BULLETIN

SEPTEMBER2019

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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by the Superintendent of Documents

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

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inquire about any of the published information. Suggestions are welcome. 

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

through the Bureau of Fiscal Service’s home page. 

www.fiscal.treasury.gov/ 
September 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 Third-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........................................................................................................ 36

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 37

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 38

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 39

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 40

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 41

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 41

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 42

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 45 
September 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. 
V

September 2019

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

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

Special Reports

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of the Economy

Federal Fiscal Operations 

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
September 2019 

3

Profile of the Economy 

 [Source: Office of Macroeconomic Analysis] 

As of August 6, 2019 

Introduction 

The U.S. economic recovery became the longest 

expansion on record in July and entered its 122nd month in 

August. The advance estimate for real GDP in the second 

quarter of 2019 showed economic growth at an annual rate 

of 2.1 percent, after a 3.1 percent annual rate in the first 

quarter and a 2.9 percent year-over-year advance in 2018. 

As of early July, private forecasters predict real GDP growth 

of 2.2 percent in 2019 on a Q4-over-Q4 basis and 1.7 

percent in 2020. According to the President’s FY 2020 

Budget, the Administration is predicting growth nearing 

3 percent for the next few years, based on the investment 

and productivity improvements incentivized by the Tax Cuts 

and Jobs Act (TCJA). 

The second quarter saw a quadrupling of growth in 

private consumption, a component which accounts for 

roughly two-thirds of GDP, and a marked increase in 

government spending at the federal as well as state and local 

levels. Residential investment retrenched for the sixth 

consecutive quarter, but the decline continued to taper 

relative to last year, and there were gathering signs of 

stabilization in the housing sector. After contributing, on 

average, just under 1 percentage point to growth in each of 

the previous six quarters, private fixed investment posed a 

very modest drag on growth in the second quarter, 

constrained by low oil prices and headwinds faced by 

domestic aircraft manufacturers. Net exports and private 

inventory investment posed the largest drags on growth in 

the second quarter, reversing their recent trends of making 

sizeable contributions. However, the most noteworthy 

aspect of the economy’s performance in the second quarter 

was the marked acceleration in private final domestic 

demand. This measure, which provides a better signal of the 

economy’s underlying growth, accelerated to its fastest pace 

in a year. Since the end of 2016, this measure has grown at 

an annual rate of 3.0 percent. 

Labor markets are healthy, with the unemployment rate 

standing at 3.7 percent as of July, just above the 49-year low 

of 3.6 percent reached in April and May. Labor force 

participation has trended upward, and the number of job 

openings has remained above the number of job seekers for 

16 consecutive months through June 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 solid 165,000 per month. Nominal 

as well as real wages have shown consistently higher growth 

for the past year, 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 2.1 percent in the second quarter of 2019, 

following the first quarter’s 3.1 percent pace. Slowing 

global economic growth and the drawdown of previous 

inventory investment subtracted from domestic GDP growth 

in the second quarter. But private domestic final purchases – 

the sum of personal consumption, business fixed investment, 

and residential investment – accelerated noticeably in the 

second quarter at an annual rate of 3.2 percent, following a 

1.6 percent rise in the first quarter. 

The growth rate of real personal consumption 

expenditures quadrupled to 4.3 percent in the second quarter, 

marking the fastest rate of consumer spending since 2017 

Q4. This followed an upwardly-revised 1.1 percent advance 

in consumption in the first quarter. Outlays on goods drove 

consumption in the second quarter, rising 8.3 percent at an 

annual rate and accounting for about four-fifths of overall 

GDP growth. Spending on durable goods climbed 12.9 

percent in the second quarter, while nondurable goods 

expenditures were up 6.0 percent. Expenditures on services 

rose 2.5 percent in the second quarter. On balance, real 

personal consumption expenditures in Q2 made the largest 

contribution to growth, adding 2.9 percentage points. 

Business fixed investment declined 0.6 percent in Q2, 

subtracting 0.1 percentage point from growth, but this 

followed a solid, upwardly-revised 4.4 percent advance in 

Q1. Equipment investment rose 0.7 percent in the second 

quarter, and the decrease in equipment investment in the first 
4 PROFILE OF THE ECONOMY 

September 2019 

quarter was revised up to a slight 0.1 percent decline. The 

slow equipment investment growth rate was significantly 

impacted by the grounding of the Boeing 737 MAX 

airplane; the Council of Economic Advisors estimates that 

the grounding alone subtracted 0.4 percentage point from Q2 

GDP growth. Spending on structures fell 10.6 percent, 

partly reflecting decreased investment on oil and gas drilling 

rigs, but the decline followed a strong 4.0 percent advance in 

the first quarter. Fixed investment in intellectual property 

products grew 4.7 percent in the second quarter; growth in 

this category has risen at a double-digit pace in three of the 

last five quarters. After three consecutive quarters of 

positive contributions to growth, the cycle of inventory 

accumulation turned negative in the second quarter, 

subtracting nearly 0.9 percentage point from real GDP. 

Residential investment retrenched for the sixth 

consecutive quarter in 2019 Q2, but the decline continued to 

taper relative to last year. Since Spring 2018, a sharp 

reduction in the value of construction put in place has driven 

overall residential investment expenditures lower. Even so, 

there are gathering signs of stabilization in the housing 

sector as well as ongoing improvements in affordability and 

inventories. Existing home sales, which account for 90 

percent of all home sales, are almost 5 1⁄2-percent higher on 

the year through June, and new single-family home sales 

have grown by nearly 15 percent over the first six months of 

this year. Total housing starts are up 6.2 percent over the 

twelve months ending in June, and for five of the past six 

months, total building permits have remained above total 

housing starts, pointing to a further pickup in homebuilding. 

Consistent with these signs, the National Association of 

Home Builder’s home builder confidence index has trended 

higher during the first six months of this year, retracing 

almost half of last year’s decline. Although inventories of 

home sales continue to trend higher, they remain relatively 

low compared to historical averages. Affordability has 

improved as well: monthly and 12-month measures of house 

prices have slowed considerably, though 12-month growth 

continues to exceed core inflation and income gains. In 

addition to slower growth in home prices, mortgage rates 

have declined over a full percentage point from levels seen 

last fall, also contributing to greater affordability. 

Total government spending rose 5.0 percent at an annual 

rate in the second quarter, following a 2.9 percent advance in 

the first quarter. Over the past six quarters, government 

spending has added 0.4 percentage point, on average, to 

GDP growth, stepping up from essentially neutral 

contributions in 2016 and 2017. Federal outlays rose 7.9 

percent in the second quarter, the fastest pace in ten years, 

following a 2.2 percent increase in the first quarter. State 

and local government spending has been growing more 

consistently since the end of 2017 and increased 3.2 percent 

in the second quarter of 2019, close to the 3.3 percent 

advance in the previous quarter. Altogether, government 

spending added 0.9 percentage point to real GDP growth in 

the second quarter. The bipartisan budget deal that was 

signed at the beginning of August should reduce fiscal 

uncertainty and provide stimulus in the next two years. 

The U.S. trade deficit widened in the second quarter of 

2019, as export growth turned sharply negative, declining 

5.2 percent, and import growth edged up 0.1 percent. After 

making a large, 0.7 percentage point contribution to growth 

in the first quarter, net exports subtracted almost 0.7 

percentage point from real GDP growth in 2019 Q2, posing 

a significant drag on growth. 

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 July, job creation has slowed somewhat, but has 

averaged a solid 165,000 per month. After reaching a 49-

year low of 3.6 percent in April and May, the unemployment 

rate edged up to 3.7 percent in June, where it remained in 

July. 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, declined to 7.0 percent in 

July, the lowest level since December 2000, as well as 2.1 

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, declined to 

19.2 percent in July, an 11-year low. 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 rose to 

63.0 percent in July, 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 3.3 percent over the 12 months through July 

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 July 2019. 

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

hourly earnings for private production and nonsupervisory 

workers grew 1.8 percent over the year through June 2019 

(latest data available), and real average hourly earnings for 

all private industry workers rose 1.7 percent over the same 

period.
PROFILE OF THE ECONOMY 5 

September 2019 

Nonfarm Productivity of Labor

Labor productivity has shown consistent improvement 

for more than two years; not since 2004 have four-quarter 

labor productivity growth rates remained at or above 1 

percent for ten consecutive quarters. Most recently, 

productivity has improved more dramatically: following 

growth of 1.3 percent at an annual rate in the final quarter of

2018, productivity growth accelerated to a 3.4 percent 

annual rate, the most rapid pace since the third quarter of 

2014. Output grew 3.9 percent in the first quarter while 

hours worked were up 0.5 percent. Over the year ending in 

2019 Q1, productivity increased 2.4 percent, considerably 

faster than the 1.1 percent increase through 2018 Q1 and the 

fastest four-quarter pace since 2010 Q3. 

Hourly compensation costs in the nonfarm business 

sector rose 1.8 percent at an annual rate in the first quarter,

double the first quarter’s 0.9 percent pace. Over the most 

recent four quarters, hourly compensation costs rose 1.5 

percent. Unit labor costs, which represent the interaction of 

productivity and compensation, declined 1.6 percent at an 

annual rate in the first quarter, following a 0.4 percent 

decrease in the fourth quarter of 2018. These costs were 

down 0.8 percent over the latest four quarters. 

Although the nonfarm compensation measure does not 

provide detailed data on how its components have moved 

recently, the Employment Cost Index (ECI) provides 

perspective on growth of the main components of 

compensation. The ECI for nominal hourly compensation 

for all civilian workers rose 2.7 percent in the 12 months 

through June 2019. Wages and salaries were up 2.9 percent 

through June 2019 from a year earlier, while benefits costs 

rose 2.3 percent over the year through June 2019.

Industrial Production, Manufacturing and 

Services 

A variety of measures of industrial production, 

manufacturing, and services reached multi-year highs last 

year but have generally trended lower this year. 

Industrial output at factories, mines, and utilities declined 

1.2 percent at an annual rate in the second quarter of 2019, 

following a 1.9 percent decline in the first quarter. 

However, over the 12 months ending in June, output was 

still up 1.3 percent. 

Manufacturing production, which accounts for about 75 

percent of all industrial output, declined 2.2 percent at an 

annual rate in the second quarter of 2019, after declining 1.9 

percent in the first quarter. Nonetheless, the quarter saw 

solid gains in the output of motor vehicles and hightechnology goods. During the second quarter of 2019, motor 

vehicle production – which can be very volatile - advanced 

4.9 percent at an annual rate, while the output of 

semiconductors and related electronic components jumped 

up 5.6 percent at an annual rate. Over the 12 months 

through June, manufacturing output increased 0.4 percent. 

Excluding motor vehicles and parts and high-technology 

industries, manufacturing declined 3.0 percent at an annual 

rate during the second quarter, but was up 0.1 percent over 

the year through June. 

Output at mines, which accounts for 15 percent of 

industrial output, surged 8.9 percent in the second quarter of 

2019, following a 2.0 percent increase in the first quarter. 

Over the 12 months through June 2019, mining output, 

which includes crude oil production, rose 8.7 percent. 

 Utilities output, the remaining 10 percent of total 

industrial output, decreased 6.7 percent at an annual rate in 

the second quarter of 2019, following a decline of 8.1 

percent in the first quarter and a 9.0 percent advance in the 

final quarter of 2018. Weather is usually a factor 

contributing to swings in this sector; unseasonable weather 

in quarters often causes sharp swings in output from one 

period to the next. Over the 12 months through June, 

utilities production fell 2.6 percent. 
6 PROFILE OF THE ECONOMY 

September 2019 

Other measures of manufacturing and services 

production in the economy have trended lower from last 

year’s multi-year highs. The Institute of Supply 

Management’s (ISM) manufacturing index declined to 51.2 

in July 2019, while the ISM’s non-manufacturing index 

declined to 53.7. Although each index is at its lowest level 

since August 2016, both continue point to expansion in 

business activity. 

