BULLETIN

SEPTEMBER2022

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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

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

other Federal program agencies. Readers can contact the publication staff to inquire about any 

of the published information. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

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

through the Bureau of Fiscal Service’s home page. 

www.fiscal.treasury.gov/ 
Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 15

FFO-B—Chart: Budget Receipts by Source........................................................................................................................ 15

FFO-1—Summary of Fiscal Operations.............................................................................................................................. 16

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 17

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 19

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

FEDERAL DEBT 

Introduction—Federal Debt................................................................................................................................................. 22

FD-1—Summary of Federal Debt ....................................................................................................................................... 23

FD-2—Debt Held by the Public .......................................................................................................................................... 24

FD-3—Government Account Series .................................................................................................................................... 25

FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 26

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

 Private Investors .................................................................................................................................................... 27

FD-6—Debt Subject to Statutory Limit............................................................................................................................... 28

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies................................... 29

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 31

TREASURY FINANCING ................................................................................................................................................. 31

PDO-1—Offerings of Regular Weekly Treasury Bills........................................................................................................ 44

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 45

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 47

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 48

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 49

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 50

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 50

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 51

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 53
Table of Contents 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants................................................................................................... 62

FCP-V-2—Monthly Report of Major Market Participants.................................................................................................. 63

FCP-V-3—Quarterly Report of Large Market Participants................................................................................................. 63

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 64

FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 65

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 65

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 66

ESF-1—Balance Sheet ........................................................................................................................................................ 67

ESF-2—Income and Expense.............................................................................................................................................. 68

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 70 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 70 

GLOSSARY ........................................................................................................................................................................ 71

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 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

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

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

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

Special Reports 

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of the Economy

Federal Fiscal Operations 

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
Profile of the Economy 

(Office of Macroeconomic Analysis) 

August 10, 2022 

Introduction 

The economy contracted again in the second quarter of 2022. Real Gross Domestic Product 

(GDP) declined by 0.9 percent at an annual rate, following a decrease of 1.6 percent in the first 

quarter. Although the pace of decline in the second quarter was slower than in first, the 

composition of growth was notably different as underlying private final demand in the second 

quarter was flat. Even so, despite the two consecutive contractions of quarterly GDP, other 

economic indicators held strong in the second quarter, suggesting that the contraction in total 

economic activity was not widespread. Firms added an average of 471,000 jobs per month 

during the first seven months of 2022; in July, the unemployment rate returned to the 3.5 percent, 

half-century low seen prior to the pandemic, and many surveys of business activity signaled 

contributed growth. Nevertheless, the U.S. economy is still grappling with a large negative 

supply shock—driven by Russia’s war on Ukraine and lingering effects of the pandemic in east 

Asia—which has caused inflationary pass-throughs to American households and hurt growth 

globally. 

Economic Growth 

According to the advance (first) estimate of second quarter economic activity, real GDP declined 

by 0.9 percent at an annual rate, following a 1.6 percent drop in the first quarter. The pullback in 

economic activity in the second quarter primarily reflected a significantly slower build-up of 

private inventories—along with reduced residential investment, business investment, and 

government spending. By contrast, net exports and personal consumption expenditures (PCE) 

both contributed positively to GDP growth. Even so, real GDP was still up 1.6 percent over the 

last four quarters despite modestly contracting in the first half of 2022. 

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

investment, and residential investment—was flat in the second quarter, after rising 3.0 percent at 

an annual rate in the first quarter. This measure, which excludes final public and international 

demand for goods and services, as well as the change in private inventories, is typically a better 

indicator of the private sector’s capacity to generate self-sustaining growth. A flat reading for 

PDFP indicates a slowing in underlying growth. 

Real PCE—the largest component of PDFP and roughly two-thirds of real GDP—rose by 1.0 

percent in the second quarter on an annualized basis, slowing from a 1.8 percent increase in the 

first quarter. Consumption reflected the rotation from goods to services as households slowly 

returned to pre-pandemic patterns of spending. Consumption of services rose 4.1 percent due to 

recovering demand for food services and accommodations, recreation, transportation, and health 

care. Meanwhile, consumption of goods fell by 4.4 percent as spending on both durable and 

nondurable goods pulled back from elevated levels. Household expenditures on durable goods 

were 2.6 percent lower, while spending on nondurables dropped 5.5 percent. The latter partly 

reflected higher prices for gasoline as well as for food and beverages consumed at home. 

1
Although households are returning to pre-pandemic styles of consumption, the rotation remains 

incomplete. The composition of total PCE remains weighted more heavily toward goods than 

services: as of the second quarter of 2022, the share of goods in total PCE was 4 percentage 

points higher than the pre-pandemic (2015-2019) average. 

Business fixed investment (BFI) declined 0.1 percent in the second quarter, after surging by 10.0 

percent at an annual rate in the first quarter. This was the first decline in BFI after seven 

consecutive quarterly advances. Investment in structures posed a much larger drag on growth, 

dropping 11.7 percent in the latest quarter, after slipping 0.9 percent in the first quarter. 

Equipment investment decreased 2.7 percent in the second quarter, following a 14.1 percent 

jump in the previous quarter. Investment in intellectual property products, which was the sole 

positive contributor to business investment spending, rose 9.2 percent at an annual rate in the 

second quarter, slowing modestly from a 11.2 percent advance in the first quarter. 

Real residential investment—the third and final component of PDFP—fell by 14.0 percent at an 

annual rate in the second quarter, following a 0.4 percent increase in the previous quarter. Lower 

investment was broad-based. Single-family structures spending fell 4.2 percent while multifamily structures investment was down 5.6 percent. Other structures investment—that is, 

manufactured homes, group housing, and ancillary spending like brokers’ commissions—

dropped 22.2 percent in the second quarter. 

The remaining components of GDP represent public sector demand, international demand, and 

buildup or drawdown of private inventories. Of these, the change in private inventories (CIPI) 

posed the largest drag on the economy’s performance in the second quarter. Although firms 

added $82 billion (constant 2012 dollars) to inventories in the second quarter, the buildup was 

less than half the $189 billion first quarter increase. As a result, CIPI subtracted 2.0 percentage 

points from real GDP growth in the second quarter. Inventories tend to be a volatile component 

of GDP and have remained volatile through the pandemic; in the second quarter, slower private 

inventory investment was led by slower growth of retail inventories, particularly at general 

merchandise stores and a drawdown in automotive inventories. 

On the international side, the trade deficit narrowed by $70.0 billion to $1,474.7 billion in the 

second quarter, adding 1.4 percentage points to GDP growth. Total exports of goods and 

services surged by 18.0 percent at an annual rate, led by industrial supplies and materials as well 

as services (travel). Meanwhile, total import growth slowed to 3.1 percent. The second quarter 

improvement in the trade deficit was the first since the middle of 2020. 

For public-sector demand of goods and services, total government spending declined 1.9 percent 

at an annual rate in the second quarter, after decreasing 2.9 percent in the previous quarter. 

Federal government consumption and investment fell by 3.2 percent, accounting for about twothirds of the decrease in public spending. The nondefense category drove the decline at the 

federal level, largely reflecting the sale of crude oil from the Strategic Petroleum Reserve (SPR), 

which was tabulated as a decrease in nondefense consumption expenditures.1

 Meanwhile, 

1

 The federal government’s sale of SPR crude oil has a net zero effect on GDP. The negative impact on public 

consumption was offset by a positive impact to private crude oil inventories. 

2
defense spending rose 2.5 percent, after five consecutive quarters of decline, and state and local 

government consumption declined 1.2 percent in the second quarter. 

Growth of Real GDP  

(Quarterly percent change at annual rate)

Labor Markets and Wages 

Labor markets remained very tight in the first half of 2022 and tightened further in July. After 

generating a record 6.74 million payroll jobs in 2021, the economy added another 3.3 million 

during the first seven months of this year. As of July, a total of 22.0 million jobs have been 

recovered during the current expansion; thus, there has been a full recoupment of the payroll jobs 

lost during the two-month recession in early 2020. Private payrolls first moved above prepandemic levels in June, while payrolls at all levels of government are about 97 percent of their 

levels in February 2020. In 2021, the headline unemployment rate registered the largest drop on 

record in a single calendar year – 2.8 percentage points to 3.9 percent – but by July 2022, it had 

fallen further to 3.5 percent, returning to the half-century low seen just before the onset of the 

pandemic. The broadest measure of unemployment—the U-6 rate, a measure of labor 

underutilization that includes underemployment and discouraged workers in addition to the 

unemployed—has also continued to decline in 2022, standing at 6.7 percent in June and July. 

That level is the lowest U-6 rate in the history of the series, which dates from January 1994. The 

long-term (27 or more weeks) unemployment rate, expressed as a percentage of the labor force, 

also dropped sharply last year and, as of July 2022, had declined to 0.65 percent, matching its 

level at the start of the pandemic. 

3.1 2.4

‐5.1

6.3

‐1.6

3.4 3.2

‐31.2

6.7

‐0.9

1.9 2.8

33.8

2.3

0.9 1.9

4.5

6.9

‐40.0

‐30.0

‐20.0

‐10.0

0.0

10.0

20.0

30.0

40.0

2018 2019 2020 2021 2022

Q1 Q2 Q3 Q4

3
By contrast, recovery in labor force participation has stalled in recent months. After climbing to 

62.4 percent in March 2022, or 1.0 percentage point below the pre-pandemic rate, the total labor 

force participation rate (LFPR) eased to 62.1 percent in July. For prime-age (ages 25 to 54) 

workers, the LFPR in July was 82.4 percent, down 0.1 percentage points from March and 0.7 

percentage points below the nearly twelve-year high of 83.1 percent reached in January 2020. 

For those older than 55 years of age, the LFPR stood at 38.5 percent in July, reversing all of the 

improvement seen in the first quarter. Between 2016 and 2019, the LFPR for those older than 55 

averaged 40.1 percent, but over the past 21⁄2 years, this rate has averaged 38.8 percent, possibly 

suggesting a downward shift in labor force participation among older adults due to such factors 

as Covid concerns and rising retirement rates. 

Labor market conditions remain historically tight as labor supply has not matched labor demand, 

which has been at or near record highs since February 2021. Just before the pandemic, the 

number of job openings were at a near-peak at 7.4 million at the end of October 2019. By the 

end of June 2022 (latest available data), job openings stood at 10.7 million, roughly 42 percent 

above the pre-pandemic high. Given the mismatch, workers retain considerable leverage with 

regard to job mobility and wage demands. By the end of June 2022, the number of job quits 

ticked down to 4.2 million but was still roughly 17 percent above the pre-pandemic high. The 

official number of unemployed persons per job opening remained at a record low of 0.5 from 

March through May, but in June, the ratio edged up to 0.6. For the two years immediately 

preceding the pandemic, the unemployed person per job opening ratio ranged between 0.8 and 

1.0. 

Persistent tightness in labor markets continues to support strong nominal wage growth. For 

production and nonsupervisory workers, nominal average hourly earnings increased 6.2 percent 

over the year through July 2022—somewhat slower than the 6.7 percent pace registered earlier 

this year from January to March but still faster than the 5.1 percent, year-earlier rate. The 

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

more comprehensive measure of total compensation, showed private sector wages increasing 5.7 

percent over the twelve months ending in June 2022, accelerating from the previous quarter’s 

twelve-month pace of 5.0 percent and marking the fastest yearly rate since the fourth quarter of 

1982. 

 

4
Payroll Employment

(Monthly average for year shown and monthly amounts, in thousands)

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor

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

the first half of this year, nonfarm productivity had back-to-back declines as strong labor markets 

led to increased hours worked while output decreased. After dropping 7.4 percent at an annual 

rate in the first quarter of 2022, productivity fell a further 4.6 percent in the second quarter. Real 

164

‐774

562

263

447

557

689

517

424

677 647

588

504

714

398

368

386398

528

-1,000

-500

0

500

1,000

19 20 21 A 

2021

M J J A S O N D J 

2022

FMAMJ J

3.0

5.0

7.0

9.0

11.0

13.0

15.0

13 14 15 16 17 18 19 20 21 22

Jul. 2022

3.5%

5
output declined 2.1 percent while hours of all persons increased 2.6 percent. On a year-over-year 

basis, productivity growth was down 2.5 percent through the second quarter of 2022, marking 

the largest four-quarter decline in the history of the series, which dates from the first quarter of 

1948. 

Nominal hourly compensation costs in the nonfarm business sector rose 5.7 percent at an annual 

rate in the second quarter of 2022, after advancing 4.4 percent in the first quarter of the year. 

Compensation costs rose at a solid 6.7 percent over the four most recent quarters, picking up 

from the 3.4 percent, year-earlier pace. Unit labor costs, defined as the average cost of labor per 

unit of output, were up 10.8 percent at an annual rate in the second quarter, modestly slower than 

the 12.7 percent gain in the first quarter of 2022. These costs were up 9.5 percent over the most 

recent four quarters, almost eight times the 1.2 percent pace over the four quarters ending in 

2021’s second quarter. 

Industrial Production, Manufacturing, and Services 

Total industrial production trended higher in 2021 and continued to do so earlier this year. 

However, in the second quarter there were some signs of slowing in May and June—even as 

supply-chain disruptions appeared to be easing. In June, output at factories, mines, and utilities 

declined 0.2 percent over the month—the first monthly decrease since December 2021—but was 

up 4.2 percent over the previous 12 months. 

Manufacturing production, which accounts for about 74 percent of all industrial output, was the 

key constraint affecting total industrial production growth: in June, output declined 0.5 percent 

for a second consecutive month but still was up 3.6 percent over the past year. Shortages of 

input goods have hindered manufacturing output for many months, particularly in the automotive 

sector. Production of motor vehicles and parts declined by 1.5 percent in June, following a 1.9 

percent drop in May—even so, production was 12.5 percent higher over the year ending June 

2022 as semiconductor availability has somewhat increased. Meanwhile, other measures of 

manufacturing also decreased on net in the second quarter. Output at select high-technology 

factories fell 1.4 percent in May but advanced 0.2 percent in June. Excluding motor vehicles and 

parts and high-technology industries, manufacturing output declined 0.4 percent and 0.5 percent 

in May and June, respectively—though this measure was still 3.0 percent higher over the past 

year through June. 

Output at mines, which includes crude oil and natural gas extraction and accounts for 14 percent 

of industrial output, rose 1.7 percent in June. Mining activity is sensitive to energy prices, and 

the trend of higher energy prices in 2021 and well into 2022 has contributed to strong mining 

output growth, specifically for oil and natural gas extraction. In June, monthly oil and gas 

extraction rose 1.0 percent, following a 0.4 percent gain in May, as producers reacted to rising oil 

prices by reactivating inactive oil wells. (According to Baker Hughes, the number of active 

rotary rigs was only 4.2 percent below the count active in February 2020, before oil production 

plummeted in response to the pandemic.) Over the year through June 2022, mining output was 

up 8.2 percent. 

6
Utilities output, the remaining 12 percent of total industrial output, dropped 1.4 percent in June, 

after rising 1.9 percent in May and 3.6 percent in April. Weather is usually a factor contributing 

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

from one month to the next. Over the 12 months through June, utilities production was up 1.4 

percent. 

Survey measures of manufacturing and service-sector business activity have recovered since 

summer 2020 and indicated expansion in the second quarter as well as July. Although the 

Institute for Supply Management’s (ISM) manufacturing index has decreased since the end of 

2021, the index stood at 52.8 in July 2022, signaling moderate growth over the month and 

expansion for the twenty-sixth consecutive month. Similarly, the ISM’s services index has 

trended lower since reaching an all-time high of 68.4 in November 2021. Even so, it stood at 

56.7 in July, also signaling expansion for twenty-six consecutive months. 

Housing Markets 

In the past few months, housing markets have begun to see a minor easing of the supply-demand 

imbalances that were aggravated by the pandemic. Rising mortgage rates and still-rapid price 

appreciation have weighed on affordability and home purchases. Existing and new home sales 

have been trending lower since the beginning of the year. Existing home sales—which account 

for 90 percent of all home sales—declined 5.4 percent in June and were down 14.2 percent on a 

twelve-month basis. New single-family home sales declined 8.1 percent in June and were down 

17.4 percent over the year through June. Lower sales have led to higher inventories of homes 

available for sale: since falling to an all-time low of 850,000 homes in January and February 

2022, existing home inventories have risen to nearly 1.3 million homes as of June. Inventories 

are now equivalent to 3.0 months of sales, roughly double the series’ low of 1.6 months from 

January, but still low relative to the average 3.9 months of supply in 2019. For new homes, the 

inventory of new single-family homes available for sale has risen well above the 7-month supply 

deemed consistent with a balanced market; at the end of June, there were 9.3 months’ supply of 

new homes on the market. 

