BULLETIN

JUNE2019

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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www.fiscal.treasury.gov/ 
June 2019 

Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................... 8 

Analysis—Budget Results and Financing of the U.S. Government and First-Quarter Receipts by Source .......................... 9

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 18 

FD-1—Summary of Federal Debt ....................................................................................................................................... 19 

FD-2—Debt Held by the Public .......................................................................................................................................... 20 

FD-3—Government Account Series .................................................................................................................................... 21 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 22 

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

 Private Investors .................................................................................................................................................... 23 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 24 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 25

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 27 

TREASURY FINANCING ................................................................................................................................................. 27 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 35 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 36 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 37 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 38 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 39

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 40 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 40 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 41

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 45 
June 2019 

IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 46 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 47 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 47 

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 58 

ESF-1—Balance Sheet ........................................................................................................................................................ 58 

ESF-2—Income and Expense .............................................................................................................................................. 59

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 63 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 63 

 

GLOSSARY ........................................................................................................................................................................ 64

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

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

rounding; n.a. = Not available. 
VI

June 2019

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

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

Special Reports

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of theEconomy

FederalFiscalOperations 

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
June 2019 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of May 10, 2019 

Introduction 

Well over a year after the passage of the Tax Cuts and 

Jobs Act (TCJA), the U.S. economy continues to reap 

significant benefits from this legislation as well as from 

regulatory tailoring and other measures the 

Administration has undertaken to boost private 

investment, productivity, labor force participation, wages, 

and growth. The advance estimate for real GDP in the first 

quarter of 2019 showed growth of 3.2 percent at an annual 

rate, accelerating from a 2.2 percent annual rate in the 

final quarter of 2018. Over the four quarters of 2018, real 

GDP grew 3.0 percent, which was the fastest fourth 

quarter over fourth quarter pace since 2005. As of early 

May 2019, private forecasters estimated that real GDP 

will grow by 2.0 percent in the second quarter of 2019, 

and by 2.3 percent over the four quarters of 2019. 

According to the President’s FY 2020 Budget, the 

Administration expects growth nearing 3 percent for the 

next few years, based on the investment and productivity 

improvements incentivized by the TCJA. 

Ongoing strength in private consumption and investment 

supported the acceleration in first quarter growth, but the 

main driver was a strongly positive contribution from net 

exports, followed by a solid build in private inventories. 

State and local government expenditures also grew strongly. 

Residential investment posed a smaller drag on growth, amid 

signs of stabilization in the housing sector. Altogether, 

private domestic final purchases (the sum of consumption, 

business fixed investment, and residential investment) grew 

by 1.3 percent in the first quarter, following a 2.6 percent 

advance in the fourth quarter. 

Labor markets have tightened further, with the 

unemployment rate declining to a 49-year low of 3.6 percent 

in April. Labor force participation has trended upward, and 

the number of job openings has remained above the number 

of job seekers for 13 consecutive months through March 

2019. Job creation averaged 223,000 per month during 2018, 

well above the monthly averages seen in 2017 as well as 

2016, and thus far in 2019, has averaged a strong 205,000 

per month. Nominal as well as real wages and personal 

income have shown consistently higher growth, while 

consumer and business sentiment continue to hover near 

multi-year highs.  

Economic Growth 

According to the advance estimate, real GDP grew at an 

annual rate of 3.2 percent in the first quarter of 2019, 

accelerating from the fourth quarter’s 2.2 percent pace. 

Private domestic final purchases – the sum of personal 

consumption, business fixed investment, and residential 

investment – grew in the first quarter at an annual rate of 1.3

percent, following a 2.6 percent rise in the fourth quarter. 

Beginning in the first quarter of 2017, this measure of 

private demand has held above 3 percent in all but four of 

the last nine quarters. 

Real personal consumption expenditures rose at a 1.2 

percent annual rate in the first quarter, after increasing by 

2.5 percent in the fourth quarter of 2018. Consumer 

spending on services drove growth in total expenditures, 

rising 2.0 percent at an annual rate, while spending on 

nondurables was up 1.7 percent. However, a 5.3 percent 

decline in expenditures on durables, in particular for motor 

vehicles and parts, accounted for the marked slowdown in 

overall personal consumption expenditures in the first 

quarter. On balance, real consumer spending added 0.8 

percentage point to growth in the first quarter, after 

contributing 1.7 percentage points in the fourth quarter. 

Consistent with the investment incentives of the TCJA, 

business fixed investment increased 2.7 percent at an annual 

rate in the first quarter, following a 5.4 percent advance in 

the fourth quarter, and added 0.4 percentage point to firstquarter growth. Since the end of 2016, real private 

nonresidential fixed investment has grown 6.2 percent at an 

annual rate, a markedly higher pace compared to rates in the 

previous decade. The boost to fixed investment in 

intellectual property products has been especially 

noteworthy: in the first quarter of 2019, investment in this 

category grew 8.6 percent; in four of the past five quarters, 
4 PROFILE OF THE ECONOMY 

June 2019 

this type of investment has grown at or very near a doubledigit pace. Although equipment investment grew a modest 

0.2 percent in 2019 Q1, this followed an average pace of 7.7 

percent over the preceding eight quarters. After declines in 

excess of 3 percent in 2018 Q3 and Q4, investment in 

structures slipped a more modest 0.8 percent in 2019 Q1. 

But over the eight quarters ending in 2018 Q2, investment in 

structures had grown by an average rate of 6.5 percent. The 

cycle of inventory accumulation remained positive for the 

third consecutive quarter, adding nearly 0.7 percentage point 

to real GDP growth in 2019 Q1. 

Although the first quarter of 2019 marked the fifth 

consecutive quarter of retrenchment in residential 

investment, the first quarter’s decline, at 2.8 percent, was 

more subdued than the 4.7 percent decrease in the fourth 

quarter of 2018. The decline in residential investment in the 

first quarter largely reflected a decrease in single-family 

construction expenditures, but there were also signs of 

stabilization in homes sales as well as improvements in 

affordability and inventories. Although existing home sales, 

which account for 90 percent of all home sales, declined 5.4 

percent over the 12 months through March 2019, they are 

over 4 percent higher thus far in 2019 through March. New 

home sales rose 3.0 percent over the 12 months through 

March, reaching their highest level in nearly 11⁄2 years. 

Although total building permits declined for three 

consecutive months, the decrease tapered noticeably in 

March. Total building permits remain above total housing 

starts, suggesting a pickup in homebuilding in coming 

months. After softening at the end of last year, the NAHB’s 

home builder confidence index has been trending upwards 

thus far in 2019. Inventories of existing homes for sale have 

started to trend up as well. House price appreciation has 

been slowing, and this development, combined with the 

sizeable decline in mortgage rates since last fall (about 80 

basis points), has helped improve affordability. 

Total government spending rose 2.4 percent at an annual 

rate in the first quarter, reversing from a 0.4 percent decline

in the fourth quarter. Government spending made an 

essentially neutral contribution to growth in 2016 and 2017, 

but with recent accelerations, government spending has 

added 0.3 percentage point on average to GDP growth in 

each of the past five quarters. Federal outlays were flat in the 

first quarter, after rising 1.1 percent in the final quarter of

2018. State and local government spending has been 

growing more consistently since the end of 2017, and in the 

first quarter of 2019, growth accelerated to 3.9 percent. This 

was the fastest pace in three years, and mainly reflected 

more investment in infrastructure. Overall, government 

spending added 0.4 percentage point to growth in the first 

quarter. 

Measures of manufacturing and services production in 

the economy have trended lower from last year’s multi-year 

highs, but remain at elevated levels and within range of last 

year’s highs. The Institute of Supply Management’s (ISM) 

manufacturing index fell to 52.8 as of April 2019, while its 

non-manufacturing index declined to 55.5 that month. 

However, each index continues to point to expansion in 

business activity. 

The U.S. trade deficit narrowed sharply in the first 

quarter of 2019, as import growth turned negative and export 

growth accelerated notably. After a number of quarters of 

mostly strong U.S. demand for imports, import growth 

reversed sharply, declining 3.7 percent in the first quarter. 

Export growth in Q1 more than doubled to 3.7 percent. 

Rather than posing a drag on growth, as in the previous two 

quarters, net exports added over a full percentage point to 

real GDP growth in the first quarter, and made the largest 

contribution to growth of any component. 

Labor Markets and Wages 

During 2018, monthly job growth averaged 223,000, 

well above the 179,000 monthly average for 2017 as well as 

the 193,000 monthly average for 2016. Thus far in 2019 

through April, job creation averaged a solid 205,000 per 

month. The unemployment rate declined to 3.6 percent in 

April, a 49-year low, and broader measures of 

unemployment also continued to improve. The most 

comprehensive measure of labor market slack, the U-6 

unemployment rate, which includes those marginally 

attached to the labor force and those working part-time for 

economic reasons, has stood at 7.3 percent for the past three 

months through April, the lowest level since March 2001, as 

well as 1.8 percentage points below the pre-recession 

average of 9.1 percent. The unemployment rate of those 

unemployed for 27 weeks or more, as a share of the 

unemployed, stood at 21.1 percent in April, just above the 

10-year low of 19.3 percent reached in January. The TCJA 

has drawn workers back into the labor force, and in numbers 

that have helped offset the downward pressure on the rate 

from the aging population. The labor force participation rate 

stood at 62.8 percent in April, modestly below the five-year 

high of 63.2 percent reached in January and February. 

The pace of nominal wage growth for private-sector 

production and nonsupervisory workers resumed an 

accelerating trend towards the end of 2018 and into 2019. 

These gains, coupled with the slowdown in inflation, have 

helped boost growth in real wages as well. Nominal average 

hourly earnings for private production and nonsupervisory 

workers grew 3.4 percent over the 12 months through April 

2019, just below the 3.5 percent rate posted in December 

2018 – the latter was the fastest pace since February 2009. 

Nominal average hourly earnings for all private industry 

workers grew 3.2 percent over the year through April 2019. 

Using the CPI-W to deflate these nominal rates, real average 

hourly earnings for private production and nonsupervisory 

workers grew 1.4 percent over the year through April 2019, 

and real average hourly earnings for all private industry 

workers rose 1.2 percent over the same period. 

Labor productivity has improved dramatically in recent 

quarters: productivity grew by 1.3 percent at an annual rate 

in the final quarter of 2018, but in the first quarter of 2019,
PROFILE OF THE ECONOMY 5 

June 2019 

productivity growth accelerated to a 3.6 percent annual rate, 

the most rapid pace since the third quarter of 2014. 

Prices

According to several measures, consumer price inflation 

has been slowing at the headline level for nearly one year, 

and core inflation (which excludes the volatile food and 

energy components) has recently started to decelerate as 

well. Over the 12 months through April 2019, the consumer 

price index (CPI) for all items rose 2.0 percent, a marked 

deceleration from the 2.9 percent 12-month readings seen in 

June and July of 2018, and also slower than the 2.5 percent 

pace over the year ending in April 2018. Energy price 

inflation continues to slow on a monthly and year-over-year 

basis from the double-digit 12-month readings seen in the 

late spring and summer of 2018. Over the year through April 

2019, the energy price index advanced 1.7 percent, 

compared to a 7.9 percent rise in this index over the previous 

year. Food price inflation has accelerated in recent months 

after a period of stability, and was 1.8 percent over the 12 

months through April 2019, up from the 1.4 percent rate 

over the year through April 2018. The core CPI rose by 2.1 

percent over the year through April, matching the 2.1 

percent year-earlier pace. 

Headline inflation, as measured by the Personal 

Consumption Expenditures (PCE) price index (the measure 

in which the Federal Reserve’s 2 percent inflation target is 

expressed), has dipped below the target in recent months, 

and declined to 1.3 percent over the year through February 

2019, the slowest 12-month reading since September 2016, 

before edging up to 1.5 percent over the 12 months through 

March 2019. Core PCE inflation was 1.6 percent over the 

year through March 2019, decelerating from the 2.0 percent 

pace over the year-earlier period.

House price appreciation remains relatively strong, 

exceeding core inflation and income growth measures, but 

monthly and yearly paces are well below peak rates and 

have decelerated more significantly of late. The FHFA 

purchase-only home price index rose 4.9 percent over the 

year ending in February 2019, much lower than the peak 

rates of around 8 percent observed in mid-2013 as well as 

the 7.7 percent, year-earlier rise. The Standard and Poor’s 

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

3.0 percent over the year ending in February 2019, a pace 

less than one-quarter of the peak rate of 13.8 percent in 

November 2013 and lower than the 6.7 percent, year-earlier 

rate.
6 PROFILE OF THE ECONOMY 

June 2019 

Consumer and Business Sentiment 

Despite some recent declines, measures of consumer and 

business sentiment remain at elevated levels and within 

range of the multi-year or all-time highs reached last year. In

the final report for April, the Reuters/Michigan consumer 

sentiment index declined 1.2 points to 97.2, but remained 

only about 4 points below the 14-year high of 101.4 reached 

in March 2018. Notably, this index averaged 98.4 per month 

in 2018, the highest monthly average reading for any year 

since 2000. The Conference Board’s confidence index 

increased 5.0 points in April to 129.2, about 9 points 

below the 18-year high of 137.9 reached in October 2018. 

The National Federation of Independent Business’s (NFIB) 

small business optimism index edged up 0.1 point to 101.8 

in March, 7 points below the record high of 108.8 reached in 

August 2018. 

Federal Budget and Debt 

The Federal Government posted a deficit of $779 billion 

(3.9 percent of GDP) at the end of the fiscal year for 2018, 

rising from $666 billion (3.5 percent of GDP) in FY 2017. 

The primary deficit (which excludes net interest payments) 

was 2.1 percent of GDP in FY 2018, unchanged from FY 

2017. Federal receipts totaled $3.33 trillion (16.5 percent of 

GDP) in FY 2018, declining from 17.2 percent of GDP in 

FY 2017. Net outlays for FY 2018 were $4.11 trillion (20.7 

percent of GDP), down from 20.9 percent of GDP in FY 

2017. Excluding net interest payments, outlays were 

equivalent to 18.7 percent of GDP in FY 2018, down from 

19.3 percent in FY 2017. Federal debt held by the public, or 

federal debt less that held in government accounts, rose 7.4 

percent to $15.75 trillion by the end of FY 2018. Publiclyheld debt as a share of GDP increased by 1.9 percentage 

points to 78.0 percent of GDP. 

The Administration’s Budget for Fiscal Year 2020 

projects the federal deficit will rise to $1.09 trillion 

(5.1 percent of GDP) in FY 2019. From FY 2020 to 

FY 2024, the deficit would total $4.83 trillion (3.9 percent of

GDP on average). The projection assumes the 

Administration’s proposals – including increased spending 

on national defense, cuts to non-defense discretionary 

outlays, elimination of the Affordable Care Act, and reform 

of multiple welfare programs – will be implemented. On net, 

these proposals would gradually reduce the deficit to 

$202 billion (0.6 percent of GDP) by FY 2029. The Budget 

expects that the primary deficit (which excludes net interest 

outlays) will be 3.3 percent of GDP in FY 2019 but will turn 

into a small primary surplus by FY 2024. Debt held by the 

public would peak at 82.1 percent of GDP in FY 2022 but 

would gradually decline to 71.3 percent of GDP by 

FY 2029.

Economic Policy 

In December 2017, the United States enacted the first 

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

designed to strengthen markedly incentives for economic 

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

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

highest in the developed world to near the average of other 

advanced economies; it allows businesses to deduct 

immediately 100 percent of the cost of most of their new 

capital investments for the next five years; and it reduces 

individual taxes through lower tax rates, a larger standard 

deduction, and an expanded child tax credit. Combined with 

regulatory reforms and infrastructure initiatives, tax reform 

has encouraged people to start new businesses and workers 

to re-enter the labor market. The new tax law may also 

support a sustained increase in productivity. 

On the monetary policy side, the Federal Reserve began 

the current cycle of monetary policy tightening in December 

2015. At its most recent meeting on April 30-May1, 2019, 

the Federal Open Market Committee (FOMC) left the target 

range of the federal funds rate at 2.25 to 2.50 percent. 

