BULLETIN

SEPTEMBER2021

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. 

The publication staff can be reached by electronic mail. 

treasury.bulletin@fiscal.treasury.gov 

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

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

www.fiscal.treasury.gov
VI

September 2019

Nonquarterly Tables and Reports

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

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

Issues

March June Sept. Dec.

Federal Fiscal Operations

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

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

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

Special Reports

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Wool Research, Development, and Promotion Trust Fund................................................................ √ .....
Table of Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction—Federal Fiscal Operations ............................................................................................................................. 14 

Analysis—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ....................... 15 

FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 17 

FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 17 

FFO-1—Summary of Fiscal Operations .............................................................................................................................. 18 

FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 19 

FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 21 

FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 23

FEDERAL DEBT 

Introduction—Federal Debt ................................................................................................................................................. 24 

FD-1—Summary of Federal Debt ....................................................................................................................................... 25 

FD-2—Debt Held by the Public .......................................................................................................................................... 26 

FD-3—Government Account Series .................................................................................................................................... 27 

FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 28 

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

 Private Investors .................................................................................................................................................... 29 

FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 30 

FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 31

BUREAU OF THE FISCAL SERVICE OPERATIONS 

Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 33 

TREASURY FINANCING ................................................................................................................................................. 33 

PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 46 

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 47 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 49 

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 50 

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 51

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 52 

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 52 

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 53

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 54 
Table of Contents 

SECTION I—Canadian Dollar Positions 

FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 55 

FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 56 

FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 56 

SECTION II—Japanese Yen Positions 

FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 57 

FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 58 

FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 58 

SECTION III—Swiss Franc Positions 

FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 59 

FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 60 

FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 60 

SECTION IV—Sterling Positions 

FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 61 

FCP-IV-2—Monthly Report of Major Market Participants ................................................................................................. 62 

FCP-IV-3—Quarterly Report of Large Market Participants ................................................................................................ 62 

SECTION V—U.S. Dollar Positions 

FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 63 

FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 64 

FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 64 

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 65 

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 66 

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 66 

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund ........................................................................................................................ 67 

ESF-1—Balance Sheet ........................................................................................................................................................ 68 

ESF-2—Income and Expense .............................................................................................................................................. 69

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. 
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
3

Profile of the Economy 

(Office of Macroeconomic Analysis) 

August 18, 2021 

Introduction 

The U.S. economy has now expanded for four consecutive quarters, following the sharp 

contraction in the first half of 2020 that accompanied the beginning of the pandemic. Although 

the recent recession—officially dated as starting in March 2020 and ending in April 2020—was 

the shortest on record, it was also unprecedentedly severe, requiring multiple rounds of 

government fiscal support. Given the success of stimulus programs and vaccination efforts, the 

economy rose briskly in the first and second quarters of 2021 and, as of the second quarter, has 

now recovered all of the activity lost during the first half of 2020. Moreover, the economic 

outlook for the remainder of 2021 as well as 2022 remains strong. A consensus of private 

forecasters expects real GDP to rise by 7.1 percent at an annual rate in the third quarter, 

5.4 percent in the fourth quarter, and 3.1 percent over the four quarters of 2022. These 

projections suggest that the U.S. economy will return close to or above trend in 2022, though the 

delta variant and potential future variants add uncertainty to the outlook. 

Economic Growth 

According to the most recent estimate of economic activity, real GDP rose 6.5 percent at an 

annual rate in the second quarter of 2021, picking up from the already-strong 6.3 percent pace in 

the first quarter. 

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

investment, and residential investment—grew 9.9 percent at an annual rate, nearly a double-digit 

pace despite a pull-back in residential investment in the second quarter. The advance followed an 

increase of 11.8 percent in the first quarter. Combined, both quarters produced the strongest 

growth of PDFP for any half-year since 1950—excluding the unprecedented rebound in the 

second half of 2020 after the initial lockdowns. 

For the second consecutive quarter, personal consumption grew at a double-digit pace, despite a 

sharp drop in stimulus payments to households, which were mostly distributed by the end of 

March. Growth in real personal consumption expenditures (PCE), which accounts for about twothirds of overall GDP, accelerated to 11.8 percent at an annual rate in the second quarter, up from 

11.4 percent in the first quarter. Purchases of durable goods—a category that includes motor 

vehicles, household equipment and furnishings, among other items—grew by 9.9 percent. 

Significantly, this nearly double-digit advance followed a surge of 50.0 percent in the first 

quarter, which was fueled by two rounds of federal Economic Impact Payments. The continued 

growth of durables purchases in the second quarter reflected strong consumer balance sheets, 

pent-up demand, and an improving labor market picture. Spending on nondurable goods—such 

as food and beverages purchased for off-premises consumption, gasoline and other energy goods, 

clothing, footwear, and other goods—remained very strong in the second quarter, increasing 12.6 

percent, after a 15.9 percent jump the previous quarter. Household expenditures on services—
4

roughly two-thirds of PCE and the component most severely affected by the pandemic—rose 

12.0 percent in the second quarter, a marked acceleration from the 3.9 percent pace in the first 

quarter. Even so, household spending on services in the second quarter was 3.3 percent below the 

level at the end of 2019. In contrast, total PCE in the second quarter stood 3.1 percent above its 

pre-pandemic level. Overall, real PCE growth added 7.8 percentage points to GDP growth in the 

second quarter. 

Following three consecutive quarters of double-digit gains, growth of business fixed investment 

(BFI) slowed to 8.0 percent at an annual rate in the second quarter. Strong investment in 

equipment and intellectual property products was partly countered by an outright decline in 

structures investment. For four consecutive quarters, equipment investment has grown at doubledigit paces—including a 13.0 percent gain in the most recent quarter—driven by strong 

investment spending on transportation and industrial equipment. Investment in intellectual 

property products rose at a double-digit pace for the third consecutive quarter, increasing 10.7 

percent at an annual rate and following a 15.6 percent increase in the first quarter. In contrast, 

investment in structures resumed its longer-term decline, falling 7.0 percent in the second 

quarter, after a short-lived rebound of 5.4 percent in the first quarter. Aside from the first quarter 

of 2021, business structures investment has been trending lower since the fourth quarter of 2019, 

due to a variety of influences. Initially, structures investment was constrained by low oil prices—

which shuttered many unprofitable rigs and reduced oil and gas well drilling. More recently, 

recovering oil prices have boosted mining structures investment, but investment in commercial 

structures has declined, reflecting uncertainty regarding telework, firms’ need for office space, 

and the ongoing shift toward online, rather than on-site, retailing. Overall, the contribution of 

total BFI to growth declined to 1.1 percentage points, after adding 1.7 percentage points to first 

quarter GDP growth. 

After returning to a more normal pace of accumulation in last year’s final quarter, the private 

inventory component of real GDP registered a considerable drawdown in the first and second 

quarters of this year. Movements in this component of GDP tend to be volatile, and a large 

drawdown in one quarter can precede a large rebuild in the following quarter. However, the 

consecutive large drawdowns reflect recent supply-chain disruptions—like the global 

semiconductor shortage that has hindered motor vehicle production—as well as persistent high 

demand for consumer goods. In the second quarter, the change in private inventories subtracted 

1.1 percentage points from economic growth, after reducing growth by 2.6 percentage points in 

the first quarter. 

Residential investment declined 9.8 percent at an annual rate in the second quarter, subtracting 

0.5 percentage points from GDP growth and only the second reduction in residential investment 

since the first quarter of 2019. The pull-back followed three consecutive quarters of double-digit 

growth. Consistent with the decline in residential investment in the second quarter, housing 

market indicators have softened. Single-family housing starts have decreased in four of the last 

seven months and, year-to-date, are down 15.5 percent since the end of 2020. Similarly, singlefamily permits, which signal future starts, have declined in five of the last seven months and are 

down 15.0 percent since December 2020. Still despite the recent retracement, starts were 5.3 

percent higher and permits were up 3.9 percent relative to pre-pandemic levels. The National 

Association of Home Builder’s confidence index has been trending lower since reaching a record 
5

high of 90 in November 2020 but, at 81 in June 2021, remains at an historically high level, 

relative to the average levels of 66 in 2019 and 70 in 2020. 

Demand for homes surged during the pandemic, and supply has not been able to keep pace. In 

June, existing home sales, which account for 90 percent of all home sales, rose by 1.4 percent 

and were 2.8 percent above pre-pandemic levels. After reaching a 14-year high in January 2021, 

new single-family home sales declined in each of the past 3 months, including a 6.6 percent drop 

in June. Lower home sales have largely reflected very lean inventories. At the end of June, 

existing home inventories were equivalent to 2.6 months of sales, down by 1.3 months from a 

year earlier and well below the roughly 7-month supply realtors considered a balanced market. 

By contrast, the inventory of new single-family home sales available for sale has moved closer to 

a balanced market, rising from 3.6 months’ supply in January to a 6.3-month supply as of June. 

The supply-demand mismatch for housing has led to brisk rates of house price appreciation, 

mirroring the housing boom in the 2000s and significantly impacting affordability. The CaseShiller national house price index—which only includes existing home sales—was up 16.6 

percent over the year ending in May 2021, a sharp acceleration from the 4.4 percent and 3.4 

percent rates seen in May 2020 and 2019, respectively. The Federal Housing Finance Agency’s 

purchase-only house price index, which includes new homes, jumped 18.0 percent over the year 

ending in May 2021, well above the 5.2 percent pace a year earlier. Despite relatively low 

mortgage rates—the average 30-year rate dropped to 2.80 percent at the end of July, just 15 basis 

points above the record low—housing affordability remains a concern. 

Total government spending declined 1.5 percent at an annual rate in the second quarter, after 

rising by 4.2 percent in the first quarter. The overall decline occurred as a sharp pullback in 

federal spending offset an increase at the state and local government level. Federal spending 

declined 5.0 percent at an annual rate in the second quarter, after surging 11.3 percent in the first 

quarter, largely reflecting fewer payments of lender fees for a new round of Paycheck Protection 

Program loans. State and local government expenditures, in contrast, increased 0.8 percent in the 

second quarter as fiscal conditions continued to improve. State and local government 

consumption remains well below pre-pandemic levels, but fiscal relief should ensure accelerating 

growth in coming quarters. 

The net export deficit widened moderately in the second quarter, increasing $39.2 billion at an 

annual rate to $1.26 trillion. Export growth picked up markedly from the first quarter while 

import growth moderated. Total exports of goods and services advanced 6.0 percent at an annual 

rate, more-than-reversing a 2.9 percent decline in the first quarter, reflecting stronger 

international demand for U.S. nonautomotive capital goods and consumer goods, as well as 

increased travel services that has followed the relaxation of travel restrictions. Meanwhile 

imports advanced 7.8 percent at an annual rate in the second quarter, slowing from the previous 

quarter’s 9.3 percent increase. The slowdown in imports was led by fewer imports of computers 

and peripheral equipment, automotive vehicles and parts, and nondurable consumer goods. 

Imports of services, however, rebounded as more Americans traveled abroad. In the second 

quarter, the widening of the trade deficit pared 0.4 percentage points from GDP growth, 

significantly less drag than the 1.6 percentage point subtraction in the first quarter. 
6

Growth of Real GDP  

(Quarterly percent change at annual rate)

Labor Markets and Wages 

As a result of the pandemic and measures taken to contain it, the economy lost almost 22.2 

million jobs last year over March and April, including 21.4 million jobs in the private sector. 

Payroll job growth resumed in May 2020, and by July 2021, labor markets had reclaimed 16.7 

million jobs, or nearly 75 percent of the total lost. Nonetheless, total employment was still 5.7 

million persons lower than the level in February 2020. Weekly initial unemployment claims 

have continued to trend lower over the past several months but, as of mid-August, were still 

running nearly 2 times the average levels seen in January and February 2020, prior to the 

pandemic’s onset. 

The unemployment rate rose from a 50-year low of 3.5 percent in February 2020 to a post-World 

War II high of 14.8 percent in April 2020. Yet by July 2021, the unemployment rate had fallen 

9.4 percentage points to 5.4 percent. The broadest measure of labor market slack, the U-6 

unemployment rate, has also declined noticeably over the past several months yet remains above 

pre-pandemic levels. By July 2021, the U-6 had been cut to 9.2 percent, less than half its level in 

April 2020. But it remained 2.4 percentage points above the pre-pandemic low of 6.8 percent 

observed in December 2019. Moreover, long-term unemployment remains elevated: the share of 

the labor force who were unemployed 27 weeks or more stood at 2.1 percent in July 2021, or 

more than three times the 0.6 percent rate seen in April 2020. 

The headline labor force participation rate (LFPR)—as well as prime-age (ages 25-54) LFPR—

reached multi-year highs earlier in 2020, before declining to multi-year lows in April of that 

year. These measures have trended higher since then. As of July 2021, the headline LFPR stood 

1.9 3.1 2.4

‐5.1

6.3

2.3

3.4

3.2

‐31.2

6.5

2.9 1.9

2.8

33.8

3.8

0.9 1.9

4.5

‐40.0

‐30.0

‐20.0

‐10.0

0.0

10.0

20.0

30.0

40.0

2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4
7

at 61.7 percent, or 1.5 percentage points above April 2020’s 41⁄2 decade low, and the prime-age 

LFPR was 81.8 percent, or 2.0 percentage points above April 2020’s multi-decade low. 

Nominal average hourly earnings for production and nonsupervisory workers grew at or above 

the 3 percent mark for 30 consecutive months between October 2018 and April 2021, a 

consistency not seen since the mid-2000s. After the onset of the pandemic, job losses were 

predominantly among lower-wage workers, which pushed up average wages of those still 

employed to a much higher range—between 4 and 8 percent. Even as the economy resumed 

hiring, wage gains remained elevated, in part due to continued composition effects as low-wage 

workers were slower to return to their jobs. Twelve-month wage growth rates averaged 5.4 

percent through March 2021. Over the year through July 2021, however, nominal average 

hourly earnings for production and nonsupervisory workers grew 4.7 percent. An acceleration in 

inflation and the increasing return of lower-wage workers to jobs continued to erode real average 

hourly earnings, which declined 1.1 percent over the year through July 2021, a sizeable reversal 

from the year-earlier gain of 3.7 percent. Meanwhile, growth in wages and salaries for private 

industry workers, as measured by the Employment Cost Index (ECI), slowed modestly over the 

past year. This measure of labor cost has fewer issues adjusting for compositional changes of the 

labor force than do other measures. The ECI for wages and salaries advanced 3.5 percent over 

the four quarters ending in June 2021, accelerating from the 2.9 percent gain over the four 

quarters through June 2020. Aside from some volatility associated with the pandemic in 2020, 

year-over-year growth in the Employment Cost index held around 3 percent since mid-2018. 

Payroll Employment

Monthly average for year shown and monthly amounts)

193168

‐778

1,583

716

680

264

‐306

233 536

785

269

614

938943

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

18 19 20 A 

2020

S O N D J F M J 

2021

MJJ
8

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor 

For the 19 quarters through 2021 Q2, four-quarter nonfarm labor productivity growth rates have 

remained at or above 1 percent, a streak not seen since 2001. However, with the sudden 

shutdown of the economy in March 2020 and attendant labor market dislocations, quarterly 

productivity growth rates have reflected the unusually sharp fluctuations in output and hours 

worked. For example, productivity growth surged by 11.2 percent at an annual rate in the second 

quarter and by 4.6 percent in the third quarter. Taken together, these were the largest quarterly 

increases in productivity since the fourth quarter of 2009. 

Although quarterly productivity declined by 3.4 percent at an annual rate in the fourth quarter of 

2020, it rebounded by 4.3 percent in the first quarter of 2021, and grew 2.3 percent in the second 

quarter. The most recent gain in productivity reflected a 7.9 percent advance in output which 

more than offset a 5.5 percent increase in hours worked. Over the four quarters through 2021 

Q2, productivity growth slowed to 1.9 percent from a 2.6 percent pace over the four quarters 

through 2020 Q2. 

Nominal hourly compensation costs in the nonfarm business sector rose 3.3 percent at an annual 

rate in the second quarter of 2021, after increasing 1.4 percent in the previous quarter. Over the 

most recent four quarters, hourly compensation costs rose 2.0 percent, decelerating from the 8.8 

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

output, rose 1.0 percent at an annual rate in the second quarter, reversing from the 2.8 percent 

decline in the first quarter. These costs were up 0.1 percent over the most recent four quarters, 

slowing from the 6.0 percent pace over the four quarters ending in 2020’s second quarter. 

3

5

7

9

11

13

15

12 13 14 15 16 17 18 19 20 21

July 2021

5.4%
9

Industrial Production, Manufacturing, and Services 

Due to the pandemic, measures of industrial production, manufacturing, and services output 

began declining last year in March and fell further last April. A quick recovery began in May 

2020 as social distancing measures and stay-at-home orders were relaxed, although over the 

ensuing months, growth of output in these categories fluctuated markedly. In July 2021, 

industrial output at factories, mines, and utilities was up 0.9 percent. Over the 12 months ending 

in July, output was up 6.6 percent, in contrast with the 7.0 percent decline over the previous 

twelve months. Industrial output was within 0.2 percent of pre-pandemic levels. 

Manufacturing production, which accounts for about 75 percent of all industrial output, increased 

1.4 percent in July and was 7.4 percent higher over the past year, after a 6.4 percent decline over 

the previous twelve months. Relative to its pre-pandemic level, manufacturing output is 0.8 

percent higher. Production of motor vehicles and parts has also fluctuated from month to month 

since the unprecedented monthly gains seen during the summer of 2020 as previously-shuttered 

factories reopened. This year, auto production has been constrained by a global shortage of 

semiconductors, such that output of motor vehicles and parts declined in the three consecutive 

months through June 2021. There are signs presently that the shortage is beginning to ease, and 

in July, production of motor vehicles and parts jumped 11.2 percent. However, production was 

6.9 percent lower over the year through July 2021, due in part to base effects from the surge in 

production a year ago. Relative to pre-pandemic levels in February 2020, production of motor 

vehicles and parts is still 3.7 percent lower. Meanwhile, manufacturing output at select hightechnology factories was flat in July but rose 12.1 percent over the past year and was 14.3 

percent above pre-pandemic levels. Excluding motor vehicles and parts and high-technology 

industries, manufacturing output rose 0.7 percent in July. This measure was 8.5 percent higher 

over the past year and was 0.8 percent above the level in February 2020, before the onset of the 

pandemic. 

