1,139 3,642 4,518

 Sept...... 507 871 15,863 710 77,310 445,657 1,558 175,419 7,279 2,283 1,502 3,500 671

Fiscal year 

 2022 to date ....... 5,752 8,720 245,218 11,734 726,571 639,367 22,439 1,642,892 80,864 29,309 13,916 39,603 51,734

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)

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

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

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

2021 ................ 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 20,047

2022 ................ 33,232 113,770 717,612 444,610 273,868 8,181 56,868 9,278 458 -1,204 35,813 

2022 – Est1...... 36,646 122,892 680,976 456,357 281,470 8,315 54,199 8,295 540 -36 37,103 

2023 – Est1...... 35,907 127,591 767,248 144,215 295,186 8,649 70,582 15,513 592 -435 35,330 

2021 - Sept ..... 3,981 13,174 37,682 -16,548 21,199 381 4,887 768 35 -86 2,788

Oct....... 2,184 7,645 18,939 34,430 21,933 649 6,895 786 48 -67 2,088

Nov...... 4,044 8,276 36,029 30,701 20,207 812 5,037 758 35 -53 3,178

Dec...... 2,078 9,195 97,969 30,451 30,647 915 9,222 990 32 135 -916

2022 - Jan....... 2,412 10,225 43,202 11,976 10,181 656 -16 661 33 -404 3,013

Feb...... 2,268 6,802 41,377 80,873 20,863 664 4,491 668 33 -177 2,094

Mar...... 2,671 11,990 52,773 55,289 22,205 742 4,383 863 31 220 2,617 Apr ...... 2,104 7,919 60,052 47,932 36,210 520 7,671 717 49 -251 2,043

May ..... 2,747 8,648 72,760 54,759 10,863 683 -2,513 560 37 -209 5,495

Jun ...... 2,031 10,429 97,855 76,827 21,537 403 4,901 873 35 118 3,866

 Jul ....... 1,931 8,311 68,525 20,426 21,236 730 3,867 664 36 -343 3,345

Aug...... 4,556 12,670 88,132 18,028 22,270 931 1,466 789 44 -102 5,499

 Sept...... 4,206 11,660 39,999 -17,082 35,716 476 11,464 949 45 -71 3,491

Fiscal year 

 2022 to date ....... 33,232 113,770 717,612 444,610 273,868 8,181 56,868 9,278 458 -1,204 35,813 

See footnotes at end of table 

20
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) 

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

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

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

2021 .................. 22,249 7,353 108,553 322,721 1,192,451 13,556 -110,687 -149,578 -4,231 -8,942 5,814,310 1,003,847

2022 .................. 23,080 8,133 113,072 23,199 1,282,055 29,831 -119,129 -183,966 -11,831 -103,508 5,190,351 1,081,158 

2022 – Est1........ 23,795 8,183 114,504 23,845 1,279,128 40,169 -118,958 -174,064 -11,611 -103,242 4,887,495 1,084,733

2023 – Est1........ 25,232 9,309 120,143 1,769 1,407,722 27,930 -120,775 -154,215 -8,146 -2 4,826,410 1,206,017

2021 - Sept ....... 1,799 764 9,680 2,767 99,682 -486 -7,665 -4,196 -390 -4,466 428,506 92,561 

Oct......... 1,765 644 9,365 2,333 101,055 6,337 -27,176 9,958 -67 - 365,312 83,671 

Nov........ 2,332 575 9,127 5,277 100,431 1,282 -9,099 -4,122 -720 - 379,420 93,123 

Dec........ 2,232 636 9,242 3,226 105,261 1,604 -8,416 -55,165 -574 - 447,074 60,953 

2022 - Jan ......... 1,407 565 10,042 3,067 101,911 1,607 -7,250 -6,407 -386 -81,089 259,080 87,295 

Feb ........ 1,544 534 9,001 2,188 106,875 3,673 -7,676 -8,133 -592 - 406,257 100,190 

Mar........ 1,968 647 9,820 2,156 107,399 1,139 -7,962 -7,805 -537 - 407,602 100,198 

 Apr ......... 1,770 609 9,701 2,542 112,540 4,255 -8,712 -11,980 -4,837 - 465,346 90,083 

May ....... 1,740 564 9,101 2,532 103,589 4,353 -9,346 -14,273 -1,094 - 353,894 101,316 

Jun ........ 2,074 707 9,453 -1,145 113,161 -3,828 -8,154 -53,571 -1,036 - 475,908 73,690 

 Jul ......... 1,760 834 9,948 414 108,097 4,803 -7,937 -11,759 -270 1 391,024 89,359 

Aug........ 2,221 983 9,957 387 108,550 2,550 -8,135 -19,471 -1,175 - 422,042 101,276 

 Sept........ 2,267 835 8,315 222 113,186 2,056 -9,266 -1,238 -543 -22,420 817,392 100,004 

Fiscal year 

 2022 to date ...... 23,080 8,133 113,072 23,199 1,282,055 29,831 -119,129 -183,966 -11,831 -103,508 5,190,351 1,081,158

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

1 These estimates are based on the President's FY 2023 Mid-Session Review, released by the Office of 

Management and Budget on August 23, 2022.

21
TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

September 2022 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes ......................................................... 2,631,968 177 - 2,632,145 2,044,131 246 - 2,044,377

Corporation income taxes ...................................................... 424,865 - - 424,865 371,831 - - 371,831

Social insurance and retirement receipts: 

Employment and general retirement (off-budget) .............. - - 1,065,975 1,065,975 - - 952,322 952,322

Employment and general retirement (on-budget) .............. - - 344,760 344,760 - - 299,536 299,536

Unemployment insurance .................................................. * - 66,497 66,497 * - 56,602 56,602

Other retirement ................................................................ - - 6,294 6,294 - - 5,629 5,629

Excise taxes .......................................................................... 22,331 1,732 63,663 87,726 16,668 1,718 56,885 75,271

Estate and gift taxes .............................................................. 32,550 - - 32,550 27,140 - - 27,140

Customs duties ...................................................................... 66,296 31,347 2,264 99,908 52,558 25,754 1,674 79,985

Miscellaneous receipts .......................................................... 110,082 24,057 1,259 135,397 108,578 23,261 1,447 133,285

Total receipts ................................................................ 3,288,092 57,314 1,550,713 4,896,119 2,620,906 50,979 1,374,094 4,045,979

(On-budget) .............................................................. 3,288,092 57,314 484,738 3,830,144 2,620,906 50,979 421,772 3,093,657

(Off-budget) .............................................................. - - 1,065,975 1,065,975 - - 952,322 952,322

Budget outlays: 

Legislative branch .................................................................. 5,808 -48 -8 5,752 5,358 -78 -17 5,263

Judicial branch ....................................................................... 8,808 -47 -41 8,720 8,161 246 -96 8,310

Department of Agriculture ...................................................... 226,265 18,893 52 245,210 216,246 18,977 -29 235,193

Department of Commerce ..................................................... 10,633 1,090 11 11,734 11,730 1,398 6 13,134

Department of Defense-military ............................................. 724,883 1,230 514 726,627 714,494 2,631 460 717,585

Department of Education ....................................................... 638,316 1,053 -1 639,368 260,498 -45 -1 260,452

Department of Energy............................................................ 24,531 -2,092 * 22,439 35,191 -1,496 * 33,694

Department of Health and Human Services ........................... 1,351,221 5,413 286,261 1,642,895 1,203,776 5,848 257,049 1,466,673

Department of Homeland Security ......................................... 85,650 -4,906 121 80,865 95,900 -5,032 201 91,069

Department of Housing and Urban Development .................. 29,828 -27 -494 29,307 35,536 51 -504 35,082

Department of the Interior ...................................................... 15,257 -1,228 -112 13,917 15,748 -402 442 15,788

Department of Justice ............................................................ 35,058 4,549 -4 39,603 34,021 5,263 -22 39,261

Department of Labor .............................................................. 234 2,501 49,003 51,738 354,699 -3,550 53,622 404,771

Department of State .............................................................. 34,096 -1,443 578 33,231 34,590 669 556 35,814

Department of Transportation ................................................ 161,743 -111 -47,903 113,729 58,745 175 46,016 104,936

Department of the Treasury: 

Interest on the public debt ................................................. 717,611 - - 717,611 562,388 - - 562,388

Other ................................................................................. 445,981 -1,360 -10 444,611 1,083,382 -11,957 -67 1,071,358

Department of Veterans Affairs.............................................. 278,048 -4,614 433 273,867 237,250 -3,988 520 233,781

Corps of Engineers ................................................................ 6,491 2 1,689 8,181 6,669 -118 1,385 7,936

Other defense civil programs ................................................. 122,196 -22,515 -42,811 56,870 105,384 -12,359 -34,940 58,085

Environmental Protection Agency .......................................... 12,796 -43 -3,474 9,279 8,312 -71 68 8,309

Executive Office of the President ........................................... 462 -1 -3 458 425 * 2 427

General Services Administration ............................................ 152 -1,354 - -1,202 168 -1,437 - -1,269

International Assistance Program .......................................... 41,018 -335 -4,870 35,814 22,106 -619 -1,440 20,047

National Aeronautics and Space Administration .................... 23,020 59 - 23,079 22,283 -35 1 22,249

National Science Foundation ................................................. 8,022 128 -17 8,133 7,220 122 34 7,376

Office of Personnel Management .......................................... 60,476 2,803 49,793 113,072 59,897 2,321 46,333 108,552

Small Business Administration............................................... 23,212 -12 - 23,199 322,775 -54 - 322,721

Social Security Administration ............................................... 111,924 -9 1,170,140 1,282,056 92,728 * 1,099,724 1,192,453

Other independent agencies .................................................. 22,957 -2,972 9,844 29,829 14,649 -1,763 668 13,554

Undistributed offsetting receipts: 

Interest .............................................................................. - - -183,967 -183,967 - - -149,579 -149,579

Other ................................................................................. -90,682 -34,265 -109,520 -234,467 -2,204 -15,115 -106,541 -123,861

 Total Outlays 5,136,016 -39,661 1,175,204 6,271,558 5,628,125 -20,422 1,213,851 6,821,554

 (On-Budget) 5,135,734 -38,964 93,631 5,190,401 5,627,858 -17,421 207,270 5,817,706

 (Off-Budget) 282 -698 1,081,573 1,081,157 267 -3,001 1,006,581 1,003,847

 Surplus (+) or Deficit (-) -1,847,923 96,975 375,509 -1,375,439 -3,007,219 71,401 160,243 -2,775,575

 (On-Budget) -1,847,642 96,277 391,108 -1,360,257 -3,006,952 68,400 214,502 -2,724,050

 (Off-Budget) -282 698 -15,598 -15,182 -267 3,001 -54,259 -51,525

-No Transactions

* Less than $500,000 

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

22
TABLE FFO-5—Internal Revenue Receipts by State, 2022 

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

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

State 

Total 

Internal 

Revenue 

collections 1 

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA tax 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

United States, total...................... 4,901,514,194 475,871,099 4,321,608,701 3,089,257,511 1,133,996,320

Alabama ........................................ 36,057,560 1,936,430 33,560,640 23,684,094 9,255,441

Alaska ............................................ 6,572,445 150,882 6,323,953 4,423,914 1,689,140

Arizona .......................................... 71,814,870 5,116,779 64,739,720 45,071,814 18,865,670

Arkansas ....................................... 40,231,970 4,846,558 34,464,074 26,995,802 6,983,808

California ....................................... 696,826,462 77,361,863 608,660,632 427,216,972 174,510,813

Colorado ........................................ 88,448,670 7,523,650 80,022,210 55,735,321 23,393,304

Connecticut ................................... 72,157,237 11,108,687 60,411,642 38,060,295 20,682,947

Delaware ....................................... 27,260,919 3,836,450 22,959,260 15,949,649 2,235,611

District of Columbia ....................... 37,711,367 4,473,417 32,925,803 27,260,216 4,827,310

Florida ........................................... 321,641,880 15,713,887 300,040,251 179,530,671 112,642,701

Georgia .......................................... 131,147,778 16,402,190 109,957,949 81,410,996 26,535,024

Hawaii ............................................ 11,583,752 629,434 10,711,065 6,659,657 3,890,899

Idaho ............................................. 17,324,901 871,918 16,291,210 10,426,249 5,697,694

Illinois ............................................ 223,009,515 24,594,140 193,240,193 137,474,008 45,570,463

Indiana ........................................... 79,093,652 7,223,788 71,060,526 56,857,770 13,657,482

Iowa ............................................... 34,083,511 2,306,157 31,207,227 24,550,746 6,458,441

Kansas .......................................... 35,501,202 2,720,472 31,040,547 22,969,132 7,459,176

Kentucky........................................ 46,152,886 4,175,221 41,370,680 33,930,597 7,013,207

Louisiana ....................................... 49,674,694 1,449,147 47,726,813 37,810,288 9,429,256

Maine ............................................. 11,657,460 728,551 10,783,314 7,337,267 3,199,756

Maryland........................................ 80,658,525 4,200,300 75,964,070 55,929,234 18,607,165

Massachusetts .............................. 169,850,426 15,832,589 152,211,027 110,881,353 38,702,189

Michigan ........................................ 107,728,600 8,331,167 98,329,573 74,349,087 21,985,841

Minnesota ...................................... 122,140,057 14,742,702 106,340,126 88,951,134 16,617,311

Mississippi ..................................... 15,166,210 1,041,430 13,905,257 9,808,202 3,905,538

Missouri ......................................... 93,459,989 5,676,018 86,787,370 70,693,228 14,517,569

Montana ........................................ 10,677,150 305,451 10,252,361 6,023,117 4,104,886

Nebraska ....................................... 30,765,903 6,160,143 24,236,648 17,598,234 5,331,917

Nevada .......................................... 39,309,356 2,711,983 35,637,726 16,563,831 14,101,109

New Hampshire ............................. 17,242,159 421,875 16,361,930 10,255,460 5,317,339

New Jersey ................................... 186,824,620 29,377,431 154,726,874 116,239,940 35,563,364

New Mexico ................................... 11,655,045 223,693 11,324,091 7,868,278 3,311,291

New York ....................................... 393,135,616 42,373,787 345,173,012 236,545,216 101,314,667

North Carolina ............................... 121,966,184 11,811,290 109,345,448 82,989,250 25,133,468

North Dakota ................................. 9,008,488 469,612 8,471,144 5,479,390 2,912,733

Ohio ............................................... 188,043,966 17,397,203 163,381,481 136,421,682 24,792,886

Oklahoma ...................................... 38,771,318 5,363,994 29,541,533 20,832,629 7,225,713

See footnotes at end of table. 

23
FEDERAL FISCAL OPERATIONS 

TABLE FFO-5—Internal Revenue Receipts by State, 2022, continued 

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

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

State 

Total 

Internal 

Revenue 

collections 1

(1) 

Business 

income 

 taxes 2

(2) 

Total 

(3) 

Individual 

Income taxes 

withheld and 

FICA taxes 3

(4) 

Individual 

 income taxes 

 not withheld 

and SECA 

 taxes 3

(5) 

Oregon .......................................... 44,049,284 2,382,726 41,125,806 29,026,453 11,505,118

Pennsylvania ................................. 177,413,459 16,044,579 158,071,127 119,241,324 35,547,147

Rhode Island ................................. 19,811,786 3,528,704 16,218,508 13,277,020 2,708,099

South Carolina .............................. 38,791,108 2,079,497 36,189,014 23,543,132 12,038,903

South Dakota ................................ 13,497,584 397,462 12,989,737 5,829,764 3,108,186

Tennessee .................................... 95,387,866 7,997,498 84,876,166 65,556,645 18,124,557

Texas ............................................. 400,867,645 36,394,970 340,961,422 235,878,672 94,398,717

Utah ............................................... 38,068,716 1,643,452 35,753,534 24,284,593 10,912,561

Vermont ......................................... 5,803,277 189,861 5,582,596 3,799,430 1,661,858

Virginia .......................................... 117,509,328 14,105,898 102,494,115 74,387,846 26,817,650

Washington ................................... 148,466,475 15,737,862 129,877,136 96,386,231 32,111,707

West Virginia ................................. 8,434,626 352,395 8,036,912 5,930,258 2,027,862

Wisconsin ...................................... 70,395,861 5,362,597 64,100,072 48,173,101 14,358,520

Wyoming ....................................... 7,954,734 215,087 7,397,773 2,698,070 3,504,077

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico ............................... 837,736 5,464 831,464 601,040 208,161

Puerto Rico ................................... 4,849,249 45,567 4,776,483 3,692,175 1,032,965

International .................................. 17,654,466 3,718,718 13,639,984 5,962,912 7,514,201

Undistributed 6 ............................... 17,364,648 6,058,471 9,199,468 204,123 8,972,903

See footnotes at end of table. 

24
FEDERAL FISCAL OPERATIONS 

TABLE FFO-5—Internal Revenue Receipts by State, 2022, continued 

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

Individual income tax, employment taxes, and estate and trust 

income tax -continued 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 4

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 5

(11) 

United States, total........................... 7,046,465 6,148,312 85,160,093 28,909,393 4,445,883 70,679,117 

Alabama ............................................. 73,015 3,525 544,565 267,069 30,921 262,500 

Alaska ................................................. 11,933 2,008 196,959 35,788 98 61,723 

Arizona ............................................... 129,407 2,013 670,817 209,065 30,814 1,718,491 

Arkansas ............................................ 141,622 2,969 339,873 157,175 133,501 630,661 

California ............................................ 849,338 8,073 6,075,435 5,778,261 669,690 4,356,015 

Colorado ............................................. 111,294 20,460 761,831 192,972 46,954 662,883 

Connecticut ........................................ 64,037 4,991 1,599,371 252,262 35,052 349,593 

Delaware ............................................ 20,428 29,488 4,724,084 126,498 7,691 331,020 

District of Columbia ............................ 17,492 614,347 206,437 259,188 2,256 50,703 

Florida ................................................ 482,681 612,247 6,771,951 3,850,274 458,775 1,578,693 

Georgia ............................................... 255,959 633,631 1,122,340 680,334 57,750 4,049,555 

Hawaii ................................................. 17,208 0 143,300 40,885 750 201,619 

Idaho .................................................. 38,604 843 127,819 103,585 1,268 56,921 

Illinois ................................................. 283,258 386,897 9,525,567 914,116 246,949 4,014,117 

Indiana ................................................ 111,633 22,303 411,338 107,430 14,392 687,516 

Iowa .................................................... 54,514 9,571 133,956 173,164 81,281 315,683 

Kansas ............................................... 68,181 85,923 458,135 181,633 36,938 1,521,613 

Kentucky............................................. 67,679 16,772 342,425 337,945 14,272 254,768 

Louisiana ............................................ 69,592 6,020 411,656 170,129 15,012 313,593 

Maine .................................................. 19,910 3,144 223,236 112,892 2,031 30,672 

Maryland............................................. 118,889 18,848 1,289,934 315,634 84,266 94,255 

Massachusetts ................................... 187,031 75,406 2,365,048 574,432 137,514 1,094,864 

Michigan ............................................. 204,761 12,850 1,777,033 609,185 100,314 358,361 

Minnesota ........................................... 183,411 93,080 495,190 220,060 23,637 813,532 

Mississippi .......................................... 33,743 1,961 155,813 49,878 8,774 160,871 

Missouri .............................................. 129,727 128,133 1,318,714 284,575 29,008 683,017 

Montana ............................................. 17,706 33,170 73,483 84,340 8,627 26,370 

Nebraska ............................................ 39,609 1,064,714 202,174 184,789 55,281 129,042 

Nevada ............................................... 50,926 160 4,921,700 656,356 52,670 250,621 

New Hampshire .................................. 23,043 77 766,011 34,854 4,189 419,310 

New Jersey ........................................ 218,504 194,886 2,510,179 744,358 88,567 1,887,391 

New Mexico ........................................ 21,691 449 122,382 83,101 7,933 16,227 

New York ............................................ 368,572 603,216 6,341,342 2,707,739 416,627 2,464,451 

North Carolina .................................... 212,747 12,970 997,012 374,860 36,537 398,049 

North Dakota ...................................... 13,862 8,900 56,258 19,561 378 47,793 

Ohio .................................................... 259,089 27,974 1,879,849 558,515 118,227 6,588,541 

Oklahoma ........................................... 68,199 3,405 1,411,587 153,094 1,572 3,711,124 

See footnotes at end of table. 

