BULLETIN

JUNE2022

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 

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

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

www.fiscal.treasury.gov/ 
V 

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

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

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

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

Special Reports 

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

BUREAU OF THE FISCAL SERVICE OPERATIONS 

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

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

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

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 48

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 50

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 51

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 52

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 53

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 53

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 54

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 55
IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 66

FCP-VI-2—Monthly Report of Major Market Participants ................................................................................................. 67

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 67

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 68

ESF-1—Balance Sheet ........................................................................................................................................................ 69

ESF-2—Income and Expense.............................................................................................................................................. 70

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 71

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 71

GLOSSARY ........................................................................................................................................................................ 72

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. 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations 

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
1

Profile of the Economy 

(Office of Macroeconomic Analysis) 

May 19, 2022

Introduction 

Real GDP growth declined in the first quarter of 2022, following a rapid acceleration of 6.9 

percent in last year’s final quarter. The outright decline in real GDP was driven by sharp swings 

in the contributions of net exports and inventory investment, two components which had added 

strongly to growth in the fourth quarter. However, underlying private final demand accelerated 

in the first quarter relative to the second half of 2021. Household consumption and business and 

residential investment grew at healthy rates despite a backdrop which included a resurgence of 

COVID-19 cases from the Omicron variant, expectations of tightening monetary policy, and 

Russia’s invasion of Ukraine and the consequent effects on sentiment and prices for oil and food. 

Labor market conditions improved further during the first four months of 2022, after making 

record gains in 2021—including the largest advance in payroll job creation, and the largest drops 

in the headline and the U-6 (broadest) unemployment rates in a calendar year. With jobs 

plentiful and workers in short supply, strong nominal wage gains drew more prime-age (ages 25-

54) workers back into the labor force.

However, supply-demand mismatches in the economy have driven headline—as well as core—

inflation higher thus far in 2022. Rising inflation in 2021 reflected in part elevated demand for 

goods, originating from high household savings as well as constrained supply due to 

underinvestment by firms during the pandemic and supply-chain disruptions. These factors 

continue to influence prices this year, and headline inflation has been further elevated by rising 

prices for energy and grains related to Russia’s invasion of Ukraine. In addition, the persistence 

of the pandemic in Asia has further disrupted supply chains, leading to lean inventories and 

upward pressure on prices. Still, year-over-year core inflation possibly peaked in spring 2022, 

given the waning severity of the pandemic, federal government efforts to contain energy prices, 

and an easing of supply bottlenecks in some markets. 

A consensus of private forecasters expects real GDP growth to accelerate to 2.8 percent at an 

annual rate in the second quarter of 2022. On a fourth quarter over fourth quarter basis, GDP 

growth is expected to be 1.5 percent in 2022. 

Economic Growth 

According to the advance estimate, real GDP declined by 1.4 percent at an annual rate in the first 

quarter of 2022, following an unusually rapid 6.9 percent jump in the final quarter of 2021. The 

slowdown in the first quarter reflected greater domestic demand for imports, higher prices and 

weaker demand for U.S. exports, slower growth of private inventories, and higher prices for 

government spending. 
2

By contrast, private domestic demand strengthened in early 2022. Real private domestic final 

purchases (PDFP)—the sum of personal consumption, business fixed investment, and residential 

investment—accelerated to a 3.7 percent growth rate at an annual rate during the first quarter, 

following a 2.6 percent advance in the fourth quarter. By stripping out international trade, 

government spending, and the volatile inventory component, PDFP is typically a stronger 

indicator of future GDP increases and represents the private sector’s capacity to generate selfsustaining growth. 

Real personal consumption expenditures (PCE)—the largest component of PDFP and roughly 

two-thirds of real GDP—rose by 2.7 percent in the first quarter on an annualized basis, up 

slightly from the 2.5 percent increase in the fourth quarter. The first-quarter advance reflected an 

acceleration in consumption of services, which grew by 4.3 percent and more than offset a 0.1 

percent decline in goods purchases. The negligible decline in goods consumption reflected 

higher purchases of durable goods (particularly of motor vehicles and parts) being fully offset by 

lower spending on real nondurables—notably gasoline as demand adjusted to the sharp jump in 

gas prices during the first quarter. 

Meanwhile, the continued recovery in services PCE was led by spending on health care services 

but also reflected strong growth in imputed categories such as shelter and financial services. In 

addition, consumers returned to pandemic-sensitive sectors, such as travel and recreation 

services, as the Omicron wave faded throughout the quarter. However, despite the strong growth 

in services PCE in the first quarter, the composition of total PCE remains weighted more heavily 

toward goods than services: as of the first quarter of 2022, goods PCE was still over 6 percent 

higher than the pre-pandemic (2015-2019) trend. By contrast, PCE services was still 4 percent 

below trend. 

Business fixed investment (BFI) jumped up by 9.2 percent at an annual rate in the first quarter, 

following a 2.9 percent gain in the fourth quarter. Investment in structures remained a drag on 

growth—albeit a negligible drag—as it slipped 0.9 percent in the first quarter after dropping by 

8.3 percent in the fourth quarter. Investment in mining-related structures, including oil and gas 

wells, continued to increase due to rising energy prices. Meanwhile, surging investment in 

business equipment and intellectual property products outweighed the slight decline in structures. 

Equipment investment rose 15.3 percent at an annual rate in the first quarter, and investment in 

intellectual property products increased 8.1 percent at an annual rate in the first quarter. 

Real residential investment—the third and final component of PDFP—rose by 2.1 percent at an 

annual rate in the first quarter, following a 2.2 percent increase in the previous quarter. As of the 

early 2022, residential investment was nearly 7 percent above its pre-pandemic trend—even as 

construction prices have risen sharply since mid-2020. Higher construction costs have been 

driven in part by disruptions in supply chains for materials as well as shortages of labor. 

The change in private inventories (CIPI), a volatile component, posed the second-largest drag on 

real GDP growth in the first quarter, subtracting 0.8 percentage points, a sharp contrast with the 

5.3 percentage-point addition made in the fourth quarter. Although businesses continued to build 

inventories in the first quarter at a healthy clip, it was at a slower pace than in the fourth quarter. 

Inventories tend to be a volatile component of GDP; in the first quarter, the slowdown was led by 
3

decreases in inventories of wholesale durables trade and other retail stores, which was partly 

offset by stronger buildup in manufacturers’ inventories. 

The trade deficit widened by $191.6 billion to $1,541.7 billion in the first quarter, which 

imposed the largest drag (3.2 percentage points) of any component on GDP growth. Total 

exports of goods and services dropped by 5.9 percent at an annual rate, while total imports of 

goods and services jumped 17.7 percent. Nominal exports rose in the quarter, but real exports fell 

on a sharp increase in the export price index. 

Total government spending declined 2.7 percent at an annual rate in the first quarter, nearly 

matching the decline in the previous quarter. Federal government consumption and investment 

accounted for about 80% of the decrease, largely concentrated in national defense purchases—

defense spending contracted by 5.9 percent, the fourth consecutive quarterly loss. State and local 

government consumption declined 0.8 percent in the first quarter, half the decline in the fourth 

quarter. Like exports, these real declines reflected large increases in price index for government 

consumption and investment. 

Growth of Real GDP  

(Quarterly percent change at annual rate)

Labor Markets and Wages 

In 2021, U.S. labor markets realized robust employment gains and the largest calendar-year drop 

in the unemployment rate on record; labor market improvement continued during the first quarter 

of 2022. After generating a record 6.74 million payroll jobs in 2021, the economy added another 
4

2.1 million during the first four months of 2022. As of April, a total of 20.8 million jobs have 

been recovered during the current recovery, or 95 percent of those lost during the two-month 

recession in early 2020. Meanwhile, the headline unemployment rate dropped by a record 2.8 

percentage points over 2021—the largest drop on record in a single calendar year—to 3.9 

percent of the labor force. By April, it stood at 3.6 percent, just 0.1 percentage points above the 

half-century low registered before the pandemic. The broadest measure of unemployment—the 

U-6 rate, a measure of labor underutilization that includes underemployment and discouraged

workers in addition to the unemployed—also dropped by a record amount (-4.4 percentage

points) last year. Thus far in 2022, the U-6 has trended lower and, as of April, stood at 7.0

percent, just two-tenths of a percentage point above its pre-pandemic low. The long-term (27 or

more weeks) unemployment rate also declined sharply last year and, as of April 2022, stood at

0.9 percent, or just 0.2 percentage points above the pre-pandemic low.

Recovery in the overall labor force participation rate (LFPR) was somewhat restrained in 2021, 

related in part to the multiple COVID-19 variants that arose during the year and slower 

population growth due to increased mortality rates and lower immigration. During the first half 

of 2021, total LFPR increased by only 0.1 percentage points and by another 0.3 percentage 

points during the latter half. Recovery in the LFPR continued this year, picking up another 0.3 

percentage points to 62.2 percent as of April 2022, but after adjusting for revised population 

controls published by the Bureau of Labor Statistics, headline LFPR has been little changed 

because of the pandemic’s effect on specific age groups. By contrast, the prime-age LFPR, 

which is not as sensitive to the revised population controls, improved significantly, has improved 

significantly since the end of 2020. In the first half of the year, the prime-age LFPR rose by 0.7 

percentage points to 81.7 percent. Although it was rangebound between 81.6 percent and 81.9 

for the second six months. the prime-age LFPR has climbed 0.5 percentage points so far in 2022, 

rising to 82.4 percent as of April—just below the 82.5 percent rate in March 2020 and just 0.7 

percentage points below the high of 83.1 percent reached in January 2020. 

Progress in participation for older workers has been slower. For those older than 55 years of age, 

the LFPR stagnated during 2021, ending the year 0.1 percentage points lower. In the first four 

months of 2022, their LFPR increased by 0.5 percentage points to 38.9 percent, but this is still 

more than a full percentage point below the 40.1 percent average rate from 2016 to 2019. 

Further progress in older worker LFPR could support employment growth in 2022. 

By some measures, labor markets are even tighter than what headline statistics suggest. 

According to the Job Openings and Labor Market Turnover Survey (JOLTS), labor demand has 

been at or near record highs since February 2021. Prior to the pandemic, the number of job 

openings peaked at 7.42 million at the end of October 2019. By the end of March 2022 (latest 

available date), job openings were 11.5 million, a fresh series’ high. Despite more rapid 

improvement in labor force participation, labor supply is still not keeping pace with labor 

demand, which had helped boost workers’ confidence about job mobility and their leverage in 

wage negotiations. By the end of March 2022, there were 4.5 million job quits, also a fresh 

series’ high, and about three-quarters of a million more than the pre-pandemic high. A 

particularly telling statistic of labor market tightness is the official number of unemployed 

persons per job openings, which declined to 0.5 by the end of March, implying there are roughly 
5

two job openings for every unemployed person. A reading of 0.5 sets a new series’ low and is 

one-half of the pre-pandemic reading of 1.0 

This favorable labor market for workers has led to strong growth in nominal wages. For 

production and nonsupervisory workers, nominal average hourly earnings increased 6.4 percent 

over the year through April 2022; twelve-month gains in this measure have remained well above 

6.0 percent in each of the past seven months. The Employment Cost Index (ECI), which better 

controls for changes in labor composition and is a more comprehensive measure of total 

compensation, showed private sector wages increasing 5.0 percent over the four quarters ending 

in March 2022, matching the previous quarter’s twelve-month pace as the fastest since the first 

quarter of 1984. Lower wage occupations and industries continue to see the fastest growth in 

wages. In leisure and hospitality industries, the ECI for private wage growth jumped 9.0 percent 

over the year ending in the fourth quarter of 2021, while the retail trade ECI was 7.4 percent 

higher. Wage growth appears to be outpacing productivity growth, likely contributing to 

inflation. 