Output at mines, which includes crude oil and natural gas extraction and accounts for 15 percent 

of industrial output, rose 1.2 percent in July. At the start of the pandemic, energy prices plunged, 

weighing on mining output; however, energy prices have been rising strongly as the economy 

has reopened. Over the year through July 2021, mining output was up 12.1 percent, although it 

is still 8.4 percent below its pre-pandemic level. 

Utilities output, the remaining 10 percent of total industrial output, declined 2.1 percent in July. 

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 

July, utilities production was down 3.8 percent. 

Measures of manufacturing and services business activity in the economy have recovered since 

summer 2020 and have signaled expansion for over a year. In March 2020 due to the pandemic, 

the Institute for Supply Management (ISM) manufacturing index began to signal the first multimonth contraction for the sector since early 2016. By April 2020, the index had dropped to an 

11-year low. In July 2021, however, the manufacturing index stood at 59.5, indicating expansion

in this sector for the fourteenth consecutive month. Similarly, the ISM’s services index in April
10

2020 fell to its lowest level since March 2009. By July 2021, however, the index had risen to 

64.1, an all-time high (series dates from July 1997), and signaling expansion for the fourteenth 

consecutive month. 

Prices 

Last year, the onset of the pandemic triggered deflationary pressures as domestic demand 

declined, but these pressures dissipated quickly at the headline and the core levels. Inflation 

readings were subdued for several months thereafter, despite rising oil prices, with 12-month 

readings remaining well below year-ago rates. Earlier this year, however, inflation rates rose 

markedly, elevated by a sharp increase in prices for used motor vehicles—due in part to supplychain constraints—high demand for durable goods in general, and the reopening of sectors that 

had languished during the pandemic, such as travel, leisure, and hospitality. As some of these 

factors began to fade, inflation slowed in July: headline inflation was 0.5 percent, while core 

inflation was 0.3 percent. The slowdown in the latest month reflected flat prices for used autos 

and some moderation in prices for pandemic-affected sectors—though inflation for new cars, 

food services, and lodging remained elevated. Over the 12 months through July, CPI inflation 

rose by 5.4 percent, matching June’s pace as the fastest 12-month pace since August 2008. Both 

energy and food prices have risen in recent months. The energy price index was up 23.8 percent 

over the year, while food price inflation was 3.4 percent over the past twelve months. Over the 

past 12 months, core inflation was 4.3 percent. 

The headline Personal Consumption Expenditures (PCE) Price Index (the preferred measure for 

the Federal Open Market Committee (FOMC)’s 2 percent inflation target) showed a relatively 

restrained pace of inflation earlier in the pandemic, but in the past few months, it also has 

accelerated as the economy reopens and energy prices continue to rise. The 12-month headline 

PCE inflation rate was 4.0 percent through June 2021 and core PCE inflation was 3.5 percent 

over the year through June 2021. Prior to the 12-month reading for March 2021, inflation as 

measured by the PCE price index had held below the FOMC’s target since November 2018, and 

these consistently low PCE inflation readings prompted the FOMC to adopt a more explicit 

inflation target strategy last year, in which the 2 percent target would be an average over time. 
11

Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment 

After improving strongly through most of the first quarter in 2020, measures of consumer and 

business sentiment pulled back in March 2020 as social distancing and business closures took 

effect. The Reuters/Michigan consumer sentiment index rose to 101.0 in February 2020, just shy 

of the 14-year high reached in 2018, the subsequently fell by more than 29 points. This index 

trended higher for several months, reaching 88.3 in April 2021. Since then, however, this index 

has trended lower, and dropped sharply in early August to 70.2, or 1.6 points below the pandemic 

low reached in April 2020. The 11-point drop in early August, one of the sharpest in the 

survey’s history, reflected renewed concerns among consumers about the impact of the delta 

variant on the economy. From a pre-pandemic level of 132.6 in February 2020, the Conference 

Board’s consumer confidence index plunged by 46.9 points to 85.7 in April 2020, reaching its 

lowest level since mid-2014. This index fluctuated over the next several months, then began a 

noticeable uptrend in March 2021, and by July 2021, had risen to 129.1, only 3.5 points 

below its pre-pandemic level. On the business side, the National Federation of Independent 

Business’s (NFIB) small business optimism index was, as of February 2020, only 4.3 points 

below its all-time high reached in August 2018. But this index fell nearly 14 points over March 

and April of last year to its lowest level since March 2013. Small business optimism then 

recovered noticeably, with the index rising to 104.0 last October (only 0.5 points below its level 

in February), but has since fluctuated, and stood at 99.7 as of July 2021. 

‐1.0

0.0

1.0

2.0

3.0

4.0

5.0

6.0

11 12 13 14 15 16 17 18 19 20 21

Total Excluding Food & Energy Food
12

Federal Budget Deficit and Debt 

Before the pandemic, the Federal Government’s deficit and debt were trending higher, and the 

fiscal response to the pandemic elevated borrowing more. At the end of FY 2020, the Federal 

Government posted a deficit of $3.13 trillion (15.0 percent of GDP), up $2.15 trillion from the 

$984 billion deficit (4.6 percent of GDP) posted in FY 2019. The primary deficit (which 

excludes net interest payments) was 13.3 percent of GDP in FY 2020, up from 2.9 percent in FY 

2019. Federal receipts totaled $3.42 trillion in FY 2020, down $44 billion (1.3 percent) from FY 

2019. Net outlays for FY 2020 were $6.55 trillion, up $2.1 trillion (47.3 percent) from FY 2019. 

As of July 2021, the federal deficit was $254.0 billion, bringing the 12-month total deficit to 

$2.86 trillion. 

Before the pandemic in 2019, the Treasury’s borrowing limit was suspended until July 31, 2021. 

After the suspension ended, Treasury began implementing cash conservation measures to avoid 

exceeding the federal borrowing limit. These measures will allow the Department to meet the 

government’s expenditures without issuing new debt—though the length of that these measures 

may last is subject to heightened uncertainty related to the economic impact of the pandemic. 

At the end of FY 2020, gross federal debt was $26,945.4 billion. Federal debt held by the public, 

or federal debt less the debt held in government accounts, rose from $16.80 trillion at the end of 

FY 2019 (79.2 percent of GDP) to $21.0 trillion by the end of FY 2020, or 100.3 percent of 

GDP. As of July 2021, gross federal debt was $28,427.7 billion, while federal debt held by the 

public totaled $22,284.6 billion. 

Economic Policy 

The U.S. government has responded to the effects of the COVID-19 pandemic with a range of 

significant countercyclical fiscal and monetary policies, including an unprecedented level of 

fiscal assistance and a reduction in the key policy interest rate to near-zero. 

On the fiscal side, Congress authorized a record-setting economic aid package of roughly $2.7 

trillion in March 2020, and a second, smaller package was passed in December 2020. The aid 

included two rounds of direct Economic Impact Payments to low- and middle-income Americans, 

a temporary weekly federal addition to normal state unemployment compensation, and broadened 

eligibility for unemployment benefits to the self-employed and gig workers. Tax payments were 

postponed in 2020, loan payments were delayed for borrowers of federally backed student loans, 

and a moratorium on evictions was instated. This slew of policies boosted disposable incomes and 

has help American households to weather the pandemic. 

In addition, Treasury and the Small Business Administration (SBA) launched the Paycheck 

Protection Program (PPP)—a forgivable loan for small businesses—less than a week after its 

authorization at the end of March 2020. The federal government worked directly with private 

lenders and used their infrastructure to hasten how quickly businesses could receive funds. In less 

than two weeks, the PPP had exhausted its initial funding: it had processed nearly 1.7 million loans 

worth $342 billion. After a second appropriation, the PPP provided 5.2 million loans by the time 

of the program stopped accepting applications in August 2020, worth over $525 billion. A third 

appropriation was passed in December 2020, which allowed a second draw PPP loan. As of 
13

August 15, 2021, the PPP had processed a total of 11.5 million loans to small businesses and 

forgiven $471.1 billion of borrowing. 

In 2021, President Biden signed the American Rescue Plan (ARP) into law. The ARP provides 

an additional $1.9 trillion in economic aid, primarily through Economic Impact Payments and 

direct aid to low- to middle-income families and to the economically vulnerable. It also assists 

state and local governments, provides additional funding for addressing COVID-19 infections 

and vaccinating the population, creates new loans and grants for small businesses, and extended 

the deadline for PPP applications. 

On the monetary policy side, the Federal Reserve’s Federal Open Market Committee (FOMC) 

resumed monetary easing in early March 2020. At the January 2020 meeting, the Federal funds 

rate target was at a range of 11⁄2 to 2 percent, and in the accompanying statement, the Committee 

observed that at the time, “the current stance of monetary policy is appropriate to support 

sustained expansion of economic activity, strong labor market conditions, and inflation near the 

[Fed’s 2 percent target].” 

However, the pandemic led to an inter-meeting move. On March 3, 2020 the FOMC announced 

a 50-basis point cut in the target range to 1 to 11⁄4 percent, and on March 15, 2020 at another 

unscheduled meeting, the FOMC cut the target range by 100 basis points to 0 to 1⁄4 percent. (The 

scheduled, March 17-18, 2020 FOMC meeting was cancelled.) 

At its scheduled meetings from April 2020 through July 2021, the FOMC left the target range for 

the federal funds rate unchanged. In each of the accompanying statements for those meetings, 

the Committee noted that it expects to maintain this FFR target range until labor market 

conditions and the level of inflation are consistent with its maximum employment and price 

stability goals. 

The Federal Reserve has also implemented large-scale purchases of Treasury securities and 

agency mortgage-backed securities. Importantly, the Federal Reserve assuaged market worries 

by using its Section 13(3) authority to establish numerous emergency lending facilities, 

leveraging capital provided by Treasury. The existence of these facilities ensured that financial 

markets operated smoothly and mitigated the risk of the public health crisis from becoming a 

financial crisis, but they were only authorized on an emergency basis through December 31, 

2020. Treasury extended capital for some of these lending facilities through March 31, 2021, 

and these have now expired. 
14

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
FEDERAL FISCAL OPERATIONS 15

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 2021 

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. 

Note that due to the delay of certain tax payment 

deadlines under IRS Notices 2020-18 and 2020-23, 

differences between the third quarter of Fiscal Year 

2021 and the third quarter of Fiscal Year 2020 may be 

unusually large. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $766.0 billion for the third 

quarter of Fiscal Year 2021. This is an increase of $550.8 

billion over the comparable prior year quarter. Withheld 

receipts increased by $174.6 billion and non-withheld 

receipts increased by $435.5 billion during this period. 

Refunds increased by $59.3 billion over the comparable 

Fiscal Year 2020 quarter. There was an increase of $49.6 

billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare 

trust funds over the comparable quarter in Fiscal Year 2020. 

Corporate income taxes—Net corporate income tax 

receipts were $160.8 billion for the third quarter of Fiscal 

Year 2021. This is an increase of $152.9 billion compared 

to the prior year third quarter. This change is due to an 

increase in estimated and final payments; there was not a 

significant change in corporate refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of 

Fiscal Year 2021 were $314.1 billion, a decrease of $39.4 

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 -$27.7 billion, -$4.6 billion, and -$7.4 

billion respectively. There was a -$43.7 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of Fiscal Year 2021. There was a $5.9 

billion adjustment in the third quarter of Fiscal Year 2020. 

Unemployment insurance—Unemployment insurance 

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

2021 were $23.9 billion, an increase of $1.3 billion over the 

comparable quarter of Fiscal Year 2020. Net State taxes 

deposited in the U.S. Treasury increased by $1.4 billion to 

$20.3 billion. Net Federal Unemployment Tax Act taxes 

decreased by $0.1 billion to $3.5 billion. 
16 FEDERAL FISCAL OPERATIONS 

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 $1.5 billion for the 

third quarter of Fiscal Year 2021. This was an increase of 

$0.1 billion from the comparable quarter of Fiscal Year 

2020. 

Excise taxes—Net excise tax receipts for the third 

quarter of Fiscal Year 2021 were $19.9 billion, an increase 

of $13.2 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.0 billion, a 

decrease of $2.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $10.0 billion for the third quarter of Fiscal Year 2021. 

These receipts represent an increase of $8.6 billion over the 

same quarter in Fiscal Year 2020. 

Customs duties—Customs duties net of refunds were 

$20.7 billion for the third quarter of Fiscal Year 2021. This 

is an increase of $8.3 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of Fiscal Year 2021 were $35.4 billion, 

a decrease of $0.2 billion over the comparable prior year 

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

Federal Reserve banks increasing by $3.4 billion, offset by 

decreases in other miscellaneous receipts.

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 2021 

April – June 

 Fiscal year 2021 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,352,130 3,056,078

On-budget receipts .................................................. 1,111,993 2,343,511

Off-budget receipts .................................................. 240,137 712,567

Total outlays................................................................. 1,883,823 5,294,027

On-budget outlays.................................................... 1,642,371 4,558,042

Off-budget outlays.................................................... 241,453 735,985

Total surplus or deficit (-)............................................. -531,693 -2,237,949

On-budget surplus or deficit (-)................................ -530,377 -2,214,531

Off-budget surplus or deficit (-)................................ -1,316 -23,418

Means of financing: 

Borrowing from the public ............................................ 346,758 1,308,657

Reduction of operating cash ........................................ 270,022 929,750

Other means ................................................................ -85,087 -459

Total on- and off-budget financing ........................... 531,693 2,237,949

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2021 

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

Source April May June

Individual income taxes...................................................... 194.7 306.5 264.8

Corporate income taxes..................................................... 72.8 13.8 74.2

Employment and general retirement.................................. 133.4 102.7 78.0

Unemployment insurance .................................................. 10.0 12.5 1.4

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

Excise taxes ....................................................................... 5.9 6.9 7.1

Estate and gift taxes .......................................................... 4.6 3.0 2.4

Customs duties .................................................................. 7.1 6.4 7.2

Miscellaneous receipts....................................................... 10.2 11.5 13.7

Total budget receipts ..................................................... 439.2 463.7 449.2

Note.—Detail may not add to totals due to independent rounding. 
FEDERAL FISCAL OPERATIONS 17
18 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) 

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

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

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

2019 ............................ 3,462,195 254,893 914,302 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 – Est1.................. 3,580,777 2,636,645 944,132 7,249,456 6,231,925 1,017,531 -3,668,679 -3,595,280 -73,399 3,323,340 

2022 – Est1.................. 4,174,197 3,141,598 1,032,599 6,011,148 4,930,558 1,080,590 -1,836,951 -1,788,960 -47,991 2,219,190 

2020 - June ................. 240,829 145,640 95,188 1,104,903 1,049,284 55,619 -864,074 -903,644 39,569 729,695 

July .................. 563,496 491,021 72,475 626,487 547,234 79,253 -62,992 -56,214 -6,778 50,113 

Aug .................. 223,221 148,959 74,262 423,233 333,469 89,764 -200,012 -184,510 -15,502 205,178 

Sept................. 373,169 287,264 85,905 497,780 407,747 90,033 -124,611 -120,483 -4,128 217,501 

Oct................... 237,698 168,235 69,463 521,769 439,355 82,413 -284,071 -271,120 -12,950 190,533 

Nov .................. 219,553 144,274 75,279 364,819 274,627 90,192 -145,266 -130,354 -14,913 310,077 

Dec .................. 346,119 264,479 81,640 489,682 412,233 77,449 -143,562 -147,753 4,191 302,308 

2021 - Jan ................... 384,651 295,313 89,338 547,483 487,184 60,299 -162,832 -191,871 29,039 36,550 

Feb .................. 248,314 173,852 74,462 559,236 466,710 92,526 -310,922 -292,858 -18,064 116,451 

Mar .................. 267,614 185,367 82,248 927,217 835,564 91,653 -659,603 -650,197 -9,405 224,239 

Apr................... 439,186 336,905 102,281 664,766 577,910 86,856 -225,579 -241,004 15,425 37,502 

May.................. 463,745 383,955 79,790 595,698 503,113 92,586 -131,953 -119,158 -12,796 25,466 

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

Fiscal year 2021 to date ... 3,056,079 2,343,513 712,567 5,294,029 4,558,044 735,985 -2,237,949 -2,214,530 -23,418 1,576,888 

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) 

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

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

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

2019 ...................................... -1,366 155,715 1,051,606 -2,230 -941 -1,210 7,593 -63,946 -62 984,386 

2020 ...................................... -1,304 16,813 4,216,280 1,399,197 1,754 -309 8,253 2,494,110 853 3,131,918 

2021 – Est1............................ -239 173,018 3,150,083 -1,031,679 - - - -513,083 - 3,668,679

2022 – Est1............................ 337 121,454 2,098,073 - - - - -261,122 - 1,836,951

2020 - June ........................... 614 14,037 716,272 272,903 135 17 1,294 -126,611 64 864,074

July............................ -97 -56,398 106,415 41,058 1,373 234 3,107 -89,992 797 62,992 

Aug............................ -193 16,233 125,462 -57,108 220 169 -29 131,172 126 200,012 

Sept........................... -578 19,645 197,279 75,697 -417 -528 -394 -146,798 -228 124,611 

Oct............................. -57 111,860 78,616 -182,881 150 250 367 387,477 92 284,071 

Nov............................ 115 58,943 251,250 24,188 685 -9 352 -131,614 414 145,266 

Dec............................ -3 18,242 284,064 105,583 374 112 2,493 -249,299 235 143,562 

2021 - Jan ............................. -80 24,925 11,544 -117,217 19 -172 -468 269,109 17 162,832 

Feb ............................ -224 6,021 110,206 -196,886 -48 129 -115 397,672 -36 310,922 

Mar............................ -75 -2,055 226,219 -292,515 -811 -1,195 -1,572 730,023 -557 659,592 