Prices 

According to several measures, consumer price inflation 

has been slowing at the headline level for more than one 

year. Over the 12 months through June 2019, the consumer 

price index (CPI) for all items rose 1.7 percent, a marked 

deceleration from the 2.8 percent, 12-month reading over the 

year through June 2018. Energy prices have declined 

significantly since the summer of 2018; over the year 

through June 2019, energy prices dropped 3.4 percent, 

compared to a 12.2 percent jump a year earlier. Food price 

inflation has trended higher thus far in 2019: food prices 

advanced 1.9 percent over the 12 months through June 2019, 

accelerating from the year-earlier pace of 1.4 percent. The 

core CPI (which excludes food and energy) rose by 2.1 

percent over the year through June, a bit slower than the 2.3 

percent advance over the year through June 2018. 

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 run below the target for eight consecutive 

months, and was 1.4 percent over the year through June 

2019, a full percentage point below the 2.4 percent reading 

of a year earlier. After running at a nearly two-year low in 

March, April, and May, the core PCE inflation rate edged up 

to 1.6 percent over the year through June 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 in recent months. The 

FHFA purchase-only home price index rose 5.0 percent over 

the year ending in May 2019, slowing from the 6.8 percent, 

year-earlier rise. The Standard and Poor’s (S&P)/CaseShiller composite 20-city home price index rose 2.4 percent 

over the year ending in May 2019, a pace less than one-half 

the year-earlier rate of 6.5 percent. 

Consumer and Business Sentiment 

Measures of consumer and business sentiment have 

trended higher in recent months, remaining close to the 

multi-year or all-time highs reached last year. In July, the 

Reuters/Michigan consumer sentiment index rose 0.2 point 

to 98.4, or 3 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 

surged 11.4 points in July to 135.7, or only about 2 points 

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

Although the National Federation of Independent Business’s 

(NFIB) small business optimism index declined 1.7 point to 

103.3 in June, it remains only about 5 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 

(3.8 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 2.2 percent of GDP in FY 2018, up 0.1 percentage point 

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 (20.3 percent of GDP), down from 20.7 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. 

Publicly-held debt as a share of GDP increased by 

1.7 percentage points to 77.8 percent of GDP. 

The Administration’s Mid-Session Review for Fiscal 

Year 2020 was released in July 2019. The Administration 

projects the federal deficit will rise to $1.00 trillion 

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

FY 2024, the deficit would total $4.50 trillion (3.7 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 
PROFILE OF THE ECONOMY 7 

September 2019 

$218 billion (0.6 percent of GDP) by FY 2029. The Budget 

expects that the primary deficit (which excludes net interest 

outlays) will be 2.9 percent of GDP in FY 2019 but will turn 

into a small primary surplus by FY 2025. Debt held by the 

public would peak at 81.3 percent of GDP in FY 2022 but 

would gradually decline to 70.0 percent of GDP by 

FY 2029. 

On August 2, 2019, the President signed the Bipartisan 

Budget Act of 2019 into law. The legislation significantly 

decreases fiscal uncertainty by setting discretionary 

spending levels for the next two fiscal years – thereby 

reducing the chances of a government shutdown – and 

forestalls a debt crisis by suspending Treasury’s borrowing 

limit until July 31, 2021. The Bipartisan Budget Act lifted 

caps established in 2011 and allowed for $1.3 trillion in 

defense and nondefense discretionary spending over the next 

two fiscal years, which should provide a boost to economic 

growth in the near term.

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’s 

Federal Open Market Committee (FOMC) pursued a cycle 

of monetary tightening from December 2105 until June 

2019, a period that saw the Federal funds rate target raised 

from the historically low range of 0 to 0.25 percent to a 

range of 2.25 to 2.50 percent. On July 31, 2019, however, 

the FOMC cut the target range for the first time in over ten 

years, reducing the target range by 25 basis points to 2.0 to 

2.25 percent. 

During the period of monetary policy tightening, the 

Federal Reserve 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, and would conclude the reduction of 

its aggregate securities holdings at the end of September 

2019. The Committee also indicated it would 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 re-affirmed that it would 

stop allowing Treasury securities to roll off its balance sheet, 

and would invest up to $20 billion of maturing agency 

debt/MBS in Treasury securities. With the onset of the 

current cycle of easing at the July 31, 2019 FOMC meeting, 

the Committee also announced that it would stop maturing 

Treasury securities to roll off the balance sheet at the 

beginning of August, rather than at the end of September 

(i.e. two months earlier than previously indicated), in order 

to remove upward pressure on the Federal funds rate from 

these operations.
8 

 September 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 

September 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 Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the third quarter of fiscal year 2019 

supplements fiscal data reported in the June issue of the 

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

not enough data were available to analyze adequately 

collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $577.6 billion for the third 

quarter of fiscal year 2019. This is an increase of $8.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $3.6 billion and non-withheld receipts 

decreased by $3.7 billion during this period. Refunds 

decreased by $8.6 billion over the comparable fiscal year 

2018 quarter. There was a $21.2 billion 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 $96.4 billion for the third quarter of fiscal year 

2019. This is an increase of $13.3 billion compared to the 

prior year third quarter. The $13.3 billion change is 

comprised of an increase of $15.4 billion in estimated and 

final payments, and an increase of $2.1 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2019 were $340.1 billion, an increase of $36.7 billion 

over the comparable prior year quarter. Receipts to the 

Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $34.4 billion, -$5.5 billion, and $7.9 

billion respectively. There was a $7.7 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of fiscal year 2019. There was a -$13.5 

billion adjustment in the third quarter of fiscal year 2018. 

Unemployment insurance—Unemployment insurance 

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

2019 were $21.6 billion, a decrease of $0.8 billion over the 

comparable quarter of fiscal year 2018. Net State taxes 

deposited in the U.S. Treasury decreased by $0.7 billion to 

$18.2 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $3.6 billion. 
10 FEDERAL FISCAL OPERATIONS 

September 2019 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.2 billion for the 

third 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 third 

quarter of fiscal year 2019 were $21.8 billion, an increase of 

$0.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.0 billion, an 

increase of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $4.1 billion for the third quarter of fiscal year 2019. 

These receipts represent a decrease of $1.7 billion over the 

same quarter in fiscal year 2018. 

Customs duties—Customs duties net of refunds were 

$15.8 billion for the third quarter of fiscal year 2019. This is 

an increase of $5.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts— Net miscellaneous receipts 

for the third quarter of fiscal year 2019 were $22.9 billion, a

decrease of $4.3 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $1.8 billion.

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

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

 Third quarter 2019 

April – June 

 Fiscal year 2019 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,101,561 2,608,854

On-budget receipts .................................................. 839,660 1,911,550

Off-budget receipts .................................................. 261,901 697,303

Total outlays................................................................. 1,157,502 3,355,969

On-budget outlays.................................................... 944,144 2,699,177

Off-budget outlays.................................................... 213,359 656,794

Total surplus or deficit (-)............................................. -55,940 -747,116

On-budget surplus or deficit (-)................................ -104,483 -787,623

Off-budget surplus or deficit (-)................................ 48,543 40,509

Means of financing: 

Borrowing from the public ............................................ -15,034 428,378

Reduction of operating cash ........................................ 70,303 121,004

Other means ................................................................ 672 197,731

Total on- and off-budget financing ........................... 55,941 747,113

Third-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 April May June

Individual income taxes...................................................... 332.8 103.7 141.1

Corporate income taxes..................................................... 44.7 0.4 51.3

Employment and general retirement.................................. 124.9 95.1 120.1

Unemployment insurance .................................................. 9.8 11.6 0.2

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

Excise taxes ....................................................................... 7.1 7.6 7.1

Estate and gift taxes .......................................................... 2.3 0.8 1.1

Customs duties .................................................................. 5.2 4.9 5.6

Miscellaneous receipts....................................................... 8.3 7.6 7.0

Total budget receipts ..................................................... 535.5 232.1 334.0

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

September 2019 
September 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.................. 3,472,324 2,557,867 914,457 4,472,961 3,565,608 907,353 -1,000,637 -1,007,741 7,104 1,236,509 

2020 – Est1.................. 3,631,874 2,685,416 946,458 4,676,957 3,714,389 962,568 -1,045,083 -1,028,973 -16,110 1,221,986 

2018 - 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 79,397 375,756 290,479 85,278 -146,945 -141,064 -5,881 -86,093

Apr................... 535,545 439,736 95,809 375,240 299,230 76,011 160,305 140,506 19,798 981 

May.................. 232,064 158,229 73,835 439,833 352,744 87,089 -207,768 -194,514 -13,254 -1,439

June................. 333,952 241,695 92,257 342,429 292,170 50,259 -8,476 -50,475 41,999 7 

Fiscal year 2019 to date ... 2,608,854 1,911,551 697,303 3,355,970 2,699,177 656,795 -747,113 -787,624 40,509 509,171 

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............................ -767 166,492 1,069,250 287 0 0 0 -68,325 0 1,000,637

2020 – Est1............................ -1,245 108,409 1,112,332 0 0 0 0 -67,249 0 1,045,083

2018 - 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

Apr............................. 4 13,179 -12,194 88,573 -92 -334 2,367 -57,560 -37 -160,305

May ........................... -55 -10,992 9,497 -189,711 -237 271 21 -359,288 -170 -160,305

June .......................... -152 12,192 -12,337 30,835 461 137 273 52,322 197 8,476

Fiscal year 2019 to date ....... -822 79,967 428,379 -121,004 -20 -1,265 6,253 -165,153 -224 379,038

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

1These estimates are based on the President's FY 2020 Mid-Session Review, released by the Office of 

Management and Budget on July 12, 2019. 
 FEDERAL FISCAL OPERATIONS 

September 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........ 1,719,038 0 0 1,719,038 221,231 0 221,231 1,940,269 1,192,011 0 1,192,011 

2020 – Est1........ 1,805,420 0 0 1,805,420 253,076 0 253,076 2,058,496 1,233,642 0 1,233,642 

2018 - 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 

Apr......... 113,857 283,508 64,556 332,809 51,095 6,407 44,688 377,497 124,379 - 124,379 

May........ 108,285 10,611 15,204 103,692 6,291 5,880 411 104,103 94,545 - 94,545 

June....... 76,127 69,403 4,383 141,149 54,129 2,860 51,269 192,418 120,240 - 120,240 

Fiscal year 

2019 to date........ 1,002,837 531,298 232,660 1,301,477 202,103 37,748 164,355 1,465,832 908,990 - 908,990 

 

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.................. 5,397 0 5,397 1,197,408 43,388 0 43,388 4,949 31 4,980 

2020 – Est1.................. 5,591 0 5,591 1,239,223 45,772 0 45,772 5,203 31 5,234 

2018 - 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 

Apr................... 533 - 533 124,912 9,916 77 9,839 376 3 378 

May ................. 521 4 516 95,061 11,578 25 11,553 466 2 468 

June ................ -121 7 -129 120,112 268 18 249 382 2 385 

Fiscal year 

2019 to date...................... 4,009 11 3,996 912,987 33,458 199 33,258 3,523 18 3,540 

 

See footnotes at end of table. 
September 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............. 98,053 17,348 0 17,348 81,638 0 81,638 48,783 40,457 89,240 2,557,867 914,457 

2020 – Est1............. 108,650 19,284 0 19,284 64,336 0 64,336 49,474 42,417 91,891 2,685,416 946,458 

2018 - 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 

Apr.............. 7,093 2,391 121 2,270 5,509 272 5,237 4,070 4,251 8,319 439,736 95,809 

May ............ 7,593 909 121 788 5,099 165 4,934 5,860 1,709 7,566 158,229 73,835 

June ........... 7,110 1,144 57 1,087 5,822 216 5,606 4,741 2,246 6,985 241,695 92,257 