So far, the decrease in demand has had only a small effect on house price appreciation, though 

house prices are measured with a lag. The Case-Shiller national house price index—which 

measures sales prices of existing homes—was up 19.7 percent over the year ending in May 2022, 

faster than the 16.9 percent advance over the year through May 2021, and a nearly five-fold 

increase over the 4.4 percent, twelve-month rate seen through May 2020. The FHFA house price 

index rose 18.3 percent over the year ending in May 2022, in line with the 18.2 percent pace over 

the year through May 2021 but more than three times the 5.2 percent rise registered over the year 

through May 2020. Although each index in May 2022 registered its slowest monthly pace in 

roughly six months, both indices have risen above 1 percent monthly since August 2020. 

Meanwhile, new construction has weakened more noticeably in recent months. After falling by 

1.7 percent from December to March, single-family housing starts dropped 17.5 percent from 

March to June. Single-family permits were down 16.6 percent in the second quarter, despite a 

gain of 4.0 percent the previous quarter. However, the multi-family sector, albeit volatile, 

rebounded in the second quarter, with multi-family starts up 9.9 percent, after a 5.6 percent 

7
decline in the previous quarter. Moreover, the total number of homes under construction as of 

June 2022 (single-family and multi-family) was at a series high (data series begins in 1970), 

while the number of new housing units that have been authorized, but not yet started (i.e., the 

backlog of new construction) stood at 285,000 in June 2022, just below the all-time high of 

290,000 units reached in March (data begin in 1999). 

Prices 

Inflation accelerated through much of 2022, in large part due to surging energy and food prices 

related to Russia’s invasion of Ukraine. Nearly half of inflation experienced so far in 2022 is 

accounted for by food and energy. Looking at specific commodities in the wake of the Russian 

invasion, the price of West Texas Intermediate (WTI) advanced nearly 33 percent from the day 

before the invasion through early June, and the price of natural gas increased almost 106 percent 

over the same period. Depending upon the variety, the price of wheat increased over that same 

period by as much as 47 percent. Meanwhile, the average price of U.S. regular gasoline jumped 

about 42 percent from the same point in February through mid-June. 

In July, monthly inflation as measured by the consumer price index (CPI) was flat as gasoline 

prices dropped sharply and pushed below 0.3 percent for the first time since January 2021. 

Lower energy prices fully offset higher food and core prices. The food CPI rose 1.1 percent in 

July, continuing the brisk food inflation of around 1.0 percent month-on-month that has 

prevailed since January. Food prices have been elevated by reduced grain shipments from 

Ukraine as well as high energy prices, which feed into supply chains for agriculture through 

diesel for tractors and trucks, as well as natural gas for fertilizers. 

Excluding the volatile food and energy prices, core CPI growth slowed to 0.3 percent in July 

after accelerating in each month from March through June. Among the components of core 

goods CPI, new and used car prices started increasing again earlier this year, though at a slower 

pace than seen last year. However, in July motor vehicles were relatively neutral on inflation as 

new car prices rose 0.6 percent but prices for used cars and trucks declined 0.4 percent. Among 

services, the shelter price index—which accounts for about 40 percent of the core CPI—has been 

running in the range of 0.5 percent to 0.6 percent for the past six months. In July, CPI rent of 

primary residence was up 0.7 percent and owners’ equivalent rent advanced 0.6 percent 

accounting for roughly 40 percent of monthly core CPI inflation. In recent months, the owners’ 

equivalent rent portion of shelter has dominated shelter inflation, but would-be home buyers 

appear to be turning to the rental market amid rising mortgage rates and high house prices. With 

evidence that new leases are being contracted at increasingly higher rates—monthly increases in 

the mid-teens in some metropolitan areas—the shelter component is expected to keep core 

inflation rates elevated in the near-term. 

The flat growth in the headline CPI on a monthly basis led to slower—though still brisk—annual 

growth: over the year through July, the CPI rose 8.5 percent, slowing from the 9.1 percent, 12-

month pace through June. The CPI for energy goods and services was up 32.9 percent over the 

twelve months through July, slowing from the 41.6 percent advance over the year through June. 

Food price inflation picked up somewhat, rising to 10.9 percent over the twelve months through 

8
July. Meanwhile, core inflation was 5.9 percent over the twelve months through July, slowing 

marginally for the fourth consecutive month, albeit still at an elevated level. 

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

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

methodology in its calculation, the drivers of both measures remain similar. As with the CPI, the 

headline PCE accelerated to 1.0 percent in June, and the core PCE measure advanced 0.6 

percent. Inflation as measured by the PCE price index typically runs at a slower pace than CPI 

inflation due to methodological and weighting differences—for instance, the PCE price indices 

have a higher weight for health care services, which have seen more normal rates of price 

increases. From 2000 to 2019, headline PCE inflation was 0.3 percentage points slower than CPI 

inflation on a year-over-year basis, while core PCE inflation was typically 0.2 percentage points 

slower than core CPI inflation. Since spring 2021, however, the gaps have widened 

considerably. As of June 2022, PCE inflation was 6.8 percent on a year-over-year basis, or 2.3 

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

measures has also widened—though to a lesser extent. Core PCE inflation was 5.3 percent over 

the year ending June, compared to 5.9 percent inflation as measured by the core CPI over the 

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

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

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

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

Consumer Prices

(Percent change from a year earlier)

 

‐1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

11.0

12.0

13 14 15 16 17 18 19 20 21 22

Total Excluding Food & Energy Food

9
Consumer and Business Sentiment 

As inflation has risen, consumer and business sentiment has waned. The Reuters/Michigan 

consumer sentiment index has trended much lower since April 2021, reaching a record low of 

50.0 in June 2022 (series debuted in November 1952) before modestly moving up to 51.5 in July. 

The index is now more than 20 points below the early-pandemic low reached in April 2020. The 

steeper decline in recent months has reflected strong concerns about the persistence of rapid 

inflation as well as Russia’s illegal invasion of Ukraine and its impact on commodity prices, 

including oil and grains. There are also renewed concerns about new variants of the COVID-19 

virus, and about signs of slowing growth in the economy. 

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

trended lower since June 2021 and, in recent months, has dropped sharply—though not as 

sharply as the Reuters/Michigan consumer sentiment index. As of July 2022, the confidence 

index had fallen to 95.7, but was still 10 points above the pandemic low. 

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

optimism index has decreased since October 2021. As of July 2022, he small business optimism 

index stood at 89.9—or 1 point below the pandemic low—marking the sixth consecutive month 

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

Federal Budget Deficit and Debt 

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

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

economy. At the end of fiscal year 2021, the federal government’s budget deficit was $2.78 

trillion (12.4 percent of GDP)—down from 15.0 percent of GDP at the end of fiscal year 2020, 

the deficit was still up from 4.7 percent of GDP in fiscal year 2019. Federal receipts totaled 

$4.05 trillion in fiscal year 2021, up $626 billion (18.3 percent) from fiscal year 2020. Net 

outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1 percent) from fiscal year 

2020, primarily due to the extensive fiscal measures enacted in late 2020 and early 2021 to 

counter the pandemic’s effects on low- and middle-income households and small businesses. 

For the current fiscal year to date (FYTD)—October 2021 through July 2022—the total deficit is 

to $726 billion, or $1.81 trillion lower than the previous FYTD. 

At the end of fiscal year 2021, gross federal debt was $28.4 trillion, up from $26.9 trillion at the 

end of fiscal year 2020. The Treasury’s borrowing limit was raised to $31.38 trillion in 

December 2021. Federal debt held by the public, which includes debt held by the Federal 

Reserve but excludes federal debt held by government agencies, rose from $21.0 trillion at the 

end of fiscal year 2020 (100.3% of GDP) to $22.3 trillion by the end of fiscal year 2021 (99.7% 

of GDP). As of July 2022, gross federal debt had increased to $30.5 trillion, and federal debt 

held by the public had increased to $24.0 trillion. 

10
Economic Policy 

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

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

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

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

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

trillion to support the economy and provide necessary health resources to combat the 

pandemic. At the same time, the Federal Open Market Committee (FOMC), the governing board 

of the Federal Reserve system, dropped the federal funds rate target range to 0.00-0.25 percent 

and erected several lending facilities to ensure market liquidity. 

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

inflation, which was being elevated in part by supply-chain and labor force disruptions from the 

pandemic along with shifts in consumption behavior. Congress’s first bill to address supplychain vulnerabilities over the long term was the Infrastructure Investment and Jobs Act of 2021, 

which among its provisions appropriated funds to rebuild deteriorating transportation 

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

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

those arising from climate change. On August 7, 2022, the Inflation Reduction Act (IRA) passed 

the Senate and, as of August 10, awaits a vote in the House of Representatives. The IRA 

included provisions to reduce health care costs for prescription drugs and health care coverage as 

well as an additional $370 billion for measures to reduce emissions and substantial deficit 

reduction through improved tax compliance and closing of tax loopholes. 

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

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

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

subsequent meetings through the most recent meeting in late July, the Committee has hiked the 

target range by a further 200 basis points, including two separate and consecutive increases of 75 

basis points each. In the accompanying statement for the July meeting, the FOMC noted that 

economic activity had “softened” though the labor market remained strong. The Committee 

attributed inflation to “supply and demand imbalances related to the pandemic, higher food and 

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

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

In addition, the FOMC announced at the meeting in May 2022 that it will begin reducing

holdings of long-run assets of Treasury securities and mortgage-backed securities (MBS). It will 

allow up to $30 billion of Treasury securities and $17.5 billion of MBS per month to runoff its 

balance sheet—not to be reinvested—for three months beginning June 1. In September, the caps 

will be raised to $60 billion for Treasury securities and $35 billion for MBS. 

 

11
INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 

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

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 2022 

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 $1,011.0 billion for the third 

quarter of Fiscal Year 2022. This is an increase of $245.0 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $31.8 billion and non-withheld 

receipts increased by $257.8 billion during this period. 

Refunds decreased by $19.1 billion over the comparable 

Fiscal Year 2021 quarter. There was a decrease of $57.0 

billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare 

trust funds over the comparable quarter in Fiscal Year 2021. 

Corporate income taxes—Net corporate income tax 

receipts were $178.8 billion for the third quarter of Fiscal 

Year 2022. This is an increase of $18.0 billion compared to 

the prior year third quarter. The $18.0 billion change is 

comprised of an increase of $21.0 billion in estimated and 

final payments, and an increase of $2.9 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of 

Fiscal Year 2022 were $398.9 billion, an increase of $84.8 

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 $52.4 billion, $8.9 billion, and $23.3 

billion respectively. There was a $13.4 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of Fiscal Year 2022. There was a -$43.7 

billion adjustment in the third quarter of Fiscal Year 2021.

Unemployment insurance—Unemployment insurance 

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

2022 were $27.1 billion, an increase of $3.3 billion over the 

comparable quarter of Fiscal Year 2021. Net State taxes 

deposited in the U.S. Treasury increased by $2.9 billion to 

$23.3 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.3 billion to $3.8 billion. 

13
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 $1.7 billion for the 

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

$0.2 billion from the comparable quarter of Fiscal Year 

2021. 

Excise taxes—Net excise tax receipts for the third 

quarter of Fiscal Year 2022 were $22.3 billion, an increase 

of $2.4 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $1.8 billion, a 

decrease of $0.2 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $9.8 billion for the third quarter of Fiscal Year 2022. 

These receipts represent a decrease of $0.2 billion over the 

same quarter in Fiscal Year 2021. 

Customs duties—Customs duties net of refunds were 

$25.6 billion for the third quarter of Fiscal Year 2022. This 

is an increase of $4.9 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of Fiscal Year 2022 were $38.2 billion, 

an increase of $2.9 billion over the comparable prior year 

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

Federal Reserve banks increasing by $4.9 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 2022 

April – June 

 Fiscal year 2022 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,713,403 3,835,390

On-budget receipts .................................................. 1,411,986 3,029,138

Off-budget receipts .................................................. 301,417 806,252

Total outlays................................................................. 1,560,253 4,350,457

On-budget outlays.................................................... 1,295,163 3,559,940

Off-budget outlays.................................................... 265,089 790,518

Total surplus or deficit (-)............................................. 153,150 -515,067

On-budget surplus or deficit (-)................................ 116,824 -530,802

Off-budget surplus or deficit (-)................................ 36,328 15,735

Means of financing: 

Borrowing from the public ............................................ 12,788 1,602,517

Reduction of operating cash ........................................ -130,882 -567,246

Other means ................................................................ -35,056 -520,204

Total on- and off-budget financing ........................... -153,150 515,067

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

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

Source April May June

Individual income taxes...................................................... 593.3 216.9 200.8

Corporate income taxes..................................................... 88.5 7.7 82.6

Employment and general retirement.................................. 143.9 110.6 144.4

Unemployment insurance .................................................. 5.1 20.4 1.6

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

Excise taxes ....................................................................... 6.6 8.0 7.7

Estate and gift taxes .......................................................... 4.2 3.2 2.4

Customs duties .................................................................. 9.2 8.1 8.4

Miscellaneous receipts....................................................... 12.2 13.6 12.5

Total budget receipts ..................................................... 863.6 389.0 460.8

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

14
15
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) 

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

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

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

2022 – Est1.................. 4,436,626 3,389,419 1,047,207 5,851,576 4,763,683 1,087,893 -1,414,950 -1,374,264 -40,686 2,905,946 

2023 – Est1.................. 4,638,192 3,537,550 1,100,642 5,792,048 4,605,306 1,186,742 -1,153,856 -1,067,756 -86,100 1,300,868 

2021 - June ................. 449,199 391,133 58,066 623,359 561,348 62,011 -174,161 -170,215 -3,945 333,762 

July .................. 262,000 186,778 75,222 564,050 482,202 81,848 -302,050 -295,424 -6,626 -95,980 

Aug .................. 268,378 191,231 77,147 439,013 345,560 93,453 -170,635 -154,329 -16,306 143

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

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

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

Dec .................. 486,738 400,609 86,129 508,041 447,088 60,953 -21,303 -46,480 25,177 710,023

2022 - Jan ................... 465,079 365,407 99,672 346,380 259,085 87,295 118,699 106,321 12,377 392,662

Feb .................. 289,863 208,791 81,072 506,453 406,262 100,190 -216,590 -197,471 -19,118 275,581

Mar .................. 315,172 225,557 89,615 507,806 407,608 100,198 -192,634 -182,051 -10,583 108,100

Apr................... 863,649 753,827 109,822 555,434 465,351 90,083 308,215 288,476 19,739 -33,792 

May.................. 388,993 303,711 85,282 455,216 353,899 101,316 -66,223 -50,188 -16,034 119,641

June................. 460,761 354,448 106,313 549,603 475,913 73,690 -88,842 -121,464 32,623 63,526

Fiscal year 2022 to date ... 3,835,390 3,029,138 806,252 4,350,459 3,559,938 790,519 -515,068 -530,801 15,734 2,113,881 

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) 

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

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

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

2022 – Est1............................ 389 354,169 2,552,166 534,840 - - - -602,376 - 1,414,950 

2023 – Est1............................ 410 104,181 1,197,096 - - - - -43,240 - 1,153,856 

2021 - June ........................... 144 22,490 311,416 75,229 -671 -14 35 -62,255 -421 174,161

July............................ -178 -55,878 -40,280 -392,526 86 226 26 -49,911 53 302,050 

Aug............................ -73 30,445 -30,375 -103,418 113,133 -100 -121 210,618 -114 170,635 

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

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

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

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

2022 - Jan ............................. -11 51,668 340,983 336,735 -148 142 -371 -123,324 - -118,699

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

Mar............................ -176 8,272 99,652 -119,740 -718 145 -715 -28,002 4 192,682

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

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

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

Fiscal year 2022 to date.......... 219 511,581 1,602,519 567,246 -5,679 625 -5,793 -531,160 156 515,067

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

1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and Budget on March 28, 2022.