In addition to raising the federal funds rate target at 

recent FOMC meetings, the Federal Reserve has also sought 

to normalize long-term interest rates. At its meeting on 

September 19-20, 2017, the FOMC announced it would 

initiate a balance sheet normalization program in October 

2017, a program intended to reduce the Federal Reserve’s 

holdings of securities on a gradual basis through a decrease 

in the reinvestment of principal payments from those 

securities. At its meeting on October 31-November 1, 2017, 

the FOMC indicated that the normalization program “is 

proceeding” but no further mention of the program was 

made in subsequent accompanying statements until January 

2019. At that time, the FOMC revised its earlier guidance on 

this program, stating it would be “prepared to adjust” 

normalization “in light of economic and financial 

developments.” At its March 19-20, 2019 meeting, the 

FOMC announced that beginning in May 2019, it would 

limit the amount of maturing Treasury securities to roll off 

the balance sheet to $15 billion per month, but maintain the 

current pace of roll-off of agency debt and mortgage-backed 

securities (MBS) at $20 billion per month. At its April 30-

May 1, 2019 meeting, the FOMC announced that it will stop 

allowing Treasury securities to roll off its balance sheet, and

will invest up to $20 billion of maturing agency debt/MBS 

in Treasury securities. 
PROFILE OF THE ECONOMY 7 

June 2019 

Interest Rates and Credit Risk

The level and stability of long-term interest rates are key 

to the economy’s growth. As of March, the 10-year Treasury 

Nominal Coupon-Issue (TNC) yield stood at 2.58 percent, 

roughly 1.0 percentage point above the record low of 1.55 

percent reached in July 2012 as well as 26 basis points lower 

on the year thus far. This yield rose 43 basis points over the 

course of 2018. The spread of the TNC 10-year yield to the 

TNC 2-year yield, one measure of the steepness of the yield 

curve, narrowed from 56 basis points at the end of 2017 to 

15 basis points by the end of 2018. This spread currently 

stood at 16 basis points in March, or 1 basis point higher on 

the year thus far. 

Measures of longer-term credit risks have also improved. 

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

corporate bond yield and the 10-year Treasury TNC yield 

averaged 209 basis points as of September 2016, and then 

narrowed for the next two years, before widening again in 

late 2018. This spread stood at an average of 199 basis 

points as of March 2019. The spread between the 10-year 

Treasury High Quality Market (HQM) corporate bond yield 

and the 10-year TNC yield averaged 134 basis points in 

September 2016, and subsequently narrowed until the end of 

2018. As of March 2019, this spread had narrowed to 119 

basis points. (The TNC, TBBB, and HQM yield curves are 

produced in Treasury’s Office of Macroeconomic Analysis. 

The TNC yield is for off-the-run Treasury nominal notes and 

bonds. The 10-year yields from the TBBB and HQM curves 

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

provide an accurate measure of credit risk.) 
8 

 June 2019 

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is 

transferred into the budget). 

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
 FEDERAL FISCAL OPERATIONS 9 

June 2019 

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

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the second quarter of fiscal year 2019 

supplements fiscal data reported in the March issue of 

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

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $351.0 billion for the second 

quarter of fiscal year 2019. This is an increase of $1.2 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $18.7 billion and non-withheld 

receipts increased by $5.0 billion during this period. 

Refunds decreased by $14.8 billion over the comparable 

fiscal year 2018 quarter. There was a negligible change in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2018. 

Corporate income taxes—Net corporate income tax 

receipts were $14.9 billion for the second quarter of fiscal 

year 2019. This is an increase of $0.5 billion compared to 

the prior year second quarter. The $0.5 billion change is 

comprised of a decrease of $3.6 billion in estimated and 

final payments, and a decrease of $4.1 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

fiscal year 2019 were $305.9 billion, an increase of $13.9 

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 $18.6 billion, -$7.6 billion, and $3.0 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the second quarter of fiscal year 2019. There was a 

negligible adjustment in the second quarter of fiscal year 

2018. 

Unemployment insurance—Unemployment insurance 

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

2019 were $5.7 billion, a decrease of $2.6 billion over the 

comparable quarter of fiscal year 2018. Net State taxes 

deposited in the U.S. Treasury decreased by $0.3 billion to 

$4.5 billion. Net Federal Unemployment Tax Act taxes 

decreased by $2.2 billion to $1.3 billion. 
10 FEDERAL FISCAL OPERATIONS 

June 2019 

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.1 billion for the 

second quarter of fiscal year 2019. This was an increase of 

$0.1 billion from the comparable quarter of fiscal year 2018. 

Excise taxes— Net excise tax receipts for the second 

quarter of fiscal year 2019 were $20.0 billion, an increase of 

$0.1 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $0.9 billion, a 

decrease of $0.1 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $3.3 billion for the second quarter of fiscal year 2019. 

These receipts represent a decrease of $2.6 billion over the 

same quarter in fiscal year 2018. 

Customs duties—Customs duties net of refunds were 

$16.9 billion for the second quarter of fiscal year 2019. This 

is an increase of $7.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of fiscal year 2019 were $17.3 billion, 

a decrease of $9.8 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $9.0 billion.

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

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

 Second quarter 2019 

January – March 

 Fiscal year 2019 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 736,056 1,507,293

On-budget receipts .................................................. 498,641 1,071,891

Off-budget receipts .................................................. 237,415 435,402

Total outlays................................................................. 1,108,298 2,198,468

On-budget outlays.................................................... 862,677 1,755,032

Off-budget outlays.................................................... 245,621 443,436

Total surplus or deficit (-)............................................. -372,241 -691,174

On-budget surplus or deficit (-)................................ -364,036 -683,141

Off-budget surplus or deficit (-)................................ -8,206 -8,034

Means of financing: 

Borrowing from the public ............................................ 103,784 443,413

Reduction of operating cash ........................................ 68,126 50,701

Other means ................................................................ 200,331 197,060

Total on- and off-budget financing ........................... 372,241 691,174

Second-Quarter Net Budget Receipts by Source, Fiscal Year 2019 

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

Source January February March 

Individual income taxes...................................................... 197.1 56.7 97.2 

Corporate income taxes..................................................... 6.8 -.7 8.8 

Employment and general retirement.................................. 111.8 92.3 101.8 

Unemployment insurance .................................................. 3.0 2.4 0.3 

Contributions for other insurance and retirement .............. 0.3 0.5 0.4 

Excise taxes ....................................................................... 6.8 5.4 7.8 

Estate and gift taxes .......................................................... 1.1 1.2 .9 

Customs duties .................................................................. 6.6 5.1 5.2 

Miscellaneous receipts....................................................... 6.5 4.4 6.4

Total budget receipts ..................................................... 340.0 167.3 228.8

Note.—Detail may not add to totals due to independent rounding. 
 FEDERAL FISCAL OPERATIONS 11 

June 2019 

 
June 2019 

12 

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)

 

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

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

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

2017 ............................ 3,314,893 2,464,275 850,617 3,980,720 3,179,518 801,202 -665,826 -715,242 49,416 666,472 2018 ............................ 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 – Est1.................. 3,437,656 2,526,542 911,114 4,529,188 3,620,287 908,901 -1,091,532 -1,093,745 2,213 1,314,037 

2020 – Est1.................. 3,644,772 2,695,492 949,280 4,745,573 3,777,890 967,683 -1,100,801 -1,082,398 -18,403 1,283,161 

2018 - Mar................... 210,832 135,369 75,464 419,576 339,599 79,977 -208,744 -204,230 -4,514 231,945 

Apr................... 510,447 418,983 91,464 296,192 223,977 72,215 214,255 195,006 19,249 -22,707 May.................. 217,075 146,723 70,352 363,871 283,419 80,452 -146,796 -136,696 -10,100 74,976 June................. 316,278 245,056 71,222 391,136 344,954 46,182 -74,858 -99,899 25,041 50,078 

July .................. 225,266 158,870 66,396 302,131 228,731 73,401 -76,865 -69,861 -7,005 118,154 

Aug .................. 219,115 151,335 67,780 433,263 327,487 105,776 -214,148 -176,151 -37,996 144,334 

Sept................. 343,559 268,757 74,803 224,443 167,661 56,783 119,116 101,096 18,020 57,121 

Oct................... 252,692 190,915 61,777 353,183 279,122 74,061 -100,491 -88,207 -12,284 182,430 

Nov .................. 205,961 139,336 66,625 410,864 328,697 82,166 -204,903 -189,361 -15,541 145,837 

Dec .................. 312,584 242,999 69,585 326,123 284,536 41,588 -13,539 -41,537 27,997 125,473 

2019 - Jan ................... 339,980 253,837 86,143 331,299 256,096 75,203 8,681 -2,259 10,940 9,784 

Feb .................. 167,265 95,390 71,875 401,243 316,103 85,140 -233,977 -220,713 -13,265 132,191 

Mar .................. 228,811 149,414 79,397 375,756 290,478 85,278 -146,945 -141,064 -5,881 -86,093 

Fiscal year 2019 to date ... 1,507,293 1,071,891 435,402 2,198,468 1,755,032 443,436 -691,174 -683,141 -8,034 509,622 

 

Means of financing—net transactions, continued 

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

Other 

(18)

Transaction

s not 

applied to 

year’s 

surplus or 

deficit 

(19)

Total 

Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

 

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

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

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

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

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

 

2019 – Est1............................ -767 144,249 1,169,021 287 - - - -77,202 - 1,091,532 

2020 – Est1............................ -1,245 113,655 1,168,261 - - - - -67,460 - 1,100,801 

2018 - Mar............................. 620 -43,637 276,202 90,258 290 -651 166 22,545 59 208,743 

Apr............................. -856 66,466 -90,029 129,728 -577 1,108 -64 6,110 -141 -214,255 

May ........................... -86 -18,877 93,766 -64,983 -746 -701 22 -13,186 -192 146,796 

June .......................... -199 10,530 39,349 -21,588 -368 163 3,006 16,817 -95 74,858 

July............................ -73 14,751 103,330 25,354 -62 -414 1 -1,550 -36 76,865 

Aug............................ -386 -70,312 214,260 -40,189 -84 -23 190 -40,165 -53 214,148 

Sept........................... -230 81,327 -24,436 66,742 -224 -501 21 -28,814 172 -119,116 

Oct............................. 25 101,558 80,897 -18,116 -479 -354 1,058 1,866 -163 100,491 

Nov............................ 149 -54,151 200,137 -21,723 87 60 185 -16,616 -9 204,903 

Dec............................ -55 66,822 58,595 57,264 276 -839 1,947 13,567 25 13,539 

2019 - Jan ............................. -142 9,538 103 1,459 362 -62 39 -7,121 133 -8,683 

Feb ............................ -297 -17,719 149,613 -112,933 -42 -202 401 -28,345 -67 233,977 

Mar............................ -299 -40,460 -45,932 43,348 -356 58 -38 236,022 -133 146,945 

Fiscal year 2019 to date ....... -619 65,588 443,413 -50,701 -152 -1,339 3,592 199,373 -214 691,172 

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

1These estimates are based on the President's FY 2020 Budget, released by the Office of Management and 

Budget on March 18, 2019. 
 FEDERAL FISCAL OPERATIONS 

June 2019 

13

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) 

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

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

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

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

2018 .................. 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 – Est1........ 1,698,353 - - 1,698,353 216,194 - 216,194 1,914,547 1,187,367 - 1,187,367 

2020 – Est1........ 1,824,185 - - 1,824,185 255,161 - 255,161 2,079,346 1,238,205 - 1,238,205 

2018 - Mar......... 132,319 17,036 61,195 88,160 11,290 6,224 5,066 93,226 96,261 - 96,261 

Apr......... 99,447 277,803 62,923 314,327 48,369 6,201 42,168 356,495 118,723 - 118,723 

May........ 95,919 18,631 22,010 92,539 6,738 3,806 2,932 95,471 90,022 - 90,022 

June....... 99,337 70,784 7,773 162,349 41,027 3,025 38,001 200,350 93,678 - 93,678 

July ........ 104,792 9,779 4,911 109,660 7,524 3,228 4,296 113,956 85,934 - 85,934 

Aug ........ 101,508 9,343 4,412 106,439 3,987 7,440 -3,453 102,986 87,815 - 87,815 

Sept....... 84,133 81,610 3,794 161,949 44,831 2,649 42,182 204,131 102,012 3,234 98,778 

Oct......... 111,264 29,008 11,407 128,866 8,962 962 8,000 136,866 82,775 - 82,775 

Nov ........ 94,390 8,078 9,097 93,371 3,996 5,642 -1,646 91,725 89,430 - 89,430 

Dec ........ 137,260 16,327 3,030 150,557 51,888 5,133 46,755 197,312 93,490 - 93,490 

2019 - Jan ......... 109,148 89,548 1,560 197,136 8,363 1,610 6,754 203,890 111,255 - 111,255 

Feb ........ 116,736 7,926 68,001 56,661 3,774 4,442 -669 55,992 91,623 - 91,623 

Mar ........ 135,770 16,889 55,422 97,236 13,605 4,812 8,793 106,029 101,253 - 101,253 

Fiscal year 

2019 to date........ 704,568 167,776 148,517 723,827 90,588 22,601 67,987 791,814 569,826 

- 569,826 

 

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) 

 

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

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

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

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

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

2019 – Est1.................. 5,663 - 5,663 1,193,030 44,389 - 44,389 4,955 31 4,986 

2020 – Est1.................. 5,916 - 5,916 1,244,121 46,154 - 46,154 5,178 31 5,209 

2018 - Mar................... 600 - 601 96,861 402 16 385 356 3 359 

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

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

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

July.................. 581 1 580 86,514 4,004 25 3,979 387 2 389 

Aug.................. 519 -1 521 88,335 3,828 12 3,817 368 3 371 

Sept................. 465 - 465 99,243 258 10 248 428 3 431 

Oct................... 480 - 480 83,255 2,941 - 2,941 355 3 357 

Nov.................. 395 - 395 89,824 2,650 - 2,650 444 2 446 

Dec.................. 438 - 438 93,928 292 - 292 422 2 424 

2019 - Jan ................... 514 - 514 111,769 3,038 - 3,038 254 2 256 

Feb.................. 712 - 712 92,335 2,427 6 2,421 467 - 467 

Mar.................. 537 - 537 101,791 348 73 275 357 2 359 

Fiscal year 

2019 to date...................... 3,076 

- 3,076 572,902 11,696 79 11,617 2,299 11 2,309 

 

See footnotes at end of table. 
June 2019 

14 

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) 

 

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

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

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

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

2018 ....................... 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 – Est1............. 98,669 19,295 - 19,295 69,469 - 69,469 48,783 44,488 93,271 2,526,542 911,114 2020 – Est1............. 108,835 19,304 - 19,304 48,383 - 48,383 49,474 44,905 94,379 2,695,492 949,280 

2018 - Mar.............. 7,849 1,561 100 1,461 3,269 185 3,084 6,097 1,509 7,606 135,369 75,464 

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

May ............ 7,325 1,720 69 1,650 3,156 187 2,968 5,629 636 6,265 146,723 70,352 

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

July............. 7,716 1,862 79 1,783 4,252 93 4,159 4,683 2,086 6,769 158,870 66,396 

Aug............. 8,154 2,010 78 1,932 4,627 377 4,249 5,897 3,375 9,271 151,335 67,780 

Sept............ 16,079 2,361 72 2,290 4,768 195 4,572 4,595 11,970 16,566 268,757 74,803 

Oct.............. 14,715 2,037 84 1,954 5,826 276 5,551 4,541 2,512 7,053 190,915 61,777 

Nov............. 7,535 1,483 77 1,405 6,459 175 6,285 4,479 1,611 6,091 139,336 66,625 

Dec............. 7,179 1,744 69 1,675 6,129 138 5,992 4,400 1,383 5,783 242,999 69,585 

2019 - Jan .............. 6,776 1,151 58 1,092 6,662 34 6,628 4,854 1,677 6,530 253,837 86,143 

Feb ............. 5,353 1,296 67 1,229 5,418 342 5,076 2,893 1,496 4,389 95,390 71,875 

Mar............. 7,841 1,003 67 935 5,382 220 5,163 4,206 2,212 6,418 149,414 79,397 

Fiscal year 

2019 to date................ 49,399 8,714 422 8,290 35,876 1,185 34,695 25,373 10,891 36,264 1,071,891 435,402 

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

1These estimates are based on the President's FY 2020 Budget, released by the Office of Management and 

Budget on March 18, 2019.