Payroll Employment

(Monthly average for year shown and monthly amounts)
6

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor

Quarterly productivity growth rates have fluctuated markedly in recent quarters. After 

advancing 6.3 percent at an annual rate in the final quarter of 2021, productivity dropped 7.5 

percent in the first quarter of 2022, reflecting the combination of a 2.4 percent decline in output 

and a 5.5 percent increase in worker hours. On a year-over-year basis, productivity growth was 

down 0.6 percent through the first quarter of 2022, swinging from a 3.9 percent, four-quarter 

increase a year earlier. 

Nominal hourly compensation costs in the nonfarm business sector rose 3.2 percent at an annual 

rate in the first quarter of 2022, after advancing 7.4 percent in the final quarter of 2021. 

Compensation costs rose at a solid 6.5 percent over the four most recent quarters–picking up 

from the 6.2 percent year-earlier pace. Unit labor costs, defined as the average cost of labor per 

unit of output, were up 11.6 percent at an annual rate in the first quarter, escalating sharply from 

a 1.0 percent gain in the fourth quarter of 2021. These costs were up 7.2 percent over the most 

recent four quarters, about three times the 2.3 percent pace over the four quarters ending in 

2021’s first quarter. 

Industrial Production, Manufacturing, and Services 

Total industrial production trended higher in 2021, rising 3.5 percent over the year ending 

December. Total output growth was propelled by an 8.8 percent increase in mining output—
7

largely from increased oil and natural gas extraction and related support activities—and a 3.7 

percent gain in manufacturing production. 

In 2021, manufacturing output—which accounts for about 74 percent of all industrial output—

was hindered by persistent supply-chain disruptions, particularly in the production of motor 

vehicles and parts. 

Over the year ending December 2021, automotive manufacturing output was down 6.5 percent. 

Supply-chain disruptions have led to volatile production patterns for motor vehicles and parts. 

Automotive output declined in six months of 2021, and production rarely grew or shrank in 

consecutive months until the second half of the year. After a combined, nearly 12 percent 

increase in output over October and November 2021, automotive production trended lower over 

the next three months, dropping by a combined 4.6 percent through February. By contrast, 

nonautomotive manufacturing output grew relatively steadily in 2021, ending the year up 4.6 

percent from December 2020. 

Recently, there have been some signs that supply-chain problems may be easing. In March and 

April, automotive output jumped by a combined12.5 percent as assemblies of autos and light 

trucks rebounded from 8.30 million units at an annual rate to 10.26 million units as of April 

2022—just below the 10.56 million units produced in 2019 before the pandemic. During the 

same period, nonautomotive manufacturing production increased by 0.9 percent, with broadbased gains across non-energy industries. 

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

of industrial output, rose 8.8 percent over 2021, largely due to a 55.0 percent jump in activity 

supporting the drilling of oil and gas wells. Mining activity is sensitive to energy prices, and the 

increase in energy prices in 2021 contributed to strong mining output growth. More recently, 

monthly growth has accelerated with the spike in oil prices in connection with Russia’s illegal 

invasion of Ukraine. Over the year through April 2021, mining output was up 8.6 percent. 

Utilities output, the remaining 12 percent of total industrial output, was up 2.1 percent in April 

due to unusually cold weather in the month. 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 April, utilities production was up 8.9 percent. 

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

summer 2020 and have signaled expansion ever since. Although ISM manufacturing index has 

trended lower since October 2021, it stood at 55.4 in April 2022, signaling expansion for the 

twenty-third consecutive month. Similarly, the ISM’s services index rose to 68.4 in November 

2021, an all-time high (series dates from July 1997), then declined in each of the subsequent five 

months, standing at 57.1 in April. The services index also has signaled expansion for twentythree consecutive months. 

Housing Markets 

Throughout 2021, housing markets were marked by an imbalance between supply and demand, 

driving rapid home price growth and eroding affordability. This imbalance has persisted in 
8

2022, further driving up home prices. The Case-Shiller national house price index—which 

measures sales prices of existing homes—was up 20.2 percent over the year ending in February 

2022, a sharp acceleration from the 12.1 percent and 3.5 percent rates seen in February 2021 and 

February 2020, respectively. The FHFA house price index rose 19.5 percent over the year 

ending in February 2022 and showed comparable accelerations over the previous two years. 

Moreover, in each of the past ten months, year-over-year increases in both indices have run 

between 17 percent and 20 percent. 

Last fall, single-family housing starts rose by a combined 10.8 percent from September to 

December 2021, while single- family housing permits, which signal future starts, increased 

6.1percent over that same period. 

During the first four months of this year, however, activity has contracted: single-family housing 

starts declined a combined 4.9 percent from January to April 2022. After jumping 7.1 percent in 

January 2022, single-family permits also trended lower and, in March and April 2022, fell by a 

combined 7.9 percent. Even so, single-family starts were 3.7 percent higherover the year 

through April but permits were down 3.7 percent. Home builder sentiment has also deteriorated 

so far this year: after rising during the final four months of 2021, the National Association of 

Home Builder’s confidence index has declined during the first four months of 2022, dropping to 

77 in April 2022, 13 points below the series’ high of 90 reached in November 2020. On the 

other hand, single-family units under construction has risen to a 15-year high of 815,000—

suggesting an increase in forthcoming housing supply in this segment of the market—while the 

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

new construction) continued its upward trend, hitting a fresh all-time high of 288,000 units (data 

begin in 1999). 

Sales of homes continued to trend lower during the first four months of 2022. In April, total 

existing home sales—which account for 90 percent of all home sales—declined 2.4 percent over 

the month and were down 5.9 percent over the year. After jumping by double-digit rates last 

November and December, new single-family home sales have declined in each month of the first 

quarter, falling by 8.6 percent in March (last available data as of May 19). The decline in both 

existing and new sales has contributed to an increase in inventories of home for sale, which is 

slowly bringing the housing markets back into balance. After reaching an all-time low last 

December, existing home inventories rose steadily during the first four months of 2022 to a stilllow 1.03 million homes on the market, the equivalent of 2.2 months of sales in April. The 

inventory of new single-family homes available for sale moved even closer to a balanced market, 

rising to 407,000 homes in March—equivalent to a 6.4-month supply, which is just above its 

long-term supply of roughly 6 months. 

. 

Prices 

Starting in early 2021, inflation rates began accelerating markedly, elevated by supply-chain 

disruptions, persistently high demand for durable goods, rising food prices, a global energy 

shortage, and (to a lesser extent) the reopening of sectors that had languished during the 

pandemic—such as travel, leisure, and hospitality. Inflation has continued to accelerate well into 

2022, propelled in part by steady growth of shelter costs (rent and imputed rent for 
9

homeowners). Russia’s invasion of Ukraine has exacerbated headline inflation as it has severely 

disrupted energy supply: the price of West Texas Intermediate advanced 10.9 percent from the 

end of February through mid-May and U.S. retail gasoline price increased 26.2 percent through 

the mid-May. Supplies of grain from Russia and the Ukraine have also been disrupted, which is 

likely to exacerbate already-rapid food price inflation. 

In April 2022, headline inflation – as measured by the consumer price index (CPI) – was 0.3 

percent. This was significantly slower than March’s 1.2 percent rate ,which marked the fastest 

monthly pace since September 2005. Energy price inflation declined 2.7 percent in April, while 

food price inflation was 0.9 percent. Core inflation was 0.6 percent in April, reflecting an 

acceleration in services prices and steady, elevated growth of shelter costs. Shelter price 

inflation was 0.5 percent in April. On a year-over-year basis, headline and core inflation 

readings remain quite elevated: CPI inflation was 8.3 percent, and core inflation was 6.2 percent. 

Twelve-month core inflation has remained above 6.0 percent for four consecutive months. 

Energy and food price inflation remains brisk as well: the energy price index was up 30.3 percent 

over the year through April, while food price inflation was 8.3 percent over the past 12 months – 

the latter was the fastest yearly rate since April 1981. 

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

the Federal Open Market Committee (FOMC)’s 2-percent inflation target) rose 6.6 percent over 

the year through March 2022 (last available data as of May 19), which was the fastest pace since 

June 1982. Core PCE inflation was 5.2 percent. Prior to March 2021, inflation as measured by 

the PCE price index had held below the FOMC’s target since November 2018, which contributed 

to the FOMC adopting a new inflation regime. The flexible average inflation target regime 

would allow for inflation to exceed 2 percent for some period, such that PCE inflation would 

average 2 percent over time. 

Consumer Prices

(Percent change from a year earlier)
10

Consumer and Business Sentiment 

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

falling to 59.1 by the early-May survey—that is, it is now nearly 13 points below the pandemic 

low reached in April 2020. The ongoing decline in the last few months has reflected strong 

concerns about the persistence of rapid inflation as well as Russia’s illegal invasion of Ukraine 

and its impact on commodity prices, including oil and grains. In addition, but to a lesser extent, 

households remain concerned about the novel coronavirus. 

The Conference Board’s consumer confidence index has followed a different path than the 

Michigan survey. The confidence index began a noticeable uptrend in March 2021; by June 

2021, it had risen to 128.9, only 3.7 points below its pre-pandemic level. Since then, the 

index has slowly trended lower and stood at 107.3 in April, but was still 21.6 points above

the pandemic low. 

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

optimism index has recovered noticeably since the initial months of the pandemic, with the index 

rising to 104.0 in October 2021 (or only 0.5 points below its level in February 2020). Since then, 

however, it has trended lower and, as of April 2022, stood at 93.2, its lowest reading in two 

years. 

Federal Budget Deficit and Debt 

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

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

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

trillion (12.4% of GDP); although down from $3.13 trillion (15.0% of GDP) at the end of fiscal 

year 2020, the deficit was still $1.79 trillion higher than in fiscal year 2019. Federal receipts 

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

outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1%) from fiscal year 2020, 

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

pandemic’s effects on low- and middle-income households and small businesses. Current fiscal 

year to date (FYTD), through April, the deficit was to $3.60 trillion, or $1.57 trillion lower than 

the previous FYTD. 

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

end of fiscal year 2020. The Treasury’s borrowing limit was raised to $28.89 trillion in midOctober 2021. Federal debt held by the public, which includes debt held by the Federal Reserve 

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

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

GDP). As of April 2022, gross federal debt had increased to $30.4 trillion, and federal debt held 

by the public had increased to $23.8 trillion. 
11

Economic Policy 

The U.S. government 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. The latest relief 

package, the American Rescue Plan (ARP) was signed into law spring 2021 by President Biden. 

The ARP provided 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. Due to the multiple relief packages in fiscal year (FY) 2021, the federal deficit was 

$2.78 trillion (12.4 percent of GDP), a moderate improvement from the record-high $3.13 trillion 

(15.0 percent of GDP) reached in FY 2020. Meanwhile, federal debt held by the public rose to 

$22.3 trillion in FY 2021, up $1.3 trillion from FY 2022. However, given the strong economic 

growth in 2021, debt as a share of GDP decreased by 0.5 percentage points to 99.6 percent in FY 

2021. 