16
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 .................. 1,328,271 634,339 244,755 1,717,858 277,416 47,172 230,244 1,948,102 1,195,506 3,632 1,191,874 

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

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

2022 – Est1........ 2,263,370 - - 2,263,370 382,560 - 382,560 2,645,930 1,375,842 - 1,375,842

2023 – Est1........ 2,345,210 - - 2,345,210 500,912 - 500,912 2,846,122 1,443,039 - 1,443,039

2021 - June ....... 173,187 116,408 24,755 264,840 78,570 4,381 74,189 339,029 78,088 - 78,088

July ........ 112,811 15,280 13,012 115,080 20,531 3,590 16,942 132,022 97,376 - 97,376

Aug ........ 127,495 13,366 17,014 123,847 5,957 2,925 3,033 126,880 99,960 - 99,960

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

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

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

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

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

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

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

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

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

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

Fiscal year 

2022 to date........ 1,352,628 995,120 212,279 2,135,472 344,776 38,723 306,054 2,441,526 1,062,438 - 1,062,438

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) 

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

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

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

2022 – Est1.................. 5,412 - 5,412 1,381,254 57,980 - 57,980 6,331 31 6,362 

2023 – Est1.................. 5,294 - 5,294 1,448,333 54,708 - 54,708 6,873 30 6,903 

2021 - June ................. -86 20 -105 77,982 1,363 11 1,352 505 2 507 

July.................. 460 7 453 97,830 4,726 28 4,698 469 2 472 

Aug.................. 468 2 466 100,426 6,045 13 6,031 452 2 454 

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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date... 4,136 2 4,134 1,066,572 54,282 83 54,200 4,677 18 4,694 

See footnotes at end of table. 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds 

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 

17
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) 

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

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

2021 ................ 77,541 37,931 1,308 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323 

2022 – Est1...... 84,113 25,742 - 25,742 92,638 - 92,638 107,749 34,858 142,607 3,389,419 1,047,207 

2023 – Est1...... 90,661 25,427 - 25,427 53,943 - 53,943 75,625 36,470 112,095 3,537,550 1,100,642 

2021 - June ..... 7,100 2,445 59 2,385 7,688 538 7,150 11,090 2,603 13,693 391,133 58,066 

July...... 6,822 1,549 46 1,503 7,926 417 7,509 9,503 1,643 11,146 186,778 75,222 

Aug...... 7,441 1,809 82 1,728 7,799 528 7,270 10,409 7,739 18,149 191,231 77,147 

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

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

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

Dec...... 7,155 2,367 14 2,353 8,633 447 8,187 11,918 1,600 13,519 400,609 86,129 

2022 - Jan ....... 5,285 2,341 5 2,336 8,876 289 8,587 10,152 1,708 11,861 365,407 99,672 

Feb ...... 5,486 1,790 80 1,710 8,529 480 8,049 10,690 1,588 12,278 208,791 81,072 

Mar...... 7,426 3,726 112 3,615 8,641 490 8,151 13,126 1,982 15,107 225,557 89,615 

Apr....... 6,626 4,275 90 4,184 9,570 408 9,162 10,294 1,920 12,214 753,827 109,822 

May ..... 8,046 3,340 167 3,173 8,505 409 8,095 11,768 1,794 13,561 303,711 85,282 

June .... 7,651 2,482 83 2,399 8,988 625 8,364 10,339 2,123 12,462 354,448 106,313 

Fiscal year 

 2022 to date........ 61,036 24,718 686 24,032 78,557 4,377 74,181 93,083 16,094 109,177 3,029,138 806,252 

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

1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and 

Budget on March 28, 2022.

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

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

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

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

2022 – Est1.................... 1,445,596 14,369 - 14,369 207 - 207 43,133 - 43,133 26,404 - 26,404 

2023 – Est1.................... 1,509,944 17,642 - 17,642 151 - 151 43,529 - 43,529 29,339 - 29,339 

2021 - June ................... 79,841 1,552 - 1,552 33 - 33 3,635 44 3,591 2,302 378 1,924

July .................... 103,000 1,512 3 1,510 16 - 16 2,567 44 2,523 4,317 1,544 2,772

Aug .................... 106,911 1,428 0 1,428 33 - 33 4,044 43 4,012 2,173 204 1,969

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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date ..... 1,125,466 5,273 16 5,257 122 - 122 33,588 292 33,296 26,229 3,867 22,359 

18
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) 

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

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

2021 ....................... 5,265 8,310 235,194 13,135 717,585 260,381 33,695 1,466,673 91,069 31,778 15,788 39,262 404,772

2022 – Est1 ............. 5,990 8,788 260,746 16,559 740,976 222,877 38,271 1,626,127 89,498 33,428 19,929 44,234 145,716

2023 – Est1 ............. 6,591 9,700 207,780 16,793 767,604 185,629 50,968 1,648,896 83,191 66,457 22,892 43,500 81,394

2021 - June ............ 533 745 21,423 1,252 61,491 53,980 2,471 127,772 8,834 4,044 2,048 3,760 40,953

July ............. 410 663 18,660 742 63,370 11,923 2,230 167,368 5,867 -7,455 1,125 3,167 29,598

Aug ............. 391 662 20,039 811 48,948 14,781 2,847 87,298 6,722 3,828 1,175 3,094 30,582

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

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

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

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

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

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

Mar ............. 441 669 18,600 897 61,668 3,152 2,467 139,280 6,836 4,384 825 3,528 4,447

Apr.............. 432 772 18,029 821 58,164 15,588 1,960 170,272 6,489 4,963 454 3,294 3,345

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

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

Fiscal year 

 2022 to date............... 4,281 6,369 191,051 9,261 531,079 150,531 19,902 1,191,466 61,390 17,654 10,100 29,406 43,568

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) 

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

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

2021 ....................... 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 21,668 

2022 – Est1 ............. 35,078 123,825 561,817 380,512 273,660 6,980 63,862 8,747 520 -292 24,562 

2023 – Est1 ............. 34,766 128,221 576,771 127,224 295,017 7,071 72,413 15,094 591 -408 27,431 

2021 - June ............ 2,466 9,356 99,290 80,416 17,920 832 4,100 837 29 39 2,223 

July ............. 5,271 8,688 47,815 50,028 28,448 445 9,359 578 40 -240 -706

Aug ............. 3,313 9,372 57,719 65,880 10,501 635 -2,199 640 36 -296 1,160

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

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

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

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

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

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

Mar ............. 2,671 11,990 52,773 55,289 22,205 742 4,383 863 31 220 2,617

Apr.............. 2,104 7,919 60,052 47,932 36,210 520 7,671 717 49 -251 2,043

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

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

Fiscal year 

 2022 to date............... 22,539 81,129 520,956 423,238 194,646 6,044 40,071 6,876 333 -688 23,478 

See footnotes at end of table 

19
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) 

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

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

2021 .................. 22,249 7,353 108,553 322,721 1,192,451 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 

2022 – Est1........ 23,396 8,580 114,518 24,088 1,282,622 43,946 -117,889 -146,140 -10,713 -103,509 4,763,683 1,087,893

2023 – Est1........ 24,914 9,186 119,276 1,741 1,380,198 38,693 -119,552 -131,615 -6,368 -11 4,605,306 1,186,742

2021 - June ....... 1,925 575 8,773 31,095 104,446 -3,815 -7,985 -57,860 -607 - 561,348 62,011 

July........ 1,601 761 9,581 13,061 104,106 3,216 -7,505 -7,956 -210 - 482,202 81,848 

Aug........ 2,131 837 9,068 -17,950 95,726 2,376 -8,066 -12,242 -806 - 345,560 93,453 

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

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

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

Dec........ 2,232 636 9,242 3,226 105,261 1,604 -8,416 -55,165 -574 - 447,088 60,953 

2022 - Jan ......... 1,407 565 10,042 3,067 101,911 1,607 -7,250 -6,407 -386 -81,089 259,085 87,295 

Feb ........ 1,544 534 9,001 2,188 106,875 3,673 -7,676 -8,133 -592 - 406,262 100,190 

Mar........ 1,968 647 9,820 2,156 107,399 1,139 -7,962 -7,805 -537 - 407,608 100,198 

Apr......... 1,770 609 9,701 2,542 112,540 4,255 -8,712 -11,980 -4,837 - 465,351 90,083 

May ....... 1,740 564 9,101 2,532 103,589 4,353 -9,346 -14,273 -1,094 - 353,899 101,316 

June ...... 2,074 707 9,453 -1,145 113,161 -3,828 -8,154 -53,571 -1,036 - 475,913 73,690 

Fiscal year 

2022 to date ....... 16,832 5,481 84,852 22,176 952,222 20,422 -93,791 -151,498 -9,843 -81,089 3,559,938 790,519 

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

1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and 

Budget on March 28, 2022.

20
TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, 

June 2022 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 2,135,329 143 - 2,135,472 1,590,460 203 - 1,590,663

Corporation income taxes........................................... 306,053 - - 306,053 265,144 - - 265,144

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 806,252 806,252 - - 712,567 712,567

Employment and general retirement (on-budget)... -29 - 260,347 260,318 7 - 223,661 223,668

Unemployment insurance ....................................... -23 - 54,223 54,200 -17 - 40,227 40,210

Other retirement...................................................... - - 4,694 4,694 - - 4,251 4,251

Excise taxes ................................................................ 19,717 1,350 39,968 61,035 15,243 1,259 33,883 50,385

Estate and gift taxes ................................................... 24,032 - - 24,032 21,477 - - 21,477

Customs duties ........................................................... 49,295 23,236 1,649 74,181 37,494 18,637 1,218 57,348

Miscellaneous receipts................................................ 95,492 12,519 1,142 109,154 75,752 13,383 1,230 90,365

Total Receipts................................................ 2,629,866 37,248 1,168,276 3,835,390 2,005,560 33,482 1,017,036 3,056,078

 (On-budget)............................................... 2,629,866 37,248 362,024 3,029,138 2,005,560 33,482 304,470 2,343,511

 (Off-budget)............................................... - - 806,252 806,252 - - 712,567 712,567

Budget outlays: 

Legislative branch ....................................................... 4,277 14 -10 4,280 4,030 -14 -18 3,998

Judicial branch ............................................................ 6,671 -203 -100 6,368 6,328 105 -137 6,296

Department of Agriculture ........................................... 175,516 15,551 -19 191,049 160,289 17,644 -35 177,897

Department of Commerce........................................... 8,039 1,220 2 9,260 9,135 1,701 5 10,841

Department of Defense-military .................................. 530,000 689 391 531,079 538,377 2,826 332 541,534

Department of Education ............................................ 150,433 100 -1 150,532 125,433 -67 -1 125,366

Department of Energy................................................. 20,876 -974 * 19,902 26,196 -889 * 25,307

Department of Health and Human Services ............... 1,018,021 3,396 170,053 1,191,470 897,287 3,696 184,485 1,085,468

Department of Homeland Security.............................. 63,404 -2,079 66 61,391 73,375 -3,673 128 69,830

Department of Housing and Urban Development....... 18,263 -27 -583 17,653 32,731 38 -554 32,216

Department of the Interior........................................... 11,011 -396 -514 10,101 11,217 -36 303 11,484

Department of Justice ................................................. 25,688 3,738 -20 29,406 25,240 3,988 -34 29,194

Department of Labor................................................... 12,664 4,945 25,961 43,570 356,723 -1,263 -26,152 329,307

Department of State.................................................... 22,651 -780 667 22,538 22,210 403 636 23,249

Department of Transportation..................................... 150,374 19 -69,257 81,136 50,493 27 23,183 73,703

Department of the Treasury: 

Interest on Treasury Debt Securities (Gross)......... 520,955 - - 520,955 419,173 - - 419,173

Other ....................................................................... 424,047 -540 -269 423,239 984,915 -12,818 -99 971,998

Department of Veterans Affairs .................................. 197,629 -3,319 335 194,646 176,287 -3,050 395 173,632

Corps of Engineers ..................................................... 5,840 279 -75 6,044 5,710 -102 867 6,475

Other defense civil programs...................................... 122,139 -17,186 -64,882 40,072 105,263 -8,464 -50,761 46,038

Environmental Protection Agency............................... 10,667 -67 -3,722 6,877 6,609 -79 -207 6,323

Executive Office of the President................................ 325 * 9 334 306 * 10 317

General Services Administration ................................ 135 -822 - -687 139 -786 - -647

International Assistance Program............................... 27,192 -17 -3,699 23,477 17,967 -224 -939 16,804

National Aeronautics and Space Administration ........ 16,742 90 - 16,832 16,688 29 1 16,718

National Science Foundation...................................... 5,397 90 -6 5,481 4,880 86 26 4,992

Office of Personnel Management ............................... 10,600 2,133 72,119 84,852 10,319 818 69,086 80,223

Small Business Administration ................................... 22,173 3 - 22,177 325,022 -179 - 324,843

Social Security Administration .................................... 80,416 * 871,807 952,222 67,725 * 825,213 892,938

Other independent agencies....................................... 15,210 1 5,210 20,421 10,539 -1,210 -882 8,448

Undistributed offsetting receipts: 

Interest .................................................................... - - -151,498 -151,498 - - -125,185 -125,185

Other ....................................................................... -89,555 -10,985 -84,181 -184,721 -2,106 -9,341 -83,306 -94,753

 Total outlays......................................................... 3,587,801 5,127 767,784 4,350,457 4,488.501 10,835 816,361 5,294,027

(On-budget)..................................................... 3,587,519 5,996 21,583 3,559,940 4,488,234 9,044 78,853 4,558,042

(Off-budget)..................................................... 282 869 789,367 790,518 267 1,790 737,508 735,985

 Surplus or deficit (-).............................................. 957,934 42,375 400,492 515,067 2,482,941 44,317 200,675 2,237,949

 (On-budget)..................................................... 957,653 43,244 383,607 530,802 2,482,674 42,526 225,617 2,214,531

 (Off-budget)..................................................... -282 -869 16,885 15,735 267 1,790 24,942 23,418

-No Transactions

* Less than $500,000 

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

A 

21
INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 

22
Note-Detail may not add to totals due to rounding 

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) 

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

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

2019............................... 22,740,857 22,719,402 21,455 5,893,424 5,893,424 - 16,847,433 16,825,978 21,455 

2020............................... 26,965,542 26,945,391 20,151 5,907,764 5,907,764 - 21,057,778 21,037,627 20,151 

2021............................... 28,448,421 28,428,919 19,502 6,123,040 6,123,040 - 22,325,381 22,305,879 19,502 

2021 - June.................... 28,549,263 28,529,436 19,827 6,175,904 6,175,904 - 22,373,359 22,353,532 19,827 

July..................... 28,447,372 28,427,722 19,650 6,119,935 6,119,935 - 22,327,437 22,307,787 19,650 

Aug..................... 28,446,893 28,427,317 19,576 6,150,237 6,150,237 - 22,296,656 22,277,080 19,576 

Sept.................... 28,448,421 28,428,919 19,502 6,123,040 6,123,040 - 22,325,381 22,305,879 19,502 

Oct ..................... 28,928,663 28,908,765 19,898 6,247,399 6,247,399 - 22,681,264 22,661,366 19,898 

Nov..................... 28,928,235 28,907,987 20,248 6,237,725 6,237,725 - 22,690,510 22,670,262 20,248 

Dec..................... 29,637,003 29,617,215 19,788 6,448,886 6,448,886 - 23,188,117 23,168,329 19,788 

2022 - Jan...................... 30,032,163 30,012,386 19,777 6,500,497 6,500,497 - 23,531,666 23,511,889 19,777 

Feb..................... 30,309,927 30,290,353 19,574 6,489,253 6,489,253 - 23,820,674 23,801,100 19,574 

Mar..................... 30,420,358 30,400,960 19,398 6,497,680 6,497,680 - 23,922,678 23,903,280 19,398 

 Apr ..................... 30,393,512 30,374,155 19,357 6,504,558 6,504,558 - 23,888,954 23,869,597 19,357 

May .................... 30,519,177 30,499,619 19,558 6,574,537 6,574,537 - 23,944,640 23,925,082 19,558 

June ................... 30,588,304 30,568,582 19,722 6,635,101 6,635,101 - 23,953,203 23,933,481 19,722 

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) 

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 

2019 ............................... 22,740,857 72,840 22,668,015 5,893,424 28,201 5,865,224 16,847,433 44,639 16,802,792 

2020 ............................... 26,965,542 64,433 26,901,109 5,907,764 25,727 5,882,037 21,057,778 38,706 21,019,071 

2021 ............................... 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,832 22,287,019 

2021 - June .................... 28,549,263 71,591 28,477,671 6,175,904 25,962 6,149,943 22,373,359 45,629 22,327,728 

July..................... 28,447,372 65,857 28,381,513 6,119,935 25,871 6,094,064 22,327,437 39,986 22,287,449 

Aug..................... 28,446,893 65,310 28,381,583 6,150,237 25,728 6,124,509 22,296,656 39,582 22,257,074 

Sept.................... 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,361 22,287,019 

Oct...................... 28,928,663 63,178 28,865,484 6,247,399 25,536 6,221,863 22,681,264 37,642 22,643,622 

Nov..................... 28,928,235 64,889 28,863,345 6,237,725 25,513 6,212,212 22,690,510 39,376 22,651,133 

Dec..................... 29,637,003 64,095 29,572,907 6,448,886 25,451 6,423,435 23,188,117 38,644 23,149,472 

2022 - Jan ...................... 30,032,163 66,604 29,965,559 6,500,497 25,394 6,475,103 23,531,666 41,210 23,490,456 

Feb ..................... 30,309,927 68,990 30,240,936 6,489,253 25,413 6,463,840 23,820,674 43,577 23,777,096 