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) 

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

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

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

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

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

2019 – Est1 ................... 1,242,405 16,309 - 16,309 238 - 238 42,772 - 42,772 39,350 - 39,350 

2020 – Est1 ................... 1,295,484 17,176 - 17,176 194 - 194 43,348 - 43,348 48,117 - 48,117 

2018 - Mar .................... 97,605 1,286 - 1,286 37 - 37 3,367 31 3,336 3,398 208 3,190 

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

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

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

July.................... 90,882 1,370 - 1,370 33 - 33 3,547 43 3,504 3,216 407 2,808 

Aug.................... 92,523 841 3 838 9 - 9 2,524 42 2,481 4,942 117 4,826 

Sept................... 99,922 2,144 1 2,142 65 - 65 6,733 63 6,669 7,707 504 7,202 

Oct .................... 86,553 254 - 254 8 - 8 801 15 786 16,250 2,583 13,667 

Nov.................... 92,921 1,548 - 1,548 38 - 38 4,290 29 4,261 1,877 190 1,687 

Dec.................... 94,643 1,338 - 1,338 33 - 33 3,785 29 3,756 2,209 157 2,052 

2019 - Jan..................... 115,064 1,209 - 1,209 30 - 30 3,351 30 3,321 2,262 46 2,216 

Feb.................... 95,225 1,418 - 1,418 17 - 17 3,610 31 3,579 893 554 339 

Mar.................... 102,424 1,169 8 1,161 6 - 6 3,919 31 3,889 3,001 216 2,786 

Fiscal year 

2019 to date...................... 586,830 6,936 

8 6,928 132 - 132 19,756 165 19,592 26,492 3,746 22,747 
 FEDERAL FISCAL OPERATIONS 

June 2019 

15

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) 

 

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

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

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

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

2018 ....................... 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 – Est1 ............. 5,826 8,019 155,982 14,071 652,234 108,331 31,646 1,230,273 62,267 32,131 12,118 41,366 37,120

2020 – Est1 ............. 5,537 8,658 118,702 16,611 704,302 80,613 31,483 1,286,183 62,956 50,241 13,882 37,007 39,428 

2018 - Mar.............. 348 633 9,951 707 55,815 6,908 2,304 126,184 5,803 3,679 965 2,344 4,340

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

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

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

July ............. 447 644 9,719 1,151 43,165 4,194 2,075 67,867 5,052 3,971 1,180 3,213 3,765

Aug ............. 393 690 8,785 581 58,844 7,391 2,351 131,579 4,701 3,739 1,120 2,709 3,693

Sept ............ 368 624 6,438 546 48,986 5,417 2,712 69,967 4,782 1,140 367 2,138 2,373

Oct.............. 444 672 18,311 660 63,386 5,097 2,919 97,165 5,338 3,782 2,130 1,612 -2,167

Nov ............. 372 777 17,103 2,110 57,096 5,630 1,808 120,606 4,663 3,664 478 3,279 3,286

Dec ............. 461 628 15,246 1,013 51,445 6,256 1,895 71,256 6,527 3,954 1,063 3,947 4,046

2019 - Jan .............. 419 512 13,122 432 46,828 9,708 2,566 96,085 3,243 3,797 725 2,461 4,983

Feb ............. 371 745 11,313 921 51,368 7,942 2,200 98,154 4,893 3,861 1,359 3,137 4,315

Mar ............. 355 605 10,544 844 55,396 6,052 2,246 100,225 4,963 3,446 796 2,692 2,526 

Fiscal year 

2019 to date................ 2,422 3,939 85,639 5,980 325,519 40,685 13,634 583,491 29,627 22,504 6,551 17,128 16,989

 

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) 

 

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

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

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

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

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

2019 – Est1 ............. 29,690 83,368 593,100 116,302 199,948 8,549 62,249 7,021 421 -1,322 24,311 

2020 – Est1 ............. 24,816 85,706 679,707 110,449 217,115 9,004 62,975 6,932 406 107,237 28,649 

2018 - Mar.............. 2,078 5,432 38,504 29,366 23,816 771 9,532 588 30 53 495 

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

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

June............ 2,374 6,903 95,594 6,381 23,843 570 9,443 716 37 -124 3,254 

July ............. 1,726 8,816 40,559 7,224 7,965 320 261 618 28 -106 1,474 

Aug ............. 2,852 8,844 38,357 6,928 23,773 132 8,818 668 33 162 2,299 

Sept ............ 2,830 8,287 28,981 -35,182 8,225 350 1,089 666 32 -303 2,105 

Oct.............. 3,000 6,400 31,648 6,097 16,840 641 4,747 730 32 47 2,109 

Nov ............. 3,268 6,466 35,371 6,791 25,577 771 9,715 761 45 139 1,838 

Dec ............. 2,038 6,353 97,203 258 16,062 264 5,406 808 33 -307 -449 

2019 - Jan .............. 1,668 4,377 27,811 5,229 8,614 593 1,747 622 9 656 832 

Feb ............. 1,412 6,555 28,717 55,820 16,155 608 5,378 914 49 -939 2,095 

Mar ............. 2,729 4,812 38,938 24,443 13,382 553 5,606 579 28 -137 174 

Fiscal year 

2019 to date................ 14,115 34,963 259,688 98,638 96,630 3,430 32,599 4,414 196 -541 6,599 

See footnotes at end of table 
June 2019 

16 

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) 

 

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

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

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

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

2018 .................. 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 – Est1........ 20,963 7,244 102,516 187 1,104,449 173,509 -90,372 -148,881 -5,429 -150,019 3,620,287 908,901 

2020 – Est1........ 21,859 7,262 - 796 1,165,144 167,117 -101,903 -147,416 -5,351 -150,534 3,777,890 967,683 

 

2018 - Mar......... 1,621 535 8,177 -1,457 91,401 -1,885 -6,115 -3,231 -115 - 339,599 79,977 

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

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

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

July........ 1,553 650 8,482 134 83,485 3,820 -6,247 -4,465 -612 - 228,731 73,401 

Aug........ 1,655 819 8,476 122 117,047 2,904 -6,216 -4,610 -480 -5,895 327,487 105,776 

Sept....... 1,792 656 8,556 111 58,638 -2,090 -5,862 -266 -25 -1 167,661 56,783 

Oct......... 1,787 632 9,161 100 88,652 3,357 -21,629 1,329 -1,848 - 279,122 74,061 

Nov........ 1,707 502 8,108 111 2,638 4,790 -6,389 -2,538 321 - 328,697 82,166 

Dec........ 1,992 601 7,746 131 88,752 -189 -6,224 -61,702 -389 - 284,536 41,588 

2019 - Jan ......... 878 461 9,378 90 86,767 2,893 -5,632 -130 -448 - 256,094 75,203 

Feb ........ 1,899 653 8,044 112 91,568 1,739 -6,114 -2,054 -789 -1,155 316,103 85,140 

Mar........ 1,478 509 8,414 -640 92,049 28 -6,383 -1,395 -100 - 290,478 85,278 

Fiscal year 

2019 to date ....... 

9,741 

 

3,358 

 

50,851 

 

-96 

 

540,426 

 

12,618 -52,371 -66,490 -3,253 -1,155 

 

1,755,030 

 

443,436 

 

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

1These estimates are based on the President's FY 2020 Budget, released by the Office of Management and 

Budget on March 18, 2019.
 FEDERAL FISCAL OPERATIONS 

June 2019 

17

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

June 2019 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............................................... 723,782 46 - 723,828 736,254 20 - 736,274

Corporation income taxes........................................... 67,987 - - 67,987 78,607 - - 78,607

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 435,402 435,402 - - 412,730 412,730

Employment and general retirement (on-budget)... 6 - 137,494 137,500 33 - 130,923 130,955

Unemployment insurance ....................................... 13 - 11,604 11,617 -66 - 14,607 14,541

Other retirement...................................................... - - 2,312 2,312 - - 2,181 2,181

Excise taxes ................................................................ 21,100 582 27,717 49,399 14,498 605 26,362 41,465

Estate and gift taxes ................................................... 8,290 - - 8,290 11,115 - - 11,115

Customs duties ........................................................... 23,275 10,564 855 34,694 12,004 5,592 796 18,392

Miscellaneous receipts................................................ 27,906 7,957 401 36,264 42,595 7,546 602 50,743

Total receipts 872,360 19,149 615,784 1,507,293 895,040 13,764 588,200 1,497,005

(On-budget) 872,360 19,149 180,383 1,071,891 895,040 13,764 175,470 1,084,274

(Off-budget) - - 435,402 435,402 - - 412,730 412,730

 

Budget outlays: 

Legislative branch ....................................................... 2,449 -25 -2 2,422 2,333 21 -5 2,349

Judicial branch ............................................................ 4,162 -57 -165 3,940 3,650 325 -128 3,847

Department of Agriculture ........................................... 59,507 26,149 -17 85,639 62,438 20,463 -157 82,744

Department of Commerce........................................... 4,599 1,377 2 5,978 4,378 -546 34 3,867

Department of Defense-military .................................. 321,822 3,591 105 325,518 295,779 2,303 28 298,111

Department of Education ............................................ 40,505 179 * 40,685 37,758 60 * 37,818

Department of Energy................................................. 14,454 -820 * 13,634 13,237 -650 * 12,587

Department of Health and Human Services ............... 438,750 3,606 141,136 583,491 422,551 1,811 139,536 563,898

Department of Homeland Security.............................. 30,415 -877 88 29,625 34,553 6,142 82 40,777

Department of Housing and Urban Development....... 22,509 -40 36 22,504 21,869 -76 -260 21,533

Department of the Interior........................................... 5,618 719 214 6,551 5,551 1,334 238 7,124

Department of Justice ................................................. 13,840 3,306 -17 17,129 14,158 3,495 -20 17,633

Department of Labor................................................... 4,163 -3,994 16,819 16,988 4,755 -1,836 17,393 20,312

Department of State.................................................... 14,442 -668 341 14,114 11,706 618 432 12,756

Department of Transportation..................................... 4,309 137 30,517 34,964 3,656 259 30,612 34,527

Department of the Treasury: 

Interest on the public debt....................................... 259,687 - - 259,687 240,522 - - 240,522

Other ....................................................................... 99,961 -1,367 43 98,637 102,706 -879 -109 101,718

Department of Veterans Affairs .................................. 98,118 -1,816 331 96,633 94,202 -1,612 358 92,948

Corps of Engineers ..................................................... 3,316 122 -9 3,429 3,500 142 -247 3,395

Other defense civil programs...................................... 93,837 -3,460 -57,778 32,599 89,545 -4,164 -53,420 31,962

Environmental Protection Agency............................... 4,913 -32 -466 4,415 4,213 -32 83 4,264

Executive Office of the President................................ 191 * 4 195 202 * -15 187

General Services Administration ................................ 92 -633 - -541 91 -234 - -143

International Assistance Program............................... 12,704 -84 -6,022 6,598 9,911 -173 -2,232 7,506

National Aeronautics and Space Administration ........ 9,762 -22 1 9,740 9,629 3 1 9,632

National Science Foundation...................................... 3,291 67 * 3,358 3,256 61 15 3,332

Office of Personnel Management ............................... 6,657 207 43,987 50,851 6,402 -378 42,566 48,591

Small Business Administration ................................... -95 -1 - -96 -715 -4 - -719

Social Security Administration .................................... 46,358 * 494,068 540,426 47,629 * 465,592 513,221

Other independent agencies....................................... 6,825 -999 6,798 12,625 5,823 -5,660 2,913 3,076

Undistributed offsetting receipts: 

Interest .................................................................... - - -66,491 -66,491 - - -69,810 -69,810

Other ....................................................................... -2,550 -8,466 -45,764 -56,780 -1,832 -8,701 -42,329 -52,862

 Total outlays......................................................... 1,624,609 16,099 557,760 2,198,468 1,553,458 12,094 531,153 2,096,705

(On-budget)..................................................... 1,624,344 16,923 113,766 1,755,032 1,553,331 13,218 116,392 1,682,941

(Off-budget)..................................................... 265 -824 443,994 443,435 127 -1,125 414,761 413,763

 Surplus or deficit (-).............................................. -752,249 3,050 58,025 -691,174 -658,418 1,670 57,047 -599,700

(On-budget)..................................................... -751,984 2,226 66,617 -683,141 -658,291 546 59,078 -598,667

(Off-budget)..................................................... -265 824 -8,592 -8,034 -127 1,125 -2,031 -1,033

 -No Transactions 

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
June 2019 

18 

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing 

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities 

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

June 2019 

19 

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) 

 

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

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

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

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

2018............................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

 

2018 - Mar ..................... 21,114,305 21,089,643 24,662 5,652,861 5,652,861 - 15,461,444 15,436,782 24,662 

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

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

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

July..................... 21,336,499 21,313,061 23,438 5,726,291 5,726,291 - 15,610,208 15,586,770 23,438 

Aug..................... 21,481,902 21,458,850 23,052 5,655,997 5,655,997 - 15,825,905 15,802,853 23,052 

Sept.................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 - 15,801,628 15,778,806 22,822 

Oct ..................... 21,725,216 21,702,370 22,846 5,840,466 5,840,466 - 15,884,750 15,861,904 22,846 

Nov..................... 21,873,089 21,850,094 22,995 5,786,563 5,786,563 - 16,086,526 16,063,531 22,995 

Dec..................... 21,997,036 21,974,096 22,940 5,853,354 5,853,354 - 16,143,682 16,120,742 22,940 

2019 - Jan...................... 22,005,220 21,982,423 22,797 5,862,428 5,862,428 - 16,142,792 16,119,995 22,797 

Feb..................... 22,138,026 22,115,526 22,500 5,845,051 5,845,051 - 16,292,975 16,270,475 22,500 

Mar..................... 22,050,081 22,027,880 22,201 5,804,029 5,804,029 - 16,246,052 16,223,851 22,201 

 

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) 

 

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

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

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

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

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 

 

2018 - Mar...................... 21,114,305 73,728 21,040,576 5,652,861 27,238 5,625,623 15,461,444 46,490 15,414,953 

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

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

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

July..................... 21,336,499 76,646 21,259,853 5,726,291 27,797 5,698,494 15,610,208 48,849 15,561,359 

Aug..................... 21,481,902 78,100 21,403,801 5,655,997 27,815 5,628,182 15,825,905 50,285 15,775,619 

Sept.................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

Oct...................... 21,725,216 82,068 21,643,147 5,840,466 29,399 5,811,067 15,884,750 52,669 15,832,080 

Nov..................... 21,873,089 83,956 21,789,133 5,786,563 29,647 5,756,916 16,086,526 54,309 16,032,217 

Dec..................... 21,997,036 82,484 21,914,550 5,853,354 29,616 5,823,738 16,143,682 52,868 16,090,812 

2019 - Jan ...................... 22,005,220 81,028 21,924,191 5,862,428 29,152 5,833,276 16,142,792 51,876 16,090,915 

Feb ..................... 22,138,026 81,940 22,056,085 5,845,051 29,494 5,815,557 16,292,975 52,446 16,240,529 

Mar..................... 22,050,081 80,387 21,969,694 5,804,029 28,933 5,775,097 16,246,052 51,454 16,194,597 

 
FEDERAL DEBT 

June 2019

20 

 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) 

 

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

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

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

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

2018 .......................... 156,809 - 264 250,680 71,753 29,995 1,575 

 

2018 - Mar................. 159,040 - 264 231,471 84,595 29,995 1,692 

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

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

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

July................ 157,527 - 264 246,257 76,082 29,995 1,654 

Aug................ 157,088 - 264 250,565 72,124 29,995 1,669 

Sept............... 156,809 - 264 250,680 71,753 29,995 1,575 

Oct................. 156,484 - 264 254,063 72,050 29,995 1,571 

Nov................ 156,225 - 264 255,971 68,985 29,995 1,630 

Dec................ 155,795 - 264 258,083 66,197 29,995 1,660 

2019 - Jan ................. 155,254 - 264 261,183 61,438 29,995 1,634 

Feb ................ 154,933 - 264 262,304 61,179 29,995 1,623 

Mar................ 154,533 - 264 45,624 61,975 29,995 1,635 

 

 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) 

 

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

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

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

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

2018 .......................... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

 

2018 - Mar................. 15,428,010 14,920,952 2,284,417 8,920,300 2,033,787 1,348,479 333,968 507,058 

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

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

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

July................ 15,569,493 15,057,714 2,205,355 9,090,754 2,080,147 1,347,525 333,932 511,780 

Aug................ 15,785,389 15,273,684 2,340,414 9,116,174 2,099,970 1,364,984 352,142 511,705 

Sept............... 15,761,155 15,250,078 2,239,473 9,150,301 2,114,982 1,376,180 369,142 511,077 

Oct................. 15,843,329 15,328,902 2,257,391 9,213,591 2,129,633 1,382,053 346,235 514,427 

Nov................ 16,044,318 15,531,248 2,388,456 9,236,034 2,145,313 1,395,634 365,811 513,070 

Dec................ 16,101,667 15,589,671 2,339,374 9,292,753 2,161,472 1,412,256 383,815 511,995 

2019 - Jan ................. 16,101,227 15,591,458 2,298,360 9,351,632 2,177,715 1,403,461 360,290 509,769 

Feb ................ 16,250,898 15,740,600 2,395,382 9,371,585 2,187,909 1,407,439 378,285 510,298 

Mar................ 16,204,392 15,910,365 2,479,407 9,410,162 2,203,850 1,420,671 396,275 294,027 
FEDERAL DEBT 

June 2019 

21 

 