Apr............................. -74 -28,093 9,335 -151,234 690 205 564 365,588 431 225,579 

May ........................... -72 55,573 -30,179 -194,017 324 -102 117 355,613 197 131,953 

June .......................... 144 22,490 311,416 75,229 -671 -14 35 -211,413 -421 174,161 

Fiscal year 2021 to date.......... -326 267,906 1,252,471 -929,750 580 -796 1,773 1,913,156 372 2,237,938 

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

1These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. 
19

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

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

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

2019 .................. 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 – Est1........ 1,704,919 - - 1,704,919 268,482 - 268,482 1,973,401 1,259,217 - 1,231,281 

2022 – Est1........ 2,038,575 - - 2,038,575 370,985 - 370,985 2,409,560 1,319,075 - 1,391,262 

2020 - June ....... 73,997 27,849 9,730 92,116 10,674 4,967 5,707 97,823 124,227 - 124,227 

July ........ 101,787 291,774 20,454 373,106 76,198 8,208 67,991 441,097 93,831 - 93,831

Aug ........ 85,228 12,425 8,168 89,485 8,111 6,024 2,088 91,573 96,236 - 96,236

Sept....... 84,138 82,976 5,636 161,478 54,031 4,371 49,660 211,138 112,264 - 112,264

Oct......... 87,725 32,666 11,644 108,748 14,914 5,762 9,152 117,900 93,137 - 93,137

Nov ........ 91,573 10,239 8,037 93,775 5,147 8,339 -3,192 90,583 101,093 - 101,093

Dec ........ 127,808 22,564 5,893 144,481 67,776 4,855 62,920 207,401 114,730 3,872 110,858

2021 - Jan ......... 117,936 113,671 39 231,569 17,355 892 16,463 248,032 115,142 - 115,142

Feb ........ 133,303 11,548 19,023 125,827 6,589 2,810 3,780 129,607 94,677 - 94,677

Mar ........ 179,912 22,069 81,671 120,314 19,102 3,847 15,255 135,569 104,666 - 104,666

Apr......... 124,090 117,079 46,525 194,650 76,057 3,288 72,769 267,419 132,942 - 132,942

May........ 103,158 242,310 39,013 306,460 17,903 4,095 13,808 320,268 102,275 - 102,275

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

Fiscal year 

2021 to date ........ 973,934 688,554 204,086 1,590,664 303,413 38,269 265,144 1,855,808 936,750 3,872 932,878 

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) 

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

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

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

2019 ............................ 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 – Est1.................. 4,575 0 4,575 1,235,856 54,557 0 54,557 5,735 31 5,766 

2022 – Est1.................. 5,155 0 5,155 1,396,417 59,451 0 59,451 6,114 31 6,145 

2020 - June ................. -211 7 -217 124,009 1,785 5 1,780 468 3 471 

July.................. 529 - 529 94,360 3,762 22 3,740 433 3 436 

Aug.................. 202 - 202 96,438 3,531 7 3,524 412 2 414 

Sept................. 338 2 336 112,600 2,084 3 2,081 420 2 422 

Oct................... 318 - 318 93,455 1,899 8 1,891 519 3 522 

Nov.................. 352 - 352 101,445 3,817 7 3,810 464 2 466 

Dec.................. 340 9 330 111,189 3,676 11 3,666 475 2 477 

2021 - Jan ................... 428 - 428 115,570 2,177 5 2,172 427 2 429 

Feb.................. 646 - 646 95,323 3,686 5 3,681 432 2 434 

Mar.................. 488 - 488 105,153 1,150 11 1,139 429 2 431 

Apr................... 455 - 455 133,398 10,052 23 10,030 544 3 546 

May ................. 445 - 445 102,720 12,481 11 12,469 437 2 439 

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

Fiscal year 2021 to date... 3,386 29 3,357 936,235 40,301 92 40,210 4,232 20 4,251 

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) 
20

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) 

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

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

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

2019 ................ 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 – Est1...... 74,092 17,593 - 17,593 84,834 - 84,834 97,241 37,437 134,678 2,636,645 944,132 

2022 – Est1...... 84,277 20,781 - 20,781 57,383 - 57,383 101,604 38,579 140,183 3,141,598 1,032,599 

2020 - June ..... 3,678 636 6 630 5,310 829 4,480 6,545 1,413 7,958 145,640 95,188 

July...... 6,226 2,903 32 2,871 5,897 885 5,013 8,266 1,486 9,752 491,021 72,475 

Aug...... 7,652 1,525 88 1,436 6,532 636 5,896 8,743 7,546 16,289 148,959 74,262 

Sept..... 26,198 2,205 56 2,149 6,925 875 6,049 9,726 2,806 12,532 287,264 85,905 

Oct....... 4,747 4,893 146 2,149 6,851 695 6,156 7,429 3,450 10,879 168,235 69,463 

Nov...... 5,602 5,827 225 1,839 6,784 819 5,965 7,448 2,395 9,843 144,274 75,279 

Dec...... 5,333 5,617 284 2,212 6,712 665 6,047 8,177 1,617 9,794 264,479 81,640 

2021 - Jan ....... 5,748 1,708 28 1,680 6,436 566 5,871 5,115 2,304 7,419 295,313 89,338 

Feb ...... 4,904 1,281 129 1,152 6,797 474 6,323 4,847 2,044 6,891 173,852 74,462 

Mar...... 6,434 2,507 59 2,448 6,899 624 6,275 8,248 1,917 10,165 185,367 82,248 

Apr....... 5,889 4,722 146 4,576 7,731 603 7,128 7,244 2,957 10,200 336,905 102,281 

May ..... 6,897 3,054 17 3,036 6,977 544 6,433 9,201 2,282 11,483 383,955 79,790 

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

Fiscal year 

 2021 to date........ 52,654 32,054 1,093 21,477 62,875 5,528 57,348 68,799 21,569 90,367 2,343,513 712,567 

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

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

Budget on May 28, 2021.

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) 

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

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

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

2019 .............................. 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 – Est1.................... 1,296,179 9,348 - 9,348 356 - 356 39,812 - 39,812 24,576 - 24,576 

2022 – Est1.................... 1,462,013 15,293 - 15,293 230 - 230 40,915 - 40,915 27,839 - 27,839 

2020 - June ................... 126,260 8 - 8 20 - 20 2,224 44 2,181 1,609 139 1,470

July .................... 98,536 13 - 13 35 - 35 3,883 43 3,840 4,425 2,088 2,337

Aug .................... 100,376 12 2 10 38 - 38 4,742 43 4,699 3,020 116 2,904

Sept................... 115,103 -114 2 -116 77 - 77 8,499 64 8,435 19,008 1,206 17,802

Oct..................... 95,868 3 - 3 8 - 8 1,001 15 986 3,882 131 3,751

Nov .................... 105,721 15 - 15 32 - 32 4,086 29 4,057 1,694 196 1,497

Dec .................... 115,332 13 - 13 28 - 28 3,508 29 3,477 2,070 254 1,816

2021 - Jan ..................... 118,171 1,145 6 1,140 9 - 9 3,377 30 3,347 1,216 2,233 -1,017 

Feb .................... 99,438 1,058 - 1,058 26 - 26 3,285 31 3,254 830 264 566

Mar .................... 106,723 912 - 912 23 - 23 2,832 31 2,802 2,992 294 2,698

Apr..................... 143,974 1,150 2 1,148 -9 - -9 291 38 253 5,779 1,282 4,497

May.................... 115,628 1,538 - 1,538 33 - 33 3,603 44 3,559 2,009 242 1,767

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

Fiscal year 2021 to date ..... 980,696 7,386 8 7,379 183 - 183 25,618 291 25,326 22,774 5,274 17,499
21

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) 

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

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

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

2019 ....................... 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 – Est1 ............. 6,376 8,700 288,707 16,115 712,398 231,993 35,027 1,547,354 122,714 55,836 17,656 45,284 552,567

2022 – Est1 ............. 6,129 9,250 230,131 26,415 729,445 202,398 50,910 1,662,192 76,122 64,950 21,079 41,583 109,039

2020 - June ............ 521 685 20,789 1,310 55,003 78,038 2,555 129,788 6,599 -9,864 1,866 3,714 116,684

July ............. 451 682 17,198 1,108 61,877 5,880 2,613 170,293 5,849 3,969 1,388 2,332 109,718

Aug ............. 387 603 17,820 1,467 48,602 10,002 2,454 80,725 6,955 4,519 1,000 3,779 54,522

Sept ............ 486 650 16,950 1,535 63,026 52,676 3,045 125,167 32,017 2,114 1,657 4,813 34,194

Oct.............. 505 810 31,858 1,282 76,530 7,709 3,235 157,909 13,079 3,876 1,208 2,597 22,852

Nov ............. 468 684 19,240 1,400 51,529 7,076 2,457 75,848 7,684 3,965 906 3,290 26,829

Dec ............. 416 656 20,972 2,495 67,000 6,696 3,255 122,881 6,879 3,817 1,654 3,152 29,951

2021 - Jan .............. 449 639 14,685 985 50,864 9,566 2,540 119,632 5,945 3,373 1,182 3,660 36,314

Feb ............. 391 648 14,260 940 50,862 9,101 2,512 115,320 5,830 4,336 1,024 3,061 44,991

Mar ............. 442 703 16,333 995 66,640 11,947 3,223 126,258 7,050 2,900 1,376 2,636 51,928

Apr.............. 394 819 22,233 745 67,179 10,297 3,347 157,718 8,246 2,051 955 3,561 39,056

May............. 402 591 16,895 748 49,439 8,995 2,267 82,128 6,284 3,853 1,131 3,477 36,434

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

Fiscal year 

 2021 to date............... 4,000 6,295 177,899 10,842 541,534 125,367 25,307 1,085,466 69,831 32,215 11,484 29,194 329,308

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) 

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

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

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

2019 ....................... 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 – Est1 ............. 35,771 125,747 484,698 1,197,069 235,938 7,109 68,280 7,454 473 2,148 25,552 

2022 – Est1 ............. 33,575 132,207 480,403 454,701 290,032 10,770 72,009 22,219 544 2,249 24,267 

2020 - June ............ 2,709 9,615 68,463 28,139 17,637 472 7,189 749 34 57 882 

July ............. 3,286 10,891 31,303 24,526 27,162 814 10,882 665 39 -1 1,033

Aug ............. 2,543 10,739 47,167 16,376 9,926 714 -1,060 603 33 -170 2,372 

Sept ............ 4,060 12,561 38,759 -18,207 20,724 -151 4,798 655 26 -143 1,310 

Oct.............. 3,493 7,944 20,076 16,213 29,924 847 11,663 813 44 56 1,035 

Nov ............. 2,422 7,774 32,744 10,663 8,848 617 487 687 33 -234 2,825 

Dec ............. 2,727 9,896 79,625 8,220 28,049 1,089 10,623 686 33 334 1,213 

2021 - Jan .............. 2,082 6,040 27,266 175,802 9,457 589 1,577 596 33 -411 -1,113 

Feb ............. 1,326 8,979 32,282 47,650 18,695 610 4,688 601 35 -286 5,918

Mar ............. 4,019 6,942 36,639 372,930 20,093 605 5,186 632 30 84 2,493

Apr.............. 2,444 9,432 45,537 90,121 31,255 632 8,244 803 45 -62 1,327

May............. 2,270 7,340 45,714 169,984 9,393 654 -530 669 33 -167 2,505

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

Fiscal year 

 2021 to date............... 23,249 73,703 419,173 971,999 173,634 6,475 46,038 6,324 315 -647 18,426

See footnotes at end of table 
22

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) 

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

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

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

2019 .................. 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 – Est1........ 23,552 8,251 107,933 372,320 1,199,226 35,010 -109,681 -124,193 -3,787 -90,141 6,231,925 1,017,531

2022 – Est1........ 24,332 10,461 111,838 9,545 1,268,754 42,921 -117,760 -124,569 -5,027 -21,027 4,930,558 1,080,590

2020 - June ....... 1,963 601 7,635 511,355 101,464 -3,448 -7,927 -50,151 -221 - 1,049,284 55,619 

July........ 1,835 677 9,443 26,137 101,221 1,649 -6,582 -1,586 -264 - 547,234 79,253 

Aug........ 1,642 741 8,434 12,351 92,389 587 -6,992 -7,749 -247 - 333,469 89,764 

Sept....... 2,072 722 9,359 1,960 97,001 -2,296 -7,220 -3,677 -139 - 407,747 90,033 

Oct......... 1,993 600 8,888 2,476 102,355 4,833 -26,054 11,168 -47 - 439,355 82,413 

Nov........ 1,818 565 8,743 670 92,719 2,871 -7,683 -2,848 -278 - 274,627 90,192 

Dec........ 2,403 517 8,868 595 126,674 -2,229 -7,677 -51,432 -353 - 412,233 77,449 

2021 - Jan ......... 1,355 497 9,271 2,426 69,570 1,420 -7,379 -1,300 -129 - 487,184 60,299 

Feb ........ 1,606 559 8,119 90,968 98,942 2,688 -7,455 -5,196 -292 -4,476 466,710 92,526 

Mar........ 2,178 571 9,362 86,532 99,121 -1,151 -7,329 -3,513 -639 - 835,564 91,653 

Apr......... 1,818 564 9,074 56,920 104,072 2,439 -8,275 -7,816 -406 - 577,910 86,856 

May ....... 1,622 543 9,126 53,161 95,041 1,394 -7,614 -6,387 -74 - 503,113 92,586 

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

Fiscal year 

2021 to date ....... 16,718 4,991 80,224 324,843 892,940 8,450 -87,451 -125,184 -2,825 -4,476 4,558,044 735,985 

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

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

Budget on May 28, 2021.
23

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

June 2021 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,590,460 203 - 1,590,663 984,458 135 - 984,593

Corporation income taxes........................................... 265,144 - - 265,144 92,106 - - 92,106

Social insurance and retirement receipts: --- - --- - Employment and general retirement (off-budget)... - - 712,567 712,567 - - 732,785 732,785

Employment and general retirement (on-budget)... 7 - 223,661 223,668 18 - 225,449 225,466

Unemployment insurance ....................................... -17 - 40,227 40,210 11 - 33,747 33,759

Other retirement...................................................... - - 4,251 4,251 - - 3,929 3,929

Excise taxes ................................................................ 15,243 1,259 33,883 50,385 9,569 811 36,327 46,707

Estate and gift taxes ................................................... 21,477 - - 21,477 11,168 - - 11,168

Customs duties ........................................................... 37,494 18,637 1,218 57,348 33,903 16,635 1,054 51,592

Miscellaneous receipts................................................ 75,752 13,383 1,230 90,365 65,659 11,365 940 77,965

Total Receipts................................................ 2,005,560 33,482 1,017,036 3,056,078 1,196,892 28,946 1,034,231 2,260,069

 (On-budget)............................................... 2,005,560 33,482 304,470 2,343,511 1,196,892 28,946 301,446 1,527,283

 (Off-budget)............................................... - - 712,567 712,567 - - 732,785 732,785

Budget outlays: 

Legislative branch ....................................................... 4,030 -14 -18 3,998 3,995 51 -4 4,042

Judicial branch ............................................................ 6,328 105 -137 6,296 6,303 133 -120 6,317

Department of Agriculture ........................................... 160,289 17,644 -35 177,897 104,381 27,899 -26 132,254

Department of Commerce........................................... 9,135 1,701 5 10,841 10,276 1,481 51 11,808

Department of Defense-military .................................. 538,377 2,826 332 541,534 513,500 3,125 290 516,915

Department of Education ............................................ 125,433 -67 -1 125,366 135,912 -55 * 135,857

Department of Energy................................................. 26,196 -889 * 25,307 25,182 -1,249 * 23,934

Department of Health and Human Services ............... 897,287 3,696 184,485 1,085,468 808,692 2,826 316,251 1,127,768

Department of Homeland Security.............................. 73,375 -3,673 128 69,830 48,809 -1,707 40 47,142

Department of Housing and Urban Development....... 32,731 38 -554 32,216 22,793 -9 -196 22,588

Department of the Interior........................................... 11,217 -36 303 11,484 11,728 407 237 12,372

Department of Justice ................................................. 25,240 3,988 -34 29,194 25,061 3,640 -19 28,683

Department of Labor................................................... 356,723 -1,263 -26,152 329,307 261,385 -4,716 22,426 279,095

Department of State.................................................... 22,210 403 636 23,249 22,191 468 311 22,970

Department of Transportation..................................... 50,493 27 23,183 73,703 23,229 * 42,922 66,151

Department of the Treasury: 

Interest on Treasury Debt Securities (Gross)......... 419,173 - - 419,173 405,423 - - 405,423

Other ....................................................................... 984,915 -12,818 -99 971,998 596,989 9,307 81 606,377

Department of Veterans Affairs .................................. 176,287 -3,050 395 173,632 163,340 -3,213 455 160,581

Corps of Engineers ..................................................... 5,710 -102 867 6,475 5,476 -158 936 6,254

Other defense civil programs...................................... 105,263 -8,464 -50,761 46,038 98,689 -2,856 -45,189 50,645

Environmental Protection Agency............................... 6,609 -79 -207 6,323 6,859 -39 -20 6,800

Executive Office of the President................................ 306 * 10 317 335 -1 -29 305

General Services Administration ................................ 139 -786 - -647 132 -84 - 49

International Assistance Program............................... 17,967 -224 -939 16,804 19,845 -281 -2,602 16,961

National Aeronautics and Space Administration ........ 16,688 29 1 16,718 15,976 -2 1 15,975

National Science Foundation...................................... 4,880 86 26 4,992 5,034 93 11 5,138

Office of Personnel Management ............................... 10,319 818 69,086 80,223 10,032 130 68,227 78,389

Small Business Administration ................................... 325,022 -179 - 324,843 536,972 -9 - 536,963

Social Security Administration .................................... 67,725 * 825,213 892,938 73,330 * 789,973 863,303

Other independent agencies....................................... 10,539 -1,210 -882 8,448 11,089 1,471 5,152 17,712

Undistributed offsetting receipts: 

Interest .................................................................... - - -125,185 -125,185 - - -122,204 -122,204