So far this fiscal year (October 2021 to April 2022), the federal deficit has fallen to $360.0 

billion, down from $1,931.8 billion over the same period in FY 2021. The decrease has been 

driven by strong employment growth, which has improved both individual income taxes and 

payroll taxes above projections, and the phase out of relief packages. As a result, total federal 

revenues were up by $842.5 trillion for the fiscal year to date and outlays were lower by $729.3 

billion. Federal debt for the fiscal year to date has risen by $1.79 trillion to $23.8 trillion. 

On the monetary policy side in response to rising inflation and tight labor markets the FOMC 

launched a new cycle of monetary tightening, raising the target range by 25 basis points to 0.25 

to 0.5 percent at the March 15-16 meeting. At the subsequent meeting on May 3-4, the 

Committee hiked the target range by 50 basis points to a range of 0.75 to 1.0 percent. In its 

accompanying statement, the FOMC stated that it “anticipates that ongoing increases in the 

target range will be appropriate.” Elevated rates of inflation were attributed to “supply and 

demand imbalances related to the pandemic” with “higher energy prices and broader price 

pressures” cited as additional factors. The statement added that the FOMC “is highly attentive to 

inflation risks.” 

Also at the May 3-4 meeting, the FOMC announced that it will begin reducing holdings of 

Treasury securities and mortgage-backed securities (MBS). It will allow up to $30 billion of 

Treasury securities and $17.5 billion of MBS per month to runoff its balance sheet for three 

months beginning June 1. In September, the caps will be raised to $60 billion for Treasury 

securities and $35 for MBS. 
12

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 
13

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

the Government. 

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

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

detail for 13 months, and Fiscal Year-to-date data. They 

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current Fiscal 

Year to date and prior Fiscal Year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a Fiscal Year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the second quarter of Fiscal Year 2022 

supplements fiscal data reported in the March issue of 

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

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $589.1 billion for the second 

quarter of Fiscal Year 2022. This is an increase of $111.4 

billion over the comparable prior year quarter. Withheld 

receipts increased by $61.1 billion and non-withheld 

receipts increased by $40.6 billion during this period. 

Refunds decreased by $9.7 billion over the comparable 

Fiscal Year 2021 quarter. There was a negligible change in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in Fiscal Year 2021. 

Corporate income taxes—Net corporate income tax 

receipts were $28.6 billion for the second quarter of Fiscal 

Year 2022. This is a decrease of $6.9 billion compared to 

the prior year second quarter. The $6.9 billion change is 

comprised of a decrease of $4.8 billion in estimated and 

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

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

Fiscal Year 2022 were $349.6 billion, an increase of $33.6 

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 $20.8 billion, $3.5 billion, and $9.2 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

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

negligible adjustment in the second quarter of Fiscal Year 

2021. 

Unemployment insurance—Unemployment insurance 

receipts, net of refunds, for the second quarter of Fiscal 

Year 2022 were $11.5 billion, an increase of $4.5 billion 

over the comparable quarter of Fiscal Year 2021. Net State 

taxes deposited in the U.S. Treasury increased by $4.3 

billion to $10.0 billion. Net Federal Unemployment Tax 

Act taxes increased by $0.2 billion to $1.5 billion. 
14

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.4 billion for the 

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

$0.1 billion from the comparable quarter of Fiscal Year 

2021. 

Excise taxes—Net excise tax receipts for the second 

quarter of Fiscal Year 2022 were $18.2 billion, an increase 

of $3.4 billion over the comparable prior year quarter. Total 

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

decrease of $1.1 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $7.7 billion for the second quarter of Fiscal Year 2022. 

These receipts represent an increase of $2.4 billion over the 

same quarter in Fiscal Year 2021. 

Customs duties—Customs duties net of refunds were 

$24.8 billion for the second quarter of Fiscal Year 2022. 

This is an increase of $6.3 billion over the comparable prior 

year quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of Fiscal Year 2022 were $39.2 

billion, an increase of $14.8 billion over the comparable 

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

earnings by Federal Reserve banks increasing by $15.8 

billion.

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

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

 Second quarter 2022 

January – March 

 Fiscal Year 2022 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,070,114 2,121,987

On-budget receipts .................................................. 799,755 1,617,152

Off-budget receipts .................................................. 270,359 504,835

Total outlays................................................................. 1,360,688 2,790,255

On-budget outlays.................................................... 1,073,004 2,264,824

Off-budget outlays.................................................... 287,683 525,430

Total surplus or deficit (-)............................................. -290,573 -668,266

On-budget surplus or deficit (-)................................ -273,250 -647,674

Off-budget surplus or deficit (-)................................ -17,324 -20,594

Means of financing: 

Borrowing from the public ............................................ 727,275 1,589,728

Reduction of operating cash ........................................ -245,416 -436,364

Other means ................................................................ -191,287 -485,099

Total on- and off-budget financing ........................... 290,573 668,266

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

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

Source January February March

Individual income taxes...................................................... 289.2 149.3 150.6

Corporate income taxes..................................................... 13.6 4.8 10.2

Employment and general retirement.................................. 129.7 104.6 115.4

Unemployment insurance .................................................. 4.1 3.1 4.3

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

Excise taxes ....................................................................... 5.3 5.5 7.4

Estate and gift taxes .......................................................... 2.3 1.7 3.6

Customs duties .................................................................. 8.6 8.0 8.2

Miscellaneous receipts....................................................... 11.9 12.3 15.1

Total budget receipts ..................................................... 465.1 289.9 315.2

Note.—Detail may not add to totals due to independent rounding. 
15
16

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

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

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

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

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

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

Mar .................. 315,172 225,557 89,615 507,855 407,657 100,198 -192,682 -182,100 -10,583 108,100 

Fiscal year 2022 to date ... 2,121,987 1,617,152 504,835 2,790,255 2,264,824 525,430 -668,266 -647,674 -20,594 1,964,506 

Means of financing—net transactions, continued 

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

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

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

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

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

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

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

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

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

2021 - Mar............................. -75 -2,055 226,219 -292,515 -811 -1,195 -1,572 137,837 -557 659,592

Apr............................. -74 -28,093 65,521 -151,234 690 205 564 9,852 431 225,579 

May ........................... -72 55,573 -30,179 -194,017 324 -102 117 -31,743 197 131,953 

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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date.......... -104 374,673 1,589,729 436,364 -743 229 1,049 -484,720 156 668,266 

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

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

Budget on March 28, 2022. 
17

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) 

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

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

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

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

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

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

Fiscal year 

2022 to date ........ 983,982 261,559 121,058 1,124,485 151,284 24,024 127,260 1,251,745 664,504 - 664,504

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

Employment and general retirement, continued Unemployment insurance Net for other insurance and retirement 

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

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

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

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

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

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

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

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

2021 - 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 

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date... 3,192 - 3,192 667,696 27,089 32 27,058 3,015 12 3,027 

See footnotes at end of table. 
18

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

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

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

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date. 38,713 14,621 346 14,276 51,494 2,935 48,560 60,682 10,257 70,940 1,617,152 504,835 

Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and 

Budget on March 28, 2022.

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

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

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

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date ..... 697,781 4,806 - 4,806 102 - 102 20,956 165 20,790 15,243 2,228 13,012 
19

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency 

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

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

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

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date. 2,855 4,224 131,392 6,334 358,398 70,493 15,817 793,877 40,599 26,056 6,641 18,944 28,564

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

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

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

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

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

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

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

Fiscal year 2022 to date. 15,657 54,133 290,289 243,720 126,036 4,438 30,012 4,726 212 -346 12,074 

See footnotes at end of table 
20

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued 

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

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

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

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

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

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

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

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

2021 - 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 56,920 104,069 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 

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

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

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

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

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

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

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

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

Mar........ 1,968 696 9,820 2,156 107,399 1,139 -7,962 -7,805 -537 - 407,657 100,198 

Fiscal year 

2022 to date ....... 11,248 3,650 56,597 18,247 622,932 15,642 -67,579 -71,674 -2,876 -81,089 2,264,824 525,430 

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

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

Budget on March 28, 2022.
21

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

June 2022 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 1,124,402 83 - 1,124,485 824,580 133 - 824,713

Corporation income taxes........................................... 127,259 - - 127,259 104,379 - - 104,379

Social insurance and retirement receipts: --- - --- -

Employment and general retirement (off-budget)... - - 504,835 504,835 - - 472,430 472,430

Employment and general retirement (on-budget)... -13 - 162,873 162,860 8 - 149,697 149,705

Unemployment insurance ....................................... -7 - 27,064 27,057 -7 - 16,366 16,359

Other retirement...................................................... - - 3,027 3,027 - - 2,758 2,758

Excise taxes ................................................................ 11,313 897 26,502 38,712 7,761 793 21,945 30,499

Estate and gift taxes ................................................... 14,275 - - 14,275 11,479 - - 11,479

Customs duties ........................................................... 32,295 15,236 1,028 48,559 23,867 11,992 779 36,638

Miscellaneous receipts................................................ 61,956 8,486 474 70,917 45,391 9,244 355 54,989

Total receipts 1,371,480 24,703 725,804 2,121,987 1,017,457 22,162 664,330 1,703,948

(On-budget) 1,371,480 24,703 220,969 1,617,152 1,017,457 22,162 191,901 1,231,519

(Off-budget) - - 504,835 504,835 - - 472,430 472,430

Budget outlays:

Legislative branch ....................................................... 2,818 49 -13 2,854 2,708 -21 -17 2,670

Judicial branch ............................................................ 4,123 245 -144 4,224 4,362 -42 -179 4,141

Department of Agriculture ........................................... 116,469 14,949 -27 131,391 99,779 17,615 -47 117,346

Department of Commerce........................................... 5,078 1,255 1 6.334 6,615 1,480 2 8,097

Department of Defense-military .................................. 359,590 -1,412 220 358,398 360,643 2,605 177 363,426

Department of Education ............................................ 70,495 -1 * 70,493 52,006 89 * 52,095

Department of Energy................................................. 16,476 -659 * 15,817 17,650 -428 * 17,222

Department of Health and Human Services ............... 665,130 2,418 126,332 793,880 592,528 3,060 122,263 717,850

Department of Homeland Security.............................. 40,245 320 35 40,600 48,104 -1,750 112 46,466

Department of Housing and Urban Development....... 26,728 -27 -645 26,056 22,830 47 -609 22,268

Department of the Interior........................................... 6,704 -281 218 6,642 6,626 522 203 7,350

Department of Justice ................................................. 16,294 2,693 -42 18,945 16,474 1,969 -48 18,396

Department of Labor................................................... 10,054 -591 19,101 28,564 228,345 -662 -14,818 212,864

Department of State.................................................... 14,457 735 464 15,656 15,591 109 368 16,069

Department of Transportation..................................... 139,443 179 -85,483 54,140 41,689 73 5,812 47,574

Department of the Treasury: --- - --- -

Interest on Treasury Debt Securities (Gross)......... 290,289 - - 290,289 228,632 - - 228,632

Other ....................................................................... 245,272 -1,240 -312 243,720 632,870 -1,084 -309 631,478