Fiscal year 

2019 to date................ 71,195 13,158 721 12,435 52,306 1,838 50,472 40,044 19,097 59,134 1,911,551 697,303 

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

1These estimates are based on the President's FY 2020 Mid-Session Review, released by the Office of 

Management and Budget on July 12, 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 ................... 1,245,776 16,219 0 16,219 232 0 232 42,709 0 42,709 38,893 0 38,893 

2020 – Est1 ................... 1,290,239 17,056 0 17,056 170 0 170 43,121 0 43,121 48,303 0 48,303 

2018 - 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 

Apr .................... 135,129 1,399 - 1,399 16 - 16 3,537 37 3,499 2,667 488 2,179 

May ................... 107,082 1,558 1 1,556 11 - 11 3,279 44 3,235 2,940 150 2,791 

June .................. 120,746 1,524 - 1,524 14 - 14 3,725 44 3,681 2,160 268 1,891 

Fiscal year 

2019 to date...................... 949,787 11,417 9 11,407 173 - 173 30,297 290 30,007 34,259 4,652 29,608 
 FEDERAL FISCAL OPERATIONS 

September 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 ............. 5,832 8,108 155,175 13,428 657,911 106,308 29,123 1,215,986 58,749 29,782 13,376 39,866 34,879

2020 – Est1 ............. 5,545 8,668 132,362 15,523 696,928 82,878 30,810 1,287,078 62,006 48,830 14,894 38,288 38,454 

2018 - 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

Apr.............. 420 620 9,940 816 51,969 6,658 2,456 104,302 4,662 3,437 854 2,703 3,486

May............. 411 814 9,603 959 61,801 4,980 2,663 146,552 4,362 -12,605 1,213 3,332 3,167

June............ 381 584 9,911 821 48,481 34,107 1,992 67,523 3,970 3,988 1,433 2,829 3,294 

Fiscal year 

2019 to date................ 3,634 5,957 115,093 8,576 487,770 86,430 20,745 901,868 42,621 17,324 10,051 25,992 26,936

 

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

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

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

2019 – Est1 ............. 28,594 81,053 406,602 274,471 204,180 6,526 60,834 7,072 423 -1,110 22,192 

2020 – Est1 ............. 25,295 86,561 451,156 275,748 217,506 5,785 62,851 7,028 409 107,034 26,135 

2018 - 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 5,606 580 28 -137 174 

Apr.............. 2,221 5,091 46,552 13,195 17,175 547 3,600 560 37 -98 1,806 

May............. 2,720 6,400 47,829 11,118 27,120 296 9,039 646 40 132 8,073 

June............ 1,485 8,522 102,800 5,989 8,019 524 173 644 26 -175 3,113 

Fiscal year 

2019 to date................ 20,541 54,976 456,869 128,940 148,944 4,797 45,411 6,265 299 -682 19,591 

See footnotes at end of table 
September 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........ 21,272 7,290 103,459 156 1,101,395 173,499 -90,545 -148,402 -5,501 -149,022 3,565,608 907,353 

2020 – Est1........ 23,289 7,394 - 796 1,156,311 164,014 -102,699 -143,957 -5,327 -150,636 3,714,389 962,568 

 

2018 - 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 92,638 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 - 290,479 85,278 

Apr......... 1,548 518 9,374 87 92,350 1,411 -6,131 -6,213 -713 - 299,230 76,011 

May ....... 1,844 589 8,388 98 97,224 3,597 -6,800 -5,159 -614 - 352,744 87,089 

June ...... 1,611 616 8,263 80 92,993 -2,739 -6,191 -62,360 -272 - 292,170 50,259 

Fiscal year 

2019 to date ....... 14,744 5,081 76,876 169 822,993 14,887 -71,493 -140,222 -4,852 -1,155 2,699,175 656,795 

 

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

1These estimates are based on the President's FY 2020 Mid-Session Reviews, released by the Office of 

Management and Budget on July 12, 2019.
 FEDERAL FISCAL OPERATIONS 

September 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............................................... 1,301,385 92 - 1,301,477 1,305,445 45 -

Corporation income taxes........................................... 164,355 - - 164,355 161,708 - -

Social insurance and retirement receipts: --- - -- - Employment and general retirement (off-budget)... - - 697,303 697,303 - - 645,768

Employment and general retirement (on-budget)... 5 - 215,679 215,683 * - 201,294

Unemployment insurance ....................................... 10 - 33,248 33,258 -5 - 37,003

Other retirement...................................................... - - 3,543 3,543 - - 3,312

Excise taxes ................................................................ 27,338 896 42,961 71,195 19,618 942 42,478

Estate and gift taxes ................................................... 12,435 - - 12,435 16,978 - -

Customs duties ........................................................... 33,849 15,381 1,241 50,472 18,547 8,591 1,180

Miscellaneous receipts................................................ 45,706 12,153 1,275 59,134 64,711 12,116 1,073

Total Receipts................................................ 1,585,083 28,522 995,249 2,608,855 1,587,003 21,694 932,108

 (On-budget)............................................... 1,585,083 28,522 297,946 1,911,551 1,587,003 21,694 286,339

 (Off-budget)............................................... - - 697,303 697,303 - - 645,768

Budget outlays: - - - - - - - Legislative branch ....................................................... 3,664 -24 -4 3,636 3,463 2 -2

Judicial branch ............................................................ 6,031 55 -129 5,957 5,976 -66 -89

Department of Agriculture ........................................... 88,570 26,525 -2 115,093 91,774 20,132 -135

Department of Commerce........................................... 7,041 1,526 7 8,574 6,650 -424 58

Department of Defense-military .................................. 483,254 4,317 199 487,770 446,350 3,292 68

Department of Education ............................................ 86,542 -112 * 86,430 46,919 -215 *

Department of Energy................................................. 22,103 -1,359 * 20,745 20,461 -1,118 *

Department of Health and Human Services ............... 682,482 3,626 215,759 901,867 649,762 1,844 199,483

Department of Homeland Security.............................. 44,743 -2,273 150 42,619 48,973 4,739 127

Department of Housing and Urban Development....... 17,593 -80 -189 17,324 46,193 -124 -254

Department of the Interior........................................... 9,175 578 298 10,052 8,845 1,358 340

Department of Justice ................................................. 21,119 4,874 -1 25,992 21,065 5,402 -5

Department of Labor................................................... 6,440 -3,760 24,257 26,936 6,552 -1,739 24,993

Department of State.................................................... 20,851 -897 586 20,540 18,247 152 578

Department of Transportation..................................... 7,237 -31 47,771 54,977 5,838 142 46,567

Department of the Treasury: --- - -- - Interest on the public debt....................................... 456,868 - - 456,868 413,656 - -

Other ....................................................................... 130,346 -1,464 56 128,939 129,867 -961 18

Department of Veterans Affairs .................................. 151,308 -2,856 496 148,948 140,408 -2,416 554

Corps of Engineers ..................................................... 4,935 -64 -76 4,796 4,567 -31 -256

Other defense civil programs...................................... 93,899 -5,963 -42,525 45,411 89,604 -5,830 -38,575

Environmental Protection Agency............................... 6,572 -63 -244 6,265 6,330 -63 -133

Executive Office of the President................................ 292 * 6 298 304 * -15

General Services Administration ................................ 139 -822 - -683 73 -415 -

International Assistance Program............................... 18,175 -141 1,555 19,589 17,693 -248 -1,691

National Aeronautics and Space Administration ........ 14,774 -31 1 14,744 14,748 6 1

National Science Foundation...................................... 4,988 96 -2 5,081 4,933 88 20

Office of Personnel Management ............................... 9,982 508 66,386 76,876 9,707 -655 64,236

Small Business Administration ................................... 173 -3 - 170 -319 -3 -

Social Security Administration .................................... 70,080 * 752,913 822,993 70,024 * 710,708

Other independent agencies....................................... 9,772 -402 5,522 14,891 9,369 -8,680 2,449

Undistributed offsetting receipts: --- - -- - Interest .................................................................... - - -140,224 -140,224 - - -140,810

Other ....................................................................... -4157 -8,459 -64,887 -77,502 -2,927 -8,934 -60,672

 Total outlays......................................................... 2,474,990 13,301 867,680 3,355,971 2,335,106 5,236 807,562

(On-budget)..................................................... 2,474,725 13,991 210,461 2,699,177 2,334,845 6,412 194,034

(Off-budget)..................................................... 265 -690 657,219 656,794 260 1,176 613,528

 Surplus or deficit (-).............................................. -889907 15,221 127,570 -747,116 -748,103 16,458 124,545

 (On-budget)..................................................... -889642 14,531 87,485 -787,625 -747,843 15,282 92,305

 (Off-budget)..................................................... -265 690 40,084 40,509 -260 1,176 32,240

 -No Transactions 

* Less than $500,000 

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

September 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 0 15,801,628 15,778,806 22,822 

2018 - June .................... 21,218,581 21,195,070 23,511 5,711,522 5,711,522 0 15,507,059 15,483,548 23,511 

July..................... 21,336,499 21,313,061 23,438 5,726,291 5,726,291 0 15,610,208 15,586,770 23,438 

Aug..................... 21,481,902 21,458,850 23,052 5,655,997 5,655,997 0 15,825,905 15,802,853 23,052 

Sept.................... 21,538,880 21,516,058 22,822 5,737,252 5,737,252 0 15,801,628 15,778,806 22,822 

Oct ..................... 21,725,216 21,702,370 22,846 5,840,466 5,840,466 0 15,884,750 15,861,904 22,846 

Nov..................... 21,873,089 21,850,094 22,995 5,786,563 5,786,563 0 16,086,526 16,063,531 22,995 

Dec..................... 21,997,036 21,974,096 22,940 5,853,354 5,853,354 0 16,143,682 16,120,742 22,940 

2019 - Jan...................... 22,005,220 21,982,423 22,797 5,862,428 5,862,428 0 16,142,792 16,119,995 22,797 

Feb..................... 22,138,026 22,115,526 22,500 5,845,051 5,845,051 0 16,292,975 16,270,475 22,500 

Mar..................... 22,050,081 22,027,880 22,201 5,804,029 5,804,029 0 16,246,052 16,223,851 22,201 

 Apr ..................... 22,049,873 22,027,668 22,205 5,816,978 5,816,978 0 16,232,895 16,210,690 22,205 

May .................... 22,048,574 22,026,424 22,150 5,806,506 5,806,506 0 16,242,068 16,219,918 22,150 

June ................... 22,045,280 22,023,283 21,997 5,818,564 5,818,564 0 16,226,716 16,204,719 21,997 

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 - 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 

 Apr ..................... 22,049,873 79,194 21,970,679 5,816,978 28,703 5,788,276 16,232,895 50,491 16,182,403 

May .................... 22,048,574 79,389 21,969,184 5,806,506 29,223 5,777,284 16,242,068 50,166 16,191,900 

June ................... 22,045,280 76,241 21,969,038 5,818,564 29,089 5,789,475 16,226,716 47,152 16,179,563 
FEDERAL DEBT 

September 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 - 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

 Apr ................ 154,146 - 264 94,942 58,030 29,995 1,755

May ............... 153,752 - 264 49,279 52,845 29,995 1,756

June .............. 153,407 - 264 48,751 47,865 29,995 1,806

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 - 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 

 Apr ................ 16,192,789 15,853,656 2,383,330 9,485,849 2,222,584 1,389,990 371,903 339,133 

May ............... 16,202,283 15,914,391 2,353,292 9,511,363 2,247,949 1,409,990 391,797 287,892 

June .............. 16,188,422 15,906,333 2,250,354 9,548,047 2,266,020 1,432,115 409,798 282,089 
FEDERAL DEBT 

September 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 - 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 1,419,657