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) 

 

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

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

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

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

2018 ..................... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,516,817 

 

2018 - Mar............ 2,808,362 845 78,357 49,477 3,314 11,916 712 58,331 1,485,024 

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

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

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

July........... 2,825,363 850 101,279 47,111 3,122 11,535 776 70,869 1,508,159 

Aug........... 2,791,813 851 89,400 42,248 3,063 12,346 750 74,231 1,511,576 

Sept.......... 2,801,254 852 98,197 41,212 3,015 10,493 612 72,576 1,514,907 

Oct............ 2,789,345 854 102,342 39,405 2,949 10,290 676 71,703 1,638,535 

Nov........... 2,772,982 856 84,762 37,976 2,904 9,812 657 73,577 1,634,325 

Dec........... 2,797,974 857 104,159 37,649 2,901 9,918 387 72,164 1,633,615 

2019 - Jan ............ 2,806,515 859 107,463 37,807 2,850 10,608 583 70,038 1,635,344 

Feb ........... 2,794,748 861 110,773 37,736 2,796 8,461 676 70,989 1,636,819 

Mar........... 2,789,289 862 110,133 37,778 2,731 8,830 666 68,357 1,384,657 

 

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) 

 

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

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

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

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

2018 .................. 5,977,617 14,212 94,431 46,616 22,311 93,401 931,838 202,805 26,975 

 

2018 - Mar......... 5,869,320 14,103 87,634 46,215 22,176 79,475 900,250 188,445 34,684 

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

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

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

July........ 5,962,236 14,927 93,173 46,256 22,278 89,856 897,266 203,664 25,752 

Aug........ 5,895,873 14,380 93,285 46,574 22,277 84,852 892,972 188,915 26,340 

Sept....... 5,977,617 14,212 96,341 46,616 22,311 93,401 931,838 202,805 26,975 

Oct......... 6,084,109 14,796 96,608 46,655 22,355 93,338 927,143 199,614 27,501 

Nov........ 6,032,885 15,036 96,736 46,742 22,353 94,351 923,394 188,324 28,098 

Dec........ 6,101,877 15,117 99,339 46,805 22,399 97,201 932,693 200,116 28,583 

2019 - Jan ......... 6,113,990 14,817 99,302 46,842 22,445 99,035 927,196 205,557 26,729 

Feb ........ 6,097,856 15,219 99,553 47,530 22,435 97,494 923,064 199,611 29,091 

Mar........ 5,804,580 15,220 100,002 47,535 22,480 96,856 894,471 195,317 29,396 

 
FEDERAL DEBT 

June 2019

22 

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) 

 

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

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

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

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

2018 ............................ 22,822 19 80 22,696 27 * 

 

2018 - Mar................... 24,662 19 93 24,510 40 * 

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

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

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

July.................. 23,438 19 87 23,292 40 * 

Aug.................. 23,052 19 79 22,927 27 * 

Sept................. 22,822 19 80 22,696 27 * 

Oct................... 22,846 19 80 22,720 27 * 

Nov.................. 22,995 19 81 22,869 27 * 

Dec.................. 22,940 19 81 22,813 27 * 

2019 - Jan ................... 22,797 19 82 22,670 27 * 

Feb .................. 22,500 19 74 22,394 14 * 

Mar.................. 22,201 19 75 22,094 14 * 

 

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

June 2019 

23 

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) 

 

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

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

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

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

2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65

 

2018 - Mar...................... 12,442,216 3,776,495 4,907,194 2,376,859 133,487 1,248,181 64

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

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

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

July ..................... 12,738,042 3,730,067 5,121,739 2,452,655 127,815 1,305,766 65

Aug ..................... 12,978,235 3,888,670 5,205,685 2,438,557 121,314 1,324,010 64

Sept.................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65

Oct...................... 13,077,091 3,818,212 5,276,404 2,501,914 121,341 1,359,221 65

Nov ..................... 13,309,195 3,969,497 5,352,897 2,495,378 113,027 1,378,396 64

Dec ..................... 13,385,360 3,927,279 5,426,079 2,524,238 113,097 1,394,666 64

2019 - Jan ...................... 13,403,618 3,899,283 5,461,802 2,535,614 96,751 1,410,168 65

Feb ..................... 13,583,882 4,013,313 5,521,894 2,521,411 103,143 1,424,121 65

Mar ..................... 13,681,505 4,108,702 5,500,058 2,529,183 103,183 1,440,379 64

 

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

June 2019

24 

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

 

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

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

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

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

2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

 

2018 – Mar2............................ - 21,049,524 21,049,524 - 21,089,643 - 40,119 

 Apr2 ............................ - 21,027,545 21,027,545 - 21,068,200 - 40,656 

May2 ........................... - 21,104,039 21,104,039 - 21,145,215 - 41,176 

June2 .......................... - 21,155,086 21,155,086 - 21,195,070 - 39,983 

July2............................ - 21,272,706 21,272,706 - 21,313,061 - 40,354 

Aug2............................ - 21,417,956 21,417,956 - 21,458,850 - 40,893 

Sept2 .......................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 

Oct2............................. - 21,661,035 21,661,035 - 21,702,370 - 41,335 

Nov2............................ - 21,808,202 21,808,202 - 21,850,094 - 41,892 

Dec3............................ - 21,933,738 21,933,738 - 21,974,096 - 40,358 

2019 – Jan2 ............................ - 21,941,179 21,941,179 - 21,982,423 - 41,244 

Feb2 ............................ - 22,074,156 22,074,156 - 22,115,526 - 41,371 

Mar1 ............................ 21,987,706 21,987,681 21,987,681 - 22,027,880 - 40,200 

 

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act, 2018, Public Law 115-123, the 

Statutory Debt Limit was suspended through March 1, 2019. The Statutory Debt Limit in 31 

U.S.C. 3101(b) was permanently increased effective March 2, 2019, to $21,987,705,611,407.70. 

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

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

suspended through March 1, 2019. 
FEDERAL DEBT 

June 2019 

25 

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) 

 

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

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

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

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

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453 

 

2018 - Mar.............................. 1,535,644 22,958 20,494 26,112 565 601 

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

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

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

July............................. 1,555,879 22,093 21,139 27,018 580 601 

Aug............................. 1,570,955 23,268 19,225 26,193 519 453 

Sept............................ 1,512,469 23,005 19,325 26,797 583 453 

Oct.............................. 1,569,160 28,758 19,433 26,947 586 453 

Nov............................. 1,569,709 27,494 19,639 27,302 591 453 

Dec............................. 1,595,896 30,276 19,639 27,302 591 453 

2019 - Jan .............................. 1,603,858 36,297 19,658 27,359 591 453 

Feb ............................. 1,605,765 33,357 20,016 27,920 611 453 

Mar............................. 1,606,124 31,653 19,900 27,913 566 453 

 

 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) 

 

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

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

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

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

2018 ....................................... 1,258,499 5,531 24,709 134 61,584 

 

2018 - Mar ............................. 1,271,327 4,953 27,979 127 62,317 

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

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

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

July............................. 1,291,360 5,086 27,979 128 63,030 

Aug............................. 1,312,682 5,225 27,979 128 63,241 

Sept............................ 1,258,499 5,531 24,709 134 61,584 

Oct ............................. 1,308,416 5,508 24,709 134 61,640 

Nov............................. 1,307,269 5,478 24,734 134 62,219 

Dec............................. 1,329,918 5,398 24,734 134 62,355 

2019 - Jan.............................. 1,330,500 5,374 24,734 134 62,883 

Feb............................. 1,335,506 5,299 24,734 134 61,474 

Mar............................. 1,335,506 5,299 24,734 134 62,880 

 
FEDERAL DEBT 

June 2019

26 

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) 

 

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

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

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

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

2018 ...................................... 20,213 3,725 11,212 56,699 

 

2018 - Mar............................. 24,789 5,785 11,195 56,443 

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

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

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

July............................ 24,818 3,088 11,407 57,552 

Aug............................ 20,208 3,361 11,934 56,537 

Sept........................... 20,213 3,725 11,212 56,699 

Oct............................. 20,223 4,093 11,212 57,048 

Nov............................ 20,223 4,417 12,604 57,152 

Dec............................ 20,229 4,799 12,604 57,464 

2019 - Jan ............................. 20,250 5,182 12,604 57,839 

Feb ............................ 20,257 5,468 12,604 57,932 

Mar............................ 20,257 5,821 12,700 58,308 

 

Note—Detail may not add to totals due to rounding. 
27 

June 2019 

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

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

the consolidation of the Financial Management Service and 

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

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

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

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JANUARY-MARCH 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

J A N U A R Y 

Auction of 52-Week Bills 

On December 27, 2018, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued January 3 and will mature 

January 2, 2020. The issue was to refund $109,982 

million of all maturing bills and to pay down 

approximately $8,982 million. Treasury auctioned the 

bills on December 31. Tenders totaled $81,332 

million; Treasury accepted $26,000 million, including 

$563 million of noncompetitive tenders from the 

public. The high bank discount rate was 2.545 percent. 

Auction of 3-Year Notes 

On January 3, 2019, Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was 

to refund $39,244 million of securities maturing 

January 15 and to raise new cash of approximately 

$38,756 million. 

The 3-year notes of Series AH-2022 were dated 

and issued January 15. They are due January 15, 2022, 

with interest payable on July 15 and January 15 until 

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

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon eastern time (e.t.) for noncompetitive 

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

tenders on January 8. Tenders totaled $92,605 million; 

Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 2.559 

percent with an equivalent price of $99.830664. 

Treasury accepted in full all competitive tenders at 

yields lower than 2.559 percent. Tenders at the high 

yield were allotted 63.99 percent. The median yield 

was 2.523 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $65 million. 

Competitive tenders accepted from private investors 

totaled $37,835 million. The minimum par amount 

required for Separate Trading of Registered Interest 

and Principal Securities (STRIPS) of notes of Series 

AH-2022 is $100. 

Auction of 9-Year 10-Month 3-1/8 Percent 

Notes 

On January 3, 2019, Treasury announced it would 

auction $24,000 million of 9-year 10-month 3-1/8 
28 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

percent notes. The issue was to refund $39,244 million 

of securities maturing January 15 and to raise new cash 

of approximately $38,756 million. 

The 9-year 10-month 3-1/8 percent notes of Series 

F-2028 were dated November 15 and issued January 

15. They are due November 15, 2028, with interest 

payable on May 15 and November 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on January 9. 

Tenders totaled $60,237 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.728 percent with an equivalent price of 

$103.398824. Treasury accepted in full all competitive 

tenders at yields lower than 2.728 percent. Tenders at 

the high yield were allotted 81.02 percent. The median 

yield was 2.690 percent, and the low yield was 2.288 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors 

totaled $23,995 million. Accrued interest of $5.26588 

per $1,000 must be paid for the period from November 

15 to January 15. The minimum par amount required 

for STRIPS of notes of Series F-2028 is $100. 

Auction of 29-Year 10-Month 3-3/8 Percent 

Bonds 

On January 3, 2019, Treasury announced it would 

auction $16,000 million of 29-year 10-month 3-3/8 

percent bonds. The issue was to refund $39,244 

million of securities maturing January 15 and to raise 

new cash of approximately $38,756 million. 

The 29-year 10-month 3-3/8 percent bonds of 

November 2048 were dated November 15 and issued 

January 15. They are due November 15, 2048, with 

interest payable on May 15 and November 15 until 

maturity. 

Treasury received tenders for the bonds before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on January 10. 

Tenders totaled $35,059 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.035 percent with an equivalent price of 

$106.635985. Treasury accepted in full all competitive 

tenders at yields lower than 3.035 percent. Tenders at 

the high yield were allotted 73.89 percent. The median 

yield was 2.990 percent, and the low yield was 2.588 

percent. Noncompetitive tenders totaled $7 million. 

Competitive tenders accepted from private investors 

totaled $15,993 million. Accrued interest of $5.68715 

per $1,000 must be paid for the period from November 

15 to January 15. The minimum par amount required 

for STRIPS of bonds of November 2048 is $100. 

Auction of 10-Year Treasury Inflation 

Protected Security (TIPS) 

On January 10, 2019, Treasury announced it would 

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

was to refund $121,531 million of securities maturing 

January 31 and to raise new cash of approximately 

$24,469 million. 

The 10-year TIPS of Series A-2029 were dated 

January 15 and issued January 31. They are due 

January 15, 2029, with interest payable on July 15 and 

January 15 until maturity. Treasury set an interest rate 

of 0-7/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on January 17. 

Tenders totaled $31,425 million; Treasury accepted 

$13,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.919 percent with an equivalent adjusted 

price of $99.409861. Treasury accepted in full all 

competitive tenders at yields lower than 0.919 percent. 

Tenders at the high yield were allotted 70.83 percent. 

The median yield was 0.870 percent, and the low yield 

was 0.800 percent. Noncompetitive tenders totaled $45 

million. Competitive tenders accepted from private 

investors totaled $12,955 million. Adjusted accrued 

interest of $0.38607 per $1,000 must be paid for the 

period from January 15 to January 31. Both the 

unadjusted price of $99.582138 and the unadjusted 

accrued interest of $0.38674 were adjusted by an index 

ratio of 0.99827, for the period from January 15 to 

January 31. The minimum par amount required for 

STRIPS of TIPS of Series A-2029 is $100. 

Auction of 2-Year Notes 

On January 24, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $121,531 million of securities maturing 

January 31 and to raise new cash of approximately 

$24,469 million. 

The 2-year notes of Series AV-2021 were dated 

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

with interest payable on July 31 and January 31 until 

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

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. e.t. for noncompetitive tenders and before 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 29 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

11:30 a.m. e.t. for competitive tenders on January 28. 

Tenders totaled $102,573 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.600 percent with an equivalent price of 

$99.806335. Treasury accepted in full all competitive 

tenders at yields lower than 2.600 percent. Tenders at 

the high yield were allotted 8.00 percent. The median 

yield was 2.577 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $318 million. 

Competitive tenders accepted from private investors 

totaled $39,582 million. The minimum par amount 

required for STRIPS of notes of Series AV-2021 is 

$100. 

Auction of 5-Year Notes

On January 24, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $121,531 million of securities maturing 

January 31 and to raise new cash of approximately 

$24,469 million. 

The 5-year notes of Series U-2024 were dated and 

issued January 31. They are due January 31, 2024, 

with interest payable on July 31 and January 31 until 

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

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on January 28. 

Tenders totaled $98,753 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.576 percent with an equivalent price of 

$99.645588. Treasury accepted in full all competitive 

tenders at yields lower than 2.576 percent. Tenders at 

the high yield were allotted 36.27 percent. The median 

yield was 2.540 percent, and the low yield was 2.470 

percent. Noncompetitive tenders totaled $35 million. 

Competitive tenders accepted from private investors 

totaled $40,965 million. The minimum par amount 

required for STRIPS of notes of Series U-2024 is 

$100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 24, 2019, Treasury announced it would 

auction $20,000 million of 2-year FRNs. The issue 

was to refund $121,531 million of securities maturing 

January 31 and to raise new cash of approximately 

$24,469 million. 

The 2-year FRNs of Series AW-2021 were dated 

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

with interest payable on April 30, July 31, October 31, 

and January 31 until maturity. Treasury set a spread of 

0.115 percent after determining which tenders were 

accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on January 29. 

Tenders totaled $57,829 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.115 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.115 percent. Tenders at the high discount margin 

were allotted 52.48 percent. The median discount 

margin was 0.105 percent, and the low discount 

margin was 0.060 percent. Noncompetitive tenders 

totaled $25 million. Competitive tenders accepted from 

private investors totaled $19,971 million. 

Auction of 52-Week Bills

On January 24, 2019, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued January 31 and will mature January 

30, 2020. The issue was to refund $109,998 million of 

all maturing bills and to pay down approximately 

$2,998 million. Treasury auctioned the bills on January 

29. Tenders totaled $82,067 million; Treasury 

accepted $26,000 million, including $860 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.515 percent. 

Auction of 7-Year Notes

On January 24, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $121,531 million of securities maturing 

January 31 and to raise new cash of approximately 

$24,469 million. 

The 7-year notes of Series G-2026 were dated and 

issued January 31. They are due January 31, 2026, 

with interest payable on July 31 and January 31 until 

maturity. Treasury set an interest rate of 2-5/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on January 29. 

Tenders totaled $81,162 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.625 percent with an equivalent price of 

$100.000000. Treasury accepted in full all competitive 
30 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

tenders at yields lower than 2.625 percent. Tenders at 

the high yield were allotted 1.31 percent. The median 

yield was 2.580 percent, and the low yield was 2.500 

percent. Noncompetitive tenders totaled $14 million. 