Other ....................................................................... -2,106 -9,341 -83,306 -94,753 -3,054 -7,991 -71,149 -82,194

 Total outlays......................................................... 4,488,501 -10,835 816,361 5,294,027 3,969,904 28,663 1,005,804 5,004,372

(On-budget)..................................................... 4,488,234 -9,044 78,853 4,558,042 3,969,638 29,593 308,610 4,307,841

(Off-budget)..................................................... 267 -1,790 737,508 735,985 267 -930 697,194 696,531

 Surplus or deficit (-).............................................. -2,482,941 44,317 200,675 -2,237,949 -2,773,013 283 28,427 -2,744,303

 (On-budget)..................................................... -2,482,674 42,526 225,617 -2,214,531 -2,772,746 -647 -7,164 -2,780,557

 (Off-budget)..................................................... -267 1,790 -24,942 -23,418 -267 930 35,591 36,254

-No Transactions

* Less than $500,000 

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

A 
24

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. 
25

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) 

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

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

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

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 

2020 - June.................... 26,498,260 26,477,241 21,019 5,928,866 5,928,866 - 20,569,394 20,548,375 21,019 

July..................... 26,545,875 26,524,953 20,922 5,872,303 5,872,303 - 20,673,572 20,652,650 20,922 

Aug..................... 26,966,120 26,945,391 20,729 5,888,362 5,888,362 - 21,077,758 21,057,029 20,729 

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

Oct ..................... 27,155,572 27,135,477 20,095 6,019,517 6,019,517 - 21,136,055 21,115,960 20,095 

Nov..................... 27,466,498 27,446,288 20,210 6,078,238 6,078,238 - 21,388,260 21,368,050 20,210 

Dec..................... 27,768,006 27,747,798 20,208 6,096,382 6,096,382 - 21,671,624 21,651,416 20,208 

2021 - Jan...................... 27,804,680 27,784,553 20,127 6,121,360 6,121,360 - 21,683,320 21,663,193 20,127 

Feb..................... 27,922,267 27,902,364 19,903 6,127,521 6,127,521 - 21,794,746 21,774,843 19,903 

Mar..................... 28,152,398 28,132,570 19,828 6,125,707 6,125,707 - 22,026,691 22,006,863 19,828 

 Apr ..................... 28,194,469 28,174,714 19,755 6,098,072 6,098,072 - 22,096,397 22,076,642 19,755 

May .................... 28,218,691 28,199,008 19,683 6,153,591 6,153,591 - 22,065,100 22,045,417 19,683 

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

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) 

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

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

2018 ............................... 21,538,880 78,187 21,460,692 5,737,252 27,744 5,709,509 15,801,628 50,443 15,751,183 

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 

2020 - June .................... 26,498,260 69,075 26,429,184 5,928,866 26,308 5,902,557 20,569,394 42,767 20,526,627 

July..................... 26,545,875 66,675 26,479,200 5,872,303 26,144 5,846,159 20,673,572 40,531 20,633,041 

Aug..................... 26,966,120 65,379 26,684,185 5,888,362 25,969 5,862,392 21,077,758 39,410 20,821,793 

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

Oct...................... 27,155,572 63,986 27,071,490 6,019,517 25,619 5,993,898 21,136,055 38,367 21,097,687 

Nov..................... 27,466,498 64,720 27,401,777 6,078,238 25,398 6,052,840 21,388,260 39,322 21,348,937 

Dec..................... 27,768,006 63,921 27,704,083 6,096,382 25,301 6,071,082 21,671,624 38,620 21,633,001 

2021 - Jan ...................... 27,804,680 64,127 27,740,552 6,121,360 25,354 6,096,007 21,683,320 38,773 21,644,545 

Feb ..................... 27,922,267 65,487 27,856,779 6,127,521 25,494 6,102,027 21,794,746 39,993 21,754,751 

Mar..................... 28,152,398 71,455 28,080,943 6,125,707 25,735 6,099,972 22,026,691 45,720 21,980,970 

 Apr ..................... 28,194,469 76,097 28,118,371 6,098,072 26,193 6,071,879 22,096,397 49,904 22,046,492 

May .................... 28,218,691 74,925 28,143,765 6,153,591 26,139 6,127,452 22,065,100 48,786 22,016,313 

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 
26

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) 

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

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

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

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

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

2020 - June ............... 149,819 0 264 283,020 89,242 121,107 2,383

July................ 149,448 0 264 288,268 91,851 116,089 2,389

Aug................ 149,077 0 264 289,279 95,901 116,094 2,474

Sept............... 148,677 0 264 291,831 106,607 116,100 2,523

Oct................. 148,286 0 264 297,682 116,844 111,102 2,672

Nov................ 147,882 0 264 300,591 116,269 111,108 2,700

Dec................ 147,130 0 264 296,812 115,786 111,112 2,793

2021 - Jan ................. 146,655 0 264 299,532 114,583 53,074 2,800

Feb ................ 146,320 0 264 299,601 117,109 53,074 2,826

Mar................ 145,793 0 264 297,423 121,684 53,075 2,799

 Apr ................ 145,269 0 264 296,675 123,708 53,075 2,911

May ............... 144,915 0 264 298,295 125,339 53,075 2,955

June .............. 144,693 0 264 299,575 122,755 44,571 3,052

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) 

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

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

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

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 

2020 - June ............... 20,530,278 19,884,443 5,078,833 10,306,753 2,528,444 1,508,647 461,767 645,835 

July................ 20,634,400 19,986,091 5,078,133 10,419,742 2,567,981 1,485,915 434,322 648,308 

Aug................ 20,822,038 20,168,949 5,075,875 10,516,332 2,619,323 1,501,097 456,322 653,089 

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

Oct................. 21,633,001 20,420,124 4,984,441 10,721,511 2,691,618 1,544,239 478,315 676,850 

Nov................ 21,349,472 20,670,657 4,942,664 10,911,912 2,781,069 1,560,512 474,500 678,814 

Dec................ 21,632,419 20,958,523 4,963,056 11,084,744 2,833,625 1,578,599 498,499 673,896 

2021 - Jan ................. 21,643,915 21,027,007 4,953,849 11,165,664 2,859,903 1,549,101 498,490 616,908 

Feb ................ 21,755,737 21,136,544 4,857,868 11,305,192 2,913,929 1,559,328 500,226 619,194 

Mar................ 21,986,939 21,365,900 4,667,846 11,590,088 3,000,423 1,581,333 526,210 621,038 

 Apr ................ 22,056,055 21,434,152 4,538,683 11,776,025 3,056,509 1,561,548 501,387 621,903 

May ............... 22,020,939 21,396,096 4,375,781 11,821,157 3,087,149 1,584,621 527,387 624,843 

June .............. 22,329,823 21,714,913 4,273,670 12,097,216 3,173,226 1,617,396 553,405 614,910 
27

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) 

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

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

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

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

2020 - June .......... 2,838,213 881 91,700 16,526 2,086 13,692 419 80,744 1,762,356

July........... 2,831,581 881 69,275 14,562 2,041 14,526 678 59,353 1,810,610

Aug........... 2,816,601 881 93,135 13,643 1,999 15,078 408 52,642 1,755,640

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

Oct............ 2,786,189 882 131,420 24,465 1,869 14,050 363 62,097 1,849,842

Nov........... 2,800,868 882 71,036 24,576 1,906 13,677 476 57,707 1,953,187

Dec........... 2,793,146 882 142,775 24,029 1,851 16,052 654 59,468 1,890,383

2021 - Jan ............ 2,814,839 882 139,117 22,927 1,800 16,182 571 56,126 1,918,988

Feb ........... 2,797,938 882 172,681 23,056 1,753 16,009 604 55,326 1,903,510

Mar........... 2,787,279 882 177,660 22,403 1,697 25,770 667 55,152 1,903,614

 Apr ........... 2,800,686 882 153,709 18,439 1,650 22,004 726 42,160 1,906,482

May .......... 2,787,919 882 180,596 18,523 1,615 22,494 485 56,028 1,921,171

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

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) 

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

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

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

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 

2020 - June ....... 6,208,461 11,270 107,107 48,598 11,172 98,357 941,296 130,290 53,754 

July........ 6,208,461 10,144 107,265 48,614 11,173 97,529 936,952 126,392 66,885 

Aug........ 6,157,049 9,271 107,742 49,126 11,169 96,485 932,709 133,207 67,313 

Sept....... 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

Oct......... 6,314,081 20,552 106,072 49,176 11,171 95,802 971,125 119,479 69,527 

Nov........ 6,375,655 19,789 108,864 49,217 11,165 95,138 967,720 130,884 68,563 

Dec........ 6,390,322 18,205 110,403 49,253 11,166 90,703 976,112 134,505 70,735 

2021 - Jan ......... 6,418,212 17,420 108,611 49,306 11,166 97,789 971,807 137,918 52,763 

Feb ........ 6,424,251 17,426 109,660 49,858 11,159 96,888 967,819 127,692 71,990 

Mar........ 6,420,855 17,082 112,485 49,759 11,159 97,106 963,956 120,954 73,230 

 Apr ........ 6,392,633 17,020 112,291 49,722 12,793 99,862 960,504 118,615 75,088 

May ....... 6,451,133 17,283 111,133 49,692 12,789 99,752 956,515 136,163 78,093 

June ...... 6,475,076 17,441 114,403 49,028 22,838 97,756 966,224 133,123 79,600 
28

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) 

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

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 * * 

2020 - June .................. 21,019 19 65 20,935 * * 

July................... 20,922 19 65 20,838 * * 

Aug................... 20,729 19 57 20,653 * * 

Sept.................. 20,151 19 58 20,075 * * 

Oct.................... 20,095 19 58 20,018 * * 

Nov................... 20,210 19 58 20,133 * * 

Dec................... 20,208 19 59 20,130 * * 

2021 - Jan .................... 20,127 19 59 20,049 * * 

Feb ................... 19,903 19 51 19,833 * * 

Mar................... 19,828 19 51 19,758 * * 

 Apr ................... 19,755 19 52 19,684 * * 

May .................. 19,683 19 52 19,612 * * 

June ................. 19,827 19 52 19,756 * * 
29

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) 

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

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

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

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 

2020 - June .................... 15,687,979 6,416,071 5,442,307 2,287,195 166,049 1,376,357 55 

July ..................... 15,705,195 6,414,454 5,430,892 2,293,832 182,551 1,383,466 55 

Aug ..................... 15,807,471 6,412,882 5,504,849 2,275,322 220,413 1,394,003 56 

Sept.................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

Oct...................... 15,769,769 6,342,837 5,443,753 2,325,158 242,348 1,415,673 57 

Nov ..................... 16,078,428 6,330,355 5,635,499 2,389,470 301,145 1,421,959 58 

Dec ..................... 16,284,139 6,361,468 5,716,708 2,454,885 317,935 1,433,143 58 

2021 - Jan ...................... 16,144,933 6,367,936 5,599,900 2,415,636 315,069 1,446,391 58 

Feb ..................... 16,230,397 6,281,711 5,728,953 2,422,721 351,910 1,445,103 59 

Mar ..................... 16,438,546 6,102,024 5,923,038 2,560,765 395,746 1,456,974 60 

Apr...................... 16,432,951 6,000,621 5,919,098 2,631,745 412,677 1,468,811 61

May..................... 16,241,507 5,853,774 5,896,838 2,595,751 420,066 1,475,078 62 

June.................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62 

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

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) 

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

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

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

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

2020 – June2 .......................... - 26,450,464 26,450,464 - 26,477,241 - 26,777

July2............................ - 26,500,106 26,500,106 - 26,524,953 - 24,847

Aug2............................ - 26,702,456 26,702,456 - 26,728,836 - 26,380

Sept2........................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

Oct2 ............................ - 27,420,529 27,420,529 - 27,446,288 - 25,759

Nov2............................ - 27,109,188 27,109,188 - 27,135,477 - 26,288

Dec2............................ - 27,721,341 27,721,341 - 27,747,798 - 26,457

2021 – Jan2 ............................ - 27,757,191 27,757,191 - 27,784,553 - 27,362

Feb2............................ - 27,871,301 27,871,301 - 27,902,364 - 31,063

Mar1............................ - 28,100,561 28,100,561 - 28,132,570 - 32,009

Apr1 ............................ - 28,143,582 28,143,582 - 28,174,714 - 31,132

May1 ........................... - 28,168,249 28,168,249 - 28,199,008 - 30,759

June1 .......................... - 28,501,528 28,501,528 - 28,529,436 - 27,907

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

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

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

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

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

suspended through March 1, 2019.
31

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) 

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

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

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

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2020 - June ............................ 1,917,615 41,707 20,689 29,438 568 432

July............................. 1,916,562 26,972 20,689 29,438 568 432

Aug............................. 1,915,906 29,683 21,271 29,936 612 363

Sept............................ 1,813,390 43,575 21,396 30,483 637 363

Oct.............................. 1,843,219 28,117 21,504 30,668 636 363

Nov............................. 1,862,833 34,099 21,598 30,963 642 363

Dec............................. 1,859,398 28,781 21,756 31,298 648 363

2021 - Jan .............................. 1,817,313 29,585 21,881 31,417 651 363

Feb ............................. 1,823,065 29,428 21,698 31,569 653 363

Mar............................. 1,840,824 27,661 20,095 28,819 571 363

 Apr ............................. 1,838,936 27,823 20,171 28,940 578 363

May ............................ 1,840,653 27,637 20,280 29,093 582 363

June ........................... 1,798,723 27,746 20,425 29,317 585 363

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) 

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

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

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

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2020 - June............................ 1,306,769 5,870 44,722 25 72,370

July............................. 1,327,515 5,842 44,722 25 72,308

Aug............................. 1,327,500 5,887 51,817 23 72,178

Sept............................ 1,249,871 5,649 44,722 30 71,373

Oct ............................. 1,292,454 5,649 51,817 30 71,974

Nov............................. 1,292,456 5,640 51,817 30 72,681

Dec............................. 1,292,020 5,643 51,817 30 72,366

2021 - Jan.............................. 1,310,294 5,580 51,817 36 72,547

Feb............................. 1,310,294 5,530 51,817 36 72,875

Mar............................. 1,326,753 5,552 51,817 36 71,477

 Apr ............................. 1,326,766 5,510 51,817 30 68,686

May ............................ 1,326,766 5,628 51,817 30 69,467

June ........................... 1,291,837 5,762 51,817 30 69,963
32

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) 

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

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

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

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2020 - June ........................... 16,946 3,021 218,115 156,943

July............................ 16,946 3,490 218,115 149,500

Aug............................ 15,388 3,903 218,149 139,196

Sept........................... 15,388 4,384 176,174 149,345

Oct............................. 15,389 4,852 176,174 143,592

Nov............................ 15,390 5,745 188,096 143,313

Dec............................ 15,389 5,271 188,096 145,920

2021 - Jan ............................. 15,390 6,222 188,096 83,434

Feb ............................ 15,390 6,611 192,965 83,836

Mar............................ 15,390 7,001 192,965 92,324

 Apr ............................ 15,390 7,399 192,982 92,481

May ........................... 15,390 7,776 192,982 92,842

June .......................... 15,391 3,375 197,982 84,130

Note—Detail may not add to totals due to rounding. 
33

 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 42-Day Cash Management Bills 

On March 25, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued April 

1 and matured May 13. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on March 30. Tenders totaled $118,879 million; Treasury accepted $40,001 million, including $14 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.015 percent. 

Auction of 119-Day Cash Management Bills 

On March 30, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued April 

6 and will mature August 3. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the 

bills on March 31. Tenders totaled $122,103 million; Treasury accepted $35,002 million, including $2 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.030 percent. 

Auction of 42-Day Cash Management Bills 

On April 1, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued April 8 

and matured May 20. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on April 6. Tenders totaled $140,187 million; Treasury accepted $40,002 million, including $12 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.020 percent. 
34

Auction of 119-Day Cash Management Bills 

On April 6, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued April 

13 and will mature August 10. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 

the bills on April 7. Tenders totaled $142,013 million; Treasury accepted $35,001 million, including $4 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.025 percent. 

Auction of 42-Day Cash Management Bills 

On April 8, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued April 15 

and matured May 27. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on April 13. Tenders totaled $133,555 million; Treasury accepted $40,002 million, including $13 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.015 percent. 

Auction of 3-Year Notes 

On April 8, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund 

$61,366 million of securities maturing April 15 and to raise new cash of approximately $58,634 million. 

The 3-year notes of Series AM-2024 were dated and issued April 15. They are due April 15, 2024, with interest 

payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. Eastern Time (ET) for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on April 12. Tenders totaled $134,436 million; Treasury accepted $58,000 

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.376 

percent with an equivalent price of $99.997020. Treasury accepted in full all competitive tenders at yields lower than 

0.376 percent. Tenders at the high yield were allotted 83.48 percent. The median yield was 0.350 percent, and the low 

yield was 0.080 percent. Noncompetitive tenders totaled $53 million. Competitive tenders accepted from private 

investors totaled $57,743 million. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $8,904 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-2024 is $100. 

Auction of 9-Year 10-Month 1-1/8 Percent Notes 

On April 8, 2021, Treasury announced it would auction $38,000 million of 9-year 10-month 1-1/8 percent notes. 

The issue was to refund $61,366 million of securities maturing April 15 and to raise new cash of approximately 

$58,634 million. 

The 9-year 10-month 1-1/8 percent notes of Series B-2031 were dated February 15 and issued April 15. They are 

due February 15, 2031, 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 $89,572 million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.680 percent with an 

equivalent price of $94.985814. Treasury accepted in full all competitive tenders at yields lower than 1.680 percent. 

Tenders at the high yield were allotted 19.14 percent. The median yield was 1.620 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled 

$37,987 million. Accrued interest of $1.83356 per $1,000 must be paid for the period from February 15 to April 15. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $5,834 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2031 is $100. 

Auction of 29-Year 10-Month 1-7/8 Percent Bonds 

On April 8, 2021, Treasury announced it would auction $24,000 million of 29-year 10-month 1-7/8 percent bonds. 