25
FEDERAL FISCAL OPERATIONS 

TABLE FFO-5—Internal Revenue Receipts by State, 2022, continued 

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

Individual income tax, employment taxes, and estate and 

trust income tax -continued 

State 

Unemployment 

insurance 

taxes 

(6) 

Railroad 

retirement 

taxes 

(7) 

Estate 

and trust 

income 

taxes 4

(8) 

Estate 

taxes 

(9) 

Gift 

taxes 

(10) 

Excise 

taxes 5

(11) 

Oregon ............................................... 78,405 2,001 513,829 166,215 9,994 364,543

Pennsylvania ...................................... 277,739 74,513 2,930,404 681,533 76,869 2,539,351

Rhode Island ...................................... 32,832 3 200,554 38,169 3,805 22,599

South Carolina ................................... 67,217 2,008 537,755 175,669 25,578 321,349

South Dakota ..................................... 13,738 1,302 4,036,747 71,477 207 38,701

Tennessee ......................................... 204,171 2,619 988,174 385,927 15,153 2,113,122

Texas .................................................. 582,736 1,278,060 8,823,237 2,108,978 349,218 21,053,057

Utah .................................................... 72,650 2,685 481,045 53,517 3,351 614,861

Vermont .............................................. 8,624 4,120 108,565 6,499 1,612 22,710

Virginia ............................................... 174,613 7,374 1,106,632 645,516 62,049 201,750

Washington ........................................ 262,680 12,484 1,104,035 788,263 356,465 1,706,749

West Virginia ...................................... 14,784 910 63,098 3,674 364 41,281

Wisconsin ........................................... 134,381 2,506 1,431,565 267,184 29,741 636,268

Wyoming ............................................ 8,800 635 1,186,192 117,300 187,600 36,973

U.S. Armed Services overseas 

and Territories other than 

Puerto Rico .................................... 6,444 0 15,820 0 0 807

Puerto Rico ....................................... 48,164 0 3,179 22,487 0 4,711

International ...................................... 5,699 2,716 154,457 44 0 295,720

Undistributed 6 ................................... 13,491 8,950 0 1,770,943 263,363 72,404

1 Gross collections include penalties and interest in addition to taxes. 

2 Includes taxes on corporation income (Form 1120 series) and unrelated business income 

from tax-exempt organizations (Form 990–T). 

3 Collections of withheld individual income tax are not reported by taxpayers separately from 

Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and 

wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). 

Thus, while Table 1 shows these amounts separately for the United States total, separate 

amounts are not available by State. 

4Includes collections of estimated estate and trust income taxes and payments made in 

conjunction with estate and trust tax return filings. 

5 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol 

and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on 

alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991. 

6 Includes tax and excess withholding payments not classified by State as of the end of the 

fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts 

may be negative when adjustments to taxpayer accounts have not been completed.

Note—Partnership, S corporation, regulated investment company, and real estate 

investment trust data are not shown in this table since these entities generally do not have a 

tax liability. Instead, they pass through any profits or losses to the underlying owners, who 

include these profits or losses on their income tax returns. 

Note—This table shows gross collections. Gross collections less refunds equal 

net collections. See Table 1 for refunds and net collections. 

Note— Collection and refund data may not be comparable for a given fiscal year 

because payments made in prior years may be refunded in the current fiscal 

year. Adjustments to prior-year refunds made in Fiscal Year 2020 may result in 

negative amounts when such adjustments exceed current-year collections. See 

Table 8 for refund data. 

Note— Classification by State is based on the individual’s address (or, in the 

case of businesses, the location of the principal office or place of business). 

However, some individuals may use the address of a tax attorney or accountant. 

Sole proprietors may use their business addresses. Such addresses could have 

been located in a State other than the State in which the individual resided. 

Similarly, taxes withheld and reported by employers located near a State 

boundary might include substantial amounts withheld from salaries of employees 

who reside in a neighboring State. Also, while taxes of corporations may be paid 

from the principal office, the operations of these corporations may be located in 

one or more other State(s). 

Detail may not add to totals because of rounding. 

SOURCE: Chief Financial Officer, Financial Management 

26
TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports 

[Source: U.S. Customs and Border Protection]

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

Headquarters: 

Revenue Division, Indianapolis, IN............................. $2,896,234,144.62 

Preclearance, Washington, DC: 

USCBP Abu Dhabi, Preclearance, 

 Washington, DC............................. 07543 ............. 359,134.46 

USCBP Vancouver, Preclearance, 

 Washington, DC............................. 37922 ............. 595,521.92 

USCBP Calgary, Preclearance, 

 Washington, DC............................ 37923 ............. 1,201,765.08 

USCBP Edmonton, 

 Preclearance, Washington, DC..... 37924 ............. 74,625.28 

USCBP Montreal, Preclearance, 

 Washington, DC............................ 37925 ............. 870,025.62 

USCBP Toronto, Preclearance, 

 Washington, DC............................ 37926 ............. 2,037,306.72 

USCBP Winnipeg, Preclearance, 

 Washington, DC............................ 37928 ............. 63,820.06 

USCBP Ottawa, Preclearance, 

 Washington, DC............................ 37929 ............. 25,144.73 

USCBP Victoria, Preclearance, 

 Washington, DC............................ 37930 ............. 18,502.01 

USCBP Halifax Preclearance, 

Washington, DC............................... 37931 ............. 7,819.55 

USCBP St. Thomas, 

 Preclearance, Wash. D.C ............ 47401 ............. 304,547.84 

USCBP St. Croix, 

 Preclearance, Wash. D.C ............. 47404 ............. 12,174.64 

USCBP Bermuda, Preclearance, 

 Washington, DC............................ 47421 ............. 26,165.77 

USCBP Nassau, Preclearance, 

 Washington, DC............................ 47423 ............. 218,659.45 

USCBP Aruba, Preclearance, 

 Washington, DC............................ 47424 ............. 432,623.15 

USCBP Dublin Preclearance, 

 Washington, DC............................ 57541 ............. 149,244.23 

USCBP Shannon Preclearance, 

 Washington, DC............................ 57542 ............. 7,598.43 

Total District .......................................................... $6,404,678.94 

Portland, Maine: 

Portland, ME .................................... 10101 ............. 23,958,124.92 

Bangor, ME ...................................... 10102 ............. 1,060,443.76 

Eastport, ME .................................... 10103 ............. 46,550.83 

Jackman, ME ................................... 10104 ............. 23,463,252.49 

Vanceboro, ME ................................ 10105 ............. 11,865,977.47 

Houlton, ME ..................................... 10106 ............. 26,747,423.81 

Fort Fairfield, ME.............................. 10107 ............. 17,623.32 

Van Buren, ME................................. 10108 ............. 15,092,530.44 

Madawaska, ME............................... 10109 ............. 32,645.88 

Fort Kent, ME............................. 10110.......... 230,958.04 

Bath, ME........................................... 10111 ............. 0.00 

Bar Harbor, ME ................................ 10112 ............. 2,263.68 

Calais, ME........................................ 10115 ............. 4,884,526.83 

Limestone, ME ................................. 10118 ............. 27.75 

Bridgewater, ME............................... 10127 ............. 6,175.39 

Portsmouth, NH................................ 10131 ............. 2,637,442.04 

Belfast, ME....................................... 10132 ............. 0.00 

Searsport, ME .................................. 10152 ............. 118,008.76 

Manchester-Boston Reg. Airport, NH......... 10182 ............. 192,401.58 

Total District .......................................................... $110,356,376.99 

St. Albans, Vermont: 

St. Albans, VT .................................. 10201 ............. 392,317.55 

Richford, VT ..................................... 10203 ............. 98,113.24 

Beecher Falls, VT............................. 10206 ............. 873,850.61 

Burlington INTL Airport, VT.............. 10207 ............. 836,254.04 

Derby Line, VT ................................. 10209 ............. 28,614,134.62 

Norton, VT........................................ 10211 ............. 13,523,982.09 

Highgate Springs, VT....................... 10212 ............. 64,221,671.97 

Newport Border Patrol, VT........... 10253.......... 0.00 

Total District .......................................................... $108,560,324.12 

Boston, Massachusetts: 

Boston, MA....................................... 10401 ............. 279,037,555.96 

Springfield, MA................................. 10402 ............. 248,137.33 

Worcester, MA ................................. 10403 ............. 52,654,479.00 

Gloucester, MA ................................ 10404 ............. 25,949.99 

New Bedford, MA............................. 10405 ............. 26,974,526.66 

Plymouth, MA................................... 10406 ............. 0.00 

Fall River, MA................................... 10407 ............. 532,403.42 

Salem, MA........................................ 10408 ............. 39,678,536.09 

Bridgeport, CT.................................. 10410 ............. 2,995,351.68 

Hartford, CT ..................................... 10411 ............. 8,592,178.61 

New Haven, CT................................ 10412 ............. 56,839,659.04 

New London, CT .............................. 10413 ............. 592,651.08 

Lawrence, MA .................................. 10416 ............. 76,194.00 

Boston Logan INTL Airport, MA....... 10417 ............. 156,225,753.79 

Hanscom Field Civil Air Terminal, MA...... 10481 ............. 285,087.39 

Total District .......................................................... $624,758,464.04 

Providence, Rhode Island: 

Newport, RI ...................................... 10501 ............. 405,229.04 

Providence, RI.................................. 10502 ............. 99,145,681.24 

Total District .......................................................... $99,550,910.28 

Ogdensburg, New York: 

Ogdensburg, NY .............................. 10701 ............. 15,960,244.70 

Massena, NY .................................... 10704 ............. 2,331,661.13 

Alexandria Bay, NY.......................... 10708 ............. 49,559,968.72 

Champlain, NY................................. 10712 ............. 286,084,125.06 

Trout River, NY ................................ 10715 ............. 54,142,546.21 

 Plattsburgh INTL Airport, NY........ 10781.......... 5,668.91 

Total District .......................................................... $408,084,214.73 

Buffalo, New York: 

Buffalo, NY ....................................... 10901 ............. 523,126,799.40 

Rochester, NY.................................. 10903 ............. 7,878,395.69 

Oswego, NY..................................... 10904 ............. 1,828,009.37 

Syracuse, NY ................................... 10906 ............. 21,124,318.32 

Greater Binghamton Airport, NY...... 10981 ............. 4,686.15 

Griffiss International Airport, NY ...... 10982 ............. 0.00 

Ithaca Tompkins INTL Airport, NY 10983.......... 3,635.90 

Total District .......................................................... $553,965,844.83 

Philadelphia, Pennsylvania: 

Philadelphia, PA............................... 11101 ............. 672,057,474.86 

Chester, PA...................................... 11102 ............. 183,470,142.78 

Wilmington, DE ................................ 11103 ............. 44,823,478.32 

Pittsburgh, PA .................................. 11104 ............. 114,042,986.40 

Wilkes-Barre/Scranton, PA .............. 11106 ............. 70,025,789.94 

Philadelphia International 

 Airport, PA..................................... 11108 ............. 45,418,500.55 

27
Philadelphia, Pennsylvania, continued: 

Harrisburg, PA............................... 11109 ..................... 105,590,889.23 

Allentown, PA........................ 11119......... 44,560,395.89 

Atlantic City INTL Airport, NJ ........ 11182 ..................... 14,155.96 

Trenton-Mercer Airport, PA........... 11183 ..................... 67,872.54 

UPS, Philadelphia, PA .................. 11195 ..................... 84,128,282.49 

Total District ............................................................... $1,364,199,968.96 

Baltimore, Maryland: 

Annapolis, MD .................................. 11301 ..................... 1,272,756.42 

Cambridge, MD.............................. 11302 ..................... 12,605.89 

Baltimore, MD ............................... 11303 ..................... 1,844,441,139.11 

Crisfield, MD......................... ... 11304.................. 0.00 

Balt./Wash. INTL Airport, MD........ 11305 ..................... 24,435,493.17 

Total District ............................................................... $1,870,161,994.59 

New York, New York: 

New York, NY................................ 21001 ..................... 1,015,301,198.56 

Albany, NY .................................... 21002 ..................... 18,916,121.57 

Fishkill, NY (ICE)........................... 21006 ..................... 3,783.00 

New York, NY/Newark, NJ............ 24601 ..................... 12,565,881,093.32 

Perth Amboy, NJ ........................... 24602 ..................... 3,143,444.83 

UPS, Newark, NJ .......................... 24670 ..................... 44,561,565.64 

FedEx Newark, NJ ........................ 24671 ..................... 33,448,449.61 

Morristown Airport, NJ .................. 24681 ..................... 119,715.07 

New York Stewart International 

Airport, NY.....................................

24682 ..................... 63,441.80 

John F. Kennedy INTL Airport, 

NY .................................................

24701 ..................... 1,728,702,661.65 

NYACC JFK INTL Airport, NY ....... 24771 ..................... 5,671,156.23 

DHL JFK INTL Airport, NY............ 24772 ..................... 136,439,549.60 

Micom JFK INTL Airport, NY......... 24773 ..................... 350,585.00 

IBC JFK INTL Airport NY .............. 24774 ..................... 201,243.94 

FedEx JFK INTL Airport, NY ........... 24778 ..................... 28,371.06 

Total District ............................................................... $15,552,832,380.88 

Great Falls, Montana: 

Raymond, MT................................ 33301 ..................... 2,734,801.24 

Eastport, ID ................................... 33302 ..................... 49,473,234.63 

Salt Lake City, UT ......................... 33303 ..................... 272,655,929.05 

Great Falls INTL Airport, MT......... 33304 ..................... 2,314,952.39 

Butte Airport, MT........................... 33305 ..................... 64,225.42 

Turner, MT .................................... 33306 ..................... 30,438.29 

Denver, CO ................................... 33307 ..................... 208,525,818.01 

Porthill, ID...................................... 33308 ..................... 13,653.70 

Scobey, MT................................... 33309 ..................... 24,961.63 

Sweetgrass, MT ............................ 33310 ..................... 55,173,973.32 

Piegan, MT.................................... 33316 ..................... 164,463.78 

Opheim, MT .................................. 33317 ..................... 197.10 

Roosville, MT ................................ 33318 ..................... 12,089,972.34 

Morgan, MT................................... 33319 ..................... 424,818.73 

Del Bonita, MT .............................. 33322 ..................... 479,769.89 

Wild Horse, MT ............................. 33323 ..................... 14,985.03 

Kalispell Airport, MT...................... 33324 ..................... 1,615.20 

Willow Creek, MT.......................... 33325 ..................... 6,745.70 

Billings, MT (ICE) ...................... 33326 ................. 0.00 

Rocky Mtn Metro Airport, CO........ 33383 ..................... 64,807.56 

Centennial Airport, CO.................. 33384 ..................... 129,807.63 

Eagle County Regional 

 Airport, CO ................................. 33385 ..................... 75,797.01 

Bozeman Yellowstone INTL Airport, 

MT ........................................................ 33386 ..................... 25,742.33 

Total District ............................................................... $604,490,709.98 

Pembina, North Dakota: 

Pembina, ND.................................. 33401..................... 94,897,549.25 

Portal, ND....................................... 33403..................... 156,000,271.85 

Neche, ND...................................... 33404..................... 251,447.61 

St. John, ND................................... 33405..................... 2,981.20 

Northgate, ND ................................ 33406..................... 334,988.60 

Walhalla, ND .................................. 33407..................... 17,796.11 

Hannah, ND .................................. 33408 ..................... 19.65 

Sarles, ND..................................... 33409 ..................... 805.35 

Hector International Airport, ND.... 33411 ..................... 3,311,972.71 

Antler, ND...................................... 33413 ..................... 1,216.88 

Sherwood, ND............................... 33414 ..................... 172,112.38 

Hansboro, ND ............................... 33415 ..................... 3,521.70 

Maida, ND ..................................... 33416 ..................... 1,676.25 

Fortuna, ND................................... 33417 ..................... 4,968.75 

Westhope, ND............................... 33419 ..................... 1,980.91 

Noonan, ND .................................. 33420 ..................... 5,253.61 

Carbury, ND .................................. 33421 ..................... 3,615.25 

Dunseith, ND................................. 33422 ..................... 2,316,350.74 

Warroad, MN................................. 33423 ..................... 552,354.99 

Baudette, MN ................................ 33424 ..................... 5,829.99 

Pinecreek, MN............................... 33425 ..................... 81.90 

Roseau, MN .................................. 33426 ..................... 194,638.81 

Mark Andrews INTL Airport, ND ... 33427 ..................... 13,054,057.04 

Lancaster, MN............................... 33430 ..................... 864,695.33 

Williston Basin INTL Airport, ND... 33433 ..................... 0.00 

Minot INTL Airport, ND............... 33434.................. 1,326.50 

Total District ............................................................... $272,001,513.36 

Minneapolis, Minnesota: 

Minneapolis, MN ........................... 33501 ..................... 621,771,260.14 

Sioux Falls Regional Airport, SD .. 33502 ..................... 5,066,043.37 

St Paul Downtown Airport, SD...... 33504 ..................... 3,723.96 

Duluth, MN/Superior, WI ............... 33510 ..................... 714,475.73 

Ashland, WI................................ 33511.................. 0.00 

Omaha, NE .................................. 33512 ..................... 142,401,323.20 

Des Moines, IA.............................. 33513 ..................... 10,601,197.20 

Rochester, MN .............................. 33581 ..................... 46,563.67 

Total District ............................................................... $780,604,587.27 

International Falls, Minnesota: 

International Falls, MN.................. 33604 ..................... 381,143,881.52 

Grand Portage, MN....................... 33613 ..................... 2,994,408.19 

Total District ............................................................... $384,138,289.71 

Milwaukee, Wisconsin: 

General Mitchell INTL Airport, 

WI .................................................. 33701 ..................... 61,203,315.95 

Marinette, WI................................. 33702 ..................... 224.43 

Green Bay Austin Straubel INTL 

Airport, WI ..................................... 33703 ..................... 611,651.21 

Manitowoc, WI............................... 33706 ..................... 0.00 

Racine, WI..................................... 33708 ..................... 288,361.60 

Appleton INTL Airport, WI............. 33781 ..................... 14,804.55 

Sheyboygan County Memorial 

Airport, WI......................................... 33782 ..................... 4,695.00 

Total District ............................................................... $62,123,052.74 

Detroit, Michigan: 

Detroit, MI...................................... 33801 ..................... 1,457,841,503.18 

Port Huron, MI............................... 33802 ..................... 491,347,023.68 

Sault Sainte Marie, MI................... 33803 ..................... 18,263,482.32 

Saginaw/Bay City/Flint, MI ............ 33804 ..................... 3,216,794.15 

Battle Creek, MI ............................ 33805 ..................... 15,854,392.94 

Grand Rapids, MI.......................... 33806 ..................... 19,005,074.02 

Detroit Metropolitan Airport, MI..... 33807 ..................... 180,784,979.27 

Marquette, MI ................................ 33809 ..................... 406.33 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

28
Detroit, MI continued: 

Algonac, MI .................................... 33814................... 1,105.30 

Muskegon, MI................................. 33815................... 0.00 

Grand Haven, MI............................ 33816................... 0.00 

DeTour Village, MI.............................. 33819................... 73.09 

Oakland County Intl Airport, MI.......... 33881................... 83,598.72 

Willow Run Airport, MI ................... 33882................... 45,696.52 

Capital Region Intl Airport, MI........ 33883................... 414,894.27 

Total District ............................................................. $2,186,859,023.79 

Chicago, Illinois 

Chicago, IL ..................................... 33901................... 7,929,780,358.08 

Peoria, IL........................................ 33902................... 31,455,827.51 

Gary/Chicago INTL Airport, IN....... 33905................... 5,567.54 

Davenport, IA/Moline-Rock 

Island, IL............................................. 33908................... 104,611.75 

Chicago Rockford INTL Airport, IL ........ 33909................... 83,530,907.33 

Midway International Airport, IL ..... 33910................... 271,312.96 

IBC Chicago, IL .............................. 33972................... 4,047.49 

Waukegan National Airport, IL....... 33981................... 23,761.85 

Chicago Executive Airport, IL......... 33983................... 87,649.60 

Dupage County Airport, IL ............. 33984................... 36,640.78 

Decatur Airport, IL.......................... 33985................... 0.00 

South Bend International 

Airport, IN....................................... 33986................... 28,575.02 

Williard Airport, IL....................... 33987............... 4,961.70 

DHL Chicago, IL............................. 33991................... 1,275,574.84 

Total District ............................................................. $8,046,609,796.45 