Competitive tenders accepted from private investors 

totaled $31,986 million. The minimum par amount 

required for STRIPS of notes of Series G-2026 is 

$100. 

F E B R U A R Y 

February Quarterly Financing 

Auction of 3-Year Notes 

On January 30, 2019, Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was 

to refund $54,129 million of securities maturing 

February 15 and to raise new cash of approximately 

$29,871 million. 

The 3-year notes of Series AJ-2022 were dated and 

issued February 15. They are due February 15, 2022, 

with interest payable on August 15 and February 15 

until maturity. Treasury set an interest rate of 2-1/2 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on February 5. 

Tenders totaled $97,025 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.502 percent with an equivalent price of 

$99.994254. Treasury accepted in full all competitive 

tenders at yields lower than 2.502 percent. Tenders at 

the high yield were allotted 59.78 percent. The median 

yield was 2.474 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $79 million. 

Competitive tenders accepted from private investors 

totaled $37,821 million. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$9,151 million from Federal Reserve Banks (FRBs) 

for their own accounts. The minimum par amount 

required for STRIPS of notes of Series AJ-2022 is 

$100. 

Auction of 10-Year Notes 

On January 30, 2019, Treasury announced it would 

auction $27,000 million of 10-year notes. The issue 

was to refund $54,129 million of securities maturing 

February 15 and to raise new cash of approximately 

$29,871 million. 

The 10-year notes of Series B-2029 were dated and 

issued February 15. They are due February 15, 2029, 

with interest payable on August 15 and February 15 

until maturity. Treasury set an interest rate of 2-5/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on February 6. 

Tenders totaled $63,425 million; Treasury accepted 

$27,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.689 percent with an equivalent price of 

$99.442089. Treasury accepted in full all competitive 

tenders at yields lower than 2.689 percent. Tenders at 

the high yield were allotted 50.52 percent. The median 

yield was 2.640 percent, and the low yield was 2.585 

percent. Noncompetitive tenders totaled $31 million. 

Competitive tenders accepted from private investors 

totaled $26,969 million. 

In addition to the $27,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,502 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series B-2029 is $100. 

 

Auction of 30-Year Bonds 

On January 30, 2019, Treasury announced it would 

auction $19,000 million of 30-year bonds. The issue 

was to refund $54,129 million of securities maturing 

February 15 and to raise new cash of approximately 

$29,871 million. 

The 30-year bonds of February 2049 were dated 

and issued February 15. They are due February 15, 

2049, with interest payable on August 15 and February 

15 until maturity. Treasury set an interest rate of 3 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on February 7. 

Tenders totaled $43,057 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.022 percent with an equivalent price of 

$99.568039. Treasury accepted in full all competitive 

tenders at yields lower than 3.022 percent. Tenders at 

the high yield were allotted 29.24 percent. The median 

yield was 2.972 percent, and the low yield was 2.588 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors 

totaled $18,992 million. 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 31 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,576 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

February 2049 is $100. 

Auction of 18-Day Cash Management Bills 

On January 31, 2019, Treasury announced it would 

auction $50,000 million of 18-day bills. They were 

issued February 11 and matured March 1. The issue 

was to raise new cash of approximately $50,000 

million. Treasury auctioned the bills on February 6. 

Tenders totaled $150,107 million; Treasury accepted 

$50,000 million, including $12 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.395 percent. 

Auction of 1-Year 11-Month 0.115 Percent 

FRNs 

On February 14, 2019, Treasury announced it 

would auction $18,000 million of 1-year 11-month 

0.115 percent FRNs. The issue was to raise new cash 

of approximately $18,000 million. 

The 1-year 11-month 0.115 percent FRNs of Series 

AW-2021 were dated January 31 and issued February 

22. They are due January 31, 2021, with interest 

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

31 until maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on February 20. 

Tenders totaled $48,631 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.149 percent with an equivalent 

price of $99.934172. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.149 percent. Tenders at the high discount margin 

were allotted 41.80 percent. The median discount 

margin was 0.135 percent, and the low discount 

margin was 0.100 percent. Noncompetitive tenders 

totaled $14 million. Competitive tenders accepted from 

private investors totaled $17,986 million. Accrued 

interest of $0.153985142 per $100 must be paid for the 

period from January 31 to February 22. 

 

Auction of 30-Year TIPS 

On February 14, 2019, Treasury announced it 

would auction $8,000 million of 30-year TIPS. The 

issue was to refund $81,578 million of securities 

maturing February 28 and to raise new cash of 

approximately $39,422 million. 

The 30-year TIPS of February 2049 were dated 

February 15 and issued February 28. They are due 

February 15, 2049, with interest payable on August 15 

and February 15 until maturity. Treasury set an interest 

rate of 1 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on February 21. 

Tenders totaled $19,660 million; Treasury accepted 

$8,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.093 percent with an equivalent adjusted 

price of $97.483490. Treasury accepted in full all 

competitive tenders at yields lower than 1.093 percent. 

Tenders at the high yield were allotted 11.69 percent. 

The median yield was 1.040 percent, and the low yield 

was 0.888 percent. Noncompetitive tenders totaled $10 

million. Competitive tenders accepted from private 

investors totaled $7,990 million. Adjusted accrued 

interest of $0.35858 per $1,000 must be paid for the 

period from February 15 to February 28. Both the 

unadjusted price of $97.628957 and the unadjusted 

accrued interest of $0.35912 were adjusted by an index 

ratio of 0.99851, for the period from February 15 to 

February 28. 

In addition to the $8,000 million of tenders 

accepted in the auction process, Treasury accepted 

$385 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

February 2049 is $100. 

Auction of 2-Year Notes 

On February 21, 2019, Treasury announced it 

would auction $40,000 million of 2-year notes. The 

issue was to refund $81,578 million of securities 

maturing February 28 and to raise new cash of 

approximately $39,422 million. 

The 2-year notes of Series AX-2021 were dated 

and issued February 28. They are due February 28, 

2021, with interest payable on August 31 and February 

29 until maturity. Treasury set an interest rate of 2-1/2 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on February 25. 

Tenders totaled $100,180 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.503 percent with an equivalent price of 

$99.994183. Treasury accepted in full all competitive 

tenders at yields lower than 2.503 percent. Tenders at 
32 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

the high yield were allotted 98.97 percent. The median 

yield was 2.485 percent, and the low yield was 2.400 

percent. Noncompetitive tenders totaled $287 million. 

Competitive tenders accepted from private investors 

totaled $39,513 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,925 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series AX-2021 is $100. 

Auction of 5-Year Notes 

On February 21, 2019, Treasury announced it 

would auction $41,000 million of 5-year notes. The 

issue was to refund $81,578 million of securities 

maturing February 28 and to raise new cash of 

approximately $39,422 million. 

The 5-year notes of Series V-2024 were dated and 

issued February 28. They are due February 29, 2024, 

with interest payable on August 31 and February 29 

until maturity. Treasury set an interest rate of 2-3/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on February 25. 

Tenders totaled $98,575 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.489 percent with an equivalent price of 

$99.467149. Treasury accepted in full all competitive 

tenders at yields lower than 2.489 percent. Tenders at 

the high yield were allotted 38.28 percent. The median 

yield was 2.462 percent, and the low yield was 2.370 

percent. Noncompetitive tenders totaled $37 million. 

Competitive tenders accepted from private investors 

totaled $40,963 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,973 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series V-2024 is $100. 

Auction of 52-Week Bills 

On February 21, 2019, Treasury announced it 

would auction $26,000 million of 364-day Treasury 

bills. They were issued February 28 and will mature 

February 27, 2020. The issue was to refund $106,002 

million of all maturing bills and to raise new cash of 

approximately $6,998 million. Treasury auctioned the 

bills on February 26. Tenders totaled $93,520 million; 

Treasury accepted $26,000 million, including $853 

million of noncompetitive tenders from the public. The 

high bank discount rate was 2.470 percent. 

Auction of 7-Year Notes 

On February 21, 2019, Treasury announced it 

would auction $32,000 million of 7-year notes. The 

issue was to refund $81,578 million of securities 

maturing February 28 and to raise new cash of 

approximately $39,422 million. 

The 7-year notes of Series H-2026 were dated and 

issued February 28. They are due February 28, 2026, 

with interest payable on August 31 and February 29 

until maturity. Treasury set an interest rate of 2-1/2 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on February 26. 

Tenders totaled $83,136 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.538 percent with an equivalent price of 

$99.757691. Treasury accepted in full all competitive 

tenders at yields lower than 2.538 percent. Tenders at 

the high yield were allotted 47.52 percent. The median 

yield was 2.500 percent, and the low yield was 2.441 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors 

totaled $31,983 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,540 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series H-2026 is $100. 

M A R C H 

Auction of 41-Day Cash Management Bills 

On February 28, 2019, Treasury announced it 

would auction $23,000 million of 41-day bills. They 

were issued March 1 and matured April 11. The issue 

was to raise new cash of approximately $23,000 

million. Treasury auctioned the bills on February 28. 

Tenders totaled $76,859 million; Treasury accepted 

$23,000 million. The high bank discount rate was 

2.400 percent. 

Auction of 42-Day Cash Management Bills 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 33 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

On March 4, 2019, Treasury announced it would 

auction $30,000 million of 42-day bills. They were 

issued March 7 and will mature April 18. The issue 

was to raise new cash of approximately $117,000 

million. Treasury auctioned the bills on March 5. 

Tenders totaled $91,918 million; Treasury accepted 

$30,000 million, including $3 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.410 percent. 

Auction of 3-Year Notes 

On March 7, 2019, Treasury announced it would 

auction $38,000 million of 3-year notes. The issue was 

to refund $24,001 million of securities maturing March 

15 and to raise new cash of approximately $53,999 

million. 

The 3-year notes of Series AK-2022 were dated 

and issued March 15. They are due March 15, 2022, 

with interest payable on September 15 and March 15 

until maturity. Treasury set an interest rate of 2-3/8 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on March 11. 

Tenders totaled $97,364 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.448 percent with an equivalent price of 

$99.790084. Treasury accepted in full all competitive 

tenders at yields lower than 2.448 percent. Tenders at 

the high yield were allotted 41.89 percent. The median 

yield was 2.410 percent, and the low yield was 2.320 

percent. Noncompetitive tenders totaled $102 million. 

Competitive tenders accepted from private investors 

totaled $37,811 million. The minimum par amount 

required for STRIPS of notes of Series AK-2022 is 

$100. 

 

Auction of 9-Year 11-Month 2-5/8 Percent 

Notes 

On March 7, 2019, Treasury announced it would 

auction $24,000 million of 9-year 11-month 2-5/8 

percent notes. The issue was to refund $24,001 million 

of securities maturing March 15 and to raise new cash 

of approximately $53,999 million. 

The 9-year 11-month 2-5/8 percent notes of Series 

B-2029 were dated February 15 and issued March 15. 

They are due February 15, 2029, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on March 12. 

Tenders totaled $62,166 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.615 percent with an equivalent price of 

$100.084685. Treasury accepted in full all competitive 

tenders at yields lower than 2.615 percent. Tenders at 

the high yield were allotted 78.63 percent. The median 

yield was 2.585 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors 

totaled $23,990 million. Accrued interest of $2.03039 

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

15 to March 15. The minimum par amount required for 

STRIPS of notes of Series B-2029 is $100. 

Auction of 29-Year 11-Month 3 Percent Bonds 

On March 7, 2019, Treasury announced it would 

auction $16,000 million of 29-year 11-month 3 percent 

bonds. The issue was to refund $24,001 million of 

securities maturing March 15 and to raise new cash of 

approximately $53,999 million. 

The 29-year 11-month 3 percent bonds of February 

2049 were dated February 15 and issued March 15. 

They are due February 15, 2049, with interest payable 

on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on March 13. 

Tenders totaled $36,056 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 3.014 percent with an equivalent price of 

$99.722351. Treasury accepted in full all competitive 

tenders at yields lower than 3.014 percent. Tenders at 

the high yield were allotted 22.09 percent. The median 

yield was 2.950 percent, and the low yield was 2.588 

percent. Noncompetitive tenders totaled $2 million. 

Competitive tenders accepted from private investors 

totaled $15,998 million. Accrued interest of $2.32044 

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

15 to March 15. The minimum par amount required for 

STRIPS of bonds of February 2049 is $100. 

Auction of 9-Year 10-Month 0-7/8 Percent TIPS 

On March 14, 2019, Treasury announced it would 

auction $11,000 million of 9-year 10-month 0-7/8 

percent TIPS. The issue was to raise new cash of 

approximately $29,000 million. 

The 9-year 10-month 0-7/8 percent TIPS of Series 

A-2029 were dated January 15 and issued March 29. 
34 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: JANUARY-MARCH, continued 

June 2019 

They are due January 15, 2029, with interest payable 

on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 

12:00 noon e.t. for noncompetitive tenders and before 

1:00 p.m. e.t. for competitive tenders on March 21. 

Tenders totaled $26,756 million; Treasury accepted 

$11,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.578 percent with an equivalent adjusted 

price of $102.484664. Treasury accepted in full all 

competitive tenders at yields lower than 0.578 percent. 

Tenders at the high yield were allotted 39.55 percent. 

The median yield was 0.518 percent, and the low yield 

was 0.464 percent. Noncompetitive tenders totaled $16 

million. Competitive tenders accepted from private 

investors totaled $10,984 million. Adjusted accrued 

interest of $1.75866 per $1,000 must be paid for the 

period from January 15 to March 29. Both the 

unadjusted price of $102.825015 and the unadjusted 

accrued interest of $1.76450 were adjusted by an index 

ratio of 0.99669, for the period from January 15 to 

March 29. The minimum par amount required for 

STRIPS of TIPS of Series A-2029 is $100. 

Auction of 52-Week Bills 

On March 21, 2019, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued March 28 and will mature March 26, 

2020. The issue was to refund $104,995 million of all 

maturing bills and to raise new cash of approximately 

$8,005 million. Treasury auctioned the bills on March 

26. Tenders totaled $96,040 million; Treasury 

accepted $26,000 million, including $704 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.360 percent. 

Auction of 1-Year 10-Month 0.115 Percent 

FRNs 

On March 21, 2019, Treasury announced it would 

auction $18,000 million of 1-year 10-month 0.115 

percent FRNs. The issue was to raise new cash of 

approximately $29,000 million. 

The 1-year 10-month 0.115 percent FRNs of Series 

AW-2021 were dated January 31 and issued March 29. 

They are due January 31, 2021, with interest payable 

on April 30, July 31, October 31, and January 31 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. e.t. for noncompetitive tenders and before 

11:30 a.m. e.t. for competitive tenders on March 27. 