Mar..................... 30,420,358 71,497 30,348,860 6,497,680 25,568 6,472,112 23,922,678 45,929 23,876,748 

 Apr ..................... 30,393,512 78,484 30,315,026 6,504,558 25,625 6,478,933 23,888,954 52,859 23,836,094 

May .................... 30,519,177 84,307 30,434,868 6,574,537 25,942 6,548,595 23,944,640 58,365 23,886,273 

June ................... 30,588,304 89,745 30,498,557 6,635,101 26,080 6,609,021 23,953,203 63,665 23,889,536 

23
Nonmarketable, continued

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

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

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

2019 .......................... 152,355 - 264 248,052 53,809 29,995 1,981

2020 .......................... 148,677 - 264 291,831 106,607 116,100 2,523

2021 .......................... 143,662 - 264 120,537 127,047 32,781 3,144

2021 - June ............... 144,693 - 264 299,575 122,755 44,571 3,052

July................ 144,382 - 264 281,874 135,428 44,572 3,075

Aug................ 144,020 - 264 24,175 129,562 44,573 3,060

Sept............... 143,662 - 264 120,537 127,047 32,781 3,144

Oct................. 143,515 - 264 229,416 120,298 32,782 3,178

Nov................ 144,171 - 264 28,462 113,852 28,592 3,250

Dec................ 146,201 - 264 290,177 109,703 28,592 3,263

2022 - Jan ................. 148,839 - 264 304,046 108,070 28,594 3,445

Feb ................ 149,349 - 264 311,196 112,489 28,597 3,407

Mar................ 149,758 - 264 317,126 118,250 28,602 3,294

 Apr ................ 153,141 - 264 310,816 119,066 28,610 3,189

May ............... 157,698 - 264 318,348 114,308 25,802 3,133

June .............. 160,440 - 264 323,349 108,208 25,816 3,216

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) 

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 

2019 .......................... 16,809,092 16,322,637 2,376,370 9,755,985 2,311,517 1,454,698 424,067 486,455 

2020 .......................... 21,018,952 20,352,950 5,028,127 10,655,969 2,668,116 1,522,418 478,320 666,002 

2021 .......................... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

2021 - June ............... 22,329,823 21,714,913 4,273,670 12,097,216 3,173,226 1,617,396 553,405 614,910 

July................ 22,284,628 21,675,033 4,140,792 12,176,507 3,201,102 1,603,247 553,383 609,595 

Aug................ 22,254,544 21,908,889 4,036,835 12,403,488 3,287,357 1,627,920 553,288 345,654 

Sept............... 22,282,900 21,855,465 3,712,952 12,570,463 3,340,760 1,651,998 579,292 427,435 

Oct................. 22,637,090 22,107,637 3,850,718 12,637,484 3,365,745 1,674,398 579,291 529,453 

Nov................ 22,645,912 22,327,321 3,784,677 12,845,781 3,426,188 1,694,646 576,028 318,591 

Dec................ 23,143,747 22,565,547 3,767,964 12,992,160 3,474,153 1,727,968 603,302 578,200 

2022 - Jan ................. 23,487,181 22,893,924 3,958,703 13,133,211 3,522,479 1,704,403 575,127 593,257 

Feb ................ 23,776,560 23,171,257 4,053,011 13,219,366 3,581,504 1,720,272 597,104 605,303 

Mar................ 23,879,768 23,262,473 3,927,254 13,340,846 3,623,928 1,751,329 619,117 617,294 

 Apr ................ 23,847,245 23,232,158 3,826,070 13,401,967 3,650,002 1,735,021 619,099 615,087 

May ............... 23,904,391 23,284,838 3,671,228 13,508,582 3,725,317 1,775,179 604,532 619,554 

June .............. 23,912,160 23,290,866 3,522,601 13,575,955 3,760,442 1,805,356 626,512 621,293 

24
Note-Detail may not add to totals due to rounding 

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) 

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

2019 ..................... 2,804,396 872 104,716 28,192 2,456 9,341 698 84,361 1,612,815

2020 ..................... 2,811,213 881 87,477 12,081 1,946 14,991 307 50,515 1,744,037

2021 ..................... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

2021 - June .......... 2,785,928 882 177,726 17,560 1,607 23,179 502 62,576 1,924,703

July........... 2,779,001 882 149,550 14,703 1,560 24,149 628 52,365 1,909,548

Aug........... 2,763,094 882 173,498 13,671 1,519 24,281 740 60,183 1,664,717

Sept.......... 2,755,785 882 170,677 12,043 1,476 24,655 862 53,135 1,750,914

Oct............ 2,746,390 882 171,181 14,076 1,447 22,559 701 52,264 2,013,916

Nov........... 2,729,698 882 167,147 14,392 1,412 23,362 459 61,984 1,812,136

Dec........... 2,752,688 882 181,774 132,390 1,392 23,373 506 60,415 2,076,730

2022 - Jan ............ 2,761,169 882 175,950 132,990 1,355 24,296 688 59,196 2,098,130

Feb ........... 2,742,311 882 181,994 134,401 1,320 24,202 700 61,053 2,112,938

Mar........... 2,730,161 882 190,778 134,751 1,278 24,845 716 62,600 2,134,315

 Apr ........... 2,746,607 882 164,259 135,956 1,241 22,809 691 56,976 2,140,973

May .......... 2,730,507 883 200,131 135,329 1,213 22,507 593 76,429 2,167,516

June ......... 2,758,523 884 200,275 135,575 1,192 22,519 613 76,046 2,176,010

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) 

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 

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2021 - June ....... 6,475,076 17,441 114,403 49,028 22,838 97,756 966,224 133,123 79,600 

July........ 6,401,459 17,619 111,127 49,697 22,839 97,420 962,098 116,012 92,261 

Aug........ 6,173,650 17,661 114,408 50,187 22,836 97,068 947,947 127,759 93,199 

Sept....... 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

Oct......... 6,476,647 12,878 113,982 50,184 22,838 97,231 925,520 136,252 94,346 

Nov........ 6,266,251 13,966 116,043 50,194 22,563 97,125 925,469 137,026 92,393 

Dec........ 6,739,100 13,284 116,180 50,163 22,004 99,438 1,002,182 142,338 63,361 

2022 - Jan ......... 6,804,276 13,349 117,456 50,190 21,238 102,211 997,812 152,559 94,805 

Feb ........ 6,800,284 11,860 117,818 50,616 21,233 102,101 993,710 147,703 95,442 

Mar........ 6,814,679 10,226 119,708 50,555 20,490 103,141 989,581 144,682 95,970 

 Apr ........ 6,815,264 9,720 118,337 50,571 20,057 107,372 986,085 156,419 96,309 

May ....... 6,891,257 8,500 120,162 50,604 20,046 107,728 982,954 170,325 95,830 

June ...... 6,959,055 7,644 122,284 50,598 18,992 112,415 991,615 186,786 97,084 

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

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

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

2019 ............................. 21,455 19 69 21,367 * * 

2020 ............................. 20,151 19 58 20,075 * * 

2021 ............................. 19,502 19 45 19,438 * * 

2021 - June .................. 19,827 19 52 19,756 * * 

July................... 19,650 19 53 19,578 * * 

Aug................... 19,576 19 45 19,513 * * 

Sept.................. 19,502 19 45 19,438 * * 

Oct.................... 19,898 19 45 19,834 * * 

Nov................... 20,248 19 46 20,184 * * 

Dec................... 19,788 19 46 19,724 * * 

2022 - Jan .................... 19,777 19 46 19,713 * * 

Feb ................... 19,574 19 38 19,518 * * 

Mar................... 19,398 19 38 19,342 * * 

 Apr ................... 19,357 19 39 19,300 * * 

May .................. 19,558 19 39 19,501 * * 

June ................. 19,722 19 39 19,664 * * 

26
TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

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

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years 

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

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

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66

2021 - June .................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62

July ..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63

Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64

Sept.................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66

Oct...................... 16,455,433 5,390,259 6,120,690 2,858,166 531,506 1,554,811 65

Nov ..................... 16,757,903 5,309,420 6,356,333 2,945,703 586,315 1,560,131 66

Dec ..................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66

2022 - Jan ...................... 17,194,470 5,540,423 6,409,263 3,034,048 617,719 1,593,017 66

Feb ..................... 17,441,660 5,656,274 6,475,818 3,052,591 667,274 1,589,703 66

Mar ..................... 17,519,927 5,559,737 6,541,403 3,126,753 683,615 1,608,419 66

Apr...................... 17,332,521 5,487,037 6,399,519 3,138,408 677,868 1,629,689 67

May..................... 17,530,546 5,360,375 6,611,565 3,193,692 724,547 1,640,367 68

June.................... 17,563,428 5,240,978 6,691,404 3,232,049 738,774 1,660,224 68

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

27
TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

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

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

2021 – June ........................... - 28,501,528 28,501,528 - 28,529,436 - 27,907

July............................. - 28,401,438 28,401,438 - 28,427,722 - 26,284

Aug............................. 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879

Sept............................ 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

Oct.............................. 28,881,463 28,881,438 28,881,438 - 28,908,765 - 27,328

Nov............................. 28,881,463 28,881,438 28,881,438 - 28,907,987 - 26,549

Dec............................. 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214

2022 – Jan ............................. 31,381,463 29,982,990 29,982,990 - 30,012,386 - 29,396

Feb ............................. 31,381,463 30,258,450 30,258,450 - 30,290,353 - 31,902

Mar............................. 31,381,463 30,365,315 30,365,315 - 30,400,960 - 35,645

Apr.............................. 31,381,463 30,333,895 30,333,895 - 30,374,155 - 40,260

May ............................ 31,381,463 30,458,012 30,458,012 - 30,499,619 - 41,606

June ........................... 31,381,463 30,523,251 30,523,251 - 30,568,582 - 45,331

(1) Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was permanently 

increased effective December 16, 2021, to $31,381,462,788,891.71.

(2) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

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

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

the Statutory Debt Limit was suspended through December 8, 2017.

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

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

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

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

(5)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.

28
TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

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

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

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ....................................... 1,809,674 31,592 21,196 30,286 658 317

2021 - June ............................ 1,798,723 27,746 20,425 29,317 585 363

July............................. 1,869,619 27,596 20,425 29,319 585 363

Aug............................. 1,918,353 28,636 21,182 30,141 656 317

Sept............................ 1,809,674 31,592 21,196 30,286 658 317

Oct.............................. 1,869,279 39,986 21,364 30,439 660 317

Nov............................. 1,887,822 42,593 21,494 30,550 663 317

Dec............................. 1,911,421 30,333 21,629 31,039 665 317

2022 - Jan .............................. 1,919,559 31,128 21,752 31,126 666 317

Feb ............................. 1,937,167 32,196 21,842 31,260 667 317

Mar............................. 1,954,853 31,290 20,775 29,420 558 317

 Apr ............................. 1,977,620 29,895 20,856 29,522 560 317

May ............................ 1,989,056 30,696 20,944 29,615 564 317

June ........................... 1,996,058 30,743 21,069 29,867 568 317

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) 

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

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

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2021 ....................................... 1,221,381 5,629 66,271 10 70,500

2021 - June............................ 1,291,837 5,762 51,817 30 69,963

July............................. 1,326,667 5,870 70,044 30 70,223

Aug............................. 1,325,568 5,867 70,044 10 70,624

Sept............................ 1,221,381 5,629 66,271 10 70,500

Oct ............................. 1,258,486 5,621 66,271 10 70,668

Nov............................. 1,258,479 5,621 66,271 10 71,302

Dec............................. 1,277,348 5,615 66,271 10 71,819

2022 - Jan.............................. 1,277,366 5,595 66,271 11 71,938

Feb............................. 1,277,201 5,927 66,271 11 72,459

Mar............................. 1,287,754 5,922 66,271 11 72,718

 Apr ............................. 1,298,251 5,887 66,271 11 72,075

May ............................ 1,298,279 5,862 66,271 13 72,470

June ........................... 1,272,314 5,861 98,149 13 72,846

29
TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

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

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

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2021 ...................................... 14,531 4,567 262,655 80,081

2021 - June ........................... 15,391 3,375 197,982 84,130

July............................ 15,391 3,790 214,982 84,334

Aug............................ 14,431 4,145 264,070 82,662

Sept........................... 14,531 4,567 262,655 80,081

Oct............................. 14,532 4,994 275,269 80,662

Nov............................ 14,532 5,326 294,269 76,395

Dec............................ 14,590 5,757 309,269 76,759

2022 - Jan ............................. 14,596 6,187 315,532 77,074

Feb ............................ 14,596 6,515 330,532 77,373

Mar............................ 14,596 6,927 340,533 77,761

 Apr ............................ 14,596 7,338 354,042 77,999

May ........................... 14,596 7,701 363,345 78,383

June .......................... 14,596 3,157 367,138 79,420

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

30
 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]

APRIL 

Auction of 119-Day Cash Management Bills 

On March 29, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 

5 and will mature August 2. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on March 30. Tenders totaled $94,502 million; Treasury accepted $30,000 million, including $8 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.805 percent. 

Auction of 119-Day Cash Management Bills 

On April 5, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 12 

and will mature August 9. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the 

bills on April 6. Tenders totaled $110,919 million; Treasury accepted $30,000 million, including $15 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.910 percent. 

Auction of 3-Year Notes 

On April 7, 2022, Treasury announced it would auction $46,000 million of 3-year notes. The issue was to refund 

$65,734 million of securities maturing April 15 and to raise new cash of approximately $34,266 million. 

The 3-year notes of Series AM-2025 were dated April 15 and issued April 18. They are due April 15, 2025, with 

interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 2-5/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 11. Tenders totaled $114,191 million; Treasury accepted $46,000 

31
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.738 

percent with an equivalent price of $99.677225. Treasury accepted in full all competitive tenders at yields lower 

than 2.738 percent. Tenders at the high yield were allotted 20.79 percent. The median yield was 2.680 percent, and 

the low yield was 2.610 percent. Noncompetitive tenders totaled $238 million. Competitive tenders accepted from 

private investors totaled $45,558 million. Accrued interest of $0.21516 per $1,000 must be paid for the period from 

April 15 to April 18. 

In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $10,973 million 

from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required for Separate 

Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AM-2025 is $100. 

Auction of 9-Year 10-Month 1-7/8 Percent Notes 

On April 7, 2022, Treasury announced it would auction $34,000 million of 9-year 10-month 1-7/8 percent notes. 

The issue was to refund $65,734 million of securities maturing April 15 and to raise new cash of approximately 

$34,266 million. 

The 9-year 10-month 1-7/8 percent notes of Series B-2032 were dated February 15 and issued April 18. They are 

due February 15, 2032, 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 12. Tenders totaled $82,722 million; Treasury accepted $34,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.720 percent with an 

equivalent price of $92.751781. Treasury accepted in full all competitive tenders at yields lower than 2.720 percent. 

Tenders at the high yield were allotted 66.58 percent. The median yield was 2.620 percent, and the low yield was 

2.570 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors 

totaled $33,990 million. Accrued interest of $3.21133 per $1,000 must be paid for the period from February 15 to 

April 18. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $8,111 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2032 is $100. 

Auction of 29-Year 10-Month 2-1/4 Percent Bonds 

On April 7, 2022, Treasury announced it would auction $20,000 million of 29-year 10-month 2-1/4 percent bonds. 

The issue was to refund $65,734 million of securities maturing April 15 and to raise new cash of approximately 

$34,266 million. 

The 29-year 10-month 2-1/4 percent bonds of February 2052 were dated February 15 and issued April 18. They are 

due February 15, 2052, 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 13. Tenders totaled $46,003 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.815 percent with an 

equivalent price of $88.643787. Treasury accepted in full all competitive tenders at yields lower than 2.815 percent. 

Tenders at the high yield were allotted 67.71 percent. The median yield was 2.725 percent, and the low yield was 

2.670 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors 

totaled $19,995 million. Accrued interest of $3.85359 per $1,000 must be paid for the period from February 15 to 

April 18. 

In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $4,771 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2052 is $100. 

32
Auction of 119-Day Cash Management Bills 

On April 12, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 

19 and will mature August 16. The issue was to raise new cash of approximately $30,000 million. Treasury 

auctioned the bills on April 13. Tenders totaled $107,771 million; Treasury accepted $30,000 million, including $11 

million of noncompetitive tenders from the public. The high bank discount rate was 0.965 percent. 