Cleveland, Ohio: 

Cleveland, OH................................ 34101................... 699,892,454.95 

Cincinnati, OH/Erlanger, KY............. 34102................... 583,639,007.62 

Columbus, OH................................ 34103................... 1,234,516,537.16 

Dayton, OH .................................... 34104................... 30,721,189.73 

Toledo-Sandusky-Port Clinton, 

OH.................................................. 34105................... 37,203,181.43 

Erie, PA .......................................... 34106................... 17,182,809.26 

Northern Kentucky, KY (ICE)......... 34107................... 163,140.00 

Indianapolis, IN .............................. 34110................... 385,070,844.78 

Louisville, KY.................................. 34115................... 400,826,068.01 

Evansville, IN ................................. 34116................... 62,638,563.96 

Ashtabula/Conneaut, OH............... 34122................... 923,744.91 

Fort Wayne INTL Airport, IN .......... 34183................... 2,748,744.19 

Blue Grass Airport, KY................... 34184................... 38,168.40 

UPS Louisville, KY ......................... 34196................... 955,565,332.65 

DHL Cincinnati, OH........................ 34197................... 669,011,642.93 

FedEx Indianapolis, IN................... 34198................... 309,762,939.47 

Total District ......................................................... $5,389,904,369.45 

St. Louis, Missouri: 

Kansas City, MO............................ 34501................... 978,041,256.29 

St. Joseph, MO .............................. 34502................... 0.00 

St. Louis, MO ................................. 34503................... 396,645,059.69 

Wichita, KS..................................... 34504................... 3,273,097.18 

Springfield, MO .............................. 34505................... 20,569,596.34 

MidAmerica St Louis Airport, 

MO.................................................. 34581................... 0.00 

Total District ............................................................. $1,398,529,009.50 

San Juan, Puerto Rico: 

Aguadilla, PR ................................. 44901................... 583,967.22 

Fajardo, PR.................................... 44904................... 4,617,687.05 

Mayaguez, PR................................ 44907................... 70,874.30 

Ponce, PR...................................... 44908................... 10,969,999.75 

San Juan, PR................................. 44909................... 315,844,157.17 

Luis Munoz Marin International 

Airport, PR........................................... 44913................... 20,971,606.22 

Total District ............................................................. $353,058,291.71

Virgin Islands of the United States: 

Charlotte Amalie, VI ....................... 45101................... 10,226,493.80 

Cruz Bay, VI ................................... 45102................... 165,093.60 

Christiansted, VI............................. 45104................... 5,872,866.08 

Total District ............................................................. $16,264,453.48 

Miami, Florida: 

Miami Seaport, FL.......................... 45201................... 1,427,202,216.64 

Key West, FL.................................. 45202................... 18,343.51 

Port Everglades/Fort Lauderdale, FL .... 45203................... 427,147,185.27 

West Palm Beach, FL .................... 45204................... 13,014,623.87 

Fort Pierce, FL ............................... 45205................... 9,161.22 

Miami International Airport, FL....... 45206................... 270,025,550.79 

Fort Lauderdale International 

 Airport, FL ................................... 45210................... 6,701,490.22 

West Palm Beach Border Patrol, 

FL............................................... 45252............... (7,371.07) 

UPS Miami International Airport, 

 FL (Inactive) ................................ 45273................... 8,508.30 

Marathon International Airport, FL..... 45281................... 11,498.82 

Boca Raton Airport, FL....................... 45282................... 146,296.48 

Witham Field, FL 45283................... 82,592.49 

UPS Miami International 

 Airport, FL ................................... 45295................... 2,115,132.91 

DHL Miami INTL Airport, FL........... 45296................... 60,342,893.33 

FedEx Miami INTL Airport, FL ....... 45297................... 9,797,285.14 

IBC Miami INTL Airport, FL............ 45298................... 16,243.58 

Miami Seaport, FL (Alternate)........ 45299................... 1,387,028.83 

Total District ............................................................. $2,218,018,680.33 

Washington, DC: 

Washington-Dulles, VA.................. 45401................... 109,472,366.85 

R. Regan Wash. Nat. Airport, VA.......... 45402................... 0.00 

Total District ............................................................. $109,472,366.85 

Norfolk, Virginia: 

Norfolk-Newport News, VA ............ 41401................... 2,796,659,774.67 

Richmond-Petersburg, VA ............. 41404................... 37,800,532.25 

Charleston, WV.............................. 41409................... 10,990,082.08 

Front Royal, VA.............................. 41410................... 750,607.37 

New River Valley Airport, VA ......... 41412................... 7,635.09 

Total District ............................................................. $2,846,208,631.46 

Charlotte, North Carolina: 

Wilmington, NC .............................. 41501................... 352,279,710.35 

Greensboro/Winston-Salem, NC ... 41502................... 178,119,640.68 

Raleigh-Durham, NC...................... 41503................... 39,662,126.88 

Morehead City-Beaufort, NC.......... 41511................... 16,641,857.73 

Charlotte, NC ................................. 41512................... 179,164,976.94 

Charlotte-Monroe Exec. Airport, NC ..... 41581................... 0.00 

Total District ............................................................. $765,868,312.58 

Charleston, South Carolina: 

Charleston, SC............................... 41601................... 3,221,899,602.39 

Georgetown, SC............................. 41602................... 9,424.87 

Greenville-Spartanburg, SC............. 41603................... 370,290,889.03 

Columbia, SC................................. 41604................... 20,106,922.78 

Greer, SC (ICE).............................. 41608................... 11,241.21 

Myrtle Beach International 

 Airport, SC...................................... 41681................... 23,695.04 

Total District ............................................................. $3,612,341,775.32 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

29
Savannah, Georgia: 

Brunswick, GA................................ 41701........................ 241,452,775.53 

Savannah, GA................................ 41703........................ 7,387,270,483.98 

Atlanta, GA..................................... 41704........................ 1,266,046,292.86 

Albany, GA (ICE)............................ 41705........................ 0.00 

Dalton, GA (ICE) ............................ 41706........................ 0.00 

Cobb County International 

 Airport, GA .................................. 41781........................

0.00 

DHL Atlanta, GA............................. 41791........................ 3,282.55 

Total District .................................................................. $8,894,772,834.92 

Tampa, Florida: 

Tampa, FL...................................... 41801........................ 378,746,708.95 

Jacksonville, FL.............................. 41803........................ 731,758,260.64 

Fernandina Beach, FL ................... 41805........................ 5,736,197.73 

Orlando INTL Airport, FL................ 41808........................ 32,276,310.07 

Orlando Sanford INTL Airport, 

FL ................................................... 41809........................ 62,089.22 

Sarasota/Bradenton, FL (ICE).... 41811.................... 0.00 

St. Petersburg, FL.......................... 41814........................ 14,502,493.28 

Cape Canaveral, FL....................... 41816........................ 11,892,491.45 

Panama City, FL ............................ 41818........................ 10,633,736.70 

Pensacola, FL ................................ 41819........................ 10,517,210.01 

Port Manatee, FL ........................... 41821........................ 42,699,356.59 

Ft. Myers, FL .................................. 41822........................ 197,122.96 

Naples Airport, FL .......................... 41880........................ 38,525.52 

Lakeland Linder Airport, FL............ 41881........................ 7,944.58 

Sarasota Bradenton INTL Airport, FL.... 41883........................ 52,412.44 

Daytona Beach International 

Airport, FL ................................. 41884........................ 17,812.75 

Melbourne INTL Airport, FL ........... 41885........................ 934,865.00 

Leesburg INTL Airport, FL ............. 41887........................ 1,626.90 

Orlando Executive Airport, FL........ 41888........................ 6,054.12 

St. Augustine, FL............................ 41889........................ 33,527.86 

Total District .................................................................. $1,240,114,746.77 

Mobile, Alabama: 

Mobile, AL ...................................... 51901........................ 695,906,581.15 

Gulfport, MS................................... 51902........................ 56,851,033.61 

Pascagoula, MS............................. 51903........................ 4,148,052.13 

Birmingham, AL.............................. 51904........................ 122,406,757.07 

Huntsville, AL ................................. 51910........................ 63,177,304.30 

Total District .................................................................. $942,489,728.26 

New Orleans, Louisiana: 

Morgan City, LA ............................. 52001........................ 3,958,210.89 

New Orleans, LA............................ 52002........................ 980,525,707.09 

Little Rock, AR ............................... 52003........................ 15,518,952.17 

Baton Rouge, LA............................ 52004........................ 43,514,161.82 

Memphis, TN.................................. 52006........................ 1,631,798,995.16 

Nashville, TN.................................. 52007........................ 357,732,448.45 

Chattanooga, TN............................ 52008........................ 9,770,095.19 

Gramercy, LA................................. 52010........................ 50,033,934.14 

Greenville, MS................................ 52011........................ 0.00 

Vicksburg, MS................................ 52015........................ 42,657,349.84 

Knoxville, TN.................................. 52016........................ 57,528,355.87 

Lake Charles, LA............................ 52017........................ 7,133,701.14 

Shreveport/Bossier City, LA........... 52018........................ 2,690,607.87 

Tri-Cities Airport, TN........................... 52027........................ 30,361.81 

Rogers Municipal Airport, AR......... 52084........................ 22,078.99 

FedEx Memphis, TN........................... 52095........................ 788,309,917.52 

Total District .................................................................. $3,991,224,877.95 

Port Arthur, Texas: 

Port Arthur, TX ............................... 62101........................ 37,451,822.68 

Sabine, TX ..................................... 62102........................ 42,988.18 

Orange, TX..................................... 62103........................ 834.23 

Beaumont, TX ................................ 62104........................ 2,696,226.16 

Border Patrol Sector HQ, AZ...... 62150.................... 98,264.00 

Blythe Border Patrol, CA................ 62151........................ 142,908.00 

Yuma Border Patrol, AZ................. 62152........................ 24,775.00 

Wellton Border Patrol, AZ .............. 62153........................ 3,001.00 

Total District .................................................................. $40,460,819.25 

Laredo, Texas:

Border Patrol Sector HQ, 

TX................................................... 62250........................ (136,185.95) 

 Laredo Del Mar Border Patrol, TX..... 62251........................ 263,750.00 

Cotulla Border Patrol, TX............... 62252........................ 3,000.00 

Hebbronville Border Patrol, TX ...... 62253........................ 24,558.00 

Laredo South Border Patrol, TX .... 62254........................ 30,112.00 

Freer Border Patrol, TX.................. 62256........................ 25,328.00 

Zapata Border Patrol, TX............... 62258........................ 10,255.00 

Laredo West Border Patrol, TX...... 62259........................ 5,283.00 

Brownsville, TX .............................. 62301........................ 71,225,005.48 

Del Rio, TX..................................... 62302........................ 8,840,056.57 

Eagle Pass, TX .............................. 62303........................ 435,095,064.09 

Laredo, TX ..................................... 62304........................ 1,512,159,138.15 

Hidalgo, TX .................................... 62305........................ 184,921,058.38 

Rio Grande City, TX....................... 62307........................ 2,473,673.67 

Progreso, TX.................................. 62309........................ 1,110,093.52 

Roma, TX ....................................... 62310........................ 710,131.32 

Border Patrol Sector HQ, TX...... 62350.................... 5,452.00 

Comstock Border Patrol, TX .......... 62351........................ 14,150.00 

Carrizo Springs Border 

 Patrol, TX .................................... 62352........................ 183,639.86 

Del Rio Border Patrol, TX .............. 62353........................ 58,894.32 

Eagle Pass Border Patrol, TX........ 62354........................ 3,300.00 

Brackettville Border Patrol, TX....... 62355........................ 51,971.00 

Uvalde Border Patrol, TX............... 62356........................ 72,722.83 

Rocksprings Border Patrol, TX 62357........................ 500.00 

Llano Border Patrol, TX ................. 62358........................ 500.00 

Border Patrol Sector HQ, TX ......... 62361........................ 141,347.21 

South Texas INTL Airport at 

Edinburg, TX......................................... 62381........................ 242.25 

Valley International Airport, 

 TX............................................... 62383........................ 518,881.83 

Total District .................................................................. $2,217,811,922.53 

El Paso, Texas: 

Ysleta, TX....................................... 62401........................ 281,919,736.56 

El Paso, TX .................................... 62402........................ 213,118,604.81 

Presidio, TX.................................... 62403........................ 478,861.79 

Tornillo, TX..................................... 62404........................ 78,283.82 

Columbus, NM ............................... 62406........................ 393,707.24 

Albuquerque, NM........................... 62407........................ 2,798,088.28 

Santa Teresa, NM.......................... 62408........................ 72,153,502.80 

Fort Hancock, TX........................ 62409.................... 0.00 

Santa Teresa Airport, NM........... 62481.................... 0.00 

Total District .................................................................. $570,940,785.30 

Nogales, Arizona:

Douglas, AZ ................................... 62601........................ 5,228,423.41 

Lukeville, AZ................................... 62602........................ 188,843.47 

Naco, AZ ........................................ 62603........................ 149,146.51 

Nogales, AZ ................................... 62604........................ 228,454,991.39 

Phoenix, AZ.................................... 62605........................ 150,496,633.76 

Sasabe, AZ .................................... 62606........................ 20,153.55 

San Luis, AZ................................... 62608........................ 7,917,527.20 

Tucson, AZ..................................... 62609........................ 4,856,500.29 

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

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

30
TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

Nogales, AZ - continued 

Border Patrol Sector HQ, AZ............ 62650...................... 18,983.09 

Casa Grande Border Patrol, AZ ....... 62651...................... 95,852.43 

Tucson Border Patrol, AZ................. 62652...................... 202,651.28 

Nogales Border Patrol, AZ ............... 62653...................... 83,511.05 

Willcox Border Patrol, AZ ................. 62654...................... 162,588.00 

Douglas Border Patrol, AZ ............... 62655...................... 49,952.00 

Ajo Border Patrol, AZ........................ 62656...................... 95,745.82 

Naco Border Patrol, AZ .................... 62657...................... 73,484.00 

Sonoita Border Patrol, AZ ................ 62658...................... 177,676.00 

Scottsdale Airport, AZ....................... 62681...................... 32,811.54 

Phoenix-Mesa Gateway Airport, 

AZ ..................................................... 62682...................... 19,993.97 

Total District..................................................... $398,325,468.76 

Houston, Texas: 

Houston, TX...................................... 65301...................... 5,807,259,488.38 

Texas City, TX .................................. 65306...................... 15,558,702.92 

George Bush 

 Intercontinental Airport, TX............ 65309...................... 190,547,063.39 

Galveston, TX................................... 65310...................... 30,888,073.98 

Freeport, TX...................................... 65311...................... 64,451,293.23 

Corpus Christi, TX ............................ 65312...................... 66,925,250.30 

Port Lavaca, TX................................ 65313...................... 7,109,131.76 

William P Hobby Airport, TX............. 65314...................... 23,187.49 

Border Patrol Sector HQ, TX............ 65350...................... 14,913.00 

Mercedes Border 

 Patrol, TX....................................... 65351...................... 141,244.00 

Falfurrias Border Patrol, TX.............. 65352...................... 390,335.00 

Rio Grande City Border Patrol, TX... 65353...................... 852,434.00 

McAllen Border Patrol, TX................ 65354...................... 39,659.00 

Brownsville Border Patrol, TX .......... 65355...................... 31,000.00 

Harlingen Border Patrol, TX ............. 65356...................... 51,945.00 

Kingsville Border Patrol, TX ............. 65357...................... 385,167.00 

Fort Brown Border Patrol, TX........... 65358...................... 7,800.00 

Corpus Christi Border Patrol, TX...... 65359...................... 2,000.00 

Sugar Land Regional Airport, TX ..... 65381...................... 92,295.71 

Conroe-North Houston Reg Airport, TX ... 65382...................... 65,488.98 

Total District................................................................... $6,184,836,473.14 

Dallas-Ft. Worth, Texas: 

Dallas/Ft. Worth, TX ......................... 65501...................... 2,388,676,980.53 

Amarillo, TX ...................................... 65502...................... 698.47 

Lubbock, TX...................................... 65503...................... 1,288,952.46 

Oklahoma City, OK........................... 65504...................... 24,099,814.39 

Tulsa, OK.......................................... 65505...................... 16,705,513.87 

Austin, TX ......................................... 65506...................... 29,642,878.62 

San Antonio, TX ............................... 65507...................... 15,015,949.53 

Wiley Post Airport, OK...................... 65509...................... 20,288.79 

Border Patrol Sector HQ, TX............ 65550...................... 33,760.53 

Presidio Border Patrol, TX................ 65553...................... 13,763.01 

Marfa Border Patrol, TX.................... 65554...................... 30,493.99 

Fort Stockton Border Patrol, TX.... 65556.................. 16,821.25 

Sanderson Border Patrol, TX ........... 65557...................... 7,500.00 

Alpine Border Patrol, TX................... 65558...................... 14,284.39 

Sierra Blanca Border Patrol, TX....... 65560...................... 66,062.02 

Van Horn Border Patrol, TX ............. 65561...................... 12,750.00 

Midland Border Patrol, TX................ 65562...................... 0.00 

Midland International Airport, TX...... 65582...................... 66,758.68 

Fort Worth Alliance Airport, TX......... 65583...................... 4,886,277.88 

Addison Airport, TX .......................... 65584...................... 87,842.80 

McKinney National Airport, TX............ 65585...................... 42,610.75 

Kelly Field, TX................................... 65587...................... 0.00 

Dallas Love Field Airport, TX............ 65588...................... 410,654.39 

Fort Worth Meacham INTL 

Airport, TX......................................... 65589...................... 54,705.31 

Total District................................................................... $2,481,195,361.66 

San Diego, California:

San Diego, CA.................................. 72501...................... 143,581,492.28 

Andrade, CA ..................................... 72502...................... 215,002.54 

Calexico, CA..................................... 72503...................... (27.00) 

San Ysidro, CA................................. 72504...................... 4,436,959.64 

Tecate, CA........................................ 72505...................... 10,962,267.88 

Otay Mesa, CA ................................. 72506...................... 295,339,837.29 

Calexico East, CA............................. 72507...................... 47,831,226.53 

Indio Border Patrol, CA..................... 72551...................... 0.00 

McClellan-Palomar Airport, CA ....... 72581...................... 159,814.43 

Brown Field Border Patrol, CA ......... 75653...................... 0.00 

Total District................................................................... $502,526,573.59 

Los Angeles, California: 

Los Angeles, CA............................... 72704...................... 25,703,882,736.97 

Port San Luis Harbor, CA................. 72707...................... 0.00 

Long Beach, CA ............................... 72709...................... 496,797,360.06 

Ventura, CA.................................. 72712...................... 0.00 

Port Hueneme, CA ........................... 72713...................... 176,576,217.81 

Morro Bay, CA........................................... 72719...................... 8.83 

Los Angeles INTL Airport, CA.................. 72720...................... 1,857,099,429.51 

Ontario International Airport, CA.............. 72721...................... 2,082,701.22 

Las Vegas, NV.................................. 72722...................... 56,152,900.85 

FedEx Los Angeles, CA ................... 72775...................... 165,178.59 

IBC Los Angeles, CA........................... 72776...................... 94,602.23 

Micom Inglewood, CA....................... 72777...................... 849.82 

Palm Springs, CA ............................. 72781...................... 110,922.11 

San Bernardino INTL Airport, CA............ 72782...................... 44,293.54 

S. California Logistics Airport, CA....... 72783...................... 12,884,497.30 

John Wayne Airport, CA................... 72787...................... 345,426.83 

Van Nuys, CA ................................... 72788...................... 106,161.71 

DHL Los Angeles, CA....................... 72791...................... 280,839,558.07 

UPS Ontario, CA .............................. 72795...................... 122,229,120.80 

Total District............................................................. $28,709,411,966.25 

San Francisco, California: 

San Francisco International 

 Airport, CA .................................... 72801...................... 414,242,802.45 

Eureka, CA ....................................... 72802...................... 21,167.87 

Fresno, CA........................................ 72803...................... 106,159,343.29 

Monterey, CA.................................... 72805...................... 1,299.58 

San Francisco, CA............................ 72809...................... 2,235,353,434.51 

Stockton, CA..................................... 72810...................... 34,993,881.42 

Oakland International Airport, CA..... 72811...................... 466,551,082.58 

Richmond, CA................................... 72812...................... 1,684,350.16 

Crockett, CA ..................................... 72815...................... 31.50 

Martinez, CA..................................... 72820...................... 32,319.50 