Department of Veterans Affairs .................................. 127,758 -1,956 233 126,035 116,954 -2,171 280 115,064

Corps of Engineers ..................................................... 4,189 201 48 4,438 4,342 102 -87 4,357

Other defense civil programs...................................... 122,068 -10,306 -81,749 30,012 105,215 -4,335 -66,657 34,224

Environmental Protection Agency............................... 8,169 -26 -3,416 4,727 4,646 -134 -498 4,014

Executive Office of the President................................ 207 * 6 212 202 * 7 209

General Services Administration ................................ 86 -431 - -345 97 -555 - -457

International Assistance Program............................... 13,510 26 -1,460 12,075 13,818 -198 -1,247 12,373

National Aeronautics and Space Administration ........ 11,172 76 - 11,248 11,318 34 1 11,353

National Science Foundation...................................... 3,541 62 -2 3,600 3,231 60 19 3,310

Office of Personnel Management ............................... 7,056 1,974 47,567 56,597 6,814 544 45,892 53,251

Small Business Administration ................................... 18,275 -28 - 18,247 183,670 -2 - 183,668

Social Security Administration .................................... 53,549 * 569,383 622,933 46,458 * 542,921 589,379

Other independent agencies....................................... 9,514 -641 6,769 15,642 7,020 -1,595 3,005 8,430

Undistributed offsetting receipts: --- - --- -

Interest .................................................................... - - -71,675 -71,675 - - -53,122 -53,122

Other ....................................................................... -83,415 -10,158 -57,969 -151,542 -1,217 -9,143 -59,432 -69,792

 Total outlays......................................................... 2,325,344 -2,577 467,439 2,790,205 2,880,022 6,191 523,992 3,410,204

(On-budget)..................................................... 2,325,225 -2,282 -58,166 2,264,777 2,879,755 8,530 27,388 2,915,673

(Off-budget)..................................................... 119 -295 525,605 525,428 267 -2,339 496,604 494,532

 Surplus or deficit (-).............................................. -953,864 27,281 258,365 258,365 -668,218 15,971 140,338 -1,706,256

(On-budget)..................................................... -953,745 26,986 279,135 -647,625 -1,862,298 13,632 164,512 -1,684,154

(Off-budget)..................................................... -119 295 -20,770 -20,593 -267 2,339 -24,174 -22,102

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
22

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. 
23

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

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

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

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

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

2021............................... 28,448,421 28,426,919 19,502 6,123,040 6,123,040 - 22,325,381 22,303,879 19,502 

2021 - 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 

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

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

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

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

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

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

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

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

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

End of fiscal 

year or month 

Federal debt securities Securities held by Government accounts Securities held by the public 

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

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

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

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

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

2021 ............................... 28,448,421 64,433 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,832 22,287,019 

2021 - 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 

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

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

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

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

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

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

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

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

Mar..................... 30,420,358 71,497 30,348,860 6,497,680 25,568 6,472,112 23,922,678 45,929 23,876,748 
24

Nonmarketable, continued

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

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

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

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

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

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

2021 - Mar................. 145,793 - 264 297,423 121,684 53,075 2,799

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

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

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

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

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

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

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

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

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

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

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

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

TABLE FD-2—Debt Held by the Public

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

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

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

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

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

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

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

2021 - 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 

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

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

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

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

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

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

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

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

Mar................ 23,879,768 23,262,473 3,927,254 13,340,846 3,623,928 1,751,329 619,117 617,294 
25

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

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

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

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

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

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

2021 - 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

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

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

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

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

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

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

2022 - Jan ............ 2,761,169 882 175,950 132,990 1,355 24,296 688 59,196 2,098,130

Feb ........... 2,742,311 882 181,994 134,401 1,320 24,202 700 61,053 2,112,938

Mar........... 2,730,161 882 190,778 134,751 1,278 24,845 716 62,600 2,134,315

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

TABLE FD-3—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

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

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

2019 .................. 6,133,658 15,018 104,015 48,199 22,622 96,520 950,211 198,625 50,601 

2020 .................. 6,174,279 7,900 108,949 49,129 11,170 97,209 974,802 133,735 67,937 

2021 .................. 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

2021 - 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 

July........ 6,401,459 17,619 111,127 49,697 22,839 97,420 962,098 116,012 92,261 

Aug........ 6,173,650 17,661 114,408 50,187 22,836 97,068 947,947 127,759 93,199 

Sept....... 6,243,318 15,902 115,527 50,151 22,837 98,032 940,140 136,168 94,132 

Oct......... 6,476,647 12,878 113,982 50,184 22,838 97,231 925,520 136,252 94,346 

Nov........ 6,266,251 13,966 116,043 50,194 22,563 97,125 925,469 137,026 92,393 

Dec........ 6,739,100 13,284 116,180 50,163 22,004 99,438 1,002,182 142,338 63,361 

2022 - Jan ......... 6,804,276 13,349 117,456 50,190 21,238 102,211 997,812 152,559 94,805 

Feb ........ 6,800,284 11,860 117,818 50,616 21,233 102,101 993,710 147,703 95,442 

Mar........ 6,814,679 10,226 119,708 50,555 20,490 103,141 989,581 144,682 95,970 
26

TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

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

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

2019 ............................ 21,455 19 69 21,367 * *

2020 ............................ 20,151 19 58 20,075 * *

2021 ............................ 19,502 19 45 19,438 * *

2021 - 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 * * 

July.................. 19,650 19 53 19,578 * * 

Aug.................. 19,576 19 45 19,513 * * 

Sept................. 19,502 19 45 19,438 * * 

Oct................... 19,898 19 45 19,834 * * 

Nov.................. 20,248 19 46 20,184 * * 

Dec.................. 19,788 19 46 19,724 * * 

2022 - Jan ................... 19,777 19 46 19,713 * *

Feb .................. 19,574 19 38 19,518 * * 

Mar.................. 19,398 19 38 19,342 * * 

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
27

TABLE FD-5—Maturity Distribution and Average Length of Marketable 

Interest-Bearing Public Debt Held by Private Investors

[In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years 

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

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

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

2019 ............................... 14,225,142 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 

2020 ............................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 

2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

2021 - 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 

July ..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63 

Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64 

Sept.................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 

Oct...................... 16,455,433 5,390,259 6,120,690 2,858,166 531,506 1,554,811 65 

Nov ..................... 16,757,903 5,309,420 6,356,333 2,945,703 586,315 1,560,131 66 

Dec ..................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66 

2022 - Jan ...................... 17,194,470 5,540,423 6,409,263 3,034,048 617,719 1,593,017 66

Feb ..................... 17,441,660 5,656,274 6,475,818 3,052,591 667,274 1,589,703 66 

Mar ..................... 17,519,927 5,559,737 6,541,403 3,126,753 683,615 1,608,419 66 

Note—Detail may not add to totals due to rounding. 
28

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

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

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

2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785

2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011

2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

2021 – Mar............................. - 28,100,561 28,100,561 - 28,132,570 - 32,009

 Apr.............................. - 28,143,582 28,143,582 - 28,174,714 - 31,132

May............................. - 28,168,249 28,168,249 - 28,199,008 - 30,759

June............................ - 28,501,528 28,501,528 - 28,529,436 - 27,907

July ............................. - 28,401,438 28,401,438 - 28,427,722 - 26,284

Aug ............................. 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879

Sept ............................................ 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481

Oct.............................. 28,881,463 28,881,438 28,881,438 - 28,908,765 - 27,328

Nov ............................. 28,881,463 28,881,438 28,881,438 - 28,907,987 - 26,549

Dec ............................. 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214

2022 – Jan ............................. 31,381,463 29,982,990 29,982,990 - 30,012,386 - 29,396

Feb ............................. 31,381,463 30,258,450 30,258,450 - 30,290,353 - 31,902

Mar ............................. 31,381,463 30,365,315 30,365,315 - 30,400,960 - 35,645

(1) Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was permanently

increased effective December 16, 2021, to $31,381,462,788,891.71.

(2) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

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

Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory 

Debt Limit was suspended through December 8, 2017.

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

Supplemental Appropriations for the Disaster Relief Requirements Act 2017, 

Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 

2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased 

effective December 9, 2017, to $20,455,999,906,400.12 

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

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

suspended through March 1, 2019. 
29

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

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

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

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ....................................... 1,809,674 31,592 21,196 30,286 658 317

2021 - 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

July............................. 1,869,619 27,596 20,425 29,319 585 363

Aug............................. 1,918,353 28,636 21,182 30,141 656 317

Sept............................ 1,809,674 31,592 21,196 30,286 658 317

Oct.............................. 1,869,279 39,986 21,364 30,439 660 317

Nov............................. 1,887,822 42,593 21,494 30,550 663 317

Dec............................. 1,911,421 30,333 21,629 31,039 665 317

2022 - Jan .............................. 1,919,559 31,128 21,752 31,126 666 317

Feb ............................. 1,937,167 32,196 21,842 31,260 667 317

Mar............................. 1,954,853 31,290 20,775 29,420 558 317

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

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

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

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2021 ....................................... 1,221,381 5,629 66,271 10 70,500

2021 - 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

July............................. 1,326,667 5,870 70,044 30 70,223

Aug............................. 1,325,568 5,867 70,044 10 70,624

Sept............................ 1,221,381 5,629 66,271 10 70,500

Oct ............................. 1,258,486 5,621 66,271 10 70,668

Nov............................. 1,258,479 5,621 66,271 10 71,302

Dec............................. 1,277,348 5,615 66,271 10 71,819

2022 - Jan.............................. 1,277,366 5,595 66,271 11 71,938

Feb............................. 1,277,201 5,927 66,271 11 72,459

Mar............................. 1,287,754 5,922 66,271 11 72,718
30

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

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

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

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2021 ...................................... 14,531 4,567 262,655 80,081

2021 - 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

July............................ 15,391 3,790 214,982 84,334

Aug............................ 14,431 4,145 264,070 82,662

Sept........................... 14,531 4,567 262,655 80,081

Oct............................. 14,532 4,994 275,269 80,662

Nov............................ 14,532 5,326 294,269 76,395

Dec............................ 14,590 5,757 309,269 76,759

2022 - Jan ............................. 14,596 6,187 315,532 77,074

Feb ............................ 14,596 6,515 330,532 77,373

Mar............................ 14,596 6,927 340,533 77,761

Note—Detail may not add to totals due to rounding. 
31 

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

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

the consolidation of the Financial Management Service and 

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

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

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

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

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

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

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

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

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

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

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

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

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

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

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

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JANUARY - MARCH 

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

JANUARY 

Auction of 119-Day Cash Management Bills 

On December 28, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They 

were issued January 4 and will mature May 3. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on December 29. Tenders totaled $133,912 million; Treasury 

accepted $40,001 million, including $ million of noncompetitive tenders from the public. The high bank 

discount rate was 0.125 percent. 

Auction of 119-Day Cash Management Bills 

On January 4, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued January 11 and will mature May 10. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on January 5. Tenders totaled $122,468 million; Treasury accepted 

$40,001 million, including $4 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.150 percent. 

Auction of 119-Day Cash Management Bills 

On January 11, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued January 18 and will mature May 17. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on January 12. Tenders totaled $120,683 million; Treasury accepted 
32 

$40,000 million, including $3 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.200 percent. 