 Apr ........... 2,805,586 864 112,260 38,418 2,670 9,643 754 69,311 1,473,810

May .......... 2,794,787 866 85,660 37,047 2,611 8,588 738 84,580 1,424,372

June ......... 2,833,813 868 105,918 35,824 2,612 8,676 537 83,776 1,428,424

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 - 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........ 5,840,580 15,220 101,002 47,535 22,480 96,856 894,471 195,317 29,396 

 Apr ........ 5,902,566 15,407 101,662 47,535 22,528 99,655 894,422 208,041 - 

May ....... 5,846,560 15,620 101,776 47,555 22,519 98,158 887,071 186,892 47,720 

June ...... 5,859,045 16,149 101,584 47,578 22,558 101,029 815,093 206,307 48,299 
FEDERAL DEBT 

September 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 - 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 *

Apr................... 22,205 19 75 22,097 14 *

May ................. 22,150 19 76 22,042 14 *

June ................ 21,997 19 75 21,890 14 *

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

September 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 - 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

Apr...................... 13,746,594 4,045,610 5,549,483 2,608,424 86,014 1,457,062 65

May..................... 13,821,207 4,037,791 5,631,335 2,589,055 97,685 1,465,341 65

June.................... 13,739,980 3,948,429 5,623,904 2,587,748 97,719 1,482,180 66

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

September 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 – 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 

Dec2............................ - 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 

Apr1............................. 21,987,706 21,987,681 21,987,681 - 22,027,668 - 39,988 

May1 ........................... 21,987,706 21,987,681 21,987,681 - 22,026,424 - 38,743 

June1 .......................... 21,987,706 21,987,681 21,987,681 - 22,023,283 - 35,602 

(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 

September 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 - 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

 Apr ............................. 1,621,331 32,077 19,959 28,216 571 453

May ............................ 1,634,029 32,207 20,041 28,215 575 453

June ........................... 1,632,530 33,759 20,098 28,450 578 453

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 - 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

 Apr ............................. 1,349,299 5,299 24,734 134 62,961

May ............................ 1,351,646 5,299 33,334 134 63,545

June ........................... 1,351,664 5,294 33,334 135 63,587
FEDERAL DEBT 

September 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 - 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

 Apr ............................ 20,259 6,178 12,369 58,822

May ........................... 20,259 6,502 12,500 59,319

June .......................... 20,259 2,802 12,500 59,617

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

September 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: APRIL-JUNE 

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

A P R I L 

Auction of 2-Year Notes 

On March 21, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $71,457 million of securities maturing March 

31 and to raise new cash of approximately $41,543 

million. 

The 2-year notes of Series J-2021 were dated 

March 31 and issued April 1. They are due March 31, 

2021, with interest payable on September 30 and 

March 31 until maturity. Treasury set an interest rate 

of 2-1/4 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon Eastern Time (ET) for noncompetitive 

tenders and before 1:00 p.m. ET for competitive 

tenders on March 26. Tenders totaled $104,145 

million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders 

were allotted securities at the high yield of 2.261 

percent with an equivalent price of $99.978568. 

Treasury accepted in full all competitive tenders at 

yields lower than 2.261 percent. Tenders at the high 

yield were allotted 39.90 percent. The median yield 

was 2.230 percent, and the low yield was 1.888 

percent. Noncompetitive tenders totaled $284 million. 

Competitive tenders accepted from private investors 

totaled $39,516 million. Accrued interest of $0.06148 

per $1,000 must be paid for the period from March 31 

to April 1. The minimum par amount required for 

Separate Trading of Registered Interest and Principal 

Securities (STRIPS) of notes of Series J-2021 is $100. 

Auction of 5-Year Notes 

On March 21, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $71,457 million of securities maturing March 

31 and to raise new cash of approximately $41,543 

million. 

The 5-year notes of Series J-2024 were dated 

March 31 and issued April 1. They are due March 31, 

2024, with interest payable on September 30 and 

March 31 until maturity. Treasury set an interest rate 

of 2-1/8 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 27. 

Tenders totaled $96,290 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 
28 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

competitive bidders were allotted securities at the high 

yield of 2.172 percent with an equivalent price of 

$99.778500. Treasury accepted in full all competitive 

tenders at yields lower than 2.172 percent. Tenders at 

the high yield were allotted 76.16 percent. The median 

yield was 2.125 percent, and the low yield was 2.050 

percent. Noncompetitive tenders totaled $32 million. 

Competitive tenders accepted from private investors 

totaled $40,968 million. Accrued interest of $0.05806 

per $1,000 must be paid for the period from March 31 

to April 1. The minimum par amount required for 

STRIPS of notes of Series J-2024 is $100. 

Auction of 7-Year Notes 

On March 21, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $71,457 million of securities maturing March 

31 and to raise new cash of approximately $41,543 

million. 

The 7-year notes of Series J-2026 were dated 

March 31 and issued April 1. They are due March 31, 

2026, with interest payable on September 30 and 

March 31 until maturity. Treasury set an interest rate 

of 2-1/4 percent after determining which tenders were 

accepted on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on March 28. 

Tenders totaled $81,397 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.281 percent with an equivalent price of 

$99.800487. Treasury accepted in full all competitive 

tenders at yields lower than 2.281 percent. Tenders at 

the high yield were allotted 62.72 percent. The median 

yield was 2.241 percent, and the low yield was 2.150 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors 

totaled $31,992 million. Accrued interest of $0.06148 

per $1,000 must be paid for the period from March 31 

to April 1. The minimum par amount required for 

STRIPS of notes of Series J-2026 is $100. 

Auction of 3-Year Notes 

On April 4, 2019, Treasury announced it would 

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

to refund $77,805 million of securities maturing April 

15 and to raise new cash of approximately $195 

million. 

The 3-year notes of Series AL-2022 were dated 

and issued April 15. They are due April 15, 2022, with 

interest payable on October 15 and April 15 until 

maturity. Treasury set an interest rate of 2-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 9. 

Tenders totaled $94,535 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.301 percent with an equivalent price of 

$99.852977. Treasury accepted in full all competitive 

tenders at yields lower than 2.301 percent. Tenders at 

the high yield were allotted 21.36 percent. The median 

yield was 2.275 percent, and the low yield was 1.988 

percent. Noncompetitive tenders totaled $83 million. 

Competitive tenders accepted from private investors 

totaled $37,817 million. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted $5 

million from Federal Reserve Banks (FRBs) for their 

own accounts. The minimum par amount required for 

STRIPS of notes of Series AL-2022 is $100. 

Auction of 9-Year 10-Month 2-5/8 Percent 

Notes 

On April 4, 2019, Treasury announced it would 

auction $24,000 million of 9-year 10-month 2-5/8 

percent notes. The issue was to refund $77,805 million 

of securities maturing April 15 and to raise new cash 

of approximately $195 million. 

The 9-year 10-month 2-5/8 percent notes of Series 

B-2029 were dated February 15 and issued April 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 ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 10. 

Tenders totaled $61,289 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.466 percent with an equivalent price of 

$101.377878. Treasury accepted in full all competitive 

tenders at yields lower than 2.466 percent. Tenders at 

the high yield were allotted 93.21 percent. The median 

yield was 2.425 percent, and the low yield was 2.088 

percent. Noncompetitive tenders totaled $18 million. 

Competitive tenders accepted from private investors 

totaled $23,982 million. Accrued interest of $4.27831 

per $1,000 must be paid for the period from February 

15 to April 15. 

In addition to the $24,000 million of tenders 

accepted in the auction process, Treasury accepted $3 

million from FRBs for their own accounts. The 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 29 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

minimum par amount required for STRIPS of notes of 

Series B-2029 is $100. 

Auction of 29-Year 10-Month 3 Percent Bonds 

On April 4, 2019, Treasury announced it would 

auction $16,000 million of 29-year 10-month 3 percent 

bonds. The issue was to refund $77,805 million of 

securities maturing April 15 and to raise new cash of 

approximately $195 million. 

The 29-year 10-month 3 percent bonds of February 

2049 were dated February 15 and issued April 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 ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 11. 

Tenders totaled $36,018 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.930 percent with an equivalent price of 

$101.381292. Treasury accepted in full all competitive 

tenders at yields lower than 2.930 percent. Tenders at 

the high yield were allotted 59.85 percent. The median 

yield was 2.870 percent, and the low yield was 2.488 

percent. Noncompetitive tenders totaled $3 million. 

Competitive tenders accepted from private investors 

totaled $15,997 million. Accrued interest of $4.88950 

per $1,000 must be paid for the period from February 

15 to April 15. 

In addition to the $16,000 million of tenders 

accepted in the auction process, Treasury accepted $2 

million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

February 2049 is $100. 

Auction of 5-Year Treasury Inflation Protected 

Security (TIPS) 

On April 11, 2019, Treasury announced it would 

auction $17,000 million of 5-year TIPS. The issue was 

to refund $107,208 million of securities maturing April 

30 and to raise new cash of approximately $42,792 

million. 

The 5-year TIPS of Series X-2024 were dated 

April 15 and issued April 30. They are due April 15, 

2024, with interest payable on October 15 and April 15 

until maturity. Treasury set an interest rate of 0-1/2 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the TIPS before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on April 18. 

Tenders totaled $42,438 million; Treasury accepted 

$17,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.515 percent with an equivalent adjusted 

price of $100.137446. Treasury accepted in full all 

competitive tenders at yields lower than 0.515 percent. 

Tenders at the high yield were allotted 34.35 percent. 

The median yield was 0.470 percent, and the low yield 

was 0.405 percent. Noncompetitive tenders totaled $68 

million. Competitive tenders accepted from private 

investors totaled $16,932 million. Adjusted accrued 

interest of $0.20535 per $1,000 must be paid for the 

period from April 15 to April 30. Both the unadjusted 

price of $99.926601 and the unadjusted accrued 

interest of $0.20492 were adjusted by an index ratio of 

1.00211, for the period from April 15 to April 30. 

In addition to the $17,000 million of tenders 

accepted in the auction process, Treasury accepted 

$217 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2024 is $100. 

Auction of 2-Year Notes 

On April 18, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $107,208 million of securities maturing April 

30 and to raise new cash of approximately $42,792 

million. 

The 2-year notes of Series K-2021 were dated and 

issued April 30. They are due April 30, 2021, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 2-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 23. 

Tenders totaled $100,537 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.355 percent with an equivalent price of 

$99.796039. Treasury accepted in full all competitive 

tenders at yields lower than 2.355 percent. Tenders at 

the high yield were allotted 47.66 percent. The median 

yield was 2.324 percent, and the low yield was 2.250 

percent. Noncompetitive tenders totaled $220 million. 

Competitive tenders accepted from private investors 

totaled $39,674 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$511 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series K-2021 is $100. 
30 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

Auction of 52-Week Bills

On April 18, 2019, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued April 25 and will mature April 23, 

2020. The issue was to refund $107,010 million of all 

maturing bills and to pay down approximately $3,010 

million. Treasury auctioned the bills on April 23. 

Tenders totaled $89,442 million; Treasury accepted 

$26,000 million, including $585 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.360 percent. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On April 18, 2019, Treasury announced it would 

auction $20,000 million of 2-year FRNs. The issue 

was to refund $107,208 million of securities maturing 

April 30 and to raise new cash of approximately 

$42,792 million. 

The 2-year FRNs of Series BA-2021 were dated 

and issued April 30. They are due April 30, 2021, with 

interest payable on July 31, October 31, January 31, 

and April 30 until maturity. Treasury set a spread of 

0.139 percent after determining which tenders were 

accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on April 24. 

Tenders totaled $53,696 million; Treasury accepted 

$20,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.139 percent with an equivalent 

price of $100.000000. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.139 percent. Tenders at the high discount margin 

were allotted 84.64 percent. The median discount 

margin was 0.120 percent, and the low discount 

margin was 0.090 percent. Noncompetitive tenders 

totaled $27 million. Competitive tenders accepted from 

private investors totaled $19,973 million. 

In addition to the $20,000 million of tenders 

accepted in the auction process, Treasury accepted 

$255 million from FRBs for their own accounts. 