Tenders totaled $68,004 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted` securities at the 

high discount margin of 0.180 percent with an 

equivalent price of $99.880671. Treasury accepted in 

full all competitive tenders at discount margins lower 

than 0.180 percent. Tenders at the high discount 

margin were allotted 9.80 percent. The median 

discount margin was 0.160 percent, and the low 

discount margin was 0.140 percent. Noncompetitive 

tenders totaled $10 million. Competitive tenders 

accepted from private investors totaled $17,990 

million. Accrued interest of $0.400555901 per $100 

must be paid for the period from January 31 to March 

29. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2019 

35 

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) 

 

2019 – Jan. 02 .............................................. 2019-Jan. 29 27 121,226.5 40,000.4 38,768.2 1,132.2 99.820000 2.400 2.438

 Feb. 26 55 93,818.0 30,000.2 29,774.2 126.0 99.630278 2.420 2.463

Jan. 03............................................... Apr. 04 91 109,490.2 39,000.3 37,997.1 1,003.2 99.376903 2.465 2.515

 July 05 183 105,215.4 36,000.0 34,343.7 675.9 98.726625 2.505 2.573

Jan. 08............................................... Feb. 05 28 112,205.5 40,000.3 38,805.7 1,169.6 99.814111 2.390 2.428

 Mar. 05 56 94,289.0 30,000.2 29,779.2 221.0 99.630556 2.375 2.417

Jan. 10............................................... Apr. 11 91 119,421.8 39,000.2 37,602.0 1,298.2 99.390806 2.410 2.458

 July 11 182 107,171.3 36,000.3 34,905.7 994.6 98.751278 2.470 2.536

Jan. 15............................................... Feb. 12 28 122,800.0 40,000.0 38,627.2 1,272.8 99.814889 2.380 2.418

 Mar. 12 56 97,627.5 30,000.2 29,674.7 225.5 99.628222 2.390 2.432

Jan. 17............................................... Apr. 18 91 113,290.9 39,000.1 37,672.4 1,267.7 99.392069 2.405 2.453

 July 18 182 116,041.4 36,000.0 33,905.4 1,102.6 98.756333 2.460 2.526

Jan. 22............................................... Feb. 19 28 122,121.6 40,000.4 38,784.1 1,216.3 99.815667 2.370 2.407

 Mar. 19 56 103,974.4 30,000.3 29,795.9 204.4 99.632111 2.365 2.407

Jan. 24............................................... Apr. 25 91 126,705.6 42,000.0 40,888.7 1,111.3 99.395861 2.390 2.438

 July 25 182 120,777.1 39,000.8 37,040.9 959.9 98.761389 2.450 2.515

Jan. 29............................................... Feb. 26 28 124,964.9 45,000.0 43,593.1 1,306.9 99.816833 2.355 2.392

 Mar. 26 56 95,817.0 35,000.2 34,742.7 157.5 99.631333 2.370 2.412

Jan. 31............................................... May 02 91 137,428.4 42,000.5 40,780.8 1,119.6 99.399653 2.375 2.423

Aug. 01 182 120,325.0 39,000.5 37,072.1 928.3 98.761389 2.450 2.515

Feb. 05 .............................................. Mar. 05 28 132,746.5 50,000.0 48,737.4 1,162.6 99.814111 2.390 2.428

Apr. 02 56 94,053.4 35,000.1 34,686.7 213.4 99.626667 2.400 2.442

Feb. 07 .............................................. May 09 91 136,296.9 45,000.1 43,633.5 1,166.6 99.397125 2.385 2.433

Aug. 08 182 103,818.4 39,000.2 37,756.4 1,043.8 98.766444 2.440 2.505

Feb. 12 .............................................. Mar. 12 28 139,418.4 50,000.2 48,636.2 1,364.0 99.814111 2.390 2.428

Apr. 09 56 112,309.1 35,000.4 34,774.3 226.1 99.629000 2.385 2.427

Feb. 14 .............................................. May 16 91 133,060.2 45,000.2 43,445.7 1,158.5 99.393333 2.400 2.448

Aug. 15 182 115,073.4 39,000.7 37,452.5 1,068.2 98.761389 2.450 2.515

Feb. 19 .............................................. Mar. 19 28 142,427.9 50,000.3 47,750.6 1,333.6 99.813722 2.395 2.433

Apr. 16 56 103,400.8 35,000.1 34,552.4 247.7 99.626667 2.400 2.442

Feb. 21 .............................................. May 23 91 134,722.3 45,000.2 43,730.7 1,064.5 99.394597 2.395 2.443

Aug. 22 182 120,127.1 39,000.1 37,583.0 1,017.1 98.758861 2.455 2.520

Feb. 26 .............................................. Mar. 26 28 141,686.4 50,001.1 48,191.9 1,416.2 99.814111 2.390 2.428

Apr. 23 56 110,872.6 35,000.9 34,680.6 220.3 99.626667 2.400 2.442

Feb. 28 .............................................. May 30 91 142,328.9 48,000.6 45,968.6 1,032.0 99.392069 2.405 2.453

Aug. 29 182 123,762.4 39,000.6 37,085.2 915.4 98.758861 2.455 2.520

Mar. 05 .............................................. Apr. 02 28 166,919.7 60,000.3 58,729.2 1,251.0 99.812556 2.410 2.455

Apr. 30 56 105,529.1 35,000.1 33,785.1 226.0 99.625111 2.410 2.459

Mar. 07 .............................................. June 06 91 132,386.6 48,000.3 46,943.2 1,032.1 99.390806 2.410 2.465

 Sep. 05 182 118,005.4 39,000.7 37,874.0 926.7 98.756333 2.460 2.532

Mar. 12 .............................................. Apr. 09 28 172,945.1 60,000.2 58,612.5 1,387.7 99.812944 2.405 2.450

 May 07 56 124,037.4 35,000.9 34,715.3 285.7 99.626667 2.400 2.449

Mar. 14 .............................................. June 13 91 144,752.2 48,000.3 46,792.2 1,008.1 99.392069 2.405 2.460

 Sep. 12 182 120,426.8 39,000.5 37,685.8 914.7 98.758861 2.455 2.527

Mar. 19 .............................................. Apr. 16 28 146,070.4 60,000.0 58,273.1 1,336.9 99.811778 2.420 2.465

 May 14 56 108,071.4 35,000.2 34,698.8 201.4 99.626667 2.400 2.449

Mar. 21 .............................................. June 20 91 129,723.8 48,000.1 46,765.1 1,035.0 99.390806 2.410 2.465

 Sep. 19 182 111,496.5 39,000.7 37,763.9 855.5 98.761389 2.450 2.522

Mar. 26 .............................................. Apr. 23 28 138,173.4 60,000.5 57,922.5 1,466.0 99.807889 2.470 2.516

 May 21 56 101,300.3 35,000.5 34,806.3 194.2 99.623556 2.420 2.470

Mar. 28 .............................................. June 27 91 137,716.7 48,000.4 45,926.2 1,074.2 99.390806 2.410 2.465

 Sep. 26 182 112,273.2 39,000.3 37,071.0 933.4 98.779083 2.415 2.486

 

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. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

June 2019 

36 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

12/31/18 01/03/19 2.545% bill—01/02/20 364d 81,332 26,000 

01/08/19 01/15/19 2.500% note—01/15/22-AH 3y 92,605 38,000 2.559 - 99.830664 

01/09/19 01/15/19 3.125% note—11/15/28-F 9y 10m 60,237 24,000 2.728 - 103.398824 

01/10/19 01/15/19 3.375% bond—11/15/48 29y 10m 35,059 16,000 3.035 - 106.635985 

01/17/19 01/31/19 0.875% TIPS—01/15/29-A 10y 31,425 13,000 0.919 - 99.409861 

01/28/19 01/31/19 2.500% note—01/31/21-AV 2y 102,573 40,000 2.600 - 99.806335 

01/28/19 01/31/19 2.500% note—01/31/24-U 5y 98,753 41,000 2.576 - 99.645588 

01/29/19 01/31/19 2.515% bill—01/30/20 364d 82,067 26,000 

01/29/19 01/31/19 0.115% FRN—01/31/21-AW 2y 57,829 20,000 0.000 - 100.000000 

01/29/19 01/31/19 2.625% note—01/31/26-G 7y 81,162 32,000 2.625 - 100.000000 

02/05/19 02/15/19 2.500% note—02/15/22-AJ 3y 106,176 47,151 2.502 - 99.994254 

02/06/19 02/11/19 2.395% cmb—03/01/19 18d 150,107 50,000 

02/06/19 02/15/19 2.625% note—02/15/29-B 10y 69,927 33,502 2.689 - 99.442089 

02/07/19 02/15/19 3.000% bond—02/15/49 30y 47,632 23,576 3.022 - 99.568039 

02/20/19 02/22/19 0.149% FRN—01/31/21-AW 1y 11m 48,631 18,000 0.000 - 99.934172 

02/21/19 02/28/19 1.000% TIPS—02/15/49 30y n.a. 8,385 1.093 - 97.483490 

02/25/19 02/28/19 2.500% note—02/28/21-AX 2y 102,105 41,925 2.503 - 99.994183 

02/25/19 02/28/19 2.375% note—02/29/24-V 5y 100,548 42,973 2.489 - 99.467149 

02/26/19 02/28/19 2.470% bill—02/27/20 364d 93,520 26,000 

02/26/19 02/28/19 2.500% note—02/28/26-H 7y 84,676 33,540 2.538 - 99.757691 

02/28/19 03/01/19 2.400% cmb—04/11/19 41d 76,859 23,000 

03/05/19 03/07/19 2.410% cmb—04/18/19 42d 91,918 30,000 

03/11/19 03/15/19 2.375% note—03/15/22-AK 3y 97,364 38,000 2.448 - 99.790084 

03/12/19 03/15/19 2.625% note—02/15/29-B 9y 11m 62,166 24,000 2.615 - 100.084685 

03/13/19 03/15/19 3.000% bond—02/15/49 29y 11m 36,056 16,000 3.014 - 99.722351 

03/21/19 03/29/19 0.875% TIPS—01/15/29-A 9y 10m 26,756 11,000 0.578 - 102.484664 

03/26/19 03/28/19 2.360% bill—03/26/20 364d 96,040 26,000 

03/27/19 03/29/19 0.180% FRN—01/31/21-AW 1y 10m 68,004 18,000 0.000 - 99.880671 

 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. 
 37 

June 2019 

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.) 
38 OWNERSHIP OF FEDERAL SECURITIES 

June 2019 

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) 

2014 ................................................ 17,847,931 17,824,071 5,039,265 - 5,039,265 2,767,288 

2015 ................................................ 18,174,718 18,150,618 5,026,867 - 5,026,867 2,802,101 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

2018 - Mar....................................... 21,114,305 21,089,643 5,652,861 - 5,652,861 2,828,463 

Apr....................................... 21,091,997 21,068,200 5,719,586 - 5,719,586 2,796,522 

May...................................... 21,168,926 21,145,215 5,700,977 - 5,700,977 2,775,643 

June..................................... 21,218,581 21,195,070 5,711,522 - 5,711,522 2,772,949 

July ...................................... 21,336,499 21,313,061 5,726,291 - 5,726,291 2,728,190 

Aug ...................................... 21,481,902 21,458,850 5,655,997 - 5,655,997 2,702,008 

Sept..................................... 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

Oct....................................... 21,725,216 21,702,370 5,840,466 - 5,840,466 2,651,466 

Nov ...................................... 21,873,089 21,850,094 5,786,563 - 5,786,563 2,617,246 

Dec ...................................... 21,997,036 21,974,096 5,853,354 - 5,853,354 2,594,652 

2019 - Jan ....................................... 22,005,220 21,982,423 5,862,428 - 5,862,428 2,574,546 

Feb ...................................... 22,138,026 22,115,526 5,845,051 - 5,845,051 2,540,780 

Mar ...................................... 22,050,081 22,027,880 5,804,029 - 5,804,029 2,536,673 

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) 

2014 ................................................ 10,017,518 9,526,925 490,594 23,860 23,857 3

2015 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 -

2018 - Mar....................................... 12,608,319 12,116,273 492,046 24,662 24,662 -

Apr....................................... 12,552,092 12,053,371 498,721 23,797 23,797 -

May...................................... 12,668,595 12,163,752 504,844 23,711 23,711 -

June..................................... 12,710,599 12,209,457 501,142 23,511 23,511 -

July ...................................... 12,858,580 12,357,112 501,468 23,438 23,438 -

Aug ...................................... 13,100,845 12,599,830 501,015 23,052 23,052 -

Sept..................................... 13,080,946 12,580,185 500,761 22,822 22,822 -

Oct....................................... 13,210,438 12,706,430 504,008 22,846 22,846 -

Nov ...................................... 13,446,285 12,942,863 503,422 22,995 22,995 -

Dec ...................................... 13,526,090 13,023,655 502,435 22,940 22,940 -

2019 - Jan ....................................... 13,545,449 13,045,301 500,148 22,797 22,797 -

Feb ...................................... 13,729,695 13,228,897 500,799 22,500 22,500 -

Mar ...................................... 13,687,178 13,402,225 284,953 22,201 22,201 -

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. 
39

June 2019 

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)

2019 - Mar......... 22,028.0 7,999.1 14,028.9 n.a. 154.5 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

2018 - Dec......... 21,974.1 8,095.0 13,879.1 770.7 155.7 636.3 282.9 229.2 2,059.4 688.5 6,262.1 2,794.3

Sept........ 21,516.1 8,068.1 13,447.9 684.0 156.8 613.6 271.8 223.6 1,894.7 700.4 6,225.6 2,677.4

June ....... 21,195.3 8,106.9 13,088.5 665.5 157.8 593.9 281.4 223.8 1,843.7 697.4 6,224.8 2,400.1

Mar......... 21,089.9 8,086.6 13,003.3 642.1 159.0 571.4 278.4 360.4 1,975.1 678.9 6,223.2 2,114.9

2017 - Dec......... 20,492.7 8,132.1 12,360.6 640.6 160.4 404.8 277.3 372.6 1,805.2 687.7 6,211.3 1,800.8

Sept........ 20,244.9 8,036.9 12,208.0 612.0 161.7 546.6 261.2 359.7 1,696.8 670.7 6,301.9 1,597.5

June ....... 19,844.6 7,943.4 11,901.1 622.1 162.8 408.5 262.8 348.4 1,607.7 685.3 6,151.9 1,651.6

Mar......... 19,846.4 7,941.1 11,905.3 658.8 164.2 436.9 238.1 338.4 1,668.1 712.1 6,075.3 1,613.5

2016 - Dec......... 19,976.9 8,005.6 11,971.3 664.0 165.8 536.4 217.8 330.2 1,703.2 717.9 6,006.3 1,629.7

Sept........ 19,573.4 7,863.5 11,709.9 628.0 167.5 544.3 203.3 341.2 1,598.0 721.6 6,155.9 1,350.1

June ....... 19,381.6 7,911.2 11,470.4 580.0 169.0 537.1 185.0 329.8 1,431.9 710.0 6,279.1 1,248.5

Mar......... 19,264.9 7,801.4 11,463.6 562.2 170.3 524.0 170.4 315.5 1,401.6 692.0 6,284.4 1,343.3

2015 - Dec......... 18,922.2 7,711.2 11,211.0 546.6 171.6 504.7 174.5 306.7 1,318.3 680.3 6,146.2 1,362.0

Sept........ 18,150.6 7,488.7 10,661.9 518.2 172.8 305.3 171.0 306.6 1,195.1 648.4 6,105.9 1,238.6

June ....... 18,152.0 7,536.5 10,615.5 517.6 173.9 373.8 185.7 304.3 1,139.8 658.2 6,163.1 1,099.0

Mar......... 18,152.1 7,521.3 10,630.8 517.2 174.9 447.8 176.7 305.1 1,170.4 676.9 6,172.6 989.1

2014 - Dec......... 18,141.4 7,578.9 10,562.6 515.8 175.9 507.1 199.2 307.0 1,121.8 657.3 6,157.7 920.6

Sept........ 17,824.1 7,490.8 10,333.2 470.1 176.7 490.7 198.7 298.1 1,075.8 628.8 6,069.2 925.0

June ....... 17,632.6 7,461.0 10,171.6 408.5 177.6 482.6 198.3 287.7 986.2 638.7 6,018.7 973.2

Mar......... 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0

2013 - Dec......... 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5

Sept........ 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1

June ....... 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8

Mar......... 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7

2012 - Dec......... 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4

Sept........ 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4

June ....... 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4

Mar......... 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2

2011 - Dec......... 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4

Sept........ 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8

June ....... 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1

Mar......... 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1

2010 - Dec......... 14,025.2 5,656.2 8,368.9 319.3 187.9 206.8 153.7 248.4 721.7 595.7 4,435.6 1,499.9

Sept........ 13,561.6 5,350.5 8,211.1 322.8 188.7 198.2 145.2 240.6 671.0 586.0 4,324.2 1,534.4

June ....... 13,201.8 5,345.1 7,856.7 266.1 189.6 190.8 150.1 231.8 676.8 584.4 4,070.0 1,497.1

Mar......... 12,773.1 5,259.8 7,513.3 269.3 190.2 183.0 153.6 225.7 678.5 585.0 3,877.9 1,350.1

2009 - Dec......... 12,311.3 5,276.9 7,034.4 202.5 191.3 175.6 151.4 222.0 668.8 585.6 3,685.1 1,152.1

Sept........ 11,909.8 5,127.1 6,782.7 198.2 192.5 167.2 145.6 210.2 668.5 583.6 3,570.6 1,046.3

June ....... 11,545.3 5,026.8 6,518.5 140.8 193.6 164.1 144.6 200.0 711.8 588.5 3,460.8 914.2

Mar......... 11,126.9 4,785.2 6,341.7 125.7 194.0 155.4 137.0 191.0 721.1 588.2 3,265.7 963.7

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value.

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings.

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value.