Auction of 3-Year Notes 

On January 6, 2022, Treasury announced it would auction $52,000 million of 3-year notes. The issue was 

to refund $70,901 million of securities maturing January 15 and to raise new cash of approximately 

$39,099 million. 

The 3-year notes of Series AJ-2025 were dated January 15 and issued January 18. They are due January 

15, 2025, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 1-

1/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders 

and before 1:00 p.m. ET for competitive tenders on January 11. Tenders totaled $128,407 million; 

Treasury accepted $52,000 million. All noncompetitive and successful competitive bidders were allotted 

securities at the high yield of 1.237 percent with an equivalent price of $99.671988. Treasury accepted in 

full all competitive tenders at yields lower than 1.237 percent. Tenders at the high yield were allotted 5.37 

percent. The median yield was 1.190 percent, and the low yield was 1.050 percent. Noncompetitive 

tenders totaled $98 million. Competitive tenders accepted from private investors totaled $51,897 million. 

Accrued interest of $0.09323 per $1,000 must be paid for the period from January 15 to January 18. 

In addition to the $52,000 million of tenders accepted in the auction process, Treasury accepted $8,343 

million from FRBs for their own accounts. The minimum par amount required for Separate Trading of 

Registered Interest and Principal Securities (STRIPS) of notes of Series AJ-2025 is $100. 

Auction of 9-Year 10-Month 1-3/8 Percent Notes 

On January 6, 2022, Treasury announced it would auction $36,000 million of 9-year 10-month 1-3/8 

percent notes. The issue was to refund $70,901 million of securities maturing January 15 and to raise new 

cash of approximately $39,099 million. 

The 9-year 10-month 1-3/8 percent notes of Series F-2031 were dated November 15 and issued January 

18. They are due November 15, 2031, with interest payable on May 15 and November 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 January 12. Tenders totaled $90,361 million; Treasury accepted

$36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.723 percent with an equivalent price of $96.866042. Treasury accepted in full all

competitive tenders at yields lower than 1.723 percent. Tenders at the high yield were allotted 23.99

percent. The median yield was 1.652 percent, and the low yield was 1.600 percent. Noncompetitive

tenders totaled $8 million. Competitive tenders accepted from private investors totaled $35,992 million.

Accrued interest of $2.43094 per $1,000 must be paid for the period from November 15 to January 18.

In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $5,776 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series F-2031 is $100. 
33

Auction of 29-Year 10-Month 1-7/8 Percent Bonds 

On January 6, 2022, Treasury announced it would auction $22,000 million of 29-year 10-month 1-7/8 

percent bonds. The issue was to refund $70,901 million of securities maturing January 15 and to raise 

new cash of approximately $39,099 million. 

The 29-year 10-month 1-7/8 percent bonds of November 2051 were dated November 15 and issued 

January 18. They are due November 15, 2051, with interest payable on May 15 and November 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 January 13. Tenders totaled $51,798 million; Treasury accepted

$22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.075 percent with an equivalent price of $95.566819. Treasury accepted in full all

competitive tenders at yields lower than 2.075 percent. Tenders at the high yield were allotted 71.09

percent. The median yield was 2.000 percent, and the low yield was 1.940 percent. Noncompetitive

tenders totaled $2 million. Competitive tenders accepted from private investors totaled $21,998 million.

Accrued interest of $3.31492 per $1,000 must be paid for the period from November 15 to January 18.

In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $3,530 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

November 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On January 18, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued January 25 and will mature May 24. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on January 19. Tenders totaled $123,119 million; Treasury accepted 

$40,001 million, including $3 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.275 percent. 

Auction of 52-Week Bills 

On January 20, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued January 27 and will mature January 26, 2023. The issue was to refund $139,008 million 

of all maturing bills and to raise new cash of approximately $5,992 million. Treasury auctioned the bills 

on January 25. Tenders totaled $101,177 million; Treasury accepted $34,000 million, including $340 

million of noncompetitive tenders from the public. The high bank discount rate was 0.630 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,138 

million from FRBs for their own accounts. 

Auction of 19-Year 10-Month 2 Percent Bonds 

On January 13, 2022, Treasury announced it would auction $20,000 million of 19-year 10-month 2 

percent bonds. The issue was to refund $133,872 million of securities maturing January 31 and to raise 

new cash of approximately $90,128 million. 

The 19-year 10-month 2 percent bonds of November 2041 were dated November 15 and issued January 

31. They are due November 15, 2041, with interest payable on May 15 and November 15 until maturity.
34 

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 January 19. Tenders totaled $49,623 million; Treasury accepted

$20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.210 percent with an equivalent price of $96.646052. Treasury accepted in full all

competitive tenders at yields lower than 2.210 percent. Tenders at the high yield were allotted 82.43

percent. The median yield was 2.150 percent, and the low yield was 2.120 percent. Noncompetitive

tenders totaled $2 million. Competitive tenders accepted from private investors totaled $19,998 million.

Accrued interest of $4.25414 per $1,000 must be paid for the period from November 15 to January 31.

In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $2,989 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

November 2041 is $100. 

Auction of 10-Year Treasury Inflation Protected Security (TIPS) 

On January 13, 2022, Treasury announced it would auction $16,000 million of 10-year TIPS. The issue 

was to refund $133,872 million of securities maturing January 31 and to raise new cash of approximately 

$90,128 million. 

The 10-year TIPS of Series A-2032 were dated January 15 and issued January 31. They are due January 

15, 2032, with interest payable on July 15 and January 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 January 20. Tenders totaled $36,736 million; Treasury accepted

$16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of -0.540 percent with an equivalent adjusted price of $107.081463. Treasury accepted in full

all competitive tenders at yields lower than -0.540 percent. Tenders at the high yield were allotted 39.08

percent. The median yield was -0.631 percent, and the low yield was -0.710 percent. Noncompetitive

tenders totaled $49 million. Competitive tenders accepted from private investors totaled $15,951 million.

Adjusted accrued interest of $0.05539 per $1,000 must be paid for the period from January 15 to January

31. Both the unadjusted price of $106.811231 and the unadjusted accrued interest of $0.05525 were

adjusted by an index ratio of 1.00253, for the period from January 15 to January 31.

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $2,391 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

Series A-2032 is $100. 

Auction of 2-Year Notes 

On January 20, 2022, Treasury announced it would auction $54,000 million of 2-year notes. The issue 

was to refund $133,872 million of securities maturing January 31 and to raise new cash of approximately 

$90,128 million. 

The 2-year notes of Series AW-2024 were dated and issued January 31. They are due January 31, 2024, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 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 January 24. Tenders totaled $151,790 million; Treasury accepted

$54,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
35 

high yield of 0.990 percent with an equivalent price of $99.772818. Treasury accepted in full all 

competitive tenders at yields lower than 0.990 percent. Tenders at the high yield were allotted 61.80 

percent. The median yield was 0.950 percent, and the low yield was 0.903 percent. Noncompetitive 

tenders totaled $232 million. Competitive tenders accepted from private investors totaled $53,666 million. 

In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $8,071 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AW-2024 is $100. 

Auction of 5-Year Notes 

On January 20, 2022, Treasury announced it would auction $55,000 million of 5-year notes. The issue 

was to refund $133,872 million of securities maturing January 31 and to raise new cash of approximately 

$90,128 million. 

The 5-year notes of Series G-2027 were dated and issued January 31. They are due January 31, 2027, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 1-1/2 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on January 25. Tenders totaled $137,306 million; Treasury accepted

$55,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.533 percent with an equivalent price of $99.841748. Treasury accepted in full all

competitive tenders at yields lower than 1.533 percent. Tenders at the high yield were allotted 32.70

percent. The median yield was 1.485 percent, and the low yield was 1.440 percent. Noncompetitive

tenders totaled $49 million. Competitive tenders accepted from private investors totaled $54,946 million.

In addition to the $55,000 million of tenders accepted in the auction process, Treasury accepted $8,220 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series G-2027 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 20, 2022, Treasury announced it would auction $26,000 million of 2-year FRNs. The issue 

was to refund $133,872 million of securities maturing January 31 and to raise new cash of approximately 

$90,128 million. 

The 2-year FRNs of Series AX-2024 were dated and issued January 31. They are due January 31, 2024, 

with interest payable on April 30, July 31, October 31, and January 31 until maturity. Treasury set a 

spread of -0.015 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 January 26. Tenders totaled $86,824 million; Treasury accepted 

$26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of -0.015 percent with an equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at discount margins lower than -0.015 percent. Tenders at the high discount 

margin were allotted 57.19 percent. The median discount margin was -0.021 percent, and the low 

discount margin was -0.060 percent. Noncompetitive tenders totaled $48 million. Competitive tenders 

accepted from private investors totaled $25,952 million. 

In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $3,886 

million from FRBs for their own accounts. 
36 

Auction of 7-Year Notes 

On January 20, 2022, Treasury announced it would auction $53,000 million of 7-year notes. The issue 

was to refund $133,872 million of securities maturing January 31 and to raise new cash of approximately 

$90,128 million. 

The 7-year notes of Series G-2029 were dated and issued January 31. They are due January 31, 2029, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 1-3/4 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on January 27. Tenders totaled $125,130 million; Treasury accepted

$53,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.769 percent with an equivalent price of $99.875422. Treasury accepted in full all

competitive tenders at yields lower than 1.769 percent. Tenders at the high yield were allotted 91.49

percent. The median yield was 1.700 percent, and the low yield was 1.650 percent. Noncompetitive

tenders totaled $24 million. Competitive tenders accepted from private investors totaled $52,976 million.

In addition to the $53,000 million of tenders accepted in the auction process, Treasury accepted $7,922 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series G-2029 is $100. 

FEBRUARY 

Auction of 119-Day Cash Management Bills 

On January 25, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued February 1 and will mature May 31. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on January 26. Tenders totaled $128,183 million; Treasury accepted 

$40,000 million, including $5 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.280 percent. 

Auction of 119-Day Cash Management Bills 

On February 1, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued February 8 and will mature June 7. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on February 2. Tenders totaled $128,570 million; Treasury accepted 

$40,001 million, including $5 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.340 percent. 

Auction of 119-Day Cash Management Bills 

On February 8, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued February 15 and will mature June 14. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on February 9. Tenders totaled $126,863 million; Treasury accepted 

$40,001 million, including $6 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.430 percent. 
37 

February Quarterly Financing 

On Feb 2, 2022, Treasury announced it would auction $50,000 million of 3-year notes, $37,000 million of 

10-year notes, and $23,000 million of 30-year bonds to refund $54,805 million of securities maturing

February 15, 2022 and to raise new cash of approximately $55,195 million.

The 3-year notes of Series AK-2025 were dated and issued February 15. They are due February 15, 2025, 

with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 1-1/2 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on February 8. Tenders totaled $122,593 million; Treasury accepted

$50,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.592 percent with an equivalent price of $99.731529. Treasury accepted in full all

competitive tenders at yields lower than 1.592 percent. Tenders at the high yield were allotted 51.53

percent. The median yield was 1.540 percent, and the low yield was 1.400 percent. Noncompetitive

tenders totaled $97 million. Competitive tenders accepted from private investors totaled $49,803 million.

In addition to the $50,000 million of tenders accepted in the auction process, Treasury accepted $30,248 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AK-2025 is $100. 