The issue was to refund $61,366 million of securities maturing April 15 and to raise new cash of approximately 

$58,634 million. 

The 29-year 10-month 1-7/8 percent bonds of February 2051 were dated February 15 and issued April 15. They are 

due February 15, 2051, with interest payable on August 15 and February 15 until maturity. 
35

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 $59,179 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.320 percent with an 

equivalent price of $90.454200. Treasury accepted in full all competitive tenders at yields lower than 2.320 percent. 

Tenders at the high yield were allotted 54.85 percent. The median yield was 2.270 percent, and the low yield was 2.190 

percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled 

$23,993 million. Accrued interest of $3.05594 per $1,000 must be paid for the period from February 15 to April 15. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,684 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On April 13, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued April 

20 and will mature August 17. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 

the bills on April 14. Tenders totaled $125,849 million; Treasury accepted $35,000 million, including $1 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.025 percent. 

Auction of 42-Day Cash Management Bills 

On April 15, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued April 

22 and matured June 3. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on April 20. Tenders totaled $142,301 million; Treasury accepted $40,001 million, including $25 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.010 percent. 

Auction of 52-Week Bills 

On April 15, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued April 22 and will mature April 21, 2022. The issue was to refund $212,992 million of all maturing bills and to 

pay down approximately $27,992 million. Treasury auctioned the bills on April 20. Tenders totaled $125,373 million; 

Treasury accepted $34,000 million, including $238 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.065 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,010 million 

from FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On April 20, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued April 

27 and will mature August 24. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 

the bills on April 21. Tenders totaled $124,280 million; Treasury accepted $35,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.025 percent. 

Auction of 42-Day Cash Management Bills 

On April 22, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued April 

29 and matured June 10. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the 

bills on April 27. Tenders totaled $136,304 million; Treasury accepted $40,002 million, including $5 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.010 percent. 

Auction of 19-Year 10-Month 1-7/8 Percent Bonds 

On April 15, 2021, Treasury announced it would auction $24,000 million of 19-year 10-month 1-7/8 percent bonds. 

The issue was to refund $122,375 million of securities maturing April 30 and to raise new cash of approximately 

$130,625 million. 

The 19-year 10-month 1-7/8 percent bonds of February 2041 were dated February 15 and issued April 30. They are 

due February 15, 2041, with interest payable on August 15 and February 15 until maturity. 
36

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 21. Tenders totaled $57,979 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.144 percent with an 

equivalent price of $95.676788. Treasury accepted in full all competitive tenders at yields lower than 2.144 percent. 

Tenders at the high yield were allotted 17.74 percent. The median yield was 2.092 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled 

$23,996 million. Accrued interest of $3.83287 per $1,000 must be paid for the period from February 15 to April 30. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $4,583 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2041 is $100. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On April 15, 2021, Treasury announced it would auction $18,000 million of 5-year TIPS. The issue was to refund 

$122,375 million of securities maturing April 30 and to raise new cash of approximately $130,625 million. 

The 5-year TIPS of Series X-2026 were dated April 15 and issued April 30. They are due April 15, 2026, 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 22. Tenders totaled $45,009 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.631 percent with an 

equivalent adjusted price of $109.406206. Treasury accepted in full all competitive tenders at yields lower than -1.631 

percent. Tenders at the high yield were allotted 41.74 percent. The median yield was -1.690 percent, and the low yield 

was -1.980 percent. Noncompetitive tenders totaled $89 million. Competitive tenders accepted from private investors 

totaled $17,911 million. Adjusted accrued interest of $0.05137 per $1,000 must be paid for the period from April 15 to 

April 30. Both the unadjusted price of $109.108340 and the unadjusted accrued interest of $0.05123 were adjusted by 

an index ratio of 1.00273, for the period from April 15 to April 30. 

In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $3,438 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2026 is $100. 

Auction of 2-Year Notes 

On April 22, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund 

$122,375 million of securities maturing April 30 and to raise new cash of approximately $130,625 million. 

The 2-year notes of Series AZ-2023 were dated and issued April 30. They are due April 30, 2023, with interest 

payable on October 31 and April 30 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 notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on April 26. Tenders totaled $140,326 million; Treasury accepted $60,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.175 percent with an 

equivalent price of $99.900218. Treasury accepted in full all competitive tenders at yields lower than 0.175 percent. 

Tenders at the high yield were allotted 2.65 percent. The median yield was 0.150 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $82 million. Competitive tenders accepted from private investors totaled 

$59,711 million. 

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $11,458 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AZ-2023 is $100. 

Auction of 5-Year Notes 

On April 22, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund 

$122,375 million of securities maturing April 30 and to raise new cash of approximately $130,625 million. 

The 5-year notes of Series Y-2026 were dated and issued April 30. They are due April 30, 2026, with interest 

payable on October 31 and April 30 until maturity. Treasury set an interest rate of 0-3/4 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 26. Tenders totaled $141,054 million; Treasury accepted $61,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.849 percent with an 
37

equivalent price of $99.516363. Treasury accepted in full all competitive tenders at yields lower than 0.849 percent. 

Tenders at the high yield were allotted 88.02 percent. The median yield was 0.800 percent, and the low yield was 0.720 

percent. Noncompetitive tenders totaled $42 million. Competitive tenders accepted from private investors totaled 

$60,853 million. 

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $11,649 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2026 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On April 22, 2021, Treasury announced it would auction $28,000 million of 2-year FRNs. The issue was to refund 

$122,375 million of securities maturing April 30 and to raise new cash of approximately $130,625 million. 

The 2-year FRNs of Series BA-2023 were dated and issued April 30. They are due April 30, 2023, with interest 

payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of 0.034 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 $81,413 million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.034 percent 

with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.034 percent. Tenders at the high discount margin were allotted 68.64 percent. The median discount margin was 

0.027 percent, and the low discount margin was 0.000 percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled $27,970 million. 

In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $5,347 million 

from FRBs for their own accounts. 

Auction of 7-Year Notes 

On April 22, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund 

$122,375 million of securities maturing April 30 and to raise new cash of approximately $130,625 million. 

The 7-year notes of Series K-2028 were dated and issued April 30. They are due April 30, 2028, with interest 

payable on October 31 and April 30 until maturity. Treasury set an interest rate of 1-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 27. Tenders totaled $143,448 million; Treasury accepted $62,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.306 percent with an 

equivalent price of $99.626548. Treasury accepted in full all competitive tenders at yields lower than 1.306 percent. 

Tenders at the high yield were allotted 88.71 percent. The median yield was 1.249 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $24 million. Competitive tenders accepted from private investors totaled 

$61,976 million. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $11,840 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2028 is $100. 

MAY 

Auction of 119-Day Cash Management Bills 

On April 27, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued May 4 

and will mature August 31. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the 

bills on April 28. Tenders totaled $124,556 million; Treasury accepted $35,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.025 percent. 

Auction of 42-Day Cash Management Bills 

On April 29, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued May 6 

and matured June 17. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on May 4. Tenders totaled $143,009 million; Treasury accepted $40,002 million, including $13 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.010 percent. 
38

Auction of 119-Day Cash Management Bills 

On May 4, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued May 11 

and will mature September 7. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 

the bills on May 5. Tenders totaled $126,546 million; Treasury accepted $35,000 million, including $ million of 

noncompetitive tenders from the public. The high bank discount rate was 0.025 percent. 

Auction of 42-Day Cash Management Bills 

On May 6, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued May 13 

and matured June 24. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on May 11. Tenders totaled $158,081 million; Treasury accepted $40,000 million, including $2 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.005 percent. 

May Quarterly Financing 

On May 5, 2021, Treasury announced it would auction $58,000 million of 3-year notes, $41,000 million of 10-year 

notes, and $27,000 million of 30-year bonds to refund $47,693 million of securities maturing May 15, 2021 and to raise 

new cash of approximately $78,307 million. 

The 3-year notes of Series AN-2024 were dated May 15 and issued May 17. They are due May 15, 2024, with 

interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 0-1/4 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 May 11. Tenders totaled $140,467 million; Treasury accepted $58,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.329 percent with an 

equivalent price of $99.764780. Treasury accepted in full all competitive tenders at yields lower than 0.329 percent. 

Tenders at the high yield were allotted 15.77 percent. The median yield was 0.300 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $44 million. Competitive tenders accepted from private investors totaled 

$57,852 million. Accrued interest of $0.01359 per $1,000 must be paid for the period from May 15 to May 17. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $30,769 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AN-2024 is $100. 

The 10-year notes of Series C-2031 were dated May 15 and issued May 17. They are due May 15, 2031, with 

interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 1-5/8 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 12. Tenders totaled $100,621 million; Treasury accepted $41,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.684 percent with an 

equivalent price of $99.459286. Treasury accepted in full all competitive tenders at yields lower than 1.684 percent. 

Tenders at the high yield were allotted 32.49 percent. The median yield was 1.629 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $39 million. Competitive tenders accepted from private investors totaled 

$40,961 million. Accrued interest of $0.08832 per $1,000 must be paid for the period from May 15 to May 17. 

In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $21,751 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2031 is $100. 

The 30-year bonds of May 2051 were dated May 15 and issued May 17. They are due May 15, 2051, with interest 

payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-3/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 13. Tenders totaled $59,912 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.395 percent with an 

equivalent price of $99.573653. Treasury accepted in full all competitive tenders at yields lower than 2.395 percent. 

Tenders at the high yield were allotted 60.93 percent. The median yield was 2.315 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled 

$26,989 million. Accrued interest of $0.12908 per $1,000 must be paid for the period from May 15 to May 17. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $14,324 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2051 is $100. 
39

Auction of 119-Day Cash Management Bills 

On May 11, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued May 

18 and will mature September 14. The issue was to raise new cash of approximately $35,000 million. Treasury 

auctioned the bills on May 12. Tenders totaled $113,351 million; Treasury accepted $35,001 million, including $ 

million of noncompetitive tenders from the public. The high bank discount rate was 0.020 percent. 

Auction of 42-Day Cash Management Bills 

On May 13, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued May 20 

and matured July 1. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on 

May 18. Tenders totaled $154,268 million; Treasury accepted $40,004 million, including $2 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.005 percent. 

Auction of 52-Week Bills 

On May 13, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued May 20 and will mature May 19, 2022. The issue was to refund $205,997 million of all maturing bills and to pay 

down approximately $20,997 million. Treasury auctioned the bills on May 18. Tenders totaled $113,019 million; 

Treasury accepted $34,001 million, including $191 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $4,260 million 

from FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On May 18, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued May 

25 and will mature September 21. The issue was to raise new cash of approximately $35,000 million. Treasury 

auctioned the bills on May 19. Tenders totaled $122,863 million; Treasury accepted $35,001 million, including $1 

million of noncompetitive tenders from the public. The high bank discount rate was 0.015 percent. 

Auction of 42-Day Cash Management Bills 

On May 20, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued May 27 

and matured July 8. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on 

May 25. Tenders totaled $143,949 million; Treasury accepted $40,002 million, including $9 million of noncompetitive 

tenders from the public. The high bank discount rate was 0.005 percent. 

Auction of 9-Year 8-Month 0-1/8 Percent TIPS 

On May 13, 2021, Treasury announced it would auction $13,000 million of 9-year 8-month 0-1/8 percent TIPS. 

The issue was to raise new cash of approximately $39,000 million. 

The 9-year 8-month 0-1/8 percent TIPS of Series A-2031 were dated January 15 and issued May 28. They are due 

January 15, 2031, 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 20. Tenders totaled $32,458 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.805 percent with an 

equivalent adjusted price of $111.149129. Treasury accepted in full all competitive tenders at yields lower than -0.805 

percent. Tenders at the high yield were allotted 63.74 percent. The median yield was -0.898 percent, and the low yield 

was -0.940 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors 

totaled $12,983 million. Adjusted accrued interest of $0.46687 per $1,000 must be paid for the period from January 15 

to May 28. Both the unadjusted price of $109.334182 and the unadjusted accrued interest of $0.45925 were adjusted by 

an index ratio of 1.0166, for the period from January 15 to May 28. The minimum par amount required for STRIPS of 

TIPS of Series A-2031 is $100. 
40

Auction of 1-Year 11-Month 0.034 Percent FRNs 

On May 20, 2021, Treasury announced it would auction $26,000 million of 1-year 11-month 0.034 percent FRNs. 

The issue was to raise new cash of approximately $39,000 million. 

The 1-year 11-month 0.034 percent FRNs of Series BA-2023 were dated April 30 and issued May 28. They are due 

April 30, 2023, 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 26. Tenders totaled $78,698 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.030 percent 

with an equivalent price of $100.007796. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.030 percent. Tenders at the high discount margin were allotted 79.05 percent. The median discount margin was 

0.020 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled $25,974 million. Accrued interest of $0.003866724 per 

$100 must be paid for the period from April 30 to May 28. 

JUNE 

Auction of 119-Day Cash Management Bills 

On May 25, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued June 1 

and will mature September 28. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 

the bills on May 26. Tenders totaled $109,173 million; Treasury accepted $35,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.020 percent. 

Auction of 20-Year Bonds 

On May 13, 2021, Treasury announced it would auction $27,000 million of 20-year bonds. The issue was to refund 

$75,118 million of securities maturing May 31 and to raise new cash of approximately $134,882 million. 

The 20-year bonds of May 2041 were dated May 15 and issued June 1. They are due May 15, 2041, with interest 

payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 19. Tenders totaled $60,368 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.286 percent with an 

equivalent price of $99.424698. Treasury accepted in full all competitive tenders at yields lower than 2.286 percent. 

Tenders at the high yield were allotted 65.79 percent. The median yield was 2.215 percent, and the low yield was 2.150 

percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled 

$26,995 million. Accrued interest of $1.03940 per $1,000 must be paid for the period from May 15 to June 1. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $5,241 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2041 is $100. 

Auction of 2-Year Notes 

On May 20, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund 

$75,118 million of securities maturing May 31 and to raise new cash of approximately $134,882 million. 

The 2-year notes of Series BB-2023 were dated May 31 and issued June 1. They are due May 31, 2023, with 

interest payable on November 30 and May 31 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 25. Tenders totaled $164,145 million; Treasury accepted $60,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.152 percent with an 

equivalent price of $99.946175. Treasury accepted in full all competitive tenders at yields lower than 0.152 percent. 

Tenders at the high yield were allotted 64.17 percent. The median yield was 0.108 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $100 million. Competitive tenders accepted from private investors totaled 

$59,795 million. Accrued interest of $0.00342 per $1,000 must be paid for the period from May 31 to June 1. 
41

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $11,646 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BB-2023 is $100. 

Auction of 5-Year Notes 

On May 20, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund 

$75,118 million of securities maturing May 31 and to raise new cash of approximately $134,882 million. 

The 5-year notes of Series Z-2026 were dated May 31 and issued June 1. They are due May 31, 2026, with interest 

payable on November 30 and May 31 until maturity. Treasury set an interest rate of 0-3/4 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 $151,822 million; Treasury accepted $61,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.788 percent with an 

equivalent price of $99.814145. Treasury accepted in full all competitive tenders at yields lower than 0.788 percent. 

Tenders at the high yield were allotted 42.54 percent. The median yield was 0.741 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled 

$60,862 million. Accrued interest of $0.02049 per $1,000 must be paid for the period from May 31 to June 1. 

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $11,840 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2026 is $100. 

Auction of 7-Year Notes 

On May 20, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund 

$75,118 million of securities maturing May 31 and to raise new cash of approximately $134,882 million. 

The 7-year notes of Series L-2028 were dated May 31 and issued June 1. They are due May 31, 2028, with interest 

payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-1/4 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 May 27. Tenders totaled $149,570 million; Treasury accepted $62,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.285 percent with an 

equivalent price of $99.766478. Treasury accepted in full all competitive tenders at yields lower than 1.285 percent. 

Tenders at the high yield were allotted 19.81 percent. The median yield was 1.232 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled 

$61,978 million. Accrued interest of $0.03415 per $1,000 must be paid for the period from May 31 to June 1. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $12,034 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2028 is $100. 

Auction of 42-Day Cash Management Bills 

On May 27, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued June 3 

and will mature July 15. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the 

bills on June 1. Tenders totaled $138,237 million; Treasury accepted $40,000 million, including $12 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.005 percent. 

Auction of 119-Day Cash Management Bills 

On June 1, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued June 8 

and will mature October 5. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the 

bills on June 2. Tenders totaled $114,994 million; Treasury accepted $35,002 million, including $5 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.030 percent. 

Auction of 42-Day Cash Management Bills 

On June 3, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued June 10 

and will mature July 22. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the 
42

bills on June 8. Tenders totaled $124,946 million; Treasury accepted $40,001 million, including $2 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.010 percent. 

Auction of 119-Day Cash Management Bills 

On June 8, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued June 15 

and will mature October 12. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the 

bills on June 9. Tenders totaled $138,185 million; Treasury accepted $35,002 million, including $1 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.030 percent. 

Auction of 3-Year Notes 

On June 3, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund 

$20,968 million of securities maturing June 15 and to raise new cash of approximately $99,032 million. 

The 3-year notes of Series AP-2024 were dated and issued June 15. They are due June 15, 2024, with interest 

payable on December 15 and June 15 until maturity. Treasury set an interest rate of 0-1/4 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 8. Tenders totaled $143,114 million; Treasury accepted $58,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.325 percent with an 

equivalent price of $99.776274. Treasury accepted in full all competitive tenders at yields lower than 0.325 percent. 

Tenders at the high yield were allotted 33.86 percent. The median yield was 0.295 percent, and the low yield was 0.220 

percent. Noncompetitive tenders totaled $34 million. Competitive tenders accepted from private investors totaled 

$57,961 million. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $5,332 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AP-2024 is $100. 

Auction of 9-Year 11-Month 1-5/8 Percent Notes 

On June 3, 2021, Treasury announced it would auction $38,000 million of 9-year 11-month 1-5/8 percent notes. 

The issue was to refund $20,968 million of securities maturing June 15 and to raise new cash of approximately $99,032 

million. 