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors
June 2019 

40

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, March 31, 2019 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $1,919,597,484,908 $1,870,208,158,830 $1,869,731,991,790 $239,197,266 $236,969,774

Less amounts held by: 

The Treasury....................................... 427,593,191 54,165,191 53,912,669 7,505 245,017

FRBs ................................................... 195,646,931,249 193,917,900,399 193,917,895,018 - 5,381

Amounts in circulation ............................. $1,723,522,960,468 $1,676,236,093,240 $1,675,760,184,103 $239,189,761 $236,719,376

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,389,326,078 $6,547,064,108 $ 42,842,261,970 

Less amounts held by: 

The Treasury....................................... 373,428,000 48,770,000 324,658,000 

FRBs ................................................... 1,729,030,850 1,113,606,015 615,424,835 

Amounts in circulation ............................. $47,286,867,228 $5,384,688,093 $41,902,179,135 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

June 2019 

41 

TABLE USCC-2—Amounts Outstanding and in Circulation, March 31, 2019 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $12,236,531,269 $12,096,507,644 $143,503 $139,880,122 

$2 ................................................................................ 2,556,018,666 2,424,518,534 131,487,618 12,514 

$5 ................................................................................ 15,021,973,395 14,891,543,675 107,537,410 22,892,310 

$10 .............................................................................. 19,738,900,350 19,719,038,870 6,300 19,855,180 

$20 .............................................................................. 184,462,888,260 184,442,787,280 3,840 20,097,140

$50 .............................................................................. 87,972,550,500 87,961,060,900 500 11,489,100 

$100 ............................................................................ 1,353,935,067,700 1,353,913,110,200 -6 21,957,500 

$500 ............................................................................ 141,773,500 141,585,000 5,500 183,000 

$1,000 ......................................................................... 165,174,000 164,972,000 5,000 197,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,676,236,093,240 $1,675,760,184,103 $239,189,761 $236,719,376 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

Mar. 31, 2019 ....................................................................................... 1,723,523 5,243 

Feb 28, 2019........................................................................................ 1,712,381 5,211 

Jan. 31, 2019 ....................................................................................... 1,702,917 5,184 

Sept. 30, 2015...................................................................................... 1,387,552 4,310 

Sept. 30, 2010...................................................................................... 954,719 3,074 

Sept. 30, 2005...................................................................................... 766,487 2,578 

Sept. 30, 2000...................................................................................... 568,614 2,061 

Sept. 30, 1995...................................................................................... 409,272 1,553 

Sept. 30, 1990...................................................................................... 278,903 1,105 

Sept. 30, 1985...................................................................................... 187,337 782 

Sept. 30, 1980...................................................................................... 129,916 581 

June 30, 1975 ...................................................................................... 81,196 380 

June 30, 1970 ...................................................................................... 54,351 265 

June 30, 1965 ...................................................................................... 39,719 204 

 

 1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 6 Represents current FRB adjustment. 

 
ForeignCurrencyPositions

ExchangeStabilizationFund
45 

June 2019 

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. 
FOREIGN CURRENCY POSITIONS 

June 2019 

46 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

10/03/18 ................................................................. 1,820,081 1,913,135 -180 1.2826 

10/10/18 ................................................................. 1,816,207 1,916,685 -168 1.2985 

10/17/18 ................................................................. 1,809,539 1,908,357 134 1.2985 

10/24/18 ................................................................. 1,897,342 1,992,789 130 1.2994 

10/31/18 ................................................................. 1,997,724 2,095,395 -149 1.3129 

 

11/07/18 ................................................................. 1,942,748 2,033,284 -180 1.3108 

11/14/18 ................................................................. 2,009,411 2,101,841 -145 1.3237 

11/21/18 ................................................................. 1,941,862 2,034,328 -122 1.3274 

11/28/18 ................................................................. 2,029,473 2,125,386 -81 1.3328 

 

12/05/18 ................................................................. 2,054,326 2,150,709 -70 1.3382 

12/12/18 ................................................................. 2,139,326 2,230,841 -84 1.3336 

12/19/18 ................................................................. 1,802,642 1,879,950 -44 1.3434 

12/26/18 ................................................................. 1,759,174 1,841,807 -12 1.3576 

 

01/02/19 ................................................................. 1,794,213 1,880,738 -19 1.3591 

01/09/19 ................................................................. 1,896,481 2,000,385 -84 1.3212 

01/16/19 ................................................................. 1,876,582 1,972,336 n.a. 1.3243 

01/23/19 ................................................................. 1,879,453 1,978,942 -116 1.3362 

01/30/19 ................................................................. 2,007,485 2,115,079 -123 1.3189 

 

02/06/19 ................................................................. 1,941,306 2,054,135 -152 1.3192 

02/13/19 ................................................................. 1,987,089 2,095,457 n.a. 1.3222 

02/20/19 ................................................................. 1,981,502 2,085,789 -155 1.3160 

02/27/19 ................................................................. 2,111,994 2,220,287 -165 1.3145 

 

03/06/19 ................................................................. 2,106,556 2,218,872 -144 1.3445 

03/13/19 ................................................................. 2,177,222 2,285,170 -153 1.3318 

03/20/19 ................................................................. 1,834,961 1,934,996 -180 1.3327 

03/27/19 ................................................................. 1,885,427 1,989,742 -157 1.3434 

 

 

 
FOREIGN CURRENCY POSITIONS 

 June 2019

47 

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) 

 

2016 - Dec................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 

2017 – Dec.................. 1,486,798 1,561,949 288,642 241,105 46,583 40,354 70,598 67,895 -29 1.2517 

2018 – Apr................... 1,782,649 2,024,178 274,548 240,606 67,234 61,757 90,075 87,162 -193 1.2818 

May.................. 2,174,822 2,388,409 292,735 279,317 62,903 60,959 91,016 88,737 -222 1.2970 

June................. 1,810,272 1,915,998 299,409 284,120 54,562 54,840 95,661 86,493 -193 1.3140 

 July.................. 1,884,877 1,981,259 296,260 254,517 49,917 50,570 77,871 79,182 -229 1.3017 

Aug .................. 2,125,841 2,224,277 280,179 239,972 57,534 57,103 87,059 80,934 -170 1.3072 

Sept................. 1,849,013 1,936,396 314,166 246,791 59,567 61,693 85,419 78,833 -118 1.2922 

 Oct................... 1,972,301 2,072,212 285,055 264,304 56,299 56,691 87,297 82,433 -128 1.3129 

Nov .................. 2,103,350 2,193,152 303,939 289,533 49,370 46,490 85,672 80,753 -90 1.3282 

Dec .................. 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 – Jan. ................. 2,008,147 2,191,117 344,037 268,174 50,531 44,893 87,861 83,410 -112 1.3140 

Feb .................. 2,136,468 2,232,228 349,319 274,883 52,447 42,902 84,833 80,561 -134 1.3166 

Mar. ................. 1,932,204 2,026,074 485,689 473,294 49,833 41,370 85,649 79,112 -103 1.3360 

 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2015 - Dec................... 27,111 58,789 125,044 94,957 209 134 n.a. n.a. n.a. 1.3839 

2016 - Mar................... 30,905 60,896 128,290 93,436 270 373 1,834 n.a. n.a. 1.2969 

June ................. 35,984 65,340 139,604 105,496 363 349 726 461 7 1.3010 

Sept.................. 36,858 66,979 155,579 102,711 242 285 2,316 1,180 n.a. 1.3115 

Dec................... 38,266 68,203 154,935 124,039 401 397 2,393 n.a. n.a. 1.3426 

2017 - Mar................... 38,456 72,918 163,394 117,313 482 393 946 563 n.a. 1.3321 

June ................. 36,779 75,076 146,175 112,640 1,726 827 790 823 n.a. 1.2982 

Sept.................. 35,092 64,307 145,296 93,483 1,179 785 587 345 12 1.2509 

Dec................... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517 

2018 - Mar................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

June ................. 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.3140 

Sept.................. 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 

Dec................... 30,046 61,338 139,329 98,110 696 346 3,017 1,941 18 1.3644 

 
FOREIGN CURRENCY POSITIONS 

June 2019 

48 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/03/18 .................................................................. 561,257 574,956 106 114.19 

10/10/18 .................................................................. 562,035 573,945 124 112.71 

10/17/18 .................................................................. 563,214 575,851 9 112.21 

10/24/18 .................................................................. 585,121 598,134 -111 112.58 

10/31/18 .................................................................. 612,270 625,157 105 112.86 

 

11/07/18 .................................................................. 610,430 624,921 91 113.32 

11/14/18 .................................................................. 620,650 634,013 68 113.70 

11/21/18 .................................................................. 599,048 612,691 67 113.06 

11/28/18 .................................................................. 627,388 642,113 42 113.96 

 

12/05/18 .................................................................. 635,590 648,454 54 113.13 

12/12/18 .................................................................. 635,552 678,268 54 113.28 

12/19/18 .................................................................. 575,114 588,683 55 112.15 

12/26/18 .................................................................. 546,976 561,366 69 110.45 

 

01/02/19 .................................................................. 577,128 588,803 78 109.22 

01/09/19 .................................................................. 568,693 579,583 94 108.38 

01/16/19 .................................................................. 569,588 580,008 89 108.84 

01/23/19 .................................................................. 567,005 572,245 80 109.44 

01/30/19 .................................................................. 589,425 599,396 77 109.57 

 

02/06/19 .................................................................. 587,541 598,152 -14 109.75 

02/13/19 .................................................................. 573,640 583,150 73 110.86 

02/20/19 .................................................................. 576,705 585,191 65 110.69 

02/27/19 .................................................................. 599,729 610,304 68 110.92 

 

03/06/19 .................................................................. 575,520 588,312 n.a. 111.66 

03/13/19 .................................................................. 590,440 601,516 52 111.23 

03/20/19 .................................................................. 543,146 555,080 57 111.41 

03/27/19 .................................................................. 563,064 496,710 61 110.38 

 
FOREIGN CURRENCY POSITIONS 

 June 2019

49 

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) 

 

2016 - Dec.................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 

2017 – Dec................. 504,078 520,500 122,567 108,990 24,449 23,590 46,603 47,891 -88 112.69 

2018 – Apr.................. 562,214 568,783 129,932 116,837 34,802 33,601 54,382 56,327 126 109.28 

May................. 616,279 634,441 125,108 111,849 34,911 35,131 57,065 59,773 135 108.73 

June................ 563,198 573,868 138,416 126,361 34,521 34,630 57,917 59,858 120 110.71 

 July................. 564,657 580,989 133,566 121,835 35,445 35,654 60,419 62,113 102 111.88 

Aug ................. 586,192 600,428 113,116 92,199 36,972 36,437 62,154 64,426 158 110.98 

Sept................ 573,132 585,026 127,174 102,773 35,387 36,314 60,748 62,798 131 113.48 

 Oct.................. 608,157 616,642 120,163 97,247 37,029 37,669 61,992 63,642 139 112.86 

Nov ................. 654,425 667,269 120,171 97,991 34,359 34,711 57,627 58,544 76 113.54 

Dec ................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 – Jan. ................ 605,134 611,246 143,459 112,211 33,906 34,999 57,953 57,340 123 108.84 

Feb ................. 614,469 624,963 154,848 115,624 34,037 34,501 55,716 55,745 107 111.38 

Mar. ................ 576,499 588,375 138,745 119,149 34,184 33,947 57,532 59,442 81 110.68 

 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

 

2015 - Dec................... 5,669 3,980 7,216 5,365 329 368 491 390 4 120.27 

2016 - Mar................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42 

June ................. 8,200 4,638 7,120 5,684 n.a. 367 723 581 -5 102.77 

Sept.................. 7,804 4,284 7,662 6,006 n.a. 382 588 488 -18 101.21 

Dec................... 7,108 5,182 7,472 6,167 352 303 1,006 912 n.a. 116.78 

2017 - Mar................... 9,579 6,990 8,034 6,134 420 486 841 554 -1 111.41 

June ................. 8,848 7,755 6,915 6,245 n.a. 438 539 386 -1 112.40 

Sept.................. 6,536 6,008 7,693 6,769 800 670 609 n.a. 46 112.64 

Dec................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 

2018 - Mar................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 

June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

Sept.................. 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48 

Dec................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

 
FOREIGN CURRENCY POSITIONS 

June 2019 

50 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/03/18 .................................................................. 880,869 924,060 243 0.9894 

10/10/18 .................................................................. 890,587 924,824 223 0.9908 

10/17/18 .................................................................. 874,186 913,782 198 0.9926 

10/24/18 .................................................................. 910,573 943,287 n.a. 0.9982 

10/31/18 .................................................................. 977,209 1,013,441 223 1.0057 

 

11/07/18 .................................................................. 962,756 996,349 n.a. 0.9998 

11/14/18 .................................................................. 1,001,753 1,039,694 223 1.0067 

11/21/18 .................................................................. 972,207 1,020,339 n.a. 0.9952 

11/28/18 .................................................................. 1,039,350 1,081,054 n.a. 0.9994 

 

12/05/18 .................................................................. 1,052,053 1,090,151 203 0.9977 

12/12/18 .................................................................. 1,144,715 1,182,602 n.a. 0.9920 

12/19/18 .................................................................. 915,642 959,507 n.a. 0.9918 

12/26/18 .................................................................. 881,662 929,640 n.a. 0.9908 

 

01/02/19 .................................................................. 894,239 940,374 n.a. 0.9884 

01/09/19 .................................................................. 910,166 955,698 n.a. 0.9767 

01/16/19 .................................................................. 869,442 909,617 266 0.9899 

01/23/19 .................................................................. 853,033 897,545 266 0.9946 

01/30/19 .................................................................. 884,123 925,286 283 0.9988 

 

02/06/19 .................................................................. 842,098 893,137 275 1.0009 

02/13/19 .................................................................. 918,954 958,688 282 1.0073 

02/20/19 .................................................................. 906,262 945,426 282 0.9990 

02/27/19 .................................................................. 955,667 998,527 257 1.0003 

 

03/06/19 .................................................................. 942,022 989,907 244 1.0038 

03/13/19 .................................................................. 1,043,230 1,086,237 240 1.0046 

03/20/19 .................................................................. 844,562 889,004 177 0.9974 

03/27/19 .................................................................. 882,560 922,888 172 0.9946 

 
FOREIGN CURRENCY POSITIONS 

 June 2019

51 

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) 

 

2016 - Dec................... 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.0160 

2017 – Dec.................. 802,799 840,898 108,582 88,094 46,025 44,500 79,500 79,164 139 0.9738 

2018 – Apr................... 993,006 1,057,904 124,462 101,852 56,884 59,349 83,313 80,170 n.a. 0.9911 

May.................. 1,149,220 1,214,031 111,260 88,167 59,629 61,102 84,500 82,997 n.a. 0.9844 

June................. 946,554 989,667 98,550 76,326 60,931 60,271 83,248 81,232 n.a. 0.9922 

 July.................. 946,543 999,710 107,330 78,980 50,602 50,248 79,032 77,102 n.a. 0.9895 

Aug .................. 1,058,787 1,114,088 94,730 65,061 51,395 47,821 85,298 85,046 129 0.9698 

Sept................. 945,254 993,633 89,891 60,365 51,926 49,358 92,461 92,049 198 0.9758 

 Oct................... 1,005,618 1,041,500 99,519 71,698 52,501 49,847 91,974 88,355 n.a. 1.0057 

Nov .................. 1,117,061 1,162,679 93,743 68,314 47,514 47,221 82,957 77,005 n.a. 0.9987 

Dec .................. 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 

2019 – Jan. ................. 952,015 1,036,320 110,522 74,672 41,418 38,629 76,378 73,015 n.a. 0.9938 

Feb .................. 1,018,227 1,069,995 123,326 86,978 40,250 37,296 76,260 73,824 n.a. 0.9974 

Mar. ................. 975,496 1,023,289 115,202 89,181 43,406 40,066 77,792 74,693 n.a. 0.9962 

 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec................... 13,943 15,262 73,096 14,811 - - n.a. n.a. n.a. 1.0017 

2016 - Mar................... 12,481 16,654 46,075 13,859 n.a. - n.a. n.a. n.a. 0.9583 

June ................. 13,441 14,838 n.a. 13,966 n.a. n.a. 158 n.a. n.a. 0.9792 

Sept.................. 12,760 13,661 72,188 14,251 - n.a. n.a. n.a. n.a. 0.9694 

Dec................... 14,939 14,888 98,271 16,029 - n.a. n.a. n.a. n.a. 1.0160 

2017 - Mar................... 16,299 18,151 73,924 16,435 n.a. n.a. n.a. n.a. n.a. 0.9998 

June ................. 14,015 16,797 n.a. 15,161 - n.a. n.a. n.a. - 0.9586 

Sept.................. 16,715 14,386 n.a. 18,437 47 25 n.a. n.a. n.a. 0.9688 

Dec................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 

2018 - Mar................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 

June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922 

Sept.................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758 

Dec................... 15,097 18,571 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832 

 
FOREIGN CURRENCY POSITIONS 

June 2019 

52 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/03/18 .................................................................. 2,807,579 2,989,101 15 1.2993 

10/10/18 .................................................................. 2,874,187 3,049,113 5 1.3206 

10/17/18 .................................................................. 2,822,681 2,986,647 n.a. 1.3137 

10/24/18 .................................................................. 2,843,480 3,023,421 n.a. 1.2898 

10/31/18 .................................................................. 3,035,804 3,230,535 -111 1.2779 

 