The 10-year notes of Series B-2032 were dated and issued February 15. They are due February 15, 2032, 

with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 1-7/8 

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 February 9. Tenders totaled $99,176 million; Treasury accepted

$37,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.904 percent with an equivalent price of $99.737071. Treasury accepted in full all

competitive tenders at yields lower than 1.904 percent. Tenders at the high yield were allotted 29.34

percent. The median yield was 1.853 percent, and the low yield was 1.800 percent. Noncompetitive

tenders totaled $22 million. Competitive tenders accepted from private investors totaled $36,978 million.

In addition to the $37,000 million of tenders accepted in the auction process, Treasury accepted $22,384 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series B-2032 is $100. 

The 30-year bonds of February 2052 were dated and issued February 15. They are due February 15, 2052, 

with interest payable on August 15 and February 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 February 10. Tenders totaled $52,938 million; Treasury accepted

$23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.340 percent with an equivalent price of $98.067757. Treasury accepted in full all

competitive tenders at yields lower than 2.340 percent. Tenders at the high yield were allotted 98.94

percent. The median yield was 2.249 percent, and the low yield was 2.150 percent. Noncompetitive

tenders totaled $3 million. Competitive tenders accepted from private investors totaled $22,997 million.
38 

In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $13,914 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

February 2052 is $100. 

Auction of 119-Day Cash Management Bills 

On February 15, 2022, Treasury announced it would auction $40,000 million of 119-day bills. They were 

issued February 22 and will mature June 21. The issue was to raise new cash of approximately $40,000 

million. Treasury auctioned the bills on February 16. Tenders totaled $119,692 million; Treasury accepted 

$40,001 million, including $7 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.550 percent. 

Auction of 52-Week Bills 

On February 17, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued February 24 and will mature February 23, 2023. The issue was to refund $138,996 

million of all maturing bills and to raise new cash of approximately $6,004 million. Treasury auctioned 

the bills on February 22. Tenders totaled $95,505 million; Treasury accepted $34,000 million, including 

$339 million of noncompetitive tenders from the public. The high bank discount rate was 1.145 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,449 

million from FRBs for their own accounts. 

Auction of 1-Year 11-Month -0.015 Percent FRNs 

On February 17, 2022, Treasury announced it would auction $22,000 million of 1-year 11-month -0.015 

percent FRNs. The issue was to raise new cash of approximately $22,000 million. 

The 1-year 11-month -0.015 percent FRNs of Series AX-2024 were dated January 31 and issued February 

25. They are due January 31, 2024, with interest payable on April 30, July 31, October 31, and January 31

until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on February 23. Tenders totaled $70,768 million; Treasury 

accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high discount margin of -0.050 percent with an equivalent price of $100.068232. Treasury accepted 

in full all competitive tenders at discount margins lower than -0.050 percent. Tenders at the high discount 

margin were allotted 21.14 percent. The median discount margin was -0.061 percent, and the low 

discount margin was -0.100 percent. Noncompetitive tenders totaled $29 million. Competitive tenders 

accepted from private investors totaled $21,971 million. Accrued interest of $0.022034720 per $100 must 

be paid for the period from January 31 to February 25. 

Auction of 20-Year Bonds 

On February 10, 2022, Treasury announced it would auction $19,000 million of 20-year bonds. The issue 

was to refund $82,409 million of securities maturing February 28 and to raise new cash of approximately 

$100,591 million. 

The 20-year bonds of February 2042 were dated February 15 and issued February 28. They are due 

February 15, 2042, with interest payable on August 15 and February 15 until maturity. Treasury set an 

interest rate of 2-3/8 percent after determining which tenders were accepted on a yield auction basis. 
39 

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 February 16. Tenders totaled $46,343 million; Treasury accepted

$19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.396 percent with an equivalent price of $99.667386. Treasury accepted in full all

competitive tenders at yields lower than 2.396 percent. Tenders at the high yield were allotted 72.06

percent. The median yield was 2.330 percent, and the low yield was 2.280 percent. Noncompetitive

tenders totaled $6 million. Competitive tenders accepted from private investors totaled $18,994 million.

Accrued interest of $0.85290 per $1,000 must be paid for the period from February 15 to February 28.

In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $3,255 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

February 2042 is $100. 

Auction of 30-Year TIPS 

On February 10, 2022, Treasury announced it would auction $9,000 million of 30-year TIPS. The issue 

was to refund $82,409 million of securities maturing February 28 and to raise new cash of approximately 

$100,591 million. 

The 30-year TIPS of February 2052 were dated February 15 and issued February 28. They are due 

February 15, 2052, with interest payable on August 15 and February 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 February 17. Tenders totaled $19,560 million; Treasury accepted

$9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 0.195 percent with an equivalent adjusted price of $98.102682. Treasury accepted in full all

competitive tenders at yields lower than 0.195 percent. Tenders at the high yield were allotted 60.32

percent. The median yield was 0.049 percent, and the low yield was 0.000 percent. Noncompetitive

tenders totaled $14 million. Competitive tenders accepted from private investors totaled $8,986 million.

Adjusted accrued interest of $0.04495 per $1,000 must be paid for the period from February 15 to

February 28. Both the unadjusted price of $97.963574 and the unadjusted accrued interest of $0.04489

were adjusted by an index ratio of 1.00142, for the period from February 15 to February 28.

In addition to the $9,000 million of tenders accepted in the auction process, Treasury accepted $1,542 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

February 2052 is $100. 

Auction of 2-Year Notes 

On February 17, 2022, Treasury announced it would auction $52,000 million of 2-year notes. The issue 

was to refund $82,409 million of securities maturing February 28 and to raise new cash of approximately 

$100,591 million. 

The 2-year notes of Series AY-2024 were dated and issued February 28. They are due February 29, 2024, 

with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 1-1/2 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on February 22. Tenders totaled $137,168 million; Treasury accepted

$52,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
40 

high yield of 1.553 percent with an equivalent price of $99.896026. Treasury accepted in full all 

competitive tenders at yields lower than 1.553 percent. Tenders at the high yield were allotted 11.78 

percent. The median yield was 1.510 percent, and the low yield was 1.400 percent. Noncompetitive 

tenders totaled $304 million. Competitive tenders accepted from private investors totaled $51,691 million. 

In addition to the $52,000 million of tenders accepted in the auction process, Treasury accepted $8,908 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AY-2024 is $100. 

Auction of 5-Year Notes 

On February 17, 2022, Treasury announced it would auction $53,000 million of 5-year notes. The issue 

was to refund $82,409 million of securities maturing February 28 and to raise new cash of approximately 

$100,591 million. 

The 5-year notes of Series V-2027 were dated and issued February 28. They are due February 28, 2027, 

with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 1-7/8 

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 February 23. Tenders totaled $132,038 million; Treasury accepted

$53,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.880 percent with an equivalent price of $99.976245. Treasury accepted in full all

competitive tenders at yields lower than 1.880 percent. Tenders at the high yield were allotted 50.51

percent. The median yield was 1.830 percent, and the low yield was 1.750 percent. Noncompetitive

tenders totaled $69 million. Competitive tenders accepted from private investors totaled $52,926 million.

In addition to the $53,000 million of tenders accepted in the auction process, Treasury accepted $9,080 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series V-2027 is $100. 

Auction of 7-Year Notes 

On February 17, 2022, Treasury announced it would auction $50,000 million of 7-year notes. The issue 

was to refund $82,409 million of securities maturing February 28 and to raise new cash of approximately 

$100,591 million. 

The 7-year notes of Series H-2029 were dated and issued February 28. They are due February 28, 2029, 

with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 1-7/8 

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 February 24. Tenders totaled $118,218 million; Treasury accepted

$50,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.905 percent with an equivalent price of $99.804270. Treasury accepted in full all

competitive tenders at yields lower than 1.905 percent. Tenders at the high yield were allotted 63.56

percent. The median yield was 1.840 percent, and the low yield was 1.750 percent. Noncompetitive

tenders totaled $15 million. Competitive tenders accepted from private investors totaled $49,985 million.

In addition to the $50,000 million of tenders accepted in the auction process, Treasury accepted $8,566 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series H-2029 is $100. 
41 

MARCH 

Auction of 119-Day Cash Management Bills 

On February 22, 2022, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued March 1 and will mature June 28. The issue was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on February 23. Tenders totaled $110,430 million; Treasury accepted 

$35,000 million, including $12 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.570 percent. 

Auction of 119-Day Cash Management Bills 

On March 1, 2022, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued March 8 and will mature July 5. The issue was to raise new cash of approximately $35,000 million. 

Treasury auctioned the bills on March 2. Tenders totaled $146,886 million; Treasury accepted $35,000 

million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 

0.535 percent. 

Auction of 119-Day Cash Management Bills 

On March 8, 2022, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued March 15 and will mature July 12. The issue was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on March 9. Tenders totaled $120,628 million; Treasury accepted 

$35,000 million, including $4 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.550 percent. 

Auction of 3-Year Notes 

On March 3, 2022, Treasury announced it would auction $48,000 million of 3-year notes. The issue was 

to refund $20,862 million of securities maturing March 15 and to raise new cash of approximately 

$81,138 million. 

The 3-year notes of Series AL-2025 were dated and issued March 15. They are due March 15, 2025, with 

interest payable on September 15 and March 15 until maturity. Treasury set an interest rate of 1-3/4 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on March 8. Tenders totaled $114,686 million; Treasury accepted

$48,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.775 percent with an equivalent price of $99.927276. Treasury accepted in full all

competitive tenders at yields lower than 1.775 percent. Tenders at the high yield were allotted 92.05

percent. The median yield was 1.701 percent, and the low yield was 1.550 percent. Noncompetitive

tenders totaled $77 million. Competitive tenders accepted from private investors totaled $47,817 million.

In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $8,065 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AL-2025 is $100. 
42 

Auction of 9-Year 11-Month 1-7/8 Percent Notes 

On March 3, 2022, Treasury announced it would auction $34,000 million of 9-year 11-month 1-7/8 

percent notes. The issue was to refund $20,862 million of securities maturing March 15 and to raise new 

cash of approximately $81,138 million. 

The 9-year 11-month 1-7/8 percent notes of Series B-2032 were dated February 15 and issued March 15. 

They are due February 15, 2032, with interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on March 9. Tenders totaled $84,054 million; Treasury accepted $34,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 1.920 percent with an equivalent price of $99.594019. Treasury accepted in full all competitive tenders

at yields lower than 1.920 percent. Tenders at the high yield were allotted 93.72 percent. The median

yield was 1.840 percent, and the low yield was 1.800 percent. Noncompetitive tenders totaled $9 million.

Competitive tenders accepted from private investors totaled $33,991 million. Accrued interest of

$1.45028 per $1,000 must be paid for the period from February 15 to March 15.

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $5,713 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series B-2032 is $100. 

Auction of 29-Year 11-Month 2-1/4 Percent Bonds 

On March 3, 2022, Treasury announced it would auction $20,000 million of 29-year 11-month 2-1/4 

percent bonds. The issue was to refund $20,862 million of securities maturing March 15 and to raise new 

cash of approximately $81,138 million. 