Redwood City, CA ............................ 72821...................... 0.00 

San Pablo Bay, CA........................... 72829...................... 4,863.55 

Carquinez Strait, CA......................... 72830...................... 31,002,892.72 

Reno, NV .......................................... 72833...................... 16,634,058.15 

San Jose International Airport, CA... 72834...................... 1,760,114.03 

Sacramento International Airport, CA..... 72835...................... 6,386,774.93 

Fresno Yosemite INTL Airport, CA... 72882...................... 115,387.92 

FedEx Oakland, CA.......................... 72895...................... 214,990,586.98 

Total District................................................................... $3,529,934,391.14 

31
TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees 

by Districts and Ports, continued 

[Source: U.S. Customs and Border Protection] 

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

District and Port 

of Collection 

 Port 

Code 

Collection 

Fiscal Year 

2022

Portland, Oregon: 

Astoria, OR ....................................... 72901................... 996,385.65 

Newport, OR..................................... 72902................... 1,693.26 

Coos Bay, OR................................... 72903................... 168,187.97 

Portland, OR..................................... 72904................... 538,447,938.07 

Longview, WA................................... 72905................... 55,165,319.82 

Boise, ID ........................................... 72907................... 744,503.35 

Vancouver, WA................................. 72908................... 70,302,729.76 

Kalama, WA...................................... 72909................... 4,474,617.49 

Portland International Airport, OR.... 72910................... 5,880,366.69 

Brush, CO (ICE) .............................. 72919................... 0.00 

Medford, OR ..................................... 72982................... 2,275,278.25 

Hillsboro Airport, OR......................... 72983................... 0.00 

Total District................................................................ $678,457,020.31 

Seattle, Washington: 

Seattle, WA....................................... 73001................... 1,895,019,447.67 

Tacoma, WA..................................... 73002................... 1,611,380,436.91 

Aberdeen, WA .................................. 73003................... 873,631.25 

Blaine, WA........................................ 73004................... 447,686,215.30 

Bellingham, WA ................................ 73005................... 5,248,669.48 

Everett, WA....................................... 73006................... 125,939,242.04 

Port Angeles, WA ............................. 73007................... 184,082.70 

Port Townsend, WA.......................... 73008................... 459.06 

Sumas, WA....................................... 73009................... 101,762,711.94 

Anacortes, WA.................................. 73010................... 5,118,819.80 

Nighthawk, WA................................. 73011................... 4,776.27 

Danville, WA ..................................... 73012................... 67,819.24 

Ferry, WA.......................................... 73013................... 223,423.85 

Friday Harbor, WA............................ 73014................... 124,961.83 

Boundary, WA................................... 73015................... 6,168,212.89 

Laurier, WA....................................... 73016................... 21,776,191.14 

Point Roberts, WA............................ 73017................... 193,271.32 

Oroville, WA...................................... 73019................... 33,926,700.49 

Frontier, WA...................................... 73020................... 1,458,495.16 

Spokane, WA.................................... 73022................... 15,897,312.83 

Kenneth G Ward Memorial 

Lynden, WA ...................................... 73023................... 460,497.84 

Metaline Falls, WA............................ 73025................... 1,030,096.92 

Olympia, WA..................................... 73026................... 1,915,492.18 

Neah Bay, WA .................................. 73027................... 0.00 

Seattle-Tacoma International 

 Airport, WA .................................... 73029................... 133,098,512.91 

UPS, Seattle, WA ............................. 73071................... 5,196,091.20 

Airborne Express Southeast, WA. 73074................ 0.00 

Grant County Airport, WA................. 73082................... 2,461,002.22 

Total District................................................................ $4,417,216,574.44 

Anchorage, Alaska: 

Juneau, AK ....................................... 73101................... 102,569.21 

Ketchikan, AK ................................... 73102................... 249,971.83 

Skagway, AK .................................... 73103................... 26,869.09 

Alcan, AK.......................................... 73104................... 658,001.57 

Wrangell, AK..................................... 73105................... 227.39 

Dalton Cache, AK............................. 73106................... 52,459.81 

Fairbanks, AK................................... 73111................... 3,470.00 

Sitka, AK........................................... 73115................... 7,155.85 

Anchorage, AK.................................. 73126................... 9,098,227.45 

FedEx Anchorage, AK...................... 73195................... 481,683,286.59 

UPS Anchorage, AK......................... 73196................... 5,109,975.37 

Total District................................................................ $496,992,214.16 

Honolulu, Hawaii: 

Honolulu, HI...................................... 73201................... 98,896,593.66 

Hilo, HI .............................................. 73202................... 439,847.59 

Kahului, HI ........................................ 73203................... 113,373.82 

Nawiliwili-Port Allen, HI..................... 73204................... 20,133.55 

Honolulu Airport, HI .......................... 73205................... 5,298,114.78 

Kona, HI............................................ 73206................... 4,787.14 

FedEx Honolulu, HI....................... 73279................... 66,081,176.27 

Total District................................................................ $170,854,026.81 

Guam

Guam................................................ 73207................... 131,255.00 

American Samoa, GU (ICE)............. 73209................... 211.52 

Total District................................................................ $131,466.52 

Total Customs and Border Protection Collections 

 for fiscal year 2022 ..................................................... $118,109,299,418.72 

32
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. 

33
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) 

2018............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

2019............................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2020............................... 26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

2021............................... 28,448,421 28,428,919 19,502 6,123,040 6,123,040 - 22,325,381 22,305,879 19,502 

2022............................... 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353 

2021 - Sept .................... 28,448,421 28,428,919 19,502 6,123,040 6,123,040 - 22,325,381 22,305,879 19,502 

Oct ..................... 28,928,663 28,908,765 19,898 6,247,399 6,247,399 - 22,681,264 22,661,366 19,898 

Nov..................... 28,928,235 28,907,987 20,248 6,237,725 6,237,725 - 22,690,510 22,670,262 20,248 

Dec..................... 29,637,003 29,617,215 19,788 6,448,886 6,448,886 - 23,188,117 23,168,329 19,788 

2022 - Jan...................... 30,032,163 30,012,386 19,777 6,500,497 6,500,497 - 23,531,666 23,511,889 19,777 

Feb..................... 30,309,927 30,290,353 19,574 6,489,253 6,489,253 - 23,820,674 23,801,100 19,574 

Mar..................... 30,420,358 30,400,960 19,398 6,497,680 6,497,680 - 23,922,678 23,903,280 19,398 

 Apr ..................... 30,393,512 30,374,155 19,357 6,504,558 6,504,558 - 23,888,954 23,869,597 19,357 

May .................... 30,519,177 30,499,619 19,558 6,574,537 6,574,537 - 23,944,640 23,925,082 19,558 

June ................... 30,588,304 30,568,582 19,722 6,635,101 6,635,101 - 23,953,203 23,933,481 19,722 

 July .................... 30,614,928 30,595,109 19,819 6,621,007 6,621,007 - 23,993,921 23,974,102 19,819 

Aug..................... 30,955,816 30,936,075 19,741 6,646,856 6,646,856 - 24,308,960 24,289,219 19,741 

Sept.................... 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353 

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) 

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

2020 ............................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071 

2021 ............................... 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,361 22,287,019 

2022 ............................... 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

2021 - Sept .................... 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,361 22,287,019 

Oct...................... 28,928,663 63,178 28,865,484 6,247,399 25,536 6,221,863 22,681,264 37,642 22,643,622 

Nov..................... 28,928,235 64,889 28,863,345 6,237,725 25,513 6,212,212 22,690,510 39,376 22,651,133 

Dec..................... 29,637,003 64,095 29,572,907 6,448,886 25,451 6,423,435 23,188,117 38,644 23,149,472 

2022 - Jan ...................... 30,032,163 66,604 29,965,559 6,500,497 25,394 6,475,103 23,531,666 41,210 23,490,456 

Feb ..................... 30,309,927 68,990 30,240,936 6,489,253 25,413 6,463,840 23,820,674 43,577 23,777,096 

Mar..................... 30,420,358 71,497 30,348,860 6,497,680 25,568 6,472,112 23,922,678 45,929 23,876,748 

 Apr ..................... 30,393,512 78,484 30,315,026 6,504,558 25,625 6,478,933 23,888,954 52,859 23,836,094 

May .................... 30,519,177 84,307 30,434,868 6,574,537 25,942 6,548,595 23,944,640 58,365 23,886,273 

June ................... 30,588,304 89,745 30,498,557 6,635,101 26,080 6,609,021 23,953,203 63,665 23,889,536 

 July..................... 30,614,928 94,080 30,520,847 6,621,007 26,403 6,594,604 23,993,921 67,677 23,926,243 

Aug..................... 30,955,816 102,213 30,853,602 6,646,856 27,778 6,619,078 24,308,960 74,435 24,234,524 

Sept.................... 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

34
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) 

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981

2020 .......................... 148,677 - 264 291,831 106,607 116,100 2,523

2021 .......................... 143,662 - 264 120,537 127,047 32,781 3,144

2022 .......................... 166,292 - 264 320,634 109,236 25,894 3,298

2021 - Sept ............... 143,662 - 264 120,537 127,047 32,781 3,144

Oct................. 143,515 - 264 229,416 120,298 32,782 3,178

Nov................ 144,171 - 264 28,462 113,852 28,592 3,250

Dec................ 146,201 - 264 290,177 109,703 28,592 3,263

2022 - Jan ................. 148,839 - 264 304,046 108,070 28,594 3,445

Feb ................ 149,349 - 264 311,196 112,489 28,597 3,407

Mar................ 149,758 - 264 317,126 118,250 28,602 3,294

 Apr ................ 153,141 - 264 310,816 119,066 28,610 3,189

May ............... 157,698 - 264 318,348 114,308 25,802 3,133

June .............. 160,440 - 264 323,349 108,208 25,816 3,216

 July................ 162,522 - 264 322,715 103,866 25,836 3,264

Aug................ 164,355 - 264 320,612 99,065 25,864 3,220

Sept............... 166,292 - 264 320,634 109,236 25,894 3,298

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) 

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

2020 .......................... 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002 

2021 .......................... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

2022 .......................... 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618 

2021 - Sept ............... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

Oct................. 22,637,090 22,107,637 3,850,718 12,637,484 3,365,745 1,674,398 579,291 529,453 

Nov................ 22,645,912 22,327,321 3,784,677 12,845,781 3,426,188 1,694,646 576,028 318,591 

Dec................ 23,143,747 22,565,547 3,767,964 12,992,160 3,474,153 1,727,968 603,302 578,200 

2022 - Jan ................. 23,487,181 22,893,924 3,958,703 13,133,211 3,522,479 1,704,403 575,127 593,257 

Feb ................ 23,776,560 23,171,257 4,053,011 13,219,366 3,581,504 1,720,272 597,104 605,303 

Mar................ 23,879,768 23,262,473 3,927,254 13,340,846 3,623,928 1,751,329 619,117 617,294 

 Apr ................ 23,847,245 23,232,158 3,826,070 13,401,967 3,650,002 1,735,021 619,099 615,087 

May ............... 23,904,391 23,284,838 3,671,228 13,508,582 3,725,317 1,775,179 604,532 619,554 

June .............. 23,912,160 23,290,866 3,522,601 13,575,955 3,760,442 1,805,356 626,512 621,293 

 July................ 23,952,579 23,334,112 3,513,559 13,623,823 3,781,548 1,788,645 626,538 618,467 

Aug................ 24,267,551 23,654,171 3,723,766 13,664,818 3,837,715 1,823,972 603,900 613,380 

Sept............... 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618 

35
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) 

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2020 ..................... 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

2021 ..................... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

2022 ..................... 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205

2021 - Sept .......... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

Oct............ 2,746,390 882 171,181 14,076 1,447 22,559 701 52,264 2,013,916

Nov........... 2,729,698 882 167,147 14,392 1,412 23,362 459 61,984 1,812,136

Dec........... 2,752,688 882 181,774 132,390 1,392 23,373 506 60,415 2,076,730

2022 - Jan ............ 2,761,169 882 175,950 132,990 1,355 24,296 688 59,196 2,098,130

Feb ........... 2,742,311 882 181,994 134,401 1,320 24,202 700 61,053 2,112,938

Mar........... 2,730,161 882 190,778 134,751 1,278 24,845 716 62,600 2,134,315

 Apr ........... 2,746,607 882 164,259 135,956 1,241 22,809 691 56,976 2,140,973

May .......... 2,730,507 883 200,131 135,329 1,213 22,507 593 76,429 2,167,516

June ......... 2,758,523 884 200,275 135,575 1,192 22,519 613 76,046 2,176,010

 July........... 2,749,091 885 193,687 134,624 1,157 22,402 630 76,745 2,189,606

Aug........... 2,733,124 887 198,632 131,074 1,128 22,747 551 75,519 2,204,289

Sept.......... 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205

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) 

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2022 .................. 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

2021 - Sept ....... 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

Oct......... 6,476,647 12,878 113,982 50,184 22,838 97,231 925,520 136,252 94,346 

Nov........ 6,266,251 13,966 116,043 50,194 22,563 97,125 925,469 137,026 92,393 

Dec........ 6,739,100 13,284 116,180 50,163 22,004 99,438 1,002,182 142,338 63,361 

2022 - Jan ......... 6,804,276 13,349 117,456 50,190 21,238 102,211 997,812 152,559 94,805 

Feb ........ 6,800,284 11,860 117,818 50,616 21,233 102,101 993,710 147,703 95,442 

Mar........ 6,814,679 10,226 119,708 50,555 20,490 103,141 989,581 144,682 95,970 

 Apr ........ 6,815,264 9,720 118,337 50,571 20,057 107,372 986,085 156,419 96,309 

May ....... 6,891,257 8,500 120,162 50,604 20,046 107,728 982,954 170,325 95,830 

June ...... 6,959,055 7,644 122,284 50,598 18,992 112,415 991,615 186,786 97,084 

 July........ 6,944,610 7,701 120,152 50,606 18,569 112,456 987,201 181,994 97,104 

Aug........ 6,968,348 10,731 123,177 50,921 18,542 113,072 983,129 181,580 119,245 

Sept....... 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

36
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) 

2018 ............................ 22,822 19 80 22,696 27 *

2019 ............................ 21,455 19 69 21,367 * *

2020 ............................ 20,151 19 58 20,075 * *

2021 ............................ 19,502 19 45 19,438 * *

2022 ............................ 19,353 19 31 19,303 * *

2021 - Sept ................. 19,502 19 45 19,438 * *

Oct................... 19,898 19 45 19,834 * *

Nov.................. 20,248 19 46 20,184 * *

Dec.................. 19,788 19 46 19,724 * *

2022 - Jan ................... 19,777 19 46 19,713 * *

Feb .................. 19,574 19 38 19,518 * *

Mar.................. 19,398 19 38 19,342 * *

 April.................. 19,357 19 39 19,300 * *

May ................. 19,558 19 39 19,501 * *

June ................ 19,722 19 39 19,664 * *

 July.................. 19,819 19 39 19,761 * *

Aug.................. 19,741 19 31 19,692 * *

Sept................. 19,353 19 31 19,303 * *

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

37
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) 

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

2022 ............................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

2021 - Sept..................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

Oct...................... 16,455,433 5,390,259 6,120,690 2,858,166 531,506 1,554,811 65 

Nov ..................... 16,757,903 5,309,420 6,356,333 2,945,703 586,315 1,560,131 66 

Dec ..................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66 

2022 - Jan ...................... 17,194,470 5,540,423 6,409,263 3,034,048 617,719 1,593,017 66

Feb ..................... 17,441,660 5,656,274 6,475,818 3,052,591 667,274 1,589,703 66 

Mar ..................... 17,519,927 5,559,737 6,541,403 3,126,753 683,615 1,608,419 66 

 Apr...................... 17,332,521 5,487,037 6,399,519 3,138,408 677,868 1,629,689 67

May..................... 17,530,546 5,360,375 6,611,565 3,193,692 724,547 1,640,367 68 

June.................... 17,563,428 5,240,978 6,691,404 3,232,049 738,774 1,660,224 68 

 July..................... 17,456,151 5,276,927 6,551,243 3,208,065 739,186 1,680,731 69

Aug ..................... 17,975,257 5,530,984 6,724,083 3,239,185 784,133 1,696,872 68 

Sept.................... 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68 

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

38
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 

(4) 

Public debt

(5) 

Other debt 

(6) 

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

20211 ...................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

20223 ...................................... 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653

2021 – Sept1........................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

Oct2............................. 28,881,463 28,881,438 28,881,438 - 28,908,765 - 27,328

Nov2............................ 28,881,463 28,881,438 28,881,438 - 28,907,987 - 26,549

Dec3............................ 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214

2022 – Jan3 ............................ 31,381,463 29,982,990 29,982,990 - 30,012,386 - 29,396

Feb3 ............................ 31,381,463 30,258,450 30,258,450 - 30,290,353 - 31,902

Mar3 ............................ 31,381,463 30,365,315 30,365,315 - 30,400,960 - 35,645

 Apr3 ............................ 31,381,463 30,333,895 30,333,895 - 30,374,155 - 40,260

May3 ........................... 31,381,463 30,458,012 30,458,012 - 30,499,619 - 41,606

June3 .......................... 31,381,463 30,523,251 30,523,251 - 30,568,582 - 45,331

 July3............................ 31,381,463 30,548,963 30,548,963 - 30,595,109 - 46,146

Aug3............................ 31,381,463 30,883,745 30,883,745 - 30,936,075 - 52,331

Sept3........................... 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

(2) Pursuant to 31 U.S.C. 3101(b), Public law 117-50, the Statutory Debt Limit was permanently

increased effective October 14, 2021, to $28,881,462,788,891.71.

(3) Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was 

permanently increased effective December 16, 2021, to $31,381,462,788,891.71. 

39
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) 

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ....................................... 1,809,674 31,592 21,196 30,286 658 317

2022 ....................................... 1,623,412 32,772 21,918 31,785 601 266

2021 - Sept ............................ 1,809,674 31,592 21,196 30,286 658 317

Oct.............................. 1,869,279 39,986 21,364 30,439 660 317

Nov............................. 1,887,822 42,593 21,494 30,550 663 317

Dec............................. 1,911,421 30,333 21,629 31,039 665 317

2022 - Jan .............................. 1,919,559 31,128 21,752 31,126 666 317

Feb ............................. 1,937,167 32,196 21,842 31,260 667 317

Mar............................. 1,954,853 31,290 20,775 29,420 558 317

 Apr ............................. 1,977,620 29,895 20,856 29,522 560 317

May ............................ 1,989,056 30,696 20,944 29,615 564 317

June ........................... 1,996,058 30,743 21,069 29,867 568 317

 July............................. 2,030,569 31,593 21,069 29,867 557 317

Aug............................. 2,030,332 32,332 21,893 30,416 601 266

Sept............................ 1,623,412 32,772 21,918 31,785 601 266

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) 

2018 ....................................... 1,258,499 5,531 24,709 134 61,584

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2021 ....................................... 1,221,381 5,629 66,271 10 70,500

2022 ....................................... 905,071 5,679 93,564 13 73,447

2021 - Sept ............................ 1,221,381 5,629 66,271 10 70,500

Oct ............................. 1,258,486 5,621 66,271 10 70,668

Nov............................. 1,258,479 5,621 66,271 10 71,302

Dec............................. 1,277,348 5,615 66,271 10 71,819

2022 - Jan.............................. 1,277,366 5,595 66,271 11 71,938

Feb............................. 1,277,201 5,927 66,271 11 72,459

Mar............................. 1,287,754 5,922 66,271 11 72,718

 Apr ............................. 1,298,251 5,887 66,271 11 72,075

May ............................ 1,298,279 5,862 66,271 13 72,470

June ........................... 1,272,314 5,861 98,149 13 72,846

 July ............................ 1,298,623 5,758 98,149 13 73,031

Aug............................. 1,298,959 5,771 98,149 13 73,475

Sept............................ 905,071 5,679 93,564 13 73,447

40
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) 

2018 ...................................... 20,213 3,725 11,212 56,699

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2021 ...................................... 14,531 4,567 262,655 80,081

2022 ...................................... 13,501 4,417 362,802 77,576

2021 - Sept ........................... 14,531 4,567 262,655 80,081

Oct............................. 14,532 4,994 275,269 80,662

Nov............................ 14,532 5,326 294,269 76,395

Dec............................ 14,590 5,757 309,269 76,759

2022 - Jan ............................. 14,596 6,187 315,532 77,074

Feb ............................ 14,596 6,515 330,532 77,373

Mar............................ 14,596 6,927 340,533 77,761

 Apr ............................ 14,596 7,338 354,042 77,999

May ........................... 14,596 7,701 363,345 78,383

June .......................... 14,596 3,157 367,138 79,420

 July............................ 14,596 3,605 369,138 84,253

Aug............................ 13,312 3,968 369,138 82,039

Sept........................... 13,501 4,417 362,802 77,576

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

41
 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

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

the consolidation of the Financial Management Service and 

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

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

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

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

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

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

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

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

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

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

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

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

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

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

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

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JULY-SEPTEMBER 

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

JULY 

Auction of 119-Day Cash Management Bills 

On June 28, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued July 5 and will mature November 1. The issue was to raise new cash of approximately $95,000 

million. Treasury auctioned the bills on June 29. Tenders totaled $111,470 million; Treasury accepted 

$30,000 million, including $6 million of noncompetitive tenders from the public. The high bank discount 

rate was 2.185 percent. 