Auction of 52-Week Bills 

On April 14, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued April 21 and will mature April 20, 2023. The issue was to refund $139,000 million of all maturing bills and to 

raise new cash of approximately $ million. Treasury auctioned the bills on April 19. Tenders totaled $112,601 

million; Treasury accepted $34,000 million, including $711 million of noncompetitive tenders from the public. The 

high bank discount rate was 1.870 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,399 million from 

FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On April 19, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 

26 and will mature August 23. The issue was to raise new cash of approximately $30,000 million. Treasury 

auctioned the bills on April 20. Tenders totaled $114,722 million; Treasury accepted $30,000 million, including $12 

million of noncompetitive tenders from the public. The high bank discount rate was 1.070 percent. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On April 14, 2022, Treasury announced it would auction $20,000 million of 5-year TIPS. The issue was to raise new 

cash of approximately $20,000 million. 

The 5-year TIPS of Series X-2027 were dated April 15 and issued April 29. They are due April 15, 2027, with 

interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 21. Tenders totaled $54,680 million; Treasury accepted $20,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.340 percent with 

an equivalent adjusted price of $102.762649. Treasury accepted in full all competitive tenders at yields lower than -

0.340 percent. Tenders at the high yield were allotted 56.81 percent. The median yield was -0.400 percent, and the 

low yield was -0.420 percent. Noncompetitive tenders totaled $132 million. Competitive tenders accepted from 

private investors totaled $19,869 million. Adjusted accrued interest of $0.04801 per $1,000 must be paid for the 

period from April 15 to April 29. Both the unadjusted price of $102.328775 and the unadjusted accrued interest of 

$0.04781 were adjusted by an index ratio of 1.00424, for the period from April 15 to April 29. The minimum par 

amount required for STRIPS of TIPS of Series X-2027 is $100. 

MAY 

Auction of 19-Year 10-Month 2-3/8 Percent Bonds 

On April 14, 2022, Treasury announced it would auction $16,000 million of 19-year 10-month 2-3/8 percent bonds. 

The issue was to refund $152,209 million of securities maturing April 30 and to raise new cash of approximately 

$28,791 million. 

The 19-year 10-month 2-3/8 percent bonds of February 2042 were dated February 15 and issued May 2. They are 

due February 15, 2042, with interest payable on August 15 and February 15 until maturity. 

33
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 20. Tenders totaled $44,815 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.095 percent with an 

equivalent price of $89.399717. Treasury accepted in full all competitive tenders at yields lower than 3.095 percent. 

Tenders at the high yield were allotted 65.88 percent. The median yield was 3.030 percent, and the low yield was 

2.880 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors 

totaled $15,992 million. Accrued interest of $4.98619 per $1,000 must be paid for the period from February 15 to 

May 2. 

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $2,218 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2042 is $100. 

Auction of 2-Year Notes 

On April 21, 2022, Treasury announced it would auction $48,000 million of 2-year notes. The issue was to refund 

$152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. 

The 2-year notes of Series BA-2024 were dated April 30 and issued May 2. They are due April 30, 2024, with 

interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-1/2 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 April 26. Tenders totaled $131,452 million; Treasury accepted $48,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.585 percent with an 

equivalent price of $99.835616. Treasury accepted in full all competitive tenders at yields lower than 2.585 percent. 

Tenders at the high yield were allotted 55.91 percent. The median yield was 2.534 percent, and the low yield was 

2.450 percent. Noncompetitive tenders totaled $861 million. Competitive tenders accepted from private investors 

totaled $47,034 million. Accrued interest of $0.13587 per $1,000 must be paid for the period from April 30 to May 

2. 

In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $6,655 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BA-2024 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On April 21, 2022, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue was to refund 

$152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. 

The 2-year FRNs of Series BB-2024 were dated April 30 and issued May 2. They are due April 30, 2024, with 

interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of -0.075 

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 27. Tenders totaled $60,131 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of -0.075 

percent with an equivalent price of $99.999991. Treasury accepted in full all competitive tenders at discount 

margins lower than -0.075 percent. Tenders at the high discount margin were allotted 59.59 percent. The median 

discount margin was -0.100 percent, and the low discount margin was -0.160 percent. Noncompetitive tenders 

totaled $57 million. Competitive tenders accepted from private investors totaled $23,938 million. Accrued interest of 

$0.004538926 per $100 must be paid for the period from April 30 to May 2. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,328 million from 

FRBs for their own accounts. 

34
Auction of 5-Year Notes 

On April 21, 2022, Treasury announced it would auction $49,000 million of 5-year notes. The issue was to refund 

$152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. 

The 5-year notes of Series Y-2027 were dated April 30 and issued May 2. They are due April 30, 2027, with interest 

payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 27. Tenders totaled $118,293 million; Treasury accepted $49,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.785 percent with an 

equivalent price of $99.837649. Treasury accepted in full all competitive tenders at yields lower than 2.785 percent. 

Tenders at the high yield were allotted 86.88 percent. The median yield was 2.720 percent, and the low yield was 

2.650 percent. Noncompetitive tenders totaled $99 million. Competitive tenders accepted from private investors 

totaled $48,796 million. Accrued interest of $0.14946 per $1,000 must be paid for the period from April 30 to May 

2. 

In addition to the $49,000 million of tenders accepted in the auction process, Treasury accepted $6,794 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2027 is $100. 

Auction of 7-Year Notes 

On April 21, 2022, Treasury announced it would auction $44,000 million of 7-year notes. The issue was to refund 

$152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. 

The 7-year notes of Series K-2029 were dated April 30 and issued May 2. They are due April 30, 2029, with interest 

payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 28. Tenders totaled $105,902 million; Treasury accepted $44,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.908 percent with an 

equivalent price of $99.792275. Treasury accepted in full all competitive tenders at yields lower than 2.908 percent. 

Tenders at the high yield were allotted 38.02 percent. The median yield was 2.840 percent, and the low yield was 

2.780 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors 

totaled $43,979 million. Accrued interest of $0.15625 per $1,000 must be paid for the period from April 30 to May 

2. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $6,101 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2029 is $100. 

Auction of 119-Day Cash Management Bills 

On April 26, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 3 

and will mature August 30. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on April 27. Tenders totaled $106,735 million; Treasury accepted $30,000 million, including $18 million of 

noncompetitive tenders from the public. The high bank discount rate was 1.110 percent. 

Auction of 119-Day Cash Management Bills 

On May 3, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 10 

and will mature September 6. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on May 4. Tenders totaled $99,350 million; Treasury accepted $30,000 million, including $9 million of 

noncompetitive tenders from the public. The high bank discount rate was 1.225 percent. 

35
May Quarterly Financing 

On May 4, 2022, Treasury announced it would auction $45,000 million of 3-year notes, $36,000 million of 10-year 

notes, and $22,000 million of 30-year bonds to refund $47,846 million of securities maturing May 15, 2022 and to 

raise new cash of approximately $55,154 million. 

The 3-year notes of Series AN-2025 were dated May 15 and issued May 16. They are due May 15, 2025, with 

interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-3/4 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 10. Tenders totaled $116,761 million; Treasury accepted $45,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.809 percent with an 

equivalent price of $99.831427. Treasury accepted in full all competitive tenders at yields lower than 2.809 percent. 

Tenders at the high yield were allotted 56.80 percent. The median yield was 2.740 percent, and the low yield was 

2.690 percent. Noncompetitive tenders totaled $231 million. Competitive tenders accepted from private investors 

totaled $44,664 million. Accrued interest of $0.07473 per $1,000 must be paid for the period from May 15 to May 

16. 

In addition to the $45,000 million of tenders accepted in the auction process, Treasury accepted $31,493 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AN-2025 is 

$100. 

The 10-year notes of Series C-2032 were dated May 15 and issued May 16. They are due May 15, 2032, with 

interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-7/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 11. Tenders totaled $89,548 million; Treasury accepted $36,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.943 percent with an 

equivalent price of $99.414646. Treasury accepted in full all competitive tenders at yields lower than 2.943 percent. 

Tenders at the high yield were allotted 75.08 percent. The median yield was 2.850 percent, and the low yield was 

2.800 percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors 

totaled $35,949 million. Accrued interest of $0.07813 per $1,000 must be paid for the period from May 15 to May 

16. 

In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $25,194 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2032 is 

$100. 

The 30-year bonds of May 2052 were dated May 15 and issued May 16. They are due May 15, 2052, 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 12. Tenders totaled $52,403 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.997 percent with an 

equivalent price of $97.596896. Treasury accepted in full all competitive tenders at yields lower than 2.997 percent. 

Tenders at the high yield were allotted 23.16 percent. The median yield was 2.910 percent, and the low yield was 

2.860 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors 

totaled $21,986 million. Accrued interest of $0.07813 per $1,000 must be paid for the period from May 15 to May 

16. 

In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $15,396 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2052 is $100. 

36
Auction of 119-Day Cash Management Bills 

On May 10, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 17 

and will mature September 13. The issue was to raise new cash of approximately $30,000 million. Treasury 

auctioned the bills on May 11. Tenders totaled $98,760 million; Treasury accepted $30,001 million, including $10 

million of noncompetitive tenders from the public. The high bank discount rate was 1.160 percent. 

Auction of 52-Week Bills 

On May 12, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued May 19 and will mature May 18, 2023. The issue was to refund $144,999 million of all maturing bills and to 

pay down approximately $23,999 million. Treasury auctioned the bills on May 18. Tenders totaled $106,050 

million; Treasury accepted $34,000 million, including $914 million of noncompetitive tenders from the public. The 

high bank discount rate was 2.100 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $5,178 million from 

FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On May 17, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 24 

and will mature September 20. The issue was to raise new cash of approximately $30,000 million. Treasury 

auctioned the bills on May 18. Tenders totaled $91,353 million; Treasury accepted $30,000 million, including $7 

million of noncompetitive tenders from the public. The high bank discount rate was 1.250 percent. 

Auction of 1-Year 11-Month -0.075 Percent FRNs 

On May 19, 2022, Treasury announced it would auction $22,000 million of 1-year 11-month -0.075 percent FRNs. 

The issue was to raise new cash of approximately $22,000 million. 

The 1-year 11-month -0.075 percent FRNs of Series BB-2024 were dated April 30 and issued May 27. They are due 

April 30, 2024, with interest payable on July 31, October 31, January 31, and April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on May 25. Tenders totaled $70,795 million; Treasury accepted $22,001 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.000 

percent with an equivalent price of $99.854908. Treasury accepted in full all competitive tenders at discount 

margins lower than 0.000 percent. Tenders at the high discount margin were allotted 25.14 percent. The median 

discount margin was -0.013 percent, and the low discount margin was -0.060 percent. Noncompetitive tenders 

totaled $21 million. Competitive tenders accepted from private investors totaled $21,975 million. Accrued interest of 

$0.066411593 per $100 must be paid for the period from April 30 to May 27. 

Auction of 119-Day Cash Management Bills 

On May 24, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 31 

and will mature September 27. The issue was to raise new cash of approximately $30,000 million. Treasury 

auctioned the bills on May 25. Tenders totaled $96,437 million; Treasury accepted $30,000 million, including $8 

million of noncompetitive tenders from the public. The high bank discount rate was 1.280 percent. 

Auction of 20-Year Bonds 

On May 12, 2022, Treasury announced it would auction $17,000 million of 20-year bonds. The issue was to refund 

$90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. 

The 20-year bonds of May 2042 were dated May 15 and issued May 31. They are due May 15, 2042, with interest 

payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

37
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 18. Tenders totaled $42,420 million; Treasury accepted $17,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.290 percent with an 

equivalent price of $99.416025. Treasury accepted in full all competitive tenders at yields lower than 3.290 percent. 

Tenders at the high yield were allotted 79.85 percent. The median yield was 3.215 percent, and the low yield was 

2.880 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors 

totaled $16,988 million. Accrued interest of $1.41304 per $1,000 must be paid for the period from May 15 to May 

31. 

In addition to the $17,000 million of tenders accepted in the auction process, Treasury accepted $2,556 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2042 is $100. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On May 12, 2022, Treasury announced it would auction $14,000 million of 9-year 8-month 0-1/8 percent TIPS. The 

issue was to refund $90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 

million. 

The 9-year 8-month 0-1/8 percent TIPS of Series A-2032 were dated January 15 and issued May 31. They are due 

January 15, 2032, 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 19. Tenders totaled $31,368 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.232 percent with an 

equivalent adjusted price of $102.616800. Treasury accepted in full all competitive tenders at yields lower than 

0.232 percent. Tenders at the high yield were allotted 22.71 percent. The median yield was 0.080 percent, and the 

low yield was 0.000 percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private 

investors totaled $13,969 million. Adjusted accrued interest of $0.48685 per $1,000 must be paid for the period from 

January 15 to May 31. Both the unadjusted price of $98.982175 and the unadjusted accrued interest of $0.46961 

were adjusted by an index ratio of 1.03672, for the period from January 15 to May 31. 

In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $2,105 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2032 is $100. 

Auction of 2-Year Notes 

On May 19, 2022, Treasury announced it would auction $47,000 million of 2-year notes. The issue was to refund 

$90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. 

The 2-year notes of Series BC-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 2-1/2 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 24. Tenders totaled $122,509 million; Treasury accepted $47,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.519 percent with an 

equivalent price of $99.963167. Treasury accepted in full all competitive tenders at yields lower than 2.519 percent. 

Tenders at the high yield were allotted 28.24 percent. The median yield was 2.445 percent, and the low yield was 

2.400 percent. Noncompetitive tenders totaled $677 million. Competitive tenders accepted from private investors 

totaled $46,223 million. 

In addition to the $47,000 million of tenders accepted in the auction process, Treasury accepted $7,066 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BC-2024 is $100. 

38
Auction of 5-Year Notes 

On May 19, 2022, Treasury announced it would auction $48,000 million of 5-year notes. The issue was to refund 

$90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. 

The 5-year notes of Series Z-2027 were dated and issued May 31. They are due May 31, 2027, with interest payable 

on November 30 and May 31 until maturity. Treasury set an interest rate of 2-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 25. Tenders totaled $117,275 million; Treasury accepted $48,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.736 percent with an 

equivalent price of $99.484571. Treasury accepted in full all competitive tenders at yields lower than 2.736 percent. 

Tenders at the high yield were allotted 17.44 percent. The median yield was 2.660 percent, and the low yield was 

2.600 percent. Noncompetitive tenders totaled $108 million. Competitive tenders accepted from private investors 

totaled $47,789 million. 

In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $7,216 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2027 is $100. 

Auction of 7-Year Notes 

On May 19, 2022, Treasury announced it would auction $42,000 million of 7-year notes. The issue was to refund 

$90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. 

The 7-year notes of Series L-2029 were dated and issued May 31. They are due May 31, 2029, with interest payable 

on November 30 and May 31 until maturity. Treasury set an interest rate of 2-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 26. Tenders totaled $112,972 million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.777 percent with an 

equivalent price of $99.829306. Treasury accepted in full all competitive tenders at yields lower than 2.777 percent. 

Tenders at the high yield were allotted 0.47 percent. The median yield was 2.712 percent, and the low yield was 

2.650 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors 

totaled $41,983 million. 

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $6,314 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2029 is $100. 

JUNE 

Auction of 119-Day Cash Management Bills 

On May 31, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 7 

and will mature October 4. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on June 1. Tenders totaled $92,642 million; Treasury accepted $30,000 million, including $6 million of 

noncompetitive tenders from the public. The high bank discount rate was 1.390 percent. 

Auction of 119-Day Cash Management Bills 

On June 7, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 14 

and will mature October 11. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on June 8. Tenders totaled $94,245 million; Treasury accepted $30,000 million, including $10 million of 

noncompetitive tenders from the public. The high bank discount rate was 1.510 percent. 

39
Auction of 3-Year Notes 

On June 2, 2022, Treasury announced it would auction $44,000 million of 3-year notes. The issue was to refund 

$23,079 million of securities maturing June 15 and to raise new cash of approximately $72,921 million. 

The 3-year notes of Series AP-2025 were dated and issued June 15. They are due June 15, 2025, with interest 

payable on December 15 and June 15 until maturity. Treasury set an interest rate of 2-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 7. Tenders totaled $107,934 million; Treasury accepted $44,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.927 percent with an 

equivalent price of $99.851689. Treasury accepted in full all competitive tenders at yields lower than 2.927 percent. 

Tenders at the high yield were allotted 63.87 percent. The median yield was 2.870 percent, and the low yield was 

2.780 percent. Noncompetitive tenders totaled $174 million. Competitive tenders accepted from private investors 

totaled $43,626 million. 

In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $2,587 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AP-2025 is $100. 

Auction of 9-Year 11-Month 2-7/8 Percent Notes 

On June 2, 2022, Treasury announced it would auction $33,000 million of 9-year 11-month 2-7/8 percent notes. The 

issue was to refund $23,079 million of securities maturing June 15 and to raise new cash of approximately $72,921 

million. 

The 9-year 11-month 2-7/8 percent notes of Series C-2032 were dated May 15 and issued June 15. They are due 

May 15, 2032, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 8. Tenders totaled $79,597 million; Treasury accepted $33,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.030 percent with an 

equivalent price of $98.677928. Treasury accepted in full all competitive tenders at yields lower than 3.030 percent. 