Auction of 5-Year Notes 

On April 18, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $107,208 million of securities maturing April 

30 and to raise new cash of approximately $42,792 

million. 

The 5-year notes of Series Y-2024 were dated and 

issued April 30. They are due April 30, 2024, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 2-1/4 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 24. 

Tenders totaled $100,157 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.315 percent with an equivalent price of 

$99.694767. Treasury accepted in full all competitive 

tenders at yields lower than 2.315 percent. Tenders at 

the high yield were allotted 88.65 percent. The median 

yield was 2.280 percent, and the low yield was 2.200 

percent. Noncompetitive tenders totaled $33 million. 

Competitive tenders accepted from private investors 

totaled $40,967 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$523 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series Y-2024 is $100. 

Auction of 7-Year Notes 

On April 18, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $107,208 million of securities maturing April 

30 and to raise new cash of approximately $42,792 

million. 

The 7-year notes of Series K-2026 were dated and 

issued April 30. They are due April 30, 2026, with 

interest payable on October 31 and April 30 until 

maturity. Treasury set an interest rate of 2-3/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 25. 

Tenders totaled $79,745 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.426 percent with an equivalent price of 

$99.673481. Treasury accepted in full all competitive 

tenders at yields lower than 2.426 percent. Tenders at 

the high yield were allotted 52.62 percent. The median 

yield was 2.380 percent, and the low yield was 1.988 

percent. Noncompetitive tenders totaled $59 million. 

Competitive tenders accepted from private investors 

totaled $31,941 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$409 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series K-2026 is $100. 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 31 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

M A Y 

Auction of 37-Day Cash Management Bills 

On April 30, 2019, Treasury announced it would 

auction $20,000 million of 37-day bills. They were 

issued May 7 and matured June 13. The issue was to 

raise new cash of approximately $105,000 million. 

Treasury auctioned the bills on May 2. Tenders totaled 

$65,417 million; Treasury accepted $20,000 million, 

including $ million of noncompetitive tenders from the 

public. The high bank discount rate was 2.385 percent. 

May Quarterly Financing

On May 1, 2019, Treasury announced it would 

auction $38,000 million of 3-year notes, $27,000 

million of 10-year notes, and $19,000 million of 30-

year bonds to refund $55,363 million of securities 

maturing May 15, 2019 and to raise new cash of 

approximately $28,637 million. 

The 3-year notes of Series AM-2022 were dated 

and issued May 15. They are due May 15, 2022, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 2-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 7. 

Tenders totaled $94,159 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.248 percent with an equivalent price of 

$99.645092. Treasury accepted in full all competitive 

tenders at yields lower than 2.248 percent. Tenders at 

the high yield were allotted 74.72 percent. The median 

yield was 2.223 percent, and the low yield was 2.140 

percent. Noncompetitive tenders totaled $85 million. 

Competitive tenders accepted from private investors 

totaled $37,915 million. 

In addition to the $38,000 million of tenders 

accepted in the auction process, Treasury accepted 

$12,945 million from FRBs for their own accounts. 

The minimum par amount required for STRIPS of 

notes of Series AM-2022 is $100. 

The 10-year notes of Series C-2029 were dated and 

issued May 15. They are due May 15, 2029, with 

interest payable on November 15 and May 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 ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 8. 

Tenders totaled $58,553 million; Treasury accepted 

$27,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.479 percent with an equivalent price of 

$99.083877. Treasury accepted in full all competitive 

tenders at yields lower than 2.479 percent. Tenders at 

the high yield were allotted 3.82 percent. The median 

yield was 2.430 percent, and the low yield was 2.357 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors 

totaled $26,979 million. 

In addition to the $27,000 million of tenders 

accepted in the auction process, Treasury accepted 

$9,198 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series C-2029 is $100. 

The 30-year bonds of May 2049 were dated and 

issued May 15. They are due May 15, 2049, with 

interest payable on November 15 and May 15 until 

maturity. Treasury set an interest rate of 2-7/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 9. 

Tenders totaled $41,807 million; Treasury accepted 

$19,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.892 percent with an equivalent price of 

$99.660573. Treasury accepted in full all competitive 

tenders at yields lower than 2.892 percent. Tenders at 

the high yield were allotted 90.57 percent. The median 

yield was 2.840 percent, and the low yield was 2.650 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors 

totaled $18,992 million. 

In addition to the $19,000 million of tenders 

accepted in the auction process, Treasury accepted 

$6,472 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of bonds of 

May 2049 is $100. 

Auction of 52-Week Bills 

On May 16, 2019, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued May 23 and will mature May 21, 

2020. The issue was to refund $107,002 million of all 

maturing bills and to pay down approximately $9,002 

million. Treasury auctioned the bills on May 21. 

Tenders totaled $76,794 million; Treasury accepted 

$26,000 million, including $565 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 2.280 percent. 
32 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

Auction of 9-Year 8-Month 0-7/8 Percent TIPS 

On May 16, 2019, Treasury announced it would 

auction $11,000 million of 9-year 8-month 0-7/8 

percent TIPS. The issue was to refund $73,083 million 

of securities maturing May 31 and to raise new cash of 

approximately $68,917 million. 

The 9-year 8-month 0-7/8 percent TIPS of Series 

A-2029 were dated January 15 and issued May 31. 

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 ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 23. 

Tenders totaled $33,825 million; Treasury accepted 

$11,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.567 percent with an equivalent adjusted 

price of $103.554563. Treasury accepted in full all 

competitive tenders at yields lower than 0.567 percent. 

Tenders at the high yield were allotted 55.24 percent. 

The median yield was 0.522 percent, and the low yield 

was 0.188 percent. Noncompetitive tenders totaled $8 

million. Competitive tenders accepted from private 

investors totaled $10,992 million. Adjusted accrued 

interest of $3.30882 per $1,000 must be paid for the 

period from January 15 to May 31. Both the 

unadjusted price of $102.880694 and the unadjusted 

accrued interest of $3.28729 were adjusted by an index 

ratio of 1.00655, for the period from January 15 to 

May 31. 

In addition to the $11,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,156 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of TIPS of 

Series A-2029 is $100. 

Auction of 2-Year Notes 

On May 23, 2019, Treasury announced it would 

auction $40,000 million of 2-year notes. The issue was 

to refund $73,083 million of securities maturing May 

31 and to raise new cash of approximately $68,917 

million. 

The 2-year notes of Series BB-2021 were dated 

and issued May 31. They are due May 31, 2021, with 

interest payable on November 30 and May 31 until 

maturity. Treasury set an interest rate of 2-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on May 28. 

Tenders totaled $109,820 million; Treasury accepted 

$40,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.125 percent with an equivalent price of 

$100.000000. Treasury accepted in full all competitive 

tenders at yields lower than 2.125 percent. Tenders at 

the high yield were allotted 45.29 percent. The median 

yield was 2.100 percent, and the low yield was 2.020 

percent. Noncompetitive tenders totaled $185 million. 

Competitive tenders accepted from private investors 

totaled $39,610 million. 

In addition to the $40,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,202 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series BB-2021 is $100. 

Auction of 5-Year Notes 

On May 23, 2019, Treasury announced it would 

auction $41,000 million of 5-year notes. The issue was 

to refund $73,083 million of securities maturing May 

31 and to raise new cash of approximately $68,917 

million. 

The 5-year notes of Series L-2024 were dated and 

issued May 31. They are due May 31, 2024, with 

interest payable on November 30 and May 31 until 

maturity. Treasury set an interest rate of 2 percent after 

determining which tenders were accepted on a yield 

auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 28. 

Tenders totaled $97,620 million; Treasury accepted 

$41,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.065 percent with an equivalent price of 

$99.692719. Treasury accepted in full all competitive 

tenders at yields lower than 2.065 percent. Tenders at 

the high yield were allotted 64.27 percent. The median 

yield was 2.030 percent, and the low yield was 1.980 

percent. Noncompetitive tenders totaled $40 million. 

Competitive tenders accepted from private investors 

totaled $40,960 million. 

In addition to the $41,000 million of tenders 

accepted in the auction process, Treasury accepted 

$4,307 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series L-2024 is $100. 

Auction of 1-Year 11-Month 0.139 Percent 

FRNs 

On May 23, 2019, Treasury announced it would 

auction $18,000 million of 1-year 11-month 0.139 

percent FRNs. The issue was to refund $73,083 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 33 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

million of securities maturing May 31 and to raise new 

cash of approximately $68,917 million. 

The 1-year 11-month 0.139 percent FRNs of Series 

BA-2021 were dated April 30 and issued May 31. 

They are due April 30, 2021, with interest payable on 

July 31, October 31, January 31, and April 30 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on May 29. 

Tenders totaled $51,190 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.140 percent with an equivalent 

price of $99.997198. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.140 percent. Tenders at the high discount margin 

were allotted 94.23 percent. The median discount 

margin was 0.130 percent, and the low discount 

margin was 0.080 percent. Noncompetitive tenders 

totaled $8 million. Competitive tenders accepted from 

private investors totaled $17,992 million. Accrued 

interest of $0.216636278 per $100 must be paid for the 

period from April 30 to May 31. 

In addition to the $18,000 million of tenders 

accepted in the auction process, Treasury accepted 

$1,891 million from FRBs for their own accounts. 

Auction of 7-Year Notes 

On May 23, 2019, Treasury announced it would 

auction $32,000 million of 7-year notes. The issue was 

to refund $73,083 million of securities maturing May 

31 and to raise new cash of approximately $68,917 

million. 

The 7-year notes of Series L-2026 were dated and 

issued May 31. They are due May 31, 2026, with 

interest payable on November 30 and May 31 until 

maturity. Treasury set an interest rate of 2-1/8 percent 

after determining which tenders were accepted on a 

yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on May 29. 

Tenders totaled $73,552 million; Treasury accepted 

$32,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.144 percent with an equivalent price of 

$99.877109. Treasury accepted in full all competitive 

tenders at yields lower than 2.144 percent. Tenders at 

the high yield were allotted 69.05 percent. The median 

yield was 2.090 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors 

totaled $31,975 million. 

In addition to the $32,000 million of tenders 

accepted in the auction process, Treasury accepted 

$3,362 million from FRBs for their own accounts. The 

minimum par amount required for STRIPS of notes of 

Series L-2026 is $100. 

J U N E 

Auction of 3-Year Notes 

On June 6, 2019, Treasury announced it would 

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

to refund $24,000 million of securities maturing June 

15 and to raise new cash of approximately $54,000 

million. 

The 3-year notes of Series AN-2022 were dated 

June 15 and issued June 17. They are due June 15, 

2022, with interest payable on December 15 and June 

15 until maturity. Treasury set an interest rate of 1-3/4 

percent after determining which tenders were accepted 

on a yield auction basis. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 11. 

Tenders totaled $99,425 million; Treasury accepted 

$38,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 1.861 percent with an equivalent price of 

$99.678063. Treasury accepted in full all competitive 

tenders at yields lower than 1.861 percent. Tenders at 

the high yield were allotted 94.89 percent. The median 

yield was 1.838 percent, and the low yield was 1.388 

percent. Noncompetitive tenders totaled $56 million. 

Competitive tenders accepted from private investors 

totaled $37,744 million. Accrued interest of $0.09563 

per $1,000 must be paid for the period from June 15 to 

June 17. The minimum par amount required for 

STRIPS of notes of Series AN-2022 is $100. 

Auction of 9-Year 11-Month 2-3/8 Percent 

Notes 

On June 6, 2019, Treasury announced it would 

auction $24,000 million of 9-year 11-month 2-3/8 

percent notes. The issue was to refund $24,000 million 

of securities maturing June 15 and to raise new cash of 

approximately $54,000 million. 