Auction of 119-Day Cash Management Bills 

On July 5, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

July 12 and will mature November 8. The issue was to raise new cash of approximately $95,000 million. 

Treasury auctioned the bills on July 6. Tenders totaled $101,852 million; Treasury accepted $30,000 

million, including $9 million of noncompetitive tenders from the public. The high bank discount rate was 

2.230 percent. 

Auction of 52-Week Bills 

On July 7, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They 

were issued July 14 and will mature July 13, 2023. The issue was to refund $142,000 million of all 

maturing bills and to pay down approximately $15,000 million. Treasury auctioned the bills on July 12. 

42
Tenders totaled $107,697 million; Treasury accepted $34,000 million, including $1,024 million of 

noncompetitive tenders from the public. The high bank discount rate was 2.960 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,549 

million from Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 3-Year Notes 

On July 7, 2022, Treasury announced it would auction $43,000 million of 3-year notes. The issue was to 

refund $64,351 million of securities maturing July 15 and to raise new cash of approximately $30,649 

million. 

The 3-year notes of Series AQ-2025 were dated and issued July 15. They are due July 15, 2025, with 

interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 3 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders 

and before 1:00 p.m. ET for competitive tenders on July 11. Tenders totaled $104,395 million; Treasury 

accepted $43,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high yield of 3.093 percent with an equivalent price of $99.735500. Treasury accepted in full all 

competitive tenders at yields lower than 3.093 percent. Tenders at the high yield were allotted 62.48 

percent. The median yield was 3.038 percent, and the low yield was 2.900 percent. Noncompetitive 

tenders totaled $160 million. Competitive tenders accepted from private investors totaled $42,740 million. 

In addition to the $43,000 million of tenders accepted in the auction process, Treasury accepted $5,481 

million from FRBs for their own accounts. The minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes of Series AQ-2025 is $100. 

Auction of 9-Year 10-Month 2-7/8 Percent Notes 

On July 7, 2022, Treasury announced it would auction $33,000 million of 9-year 10-month 2-7/8 percent 

notes. The issue was to refund $64,351 million of securities maturing July 15 and to raise new cash of 

approximately $30,649 million. 

The 9-year 10-month 2-7/8 percent notes of Series C-2032 were dated May 15 and issued July 15. They 

are due May 15, 2032, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 12. Tenders totaled $77,358 million; Treasury accepted $33,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 2.960 percent with an equivalent price of $99.274623. Treasury accepted in full all competitive tenders

at yields lower than 2.960 percent. Tenders at the high yield were allotted 4.70 percent. The median yield

was 2.850 percent, and the low yield was 2.810 percent. Noncompetitive tenders totaled $12 million.

Competitive tenders accepted from private investors totaled $32,988 million. Accrued interest of

$4.76563 per $1,000 must be paid for the period from May 15 to July 15.

In addition to the $33,000 million of tenders accepted in the auction process, Treasury accepted $4,206 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series C-2032 is $100. 

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

43
TREASURY FINANCING: JULY-SEPTEMBER, continued 

On July 7, 2022, Treasury announced it would auction $19,000 million of 29-year 10-month 2-7/8 percent 

bonds. The issue was to refund $64,351 million of securities maturing July 15 and to raise new cash of 

approximately $30,649 million. 

The 29-year 10-month 2-7/8 percent bonds of May 2052 were dated May 15 and issued July 15. They are 

due May 15, 2052, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 13. Tenders totaled $46,279 million; Treasury accepted $19,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.115 percent with an equivalent price of $95.354138. Treasury accepted in full all competitive tenders

at yields lower than 3.115 percent. Tenders at the high yield were allotted 84.69 percent. The median

yield was 3.050 percent, and the low yield was 2.990 percent. Noncompetitive tenders totaled $2 million.

Competitive tenders accepted from private investors totaled $18,998 million. Accrued interest of

$4.76563 per $1,000 must be paid for the period from May 15 to July 15.

In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $2,422 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

May 2052 is $100. 

Auction of 1-Year 10-Month -0.075 Percent Floating Rate Notes (FRNs) 

On July 14, 2022, Treasury announced it would auction $25 million of 1-year 10-month -0.075 percent 

FRNs. The issue was to raise new cash of approximately $25 million. 

The 1-year 10-month -0.075 percent FRNs of Series BB-2024 were dated April 30 and issued July 18. 

They are due April 30, 2024, with interest payable on July 31, October 31, January 31, and April 30 until 

maturity. 

Treasury received tenders for the FRNs before 1:00 p.m. ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 14. Tenders totaled $133 million; Treasury accepted $25 million.

All noncompetitive and successful competitive bidders were allotted securities at the high discount

margin of -0.010 percent with an equivalent price of $99.884582. Treasury accepted in full all

competitive tenders at discount margins lower than -0.010 percent. Tenders at the high discount margin

were allotted 30.00 percent. The median discount margin was -0.020 percent, and the low discount

margin was -0.050 percent. Noncompetitive tenders totaled $ million. Competitive tenders accepted from

private investors totaled $25 million. Accrued interest of $0.282741453 per $100 must be paid for the

period from April 30 to July 18.

Auction of 119-Day Cash Management Bills 

On July 12, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued July 19 and will mature November 15. The issue was to raise new cash of approximately $115,000 

million. Treasury auctioned the bills on July 13. Tenders totaled $88,528 million; Treasury accepted 

$30,000 million, including $10 million of noncompetitive tenders from the public. The high bank 

discount rate was 2.600 percent. 

Auction of 119-Day Cash Management Bills 

44
On July 19, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued July 26 and will mature November 22. The issue was to raise new cash of approximately $135,000 

million. Treasury auctioned the bills on July 20. Tenders totaled $116,098 million; Treasury accepted 

$30,000 million, including $14 million of noncompetitive tenders from the public. The high bank 

discount rate was 2.720 percent. 

Auction of 10-Year Treasury Inflation Protected Security (TIPS) 

On July 14, 2022, Treasury announced it would auction $17,000 million of 10-year TIPS. The issue was 

to raise new cash of approximately $17,000 million. 

The 10-year TIPS of Series D-2032 were dated July 15 and issued July 29. They are due July 15, 2032, 

with interest payable on January 15 and July 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 ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 21. Tenders totaled $37,092 million; Treasury accepted $17,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 0.630 percent with an equivalent adjusted price of $100.446487. Treasury accepted in full all

competitive tenders at yields lower than 0.630 percent. Tenders at the high yield were allotted 77.17

percent. The median yield was 0.500 percent, and the low yield was 0.470 percent. Noncompetitive

tenders totaled $86 million. Competitive tenders accepted from private investors totaled $16,914 million.

Adjusted accrued interest of $0.23895 per $1,000 must be paid for the period from July 15 to July 29.

Both the unadjusted price of $99.951726 and the unadjusted accrued interest of $0.23777 were adjusted

by an index ratio of 1.00495, for the period from July 15 to July 29. The minimum par amount required

for STRIPS of TIPS of Series D-2032 is $100.

AUGUST 

Auction of 19-Year 10-Month 3-1/4 Percent Bonds 

On July 14, 2022, Treasury announced it would auction $14,000 million of 19-year 10-month 3-1/4 

percent bonds. The issue was to refund $159,799 million of securities maturing July 31 and to raise new 

cash of approximately $7,201 million. 

The 19-year 10-month 3-1/4 percent bonds of May 2042 were dated May 15 and issued August 1. They 

are due May 15, 2042, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 20. Tenders totaled $37,156 million; Treasury accepted $14,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.420 percent with an equivalent price of $97.563393. Treasury accepted in full all competitive tenders

at yields lower than 3.420 percent. Tenders at the high yield were allotted 4.47 percent. The median yield

was 3.330 percent, and the low yield was 2.880 percent. Noncompetitive tenders totaled $19 million.

Competitive tenders accepted from private investors totaled $13,981 million. Accrued interest of

$6.88859 per $1,000 must be paid for the period from May 15 to August 1.

In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,215 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

May 2042 is $100. 

Auction of 2-Year Notes 

45
TREASURY FINANCING: JULY-SEPTEMBER, continued 

On July 21, 2022, Treasury announced it would auction $45,000 million of 2-year notes. The issue was to 

refund $159,799 million of securities maturing July 31 and to raise new cash of approximately $7,201 

million. 

The 2-year notes of Series BE-2024 were dated July 31 and issued August 1. They are due July 31, 2024, 

with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 3 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 25. Tenders totaled $116,231 million; Treasury accepted $45,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.015 percent with an equivalent price of $99.971015. Treasury accepted in full all competitive tenders

at yields lower than 3.015 percent. Tenders at the high yield were allotted 6.49 percent. The median yield

was 2.950 percent, and the low yield was 2.850 percent. Noncompetitive tenders totaled $643 million.

Competitive tenders accepted from private investors totaled $44,254 million. Accrued interest of

$0.08152 per $1,000 must be paid for the period from July 31 to August 1.

In addition to the $45,000 million of tenders accepted in the auction process, Treasury accepted $3,904 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BE-2024 is $100. 

Auction of 5-Year Notes 

On July 21, 2022, Treasury announced it would auction $46,000 million of 5-year notes. The issue was to 

refund $159,799 million of securities maturing July 31 and to raise new cash of approximately $7,201 

million. 

The 5-year notes of Series AB-2027 were dated July 31 and issued August 1. They are due July 31, 2027, 

with interest payable on January 31 and July 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 ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 26. Tenders totaled $113,319 million; Treasury accepted $46,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 2.860 percent with an equivalent price of $99.491044. Treasury accepted in full all competitive tenders

at yields lower than 2.860 percent. Tenders at the high yield were allotted 21.10 percent. The median

yield was 2.800 percent, and the low yield was 2.720 percent. Noncompetitive tenders totaled $64

million. Competitive tenders accepted from private investors totaled $45,933 million. Accrued interest of

$0.07473 per $1,000 must be paid for the period from July 31 to August 1.

In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $3,991 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AB-2027 is $100. 

Auction of 2-Year FRNs 

On July 21, 2022, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue was to 

refund $159,799 million of securities maturing July 31 and to raise new cash of approximately $7,201 

million. 

46
The 2-year FRNs of Series BF-2024 were dated July 31 and issued August 1. They are due July 31, 2024, 

with interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury set a 

spread of 0.037 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on July 27. Tenders totaled $75,213 million; Treasury accepted 

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.037 percent with an equivalent price of $99.999954. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.037 percent. Tenders at the high discount margin 

were allotted 18.07 percent. The median discount margin was 0.010 percent, and the low discount margin 

was -0.020 percent. Noncompetitive tenders totaled $24 million. Competitive tenders accepted from 

private investors totaled $23,976 million. Accrued interest of $0.007147654 per $100 must be paid for the 

period from July 31 to August 1. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,082 

million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On July 21, 2022, Treasury announced it would auction $38,000 million of 7-year notes. The issue was to 

refund $159,799 million of securities maturing July 31 and to raise new cash of approximately $7,201 

million. 

The 7-year notes of Series N-2029 were dated July 31 and issued August 1. They are due July 31, 2029, 

with interest payable on January 31 and July 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 ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on July 28. Tenders totaled $98,950 million; Treasury accepted $38,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 2.730 percent with an equivalent price of $99.335208. Treasury accepted in full all competitive tenders

at yields lower than 2.730 percent. Tenders at the high yield were allotted 53.12 percent. The median

yield was 2.650 percent, and the low yield was 2.592 percent. Noncompetitive tenders totaled $14

million. Competitive tenders accepted from private investors totaled $37,986 million. Accrued interest of

$0.07133 per $1,000 must be paid for the period from July 31 to August 1.

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $3,297 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series N-2029 is $100. 

Auction of 119-Day Cash Management Bills 

On July 26, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 2 and will mature November 29. The issue was to raise new cash of approximately 

$135,000 million. Treasury auctioned the bills on July 27. Tenders totaled $110,718 million; Treasury 

accepted $30,000 million, including $8 million of noncompetitive tenders from the public. The high bank 

discount rate was 2.690 percent. 

Auction of 119-Day Cash Management Bills 

On August 2, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 9 and will mature December 6. The issue was to raise new cash of approximately $135,000 

47
TREASURY FINANCING: JULY-SEPTEMBER, continued 

million. Treasury auctioned the bills on August 3. Tenders totaled $100,575 million; Treasury accepted 

$30,000 million, including $16 million of noncompetitive tenders from the public. The high bank 

discount rate was 2.730 percent. 

Auction of 52-Week Bills 

On August 4, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued August 11 and will mature August 10, 2023. The issue was to refund $130,003 million 

of all maturing bills and to pay down approximately $3 million. Treasury auctioned the bills on August 9. 

Tenders totaled $103,743 million; Treasury accepted $34,000 million, including $1,254 million of 

noncompetitive tenders from the public. The high bank discount rate was 3.200 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,075 

million from FRBs for their own accounts. 

August Quarterly Financing 

On Aug 3, 2022, Treasury announced it would auction $42,000 million of 3-year notes, $35,000 million 

of 10-year notes, and $21,000 million of 30-year bonds to refund $54,088 million of securities maturing 

August 15, 2022, and to raise new cash of approximately $43,912 million. 

The 3-year notes of Series AR-2025 were dated and issued August 15. They are due August 15, 2025, 

with interest payable on February 15 and August 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 9. Tenders totaled $105,026 million; Treasury accepted

$42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.202 percent with an equivalent price of $99.781411. Treasury accepted in full all

competitive tenders at yields lower than 3.202 percent. Tenders at the high yield were allotted 25.45

percent. The median yield was 3.140 percent, and the low yield was 3.075 percent. Noncompetitive

tenders totaled $195 million. Competitive tenders accepted from private investors totaled $41,705 million.

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $26,564 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AR-2025 is $100. 

The 10-year notes of Series E-2032 were dated and issued August 15. They are due August 15, 2032, with 

interest payable on February 15 and August 15 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 ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 10. Tenders totaled $88,631 million; Treasury accepted

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.755 percent with an equivalent price of $99.956556. Treasury accepted in full all

competitive tenders at yields lower than 2.755 percent. Tenders at the high yield were allotted 63.47

percent. The median yield was 2.690 percent, and the low yield was 2.590 percent. Noncompetitive

tenders totaled $28 million. Competitive tenders accepted from private investors totaled $34,972 million.

48
In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $22,137 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series E-2032 is $100. 

The 30-year bonds of August 2052 were dated and issued August 15. They are due August 15, 2052, with 

interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 3 percent 

after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 11. Tenders totaled $48,512 million; Treasury accepted

$21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.106 percent with an equivalent price of $97.941002. Treasury accepted in full all

competitive tenders at yields lower than 3.106 percent. Tenders at the high yield were allotted 74.40

percent. The median yield was 3.019 percent, and the low yield was 2.900 percent. Noncompetitive

tenders totaled $8 million. Competitive tenders accepted from private investors totaled $20,992 million.

In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $13,282 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2052 is $100. 

Auction of 119-Day Cash Management Bills 

On August 9, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 16 and will mature December 13. The issue was to raise new cash of approximately 

$135,000 million. Treasury auctioned the bills on August 10. Tenders totaled $84,571 million; Treasury 

accepted $30,000 million, including $10 million of noncompetitive tenders from the public. The high 

bank discount rate was 2.780 percent. 

Auction of 119-Day Cash Management Bills 

On August 16, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 23 and will mature December 20. The issue was to raise new cash of approximately 

$135,000 million. Treasury auctioned the bills on August 17. Tenders totaled $91,915 million; Treasury 

accepted $30,000 million, including $21 million of noncompetitive tenders from the public. The high 

bank discount rate was 2.890 percent. 

Auction of 21-Day Cash Management Bills 

On August 18, 2022, Treasury announced it would auction $60,000 million of 21-day bills. They were 

issued August 25 and matured September 15. The issue was to raise new cash of approximately $156,000 

million. Treasury auctioned the bills on August 23. Tenders totaled $146,821 million; Treasury accepted 

$60,001 million, including $52 million of noncompetitive tenders from the public. The high bank 

discount rate was 2.200 percent. 

Auction of 1-Year 11-Month 0.037 Percent FRNs 

On August 18, 2022, Treasury announced it would auction $22,000 million of 1-year 11-month 0.037 

percent FRNs. The issue was to raise new cash of approximately $22,000 million. 

The 1-year 11-month 0.037 percent FRNs of Series BF-2024 were dated July 31 and issued August 26. 

They are due July 31, 2024, with interest payable on October 31, January 31, April 30, and July 31 until 

maturity. 

49
TREASURY FINANCING: JULY-SEPTEMBER, continued 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on August 24. Tenders totaled $56,599 million; Treasury accepted 

$22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.090 percent with an equivalent price of $99.898407. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.090 percent. Tenders at the high discount margin 

were allotted 32.98 percent. The median discount margin was 0.047 percent, and the low discount margin 

was 0.000 percent. Noncompetitive tenders totaled $40 million. Competitive tenders accepted from 

private investors totaled $21,960 million. Accrued interest of $0.190062689 per $100 must be paid for the 

period from July 31 to August 26. 

Auction of 119-Day Cash Management Bills 

On August 23, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued August 30 and will mature December 27. The issue was to raise new cash of approximately 

$135,000 million. Treasury auctioned the bills on August 24. Tenders totaled $102,064 million; Treasury 

accepted $30,001 million, including $13 million of noncompetitive tenders from the public. The high 

bank discount rate was 2.970 percent. 

Auction of 20-Year Bonds 

On August 11, 2022, Treasury announced it would auction $15,000 million of 20-year bonds. The issue 

was to refund $91,860 million of securities maturing August 31 and to raise new cash of approximately 

$57,140 million. 

The 20-year bonds of August 2042 were dated August 15 and issued August 31. They are due August 15, 

2042, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 

3-3/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on August 17. Tenders totaled $34,573 million; Treasury accepted

$15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.380 percent with an equivalent price of $99.925621. Treasury accepted in full all

competitive tenders at yields lower than 3.380 percent. Tenders at the high yield were allotted 73.88

percent. The median yield was 3.280 percent, and the low yield was 3.220 percent. Noncompetitive

tenders totaled $24 million. Competitive tenders accepted from private investors totaled $14,976 million.

Accrued interest of $1.46739 per $1,000 must be paid for the period from August 15 to August 31.

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $1,953 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

August 2042 is $100. 

Auction of 29-Year 6-Month 0-1/8 Percent TIPS 

On August 11, 2022, Treasury announced it would auction $8,000 million of 29-year 6-month 0-1/8 

percent TIPS. The issue was to refund $91,860 million of securities maturing August 31 and to raise new 

cash of approximately $57,140 million. 

The 29-year 6-month 0-1/8 percent TIPS of February 2052 were dated August 15 and issued August 31. 

They are due February 15, 2052, with interest payable on February 15 and August 15 until maturity. 

50
Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 18. Tenders totaled $21,527 million; Treasury accepted

$8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 0.920 percent with an equivalent adjusted price of $84.615251. Treasury accepted in full all

competitive tenders at yields lower than 0.920 percent. Tenders at the high yield were allotted 86.25

percent. The median yield was 0.860 percent, and the low yield was 0.820 percent. Noncompetitive

tenders totaled $7 million. Competitive tenders accepted from private investors totaled $7,993 million.

Adjusted accrued interest of $0.05783 per $1,000 must be paid for the period from August 15 to August

31. Both the unadjusted price of $79.527854 and the unadjusted accrued interest of $0.05435 were

adjusted by an index ratio of 1.06397, for the period from August 15 to August 31.