The 29-year 11-month 2-1/4 percent bonds of February 2052 were dated February 15 and issued March 

15. They are due February 15, 2052, with interest payable on August 15 and February 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on March 10. Tenders totaled $49,158 million; Treasury accepted

$20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.375 percent with an equivalent price of $97.331824. Treasury accepted in full all

competitive tenders at yields lower than 2.375 percent. Tenders at the high yield were allotted 37.17

percent. The median yield was 2.320 percent, and the low yield was 2.250 percent. Noncompetitive

tenders totaled $4 million. Competitive tenders accepted from private investors totaled $19,996 million.

Accrued interest of $1.74033 per $1,000 must be paid for the period from February 15 to March 15.

In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $3,360 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

February 2052 is $100. 

Auction of 119-Day Cash Management Bills 

On March 15, 2022, Treasury announced it would auction $35,000 million of 119-day bills. They were 

issued March 22 and will mature July 19. The issue was to raise new cash of approximately $35,000 

million. Treasury auctioned the bills on March 16. Tenders totaled $128,745 million; Treasury accepted 

$35,000 million, including $8 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.665 percent. 
43 

Auction of 52-Week Bills 

On March 17, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued March 24 and will mature March 23, 2023. The issue was to refund $139,001 million of 

all maturing bills and to pay down approximately $1 million. Treasury auctioned the bills on March 22. 

Tenders totaled $111,801 million; Treasury accepted $34,000 million, including $541 million of 

noncompetitive tenders from the public. The high bank discount rate was 1.590 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $1,304 

million from FRBs for their own accounts. 

Auction of 1-Year 10-Month -0.015 Percent FRNs 

On March 17, 2022, Treasury announced it would auction $22,000 million of 1-year 10-month -0.015 

percent FRNs. The issue was to raise new cash of approximately $22,000 million. 

The 1-year 10-month -0.015 percent FRNs of Series AX-2024 were dated January 31 and issued March 

25. They are due January 31, 2024, with interest payable on April 30, July 31, October 31, and January 31

until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on March 23. Tenders totaled $82,410 million; Treasury accepted 

$22,001 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of -0.055 percent with an equivalent price of $100.074861. Treasury accepted in full 

all competitive tenders at discount margins lower than -0.055 percent. Tenders at the high discount 

margin were allotted 90.35 percent. The median discount margin was -0.060 percent, and the low 

discount margin was -0.150 percent. Noncompetitive tenders totaled $60 million. Competitive tenders 

accepted from private investors totaled $21,941 million. Accrued interest of $0.052428541 per $100 must 

be paid for the period from January 31 to March 25. 

Auction of 119-Day Cash Management Bills 

On March 22, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were 

issued March 29 and will mature July 26. The issue was to raise new cash of approximately $30,000 

million. Treasury auctioned the bills on March 23. Tenders totaled $109,365 million; Treasury accepted 

$30,000 million, including $8 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.710 percent. 

Auction of 19-Year 11-Month 2-3/8 Percent Bonds 

On March 17, 2022, Treasury announced it would auction $16,000 million of 19-year 11-month 2-3/8 

percent bonds. The issue was to refund $79,355 million of securities maturing March 31 and to raise new 

cash of approximately $98,645 million. 

The 19-year 11-month 2-3/8 percent bonds of February 2042 were dated February 15 and issued March 

31. They are due February 15, 2042, with interest payable on August 15 and February 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on March 23. Tenders totaled $43,578 million; Treasury accepted

$16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.651 percent with an equivalent price of $95.753797. Treasury accepted in full all

competitive tenders at yields lower than 2.651 percent. Tenders at the high yield were allotted 91.65
44 

percent. The median yield was 2.602 percent, and the low yield was 2.590 percent. Noncompetitive 

tenders totaled $6 million. Competitive tenders accepted from private investors totaled $15,994 million. 

Accrued interest of $2.88674 per $1,000 must be paid for the period from February 15 to March 31. 

In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $2,979 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

February 2042 is $100. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On March 17, 2022, Treasury announced it would auction $14,000 million of 9-year 10-month 0-1/8 

percent TIPS. The issue was to refund $79,355 million of securities maturing March 31 and to raise new 

cash of approximately $98,645 million. 

The 9-year 10-month 0-1/8 percent TIPS of Series A-2032 were dated January 15 and issued March 31. 

They are due January 15, 2032, with interest payable on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on March 24. Tenders totaled $33,977 million; Treasury accepted

$14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of -0.589 percent with an equivalent adjusted price of $108.705125. Treasury accepted in full

all competitive tenders at yields lower than -0.589 percent. Tenders at the high yield were allotted 0.94

percent. The median yield was -0.700 percent, and the low yield was -0.750 percent. Noncompetitive

tenders totaled $27 million. Competitive tenders accepted from private investors totaled $13,973 million.

Adjusted accrued interest of $0.26260 per $1,000 must be paid for the period from January 15 to March

31. Both the unadjusted price of $107.208494 and the unadjusted accrued interest of $0.25898 were

adjusted by an index ratio of 1.01396, for the period from January 15 to March 31.

In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $2,606 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

Series A-2032 is $100. 

Auction of 2-Year Notes 

On March 24, 2022, Treasury announced it would auction $50,000 million of 2-year notes. The issue was 

to refund $79,355 million of securities maturing March 31 and to raise new cash of approximately 

$98,645 million. 

The 2-year notes of Series AZ-2024 were dated and issued March 31. They are due March 31, 2024, with 

interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-1/4 

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 March 28. Tenders totaled $123,142 million; Treasury accepted

$50,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.365 percent with an equivalent price of $99.776642. Treasury accepted in full all

competitive tenders at yields lower than 2.365 percent. Tenders at the high yield were allotted 30.26

percent. The median yield was 2.300 percent, and the low yield was 2.230 percent. Noncompetitive

tenders totaled $711 million. Competitive tenders accepted from private investors totaled $49,187 million.
45 

In addition to the $50,000 million of tenders accepted in the auction process, Treasury accepted $9,308 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AZ-2024 is $100. 

Auction of 5-Year Notes 

On March 24, 2022, Treasury announced it would auction $51,000 million of 5-year notes. The issue was 

to refund $79,355 million of securities maturing March 31 and to raise new cash of approximately 

$98,645 million. 

The 5-year notes of Series W-2027 were dated and issued March 31. They are due March 31, 2027, with 

interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-1/2 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on March 28. Tenders totaled $128,778 million; Treasury accepted

$51,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.543 percent with an equivalent price of $99.799301. Treasury accepted in full all

competitive tenders at yields lower than 2.543 percent. Tenders at the high yield were allotted 2.98

percent. The median yield was 2.460 percent, and the low yield was 2.350 percent. Noncompetitive

tenders totaled $73 million. Competitive tenders accepted from private investors totaled $50,923 million.

In addition to the $51,000 million of tenders accepted in the auction process, Treasury accepted $9,494 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series W-2027 is $100. 

Auction of 7-Year Notes 

On March 24, 2022, Treasury announced it would auction $47,000 million of 7-year notes. The issue was 

to refund $79,355 million of securities maturing March 31 and to raise new cash of approximately 

$98,645 million. 

The 7-year notes of Series J-2029 were dated and issued March 31. They are due March 31, 2029, with 

interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-3/8 

percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on March 29. Tenders totaled $114,825 million; Treasury accepted

$47,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 2.499 percent with an equivalent price of $99.208197. Treasury accepted in full all

competitive tenders at yields lower than 2.499 percent. Tenders at the high yield were allotted 36.87

percent. The median yield was 2.430 percent, and the low yield was 2.370 percent. Noncompetitive

tenders totaled $19 million. Competitive tenders accepted from private investors totaled $46,981 million.

In addition to the $47,000 million of tenders accepted in the auction process, Treasury accepted $8,750 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series J-2029 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) 

2022-Jan. 04................................................ 2022-Feb. 01 28 135,918.6 52,596.8 49,354.3 645.9 99.995722 0.055 0.056

Mar. 01 56 127,580.3 42,078.1 39,742.1 158.7 99.991444 0.055 0.056

Jan. 06......................................................... Apr. 07 91 179,230.8 67,466.0 59,470.3 530.6 99.977250 0.090 0.091

July 07 182 170,065.8 57,346.0 49,611.5 389.2 99.888778 0.220 0.223

Jan. 11......................................................... Feb. 08 28 179,948.5 53,528.4 49,324.7 677.6 99.996111 0.050 0.051

Mar. 08 56 132,471.6 42,821.9 39,799.8 201.2 99.991444 0.055 0.056

Jan. 13......................................................... Apr. 14 91 184,140.4 66,765.7 58,876.0 570.8 99.969667 0.120 0.122

July 14 182 153,627.0 56,750.9 49,908.7 542.0 99.860972 0.275 0.279

Jan. 18......................................................... Feb. 15 28 163,005.7 54,305.9 49,327.2 674.0 99.996889 0.040 0.041

Mar. 15 56 139,230.1 43,444.5 39,849.4 151.4 99.992222 0.050 0.051

Jan. 20......................................................... Apr. 21 91 160,785.7 67,428.5 58,993.2 607.1 99.957028 0.170 0.172

July 21 182 144,057.2 57,314.0 50,042.0 458.0 99.815472 0.365 0.371

Jan. 25......................................................... Feb. 22 28 162,602.7 54,464.4 49,287.5 713.2 99.996889 0.040 0.041

Mar. 22 56 113,476.9 43,571.1 39,834.7 165.5 99.986778 0.085 0.086

Jan. 27......................................................... Apr. 28 91 175,975.3 67,303.4 58,392.5 607.9 99.951972 0.190 0.193

July 28 182 162,965.1 57,208.6 49,638.2 547.9 99.807889 0.380 0.386

Feb. 01......................................................... Mar. 01 28 157,798.0 53,324.8 49,320.1 680.3 99.997278 0.035 0.035

Mar. 29 56 118,131.0 42,659.6 39,512.9 146.3 99.978222 0.140 0.142

Feb. 03......................................................... May 05 91 178,715.0 68,258.1 59,114.1 587.2 99.939333 0.240 0.243

Aug. 04 182 146,627.7 58,018.5 50,063.6 536.5 99.747222 0.500 0.508

Feb. 08......................................................... Mar. 08 28 162,678.1 53,803.0 49,381.1 620.3 99.997278 0.035 0.035

Apr. 05 56 133,345.4 43,041.7 39,590.5 209.8 99.978222 0.140 0.142

Feb. 10......................................................... May 12 91 186,316.2 66,488.0 59,202.9 597.8 99.926694 0.290 0.294

Aug. 11 182 165,012.3 56,514.3 50,118.4 601.8 99.706778 0.580 0.590

Feb. 15......................................................... Mar. 15 28 162,193.2 53,340.8 49,342.1 658.0 99.998444 0.020 0.020

Apr. 12 56 121,430.0 42,672.9 39,689.5 210.9 99.961111 0.250 0.254

Feb. 17......................................................... May 19 91 191,446.4 67,601.9 59,041.0 617.2 99.888778 0.440 0.447

Aug. 18 182 158,713.3 57,460.9 50,011.3 689.0 99.610722 0.770 0.784

Feb. 22......................................................... Mar. 22 28 177,374.0 53,452.8 49,299.3 652.4 99.993778 0.080 0.081

Apr. 19 56 127,542.1 42,761.8 39,713.7 187.2 99.961111 0.250 0.254

Feb. 24......................................................... May 26 91 190,500.1 66,086.2 59,061.7 738.8 99.903944 0.380 0.386