The 9-year 11-month 2-3/8 percent notes of Series 

C-2029 were dated May 15 and issued June 17. They 

are due May 15, 2029, with interest payable on 

November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 

12:00 noon ET for noncompetitive tenders and before 
34 BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

1:00 p.m. ET for competitive tenders on June 12. 

Tenders totaled $59,652 million; Treasury accepted 

$24,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.130 percent with an equivalent price of 

$102.176713. Treasury accepted in full all competitive 

tenders at yields lower than 2.130 percent. Tenders at 

the high yield were allotted 93.68 percent. The median 

yield was 2.075 percent, and the low yield was 2.000 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors 

totaled $23,990 million. Accrued interest of $2.12976 

per $1,000 must be paid for the period from May 15 to 

June 17. The minimum par amount required for 

STRIPS of notes of Series C-2029 is $100. 

Auction of 29-Year 11-Month 2-7/8 Percent 

Bonds

On June 6, 2019, Treasury announced it would 

auction $16,000 million of 29-year 11-month 2-7/8 

percent bonds. The issue was to refund $24,000 

million of securities maturing June 15 and to raise new 

cash of approximately $54,000 million. 

The 29-year 11-month 2-7/8 percent bonds of May 

2049 were dated May 15 and issued June 17. They are 

due May 15, 2049, with interest payable on November 

15 and May 15 until maturity. 

Treasury received tenders for the bonds before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 13. 

Tenders totaled $37,060 million; Treasury accepted 

$16,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.607 percent with an equivalent price of 

$105.539994. Treasury accepted in full all competitive 

tenders at yields lower than 2.607 percent. Tenders at 

the high yield were allotted 52.19 percent. The median 

yield was 2.555 percent, and the low yield was 2.188 

percent. Noncompetitive tenders totaled $10 million. 

Competitive tenders accepted from private investors 

totaled $15,990 million. Accrued interest of $2.57813 

per $1,000 must be paid for the period from May 15 to 

June 17. The minimum par amount required for 

STRIPS of bonds of May 2049 is $100. 

Auction of 52-Week Bills 

On June 13, 2019, Treasury announced it would 

auction $26,000 million of 364-day Treasury bills. 

They were issued June 20 and will mature June 18, 

2020. The issue was to refund $110,012 million of all 

maturing bills and to pay down approximately $12,012 

million. Treasury auctioned the bills on June 18. 

Tenders totaled $74,891 million; Treasury accepted 

$26,000 million, including $460 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 1.985 percent. 

Auction of 4-Year 10-Month 0-1/2 Percent TIPS 

On June 13, 2019, Treasury announced it would 

auction $15,000 million of 4-year 10-month 0-1/2 

percent TIPS. The issue was to raise new cash of 

approximately $33,000 million. 

The 4-year 10-month 0-1/2 percent TIPS of Series 

X-2024 were dated April 15 and issued June 28. They 

are due April 15, 2024, with interest payable on 

October 15 and April 15 until maturity. 

Treasury received tenders for the TIPS before 

12:00 noon ET for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on June 20. 

Tenders totaled $38,279 million; Treasury accepted 

$15,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 0.152 percent with an equivalent adjusted 

price of $102.955042. Treasury accepted in full all 

competitive tenders at yields lower than 0.152 percent. 

Tenders at the high yield were allotted 30.97 percent. 

The median yield was 0.100 percent, and the low yield 

was 0.057 percent. Noncompetitive tenders totaled $18 

million. Competitive tenders accepted from private 

investors totaled $14,982 million. Adjusted accrued 

interest of $1.02378 per $1,000 must be paid for the 

period from April 15 to June 28. Both the unadjusted 

price of $101.662906 and the unadjusted accrued 

interest of $1.01093 were adjusted by an index ratio of 

1.01271, for the period from April 15 to June 28. The 

minimum par amount required for STRIPS of TIPS of 

Series X-2024 is $100. 

Auction of 1-Year 10-Month 0.139 Percent 

FRNs 

On June 20, 2019, Treasury announced it would 

auction $18,000 million of 1-year 10-month 0.139 

percent FRNs. The issue was to raise new cash of 

approximately $33,000 million. 

The 1-year 10-month 0.139 percent FRNs of Series 

BA-2021 were dated April 30 and issued June 28. 

They are due April 30, 2021, with interest payable on 

July 31, October 31, January 31, and April 30 until 

maturity. 

Treasury received tenders for the FRNs before 

11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on June 26. 

Tenders totaled $60,473 million; Treasury accepted 

$18,000 million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

discount margin of 0.210 percent with an equivalent 
 BUREAU OF THE FISCAL SERVICE OPERATIONS 35 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2019 

price of $99.869789. Treasury accepted in full all 

competitive tenders at discount margins lower than 

0.210 percent. Tenders at the high discount margin 

were allotted 33.59 percent. The median discount 

margin was 0.200 percent, and the low discount 

margin was 0.170 percent. Noncompetitive tenders 

totaled $10 million. Competitive tenders accepted from 

private investors totaled $17,990 million. Accrued 

interest of $0.402016642 per $100 must be paid for the 

period from April 30 to June 28. 

Auction of 9-Year 11-Month 2-3/8 Percent 

Notes 

On June 21, 2019, Treasury announced it would 

auction $25 million of 9-year 11-month 2-3/8 percent 

notes. The issue was to raise new cash of 

approximately $25 million. 

The 9-year 11-month 2-3/8 percent notes of Series 

C-2029 were dated May 15 and issued June 26. They 

are due May 15, 2029, with interest payable on 

November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 

11:00 a.m. ET for competitive tenders on June 21. 

Tenders totaled $86 million; Treasury accepted $25 

million. All noncompetitive and successful 

competitive bidders were allotted securities at the high 

yield of 2.065 percent with an equivalent price of 

$102.757204. Treasury accepted in full all competitive 

tenders at yields lower than 2.065 percent. Tenders at 

the high yield were allotted 98.34 percent. The median 

yield was 2.060 percent, and the low yield was 2.030 

percent. Noncompetitive tenders totaled $ million. 

Competitive tenders accepted from private investors 

totaled $25 million. Accrued interest of $2.71060 per 

$1,000 must be paid for the period from May 15 to 

June 26. The minimum par amount required for 

STRIPS of notes of Series C-2029 is $100. 
36 BUREAU OF THE FISCAL SERVICE OPERATIONS 

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 – Apr. 02............................................... 2019-Apr. 30 28 150,531.6 50,000.8 48,672.0 1,328.8 99.813333 2.400 2.445

 May 28 56 108,830.9 35,000.3 34,377.8 197.5 99.627444 2.395 2.444

Apr. 04............................................... July 05 92 120,690.6 45,000.3 43,900.2 1,000.1 99.391778 2.380 2.434

 Oct. 03 182 113,859.4 39,000.4 37,827.8 972.6 98.796778 2.380 2.449

Apr. 09............................................... May 07 28 148,054.8 50,000.5 48,608.1 1,392.5 99.814111 2.390 2.434

 June 04 56 117,365.2 35,000.2 34,776.0 224.2 99.629778 2.380 2.429

Apr. 11............................................... July 11 91 128,893.5 42,000.1 40,688.5 1,211.5 99.399653 2.375 2.429

 Oct. 10 182 113,106.6 36,000.1 34,795.1 905.0 98.789194 2.395 2.465

Apr. 16............................................... May 14 28 143,791.4 50,000.1 48,598.1 1,402.0 99.815278 2.375 2.419

 June 11 56 104,496.9 35,000.4 34,766.2 234.2 99.630556 2.375 2.424

Apr. 18............................................... July 18 91 118,049.3 42,000.2 40,676.0 1,224.2 99.398389 2.380 2.434

 Oct. 17 182 111,292.8 36,000.8 34,848.6 952.2 98.791722 2.390 2.460

Apr. 23............................................... May 21 28 130,344.2 50,000.2 48,425.3 1,474.9 99.813333 2.400 2.445

 June 18 56 103,261.1 35,000.3 34,654.8 245.5 99.628222 2.390 2.439

Apr. 25............................................... July 25 91 122,353.3 42,000.9 40,794.6 1,106.3 99.393333 2.400 2.455

 Oct. 24 182 117,345.5 36,000.0 34,860.8 939.3 98.786667 2.400 2.470

Apr. 30............................................... May 28 28 135,845.3 50,000.8 48,433.3 1,442.6 99.814111 2.390 2.434

 June 25 56 115,073.8 35,000.9 34,610.1 290.8 99.629778 2.380 2.429

May. 02.............................................. Aug. 01 91 120,314.9 39,000.7 37,820.6 1,080.1 99.397125 2.385 2.439

 Oct. 31 182 108,315.2 36,000.3 34,831.0 969.3 98.789194 2.395 2.465

May. 07.............................................. June 04 28 134,932.7 50,000.3 48,493.0 1,507.3 99.814111 2.390 2.434

 July 02 56 94,546.9 35,000.4 34,751.1 249.3 99.628222 2.390 2.439

May. 09.............................................. Aug. 08 91 123,453.8 39,000.5 37,804.4 1,096.1 99.398389 2.380 2.434

 Nov. 07 182 115,636.7 36,000.3 34,985.8 914.4 98.796778 2.380 2.449

May. 14.............................................. June 11 28 141,592.5 50,000.4 48,381.6 1,518.7 99.814500 2.385 2.429

 July 09 56 106,731.0 35,000.2 34,747.8 252.4 99.629778 2.380 2.429

May. 16.............................................. Aug. 15 91 137,203.9 39,000.7 37,775.7 1,125.1 99.403444 2.360 2.414

 Nov. 14 182 117,455.3 36,000.0 34,962.7 932.3 98.809417 2.355 2.423

May. 21.............................................. June 18 28 142,367.3 50,000.3 47,965.3 1,535.0 99.816056 2.365 2.409

 July 16 56 108,453.9 35,000.5 34,783.5 217.0 99.633667 2.355 2.403

May. 23.............................................. Aug. 22 91 105,979.1 36,000.2 34,903.8 996.4 99.409764 2.335 2.388

 Nov. 21 182 101,428.3 36,000.1 34,903.3 921.8 98.817000 2.340 2.407

May. 28.............................................. June 25 28 114,060.0 45,000.2 43,511.5 1,488.7 99.818389 2.335 2.378

 July 23 56 88,518.3 35,000.0 34,717.5 282.5 99.637556 2.330 2.377

May. 30.............................................. Aug. 29 91 113,328.5 36,000.1 34,753.3 1,016.8 99.416083 2.310 2.362

 Nov. 29 183 104,626.8 36,000.2 35,015.7 784.6 98.820667 2.320 2.387

Jun. 04............................................... July 02 28 120,719.8 40,000.4 38,492.4 1,508.0 99.818778 2.330 2.373

 July 30 56 95,919.8 35,000.5 34,773.5 227.0 99.637556 2.330 2.377

Jun. 06............................................... Sep. 05 91 93,277.9 36,000.1 34,982.2 1,017.8 99.418611 2.300 2.352

 Dec. 05 182 97,220.7 36,000.1 34,972.5 827.7 98.859972 2.255 2.319

Jun. 11............................................... July 09 28 110,185.8 40,002.7 38,509.8 1,490.3 99.821889 2.290 2.332

Aug. 06 56 95,551.0 35,002.4 34,749.1 250.9 99.642222 2.300 2.347

Jun. 13............................................... Sep. 12 91 115,568.2 36,000.0 34,749.9 1,090.1 99.433778 2.240 2.290

 Dec. 12 182 107,250.5 36,000.6 35,039.7 760.9 98.918111 2.140 2.199

Jun. 18............................................... July 16 28 115,205.4 40,000.0 38,450.4 1,549.6 99.827722 2.215 2.256

Aug. 13 56 109,136.0 35,000.6 34,711.1 289.5 99.657778 2.200 2.244

Jun. 20............................................... Sep. 19 91 102,381.3 36,000.1 34,848.8 1,026.3 99.451472 2.170 2.218

 Dec. 19 182 103,680.6 36,000.0 35,111.2 688.8 98.923167 2.130 2.189

Jun. 25............................................... July 23 28 114,276.0 40,000.0 38,569.8 1,430.2 99.833556 2.140 2.179

Aug. 20 56 104,295.5 35,000.5 34,744.9 255.7 99.672556 2.105 2.147

Jun. 27............................................... Sep. 26 91 107,826.3 36,000.1 34,735.2 1,114.9 99.472958 2.085 2.131

 Dec. 26 182 96,753.1 36,000.3 35,079.8 694.5 98.973722 2.030 2.085

 

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. 