Tenders at the high yield were allotted 42.58 percent. The median yield was 2.950 percent, and the low yield was 

2.890 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors 

totaled $32,981 million. Accrued interest of $2.42188 per $1,000 must be paid for the period from May 15 to June 

15. 

In addition to the $33,000 million of tenders accepted in the auction process, Treasury accepted $1,940 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2032 is $100. 

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

On June 2, 2022, Treasury announced it would auction $19,000 million of 29-year 11-month 2-7/8 percent bonds. 

The issue was to refund $23,079 million of securities maturing June 15 and to raise new cash of approximately 

$72,921 million. 

The 29-year 11-month 2-7/8 percent bonds of May 2052 were dated May 15 and issued June 15. They are due May 

15, 2052, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 9. Tenders totaled $44,670 million; Treasury accepted $19,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.185 percent with an 

equivalent price of $94.045539. Treasury accepted in full all competitive tenders at yields lower than 3.185 percent. 

Tenders at the high yield were allotted 63.99 percent. The median yield was 3.105 percent, and the low yield was 

3.030 percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors 

40
totaled $18,996 million. Accrued interest of $2.42188 per $1,000 must be paid for the period from May 15 to June 

15. 

In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $1,117 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2052 is $100. 

Auction of 52-Week Bills 

On June 9, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued 

June 16 and will mature June 15, 2023. The issue was to refund $144,999 million of all maturing bills and to pay 

down approximately $23,999 million. Treasury auctioned the bills on June 14. Tenders totaled $106,804 million; 

Treasury accepted $34,000 million, including $882 million of noncompetitive tenders from the public. The high 

bank discount rate was 3.020 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,943 million from 

FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On June 14, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 21 

and will mature October 18. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on June 15. Tenders totaled $96,089 million; Treasury accepted $30,000 million, including $5 million of 

noncompetitive tenders from the public. The high bank discount rate was 2.090 percent. 

Auction of 1-Year 10-Month -0.075 Percent FRNs 

On June 16, 2022, Treasury announced it would auction $22,000 million of 1-year 10-month -0.075 percent FRNs. 

The issue was to raise new cash of approximately $22,000 million. 

The 1-year 10-month -0.075 percent FRNs of Series BB-2024 were dated April 30 and issued June 24. They are due 

April 30, 2024, with interest payable on July 31, October 31, January 31, and April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on June 22. Tenders totaled $76,754 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of -0.003 

percent with an equivalent price of $99.866853. Treasury accepted in full all competitive tenders at discount 

margins lower than -0.003 percent. Tenders at the high discount margin were allotted 72.99 percent. The median 

discount margin was -0.010 percent, and the low discount margin was -0.090 percent. Noncompetitive tenders 

totaled $65 million. Competitive tenders accepted from private investors totaled $21,930 million. Accrued interest of 

$0.163796152 per $100 must be paid for the period from April 30 to June 24. 

Auction of 119-Day Cash Management Bills 

On June 21, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 28 

and will mature October 25. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned 

the bills on June 22. Tenders totaled $89,942 million; Treasury accepted $30,000 million, including $8 million of 

noncompetitive tenders from the public. The high bank discount rate was 2.060 percent. 

Auction of 19-Year 11-Month 3-1/4 Percent Bonds 

On June 16, 2022, Treasury announced it would auction $14,000 million of 19-year 11-month 3-1/4 percent bonds. 

The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately 

$78,910 million. 

The 19-year 11-month 3-1/4 percent bonds of May 2042 were dated May 15 and issued June 30. They are due May 

15, 2042, with interest payable on November 15 and May 15 until maturity. 

41
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 22. Tenders totaled $36,349 million; Treasury accepted $14,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.488 percent with an 

equivalent price of $96.603091. Treasury accepted in full all competitive tenders at yields lower than 3.488 percent. 

Tenders at the high yield were allotted 8.62 percent. The median yield was 3.405 percent, and the low yield was 

3.380 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors 

totaled $13,988 million. Accrued interest of $4.06250 per $1,000 must be paid for the period from May 15 to June 

30. 

In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,070 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2042 is $100. 

Auction of 4-Year 10-Month 0-1/8 Percent TIPS 

On June 16, 2022, Treasury announced it would auction $18,000 million of 4-year 10-month 0-1/8 percent TIPS. 

The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately 

$78,910 million. 

The 4-year 10-month 0-1/8 percent TIPS of Series X-2027 were dated April 15 and issued June 30. They are due 

April 15, 2027, 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 23. Tenders totaled $46,998 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.362 percent with an 

equivalent adjusted price of $101.224234. Treasury accepted in full all competitive tenders at yields lower than 

0.362 percent. Tenders at the high yield were allotted 20.88 percent. The median yield was 0.300 percent, and the 

low yield was 0.200 percent. Noncompetitive tenders totaled $138 million. Competitive tenders accepted from 

private investors totaled $17,862 million. Adjusted accrued interest of $0.26573 per $1,000 must be paid for the 

period from April 15 to June 30. Both the unadjusted price of $98.874965 and the unadjusted accrued interest of 

$0.25956 were adjusted by an index ratio of 1.02376, for the period from April 15 to June 30. 

In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $1,376 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2027 is $100. 

Auction of 2-Year Notes 

On June 23, 2022, Treasury announced it would auction $46,000 million of 2-year notes. The issue was to refund 

$86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. 

The 2-year notes of Series BD-2024 were dated and issued June 30. They are due June 30, 2024, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on June 27. Tenders totaled $115,396 million; Treasury accepted $46,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.084 percent with an 

equivalent price of $99.838282. Treasury accepted in full all competitive tenders at yields lower than 3.084 percent. 

Tenders at the high yield were allotted 1.29 percent. The median yield was 3.000 percent, and the low yield was 

2.940 percent. Noncompetitive tenders totaled $785 million. Competitive tenders accepted from private investors 

totaled $45,115 million. 

In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $3,516 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BD-2024 is $100. 

42
Auction of 5-Year Notes 

On June 23, 2022, Treasury announced it would auction $47,000 million of 5-year notes. The issue was to refund 

$86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. 

The 5-year notes of Series AA-2027 were dated and issued June 30. They are due June 30, 2027, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 27. Tenders totaled $107,262 million; Treasury accepted $47,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.271 percent with an 

equivalent price of $99.903859. Treasury accepted in full all competitive tenders at yields lower than 3.271 percent. 

Tenders at the high yield were allotted 21.90 percent. The median yield was 3.180 percent, and the low yield was 

3.120 percent. Noncompetitive tenders totaled $112 million. Competitive tenders accepted from private investors 

totaled $46,888 million. 

In addition to the $47,000 million of tenders accepted in the auction process, Treasury accepted $3,592 million from 

FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2027 is $100. 

Auction of 7-Year Notes 

On June 23, 2022, Treasury announced it would auction $40,000 million of 7-year notes. The issue was to refund 

$86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. 

The 7-year notes of Series M-2029 were dated and issued June 30. They are due June 30, 2029, with interest payable 

on December 31 and June 30 until maturity. Treasury set an interest rate of 3-1/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 28. Tenders totaled $99,245 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.280 percent with an 

equivalent price of $99.813719. Treasury accepted in full all competitive tenders at yields lower than 3.280 percent. 

Tenders at the high yield were allotted 17.10 percent. The median yield was 3.199 percent, and the low yield was 

3.130 percent. Noncompetitive tenders totaled $27 million. Competitive tenders accepted from private investors 

totaled $39,973 million. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $3,057 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2029 is 

$100. 

43
TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

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

On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, and 26 week) 

2022 – Apr. 05............................................... 2022-May 03 28 111,995.3 38,644.2 34,419.3 581.3 99.989500 0.135 0.137

May 31 56 85,630.5 33,123.1 29,780.6 219.4 99.940889 0.380 0.386

Apr. 07............................................... July 07 91 147,928.2 64,828.6 56,151.5 678.7 99.830639 0.670 0.680

Oct. 06 182 164,416.2 54,592.9 46,933.8 766.7 99.438833 1.110 1.132

Apr. 12............................................... May 10 28 121,802.6 38,494.0 34,362.1 637.9 99.984056 0.205 0.208

June 07 56 91,829.8 32,995.1 29,788.1 212.2 99.922222 0.500 0.507

Apr. 14............................................... July 14 91 157,625.2 64,073.9 55,897.9 774.2 99.801569 0.785 0.797

Oct. 13 182 165,431.6 53,958.6 46,796.8 838.9 99.383222 1.220 1.245

Apr. 19............................................... May 17 28 102,904.7 38,613.6 34,295.5 704.5 99.971222 0.370 0.375

June 14 56 109,877.4 33,097.8 29,754.8 245.7 99.911333 0.570 0.578

Apr. 21............................................... July 21 91 162,637.3 64,374.4 56,009.9 790.2 99.782611 0.860 0.874

Oct. 20 182 164,301.0 54,210.4 46,925.5 715.9 99.368056 1.250 1.275

Apr. 26............................................... May 24 28 115,127.5 37,924.6 34,277.7 697.4 99.961111 0.500 0.507

June 21 56 99,623.5 32,506.7 29,469.6 230.4 99.902778 0.625 0.634

Apr. 28............................................... July 28 91 158,034.6 58,020.4 49,111.8 888.6 99.775028 0.890 0.904

Oct. 27 182 140,803.7 51,194.4 43,315.6 819.7 99.307389 1.370 1.399

May 03............................................... May 31 28 126,028.3 38,522.2 33,688.3 745.8 99.962667 0.480 0.487

June 28 56 112,164.3 33,019.2 28,816.4 224.9 99.889556 0.710 0.721

May 05............................................... Aug. 04 91 155,056.4 53,000.3 43,653.2 751.4 99.769972 0.910 0.925

Nov. 03 182 133,054.0 49,466.4 40,794.5 705.5 99.282111 1.420 1.450

May 10............................................... June 07 28 110,658.6 38,479.7 33,494.2 758.4 99.961889 0.490 0.497

July 05 56 109,633.7 32,983.1 29,251.9 252.6 99.889556 0.710 0.721

May 12............................................... Aug. 11 91 149,374.8 51,221.2 42,917.8 1,083.2 99.772500 0.900 0.915

Nov. 10 182 119,977.0 47,805.6 40,174.0 826.0 99.299806 1.385 1.414

May 17............................................... June 14 28 98,172.7 38,600.1 34,131.6 868.5 99.953333 0.600 0.609

July 12 56 93,679.6 33,085.7 29,706.0 294.0 99.882556 0.755 0.766

May 19............................................... Aug. 18 91 133,890.1 51,853.3 43,850.1 950.0 99.734583 1.050 1.067

Nov. 17 182 136,257.7 48,396.5 40,826.3 877.9 99.246722 1.490 1.522

May 24............................................... June 21 28 110,495.0 37,990.9 34,154.5 845.6 99.950222 0.640 0.649

July 19 56 89,636.8 32,564.0 29,729.3 271.2 99.860000 0.900 0.914

May 26............................................... Aug. 25 91 143,528.5 50,751.1 43,359.9 898.2 99.732056 1.060 1.078

Nov. 25 183 134,246.6 47,367.8 40,569.2 811.0 99.222250 1.530 1.563

May 31............................................... June 28 28 101,089.4 38,578.2 34,192.9 807.1 99.942444 0.740 0.751

July 26 56 103,995.0 33,067.3 29,254.6 294.8 99.857667 0.915 0.929

June 02.............................................. Sep. 01 91 142,027.8 52,784.7 43,882.3 817.8 99.716889 1.120 1.139

Dec. 01 182 125,406.0 49,265.7 40,876.9 723.2 99.201222 1.580 1.615

June 07.............................................. July 05 28 110,995.5 38,486.4 34,251.6 748.6 99.933111 0.860 0.873

Aug. 02 56 99,759.4 32,988.8 29,439.1 284.5 99.838222 1.040 1.056

June 09.............................................. Sep. 08 91 139,397.0 50,179.6 43,966.2 834.0 99.689083 1.230 1.251

Dec. 08 182 125,403.4 46,834.4 41,024.5 675.8 99.135500 1.710 1.749

June 14.............................................. July 12 28 102,370.4 38,606.4 33,823.1 916.6 99.919111 1.040 1.055

Aug. 09 56 94,772.9 33,091.2 29,499.1 301.0 99.821111 1.150 1.168

June 16.............................................. Sep. 15 91 107,334.6 50,218.6 43,876.8 823.3 99.585444 1.640 1.670

Dec. 15 182 141,733.0 46,871.0 41,059.9 824.3 98.908000 2.160 2.214

June 21.............................................. July 19 28 113,931.0 37,960.2 33,790.8 1,035.2 99.908222 1.180 1.197

Aug. 16 56 100,871.9 32,537.9 29,362.7 337.9 99.771333 1.470 1.494

June 23.............................................. Sep. 22 91 129,554.7 47,067.0 43,427.6 1,037.4 99.577861 1.670 1.700

Dec. 22 182 104,207.2 43,929.2 40,765.5 978.5 98.791722 2.390 2.453

June 28.............................................. July 26 28 105,052.3 38,552.3 33,954.3 1,045.8 99.914444 1.100 1.116

Aug. 23 56 92,027.5 33,044.9 29,612.4 387.7 99.766667 1.500 1.524

June 30.............................................. Sep. 29 91 135,854.2 53,126.3 44,080.9 919.2 99.557639 1.750 1.782

Dec. 29 182 124,888.4 49,584.6 40,068.0 932.1 98.736111 2.500 2.567

1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity 

of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 

8 weeks. 

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

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

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

format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 

44
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) 

03/30/22 04/05/22 0.805% CMB—08/02/22 119d 94,502 30,000 

04/06/22 04/12/22 0.910% CMB—08/09/22 119d 110,919 30,000 

04/11/22 04/18/22 2.625% note—04/15/25-AM 3y 125,164 56,973 2.738 - 99.677225 

04/12/22 04/18/22 1.875% note—02/15/32-B 9y 10m 90,833 42,111 2.720 - 92.751781 

04/13/22 04/18/22 2.250% bond—02/15/52 29y 10m 50,774 24,771 2.815 - 88.643787 

04/13/22 04/19/22 0.965% CMB—08/16/22 119d 107,771 30,000 

04/19/22 04/21/22 1.870% bill—04/20/23 364d 116,999 38,399

04/20/22 04/26/22 1.070% CMB—08/23/22 119d 114,722 30,000 

04/21/22 04/29/22 0.125% TIPS—04/15/27-X 5y 54,680 20,000 -0.340 - 102.762649 

04/20/22 05/02/22 2.375% bond—02/15/42 19y 10m 47,034 18,218 3.095 - 89.399717 

04/26/22 05/02/22 2.500% note—04/30/24-BA 2y 138,107 54,655 2.585 - 99.835616 

04/27/22 05/02/22 -0.075% FRN—04/30/24-BB 2y 63,459 27,328 -0.075 - 99.999991 

04/27/22 05/02/22 2.750% note—04/30/27-Y 5y 125,087 55,794 2.785 - 99.837649 

04/28/22 05/02/22 2.875% note—04/30/29-K 7y 112,002 50,101 2.908 - 99.792275 

04/27/22 05/03/22 1.110% CMB—08/30/22 119d 106,735 30,000 

05/04/22 05/10/22 1.225% CMB—09/06/22 119d 99,350 30,000 

05/10/22 05/16/22 2.750% note—05/15/25-AN 3y 148,253 76,493 2.809 - 99.831427 

05/11/22 05/16/22 2.875% note—05/15/32-C 10y 114,742 61,194 2.943 - 99.414646 

05/12/22 05/16/22 2.875% bond—05/15/52 30y 67,799 37,396 2.997 - 97.596896 

05/11/22 05/17/22 1.160% CMB—09/13/22 119d 98,760 30,001 

05/18/22 05/19/22 2.100% bill—05/18/23 364d 111,228 39,178

05/18/22 05/24/22 1.250% CMB—09/20/22 119d 91,353 30,000 

05/25/22 05/27/22 -0.075% FRN—04/30/24-BB 1y 11m 70,795 22,001 0.000 - 99.854908 

05/25/22 05/31/22 1.280% CMB—09/27/22 119d 96,437 30,000 

05/18/22 05/31/22 3.250% bond—05/15/42 20y 44,976 19,556 3.290 - 99.416025 

05/19/22 05/31/22 0.125% TIPS—01/15/32-A 9y 8m 33,473 16,105 0.232 - 102.616800 

05/24/22 05/31/22 2.500% note—05/31/24-BC 2y 129,574 54,066 2.519 - 99.963167 

05/25/22 05/31/22 2.625% note—05/31/27-Z 5y 124,492 55,216 2.736 - 99.484571 

05/26/22 05/31/22 2.750% note—05/31/29-L 7y 119,286 48,314 2.777 - 99.829306 

06/01/22 06/07/22 1.390% CMB—10/04/22 119d 92,642 30,000 

06/08/22 06/14/22 1.510% CMB—10/11/22 119d 94,245 30,000 

06/07/22 06/15/22 2.875% note—06/15/25-AP 3y 110,521 46,587 2.927 - 99.851689 

06/08/22 06/15/22 2.875% note—05/15/32-C 9y 11m 81,537 34,940 3.030 - 98.677928 

06/09/22 06/15/22 2.875% bond—05/15/52 29y 11m 45,787 20,117 3.185 - 94.045539 

06/14/22 06/16/22 3.020% bill—06/15/23 364d 110,747 37,943

06/15/22 06/21/22 2.090% CMB—10/18/22 119d 96,089 30,000 

06/22/22 06/24/22 -0.075% FRN—04/30/24-BB 1y 10m 76,754 22,000 -0.003 - 99.866853 

06/22/22 06/28/22 2.060% CMB—10/25/22 119d 89,942 30,000 

45
Continued PDO-2: 

06/22/22 06/30/22 3.250% bond—05/15/42 19y 11m 37,419 15,070 3.488 - 96.603091 

06/23/22 06/30/22 0.125% TIPS—04/15/27-X 4y 10m 48,373 19,376 0.362 - 101.224234 

06/27/22 06/30/22 3.000% note—06/30/24-BD 2y 118,912 49,516 3.084 - 99.838282 

06/27/22 06/30/22 3.250% note—06/30/27-AA 5y 110,855 50,592 3.271 - 99.903859 

06/28/22 06/30/22 3.250% note—06/30/29-M 7y 102,302 43,057 3.280 - 99.813719 

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. 