11/07/18 .................................................................. 2,924,116 3,106,203 -73 1.3144 

11/14/18 .................................................................. 3,011,465 3,185,315 -89 1.3011 

11/21/18 .................................................................. 2,865,313 3,042,308 -159 1.2776 

11/28/18 .................................................................. 3,079,291 3,256,046 -142 1.2766 

 

12/05/18 .................................................................. 3,094,510 3,252,504 -127 1.2746 

12/12/18 .................................................................. 3,262,337 3,426,886 -141 1.2658 

12/19/18 .................................................................. 2,736,311 2,918,084 -199 1.2669 

12/26/18 .................................................................. 2,676,939 2,867,102 -195 1.2676 

 

01/02/19 .................................................................. 2,658,983 2,850,838 -187 1.2598 

01/09/19 .................................................................. 2,741,301 2,911,394 -171 1.2764 

01/16/19 .................................................................. 2,737,266 2,903,542 -100 1.2862 

01/23/19 .................................................................. 2,723,456 2,868,665 -145 1.3074 

01/30/19 .................................................................. 2,961,870 3,121,049 30 1.3062 

 

02/06/19 .................................................................. 2,849,513 2,993,890 27 1.2956 

02/13/19 .................................................................. 2,936,527 3,079,432 21 1.2865 

02/20/19 .................................................................. 2,969,700 3,104,400 9 1.3084 

02/27/19 .................................................................. 3,221,981 3,373,115 -34 1.3318 

 

03/06/19 .................................................................. 3,163,694 3,316,740 -11 1.3148 

03/13/19 .................................................................. 3,308,984 3,464,428 8 1.3230 

03/20/19 .................................................................. 2,902,864 3,056,139 10 1.3191 

03/27/19 .................................................................. 3,002,803 3,170,719 -95 1.3192 

 
FOREIGN CURRENCY POSITIONS 

 June 2019

53 

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) 

 

2016 - Dec................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 

2017 – Dec.................. 2,423,244 2,623,676 926,696 893,568 117,539 122,752 76,952 84,254 n.a. 1.3529 

2018 – Apr................... 2,958,979 3,133,692 905,121 854,856 145,144 148,572 81,399 81,992 283 1.3751 

May.................. 3,181,688 3,373,798 953,505 911,941 124,814 131,669 80,287 84,223 n.a. 1.3289 

June................. 2,881,883 3,092,444 942,772 908,663 130,024 131,049 83,578 89,484 50 1.3197 

 July.................. 2,967,834 3,159,403 957,533 917,466 122,448 121,877 79,918 85,054 83 1.3125 

Aug .................. 3,041,722 3,228,784 861,939 786,260 126,336 123,696 100,171 100,615 4 1.2964 

Sept................. 2,856,448 3,044,326 861,721 789,295 141,280 131,361 111,425 112,115 79 1.3053 

 Oct................... 3,049,957 3,242,052 867,443 801,628 159,596 154,111 107,455 100,852 -25 1.2779 

Nov .................. 3,194,276 3,390,525 869,880 836,790 193,216 192,777 120,934 114,656 -42 1.2772 

Dec .................. 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 – Jan. ................. 3,045,921 3,254,190 997,584 955,082 n.a. n.a. 137,273 131,860 -50 1.3135 

Feb .................. 3,275,482 3,442,418 970,893 965,259 199,014 199,124 139,245 135,702 -137 1.3274 

Mar. ................. 3,227,245 3,419,644 1,000,478 996,831 198,387 199,967 141,230 140,648 -133 1.3032 

 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec................... 23,362 40,924 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 

2016 - Mar................... 24,863 48,599 161,265 64,422 460 958 5,159 2,545 76 1.4381 

June ................. 32,617 59,001 167,539 68,674 n.a. n.a. 3,488 1,337 131 1.3242 

Sept.................. 27,626 58,581 162,968 65,554 406 432 2,465 727 63 1.3015 

Dec................... 28,041 50,392 166,414 66,551 n.a. 428 2,686 1,577 4 1.2337 

2017 - Mar................... 32,627 57,900 173,010 73,491 1,446 n.a. 2,643 1,825 -20 1.2537 

June ................. 31,555 58,169 200,516 65,150 1,498 1,355 2,837 1,910 50 1.2995 

Sept.................. 34,429 63,757 199,533 58,382 1,369 1,380 2,032 1,755 81 1.3402 

Dec................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 

2018 - Mar................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 

June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

Sept.................. 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 

Dec................... 35,192 56,491 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

 
FOREIGN CURRENCY POSITIONS 

June 2019 

54 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

10/03/18 ................................................................ 25,790,647 25,097,022 -1 n.a. 

10/10/18 ................................................................ 26,263,911 25,557,943 -246 n.a. 

10/17/18 ................................................................ 26,136,486 25,466,549 -464 n.a. 

10/24/18 ................................................................ 26,439,402 25,739,664 70 n.a. 

10/31/18 ................................................................ 27,776,949 27,029,725 585 n.a. 

 

11/07/18 ................................................................ 27,382,905 26,635,543 -302 n.a. 

11/14/18 ................................................................ 28,068,179 27,341,935 359 n.a. 

11/21/18 ................................................................ 27,173,263 26,450,097 - n.a. 

11/28/18 ................................................................ 28,662,732 27,911,325 28 n.a. 

 

12/05/18 ................................................................ 28,707,112 28,037,906 357 n.a. 

12/12/18 ................................................................ 29,804,062 29,101,302 564 n.a. 

12/19/18 ................................................................ 25,971,447 25,275,402 867 n.a. 

12/26/18 ................................................................ 25,005,969 24,348,769 728 n.a. 

 

01/02/19 ................................................................ 25,182,309 24,480,425 514 n.a. 

01/09/19 ................................................................ 25,926,046 25,259,154 -300 n.a. 

01/16/19 ................................................................ 25,658,579 25,014,654 -39 n.a. 

01/23/19 ................................................................ 25,560,710 24,819,364 279 n.a. 

01/30/19 ................................................................ 27,371,539 26,571,577 -154 n.a. 

 

02/06/19 ................................................................ 26,918,399 26,114,071 -104 n.a. 

02/13/19 ................................................................ 27,266,268 26,517,572 429 n.a. 

02/20/19 ................................................................ 27,203,154 26,491,656 105 n.a. 

02/27/19 ................................................................ 29,164,152 28,480,706 38 n.a. 

 

03/06/19 ................................................................ 28,500,064 27,792,962 1,057 n.a. 

03/13/19 ................................................................ 29,857,001 29,107,594 726 n.a. 

03/20/19 ................................................................ 26,651,290 25,926,524 123 n.a. 

03/27/19 ................................................................ 27,456,334 26,698,683 879 n.a. 

 
FOREIGN CURRENCY POSITIONS 

 June 2019

55 

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) 

 

2016 - Dec.............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 

2017 – Dec............. 22,947,777 22,020,668 - - 1,381,708 1,385,483 1,129,488 1,104,281 -217 n.a. 

2018 – Apr.............. 27,262,601 26,287,757 - - 1,542,573 1,775,897 1,282,856 1,256,387 286 n.a. 

May............. 30,701,662 29,547,709 - - 1,662,416 1,907,625 1,394,198 1,374,757 564 n.a. 

June............ 27,726,499 26,853,431 - - 1,712,097 1,958,825 1,436,120 1,417,966 238 n.a. 

 July............. 27,744,921 26,834,815 - - 1,746,534 1,940,579 1,426,768 1,363,967 -436 n.a. 

Aug ............. 28,609,702 27,808,885 - - 1,764,399 2,007,984 1,468,404 1,438,512 44 n.a. 

Sept............ 26,791,475 25,978,559 - - 1,677,063 1,658,552 1,467,630 1,412,115 372 n.a. 

 Oct.............. 28,034,953 27,250,201 - - 1,808,732 1,782,706 1,466,629 1,437,620 654 n.a. 

Nov ............. 30,070,310 29,297,565 - - 1,751,890 1,729,057 1,505,681 1,483,572 477 n.a. 

Dec ............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a. 

2019 – Jan. ............ 28,153,345 26,817,450 - - 1,581,411 1,519,164 1,388,454 1,354,611 281 n.a. 

Feb ............. 29,141,143 28,325,390 - - 1,612,538 1,562,054 1,436,922 1,403,943 505 n.a. 

Mar. ............ 27,788,010 26,936,972 - - 1,630,632 1,581,428 1,465,592 1,412,243 434 n.a. 

 

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

 

2015 - Dec.................. 390,948 328,746 - - 28,177 20,380 6,992 9,361 1,846 n.a. 

2016 - Mar.................. 385,412 337,120 - - 30,532 20,846 7,380 11,457 1,436 n.a. 

June ................ 405,363 341,101 - - 19,972 13,480 10,695 12,325 1,056 n.a. 

Sept................. 394,533 357,468 - - 17,282 11,021 11,927 14,172 1,089 n.a. 

Dec.................. 389,471 318,849 - - 31,554 21,574 15,484 23,106 4,224 n.a. 

2017 - Mar.................. 431,337 407,589 - - 28,169 17,729 20,518 20,835 1,350 n.a. 

June ................ 425,050 402,427 - - 21,559 14,688 16,157 19,475 1,982 n.a. 

Sept................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a. 

Dec.................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 

2018 - Mar.................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. 

June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a. 

Sept................. 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a. 

Dec.................. 427,106 370,983 - - 23,014 25,224 26,202 25,804 2,684 n.a. 

 
FOREIGN CURRENCY POSITIONS 

June 2019 

56 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

10/03/18 ............................................................................. 6,948,630 7,135,401 -412 0.8677 

10/10/18 ............................................................................. 7,195,640 7,394,687 -223 0.8665 

10/17/18 ............................................................................. 6,981,751 7,175,398 n.a. 0.8666 

10/24/18 ............................................................................. 7,096,309 7,274,637 n.a. 0.8780 

10/31/18 ............................................................................. 7,552,412 7,730,029 -70 0.8825 

 

11/07/18 ............................................................................. 7,351,063 7,549,127 -67 0.8727 

11/14/18 ............................................................................. 7,672,710 7,881,571 -83 0.8840 

11/21/18 ............................................................................. 7,277,109 7,470,767 14 0.8777 

11/28/18 ............................................................................. 7,686,326 7,895,595 36 0.8861 

 

12/05/18 ............................................................................. 7,719,756 7,924,275 55 0.8811 

12/12/18 ............................................................................. 8,081,822 8,286,630 -27 0.8801 

12/19/18 ............................................................................. 7,052,617 7,255,207 -52 0.8755 

12/26/18 ............................................................................. 7,082,715 7,011,019 -4 0.8766 

 

01/02/19 ............................................................................. 6,740,569 6,935,216 5 0.8805 

01/09/19 ............................................................................. 7,067,087 7,251,842 -92 0.8678 

01/16/19 ............................................................................. 6,889,473 7,079,232 -129 0.8766 

01/23/19 ............................................................................. 6,772,427 6,963,197 -195 0.8780 

01/30/19 ............................................................................. 7,152,882 7,325,686 -273 0.8758 

 

02/06/19 ............................................................................. 7,000,309 7,198,302 -474 0.8787 

02/13/19 ............................................................................. 7,246,359 7,454,602 -432 0.8859 

02/20/19 ............................................................................. 7,125,261 7,318,513 -463 0.8797 

02/27/19 ............................................................................. 7,680,012 7,844,993 -459 0.8795 

 

03/06/19 ............................................................................. 7,389,993 7,563,606 -360 0.8834 

03/13/19 ............................................................................. 7,898,959 8,070,042 -509 0.8842 

03/20/19 ............................................................................. 7,036,073 7,204,478 -478 0.8809 

03/27/19 ............................................................................. 7,287,087 7,475,285 -425 0.8889 

 
FOREIGN CURRENCY POSITIONS 

 June 2019

57 

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) 

 

2016 - Dec................... 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 

2017 – Dec.................. 6,140,523 6,462,865 2,184,607 2,013,841 514,987 502,218 334,292 341,940 1,078 0.8318 

2018 – Apr................... 7,373,506 7,667,890 2,372,634 2,196,888 557,034 548,065 371,790 373,364 520 0.8282 

May.................. 8,494,312 8,722,333 2,468,268 2,279,608 612,483 604,701 441,796 442,695 261 0.8569 

June................. 7,757,244 7,921,592 2,432,964 2,215,903 619,807 611,700 456,083 461,052 78 0.8564 

 July.................. 7,504,964 7,720,309 2,413,861 2,158,422 574,120 561,431 453,795 464,797 225 0.8543 

Aug .................. 7,876,139 8,058,243 1,992,299 1,771,150 606,973 595,540 476,927 489,516 293 0.8624 

Sept................. 7,374,345 7,548,078 1,932,331 1,752,645 587,763 588,776 451,691 458,075 461 0.8604 

 Oct................... 7,623,833 7,854,980 2,001,726 1,851,558 580,474 575,787 452,874 443,859 706 0.8825 

Nov .................. 8,223,877 8,417,443 2,140,096 1,977,647 585,145 587,287 438,586 432,353 534 0.8832 

Dec .................. 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 – Jan. ................. 7,614,568 7,785,062 2,408,851 2,860,784 533,299 527,125 399,161 381,167 644 0.8731 

Feb .................. 7,969,397 8,194,567 2,285,143 2,908,559 511,692 503,844 429,346 416,955 348 0.8788 

Mar. ................. 7,656,329 7,863,511 2,449,565 3,107,815 527,745 510,394 445,727 435,873 341 0.8906 

 

 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

 

2015 - Dec................... 123,913 118,281 283,422 184,201 5,153 1,869 11,254 7,154 -52 0.9209 

2016 - Mar................... 133,823 116,435 292,421 186,750 5,602 3,244 5,273 3,128 n.a. 0.8780 

June ................. 128,292 121,569 309,243 201,482 6,232 3,385 7,230 3,149 n.a. 0.9064 

Sept.................. 133,269 115,694 317,349 209,436 5,011 3,212 5,513 2,647 n.a. 0.8898 

Dec................... 132,047 123,382 352,547 221,574 5,059 3,453 17,431 9,210 -392 0.9477 

2017 - Mar................... 145,378 146,517 374,527 245,027 9,239 7,718 15,482 8,084 197 0.9347 

June ................. 170,683 151,125 421,092 237,263 9,781 8,505 9,977 4,992 n.a. 0.8763 

Sept.................. 138,547 134,715 418,632 224,298 13,624 13,030 11,161 6,860 n.a. 0.8465 

Dec................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

Sept.................. 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 

Dec................... 120,771 151,638 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

 
58 

June 2019 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights -SDRs, and balances of foreign currencies. Principal 

sources of income -+ or loss -- for the fund are profits -+ or 

losses -- on SDRs and foreign exchange, as well as interest 

earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. 

TABLE ESF-1—Balances as of Dec. 31, 2018, and Mar. 31, 2019 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2018 

Jan. 1, 2019, 

through 

Mar. 31, 2019 Mar. 31, 2019 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - - 

U.S. Government securities............................................. 22,398,846 80,765 22,479,611 

Special drawing rights 1 ........................................................... 50,802,556 -36,259 50,766,297 

Foreign exchange and securities: 

European euro ..................................................................... 12,414,237 -190,955 12,223,282 

Japanese yen....................................................................... 8,523,793 -75,692 8,448,101 

Accounts receivable ................................................................. 163,392 5,017 168,409 

Total assets .......................................................................... 94,302,824 -217,124 94,085,700 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 88,462 1,909 90,371 

Total current liabilities ...................................................... 88,462 1,909 90,371 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,116,696 -89,702 49,026,994 

Total other liabilities ......................................................... 54,316,696 -89,702 54,226,994 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 258,864 -129,331 129,533 

Total capital ...................................................................... 39,897,666 -129,331 39,768,335 

Total liabilities and capital ............................................ 94,302,824 -217,124 94,085,700 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 59 

June 2019 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2019, 

through 

Mar. 31, 2019 

Fiscal year to date 

Oct. 1, 2018 

through 

Mar. 31, 2019 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... -259,485 -121,322 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... -3,576 -8,553 

Net income (+) or loss (-): 

SDRs.............................................................................. 4,823 9,226 

U.S. Government securities........................................... 136,178 264,331 

Foreign exchange .......................................................... -7,271 -14,149 

Income from operations ................................................. -129,331 129,533 

Net income (+) or loss (-)........................................... -129,331 -129,533 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

June 2019 

63 

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT 

for fiscal year 2018. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods beginning at the close of fiscal 

year 2018. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 87 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 12 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 74 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024)............................................................................................................................ 148

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 31 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 4 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 27 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024)........................................................................................................................... 26 

Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. 
June 2019 

64 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 

June 2019 

65 

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

June 2019 

66 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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