September 2019 

2 Includes amount awarded to the Federal Reserve System.3 Tenders for $5 million 

or less from any one bidder are accepted in full at the high price of accepted 

competitive bids. All Treasury Marketable auctions are conducted in a single-price 

format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

September 2019 

37 

TABLE PDO-2—Offerings of Marketable Securities 

Other than Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5) 

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and 

bonds 

(6) 

 

03/26/19 04/01/19 2.250% note—03/31/21-J 2y 104,145 40,000 2.261 - 99.978568 

03/27/19 04/01/19 2.125% note—03/31/24-J 5y 96,290 41,000 2.172 - 99.778500 

03/28/19 04/01/19 2.250% note—03/31/26-J 7y 81,397 32,000 2.281 - 99.800487 

04/09/19 04/15/19 2.250% note—04/15/22-AL 3y 94,541 38,005 2.301 - 99.852977 

04/10/19 04/15/19 2.625% note—02/15/29-B 9y 10m 61,292 24,003 2.466 - 101.377878 

04/11/19 04/15/19 3.000% bond—02/15/49 29y 10m 36,021 16,002 2.930 - 101.381292 

04/18/19 04/30/19 0.500% TIPS—04/15/24-X 5y 42,655 17,217 0.515 - 100.137446 

04/23/19 04/25/19 2.360% bill—04/23/20 364d 89,442 26,000 

04/23/19 04/30/19 2.250% note—04/30/21-K 2y 101,048 40,511 2.355 - 99.796039 

04/24/19 04/30/19 0.139% FRN—04/30/21-BA 2y 53,952 20,255 0.139 - 100.000000 

04/24/19 04/30/19 2.250% note—04/30/24-Y 5y 100,680 41,524 2.315 - 99.694767 

04/25/19 04/30/19 2.375% note—04/30/26-K 7y 80,154 32,409 2.426 - 99.673481 

05/02/19 05/07/19 2.385% CMB—06/13/19 37d 65,417 20,000 

05/07/19 05/15/19 2.125% note—05/15/22-AM 3y 107,104 50,945 2.248 - 99.645092 

05/08/19 05/15/19 2.375% note—05/15/29-C 10y 67,751 36,198 2.479 - 99.083877 

05/09/19 05/15/19 2.875% bond—05/15/49 30y 48,280 25,472 2.892 - 99.660573 

05/21/19 05/23/19 2.280% bill—05/21/20 364d 76,794 26,000 

05/23/19 05/31/19 0.875% TIPS—01/15/29-A 9y 8m 34,980 12,156 0.567 - 103.554563 

05/28/19 05/31/19 2.125% note—05/31/21-BB 2y 114,021 44,202 2.125 - 100.000000 

05/28/19 05/31/19 2.000% note—05/31/24-L 5y 101,927 45,307 2.065 - 99.692719 

05/29/19 05/31/19 0.139% FRN—04/30/21-BA 1y 11m 53,081 19,891 0.140 - 99.997198 

05/29/19 05/31/19 2.125% note—05/31/26-L 7y 76,913 35,362 2.144 - 99.877109 

06/11/19 06/17/19 1.750% note—06/15/22-AN 3y 99,425 38,000 1.861 - 99.678063 

06/12/19 06/17/19 2.375% note—05/15/29-C 9y 11m 59,652 24,000 2.130 - 102.176713 

06/13/19 06/17/19 2.875% bond—05/15/49 29y 11m 37,060 16,000 2.607 - 105.539994 

06/18/19 06/20/19 1.985% bill—06/18/20 364d 74,891 26,000 

06/20/19 06/28/19 0.500% TIPS—04/15/24-X 4y 10m 38,279 15,000 0.152 - 102.955042 

06/21/19 06/26/19 2.375% note—05/15/29-C 9y 11m 86 25 2.065 - 102.757204 

06/26/19 06/28/19 0.139% FRN—04/30/21-BA 1y 10m 60,473 18,000 0.210 - 99.869789 

 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. 
38 

September 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.) 
 OWNERSHIP OF FEDERAL SECURITIES 39 

September 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 - 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 

Apr....................................... 22,049,873 22,027,668 5,816,978 - 5,816,978 2,479,643 

May...................................... 22,048,574 22,026,424 5,806,506 - 5,806,506 2,459,105 

June..................................... 22,045,280 22,023,283 5,818,564 - 5,818,564 2,452,784 

 

 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 - 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 - 

Apr....................................... 13,731,047 13,401,269 329,779 22,205 22,205 - 

May...................................... 13,760,813 13,482,146 278,667 22,150 22,150 - 

June..................................... 13,751,935 13,478,115 273,819 21,997 21,997 - 

 

 

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. 
40 

September 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 - June ....... 22,023.5 7,945.2 14,078.4 n/a 153.4 n/a n/a n/a n/a n/a n/a n/a 

 Mar......... 22,028.0 7,999.1 14,028.9 769.4 154.5 440.2 395.3 202.2 2,012.4 647.8 6,473.4 2,933.7 

2018 - Dec......... 21,974.1 8,095.0 13,879.1 771.5 155.7 629.9 348.8 204.8 1,976.6 660.2 6,264.9 2,866.7 

 Sept........ 21,516.1 8,068.1 13,447.9 683.9 156.8 612.2 278.6 226.1 1,888.7 700.2 6,225.9 2,675.6 

 June ....... 21,195.3 8,106.9 13,088.5 665.3 157.8 593.1 281.4 225.9 1,842.0 700.9 6,225.0 2,397.0 

 Mar......... 21,089.9 8,086.6 13,003.3 639.7 159.0 571.0 278.4 361.8 1,975.1 682.1 6,223.4 2,112.9 

2017 - Dec......... 20,492.7 8,132.1 12,360.6 638.3 160.4 405.0 277.3 372.6 1,794.2 690.5 6,211.3 1,811.0 

 Sept........ 20,244.9 8,036.9 12,208.0 611.8 161.7 546.6 261.2 359.7 1,696.9 672.5 6,301.9 1,595.8 

 June ....... 19,844.6 7,943.4 11,901.1 621.9 162.8 408.5 262.8 348.4 1,607.5 686.3 6,151.9 1,651.0 

 Mar......... 19,846.4 7,941.1 11,905.3 658.6 164.2 436.9 238.1 338.4 1,667.8 712.4 6,075.3 1,613.7 

2016 - Dec......... 19,976.9 8,005.6 11,971.3 663.9 165.8 536.4 217.8 330.2 1,702.9 717.6 6,006.3 1,630.5 

 Sept........ 19,573.4 7,863.5 11,709.9 627.6 167.5 544.3 203.3 341.2 1,597.6 721.6 6,155.9 1,350.8 

 June ....... 19,381.6 7,911.2 11,470.4 580.6 169.0 537.1 185.0 329.8 1,428.4 710.0 6,279.1 1,251.3 

 Mar......... 19,264.9 7,801.4 11,463.6 562.9 170.3 524.0 170.4 315.5 1,398.9 692.0 6,284.4 1,345.2 

2015 - Dec......... 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 306.7 1,318.3 680.3 6,146.2 1,361.2 

 Sept........ 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 306.6 1,195.1 648.4 6,105.9 1,237.8 

 June ....... 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 304.3 1,139.8 658.2 6,163.1 1,098.1 

 Mar......... 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 305.1 1,170.4 676.9 6,172.6 988.2 

2014 - Dec......... 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 307.0 1,121.8 657.4 6,157.7 919.5 

 Sept........ 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 298.1 1,075.8 628.8 6,069.2 924.0 

 June ....... 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1 

 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 

 

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 
41 

September 2019 

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, June 30, 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 .............................. $1,946,271,131,086 $1,896,816,585,254 $1,896,340,705,511 $239,147,366 $236,732,377

Less amounts held by: 

The Treasury....................................... 242,013,781 52,881,781 52,615,204 7,505 259,072

FRBs ................................................... 203,051,233,531 201,359,041,682 201,359,036,757 - 4,925

Amounts in circulation ............................. $1,742,977,883,774 $1,695,404,661,791 $1,694,929,053,550 $239,139,861 $236,468,380

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

 

Amounts outstanding .............................. $49,454,545,832 $6,547,064,108 $ 42,907,481,724 

Less amounts held by: 

The Treasury....................................... 189,132,000 48,770,000 140,362,000 

FRBs ................................................... 1,692,191,849 1,104,822,011 587,369,838 

Amounts in circulation ............................. $47,573,221,983 $5,393,472,097 $42,179,749,886 

See footnotes following table USCC-2. 
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 

September 2019

42 

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 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 ................................................................................ $12,429,767,935 $12,289,836,276 $143,503 $139,788,156 

$2 ................................................................................ 2,573,618,186 2,442,130,654 131,475,018 12,514 

$5 ................................................................................ 15,157,523,530 15,027,250,480 107,500,110 22,772,940 

$10 .............................................................................. 19,930,358,050 19,910,523,120 6,300 19,828,630 

$20 .............................................................................. 185,983,554,340 185,963,454,720 3,840 20,095,780

$50 .............................................................................. 88,614,797,650 88,603,310,500 500 11,486,650 

$100 ............................................................................ 1,370,402,888,000 1,370,380,938,800 -6 21,949,200 

$500 ............................................................................ 141,770,500 141,582,000 5,500 183,000 

$1,000 ......................................................................... 165,169,000 164,968,000 5,000 196,000 

$5,000 ......................................................................... 1,764,000 1,709,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Fractional notes 5 ........................................................ 600 - 90 510 

Total currency ......................................................... $1,695,404,661,791 $1,694,929,053,550 $239,139,861 $236,468,380 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

 (2) 

 

June 30, 2019......................................................................... 1,742,978 5,294 

May 31, 2019.......................................................................... 1,738,291 5,283 

April 30, 2019......................................................................... 1,729,677 5,259 

Sept 30, 2015......................................................................... 1,387,552 4,310 

Sept 30, 2010......................................................................... 954,719 3,074 

Sept 30, 2005......................................................................... 766,487 2,578 

Sept 30, 2000......................................................................... 568,614 2,061 

Sept 30, 1995......................................................................... 409,272 1,553 

Sept 30, 1990......................................................................... 278,903 1,105 

Sept 30, 1985......................................................................... 187,337 782 

Sept 30, 1980......................................................................... 129,916 581 

June 30, 1975......................................................................... 81,196 380 

June 30, 1970......................................................................... 54,351 265 

June 30, 1965......................................................................... 39,719 204 

 

 1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 6 Represents current FRB adjustment. 