46
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 L210. 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.) 

47
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) 

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

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2021 - June ..................................... 28,549,263 28,529,436 6,175,904 - 6,175,904 5,644,351 

July ...................................... 28,447,372 28,427,722 6,119,935 - 6,119,935 5,736,573 

Aug ...................................... 28,446,893 28,427,317 6,150,237 - 6,150,237 5,837,254 

Sept..................................... 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

Oct....................................... 28,928,663 28,908,765 6,247,399 - 6,247,399 6,009,806 

Nov ...................................... 28,928,235 28,907,987 6,237,725 - 6,237,725 6,073,334 

Dec ...................................... 29,637,003 29,617,215 6,448,886 - 6,448,886 6,141,499 

2022 - Jan ...................................... 30,032,163 30,012,386 6,500,497 - 6,500,497 6,212,353 

Feb ...................................... 30,309,927 30,290,353 6,489,253 - 6,489,253 6,245,309 

Mar ...................................... 30,420,358 30,400,960 6,497,680 - 6,497,680 6,254,966 

Apr....................................... 30,393,512 30,374,155 6,504,588 - 6,504,558 6,255,055 

May...................................... 30,519,177 30,499,619 6,574,537 - 6,574,537 6,250,483 

June..................................... 30,588,304 30,568,582 6,635,101 - 6,635,101 6,216,801 

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) 

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 - 

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 - 

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 - 

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2021 - June ..................................... 16,709,181 16,094,674 614,507 19,827 19,827 - 

July ...................................... 16,571,214 15,961,969 609,245 19,650 19,650 - 

Aug ...................................... 16,439,826 16,094,934 344,892 19,576 19,576 - 

Sept..................................... 16,394,280 15,967,103 427,176 19,502 19,502 - 

Oct....................................... 16,651,560 16,122,276 529,284 19,898 19,898 - 

Nov ...................................... 16,596,928 16,278,273 318,655 20,248 20,248 - 

Dec ...................................... 17,026,830 16,448,593 578,237 19,788 19,788 - 

2022 - Jan ...................................... 17,299,536 16,706,545 592,991 19,777 19,777 - 

Feb ...................................... 17,555,791 16,950,653 605,138 19,574 19,574 - 

Mar ...................................... 17,648,314 17,031,146 617,168 19,398 19,398 - 

Apr....................................... 17,614,542 16,999,565 614,977 19,357 19,357 - 

May...................................... 17,674,599 17,056,672 617,926 19,558 19,558 - 

June..................................... 17,716,680 17,094,781 621,899 19,722 19,722 - 

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. 

48
TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

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

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies* 3

 (8) 

Mutual 

funds 3, 7

(9)

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2022 - June 30,568.6 12,399.7 18,168.9 0.0 160.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

 Mar. 30,401.0 12,281.3 18,119.7 1,753.8 149.7 888.9 430.5 374.9 3,262.0 1,452.2 7,613.6 2,194.2 

2021 - Dec. 29,617.2 12,125.9 17,491.3 1,734.2 146.2 875.9 430.9 419.3 3,407.0 1,451.4 7,747.7 1,278.8 

 Sept. 28,428.9 11,579.1 16,849.8 1,540.3 143.6 694.1 418.5 423.8 3,236.5 1,398.2 7,570.9 1,424.0 

 June 28,529.4 11,382.9 17,146.5 1,433.1 144.6 861.7 393.2 421.2 3,777.9 1,326.2 7,518.9 1,269.8 

 Mar. 28,132.6 11,095.5 17,037.1 1,347.9 145.7 835.4 344.5 391.9 3,951.6 1,112.1 7,038.3 1,869.6 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.2 147.1 859.5 346.8 398.2 3,784.8 1,111.9 7,070.7 1,954.4 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.1 148.6 842.9 309.9 414.3 3,725.3 1,059.7 7,069.2 1,762.5 

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 815.4 284.7 403.2 3,696.0 1,034.8 7,052.1 1,725.7 

 Mar. 23,686.9 9,279.7 14,407.2 947.6 150.0 787.6 325.3 396.8 2,501.7 862.1 6,949.5 1,486.6 

2019 - Dec. 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 329.3 368.7 2,412.8 793.1 6,844.2 2,301.7 

 Sept. 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.5 366.8 2,319.7 766.8 6,923.5 2,222.6 

 June 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.6 2,037.0 751.4 6,625.9 2,486.5 

 Mar. 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.1 2,189.2 752.7 6,474.0 2,526.7 

2018 - Dec. 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9 

 Sept. 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4 

 Mar. 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5 

2017 - Dec. 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept. 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7 

 June 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5 

 Mar. 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept. 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve 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.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift 

Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment companies.

8Source: 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. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the 

FRB Flow of Funds Z.1 release series reporting this data. This new series is now being 

captured and “Insurance companies” data have been revised back to June 2013. 

49
50

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, 2022 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,584,316,862,092 $2,533,881,300,586 $2,533,406,677,642 $238,914,466 $235,708,478

Less amounts held by: 

The Treasury....................................... 179,149,775 96,549,775 96,297,748 66,555 185,472

FRBs ................................................... 302,672,637,702 301,411,754,622 301,411,750,632 100 3,890

Amounts in circulation ............................. $2,281,465,074,615 $2,232,372,996,189 $2,231,898,629,262 $238,847,811 $235,519,116

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $50,435,561,506 6,548,044,108 43,887,517,398 

Less amounts held by: 

The Treasury....................................... 82,600,000 48,770,000 33,830,000 

FRBs ................................................... 1,260,883,080 927,739,442 333,143,638 

Amounts in circulation ............................. $49,092,078,426 $5,571,534,666 $ 43,520,543,760 

See footnotes following table USCC-2. 
51

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2022 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $14,201,110,101 $14,061,547,052 $143,470 $139,419,579 

$2 ................................................................................ 2,909,004,444 2,777,587,176 131,404,696 12,572 

$5 ................................................................................ 17,200,579,305 17,070,991,515 107,336,375 22,251,415 

$10 .............................................................................. 23,117,565,040 23,097,865,830 3,440 19,695,770 

$20 .............................................................................. 234,738,592,600 234,718,491,840 -1,660 20,102,420 

$50 .............................................................................. 123,764,514,400 123,753,029,250 -14,000 11,499,150 

$100 ............................................................................ 1,816,129,561,200 1,816,107,606,600 -32,0006 21,986,700 

$500 ............................................................................ 141,722,500 141,531,000 3,500 188,000 

$1,000 ......................................................................... 165,130,999 164,918,999 4,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

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

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $ 2,232,372,996,189 $2,231,898,629,262 $ 238,847,811 $235,519,116 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

June 30, 2022 ...................................................................................... 2,281,465 6,853

 May 31, 2022 ...................................................................................... 2,279,293 6,848

April 30, 2022...................................................................................... 2,270,095 6,823

Sept. 30, 2020...................................................................................... 2,032,424 6,150

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

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

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

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

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

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

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

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

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

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

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

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

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund
INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 

53
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) 

01/05/22............................................................. 1,831,941 1,823,650 -303 1.2700

01/12/22............................................................. 1,876,215 1,870,282 -287 1.2501

01/19/22............................................................. 1,903,852 1,888,568 -279 1.2499

01/26/22............................................................. 1,908,785 1,891,901 -231 1.2597

02/02/22............................................................. 1,853,430 1,843,044 -167 1.2689

02/09/22............................................................. 1,889,221 1,880,941 -192 1.2675

02/16/22............................................................. 1,903,264 1,903,850 -199 1.2687

02/23/22............................................................. 1,958,729 1,944,590 -202 1.2717

03/02/22............................................................. 1,980,062 1,968,156 -216 1.2657

03/09/22............................................................. 2,053,196 2,049,826 -199 1.2812

03/16/22............................................................. 1,780,942 1,806,732 -232 1.2742

03/23/22............................................................. 1,797,045 1,829,591 -253 1.2555

03/30/22............................................................. 1,874,188 1,896,312 -268 1.2495

04/06/22............................................................. 1,844,522 1,864,568 -328 1.2502

04/13/22............................................................. 1,944,658 1,961,631 -374 1.2595

04/20/22............................................................. 1,915,607 1,938,534 -374 1.2490

04/27/22............................................................. 1,892,799 1,924,404 -293 1.2830

05/04/22............................................................. 1,910,293 1,947,081 -288 1.2817

05/11/22............................................................. 1,949,483 1,967,383 -233 1.2943

05/18/22............................................................. 1,886,195 1,905,207 -277 1.2838

05/25/22............................................................. 1,934,201 1,967,112 -269 1.2837

06/01/22............................................................. 2,128,029 2,149,375 -250 1.2670

06/08/22............................................................. 2,113,272 2,129,503 -242 1.2524

06/15/22............................................................. 1,866,244 1,886,405 -223 1.2970

06/22/22............................................................. 1,849,636 1,857,234 -244 1.2932

06/29/22............................................................. 1,901,490 1,906,465 -239 1.2861

54
SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Dec............... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - July............... 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 

 Aug............... 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 

 Sept............. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 

 Oct.............. 1,943,163 1,957,595 214,779 144,402 75,121 76,439 125,307 127,100 -139 1.2397 

 Nov.............. 2,058,909 2,056,927 192,442 185,092 67,679 67,358 120,396 122,653 -154 1.2812 

 Dec............. 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 - Jan............... 1,932,060 1,921,960 173,431 145,646 73,773 74,433 132,930 137,818 -219 1.2694 

 Feb.............. 2,008,957 2,000,817 201,799 136,465 69,755 68,777 121,236 125,708 -60 1.2662 

 Mar.............. 1,959,104 1,980,500 230,919 145,887 82,703 80,876 131,605 130,872 -219 1.2482 

 Apr.............. 1,995,409 2,033,126 197,677 184,813 81,949 81,406 132,898 132,783 -228 1.2802 

 May.............. 1,885,608 1,905,950 201,434 142,138 72,371 69,030 103,341 100,546 -188 1.2639 

 June.............. 1,972,996 1,983,298 197,535 183,484 64,271 62,776 118,544 110,625 -217 1.2871 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec............... 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962 

2020 - Mar............... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123 

 June............... 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614 

 Sept............... 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 

 Dec................ 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 

2021 - Mar............... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

 June............... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 

 Sept............... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 

 Dec................ 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653 

2022 - Mar............... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482 

55
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) 

01/05/22............................................................. 552,793 560,186 -96 115.91

01/12/22............................................................. 556,673 557,561 -89 114.74

01/19/22............................................................. 555,835 555,943 -77 114.28

01/26/22............................................................. 533,518 539,319 -73 114.33

02/02/22............................................................. 538,177 542,255 -74 114.36

02/09/22............................................................. 540,284 544,157 -77 115.44

02/16/22............................................................. 534,169 559,576 -71 115.41

02/23/22............................................................. 538,299 548,852 -72 115.12

03/02/22............................................................. 562,546 573,577 -72 115.59

03/09/22............................................................. 564,922 578,600 -79 115.87

03/16/22............................................................. 527,403 542,996 -97 118.48

03/23/22............................................................. 545,129 562,213 -102 121.02

03/30/22............................................................. 571,379 589,165 -95 121.97

04/06/22............................................................. 549,667 566,032 -86 123.70

04/13/22............................................................. 556,006 572,768 -107 125.51

04/20/22............................................................. 567,136 594,680 -116 127.76

04/27/22............................................................. 565,849 575,078 -119 128.44

05/04/22............................................................. 586,813 597,499 -115 129.97

05/11/22............................................................. 583,618 585,681 -107 130.20

05/18/22............................................................. 528,979 536,999 -101 128.22

05/25/22............................................................. 565,171 573,273 -92 127.31

06/01/22............................................................. 586,770 586,281 -91 130.09

06/08/22............................................................. 596,254 599,662 -134 134.06

06/15/22............................................................. 562,415 564,934 -121 134.50

06/22/22............................................................. 631,246 574,900 -120 136.05

06/29/22............................................................. 574,178 591,961 -118 136.50

56
SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec............... 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 - Dec............... 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 - July............... 554,596 554,165 70,634 60,541 22,119 23,297 33,820 35,360 -5 109.70 

 Aug............... 563,062 565,922 70,295 60,291 21,429 22,256 31,645 33,429 -8 110.05 

 Sept............. 613,737 587,685 85,319 72,785 21,474 22,581 31,421 34,069 -33 111.50 

 Oct.............. 621,848 594,363 83,618 70,234 22,631 24,377 34,108 36,871 -37 114.03 

 Nov.............. 658,174 626,856 74,225 65,406 25,265 26,413 37,915 40,157 -44 113.22 

 Dec............. 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09 

2022 - Jan............... 540,786 544,721 79,861 68,421 24,028 25,308 33,011 35,061 -36 115.22 

 Feb.............. 560,305 569,784 75,381 66,251 25,239 26,632 34,715 36,592 -28 115.11 

 Mar.............. 574,853 590,839 94,240 82,843 27,383 28,202 38,209 40,507 -33 121.44 

 Apr.............. 586,198 598,846 106,517 94,750 28,320 28,756 40,297 43,176 -59 129.84 

 May.............. 535,010 535,846 90,861 78,757 30,446 30,842 38,175 41,294 4 128.53 

 June.............. 573,267 586,843 101,804 85,244 31,735 33,554 44,533 46,573 -55 135.69 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec............... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 

2020 - Mar............... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53 

 June............... 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 

 Sept............... 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58 

 Dec................ n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 

2021 - Mar............... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 

 June............... 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 

 Sept............... 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

 Dec................ 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 

2022 - Mar............... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 

57
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) 

01/05/22............................................................. 

834,155 854,218 46 0.9161

01/12/22............................................................. 

844,541 868,838 20 0.9134

01/19/22............................................................. 

825,142 839,074 3 0.9155

01/26/22............................................................. 

830,936 849,742 3 0.9213

02/02/22............................................................. 

859,790 877,153 32 0.9186

02/09/22............................................................. 

837,527 859,155 19 0.9233

02/16/22............................................................. 

862,902 881,668 -13 0.9219

02/23/22............................................................. 

845,906 864,125 -11 0.9179

03/02/22............................................................. 

920,322 942,609 22 0.9216

03/09/22............................................................. 

943,498 962,275 22 0.9264

03/16/22............................................................. 

857,641 874,875 17 0.9414

03/23/22............................................................. 

860,947 877,009 33 0.9318

03/30/22............................................................. 

881,823 899,353 70 0.9233

04/06/22............................................................. 

861,822 874,213 64 0.9325

04/13/22............................................................. 

865,148 873,619 47 0.9335

04/20/22............................................................. 

865,840 874,362 32 0.9469

04/27/22............................................................. 

855,715 864,298 19 0.9695

05/04/22............................................................. 

865,630 863,704 -1 0.9829

05/11/22............................................................. 

863,770 862,135 -19 0.9907

05/18/22............................................................. 

839,276 844,659 2 0.9902

05/25/22............................................................. 

856,462 857,306 26 0.9637

06/01/22............................................................. 