In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $1,042 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

February 2052 is $100. 

Auction of 2-Year Notes 

On August 18, 2022, Treasury announced it would auction $44,000 million of 2-year notes. The issue was 

to refund $91,860 million of securities maturing August 31 and to raise new cash of approximately 

$57,140 million. 

The 2-year notes of Series BG-2024 were dated and issued August 31. They are due August 31, 2024, 

with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 3-1/4 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 23. Tenders totaled $109,460 million; Treasury accepted

$44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.307 percent with an equivalent price of $99.890561. Treasury accepted in full all

competitive tenders at yields lower than 3.307 percent. Tenders at the high yield were allotted 17.58

percent. The median yield was 3.250 percent, and the low yield was 3.150 percent. Noncompetitive

tenders totaled $755 million. Competitive tenders accepted from private investors totaled $43,040 million.

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $5,728 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series BG-2024 is $100. 

Auction of 5-Year Notes 

On August 18, 2022, Treasury announced it would auction $45,000 million of 5-year notes. The issue was 

to refund $91,860 million of securities maturing August 31 and to raise new cash of approximately 

$57,140 million. 

The 5-year notes of Series AC-2027 were dated and issued August 31. They are due August 31, 2027, 

with interest payable on February 28 and August 31 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 24. Tenders totaled $103,378 million; Treasury accepted

$45,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.230 percent with an equivalent price of $99.518772. Treasury accepted in full all

51
TREASURY FINANCING: JULY-SEPTEMBER, continued 

competitive tenders at yields lower than 3.230 percent. Tenders at the high yield were allotted 74.56 

percent. The median yield was 3.150 percent, and the low yield was 3.050 percent. Noncompetitive 

tenders totaled $98 million. Competitive tenders accepted from private investors totaled $44,899 million. 

In addition to the $45,000 million of tenders accepted in the auction process, Treasury accepted $5,859 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AC-2027 is $100. 

Auction of 7-Year Notes 

On August 18, 2022, Treasury announced it would auction $37,000 million of 7-year notes. The issue was 

to refund $91,860 million of securities maturing August 31 and to raise new cash of approximately 

$57,140 million. 

The 7-year notes of Series P-2029 were dated and issued August 31. They are due August 31, 2029, with 

interest payable on February 28 and August 31 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on August 25. Tenders totaled $98,224 million; Treasury accepted

$37,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.130 percent with an equivalent price of $99.968787. Treasury accepted in full all

competitive tenders at yields lower than 3.130 percent. Tenders at the high yield were allotted 73.37

percent. The median yield was 3.090 percent, and the low yield was 3.050 percent. Noncompetitive

tenders totaled $20 million. Competitive tenders accepted from private investors totaled $36,980 million.

In addition to the $37,000 million of tenders accepted in the auction process, Treasury accepted $4,817 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series P-2029 is $100. 

SEPTEMBER 

Auction of 119-Day Cash Management Bills 

On August 30, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued September 6 and will mature January 3, 2023. The issue was to raise new cash of approximately 

$125,000 million. Treasury auctioned the bills on August 31. Tenders totaled $106,201 million; Treasury 

accepted $30,000 million, including $26 million of noncompetitive tenders from the public. The high 

bank discount rate was 3.100 percent. 

Auction of 52-Week Bills 

On September 1, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued September 8 and will mature September 7, 2023. The issue was to refund $130,001 

million of all maturing bills and to pay down approximately $1 million. Treasury auctioned the bills on 

September 6. Tenders totaled $93,372 million; Treasury accepted $34,000 million, including $1,014 

million of noncompetitive tenders from the public. The high bank discount rate was 3.460 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $2,762 

million from FRBs for their own accounts. 

52
Auction of 119-Day Cash Management Bills 

On September 6, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued September 13 and will mature January 10, 2023. The issue was to raise new cash of approximately 

$125,000 million. Treasury auctioned the bills on September 7. Tenders totaled $108,806 million; 

Treasury accepted $30,000 million, including $26 million of noncompetitive tenders from the public. The 

high bank discount rate was 3.195 percent. 

Auction of 3-Year Notes 

On September 8, 2022, Treasury announced it would auction $41,000 million of 3-year notes. The issue 

was to refund $28,214 million of securities maturing September 15 and to raise new cash of 

approximately $62,786 million. 

The 3-year notes of Series AS-2025 were dated and issued September 15. They are due September 15, 

2025, with interest payable on March 15 and September 15 until maturity. Treasury set an interest rate of 

3-1/2 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30

a.m. ET for competitive tenders on September 12. Tenders totaled $102,244 million; Treasury accepted

$41,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.564 percent with an equivalent price of $99.819428. Treasury accepted in full all

competitive tenders at yields lower than 3.564 percent. Tenders at the high yield were allotted 82.62

percent. The median yield was 3.500 percent, and the low yield was 3.390 percent. Noncompetitive

tenders totaled $208 million. Competitive tenders accepted from private investors totaled $40,792 million.

The minimum par amount required for STRIPS of notes of Series AS-2025 is $100.

Auction of 9-Year 11-Month 2-3/4 Percent Notes 

On September 8, 2022, Treasury announced it would auction $32,000 million of 9-year 11-month 2-3/4 

percent notes. The issue was to refund $28,214 million of securities maturing September 15 and to raise 

new cash of approximately $62,786 million. 

The 9-year 11-month 2-3/4 percent notes of Series E-2032 were dated August 15 and issued September 

15. They are due August 15, 2032, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 12. Tenders totaled $75,794 million; Treasury accepted

$32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.330 percent with an equivalent price of $95.132618. Treasury accepted in full all

competitive tenders at yields lower than 3.330 percent. Tenders at the high yield were allotted 4.32

percent. The median yield was 3.240 percent, and the low yield was 3.170 percent. Noncompetitive

tenders totaled $18 million. Competitive tenders accepted from private investors totaled $31,982 million.

Accrued interest of $2.31658 per $1,000 must be paid for the period from August 15 to September 15.

The minimum par amount required for STRIPS of notes of Series E-2032 is $100.

Auction of 29-Year 11-Month 3 Percent Bonds 

On September 8, 2022, Treasury announced it would auction $18,000 million of 29-year 11-month 3 

percent bonds. The issue was to refund $28,214 million of securities maturing September 15 and to raise 

new cash of approximately $62,786 million. 

53
TREASURY FINANCING: JULY-SEPTEMBER, continued 

The 29-year 11-month 3 percent bonds of August 2052 were dated August 15 and issued September 15. 

They are due August 15, 2052, with interest payable on February 15 and August 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on September 13. Tenders totaled $43,535 million; Treasury accepted

$18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.511 percent with an equivalent price of $90.579948. Treasury accepted in full all

competitive tenders at yields lower than 3.511 percent. Tenders at the high yield were allotted 70.17

percent. The median yield was 3.450 percent, and the low yield was 3.400 percent. Noncompetitive

tenders totaled $3 million. Competitive tenders accepted from private investors totaled $17,997 million.

Accrued interest of $2.52717 per $1,000 must be paid for the period from August 15 to September 15.

The minimum par amount required for STRIPS of bonds of August 2052 is $100.

Auction of 119-Day Cash Management Bills 

On September 13, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They 

were issued September 20 and will mature January 17, 2023. The issue was to raise new cash of 

approximately $125,000 million. Treasury auctioned the bills on September 14. Tenders totaled $94,076 

million; Treasury accepted $30,000 million, including $32 million of noncompetitive tenders from the 

public. The high bank discount rate was 3.550 percent. 

Auction of 119-Day Cash Management Bills 

On September 20, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They 

were issued September 27 and will mature January 24, 2023. The issue was to raise new cash of 

approximately $125,000 million. Treasury auctioned the bills on September 21. Tenders totaled $112,670 

million; Treasury accepted $30,000 million, including $25 million of noncompetitive tenders from the 

public. The high bank discount rate was 3.590 percent. 

Auction of 19-Year 11-Month 3-3/8 Percent Bonds 

On September 15, 2022, Treasury announced it would auction $12,000 million of 19-year 11-month 3-3/8 

percent bonds. The issue was to refund $92,487 million of securities maturing September 30 and to raise 

new cash of approximately $79,513 million. 

The 19-year 11-month 3-3/8 percent bonds of August 2042 were dated August 15 and issued September 

30. They are due August 15, 2042, with interest payable on February 15 and August 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 20. Tenders totaled $31,858 million; Treasury accepted

$12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.820 percent with an equivalent price of $93.835989. Treasury accepted in full all

competitive tenders at yields lower than 3.820 percent. Tenders at the high yield were allotted 65.82

percent. The median yield was 3.750 percent, and the low yield was 3.700 percent. Noncompetitive

tenders totaled $11 million. Competitive tenders accepted from private investors totaled $11,989 million.

Accrued interest of $4.21875 per $1,000 must be paid for the period from August 15 to September 30.

The minimum par amount required for STRIPS of bonds of August 2042 is $100.

Auction of 9-Year 10-Month 0-5/8 Percent TIPS 

54
On September 15, 2022, Treasury announced it would auction $15,000 million of 9-year 10-month 0-5/8 

percent TIPS. The issue was to refund $92,487 million of securities maturing September 30 and to raise 

new cash of approximately $79,513 million. 

The 9-year 10-month 0-5/8 percent TIPS of Series D-2032 were dated July 15 and issued September 30. 

They are due July 15, 2032, with interest payable on January 15 and July 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on September 22. Tenders totaled $38,092 million; Treasury accepted

$15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.248 percent with an equivalent adjusted price of $96.133470. Treasury accepted in full all

competitive tenders at yields lower than 1.248 percent. Tenders at the high yield were allotted 70.66

percent. The median yield was 1.180 percent, and the low yield was 1.080 percent. Noncompetitive

tenders totaled $49 million. Competitive tenders accepted from private investors totaled $14,951 million.

Adjusted accrued interest of $1.33353 per $1,000 must be paid for the period from July 15 to September

30. Both the unadjusted price of $94.274379 and the unadjusted accrued interest of $1.30774 were

adjusted by an index ratio of 1.01972, for the period from July 15 to September 30. The minimum par

amount required for STRIPS of TIPS of Series D-2032 is $100.

Auction of 2-Year Notes 

On September 22, 2022, Treasury announced it would auction $43,000 million of 2-year notes. The issue 

was to refund $92,487 million of securities maturing September 30 and to raise new cash of 

approximately $79,513 million. 

The 2-year notes of Series BH-2024 were dated and issued September 30. They are due September 30, 

2024, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 

4-1/4 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 26. Tenders totaled $107,909 million; Treasury accepted

$43,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.290 percent with an equivalent price of $99.924113. Treasury accepted in full all

competitive tenders at yields lower than 4.290 percent. Tenders at the high yield were allotted 7.03

percent. The median yield was 4.220 percent, and the low yield was 4.100 percent. Noncompetitive

tenders totaled $1,644 million. Competitive tenders accepted from private investors totaled $41,136

million. The minimum par amount required for STRIPS of notes of Series BH-2024 is $100.

Auction of 5-Year Notes 

On September 22, 2022, Treasury announced it would auction $44,000 million of 5-year notes. The issue 

was to refund $92,487 million of securities maturing September 30 and to raise new cash of 

approximately $79,513 million. 

The 5-year notes of Series AD-2027 were dated and issued September 30. They are due September 30, 

2027, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 

4-1/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 27. Tenders totaled $99,931 million; Treasury accepted

$44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

55
TREASURY FINANCING: JULY-SEPTEMBER, continued 

high yield of 4.228 percent with an equivalent price of $99.540144. Treasury accepted in full all 

competitive tenders at yields lower than 4.228 percent. Tenders at the high yield were allotted 79.00 

percent. The median yield was 4.130 percent, and the low yield was 4.050 percent. Noncompetitive 

tenders totaled $192 million. Competitive tenders accepted from private investors totaled $43,806 million. 

The minimum par amount required for STRIPS of notes of Series AD-2027 is $100. 

Auction of 1-Year 10-Month 0.037 Percent FRNs 

On September 22, 2022, Treasury announced it would auction $22,000 million of 1-year 10-month 0.037 

percent FRNs. The issue was to refund $92,487 million of securities maturing September 30 and to raise 

new cash of approximately $79,513 million. 

The 1-year 10-month 0.037 percent FRNs of Series BF-2024 were dated July 31 and issued September 

30. They are due July 31, 2024, with interest payable on October 31, January 31, April 30, and July 31

until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on September 28. Tenders totaled $62,575 million; Treasury 

accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high discount margin of 0.092 percent with an equivalent price of $99.899772. Treasury accepted in 

full all competitive tenders at discount margins lower than 0.092 percent. Tenders at the high discount 

margin were allotted 65.84 percent. The median discount margin was 0.070 percent, and the low discount 

margin was 0.030 percent. Noncompetitive tenders totaled $34 million. Competitive tenders accepted 

from private investors totaled $21,966 million. Accrued interest of $0.490428675 per $100 must be paid 

for the period from July 31 to September 30. 

Auction of 7-Year Notes 

On September 22, 2022, Treasury announced it would auction $36,000 million of 7-year notes. The issue 

was to refund $92,487 million of securities maturing September 30 and to raise new cash of 

approximately $79,513 million. 

The 7-year notes of Series Q-2029 were dated and issued September 30. They are due September 30, 

2029, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 

3-7/8 percent after determining which tenders were accepted on a yield auction basis.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on September 28. Tenders totaled $92,485 million; Treasury accepted

$36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.898 percent with an equivalent price of $99.860277. Treasury accepted in full all

competitive tenders at yields lower than 3.898 percent. Tenders at the high yield were allotted 55.60

percent. The median yield was 3.850 percent, and the low yield was 3.797 percent. Noncompetitive

tenders totaled $53 million. Competitive tenders accepted from private investors totaled $35,947 million.

The minimum par amount required for STRIPS of notes of Series Q-2029 is $100.

56
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, 8 week, 13 week, and 26 week) 

2022-July 05.................................................. 2022-Aug. 02 28 107,435.2 38,483.4 34,058.9 941.3 99.903556 1.240 1.258

Aug. 30 56 89,592.8 32,985.9 29,652.5 347.7 99.743333 1.650 1.677

July 07........................................................... Oct. 06 91 121,065.0 52,331.3 43,203.5 812.6 99.532361 1.850 1.885

2023-Jan. 05 182 114,598.0 48,842.9 40,335.4 1,070.1 98.736111 2.500 2.567

July 12........................................................... 2022-Aug. 09 28 104,216.7 38,603.4 34,028.1 972.0 99.881000 1.530 1.553

Sep. 06 56 86,223.7 33,088.6 29,348.7 327.3 99.713778 1.840 1.871

July 14........................................................... Oct. 13 91 133,987.5 57,822.9 49,359.3 832.8 99.466639 2.110 2.151

2023-Jan. 12 182 117,610.0 47,618.8 40,420.8 979.2 98.642583 2.685 2.760

July 19........................................................... 2022-Aug. 16 28 126,795.0 47,924.4 43,899.5 1,050.5 99.846000 1.980 2.011

Sep. 13 56 101,445.2 42,599.5 39,204.3 426.8 99.646889 2.270 2.310

July 21........................................................... Oct. 20 91 168,137.9 61,700.5 52,717.4 983.4 99.375639 2.470 2.520

2023-Jan. 19 182 117,395.0 47,988.6 40,783.5 1,059.5 98.528833 2.910 2.994

July 26........................................................... 2022-Aug. 23 28 137,404.0 58,467.4 53,556.8 1,158.4 99.835111 2.120 2.153

Sep. 20 56 138,841.4 53,152.3 49,233.2 467.0 99.653111 2.230 2.269

July 28........................................................... Oct. 27 91 166,893.7 61,440.6 52,029.2 970.9 99.363000 2.520 2.571

2023-Jan. 26 182 138,441.6 47,787.4 39,930.7 1,069.6 98.523778 2.920 3.005

Aug. 02.......................................................... 2022-Aug. 30 28 149,564.4 58,390.0 53,013.8 1,280.4 99.833556 2.140 2.173

Sep. 27 56 142,417.1 53,081.9 48,538.2 462.1 99.656222 2.210 2.248

Aug. 04.......................................................... Nov. 03 91 150,495.5 62,447.7 52,437.8 1,303.2 99.370583 2.490 2.541

2023-Feb. 02 182 128,732.6 48,570.7 40,196.6 1,509.7 98.559167 2.850 2.932

Aug. 09.......................................................... 2022-Sep. 06 28 157,437.3 58,506.8 53,578.2 1,422.0 99.835889 2.110 2.143

Oct. 04 56 130,125.7 53,187.9 49,459.0 541.1 99.645333 2.280 2.320

Aug. 11.......................................................... Nov. 10 91 159,904.8 60,472.6 52,213.7 1,386.6 99.347833 2.580 2.633

2023-Feb. 09 182 134,616.6 47,034.1 39,993.7 1,526.4 98.463111 3.040 3.130

Aug. 16.......................................................... 2022-Sep. 13 28 137,334.8 57,861.1 53,652.4 1,297.8 99.832778 2.150 2.184

Oct. 11 56 120,055.0 52,600.9 49,572.8 427.4 99.622000 2.430 2.473

Aug. 18.......................................................... Nov. 17 91 149,942.7 61,489.3 52,395.0 1,209.3 99.340250 2.610 2.664

2023-Feb. 16 182 121,386.1 47,824.9 40,167.6 1,532.6 98.473222 3.020 3.109

Aug. 23.......................................................... 2022-Sep. 20 28 142,529.6 58,411.1 53,671.9 1,328.1 99.832778 2.150 2.184

Oct. 18 56 141,665.2 53,101.2 49,327.1 480.1 99.612667 2.490 2.534

Aug. 25.......................................................... Nov. 25 92 151,540.0 60,144.9 51,838.3 1,161.9 99.299778 2.740 2.798

2023-Feb. 23 182 127,863.7 46,779.3 39,564.5 1,535.6 98.427722 3.110 3.204

Aug. 30.......................................................... 2022-Sep. 27 28 133,934.8 58,339.5 53,689.0 1,311.1 99.820333 2.310 2.346

Oct. 25 56 139,288.9 53,036.0 48,854.9 545.2 99.594000 2.610 2.657

Sep. 01.......................................................... Dec. 01 91 170,055.6 60,577.6 52,749.2 1,151.0 99.272000 2.880 2.941

2023-Mar. 02 182 126,224.3 47,115.9 40,356.5 1,443.7 98.364528 3.235 3.334

Sep. 06.......................................................... 2022-Oct. 04 28 135,200.6 52,779.7 48,358.7 1,495.5 99.807889 2.470 2.509

Nov. 01 56 138,211.2 47,502.1 44,324.1 576.4 99.575333 2.730 2.780

Sep. 08.......................................................... Dec. 08 91 169,442.0 58,386.3 52,463.1 1,336.9 99.250514 2.965 3.029

2023-Mar. 09 182 135,361.3 45,411.7 40,183.4 1,453.8 98.321556 3.320 3.424

Sep. 13.......................................................... 2022-Oct. 11 28 153,594.5 52,302.1 47,973.4 1,534.6 99.805556 2.500 2.540

Nov. 08 56 133,997.7 47,071.2 44,303.5 496.6 99.569889 2.765 2.816

Sep. 15.......................................................... Dec. 15 91 152,606.7 58,534.0 52,340.7 1,294.5 99.222708 3.075 3.142

2023-Mar. 16 182 130,760.6 45,526.3 40,159.0 1,249.0 98.248250 3.465 3.576

57
Continued from PDO-1 

Sep. 20........................................................... 2022-Oct. 18 28 137,776.4 52,766.2 48,402.5 1,497.7 99.792333 2.670 2.713

Nov. 15 56 121,457.0 47,489.5 44,202.8 505.3 99.545000 2.925 2.979

Sep. 22........................................................... Dec. 22 91 140,429.3 55,759.9 52,048.6 1,459.4 99.173417 3.270 3.343

2023-Mar. 23 182 117,035.1 43,369.2 40,093.5 1,512.8 98.089000 3.780 3.907

Sep. 27........................................................... 2022-Oct. 25 28 143,654.9 52,706.2 48,097.1 1,540.9 99.793111 2.660 2.703

Nov. 22 56 119,253.1 47,435.6 43,909.9 648.1 99.534889 2.990 3.046

Sep. 29........................................................... Dec. 29 91 145,368.6 60,889.6 51,062.8 1,937.5 99.173417 3.270 3.343