 
Foreign Currency Positions

Exchange Stabilization Fund
45 

September 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. 
46 FOREIGN CURRENCY POSITIONS 

September 2019 

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

01/02/19 ................................................................. 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 

 

04/03/19 ................................................................. 1,878,210 1,990,144 -131 1.3315 

04/10/19 ................................................................. 1,921,829 2,035,464 -71 1.3322 

04/17/19 ................................................................. 1,934,881 2,052,942 -49 1.3345 

04/24/19 ................................................................. 1,936,385 2,050,560 -4 1.3465 

 

05/01/19 ................................................................. 2,021,147 2,137,589 -15 1.3417 

05/08/19 ................................................................. 1,977,007 2,095,853 6 1.3458 

05/15/19 ................................................................. 1,993,609 2,111,802 2 1.3432 

05/22/19 ................................................................. 2,036,781 2,159,983 4 1.3417 

05/29/19 ................................................................. 2,085,536 2,212,497 -6 1.3533 

 

06/05/19 ................................................................. 2,160,780 2,283,173 25 1.3409 

06/12/19 ................................................................. 2,236,980 2,366,617 5 1.3298 

06/19/19 ................................................................. 1,926,183 2,050,658 -75 1.3362 

06/26/19 ................................................................. 2,024,538 2,151,849 -114 1.3109 

 

 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

 Apr................... 2,021,461 2,136,768 319,065 296,271 60,011 42,893 91,248 83,485 -21 1.3427 

May.................. 2,182,404 2,299,272 344,574 324,548 65,434 47,715 96,213 89,375 -37 1.3523 

June................. 2,022,692 2,135,708 373,241 290,861 67,300 49,043 90,126 83,223 -84 1.3091 

 

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) 

 

2016 - 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 

2019 - Mar................... 28,766 61,640 135,230 n.a. 326 276 2,650 471 2 1.3360 

 
48 FOREIGN CURRENCY POSITIONS 

September 2019 

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

01/02/19 .................................................................. 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 

 

04/03/19 .................................................................. 562,483 574,739 31 111.48 

04/10/19 .................................................................. 556,747 567,640 39 110.92 

04/17/19 .................................................................. 550,783 562,000 29 112.00 

04/24/19 .................................................................. 578,625 587,614 24 111.81 

 

05/01/19 .................................................................. 589,057 600,467 31 111.18 

05/08/19 .................................................................. 573,203 584,018 51 110.12 

05/15/19 .................................................................. 549,702 561,592 50 109.58 

05/22/19 .................................................................. 555,978 566,825 40 110.28 

05/29/19 .................................................................. 571,068 580,701 39 109.24 

 

06/05/19 .................................................................. 587,974 599,033 40 108.20 

06/12/19 .................................................................. 578,271 588,891 22 108.42 

06/19/19 .................................................................. 541,710 554,270 26 108.36 

06/26/19 .................................................................. 576,989 588,788 15 107.64 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

 Apr.................. 582,292 593,294 148,804 118,428 31,483 31,046 55,195 57,116 80 111.40 

May................. 594,183 605,407 147,694 123,962 35,930 35,432 59,775 61,455 106 108.66 

June................ 571,660 584,948 145,197 126,866 35,444 34,475 56,015 58,105 76 107.84 

 

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) 

 

2016 - 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 

2019 - Mar................... 7,770 7,173 9,217 6,776 276 500 423 120 3 110.68 

 
50 FOREIGN CURRENCY POSITIONS 

September 2019 

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

01/02/19 .................................................................. 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 

 

04/03/19 .................................................................. 907,760 944,329 175 0.9970 

04/10/19 .................................................................. 873,258 917,455 208 1.0019 

04/17/19 .................................................................. 868,634 910,216 296 1.0099 

04/24/19 .................................................................. 861,957 903,056 290 1.0184 

 

05/01/19 .................................................................. 924,618 967,241 313 1.0137 

05/08/19 .................................................................. 884,603 920,804 303 1.0181 

05/15/19 .................................................................. 890,404 938,100 299 1.0090 

05/22/19 .................................................................. 903,847 946,669 306 1.0090 

05/29/19 .................................................................. 912,860 961,425 296 1.0066 

 

06/05/19 .................................................................. 1,004,106 1,049,197 260 0.9919 

06/12/19 .................................................................. 1,035,731 1,080,540 272 0.9944 

06/19/19 .................................................................. 896,539 943,293 234 0.9960 

06/26/19 .................................................................. 981,208 1,041,842 210 0.9760 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

 Apr................... 934,384 991,240 118,813 83,548 44,305 41,186 78,202 75,617 198 1.0200 

May.................. 1,028,678 1,085,179 110,214 80,443 45,064 42,094 78,182 74,937 211 1.0034 

June................. 1,034,100 1,092,763 121,387 84,378 46,932 44,671 78,949 76,146 196 0.9758 

 

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) 

 

2016 - 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 

2019 - Mar................... 22,347 25,493 116,641 17,824 n.a. n.a. 1,002 n.a. n.a. 0.9962 

 
52 FOREIGN CURRENCY POSITIONS 

September 2019 

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

01/02/19 .................................................................. 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 

 

04/03/19 .................................................................. 2,977,041 3,140,080 -118 1.3181 

04/10/19 .................................................................. 2,989,616 3,144,862 -194 1.3100 

04/17/19 .................................................................. 2,896,526 3,053,362 -249 1.3036 

04/24/19 .................................................................. 2,914,780 3,063,655 -124 1.2947 

 

05/01/19 .................................................................. 3,126,335 3,275,274 -99 1.3091 

05/08/19 .................................................................. 2,968,793 3,111,362 -134 1.3014 

05/15/19 .................................................................. 2,918,933 3,065,344 -176 1.2878 

05/22/19 .................................................................. 3,073,930 3,204,071 -193 1.2674 

05/29/19 .................................................................. 3,093,536 3,233,150 -203 1.2631 

 

06/05/19 .................................................................. 3,060,936 3,205,210 -158 1.2706 

06/12/19 .................................................................. 3,214,096 3,359,608 -187 1.2693 

06/19/19 .................................................................. 2,934,397 3,078,121 -127 1.2625 

06/26/19 .................................................................. 3,110,831 3,254,398 -136 1.2697 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

 Apr................... 3,169,915 3,315,090 1,002,569 993,808 140,329 142,290 93,057 91,047 -171 1.3030 

May.................. 3,315,203 3,454,978 1,042,948 1,003,506 116,239 116,843 96,352 85,658 -226 1.2620 

June................. 3,105,878 3,303,765 991,342 967,864 105,432 105,933 95,688 84,616 -158 1.2704 

 

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) 

 

2016 - 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 

2019 - Mar................... 34,141 55,988 212,271 66,402 5,781 4,704 1,953 1,594 39 1.3032 

 
54 FOREIGN CURRENCY POSITIONS 

September 2019 

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

 

01/02/19 ................................................................ 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. 

 

04/03/19 ................................................................ 27,343,001 26,606,566 206 n.a. 

04/10/19 ................................................................ 27,609,878 26,835,335 152 n.a. 

04/17/19 ................................................................ 27,169,574 26,455,675 379 n.a. 

04/24/19 ................................................................ 27,420,449 26,696,183 231 n.a. 

 

05/01/19 ................................................................ 28,321,071 27,635,420 619 n.a. 

05/08/19 ................................................................ 27,394,490 26,757,696 64 n.a. 

05/15/19 ................................................................ 27,229,242 26,598,312 7 n.a. 

05/22/19 ................................................................ 27,947,769 27,234,512 127 n.a. 

05/29/19 ................................................................ 28,622,824 27,902,713 -100 n.a. 

 

06/05/19 ................................................................ 29,465,422 28,722,062 -563 n.a. 

06/12/19 ................................................................ 30,418,785 29,624,115 -356 n.a. 

06/19/19 ................................................................ 27,329,070 26,559,040 -1,125 n.a. 

06/26/19 ................................................................ 28,706,737 27,880,463 -1,263 n.a. 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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. 

 Apr.............. 27,616,883 26,839,549 - - 1,582,336 1,839,408 1,356,414 1,316,661 312 n.a. 

May............. 29,276,005 28,458,773 - - 1,754,795 1,686,563 1,357,582 1,319,015 213 n.a. 

June............ 28,149,837 27,217,934 - - 1,664,320 1,612,362 1,349,305 1,298,206 -1,095 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) 

 

2016 - 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. 

2019 - Mar.................. 433,583 327,533 - - 21,089 21,385 21,276 20,719 1,955 n.a. 

 
56 FOREIGN CURRENCY POSITIONS 

September 2019 

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

 Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

 

01/02/19 ............................................................................. 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 

 

04/03/19 ............................................................................. 7,246,647 7,398,087 -326 0.8895 

04/10/19 ............................................................................. 7,294,947 7,462,305 -573 0.8876 

04/17/19 ............................................................................. 7,109,290 7,274,039 -446 0.8852 

04/24/19 ............................................................................. 7,119,299 7,291,530 -564 0.8935 

 

05/01/19 ............................................................................. 7,593,632 7,776,290 -511 0.8892 

05/08/19 ............................................................................. 7,112,117 7,254,810 -569 0.8924 

05/15/19 ............................................................................. 7,091,967 7,269,213 -603 0.8922 

05/22/19 ............................................................................. 7,237,618 7,418,911 -596 0.8964 

05/29/19 ............................................................................. 7,343,142 7,515,655 -661 0.8980 

 

06/05/19 ............................................................................. 7,507,394 7,687,811 -325 0.8895 

06/12/19 ............................................................................. 7,812,664 8,019,739 -430 0.8842 

06/19/19 ............................................................................. 7,049,521 7,213,831 -632 0.8917 

06/26/19 ............................................................................. 7,381,935 7,565,704 -265 0.8780 

 
FOREIGN CURRENCY POSITIONS 

September 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 - 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 

 Apr................... 7,505,497 7,742,184 2,468,047 3,084,871 516,150 506,554 433,560 414,440 247 0.8928 

May.................. 7,782,004 7,995,132 2,548,407 2,720,992 517,166 506,370 423,223 402,692 242 0.8969 

June................. 7,488,424 7,703,732 2,503,573 2,452,292 549,949 536,835 396,163 385,268 352 0.8792 

 

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) 

 

2016 - 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 

2019 - Mar................... 113,779 142,999 389,681 221,676 6,158 6,074 12,830 8,899 n.a. 0.8906 

 
58 

September 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 Mar. 31, 2019, and June 30, 2019 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Mar. 31, 2019 

Apr. 1, 2019, 

through 

June 30, 2019 June 30, 2019 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - - 

U.S. Government securities............................................. 22,479,611 78,653 22,558,264 

Special drawing rights 1 ........................................................... 50,766,297 131,822 50,898,119 

Foreign exchange and securities: 

European euro ..................................................................... 12,223,282 215,405 12,438,687 

Japanese yen....................................................................... 8,448,101 222,423 8,670,524 

Accounts receivable ................................................................. 168,409 -14,721 153,688 

Total assets .......................................................................... 94,085,700 633,582 94,719,282 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 90,371 137 90,508 

Total current liabilities ...................................................... 90,371 137 90,508 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 49,026,994 69,219 49,096,213 

Total other liabilities ......................................................... 54,226,994 69,219 54,296,213 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income -+ or loss -- -see Table ESF-2 .......................... 129,533 564,227 693,760 

Total capital ...................................................................... 39,768,335 564,226 40,332,561 

Total liabilities and capital ............................................ 94,085,700 633,582 94,719,282 

See footnote on the following page. 
 EXCHANGE STABILIZATION FUND 59 

September 2019 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Apr. 1, 2019, 

through 

June 30, 2019 

Fiscal year to date 

Oct. 1, 2018 

through 

June 30, 2019 

Income and expense 

 Profit -+ or loss-- on: 

Foreign exchange .......................................................... 430,257 308,935 

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... 2,658 -5,895 

Net income (+) or loss (-): 

SDRs.............................................................................. 4,513 13,739 

U.S. Government securities........................................... 134,261 398,592 

Foreign exchange .......................................................... -7,462 -21,611 

Income from operations ................................................. 564,227 693,760 

Net income (+) or loss (-)........................................... 564,227 693,760 

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

September 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. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 80 

less: 

 

Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 14 

Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 66 

48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024)............................................................................................................................ 151

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. 
September 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 

September 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 

September 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). 
Personal name (Please type or print)

Company name

Street address

City, State, Zip code

Daytime phone including area code

❑ Check payable to Superintendent of Documents

❑ SOD Deposit Account

❑ Vis  ❑ MasterCar  ❑ Discover/NOVUS ❑ American Expre

(expiration date)

AUTHORIZING SIGNATURE 10/07

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