The 9-year 11-month 1-5/8 percent notes of Series C-2031 were dated May 15 and issued June 15. They are due 

May 15, 2031, 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 9. Tenders totaled $98,140 million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.497 percent with an 

equivalent price of $101.174616. Treasury accepted in full all competitive tenders at yields lower than 1.497 percent. 

Tenders at the high yield were allotted 5.89 percent. The median yield was 1.440 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled 

$37,990 million. Accrued interest of $1.36889 per $1,000 must be paid for the period from May 15 to June 15. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $3,493 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2031 is $100. 

Auction of 29-Year 11-Month 2-3/8 Percent Bonds 

On June 3, 2021, Treasury announced it would auction $24,000 million of 29-year 11-month 2-3/8 percent bonds. 

The issue was to refund $20,968 million of securities maturing June 15 and to raise new cash of approximately $99,032 

million. 

The 29-year 11-month 2-3/8 percent bonds of May 2051 were dated May 15 and issued June 15. They are due May 

15, 2051, 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 10. Tenders totaled $54,928 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.172 percent with an 

equivalent price of $104.447071. Treasury accepted in full all competitive tenders at yields lower than 2.172 percent. 

Tenders at the high yield were allotted 17.17 percent. The median yield was 2.100 percent, and the low yield was 0.880 
43

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$23,997 million. Accrued interest of $2.00068 per $1,000 must be paid for the period from May 15 to June 15. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,206 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2051 is $100. 

Auction of 42-Day Cash Management Bills 

On June 10, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued June 17 

and will mature July 29. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the 

bills on June 15. Tenders totaled $128,987 million; Treasury accepted $40,001 million, including $1 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.015 percent. 

Auction of 52-Week Bills 

On June 10, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued June 17 and will mature June 16, 2022. The issue was to refund $211,994 million of all maturing bills and to pay 

down approximately $26,994 million. Treasury auctioned the bills on June 15. Tenders totaled $108,492 million; 

Treasury accepted $34,001 million, including $216 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.070 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $3,331 million 

from FRBs for their own accounts. 

Auction of 119-Day Cash Management Bills 

On June 15, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued June 

22 and will mature October 19. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 

the bills on June 16. Tenders totaled $130,120 million; Treasury accepted $35,002 million, including $ million of 

noncompetitive tenders from the public. The high bank discount rate was 0.035 percent. 

Auction of 42-Day Cash Management Bills 

On June 17, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued June 24 

and will mature August 5. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the 

bills on June 22. Tenders totaled $122,530 million; Treasury accepted $40,001 million, including $20 million of 

noncompetitive tenders from the public. The high bank discount rate was 0.040 percent. 

Auction of 1-Year 10-Month 0.034 Percent FRNs 

On June 17, 2021, Treasury announced it would auction $26,000 million of 1-year 10-month 0.034 percent FRNs. 

The issue was to raise new cash of approximately $26,000 million. 

The 1-year 10-month 0.034 percent FRNs of Series BA-2023 were dated April 30 and issued June 25. They are due 

April 30, 2023, 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 23. Tenders totaled $84,074 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.030 percent 

with an equivalent price of $100.007483. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.030 percent. Tenders at the high discount margin were allotted 97.51 percent. The median discount margin was 

0.025 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $12 million. 

Competitive tenders accepted from private investors totaled $25,989 million. Accrued interest of $0.008400186 per 

$100 must be paid for the period from April 30 to June 25. 

Auction of 119-Day Cash Management Bills 

On June 22, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued June 

29 and will mature October 26. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned 
44

the bills on June 23. Tenders totaled $136,644 million; Treasury accepted $35,001 million, including $ million of 

noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. 

Auction of 19-Year 11-Month 2-1/4 Percent Bonds 

On June 10, 2021, Treasury announced it would auction $24,000 million of 19-year 11-month 2-1/4 percent bonds. 

The issue was to refund $76,397 million of securities maturing June 30 and to raise new cash of approximately 

$146,603 million. 

The 19-year 11-month 2-1/4 percent bonds of May 2041 were dated May 15 and issued June 30. They are due May 

15, 2041, 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 15. Tenders totaled $57,524 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.120 percent with an 

equivalent price of $102.097342. Treasury accepted in full all competitive tenders at yields lower than 2.120 percent. 

Tenders at the high yield were allotted 35.87 percent. The median yield was 2.050 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled 

$23,996 million. Accrued interest of $2.81250 per $1,000 must be paid for the period from May 15 to June 30. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,643 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2041 is $100. 

Auction of 4-Year 10-Month 0-1/8 Percent TIPS 

On June 10, 2021, Treasury announced it would auction $16,000 million of 4-year 10-month 0-1/8 percent TIPS. 

The issue was to refund $76,397 million of securities maturing June 30 and to raise new cash of approximately 

$146,603 million. 

The 4-year 10-month 0-1/8 percent TIPS of Series X-2026 were dated April 15 and issued June 30. They are due 

April 15, 2026, 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 17. Tenders totaled $42,669 million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.416 percent with an 

equivalent adjusted price of $109.611203. Treasury accepted in full all competitive tenders at yields lower than -1.416 

percent. Tenders at the high yield were allotted 12.13 percent. The median yield was -1.510 percent, and the low yield 

was -1.880 percent. Noncompetitive tenders totaled $36 million. Competitive tenders accepted from private investors 

totaled $15,964 million. Adjusted accrued interest of $0.26424 per $1,000 must be paid for the period from April 15 to 

June 30. Both the unadjusted price of $107.668857 and the unadjusted accrued interest of $0.25956 were adjusted by 

an index ratio of 1.01804, for the period from April 15 to June 30. 

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $2,429 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2026 is $100. 

Auction of 2-Year Notes 

On June 17, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund 

$76,397 million of securities maturing June 30 and to raise new cash of approximately $146,603 million. 

The 2-year notes of Series BC-2023 were dated and issued June 30. They are due June 30, 2023, with interest 

payable on December 31 and June 30 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 22. Tenders totaled $152,430 million; Treasury accepted $60,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.249 percent with an 

equivalent price of $99.752770. Treasury accepted in full all competitive tenders at yields lower than 0.249 percent. 

Tenders at the high yield were allotted 22.55 percent. The median yield was 0.219 percent, and the low yield was 0.130 

percent. Noncompetitive tenders totaled $105 million. Competitive tenders accepted from private investors totaled 

$59,890 million. 

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $9,108 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BC-2023 is $100. 
45

Auction of 5-Year Notes 

On June 17, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund 

$76,397 million of securities maturing June 30 and to raise new cash of approximately $146,603 million. 

The 5-year notes of Series AA-2026 were dated and issued June 30. They are due June 30, 2026, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 0-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 23. Tenders totaled $143,783 million; Treasury accepted $61,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.904 percent with an 

equivalent price of $99.858540. Treasury accepted in full all competitive tenders at yields lower than 0.904 percent. 

Tenders at the high yield were allotted 15.14 percent. The median yield was 0.843 percent, and the low yield was 0.760 

percent. Noncompetitive tenders totaled $28 million. Competitive tenders accepted from private investors totaled 

$60,967 million. 

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $9,259 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2026 is $100. 

Auction of 7-Year Notes 

On June 17, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund 

$76,397 million of securities maturing June 30 and to raise new cash of approximately $146,603 million. 

The 7-year notes of Series M-2028 were dated and issued June 30. They are due June 30, 2028, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 1-1/4 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 24. Tenders totaled $146,352 million; Treasury accepted $62,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.264 percent with an 

equivalent price of $99.906493. Treasury accepted in full all competitive tenders at yields lower than 1.264 percent. 

Tenders at the high yield were allotted 43.09 percent. The median yield was 1.210 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled 

$61,982 million. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $9,411 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2028 is $100. 
46

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) 

2021 – Apr. 01............................................... 2021-July 01 91 159,537.0 63,856.7 55,985.2 515.9 99.994944 0.020 0.020

Sep. 30 182 164,736.8 60,495.6 53,357.4 430.5 99.979778 0.040 0.041

Apr. 06............................................... May 04 28 130,752.0 43,140.8 38,799.6 700.7 99.998833 0.015 0.015

June 01 56 148,090.2 43,142.1 39,275.0 217.5 99.997667 0.015 0.015

Apr. 08............................................... July 08 91 178,430.1 64,539.8 56,084.1 516.2 99.994944 0.020 0.020

Oct. 07 182 189,443.0 61,144.5 52,953.7 426.0 99.982306 0.035 0.035

Apr. 13............................................... May 11 28 151,793.9 43,073.4 38,670.0 788.0 99.999222 0.010 0.010

June 08 56 151,531.8 43,075.5 39,413.9 138.2 99.998444 0.010 0.010

Apr. 15............................................... July 15 91 178,642.9 63,244.4 55,742.7 521.3 99.994944 0.020 0.020

Oct. 14 182 188,863.4 59,916.3 53,122.9 426.6 99.979778 0.040 0.041

Apr. 20............................................... May 18 28 148,888.8 43,302.9 38,909.1 739.3 99.999222 0.010 0.010

June 15 56 123,086.1 43,302.1 39,210.5 153.0 99.997667 0.015 0.015

Apr. 22............................................... July 22 91 157,473.4 63,723.2 56,166.7 590.3 99.993681 0.025 0.025

Oct. 21 182 180,899.6 60,369.1 53,256.9 443.8 99.979778 0.040 0.041

Apr. 27............................................... May 25 28 151,827.9 42,721.3 38,644.1 719.9 99.999611 0.005 0.005

June 22 56 128,240.6 42,721.8 39,502.6 154.9 99.997667 0.015 0.015

Apr. 29............................................... July 29 91 176,469.7 63,147.8 55,399.2 601.6 99.994944 0.020 0.020

Oct. 28 182 185,254.9 59,823.5 52,529.7 470.4 99.982306 0.035 0.035

May 04............................................... June 01 28 153,106.4 43,262.4 38,324.1 676.6 100.000000 0.000 0.000

June 29 56 139,250.3 43,262.5 38,859.2 141.5 99.998444 0.010 0.010

May 06............................................... Aug. 05 91 181,769.8 64,879.3 55,506.4 516.6 99.996208 0.015 0.015

Nov. 04 182 154,525.5 61,463.7 53,242.8 438.4 99.982306 0.035 0.035

May 11............................................... June 08 28 142,448.2 43,193.9 39,333.6 668.4 99.999222 0.010 0.010

July 06 56 146,732.5 43,192.0 39,685.5 146.7 99.998444 0.010 0.010

May 13............................................... Aug. 12 91 161,270.9 62,974.9 56,061.2 545.3 99.996208 0.015 0.015

Nov. 12 183 182,931.0 59,659.1 53,425.3 448.7 99.982208 0.035 0.035

May 18............................................... June 15 28 170,200.3 43,242.2 38,800.9 726.6 100.000000 0.000 0.000

July 13 56 141,858.4 43,242.6 39,655.2 151.7 99.998444 0.010 0.010

May 20............................................... Aug. 19 91 174,679.4 64,142.7 55,494.7 506.9 99.996208 0.015 0.015

Nov. 18 182 184,043.1 60,766.2 53,071.5 397.5 99.984833 0.030 0.030

May 25............................................... June 22 28 161,940.6 42,676.5 39,339.7 666.5 100.000000 0.000 0.000

July 20 56 137,777.0 42,671.2 39,599.5 149.4 99.999222 0.005 0.005

May 27............................................... Aug. 26 91 169,558.4 62,296.5 56,250.4 551.6 99.996208 0.015 0.015

Nov. 26 183 155,305.0 59,015.9 52,515.7 484.4 99.984750 0.030 0.030

June 01.............................................. June 29 28 165,816.0 43,205.6 39,388.2 616.3 100.000000 0.000 0.000

July 27 56 132,252.9 43,201.3 39,808.5 191.6 99.999222 0.005 0.005

June 03.............................................. Sep. 02 91 163,794.6 64,563.3 55,522.2 489.7 99.994944 0.020 0.020

Dec. 02 182 174,613.0 61,163.9 52,594.5 414.0 99.982306 0.035 0.035

June 08.............................................. July 06 28 152,222.5 43,136.8 39,340.8 613.4 100.000000 0.000 0.000

Aug. 03 56 121,765.3 43,133.1 39,282.2 117.3 99.997667 0.015 0.015

June 10.............................................. Sep. 09 91 163,683.4 61,905.7 55,638.6 541.4 99.993681 0.025 0.025

Dec. 09 182 183,369.9 58,647.6 53,074.3 427.7 99.979778 0.040 0.041

June 15.............................................. July 13 28 129,837.1 43,273.1 39,348.9 603.1 99.999611 0.005 0.005

Aug. 10 56 119,041.0 43,272.5 39,441.2 160.2 99.996889 0.020 0.020

June 17.............................................. Sep. 16 91 202,370.6 62,586.6 55,787.1 563.5 99.993681 0.025 0.025

Dec. 16 182 184,604.5 59,292.3 53,137.2 464.8 99.979778 0.040 0.041

June 22.............................................. July 20 28 142,054.1 42,695.4 38,759.6 655.5 99.996500 0.045 0.046

Aug. 17 56 159,355.8 42,698.2 39,277.0 174.9 99.994556 0.035 0.035

June 24.............................................. Sep. 23 91 208,675.9 59,059.4 56,341.2 509.0 99.988625 0.045 0.046

Dec. 23 182 198,407.5 55,951.3 53,477.7 422.9 99.972194 0.055 0.056

June 29.............................................. July 27 28 132,974.7 43,232.2 39,331.2 669.6 99.996500 0.045 0.046

Aug. 24 56 147,126.2 43,234.7 39,812.6 190.6 99.992222 0.050 0.051

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. 
47

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) 

03/30/21 04/01/21 0.015% CMB—05/13/21 42d 118,879 40,001 

03/31/21 04/06/21 0.030% CMB—08/03/21 119d 122,103 35,002 

04/06/21 04/08/21 0.020% CMB—05/20/21 42d 140,187 40,002 

04/07/21 04/13/21 0.025% CMB—08/10/21 119d 142,013 35,001 

04/13/21 04/15/21 0.015% CMB—05/27/21 42d 133,555 40,002 

04/12/21 04/15/21 0.375% note—04/15/24-AM 3y 143,340 66,904 0.376 - 99.997020 

04/12/21 04/15/21 1.125% note—02/15/31-B 9y 10m 95,406 43,834 1.680 - 94.985814 

04/13/21 04/15/21 1.875% bond—02/15/51 29y 10m 62,863 27,684 2.320 - 90.454200 

04/14/21 04/20/21 0.025% CMB—08/17/21 119d 125,849 35,000 

04/20/21 04/22/21 0.010% CMB—06/03/21 42d 142,301 40,001 

04/20/21 04/22/21 0.065% bill—04/21/22 364d 129,383 38,010

04/21/21 04/27/21 0.025% CMB—08/24/21 119d 124,280 35,000 

04/27/21 04/29/21 0.010% CMB—06/10/21 42d 136,304 40,002 

04/21/21 04/30/21 1.875% bond—02/15/41 19y 10m 62,563 28,583 2.144 - 95.676788 

04/22/21 04/30/21 0.125% TIPS—04/15/26-X 5y 48,447 21,438 -1.631 - 109.406206 

04/26/21 04/30/21 0.125% note—04/30/23-AZ 2y 151,785 71,458 0.175 - 99.900218 

04/26/21 04/30/21 0.750% note—04/30/26-Y 5y 152,703 72,649 0.849 - 99.516363 

04/27/21 04/30/21 0.034% FRN—04/30/23-BA 2y 86,760 33,347 0.034 - 100.000000 

04/27/21 04/30/21 1.250% note—04/30/28-K 7y 155,289 73,840 1.306 - 99.626548 

04/28/21 05/04/21 0.025% CMB—08/31/21 119d 124,556 35,001 

05/04/21 05/06/21 0.010% CMB—06/17/21 42d 143,009 40,002 

05/05/21 05/11/21 0.025% CMB—09/07/21 119d 126,546 35,000 

05/11/21 05/13/21 0.005% CMB—06/24/21 42d 158,081 40,000 

05/11/21 05/17/21 0.250% note—05/15/24-AN 3y 171,236 88,769 0.329 - 99.764780 

05/12/21 05/17/21 1.625% note—05/15/31-C 10y 122,372 62,751 1.684 - 99.459286 

05/13/21 05/17/21 2.375% bond—05/15/51 30y 74,235 41,324 2.395 - 99.573653 

05/12/21 05/18/21 0.020% CMB—09/14/21 119d 113,351 35,001 

05/18/21 05/20/21 0.005% CMB—07/01/21 42d 154,268 40,004 

05/18/21 05/20/21 0.055% bill—05/19/22 364d 117,278 38,260

05/19/21 05/25/21 0.015% CMB—09/21/21 119d 122,863 35,001 

05/25/21 05/27/21 0.005% CMB—07/08/21 42d 143,949 40,002 

05/20/21 05/28/21 0.125% TIPS—01/15/31-A 9y 8m 32,458 13,000 -0.805 - 111.149129 

05/26/21 05/28/21 0.034% FRN—04/30/23-BA 1y 11m 78,698 26,000 0.030 - 100.007796 

05/26/21 06/01/21 0.020% CMB—09/28/21 119d 109,173 35,001 

05/19/21 06/01/21 2.250% bond—05/15/41 20y 65,608 32,241 2.286 - 99.424698 

05/25/21 06/01/21 0.125% note—05/31/23-BB 2y 175,791 71,646 0.152 - 99.946175 

05/26/21 06/01/21 0.750% note—05/31/26-Z 5y 163,662 72,840 0.788 - 99.814145 

05/27/21 06/01/21 1.250% note—05/31/28-L 7y 161,604 74,034 1.285 - 99.766478 
48

Continued PDO-2: 

06/01/21 06/03/21 0.005% CMB—07/15/21 42d 138,237 40,000 

06/02/21 06/08/21 0.030% CMB—10/05/21 119d 114,994 35,002 

06/08/21 06/10/21 0.010% CMB—07/22/21 42d 124,946 40,001 

06/09/21 06/15/21 0.030% CMB—10/12/21 119d 138,185 35,002 

06/08/21 06/15/21 0.250% note—06/15/24-AP 3y 148,447 63,332 0.325 - 99.776274 

06/09/21 06/15/21 1.625% note—05/15/31-C 9y 11m 101,633 41,493 1.497 - 101.174616 