2023-Mar. 30 182 117,833.5 47,358.5 38,838.7 2,161.5 98.053611 3.850 3.981

1 All 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. All 4-week bills represent additional issues of bills with an original maturity of 8 

weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5)

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

06/29/22 07/05/22 2.185% CMB—11/01/22 119d 111,470 30,000

07/06/22 07/12/22 2.230% CMB—11/08/22 119d 101,852 30,000

07/12/22 07/14/22 2.960% bill—07/13/23 364d 112,245 38,549

07/11/22 07/15/22 3.000% note—07/15/25-AQ 3y 109,875 48,481 3.093 - 99.735500 

07/12/22 07/15/22 2.875% note—05/15/32-C 9y 10m 81,564 37,206 2.960 - 99.274623 

07/13/22 07/15/22 2.875% bond—05/15/52 29y 10m 48,701 21,422 3.115 - 95.354138 

07/14/22 07/18/22 -0.075% FRN—04/30/24-BB 1y 10m 133 25 -0.010 - 99.884582 

07/13/22 07/19/22 2.600% CMB—11/15/22 119d 88,528 30,000

07/20/22 07/26/22 2.720% CMB—11/22/22 119d 116,098 30,000

07/21/22 07/29/22 0.625% TIPS—07/15/32-D 10y 37,092 17,000 0.630 - 100.446487 

07/20/22 08/01/22 3.250% bond—05/15/42 19y 10m 38,371 15,215 3.420 - 97.563393 

07/25/22 08/01/22 3.000% note—07/31/24-BE 2y 120,135 48,904 3.015 - 99.971015 

07/26/22 08/01/22 2.750% note—07/31/27-AB 5y 117,310 49,991 2.860 - 99.491044 

07/27/22 08/01/22 0.037% FRN—07/31/24-BF 2y 77,295 26,082 0.037 - 99.999954 

07/28/22 08/01/22 2.625% note—07/31/29-N 7y 102,247 41,297 2.730 - 99.335208 

07/27/22 08/02/22 2.690% CMB—11/29/22 119d 110,718 30,000

08/03/22 08/09/22 2.730% CMB—12/06/22 119d 100,575 30,000 

08/09/22 08/11/22 3.200% bill—08/10/23 364d 107,819 38,075

08/09/22 08/15/22 3.125% note—08/15/25-AR 3y 131,590 68,564 3.202 - 99.781411 

08/10/22 08/15/22 2.750% note—08/15/32-E 10y 110,768 57,137 2.755 - 99.956556 

08/11/22 08/15/22 3.000% bond—08/15/52 30y 61,794 34,282 3.106 - 97.941002 

08/10/22 08/16/22 2.780% CMB—12/13/22 119d 84,571 30,000

08/17/22 08/23/22 2.890% CMB—12/20/22 119d 91,915 30,000 

08/23/22 08/25/22 2.200% CMB—09/15/22 21d 146,821 60,001

58
Continued from PDO-2 

08/24/22 08/26/22 0.037% FRN—07/31/24-BF 1y 11m 56,599 22,000 0.090 - 99.898407 

08/24/22 08/30/22 2.970% CMB—12/27/22 119d 102,064 30,001 

08/17/22 08/31/22 3.375% bond—08/15/42 20y 36,526 16,953 3.380 - 99.925621 

08/18/22 08/31/22 0.125% TIPS—02/15/52 29y 6m 22,568 9,042 0.920 - 84.615251 

08/23/22 08/31/22 3.250% note—08/31/24-BG 2y 115,189 49,728 3.307 - 99.890561 

08/24/22 08/31/22 3.125% note—08/31/27-AC 5y 109,237 50,859 3.230 - 99.518772 

08/25/22 08/31/22 3.125% note—08/31/29-P 7y 103,041 41,817 3.130 - 99.968787 

08/31/22 09/06/22 3.100% CMB—01/03/23 119d 106,201 30,000 

09/06/22 09/08/22 3.460% bill—09/07/23 364d 96,133 36,762

09/07/22 09/13/22 3.195% CMB—01/10/23 119d 108,806 30,000 

09/12/22 09/15/22 3.500% note—09/15/25-AS 3y 102,244 41,000 3.564 - 99.819428 

09/12/22 09/15/22 2.750% note—08/15/32-E 9y 11m 75,794 32,000 3.330 - 95.132618 

09/13/22 09/15/22 3.000% bond—08/15/52 29y 11m 43,535 18,000 3.511 - 90.579948 

09/14/22 09/20/22 3.550% CMB—01/17/23 119d 94,076 30,000 

09/21/22 09/27/22 3.590% CMB—01/24/23 119d 112,670 30,000

09/20/22 09/30/22 3.375% bond—08/15/42 19y 11m 31,858 12,000 3.820 - 93.835989 

09/22/22 09/30/22 0.625% TIPS—07/15/32-D 9y 10m 38,092 15,000 1.248 - 96.133470 

09/26/22 09/30/22 4.250% note—09/30/24-BH 2y 107,909 43,000 4.290 - 99.924113 

09/27/22 09/30/22 4.125% note—09/30/27-AD 5y 99,931 44,000 4.228 - 99.540144 

09/28/22 09/30/22 0.037% FRN—07/31/24-BF 1y 10m 62,575 22,000 0.092 - 99.899772 

09/28/22 09/30/22 3.875% note—09/30/29-Q 7y 92,485 36,000 3.898 - 99.860277 

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. 

59
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.) 

60
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) 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2022 ................................................ 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

2021 - Sept...................................... 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

Oct....................................... 28,928,663 28,908,765 6,247,399 - 6,247,399 6,009,806 

Nov ...................................... 28,928,235 28,907,987 6,237,725 - 6,237,725 6,073,334 

Dec ...................................... 29,637,003 29,617,215 6,448,886 - 6,448,886 6,141,499 

2022 - Jan ....................................... 30,032,163 30,012,386 6,500,497 - 6,500,497 6,212,353 

Feb ...................................... 30,309,927 30,290,353 6,489,253 - 6,489,253 6,245,309 

Mar ...................................... 30,420,358 30,400,960 6,497,680 - 6,497,680 6,254,966 

 Apr....................................... 30,393,512 30,374,155 6,504,558 - 6,504,558 6,255,055 

May...................................... 30,519,177 30,499,619 6,574,537 - 6,574,537 6,250,483 

June..................................... 30,588,304 30,568,582 6,635,101 - 6,635,101 6,216,801 

 July...................................... 30,614,928 30,595,109 6,621,007 - 6,621,007 6,207,912 

Aug ...................................... 30,955,816 30,936,075 6,646,856 - 6,646,856 6,159,852 

Sept..................................... 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

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) 

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 - 

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 - 

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2022 ................................................ 18,223,121 17,597,039 626,082 19,353 19,353 - 

2021 - Sept...................................... 16,394,280 15,967,103 427,176 19,502 19,502 -

 Oct........................................ 16,651,560 16,122,276 529,284 19,898 19,898 -

 Nov....................................... 16,596,928 16,278,273 318,655 20,248 20,248 -

 Dec....................................... 17,026,830 16,448,593 578,237 19,788 19,788 -

2022 - Jan ....................................... 17,299,536 16,706,545 592,991 19,777 19,777 -

 Feb ....................................... 17,555,791 16,950,653 605,138 19,574 19,574 -

 Mar....................................... 17,648,314 17,031,146 617,168 19,398 19,398 -

 Apr........................................ 17,614,542 16,999,565 614,977 19,357 19,357 -

 May ...................................... 17,674,599 17,056,672 617,926 19,558 19,558 -

 June ..................................... 17,716,680 17,094,781 621,899 19,722 19,722 -

 July....................................... 17,766,190 17,146,834 619,356 19,819 19,819 -

 Aug....................................... 18,129,367 17,515,106 614,261 19,741 19,741 -

 Sept...................................... 18,223,121 17,597,039 626,082 19,353 19,353 -

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. 

61
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) 

2022 - Sept........ 30,928.9 12,264.7 18,664.2 - 166.2 - - - - - - -

 June ....... 30,568.6 12,399.7 18,168.9 1,807.7 160.4 767.6 381.1 368.2 2,842.6 1,547.2 7,430.8 2,863.5 

 Mar......... 30,401.0 12,281.3 18,119.7 1,754.1 149.7 774.9 380.0 374.9 3,282.2 1,438.3 7,613.3 2,352.5 

2021 - Dec......... 29,617.2 12,125.9 17,491.3 1,733.9 146.2 770.8 430.9 419.3 3,407.0 1,437.4 7,747.6 1,398.3 

 Sept........ 28,428.9 11,579.1 16,849.8 1,540.3 143.6 593.2 406.3 423.8 3,236.5 1,384.6 7,570.9 1,550.7 

 June ....... 28,529.4 11,382.9 17,146.5 1,433.1 144.6 768.2 395.9 421.2 3,777.9 1,313.7 7,518.9 1,373.0 

 Mar......... 28,132.6 11,095.5 17,037.1 1,347.9 145.7 750.3 344.8 391.9 3,951.6 1,099.6 7,038.3 1,966.9 

2020 - Dec......... 27,747.8 10,809.2 16,938.6 1,265.2 147.1 772.2 346.8 398.2 3,784.8 1,111.9 7,070.7 2,041.7 

 Sept........ 26,945.4 10,371.9 16,573.5 1,241.1 148.6 773.8 309.9 414.3 3,725.3 1,059.7 7,069.2 1,831.6 

 June ....... 26,477.4 10,157.7 16,319.6 1,157.9 149.8 767.7 284.7 403.2 3,696.0 1,034.8 7,052.1 1,773.5 

 Mar......... 23,686.9 9,279.7 14,407.2 947.6 150.0 759.3 325.3 396.8 2,501.7 862.1 6,949.5 1,514.9 

2019 - Dec......... 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 329.3 368.7 2,412.8 793.1 6,844.2 2,301.7 

 Sept........ 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.5 366.8 2,319.7 766.8 6,923.5 2,222.6 

 June ....... 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.6 2,037.0 751.4 6,625.9 2,486.5 

 Mar......... 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.1 2,189.2 752.7 6,474.0 2,526.7 

2018 - Dec......... 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9 

 Sept........ 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June ....... 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4 

 Mar......... 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept........ 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7 

 June ....... 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5 

 Mar......... 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept........ 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June ....... 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar......... 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept........ 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June ....... 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar......... 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept........ 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June ....... 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar......... 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve Board of Governors, Factors Affecting Reserve Balances – 

H.4.1, and the U.S. Treasury MSPD for intragovernmental holdings. Federal Reserve 

holdings exclude Treasury securities held under repurchase agreements. As of February 

2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Treasury International Capital Survey https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt. 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: https://home.treasury.gov/data/treasury-internationalcapital-tic-system. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the 

FRB Flow of Funds Z.1 release series reporting this data. This new series is now being 

captured and “Insurance companies” data have been revised back to June 2013. 

62
INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2022 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,635,596,373,206 $2,584,110,172,138 $2,583,635,555,691 $238,912,466 $235,703,981

Less amounts held by: 

The Treasury....................................... 176,707,034 94,815,034 94,555,753 72,874 186,407

FRBs ................................................... 355,449,435,905 354,207,700,288 354,207,693,628 - 6,660

Amounts in circulation............................. $2,279,970,230,267 $2,229,807,656,816 $2,229,333,306,310 $238,839,592 $235,510,914

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $51,486,201,068 6,548,044,108 44,938,156,960 

Less amounts held by: 

The Treasury....................................... 81,892,000 48,770,000 33,122,000 

FRBs ................................................... 1,241,735,617 912,621,836 329,113,781 

Amounts in circulation .............................

$50,162,573,451 $5,586,652,272 $44,575,921,179 

See footnotes following table USCC-2. 

63
TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2022 

[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 ................................................................................ $14,170,484,631 $14,030,927,574 $143,469 $139,413,588 

$2 ................................................................................ 2,931,856,620 2,800,441,446 131,402,608 12,566 

$5 ................................................................................ 17,116,823,025 16,987,234,890 107,336,455 22,251,680 

$10 .............................................................................. 22,827,639,960 22,807,939,640 3,420 19,696,900 

$20 .............................................................................. 227,361,821,180 227,341,721,360 -3,000 20,102,820 

$50 .............................................................................. 121,816,167,800 121,804,682,300 -13,750 11,499,250 

$100 ............................................................................ 1,823,270,775,600 1,823,248,826,700 -37,200 6 21,986,100 

$500 ............................................................................ 141,720,000 141,530,000 3,500 186,500 

$1,000 ......................................................................... 165,152,400 164,942,400 4,000 206,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $2,229,807,656,816 $2,229,333,306,310 $238,839,592 $235,510,914 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Sept. 30, 2022...................................................................................... 2,279,970 6,841

Aug. 31, 2022....................................................................................... 2,278,336 6,839

July 31, 2022........................................................................................ 2,273,344 6,826

Sept. 30, 2020...................................................................................... 2,032,424 6,150

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

June 30, 1980 ...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 

64
Foreign Currency Positions

Exchange Stabilization Fund
INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract. 

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 

66
SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

04/06/22 ................................................................. 1,844,522 1,864,568 -328 1.2502

04/13/22 ................................................................. 1,944,658 1,961,631 -374 1.2595

04/20/22 ................................................................. 1,915,607 1,938,534 -374 1.2490

04/27/22 ................................................................. 1,892,799 1,924,404 -293 1.2830

05/04/22 ................................................................. 1,910,293 1,947,081 -288 1.2817

05/11/22 ................................................................. 1,949,483 1,967,383 -233 1.2943

05/18/22 ................................................................. 1,886,195 1,905,207 -277 1.2838

05/25/22 ................................................................. 1,934,201 1,967,112 -269 1.2837

06/01/22 ................................................................. 2,128,029 2,149,375 -250 1.2670

06/08/22 ................................................................. 2,113,272 2,129,503 -242 1.2524

06/15/22 ................................................................. 1,866,244 1,886,405 -223 1.2970

06/22/22 ................................................................. 1,849,636 1,857,234 -244 1.2932

06/29/22 ............................................................ 1,901,490 1,906,465 -239 1.2861 

07/06/22 ................................................................. 1,887,611 1,888,316 -212 1.3052

07/13/22 ................................................................. 1,958,113 1,961,824 -239 1.2956

07/20/22 ................................................................. 1,961,154 1,968,668 -283 1.2875

07/27/22 ................................................................. 1,933,546 1,932,764 -308 1.2881

08/03/22 ................................................................. 1,940,794 1,950,636 -347 1.2869

08/10/22 ................................................................. 1,935,398 1,949,611 -335 1.2773

08/17/22 ................................................................. 1,932,706 1,956,853 -258 1.2932

08/24/22 ................................................................. 1,973,655 2,007,443 -280 1.2969

08/31/22 ................................................................. 2,125,059 2,147,648 -295 1.3091

09/07/22 ................................................................. 2,119,258 2,144,189 -253 1.3166

09/14/22 ................................................................. 2,230,647 2,255,735 -294 1.3156

09/21/22 ................................................................. 1,953,415 1,959,484 -294 1.3397

09/28/22 ................................................................. 2,098,867 2,116,586 -317 1.3648

67
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) 

2019 - Dec ................... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Dec ................... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Oct. .................. 1,943,163 1,957,595 214,779 144,402 75,121 76,439 125,307 127,100 -139 1.2397 

Nov .................. 2,058,909 2,056,927 192,442 185,092 67,679 67,358 120,396 122,653 -154 1.2812 

Dec .................. 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 – Jan. ................. 1,932,060 1,921,960 173,431 145,646 73,773 74,433 132,930 137,818 -219 1.2694 

Feb .................. 2,008,957 2,000,817 201,799 136,465 69,755 68,777 121,236 125,708 -60 1.2662 

Mar .................. 1,959,104 1,980,500 230,919 145,887 82,703 80,876 131,605 130,872 -219 1.2482 

 Apr. .................. 1,995,409 2,033,126 182,702 169,823 81,949 81,406 132,898 132,783 -228 1.2802 

May .................. 1,885,608 1,905,950 201,434 142,138 72,371 69,030 103,341 100,546 -188 1.2639 

June ................. 1,972,996 1,983,298 197,535 183,484 64,271 62,776 118,544 110,625 -217 1.2871 

 July. ................. 1,981,675 1,998,543 216,606 157,330 70,748 71,054 133,198 123,190 -252 1.2801 

Aug .................. 2,142,887 2,166,187 199,204 198,324 70,153 68,409 118,505 111,560 -267 1.3091 

Sept ................. 2,241,698 2,256,275 213,722 214,061 67,965 68,153 122,835 114,452 -234 1.3752 

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) 

2019 - Dec ................... 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962 

2020 - Mar ................... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123 

June ................. 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614 

Sept .................. 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 

Dec ................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 

2021 - Mar ................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

June ................. 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 

Sept .................. 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 

Dec ................... 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653 

2022 - Mar ................... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482 

June ................. 51,018 92,298 118,012 80,053 554 790 1,265 619 26 1.2871 

68
SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/22 .................................................................. 549,667 566,032 -86 123.70

04/13/22 .................................................................. 556,006 572,768 -107 125.51

04/20/22 .................................................................. 567,136 594,680 -116 127.76

04/27/22 .................................................................. 565,849 575,078 -119 128.44

05/04/22 .................................................................. 586,813 597,499 -115 129.97

05/11/22 .................................................................. 583,618 585,681 -107 130.20

05/18/22 .................................................................. 528,979 536,999 -101 128.22

05/25/22 .................................................................. 565,171 573,273 -92 127.31

06/01/22 .................................................................. 586,770 586,281 -91 130.09

06/08/22 .................................................................. 596,254 599,662 -134 134.06

06/15/22 .................................................................. 562,415 564,934 -121 134.50

06/22/22 .................................................................. 631,246 574,900 -120 136.05

06/29/22 ............................................................ 574,178 591,961 -118 136.50

07/06/22 .................................................................. 556,628 568,663 -139 135.66

07/13/22 .................................................................. 584,476 596,350 -143 137.34

07/20/22 .................................................................. 601,487 611,525 -143 138.16

07/27/22 .................................................................. 590,674 590,466 -168 137.31

08/03/22 .................................................................. 588,712 603,463 -158 134.18

08/10/22 .................................................................. 606,100 601,029 -164 132.58

08/17/22 .................................................................. 606,836 602,239 -174 135.40

08/24/22 .................................................................. 624,155 622,445 -202 136.92

08/31/22 .................................................................. 632,973 632,612 -219 138.69

09/07/22 .................................................................. 661,358 663,732 -258 144.39

09/14/22 .................................................................. 671,419 672,355 -245 142.93

09/21/22 .................................................................. 650,224 650,236 -263 144.14

09/28/22 .................................................................. 659,096 651,682 -247 144.15

69
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) 

2019 - Dec .................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 - Dec .................. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 - Oct. ................. 621,848 594,363 83,618 70,234 22,631 24,377 34,108 36,871 -37 114.03 

Nov ................. 658,174 626,856 74,225 65,406 25,265 26,413 37,915 40,157 -44 113.22 

Dec ................. 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09 

2022 – Jan. ................ 540,786 544,721 79,861 68,421 24,028 25,308 33,011 35,061 -36 115.22 

Feb ................. 560,305 569,784 75,381 66,251 25,239 26,632 34,715 36,592 -28 115.11 

Mar ................. 574,853 590,839 94,240 82,843 27,383 28,202 38,209 40,507 -33 121.44 

 Apr. ................. 586,198 598,846 96,045 84,293 28,320 28,756 40,297 43,176 -59 129.84 

May ................. 535,010 535,846 90,861 78,757 30,446 30,842 38,175 41,294 4 128.53 

June ................ 573,267 586,843 101,804 85,244 31,735 33,554 44,533 46,573 -55 135.69 

 July. ................ 597,735 605,729 85,745 70,918 31,767 33,017 41,874 43,619 -83 133.25 

Aug ................. 639,945 640,611 101,862 88,019 33,159 33,512 41,734 43,589 -187 138.69 

Sept ................ 651,385 656,517 108,379 92,310 34,945 34,633 43,220 45,428 -204 144.71 

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) 

2019 - Dec ................... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 

2020 - Mar ................... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53 

June ................. 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 

Sept .................. 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58 

Dec ................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 

2021 - Mar ................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

June ................. 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 

Sept .................. 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

Dec ................... 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 

2022 - Mar ................... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 

 June ................. 9,589 9,172 11,312 7,832 488 1,545 1,726 407 30 135.69 

70
SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/22 .................................................................. 861,822 874,213 64 0.9325