997,557 1,000,053 26 0.9644

06/08/22............................................................. 

975,407 975,741 14 0.9750

06/15/22............................................................. 

904,145 899,419 22 1.0021

06/22/22............................................................. 

877,504 875,463 13 0.9615

06/29/22............................................................. 

957,981 934,559 6 0.9541

58
SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 - Dec............... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - July............... 889,817 927,598 65,244 51,437 32,520 30,130 52,157 50,280 117 0.9061 

 Aug............... 1,007,233 1,047,742 67,580 58,989 35,418 32,547 57,952 59,107 66 0.9161 

 Sept............. 941,447 978,529 73,713 61,402 37,392 36,565 60,400 58,162 31 0.9339 

 Oct.............. 972,906 1,007,333 66,243 52,765 38,195 34,548 59,693 59,659 35 0.9165 

 Nov.............. 1,040,691 1,070,292 69,669 56,874 36,496 32,846 53,126 51,728 13 0.9217 

 Dec............. 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

2022 - Jan............... 914,826 950,440 64,744 65,682 33,670 31,407 51,115 50,135 -5 0.9303 

 Feb.............. 932,028 962,241 59,059 57,723 32,842 30,754 54,080 52,710 15 0.9179 

 Mar.............. 951,043 982,513 59,000 55,170 34,918 30,808 56,894 56,219 78 0.9211 

 Apr.............. 930,428 952,589 81,366 79,907 35,285 31,086 54,408 53,017 13 0.9723 

 May.............. 896,261 907,529 59,776 60,669 42,591 38,519 61,412 57,725 19 0.9570 

 June.............. 1,014,576 1,006,146 68,077 54,171 54,532 49,908 73,960 70,373 11 0.9550 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677 

2020 - Mar............... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 

 June............... n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467 

 Sept............... n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 

 Dec................ n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841 

2021 - Mar............... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

 June............... 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 

 Sept............... 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

 Dec................ 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119 

2022 - Mar............... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211 

59
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) 

01/05/22............................................................. 

3,230,574 3,374,324 -97 1.3573

01/12/22............................................................. 

3,276,915 3,397,551 -84 1.3698

01/19/22............................................................. 

3,150,858 3,260,572 -155 1.3625

01/26/22............................................................. 

3,149,871 3,269,327 -230 1.3516

02/02/22............................................................. 

3,117,771 3,258,075 -225 1.3565

02/09/22............................................................. 

3,039,092 3,162,276 -361 1.3540

02/16/22............................................................. 

3,103,698 3,248,688 -526 1.3585

02/23/22............................................................. 

3,155,458 3,301,267 -371 1.3555

03/02/22............................................................. 

3,324,740 3,475,475 87 1.3365

03/09/22............................................................. 

3,398,766 3,555,605 -64 1.3160

03/16/22............................................................. 

3,098,100 3,237,275 -99 1.3096

03/23/22............................................................. 

3,052,663 3,221,776 -31 1.3212

03/30/22............................................................. 

3,219,089 3,409,619 -70 1.3149

04/06/22............................................................. 

3,043,955 3,170,172 -41 1.3082

04/13/22............................................................. 

3,066,970 3,210,955 -32 1.3072

04/20/22............................................................. 

3,012,674 3,136,678 -117 1.3055

04/27/22............................................................. 

3,173,258 3,293,405 -271 1.2547

05/04/22............................................................. 

3,153,585 3,266,125 -242 1.2487

05/11/22............................................................. 

3,082,701 3,197,013 -401 1.2317

05/18/22............................................................. 

3,008,398 3,111,789 -421 1.2396

05/25/22............................................................. 

3,063,378 3,147,358 -293 1.2539

06/01/22............................................................. 

3,299,608 3,414,695 -370 1.2472

06/08/22............................................................. 

3,271,798 3,366,809 -325 1.2557

06/15/22............................................................. 

3,096,050 3,198,985 -496 1.2057

06/22/22............................................................. 

2,997,595 3,113,366 -405 1.2280

06/29/22............................................................. 

3,140,280 3,287,869 -389 1.2151

60
SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 - Dec............... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 - July............... 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913

 Aug............... 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747 

 Sept............. 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470 

 Oct.............. 3,582,729 3,714,083 554,929 500,684 65,530 61,653 77,313 69,917 -79 1.3686 

 Nov.............. 3,710,840 3,854,182 632,598 575,365 67,673 64,987 89,387 76,056 -167 1.3252 

 Dec............. 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544 

2022 - Jan............... 3,232,610 3,387,157 535,074 466,324 63,288 62,383 93,814 69,838 -116 1.3439 

 Feb.............. 3,364,304 3,495,253 562,572 471,378 61,265 58,441 100,139 68,046 95 1.3419 

 Mar.............. 3,265,788 3,470,288 610,145 541,553 65,365 65,869 101,119 72,151 -32 1.3152 

 Apr.............. 3,271,419 3,418,438 675,295 610,794 70,658 67,525 106,372 78,014 -279 1.2565 

 May.............. 3,016,436 3,141,591 572,179 504,620 68,446 63,799 120,959 90,999 -370 1.2624 

 June.............. 3,170,588 3,333,051 649,364 568,593 72,176 67,688 101,981 70,962 -336 1.2162 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269 

2020 - Mar............... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 

 June............... 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 

 Sept............... 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 

 Dec................ 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662 

2021 - Mar............... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 

 June............... 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

 Sept............... 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 

 Dec................ 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 

2022 - Mar............... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

61
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) 

01/05/22........................................................... 26,792,220 26,023,985 -1,411 n.a.

01/12/22........................................................... 27,587,118 26,812,236 -1,886 n.a.

01/19/22........................................................... 27,281,553 26,548,499 -1,021 n.a.

01/26/22........................................................... 27,446,194 26,675,231 -1,270 n.a.

02/02/22........................................................... 27,531,342 26,678,325 -1,930 n.a.

02/09/22........................................................... 27,417,768 26,606,052 -1,833 n.a.

02/16/22........................................................... 27,727,830 26,914,162 -1,201 n.a.

02/23/22........................................................... 28,324,333 27,492,802 -948 n.a.

03/02/22........................................................... 29,471,752 28,568,508 -1,482 n.a.

03/09/22........................................................... 30,334,153 29,596,359 -1,167 n.a.

03/16/22........................................................... 27,513,992 26,705,491 -1,776 n.a.

03/23/22........................................................... 27,352,606 26,539,482 -1,558 n.a.

03/30/22........................................................... 28,635,273 27,819,958 -1,265 n.a.

04/06/22........................................................... 27,838,712 26,922,819 147 n.a.

04/13/22........................................................... 27,982,526 27,121,531 -611 n.a.

04/20/22........................................................... 27,671,909 26,903,282 -98 n.a.

04/27/22........................................................... 28,233,267 27,525,539 1,176 n.a.

05/04/22........................................................... 28,032,672 27,244,879 1,436 n.a.

05/11/22........................................................... 27,768,736 26,903,124 1,555 n.a.

05/18/22........................................................... 27,116,809 26,473,841 1,690 n.a.

05/25/22........................................................... 27,721,524 26,840,443 553 n.a.

06/01/22........................................................... 29,805,988 28,923,277 691 n.a.

06/08/22........................................................... 29,131,613 28,479,459 -918 n.a.

06/15/22........................................................... 27,041,262 26,487,660 24 n.a.

06/22/22........................................................... 26,638,887 25,953,327 -923 n.a.

06/29/22........................................................... 27,593,106 26,807,829 -1,170 n.a.

62
SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 – Dec............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1,902 n.a.

2020 – Dec............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 – July............. 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a.

Aug ............. 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2,688 n.a.

Sept............ 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 n.a.

 Oct.............. 29,800,133 28,897,492 - - 1,359,937 1,400,815 1,195,731 1,218,736 -1,607 n.a.

Nov ............ 31,383,646 30,481,967 - - 1,454,120 1,496,443 1,292,843 1,304,863 -1,527 n.a.

Dec ............ 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a.

2022 – Jan ............. 28,535,379 27,669,618 - - 1,344,888 1,351,626 1,125,176 1,148,334 -1,127 n.a.

Feb ............. 29,614,078 28,824,539 - - 1,366,246 1,388,751 1,186,340 1,203,613 -1,257 n.a.

Mar ............. 29,358,733 28,540,528 - - 1,507,758 1,507,975 1,237,282 1,247,704 -2,919 n.a.

 Apr.............. 29,570,474 28,659,740 - - 1,720,294 1,721,557 1,231,088 1,243,347 -2,250 n.a.

May............. 27,372,217 26,449,288 - - 1,677,508 1,681,785 1,235,600 1,238,612 -2,828 n.a.

June............ 27,528,127 26,591,122 - - 1,681,963 1,671,889 1,226,224 1,210,282 -2,376 n.a.

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

2019 - Dec.................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar.................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a.

June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a.

Sept................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a.

Dec.................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept................. 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec.................. 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.

2022 - Mar.................. 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

63
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) 

01/05/22............................................................. 

7,692,822 7,858,251 -153 0.8822

01/12/22............................................................. 

7,924,451 8,113,608 -247 0.8748

01/19/22............................................................. 

7,774,648 7,998,572 -267 0.8814

01/26/22............................................................. 

7,755,152 7,961,607 41 0.8866

02/02/22............................................................. 

7,712,968 7,936,783 16 0.8850

02/09/22............................................................. 

7,791,429 7,980,751 -19 0.8745

02/16/22............................................................. 

7,902,851 8,112,195 -199 0.8787

02/23/22............................................................. 

8,003,671 8,184,541 -200 0.8837

03/02/22............................................................. 

8,318,363 8,542,572 107 0.9007

03/09/22............................................................. 

8,769,251 8,930,986 175 0.9034

03/16/22............................................................. 

8,027,090 8,207,713 220 0.9094

03/23/22............................................................. 

7,765,290 7,910,881 84 0.9090

03/30/22............................................................. 

8,205,273 8,341,892 -85 0.8958

04/06/22............................................................. 

7,974,357 8,155,463 274 0.9163

04/13/22............................................................. 

8,025,576 8,212,044 234 0.9196

04/20/22............................................................. 

7,896,061 8,071,511 132 0.9211

04/27/22............................................................. 

8,002,595 8,233,212 859 0.9480

05/04/22............................................................. 

7,914,394 8,134,761 701 0.9489

05/11/22............................................................. 

7,934,471 8,105,127 615 0.9490

05/18/22............................................................. 

7,789,059 7,943,606 790 0.9529

05/25/22............................................................. 

7,758,507 7,961,491 274 0.9383

06/01/22............................................................. 

8,364,696 8,562,034 120 0.9393

06/08/22............................................................. 

7,995,850 8,191,942 39 0.9311

06/15/22............................................................. 

7,802,556 7,987,068 541 0.9627

06/22/22............................................................. 

7,594,383 7,776,429 210 0.9449

06/29/22............................................................. 

7,974,836 8,183,425 460 0.9545

64
SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 - Dec............... 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 - July............... 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 

 Aug............... 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 

 Sept............. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 

 Oct.............. 8,397,588 8,572,190 1,522,706 1,361,841 451,811 478,159 354,804 366,011 -12 0.8657 

 Nov.............. 8,782,368 9,010,849 1,601,590 1,480,819 488,236 515,244 406,759 397,989 105 0.8860 

 Dec............. 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 - Jan............... 8,241,002 8,378,310 1,637,460 1,503,340 439,434 471,971 367,455 343,547 120 0.8919 

 Feb.............. 8,496,723 8,646,513 1,659,784 1,526,334 547,184 583,558 400,998 385,457 77 0.8910 

 Mar.............. 8,574,136 8,653,974 1,547,221 1,416,361 550,125 588,217 457,351 428,524 381 0.9015 

 Apr.............. 8,545,103 8,726,056 2,116,199 1,937,820 549,766 581,980 503,335 469,043 556 0.9490 

 May.............. 7,696,254 7,886,323 1,630,850 1,508,391 520,189 556,907 473,341 429,449 295 0.9319 

 June.............. 8,099,801 8,302,890 1,855,770 1,719,282 538,667 568,158 441,816 381,598 828 0.9552 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 

2020 - Mar............... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 

 June............... 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 

 Sept............... 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 

 Dec................ n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177 

2021 - Mar............... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

 June............... 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

 Sept............... 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

 Dec................ 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar............... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 

65
INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934, codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020, as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021 and the Infrastructure Investment and Jobs Act, 2021, 

subsequently rescinded $479 billion and $1.4 billion, 

respectively, of the $500 billion appropriation provided to 

Treasury. 

Resources of the fund include (a) Fund Balance, which is 

available to support subsidy costs for loan modifications and 

expenditures for administrative expenses in support of the 

CARES Act, (b) U.S. Government securities (dollar 

balances), (c) special drawing rights -SDRs, and (d) foreign 

currencies. Principal sources of income -+ or loss -- for the 

fund are profits -+ or losses -- on SDRs and foreign 

exchange, and interest earned on U.S Government, foreign 

securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies and special 

drawing rights, an international reserve asset created by the 

International Monetary Fund (IMF) to supplement its 

member countries’ position in the Fund, have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at cost. The 

capital account represents the original capital appropriated to 

the fund by Congress of $2 billion, minus a subsequent 

transfer of $1.8 billion to pay for the initial U.S. quota 

subscription to the International Monetary Fund. The 

additional appropriated capital represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021 and the 

Infrastructure Investment and Jobs Act, 2021. Conversion 

gains and losses are reflected in the cumulative net income -

+ or loss -- account.

• Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

and other investments are accrued.

66
TABLE ESF-1—Balances as of Mar. 31, 2022, and June 30, 2022 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Mar. 31, 2022 

Mar. 31, 2022, 

through 

June 30, 2022 June 30, 2022 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... 1,132,159 3,336,327 4,468,486 

U.S. Government securities............................................. 20,490,167 (1,498,512) 18,991,655 

Special drawing rights 1 ........................................................... 163,131,212 (4,935,896) 158,195,316 

Economic Recovery Program Investments............................. 21,258,340 (3,318,607) 17,939,733 

Economic Recovery Program Loans Receivable.................... 1,008,153 (3,683) 1,004,470 

Foreign exchange and securities: 

European euro ..................................................................... 11,887,672 (674,706) 11,212,966 

Japanese yen....................................................................... 7,696,686 (808,694) 6,887,992 

Accounts receivable ................................................................. 86,215 114,590 200,805 

Total assets .......................................................................... 226,690,604 (7,789,181) 218,901,423 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 53,047 115,662 168,709 

Total current liabilities ...................................................... 53,047 115,662 168,709 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 158,785,075 (6,273,756) 152,511,319 

Debt, including accrued interest payable 18,800,840 79,512 18,880,352 

Total other liabilities ......................................................... 182,785,915 (6,194,244) 176,591,671 

Capital: 

Initial Appropriated Capital Account .................................... 200,000 - 200,000 

Additional Appropriated Capital Account 4,631,697 (1,197) 4,630,500 

Net income -+ or loss -- -see Table ESF-2 .......................... (1,310,492) (1,709,403) (3,019,895) 

Total capital ...................................................................... 43,851,642 (1,710,599) 42,141,043 

Total liabilities and capital ............................................ 226,690,604 (7,789,181) 218,901,423 

See footnote on the following page. 

67
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, 2022, 

through 

June 30, 2022 

Fiscal year to date 

Oct. 1, 2021 

through 

June 30, 2022 

Income and expense 

Profit -+ or loss-- on: 

 Foreign exchange ......................................................... (1,478,880) (2,685,704)

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .................................... (192,864) (250,721)

Interest (+) or net charges (-) on: 

 SDRs........................................................................... 5,252 7,068

 U.S. Government Securities........................................ 31,427 39,262

 Foreign exchange........................................................ (9,885) (31,392)

Economic Recovery Program (+) or net charges (-) on: 

 Appropriations Revenue.............................................. 1,197 3,428

 Administrative Expense............................................... 

. 

(1,451) (3,640)

 Facility Fees................................................................. - -

 Net gain (loss) on Disposition of Investments.............. --

 Net Interest revenue and expense............................... (64,199) (98,196)

 Income for operations.................................................. (1,709,403) (3,019,895)

 Net income (+) or loss (-) ........................................ (1,709,403) (3,019,895)

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.” 

68
Trust Funds
TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax 

Analysis for excise taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 105 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 77 

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 28 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)............................................................................................................................ 141

Note—Numbers may not add due to rounding. 

48-month revenue estimate reflects FY 2023 Midsession Review Projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 51 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 32 

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 19

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)........................................................................................................................... 26 

Note—Numbers may not add due to rounding. 

48-month revenue estimate reflects FY 2023 Midsession Review Projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 

70
Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

71
Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts

of outstanding long-term notes or bonds, rather than selling

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

72
Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 

73