06/10/21 06/15/21 2.375% bond—05/15/51 29y 11m 57,135 26,206 2.172 - 104.447071 

06/15/21 06/17/21 0.015% CMB—07/29/21 42d 128,987 40,001 

06/15/21 06/17/21 0.070% bill—06/16/22 364d 111,824 37,332

06/16/21 06/22/21 0.035% CMB—10/19/21 119d 130,120 35,002 

06/22/21 06/24/21 0.040% CMB—08/05/21 42d 122,530 40,001 

06/23/21 06/25/21 0.034% FRN—04/30/23-BA 1y 10m 84,074 26,000 0.030 - 100.007483 

06/23/21 06/29/21 0.050% CMB—10/26/21 119d 136,644 35,001 

06/15/21 06/30/21 2.250% bond—05/15/41 19y 11m 61,167 27,643 2.120 - 102.097342 

06/17/21 06/30/21 0.125% TIPS—04/15/26-X 4y 10m 45,098 18,429 -1.416 - 109.611203 

06/22/21 06/30/21 0.125% note—06/30/23-BC 2y 161,538 69,108 0.249 - 99.752770 

06/23/21 06/30/21 0.875% note—06/30/26-AA 5y 153,042 70,259 0.904 - 99.858540 

06/24/21 06/30/21 1.250% note—06/30/28-M 7y 155,763 71,411 1.264 - 99.906493 

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. 
49

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.) 
50

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) 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860

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 

2020 - June ..................................... 26,498,260 26,477,241 5,928,866 - 5,928,866 4,615,353 

July ...................................... 26,545,875 26,524,953 5,872,303 - 5,872,303 4,709,565 

Aug ...................................... 26,966,120 26,945,391 5,888,362 - 5,888,362 4,798,517 

Sept..................................... 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

Oct....................................... 27,155,572 27,135,477 6,019,517 - 6,019,517 4,958,328 

Nov ...................................... 27,466,498 27,446,288 6,078,238 - 6,078,238 5,039,121 

Dec ...................................... 27,768,006 27,747,798 6,096,382 - 6,096,382 5,127,835 

2021 - Jan ...................................... 27,804,680 27,784,553 6,121,360 - 6,121,360 5,208,587 

Feb ...................................... 27,922,267 27,902,364 6,127,521 - 6,127,521 5,299,299 

Mar ...................................... 28,152,398 28,132,570 6,125,707 - 6,125,707 5,401,362 

Apr....................................... 28,194,469 28,174,714 6,098,072 - 6,098,072 5,469,955 

May...................................... 28,218,691 28,199,008 6,153,591 - 6,153,591 5,555,127 

June..................................... 28,549,263 28,529,436 6,175,904 - 6,175,904 5,644,351 

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) 

2016 ................................................ 10,321,650 10,051,650 270,000 24,100 24,095 5

2017 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2018 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2019 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2020 ................................................ 22,719,402 16,347,340 478,637 21,455 21,455 - 

2020 - June ..................................... 15,933,022 15,290,612 642,410 21,019 21,019 - 

July ...................................... 15,946,085 15,298,299 644,787 20,922 20,922 - 

Aug ...................................... 16,041,957 15,392,229 649,727 20,729 20,729 - 

Sept..................................... 16,164,654 15,501,967 662,687 20,151 20,151 - 

Oct....................................... 13,996,327 14,273,711 504,547 20,095 20,095 - 

Nov ...................................... 14,628,901 14,866,844 360,330 20,210 20,210 - 

Dec ...................................... 15,253,024 14,104,204 417,839 20,208 20,208 - 

2021 - Jan ...................................... 16,454,606 15,840,378 614,228 20,127 20,127 - 

Feb ...................................... 16,475,544 15,859,221 616,323 19,903 19,903 - 

Mar ...................................... 16,605,501 15,986,738 618,763 19,828 19,828 - 

Apr....................................... 16,606,687 15,986,899 619,789 19,755 19,755 - 

May...................................... 16,490,290 15,866,200 624,090 19,683 19,683 - 

June..................................... 16,709,181 16,094,674 614,507 19,827 19,827 - 

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. 
51

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) 

2021 - June 28,529.4 11,382.9 17,146.5 0.0 144.6 0.0 0.0 0.0 0.0 0.0 0.0 0.0 

 Mar. 28,132.6 11,095.5 17,037.1 1,348.4 145.7 797.7 332.6 388.1 3,631.3 1,166.4 7,028.4 2,198.5 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.7 147.1 816.0 353.2 398.2 3,552.9 1,150.3 7,070.8 2,184.5 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.7 148.6 800.6 324.1 413.3 3,531.8 1,091.3 7,069.2 1,952.8 

 June 26,477.4 10,157.7 16,319.6 1,158.9 149.8 779.8 303.6 402.6 3,559.4 1,069.3 7,052.1 1,844.2 

 Mar. 23,686.9 9,279.7 14,407.2 948.5 150.0 754.3 333.8 396.3 2,384.6 912.4 6,949.5 1,577.9 

2019 - Dec. 23,201.4 8,359.9 14,841.5 937.5 151.3 685.9 341.1 368.7 2,350.6 849.6 6,844.2 2,312.7 

 Sept. 22,719.4 8,023.6 14,695.8 911.7 152.3 671.0 343.3 366.5 2,217.3 822.0 6,923.5 2,288.2 

 June 22,023.5 7,945.2 14,078.4 810.0 153.4 448.1 382.0 363.4 1,951.2 807.8 6,625.9 2,536.7 

 Mar. 22,028.0 7,999.1 14,028.9 771.3 154.5 441.0 358.9 361.0 2,058.3 810.2 6,474.0 2,599.6 

2018 - Dec. 21,974.1 8,095.0 13,879.1 771.5 155.7 637.3 367.9 360.5 2,023.3 770.7 6,270.1 2,522.1 

 Sept. 21,516.1 8,068.1 13,447.9 683.9 156.8 615.3 301.7 361.3 1,898.2 788.2 6,225.9 2,416.7 

 June 21,195.3 8,106.9 13,088.5 665.3 157.8 605.0 307.3 360.2 1,843.4 784.3 6,225.0 2,140.2 

 Mar. 21,089.9 8,086.6 13,003.3 639.7 159.0 589.7 300.1 366.9 1,977.1 755.8 6,223.4 1,991.7 

2017 - Dec. 20,492.7 8,132.1 12,360.6 638.3 160.4 432.1 289.4 377.9 1,797.5 760.0 6,211.3 1,693.8 

 Sept. 20,244.9 8,036.9 12,208.0 611.8 161.7 570.8 266.5 364.3 1,697.8 729.0 6,301.9 1,504.2 

 June 19,844.6 7,943.4 11,901.1 621.9 162.8 425.9 262.8 352.8 1,608.5 735.1 6,151.9 1,579.3 

 Mar. 19,846.4 7,941.1 11,905.3 658.6 164.2 444.2 239.5 342.6 1,669.1 749.6 6,075.3 1,562.2 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.9 165.8 538.0 218.8 334.2 1,705.4 742.3 6,006.3 1,596.7 

 Sept. 19,573.4 7,863.5 11,709.9 627.6 167.5 545.6 203.8 345.2 1,600.4 735.9 6,155.9 1,328.1 

 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 

2011 - Dec. 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept. 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

Mar. 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 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. 
52

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, 2021 

[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 .............................. $2,380,014,530,094 $2,329,903,416,746 $2,329,428,555,171 $238,956,366 $235,905,209

Less amounts held by: 

The Treasury....................................... 113,005,268 53,485,268 53,232,161 38,386 214,721

FRBs ................................................... 196,522,486,418 195,289,150,426 195,289,141,961 5 8,460

Amounts in circulation ............................. $2,183,379,038,408 $2,134,560,781,052 $2,134,086,181,049 $238,917,975 $235,682,028

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $50,111,113,348 6,547,064,108 43,564,049,240 

Less amounts held by: 

The Treasury....................................... 59,520,000 48,770,000 10,750,000 

FRBs ................................................... 1,233,335,992 1,010,708,182 222,627,810 

Amounts in circulation ............................. $48,818,257,356 $5,487,585,926 $ 43,330,671,430 

See footnotes following table USCC-2. 
53

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2021 

[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 ................................................................................ $13,776,678,734 $13,637,045,693 $143,502 $139,489,539 

$2 ................................................................................ 2,772,159,618 2,640,730,126 131,416,918 12,574 

$5 ................................................................................ 16,680,036,810 16,550,323,600 107,366,675 22,346,535 

$10 .............................................................................. 22,808,142,190 22,788,409,700 5,300 19,727,190 

$20 .............................................................................. 244,288,726,900 244,268,624,980 1,340 20,100,580

$50 .............................................................................. 120,420,408,400 120,408,923,050 -7,650 11,493,000 

$100 ............................................................................ 1,713,502,539,800 1,713,480,585,900 -17,2006 21,971,100 

$500 ............................................................................ 141,737,000 141,547,000 4,000 186,000 

$1,000 ......................................................................... 165,136,000 164,931,000 5,000 200,000 

$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 ......................................................... $ 2,134,560,781,052 $2,134,086,181,049 $ 238,917,975 $235,682,028 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

June 30, 2021 ...................................................................................... 2,183,379 6,565

 May 31, 2021 ...................................................................................... 2,176,484 6,546

April 30, 2021...................................................................................... 2,163,900 6,511

Sept. 30, 2020...................................................................................... 2,032,424 6,150

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

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

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

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

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

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

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

June 30, 1980 ...................................................................................... 129,916 581

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

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

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

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

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund
54

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. 
55

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) 

01/06/21............................................................. 1,635,267 1,677,074 -221 1.2685

01/13/21............................................................. 1,657,256 1,698,677 -219 1.2710

01/20/21............................................................. 1,643,264 1,686,020 -220 1.2644

01/27/21............................................................. 1,648,463 1,678,771 -228 1.2782

02/03/21............................................................. 1,735,580 1,769,515 -182 1.2765

02/10/21............................................................. 1,745,075 1,778,910 -237 1.2678

02/17/21............................................................. 1,784,565 1,817,010 -220 1.2712

02/24/21............................................................. 1,870,807 1,892,255 -211 1.2537

03/03/21............................................................. 1,932,789 1,957,740 -205 1.2611

03/10/21............................................................. 2,036,841 2,058,325 -235 1.2641

03/17/21............................................................. 1,817,593 1,841,861 -239 1.2475

03/24/21............................................................. 1,890,997 1,915,800 -206 1.2551

03/31/21............................................................. 2,246,908 2,264,484 -216 1.2571

04/07/21............................................................. 2,206,026 2,233,724 -172 1.2614

04/14/21............................................................. 1,976,262 2,012,820 -142 1.2515

04/21/21............................................................. 1,931,636 1,942,170 -133 1.2484

04/28/21............................................................. 1,904,661 1,921,978 -77 1.2354

05/05/21............................................................. 1,952,734 1,975,917 -42 1.2262

05/12/21............................................................. 2,043,804 2,048,616 -92 1.2104

05/19/21............................................................. 1,963,558 1,967,299 -68 1.2089

05/26/21............................................................. 2,008,269 2,008,884 -89 1.2111

06/02/21............................................................. 2,036,221 2,044,142 -20 1.2047

06/09/21............................................................. 2,059,601 2,069,381 -106 1.2102

06/16/21............................................................. 1,860,322 1,872,765 -103 1.2165

06/23/21............................................................. 1,882,840 1,889,141 -224 1.2286

06/30/21............................................................. 1,972,051 1,977,487 -223 1.2404
56

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) 

2018 - Dec............... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 - Dec............... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - July............... 1,677,198 1,731,687 279,492 n.a. 66,430 59,284 95,432 93,843 -232 1.3384 

 Aug............... 1,786,728 1,849,915 277,732 n.a. 59,414 53,096 88,067 88,484 -218 1.3034 

 Sept............. 1,691,002 1,743,107 228,690 n.a. 45,672 45,176 81,755 78,328 -192 1.3323 

 Oct.............. 1,703,429 1,758,534 224,685 n.a. 48,430 45,795 81,609 77,280 -190 1.3332 

 Nov.............. 1,792,131 1,833,180 273,359 195,891 55,702 54,430 91,951 84,834 -225 1.2982 

 Dec............. 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Jan............... 1,770,713 1,800,577 237,343 166,597 60,229 58,558 94,655 84,992 -116 1.2776 

 Feb.............. 2,002,996 2,047,366 254,560 179,784 67,565 66,850 98,878 85,596 -117 1.2698 

 Mar.............. 2,282,462 2,302,400 299,885 244,667 64,889 64,901 95,349 89,904 -107 1.2571 

 Apr.............. 2,041,923 2,057,465 223,148 153,300 54,871 57,489 93,507 84,248 -27 1.2291 

 May.............. 2,048,784 2,075,557 218,449 156,807 64,082 63,840 109,543 111,552 -29 1.2087 

 June.............. 2,006,475 2,007,476 171,759 159,735 77,145 73,809 134,924 137,377 -183 1.2404 

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) 

2018 - Dec............... 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar............... 44,154 77,412 136,922 n.a. 326 276 4,592 n.a. 4 1.336 

 June............... 61,181 92,673 141,337 n.a. 1,612 922 n.a. 427 n.a. 1.3091 

 Sept............... 65,325 98,507 135,411 n.a. 527 393 n.a. 653 -2 1.3243 

 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 
57

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) 

01/06/21............................................................. 

558,010 521,183 -38 103.25

01/13/21............................................................. 

556,286 521,756 -40 103.91

01/20/21............................................................. 

550,660 515,217 -44 103.56

01/27/21............................................................. 

588,142 555,030 -58 104.09

02/03/21............................................................. 

555,158 519,644 -67 105.05

02/10/21............................................................. 

563,152 530,601 -36 104.67

02/17/21............................................................. 

560,675 526,488 -44 105.83

02/24/21............................................................. 

599,625 555,172 -38 105.91

03/03/21............................................................. 

597,536 560,775 -49 106.92

03/10/21............................................................. 

618,425 580,727 -81 108.58

03/17/21............................................................. 

571,059 532,611 n.a. 109.22

03/24/21............................................................. 

539,112 538,626 -59 108.81

03/31/21............................................................. 

579,587 584,028 n.a. 110.61

04/07/21............................................................. 

566,318 573,363 -57 109.67

04/14/21............................................................. 

558,349 554,556 -65 108.93

04/21/21............................................................. 

552,682 556,597 -59 108.09

04/28/21............................................................. 

550,717 555,706 -64 108.81

05/05/21............................................................. 

592,821 597,834 n.a 109.27

05/12/21............................................................. 

551,507 559,805 n.a 109.53

05/19/21............................................................. 

545,088 554,235 -72 108.76

05/26/21............................................................. 

559,939 566,121 n.a. 109.1

06/02/21............................................................. 

580,334 586,286 n.a. 109.59

06/09/21............................................................. 

575,373 580,033 n.a. 109.61

06/16/21............................................................. 

543,616 545,517 -79 109.88

06/23/21............................................................. 

554,379 557,378 -85 110.86

06/30/21............................................................. 

559,243 562,363 -73 111.05
58

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) 

2018 - Dec............... 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 - Dec............... 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 - July............... 571,100 570,595 96,990 87,137 35,414 36,745 56,876 60,506 -37 105.78 

 Aug............... 586,727 572,430 88,350 79,089 34,100 36,188 53,773 56,854 -48 105.84 

 Sept............. 560,205 549,301 88,384 75,801 33,066 34,752 50,830 54,384 -29 105.58 

 Oct.............. 551,159 549,301 88,637 77,844 29,742 31,765 45,209 48,076 3 104.54 

 Nov.............. 583,969 582,439 86,824 76,272 30,927 32,800 45,772 48,846 11 104.38 

 Dec............. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 - Jan............... 572,126 535,411 96,452 81,942 29,099 30,875 42,146 44,256 1 104.64 

 Feb.............. 614,597 574,596 97,995 80,031 26,972 28,589 40,987 43,116 21 106.64 

 Mar.............. 590,832 593,506 106,991 93,309 27,446 28,288 41,003 43,537 -9 110.61 

 Apr.............. 567,978 571,315 80,853 68,133 24,935 26,069 38,704 40,559 -27 109.33 

 May.............. 572,366 582,086 83,062 68,554 24,250 25,780 38,338 39,855 -27 109.83 

 June.............. 567,818 570,584 84,812 76,766 22,729 23,922 35,724 37,547 -26 111.05 

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) 

2018 - Dec................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

2019 - Mar................... 7,790 7,262 9,387 6,865 297 513 425 122 3 110.68

June ................. 7,769 6,437 9,348 6,519 499 554 665 186 -38 107.84 

Sept.................. 7,691 6,782 8,470 5,769 302 445 550 135 1 108.11

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
59

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) 

01/06/21............................................................. 

756,620 770,478 n.a. 0.881

01/13/21............................................................. 

798,552 819,778 n.a. 0.8874

01/20/21............................................................. 

769,289 785,222 n.a. 0.8898

01/27/21............................................................. 

779,030 798,206 n.a. 0.889

02/03/21............................................................. 

811,846 819,857 n.a. 0.8993

02/10/21............................................................. 

852,540 858,791 n.a. 0.8891

02/17/21............................................................. 

867,228 872,930 n.a. 0.8985

02/24/21............................................................. 

869,661 887,512 n.a. 0.9074

03/03/21............................................................. 

845,568 870,431 n.a. 0.918

03/10/21............................................................. 

890,938 917,701 n.a. 0.9317

03/17/21............................................................. 

809,853 831,220 n.a. 0.9276

03/24/21............................................................. 

800,496 822,021 n.a. 0.9355

03/31/21............................................................. 

865,291 890,350 n.a. 0.9418

04/07/21............................................................. 

821,160 843,343 n.a. 0.9274

04/14/21............................................................. 