04/13/22 .................................................................. 865,148 873,619 47 0.9335

04/20/22 .................................................................. 865,840 874,362 32 0.9469

04/27/22 .................................................................. 855,715 864,298 19 0.9695

05/04/22 .................................................................. 865,630 863,704 -1 0.9829

05/11/22 .................................................................. 863,770 862,135 -19 0.9907

05/18/22 .................................................................. 839,276 844,659 2 0.9902

05/25/22 .................................................................. 856,462 857,306 26 0.9637

06/01/22 .................................................................. 997,557 1,000,053 26 0.9644

06/08/22 .................................................................. 975,407 975,741 14 0.9750

06/15/22 .................................................................. 904,145 899,419 22 1.0021

06/22/22 .................................................................. 877,504 875,463 13 0.9615

06/29/22 ............................................................ 957,981 934,559 6 0.9541 

07/06/22 .................................................................. 961,517 943,847 -35 0.9714

07/13/22 .................................................................. 956,733 943,129 -65 0.9784

07/20/22 .................................................................. 945,399 932,932 -29 0.9721

07/27/22 .................................................................. 956,325 936,933 -49 0.9650

08/03/22 .................................................................. 969,598 953,587 -52 0.9630

08/10/22 .................................................................. 983,597 971,030 -38 0.9410

08/17/22 .................................................................. 985,667 980,059 15 0.9537

08/24/22 .................................................................. 1,019,543 1,017,754 34 0.9664

08/31/22 .................................................................. 1,089,667 1,087,109 26 0.9748

09/07/22 .................................................................. 1,102,094 1,085,605 31 0.9808

09/14/22 .................................................................. 1,196,961 1,159,068 -38 0.9612

09/21/22 .................................................................. 1,114,965 1,083,293 -117 0.9652

09/28/22 .................................................................. 1,099,656 1,083,968 -129 0.9756

71
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) 

2019 - Dec ................... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 - Dec ................... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - Oct. .................. 972,906 1,007,333 66,243 52,765 38,195 34,548 59,693 59,659 35 0.9165 

Nov .................. 1,040,691 1,070,292 69,669 56,874 36,496 32,846 53,126 51,728 13 0.9217 

Dec .................. 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

2022 – Jan. ................. 914,826 950,440 64,744 65,682 33,670 31,407 51,115 50,135 -5 0.9303 

Feb .................. 932,028 962,241 59,059 57,723 32,842 30,754 54,080 52,710 15 0.9179 

Mar .................. 951,043 982,513 59,000 55,170 34,918 30,808 56,894 56,219 78 0.9211 

 Apr. .................. 930,428 952,589 70,181 68,719 35,285 31,086 54,408 53,017 13 0.9723 

May .................. 896,261 907,529 59,776 60,669 42,591 38,519 61,412 57,725 19 0.9570 

June ................. 1,014,576 1,006,146 68,077 54,171 54,532 49,908 73,960 70,373 11 0.9550 

 July. ................. 999,920 1,011,896 76,963 63,753 50,335 43,690 71,274 69,461 -71 0.9513 

Aug .................. 1,132,046 1,146,338 70,191 54,131 52,781 48,120 71,757 70,115 25 0.9748 

Sept ................. 1,163,297 1,174,312 75,038 65,611 56,886 53,042 77,740 77,256 -76 0.9845 

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) 

2019 - Dec ................... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677 

2020 - Mar ................... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 

June ................. n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467 

Sept .................. n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 

Dec ................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar ................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

June ................. 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 

Sept .................. 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

Dec ................... 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119 

2022 - Mar ................... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211 

 June ................. 29,612 58,287 78,490 13,868 1,236 592 501 390 119 0.9550 

72
SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/22 .................................................................. 3,043,955 3,170,172 -41 1.3082

04/13/22 .................................................................. 3,066,970 3,210,955 -32 1.3072

04/20/22 .................................................................. 3,012,674 3,136,678 -117 1.3055

04/27/22 .................................................................. 3,173,258 3,293,405 -271 1.2547

05/04/22 .................................................................. 3,153,585 3,266,125 -242 1.2487

05/11/22 .................................................................. 3,082,701 3,197,013 -401 1.2317

05/18/22 .................................................................. 3,008,398 3,111,789 -421 1.2396

05/25/22 .................................................................. 3,063,378 3,147,358 -293 1.2539

06/01/22 .................................................................. 3,299,608 3,414,695 -370 1.2472

06/08/22 .................................................................. 3,271,798 3,366,809 -325 1.2557

06/15/22 .................................................................. 3,096,050 3,198,985 -496 1.2057

06/22/22 .................................................................. 2,997,595 3,113,366 -405 1.2280

06/29/22 ............................................................ 3,140,280 3,287,869 -389 1.2151 

07/06/22 .................................................................. 3,024,397 3,171,689 -500 1.1907

07/13/22 .................................................................. 3,059,500 3,192,206 -297 1.1919

07/20/22 .................................................................. 3,055,486 3,187,294 -288 1.1989

07/27/22 .................................................................. 3,111,689 3,227,451 -363 1.2027

08/03/22 .................................................................. 3,071,083 3,173,122 -313 1.2132

08/10/22 .................................................................. 3,083,869 3,190,836 -319 1.2244

08/17/22 .................................................................. 3,127,837 3,248,624 -367 1.2029

08/24/22 .................................................................. 3,146,549 3,272,785 -461 1.1802

08/31/22 .................................................................. 3,371,234 3,493,479 -447 1.1647

09/07/22 .................................................................. 3,308,973 3,431,153 -514 1.1473

09/14/22 .................................................................. 3,495,676 3,615,663 -503 1.1563

09/21/22 .................................................................. 3,204,759 3,350,573 -621 1.1330

09/28/22 .................................................................. 3,554,049 3,688,625 -595 1.0832

73
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) 

2019 - Dec ................... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 - Dec ................... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 - Oct. .................. 3,582,729 3,714,083 554,929 500,684 65,530 61,653 77,313 69,917 -79 1.3686 

Nov .................. 3,710,840 3,854,182 632,598 575,365 67,673 64,987 89,387 76,056 -167 1.3252 

Dec .................. 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544 

2022 – Jan. ................. 3,232,610 3,387,157 535,074 466,324 63,288 62,383 93,814 69,838 -116 1.3439 

Feb .................. 3,364,304 3,495,253 562,572 471,378 61,265 58,441 100,139 68,046 95 1.3419 

Mar .................. 3,265,788 3,470,288 610,145 541,553 65,365 65,869 101,119 72,151 -32 1.3152 

 Apr. .................. 3,271,419 3,418,438 647,887 583,472 70,658 67,525 106,372 78,014 -279 1.2565 

May .................. 3,016,436 3,141,591 572,179 504,620 68,446 63,799 120,959 90,999 -370 1.2624 

June ................. 3,170,588 3,333,051 649,364 568,593 72,176 67,688 101,981 70,962 -336 1.2162 

 July. ................. 3,205,415 3,343,996 545,687 507,794 75,467 72,361 104,118 67,519 -203 1.2183 

Aug .................. 3,416,906 3,541,795 657,069 604,846 75,984 69,624 116,834 82,763 -323 1.1647 

Sept ................. 3,687,482 3,829,931 717,298 664,906 89,198 85,087 134,056 105,740 -452 1.1135 

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) 

2019 - Dec ................... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269 

2020 - Mar ................... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 

June ................. 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 

Sept .................. 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 

Dec ................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662

2021 - Mar ................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

June ................. 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

Sept .................. 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 

Dec ................... 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 

2022 - Mar ................... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

 June ................. 47,567 60,729 229,952 86,971 845 1,381 3,685 2,430 197 1.2162 

74
SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

04/06/22 ................................................................ 27,838,712 26,922,819 147 n.a.

04/13/22 ................................................................ 27,982,526 27,121,531 -611 n.a.

04/20/22 ................................................................ 27,671,909 26,903,282 -98 n.a.

04/27/22 ................................................................ 28,233,267 27,525,539 1,176 n.a.

05/04/22 ................................................................ 28,032,672 27,244,879 1,436 n.a.

05/11/22 ................................................................ 27,768,736 26,903,124 1,555 n.a.

05/18/22 ................................................................ 27,116,809 26,473,841 1,690 n.a.

05/25/22 ................................................................ 27,721,524 26,840,443 553 n.a.

06/01/22 ................................................................ 29,805,988 28,923,277 691 n.a.

06/08/22 ................................................................ 29,131,613 28,479,459 -918 n.a.

06/15/22 ................................................................ 27,041,262 26,487,660 24 n.a.

06/22/22 ................................................................ 26,638,887 25,953,327 -923 n.a.

06/29/22 ................................................................ 27,593,106 26,807,829 -1,170 n.a.

07/06/22 ................................................................ 26,560,970 25,943,478 20 n.a.

07/13/22 ................................................................ 27,125,745 26,370,560 389 n.a.

07/20/22 ................................................................ 26,887,182 26,299,959 -361 n.a.

07/27/22 ................................................................ 27,345,821 26,394,132 -1,115 n.a.

08/03/22 ................................................................ 27,019,196 26,346,486 -1,773 n.a.

08/10/22 ................................................................ 27,505,692 26,707,373 -1,814 n.a.

08/17/22 ................................................................ 27,476,433 26,721,620 -1,450 n.a.

08/24/22 ................................................................ 28,022,085 27,318,766 -786 n.a.

08/31/22 ................................................................ 28,789,895 28,168,570 -637 n.a.

09/07/22 ................................................................ 28,944,181 28,265,494 470 n.a.

09/14/22 ................................................................ 29,914,655 29,238,627 1,566 n.a.

09/21/22 ................................................................ 27,122,027 26,348,792 1,534 n.a.

09/28/22 ................................................................ 28,354,112 27,458,861 2,366 n.a.

75
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) 

2019 - Dec .............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1,902 n.a.

2020 - Dec .............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 - Oct. ............. 29,800,133 28,897,492 - - 1,359,937 1,400,815 1,195,731 1,218,736 -1,607 n.a.

Nov ............. 31,383,646 30,481,967 - - 1,454,120 1,496,443 1,292,843 1,304,863 -1,527 n.a.

Dec ............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a.

2022 – Jan. ............ 28,535,379 27,669,618 - - 1,344,888 1,351,626 1,125,176 1,148,334 -1,127 n.a.

Feb ............. 29,614,078 28,824,539 - - 1,366,246 1,388,751 1,186,340 1,203,613 -1,257 n.a.

Mar ............. 29,358,733 28,540,528 - - 1,507,758 1,507,975 1,237,282 1,247,704 -2,919 n.a.

 Apr. ............. 29,570,474 28,659,740 - - 1,720,294 1,721,557 1,231,088 1,243,347 -2,250 n.a.

May ............. 27,372,217 26,449,288 - - 1,677,508 1,681,785 1,235,600 1,238,612 -2,828 n.a.

June ............ 27,528,127 26,591,122 - - 1,681,963 1,671,889 1,226,224 1,210,282 -2,376 n.a.

 July. ............ 27,936,346 27,226,769 - - 1,623,042 1,627,506 1,279,829 1,256,742 -2,817 n.a.

Aug ............. 29,215,846 28,488,105 - - 1,688,355 1,698,782 1,288,340 1,255,674 -2,152 n.a.

Sept ............ 28,856,168 28,050,326 - - 1,854,686 1,877,993 1,342,531 1,315,456 -693 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) 

2019 - Dec .................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar.................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a.

June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a.

Sept ................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a.

Dec .................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept ................. 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec .................. 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.

2022 - Mar.................. 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

 June ................ 607,130 456,683 - - 32,596 23,484 19,169 24,909 1,840 n.a.

76
SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

04/06/22 ............................................................................. 7,974,357 8,155,463 274 0.9163

04/13/22 ............................................................................. 8,025,576 8,212,044 234 0.9196

04/20/22 ............................................................................. 7,896,061 8,071,511 132 0.9211

04/27/22 ............................................................................. 8,002,595 8,233,212 859 0.9480

05/04/22 ............................................................................. 7,914,394 8,134,761 701 0.9489

05/11/22 ............................................................................. 7,934,471 8,105,127 615 0.9490

05/18/22 ............................................................................. 7,789,059 7,943,606 790 0.9529

05/25/22 ............................................................................. 7,758,507 7,961,491 274 0.9383

06/01/22 ............................................................................. 8,364,696 8,562,034 120 0.9393

06/08/22 ............................................................................. 7,995,850 8,191,942 39 0.9311

06/15/22 ............................................................................. 7,802,556 7,987,068 541 0.9627

06/22/22 ............................................................................. 7,594,383 7,776,429 210 0.9449

06/29/22 ............................................................................. 7,974,836 8,183,425 460 0.9545

07/06/22 ............................................................................. 7,692,139 7,920,061 1,329 0.9830

07/13/22 ............................................................................. 8,013,560 8,200,201 1,265 0.9920

07/20/22 ............................................................................. 7,976,099 8,168,736 1,069 0.9788

07/27/22 ............................................................................. 8,212,725 8,449,630 1010 0.9893

08/03/22 ............................................................................. 8,002,086 8,218,069 1,168 0.9856

08/10/22 ............................................................................. 8,146,355 8,375,246 437 0.9674

08/17/22 ............................................................................. 8,097,667 8,342,514 940 0.9839

08/24/22 ............................................................................. 8,303,102 8,529,407 1,027 1.0033

08/31/22 ............................................................................. 8,599,716 8,808,095 917 0.9935

09/07/22 ............................................................................. 8,642,334 8,909,664 899 1.0058

09/14/22 ............................................................................. 9,091,621 9,312,539 818 1.0007

09/21/22 ............................................................................. 8,414,684 8,643,653 839 1.0121

09/28/22 ............................................................................. 8,945,622 9,190,918 1,003 1.0330

77
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) 

2019 - Dec ................... 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2020 - Dec ................... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2021 - Oct. .................. 8,397,588 8,572,190 1,522,706 1,361,841 451,811 478,159 354,804 366,011 -12 0.8657 

Nov .................. 8,782,368 9,010,849 1,601,590 1,480,819 488,236 515,244 406,759 397,989 105 0.8860 

Dec .................. 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 – Jan. ................. 8,241,002 8,378,310 1,637,460 1,503,340 439,434 471,971 367,455 343,547 120 0.8919 

Feb .................. 8,496,723 8,646,513 1,659,784 1,526,334 547,184 583,558 400,998 385,457 77 0.8910 

Mar .................. 8,574,136 8,653,974 1,547,221 1,416,361 550,125 588,217 457,351 428,524 381 0.9015 

 Apr. .................. 8,545,103 8,726,056 1,890,850 1,712,611 549,766 581,980 503,335 469,043 556 0.9490 

May .................. 7,696,254 7,886,323 1,630,850 1,508,391 520,189 556,907 473,341 429,449 295 0.9319 

June ................. 8,099,801 8,302,890 1,855,770 1,719,282 538,667 568,158 441,816 381,598 828 0.9552 

 July. ................. 8,447,610 8,653,485 1,743,835 1,613,467 569,626 605,893 517,293 445,263 679 0.9802 

Aug .................. 8,744,080 8,940,654 1,894,938 1,737,953 561,047 592,481 553,949 484,797 1,065 0.9935 

Sept ................. 9,239,360 9,461,766 1,999,681 1,888,013 623,611 654,815 575,535 519,777 1,448 1.0222 

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) 

2019 - Dec ................... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 

2020 - Mar ................... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 

June ................. 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 

Sept .................. 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 

Dec ................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177 

2021 - Mar ................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

June ................. 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

Sept .................. 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

Dec ................... 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar ................... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 

 June ................. 157,904 214,408 500,648 278,382 11,373 4,967 7,943 8,306 781 0.9552 

78
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021, subsequently rescinded $479 billion of the $500 

billion appropriation provided to Treasury. 

Resources of the fund include (a) Fund Balance, which is 

available to support subsidy costs for loan modifications and 

expenditures for administrative expenses in support of the 

CARES Act, (b) U.S. Government securities (dollar 

balances), (c) special drawing rights -SDRs, and (d) foreign 

currencies. Principal sources of income -+ or loss -- for the 

fund are profits -+ or losses -- on SDRs and foreign 

exchange, and interest earned on U.S Government, foreign 

securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies and special 

drawing rights, an international reserve asset created by the 

International Monetary Fund (IMF) to supplement its 

member countries’ position in the Fund, have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at cost. The 

capital account represents the original capital appropriated to 

the fund by Congress of $2 billion, minus a subsequent 

transfer of $1.8 billion to pay for the initial U.S. quota 

subscription to the International Monetary Fund. The 

additional appropriated capital represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021 and the 

Infrastructure Investment and Jobs Act, 2021. Conversion 

gains and losses are reflected in the cumulative net income -

+ or loss -- account.

• Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

and other investments are accrued.

79
TABLE ESF-1—Balances as of June 30, 2022, and September 30, 2022 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital June 30, 2022 

June 30, 2022, 

through 

Sept. 30, 2022 Sept. 30, 2022 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 4,468,486 (4,013,793) 454,693 

U.S. Government securities............................................. 18,991,655 (590,266) 18,401,389 

Special drawing rights 1 ........................................................... 158,195,316 (5,020,155) 153,175,161 

Economic Recovery Program Investments............................. 17,939,733 - 17,939,733 

Economic Recovery Program Loans Receivable.................... 1,004,470 5,012 1,009,482 

Foreign exchange and securities: -

European euro ..................................................................... 11,212,966 (747,350) 10,465,616 

Japanese yen....................................................................... 6,887,992 (429,176) 6,458,816 

Accounts receivable ................................................................. 200,805 255,114 455,919 

Total assets .......................................................................... 218,901,423 (10,540,614) 208,360,809 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 168,709 236,890 405,599 

Total current liabilities ...................................................... 168,709 236,890 405,599 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 152,511,319 (5,501,885) 147,009,434 

Debt, including accrued interest payable 18,880,352 593,264 19,473,616 

Total other liabilities ......................................................... 176,591,671 (4,908,621) 171,683,050 

Capital: 

Initial Appropriated Capital Account .................................... 200,000 - 200,000 

Additional Appropriated Capital Account 4,630,500 (4,570,805) 59,695 

Net income -+ or loss -- -see Table ESF-2 .......................... (3,019,895) (1,298,078) (4,317,973) 

Total capital ...................................................................... 42,141,043 (5,868,883) 36,272,160 

Total liabilities and capital ............................................ 218,901,423 (10,540,614) 208,360,809 

See footnote on the following page. 

80
TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

July 1, 2022, 

through 

September 30, 2022 

Fiscal year to date 

Oct. 1, 2022 

through 

September 30, 2022 

Income and expense 

Profit -+ or loss-- on: 

 Foreign exchange ......................................................... (1,165,756) (3,851,460)

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... (222,743) (473,464)

Interest (+) or net charges (-) on: 

 SDRs........................................................................... 22,147 29,215

 U.S. Government Securities........................................ 102,504 141,766

 Foreign exchange........................................................ (2,920) (34,312)

Economic Recovery Program (+) or net charges (-) on: 

 Appropriations Revenue.............................................. 4,307 7,735

 Administrative Expense............................................... 

. 

 (907) (4,547)

 Facility Fees................................................................. - -

 Net gain (loss) on Disposition of Investments.............. - -

 Net Interest revenue and expense............................... (34,710) (132,906)

 Income for operations.................................................. (1,298,078) (4,317,973)

 Net income (+) or loss (-) ........................................ (1,298,078) (4,317,973)

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.” 

81
Trust Funds
TABLE TF-6A.—Highway Trust Fund

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and mass 

transit accounts, respectively, include the latest estimates 

received from Treasury’s Office of Tax Analysis for excise 

taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .......................................................................................................... 104 

less: 

Cash balance (fiscal year 2023) ..................................................................................................................................................................................... 81 

Unfunded authorizations (fiscal year 2023) .................................................................................................................................................................... 23 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)........................................................................................................................ 141 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .......................................................................................................... 51 

less: 

Cash balance (fiscal year 2023) ..................................................................................................................................................................................... 32 

Unfunded authorizations (fiscal year 2023) .................................................................................................................................................................... 19 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)....................................................................................................................... 25 

Note—Detail may not add due to rounding. Reflects extension of authorized revenue 

collection and funding levels prescribed in P.L. 117-58. 

Note— 

48-month revenue estimate reflects FY 2023 Midsession Review projections.

83
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 

84
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. 

85
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). 

86