835,342 867,332 n.a. 0.9228

04/21/21............................................................. 

797,624 827,452 n.a. 0.9166

04/28/21............................................................. 

797,870 832,022 n.a. 0.9124

05/05/21............................................................. 

801,564 832,797 n.a. 0.913

05/12/21............................................................. 

794,937 829,083 n.a. 0.9088

05/19/21............................................................. 

826,719 861,776 n.a. 0.9003

05/26/21............................................................. 

826,329 852,323 159 0.8973

06/02/21............................................................. 

873,277 897,311 n.a. 0.898

06/09/21............................................................. 

873,153 903,919 n.a. 0.8958

06/16/21............................................................. 

775,000 812,851 72 0.8986

06/23/21............................................................. 

782,796 815,409 35 0.9169

06/30/21............................................................. 

891,711 903,780 n.a. 0.9253
60

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) 

2018 - Dec............... 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 

2019 - Dec............... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 - July............... 908,472 922,263 92,858 73,932 46,149 42,599 62,196 58,714 n.a. 0.9113 

 Aug............... 919,655 931,052 91,978 74,491 43,348 39,871 58,502 57,482 n.a. 0.9012 

 Sept............. 916,414 941,467 80,315 60,526 39,568 36,235 55,222 55,320 n.a. 0.9188 

 Oct.............. 957,045 972,381 82,486 59,614 36,546 33,368 50,714 49,187 n.a. 0.9165 

 Nov.............. 939,685 966,047 79,537 59,193 34,296 32,042 50,156 48,387 n.a. 0.9060 

 Dec............. 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - Jan............... 849,599 881,768 79,328 60,189 31,612 29,452 45,854 45,648 n.a. 0.8905 

 Feb.............. 909,212 943,183 86,020 70,546 35,879 32,391 55,072 54,518 n.a. 0.9092 

 Mar.............. 929,721 962,928 111,825 99,888 40,799 36,826 60,746 59,553 n.a. 0.9418 

 Apr.............. 886,203 919,745 66,391 53,952 41,057 37,255 62,056 61,530 n.a. 0.9127 

 May.............. 907,082 956,795 71,244 58,361 38,856 36,976 58,262 56,780 n.a. 0.8995 

 June.............. 953,238 988,629 71,968 67,603 34,376 33,359 53,154 52,903 69 0.9253 

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) 

2018 - Dec................... 15,001 18,474 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832

2019 - Mar................... 15,382 18,508 116,780 17,956 n.a. n.a. 1,002 n.a. n.a. 0.9962

June ................. 15,792 24,077 111,660 16,940 n.a. n.a. n.a. n.a. n.a. 0.9758 

Sept.................. 15,906 20,908 109,813 16,485 82 n.a. 148 67 n.a. 0.9978

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 
61

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) 

01/06/21............................................................. 

3,017,610 3,167,945 153 1.3593

01/13/21............................................................. 

2,998,392 3,150,289 11 1.3631

01/20/21............................................................. 

2,896,697 3,042,325 62 1.366

01/27/21............................................................. 

2,942,275 3,104,474 45 1.3688

02/03/21............................................................. 

2,916,261 3,070,908 25 1.3652

02/10/21............................................................. 

2,965,892 3,118,657 3 1.385

02/17/21............................................................. 

3,089,129 3,246,507 46 1.3848

02/24/21............................................................. 

3,214,854 3,360,342 110 1.4106

03/03/21............................................................. 

3,220,246 3,372,835 107 1.3978

03/10/21............................................................. 

3,283,976 3,448,290 85 1.3899

03/17/21............................................................. 

3,015,146 3,178,201 103 1.3888

03/24/21............................................................. 

3,060,636 3,241,748 33 1.3723

03/31/21............................................................. 

3,327,094 3,501,913 -59 1.3795

04/07/21............................................................. 

3,155,896 3,311,516 -14 1.3757

04/14/21............................................................. 

3,078,682 3,264,588 -22 1.379

04/21/21............................................................. 

2,995,859 3,167,877 -121 1.3936

04/28/21............................................................. 

3,070,441 3,250,770 -107 1.3917

05/05/21............................................................. 

3,197,689 3,353,098 -102 1.3913

05/12/21............................................................. 

3,124,135 3,292,699 -73 1.4081

05/19/21............................................................. 

3,158,647 3,322,204 -26 1.4169

05/26/21............................................................. 

3,211,367 3,380,845 45 1.4129

06/02/21............................................................. 

3,251,370 3,436,690 67 1.4177

06/09/21............................................................. 

3,273,368 3,465,318 -104 1.4124

06/16/21............................................................. 

3,022,784 3,184,562 -76 1.411

06/23/21............................................................. 

3,098,876 3,239,900 -122 1.3977

06/30/21............................................................. 

3,250,002 3,439,601 -97 1.3806
62

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) 

2018 - Dec............... 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

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 - July............... 2,950,888 3,153,353 694,056 607,331 69,072 64,886 63,164 58,327 21 1.3133

 Aug............... 3,039,636 3,226,248 661,794 570,503 68,135 64,430 65,188 61,872 64 1.3375 

 Sept............. 3,067,850 3,263,317 638,283 568,045 83,074 80,765 82,073 75,679 -55 1.2921 

 Oct.............. 3,232,180 3,394,734 655,529 557,915 111,934 108,000 80,289 82,582 -64 1.2933 

 Nov.............. 3,307,523 3,477,920 700,787 585,524 98,597 94,155 83,970 88,187 69 1.3338 

 Dec............. 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 - Jan............... 3,094,238 3,272,974 741,022 595,349 90,750 87,423 88,917 81,744 77 1.3723 

 Feb.............. 3,427,549 3,607,808 698,107 575,176 107,650 105,462 86,953 87,450 74 1.3947 

 Mar.............. 3,399,267 3,583,991 678,361 629,784 101,951 98,434 74,068 70,975 -1 1.3795 

 Apr.............. 3,337,230 3,527,657 505,764 456,979 98,642 94,837 70,994 69,478 -55 1.3838 

 May.............. 3,309,764 3,507,988 559,975 493,259 86,665 84,259 64,180 61,118 71 1.4188 

 June.............. 3,306,543 3,494,167 565,087 504,257 76,806 75,434 69,588 67,183 -91 1.3806 

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) 

2018 - Dec................... 35,003 56,301 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar................... 38,710 60,551 212,555 66,770 11,947 10,874 2,508 2,109 57 1.3032 

June ................. 33,103 59,034 205,735 61,990 1,363 1,645 1,897 1,197 -37 1.2704 

Sept.................. 38,175 64,162 207,780 63,653 5,195 3,823 3,871 3,397 83 1.2305 

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
63

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) 

01/06/21........................................................... 25,589,717 24,940,849 -1,082 n.a.

01/13/21........................................................... 25,936,107 25,260,555 -1,012 n.a.

01/20/21........................................................... 25,579,402 24,922,398 -1,042 n.a.

01/27/21........................................................... 26,546,908 25,805,241 -1,673 n.a.

02/03/21........................................................... 25,979,944 25,341,072 -1,985 n.a.

02/10/21........................................................... 26,359,092 25,694,019 -2,415 n.a.

02/17/21........................................................... 26,725,475 26,043,931 -2,115 n.a.

02/24/21........................................................... 27,873,438 27,227,356 -1,893 n.a.

03/03/21........................................................... 27,723,138 27,105,392 -1,420 n.a.

03/10/21........................................................... 28,886,205 28,175,479 -1,780 n.a.

03/17/21........................................................... 26,380,554 25,628,115 -1,991 n.a.

03/24/21........................................................... 26,661,457 25,992,596 -1,874 n.a.

03/31/21........................................................... 28,104,090 27,327,257 -1,475 n.a.

04/07/21........................................................... 27,349,454 26,569,802 -1,560 n.a.

04/14/21........................................................... 27,392,423 26,651,529 -1,285 n.a.

04/21/21........................................................... 26,609,061 25,879,058 -1,715 n.a.

04/28/21........................................................... 27,067,976 26,402,162 -1,854 n.a.

05/05/21........................................................... 27,209,916 26,423,251 -2,056 n.a.

05/12/21........................................................... 27,192,939 26,287,299 -1,420 n.a.

05/19/21........................................................... 27,201,062 26,365,505 -1,566 n.a.

05/26/21........................................................... 27,911,387 27,128,145 -1,868 n.a.

06/02/21........................................................... 28,306,374 27,511,147 -2,142 n.a.

06/09/21........................................................... 28,955,031 28,158,038 -2,198 n.a.

06/16/21........................................................... 26,399,027 25,707,702 -1,992 n.a.

06/23/21........................................................... 26,846,654 26,051,612 -2,393 n.a.

06/30/21........................................................... 27,611,626 26,720,904 -2,601 n.a.
64

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) 

2018 – Dec............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a.

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 – July............. 25,999,106 25,423,523 - - 1,532,311 1,526,221 1,325,310 1,365,900 -1,202 n.a.

Aug ............. 26,866,602 26,334,076 - - 1,499,717 1,502,328 1,338,197 1,349,100 -224 n.a.

Sept............ 26,062,176 25,467,118 - - 1,442,221 1,442,951 1,271,881 1,279,101 -112 n.a.

 Oct.............. 26,310,379 25,787,833 - - 1,384,975 1,374,666 1,241,723 1,249,970 117 n.a.

Nov ............ 28,284,969 27,161,281 - - 1,406,692 1,388,649 1,319,213 1,339,533 -772 n.a.

Dec ............ 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 – Jan ............. 27,260,519 26,568,251 - - 1,392,685 1,377,196 1,318,878 1,345,890 -1,205 n.a.

Feb ............. 29,049,951 28,289,749 - - 1,386,453 1,369,219 1,292,974 1,300,441 -736 n.a.

Mar ............. 28,837,712 28,080,020 - - 1,409,087 1,393,480 1,266,936 1,295,961 -509 n.a.

 Apr.............. 28,153,212 27,370,680 - - 1,369,601 1,347,210 1,209,128 1,229,889 -1,721 n.a.

May............. 28,477,597 27,686,519 - - 1,378,269 1,382,290 1,335,962 1,361,299 -1,587 n.a.

June............ 28,371,515 27,445,636 - - 1,365,836 1,366,509 1,260,538 1,292,253 -1,853 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) 

2018 - Dec.................. 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a.

2019 - Mar.................. 479,088 367,085 - - 24,392 24,220 27,390 26,982 1,982 n.a.

June ................ 492,795 384,134 - - 22,611 19,703 22,966 20,310 2,439 n.a.

Sept................. 517,152 383,695 - - 22,698 19,505 21,249 19,635 1,960 n.a.

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.
65

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) 

01/06/21............................................................. 

7,200,859 7,356,415 621 0.8137

01/13/21............................................................. 

7,378,314 7,571,898 367 0.8224

01/20/21............................................................. 

7,241,938 7,404,242 208 0.8257

01/27/21............................................................. 

7,364,931 7,580,099 234 0.8264

02/03/21............................................................. 

7,172,748 7,336,197 74 0.8316

02/10/21............................................................. 

7,185,707 7,356,839 127 0.8243

02/17/21............................................................. 

7,308,746 7,516,034 38 0.8304

02/24/21............................................................. 

7,459,151 7,647,389 138 0.8235

03/03/21............................................................. 

7,368,433 7,542,543 30 0.8283

03/10/21............................................................. 

7,720,478 7,891,991 -65 0.8403

03/17/21............................................................. 

7,152,053 7,344,251 52 0.8400

03/24/21............................................................. 

7,311,817 7,467,486 79 0.8452

03/31/21............................................................. 

7,749,900 7,944,280 33 0.8516

04/07/21............................................................. 

7,583,591 7,771,312 192 0.8410

04/14/21............................................................. 

7,615,337 7,768,947 226 0.8351

04/21/21............................................................. 

7,378,133 7,544,922 -78 0.8311

04/28/21............................................................. 

7,415,555 7,588,578 184 0.8266

05/05/21............................................................. 

7,302,493 7,457,101 82 0.8331

05/12/21............................................................. 

7,343,121 7,542,800 11 0.8282

05/19/21............................................................. 

7,274,732 7,473,934 20 0.8186

05/26/21............................................................. 

7,532,517 7,701,539 -123 0.8194

06/02/21............................................................. 

7,588,329 7,763,163 6 0.8188

06/09/21............................................................. 

7,609,755 7,810,612 -64 0.8208

06/16/21............................................................. 

7,186,817 7,360,937 -570 0.8252

06/23/21............................................................. 

7,359,265 7,530,702 -659 0.8368

06/30/21............................................................. 

7,544,125 7,719,039 -562 0.8440
66

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) 

2018 – Dec.................. 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 – 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 – July.................. 7,658,361 7,771,813 1,603,291 1,576,443 635,900 637,924 359,736 339,880 -272 0.8459 

Aug .................. 7,514,678 7,688,086 1,542,516 1,485,333 658,450 658,714 350,406 334,381 74 0.8368

Sept................. 7,330,142 7,499,167 1,465,244 1,365,571 608,184 601,419 355,530 341,386 -310 0.853 

 Oct................... 7,610,961 7,731,933 1,629,698 1,441,998 573,385 567,065 355,937 342,392 -381 0.8586 

Nov ................. 7,985,834 8,129,044 1,607,199 1,540,279 581,051 575,894 345,375 332,602 -158 0.837 

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 – Jan .................. 7,563,421 7,695,095 1,504,154 1,340,558 559,384 555,378 352,313 342,696 252 0.8241 

Feb .................. 7,836,248 7,973,948 1,556,999 1,304,954 548,195 548,795 378,481 369,348 143 0.8269

Mar .................. 8,068,820 8,224,468 1,785,930 1,656,036 516,344 527,888 390,374 384,224 -41 0.8516

 Apr................... 7,865,156 8,031,263 1,323,093 1,181,557 539,190 545,503 366,466 364,085 -51 0.8313 

May.................. 7,552,510 7,694,740 1,403,319 1,294,190 602,994 618,745 377,810 375,265 -193 0.8201 

June................. 7,848,191 7,990,484 1,493,136 1,324,662 541,773 561,660 390,838 381,357 -141 0.844 

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) 

2018 - Dec................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar................... 123,672 155,693 399,029 230,690 6,690 6,683 16,534 12,516 n.a. 0.8906 

June ................. 138,570 152,753 415,773 246,478 7,578 6,376 8,135 4,478 n.a. 0.8792 

Sept.................. 143,594 164,534 418,921 259,403 5,806 6,451 8,774 5,174 449 0.9170 

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 
67

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system.

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021, subsequently rescinded $479 billion of the $500 

billion appropriation provided to Treasury. 

Resources of the fund include (a) Fund Balance, which 

reflects the projected subsidy to support future 

disbursements for loans 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, interest earned on U.S 

Government and 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 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 $500 billion 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures, and a subsequent rescission of $479 

billion resulting from the passage of Consolidated 

Appropriations 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, 

loan guarantees and other investments are accrued.
68

TABLE ESF-1—Balances as of Mar. 31, 2021, and June 30, 2021

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Assets, liabilities, and capital Mar. 31, 2021

Mar. 31, 2021,

through 

June 30, 2021 June 30, 2021

Assets

U.S. dollars:

Held with Treasury:

Fund Balance................................................................... 1,700,802 (50,155) 1,650,647 

U.S. Government securities............................................. 11,159,477 11,678,574 22,838,051 

Special drawing rights 1 ........................................................... 52,102,213 342,756 52,444,969 

Economic Recovery Program Investments............................. 51,897,067 (11,618,699) 40,278,368 

Economic Recovery Program Loans Receivable.................... 1,877,415 (580,085) 1,297,330 

Foreign exchange and securities: 

European euro ..................................................................... 12,597,305 123,738 12,721,043 

Japanese yen....................................................................... 8,450,970 (33,664) 8,417,306 

Accounts receivable................................................................. 71,436 (22,502) 48,934 

Total assets.......................................................................... 139,856,685 (160,037) 139,696,648 

Liabilities and capital

Current liabilities:

Accounts payable................................................................. 6,284 (1,566) 4,718 

Total current liabilities ...................................................... 6,284 (1,566) 4,718 

Other liabilities:

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 50,049,736 325,257 50,374,993 

Debt, including accrued interest payable 26,258,438 (426,273) 25,832,165 

Total other liabilities ......................................................... 81,508,174 (101,016) 81,407,158 

Capital:

Initial Appropriated Capital Account .................................... 200,000 - 200,000 

Additional Appropriated Capital Account 19,472,488 (9,978) 19,462,510 

Net income -+ or loss -- -see Table ESF-2.......................... (1,846,942) (47,477) (1,894,419)

Total capital...................................................................... 58,342,227 (57,455) 58,284,772 

Total liabilities and capital............................................ 139,856,685 (160,037) 139,696,648 

See footnote on the following page.
69

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, 2021, 

through 

June 30, 2021

Fiscal year to date

Oct. 1, 2020

through 

June 30, 2021

Income and expense

Profit -+ or loss-- on:

 Foreign exchange......................................................... 79,890 (300,757)

Adjustment for change in valuation

of SDR holdings and allocations 1 .................................... 13,312 27,071 

Interest (+) or net charges (-) on:

 SDRs........................................................................... (325) 516 

 U.S. Government Securities........................................ 527 4,218 

 Foreign exchange........................................................ (11,281) (32,689)

Economic Recovery Program (+) or net charges (-) on:

 Appropriations Revenue.............................................. 9,978 16,900

 Administrative Expense...............................................

.

 (9,722) (17,025)

 Facility Fees................................................................. 15,020 15,020

 Net gain (loss) on Disposition of Investments.............. 49,065 49,065

 Net Interest revenue and expense............................... (193,941) (1,656,738)

 Income for operations.................................................. (47,477) (1,894,419)

 Net income (+) or loss (-) ........................................ (47,477) (1,894,419)

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974.

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.”
Trust Funds
70

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) .............................................................................................................. 81 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... -21

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 102 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)............................................................................................................................ 142

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2022 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 114-94. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 35 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... -5

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 40

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)........................................................................................................................... 25 

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2022 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 114-94. 
71

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 72

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. 
76 GLOSSARY 

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).