Aug. 25 182 145,662.9 56,173.1 50,106.4 693.9 99.641056 0.710 0.722

Mar. 01......................................................... Mar. 29 28 128,030.5 48,038.5 44,376.3 623.9 99.996111 0.050 0.051

Apr. 26 56 131,751.5 37,364.3 34,824.9 156.3 99.968889 0.200 0.203

Mar. 03......................................................... June 02 91 179,153.0 68,021.9 59,141.5 561.0 99.909000 0.360 0.365

Sep. 01 182 165,938.8 57,818.4 50,162.9 592.3 99.661278 0.670 0.682

Mar. 08......................................................... Apr. 05 28 115,245.2 48,725.6 44,316.8 583.6 99.987167 0.165 0.167

May 03 56 132,149.5 37,897.5 34,819.3 180.8 99.968111 0.205 0.208

Mar. 10......................................................... June 09 91 185,034.8 65,398.4 59,307.8 592.8 99.903944 0.380 0.386

Sep. 08 182 168,538.5 55,588.6 50,276.8 523.6 99.641056 0.710 0.722

Mar. 15......................................................... Apr. 12 28 140,072.8 48,816.5 44,185.2 638.0 99.984833 0.195 0.198

May 10 56 113,094.2 37,968.4 34,816.1 184.2 99.958778 0.265 0.269

Mar. 17......................................................... June 16 91 172,085.6 65,702.8 59,247.8 611.7 99.886250 0.450 0.457

Sep. 15 182 161,691.5 55,848.0 50,174.3 626.8 99.585444 0.820 0.835

Mar. 22......................................................... Apr. 19 28 152,779.7 48,950.0 44,223.8 717.3 99.985222 0.190 0.193

May 17 56 123,806.9 38,073.8 34,770.6 190.0 99.953333 0.300 0.304
47

Mar. 24......................................................... June 23 91 150,500.7 59,185.7 55,907.9 749.3 99.878667 0.480 0.487 

Sep. 22 182 154,002.3 49,840.4 47,030.4 746.6 99.560167 0.870 0.886 

 Continued from Table PDO-1 

Mar. 29......................................................... Apr. 26 28 105,739.0 38,068.2 34,344.6 655.6 99.989500 0.135 0.137 

May 24 56 92,283.0 32,629.9 29,765.8 184.3 99.953333 0.300 0.304 

Mar. 31......................................................... June 30 91 159,822.2 65,513.5 55,588.0 761.2 99.847069 0.605 0.614 

Sep. 29 182 151,353.9 55,169.6 46,728.9 726.6 99.469167 1.050 1.070 

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. 
48

12/29/21 01/04/22 0.125% CMB—05/03/22 119d 133,912 40,001

01/05/22 01/11/22 0.150% CMB—05/10/22 119d 122,468 40,001

01/12/22 01/18/22 0.200% CMB—05/17/22 119d 120,683 40,000

01/11/22 01/18/22 1.125% note—01/15/25-AJ 3y 136,750 60,343 1.237 - 99.671988 

01/12/22 01/18/22 1.375% note—11/15/31-F 9y 10m 96,137 41,776 1.723 - 96.866042 

01/13/22 01/18/22 1.875% bond—11/15/51 29y 10m 55,327 25,530 2.075 - 95.566819 

01/19/22 01/25/22 0.275% CMB—05/24/22 119d 123,119 40,001

01/25/22 01/27/22 0.630% bill—01/26/23 364d 105,315 38,138

01/19/22 01/31/22 2.000% bond—11/15/41 19y 10m 52,612 22,989 2.210 - 96.646052 

01/20/22 01/31/22 0.125% TIPS—01/15/32-A 10y 39,127 18,391 -0.540 - 107.081463 

01/24/22 01/31/22 0.875% note—01/31/24-AW 2y 159,861 62,071 0.990 - 99.772818 

01/25/22 01/31/22 1.500% note—01/31/27-G 5y 145,527 63,221 1.533 - 99.841748 

01/26/22 01/31/22 -0.015% FRN—01/31/24-AX 2y 90,710 29,886 -0.015 - 100.000000 

01/27/22 01/31/22 1.750% note—01/31/29-G 7y 133,052 60,922 1.769 - 99.875422 

01/26/22 02/01/22 0.280% CMB—05/31/22 119d 128,183 40,000

02/02/22 02/08/22 0.340% CMB—06/07/22 119d 128,570 40,001

02/09/22 02/15/22 0.430% CMB—06/14/22 119d 126,863 40,001

02/08/22 02/15/22 1.500% note—02/15/25-AK 3y 152,841 80,248 1.592 - 99.731529 

02/09/22 02/15/22 1.875% note—02/15/32-B 10y 121,559 59,384 1.904 - 99.737071 

02/10/22 02/15/22 2.250% bond—02/15/52 30y 66,853 36,914 2.340 - 98.067757 

02/16/22 02/22/22 0.550% CMB—06/21/22 119d 119,692 40,001

02/22/22 02/24/22 1.145% bill—02/23/23 364d 98,954 37,449

02/23/22 02/25/22 -0.015% FRN—01/31/24-AX 1y 11m 70,768 22,000 -0.050 - 100.068232 

02/16/22 02/28/22 2.375% bond—02/15/42 20y 49,598 22,255 2.396 - 99.667386 

02/17/22 02/28/22 0.125% TIPS—02/15/52 30y 21,101 10,542 0.195 - 98.102682 

02/22/22 02/28/22 1.500% note—02/29/24-AY 2y 146,077 60,908 1.553 - 99.896026 

02/23/22 02/28/22 1.875% note—02/28/27-V 5y 141,117 62,080 1.880 - 99.976245 

02/24/22 02/28/22 1.875% note—02/28/29-H 7y 126,783 58,566 1.905 - 99.804270 

02/23/22 03/01/22 0.570% CMB—06/28/22 119d 110,430 35,000

03/02/22 03/08/22 0.535% CMB—07/05/22 119d 146,886 35,000

03/09/22 03/15/22 0.550% CMB—07/12/22 119d 120,628 35,000

03/08/22 03/15/22 1.750% note—03/15/25-AL 3y 122,751 56,065 1.775 - 99.927276 

03/09/22 03/15/22 1.875% note—02/15/32-B 9y 11m 89,767 39,713 1.920 - 99.594019 

03/10/22 03/15/22 2.250% bond—02/15/52 29y 11m 52,518 23,360 2.375 - 97.331824 

03/16/22 03/22/22 0.665% CMB—07/19/22 119d 128,745 35,000

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)
49

03/22/22 03/24/22 1.590% bill—03/23/23 364d 113,105 35,304

03/23/22 03/25/22 -0.015% FRN—01/31/24-AX 1y 10m 82,410 22,001 -0.055 - 100.074861 

03/23/22 03/29/22 0.710% CMB—07/26/22 119d 109,365 30,000

03/23/22 03/31/22 2.375% bond—02/15/42 19y 11m 46,556 18,979 2.651 - 95.753797 

03/24/22 03/31/22 0.125% TIPS—01/15/32-A 9y 10m 36,583 16,606 -0.589 - 108.705125 

03/28/22 03/31/22 2.250% note—03/31/24-AZ 2y 132,450 59,308 2.365 - 99.776642 

03/28/22 03/31/22 2.500% note—03/31/27-W 5y 138,273 60,494 2.543 - 99.799301 

03/29/22 03/31/22 2.375% note—03/31/29-J 7y 123,574 55,750 2.499 - 99.208197 

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. 
50

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 51

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

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

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2021 ................................................ 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2021 - 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 

July ...................................... 28,447,372 28,427,722 6,119,935 - 6,119,935 5,736,573 

Aug ...................................... 28,446,893 28,427,317 6,150,237 - 6,150,237 5,837,254 

Sept..................................... 28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

Oct....................................... 28,928,663 28,908,765 6,247,399 - 6,247,399 6,009,806 

Nov ...................................... 28,928,235 28,907,987 6,237,725 - 6,237,725 6,073,334 

Dec ...................................... 29,637,003 29,617,215 6,448,886 - 6,448,886 6,141,499 

2022 - Jan ....................................... 30,032,163 30,012,386 6,500,497 - 6,500,497 6,212,353 

Feb ...................................... 30,309,927 30,290,353 6,489,253 - 6,489,253 6,245,309 

Mar ...................................... 30,420,358 30,400,960 6,497,680 - 6,497,680 6,254,966 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 - 

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 - 

2021 ................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2021 - 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 - 

July ...................................... 16,571,214 15,961,969 609,245 19,650 19,650 - 

Aug ...................................... 16,439,826 16,094,934 344,892 19,576 19,576 - 

Sept..................................... 16,394,280 15,967,103 427,176 19,502 19,502 - 

Oct....................................... 16,651,560 16,122,276 529,284 19,898 19,898 - 

Nov ...................................... 16,596,928 16,278,273 318,655 20,248 20,248 - 

Dec ...................................... 17,026,830 16,448,593 578,237 19,788 19,788 - 

2022 - Jan ....................................... 17,299,536 16,706,545 592,991 19,777 19,777 - 

Feb ...................................... 17,555,791 16,950,653 605,138 19,574 19,574 - 

Mar ...................................... 17,648,314 17,031,146 617,168 19,398 19,398 - 

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

[In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] 

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies* 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2022 - Mar. 30,401.0 12,281.3 18,119.7 - 149.7 - - - - - - - 

2021 - Dec. 29,617.2 12,125.9 17,491.3 1,738.9 146.2 875.0 450.2 412.5 3,284.6 1,451.4 7,747.7 1,384.9 

Sept. 28,428.9 11,579.1 16,849.8 1,540.4 143.6 695.3 418.5 417.7 3,142.2 1,398.2 7,570.9 1,523.1 

 June 28,529.4 11,382.9 17,146.5 1,432.9 144.6 862.2 393.2 416.2 3,696.7 1,326.2 7,518.9 1,355.5 

 Mar. 28,132.6 11,095.5 17,037.1 1,347.9 145.7 835.1 344.5 388.1 3,885.8 1,112.1 7,038.3 1,939.4 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.2 147.1 859.4 346.8 398.2 3,762.5 1,111.9 7,070.7 1,976.8 

Sept. 26,945.4 10,371.9 16,573.5 1,241.1 148.6 842.9 309.9 413.3 3,750.2 1,059.7 7,069.2 1,738.6 

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 815.4 284.7 402.6 3,774.4 1,034.8 7,052.1 1,648.0 

 Mar. 23,686.9 9,279.7 14,407.2 947.6 150.0 787.5 325.3 396.3 2,474.9 862.1 6,949.5 1,513.9 

2019 - Dec. 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 329.3 368.7 2,436.7 793.1 6,844.2 2,277.9 

 Sept. 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.5 366.5 2,319.7 766.8 6,923.5 2,222.9 

 June 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.4 2,037.0 751.4 6,625.9 2,486.8 

 Mar. 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.0 2,189.2 752.7 6,474.0 2,526.8 

2018 - Dec. 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9 

 Sept. 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4 

 Mar. 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5 

2017 - Dec. 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept. 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7 

 June 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5 

 Mar. 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4 

 Sept. 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the 

FRB Flow of Funds Z.1 release series reporting this data. This new series is now being 

captured and “Insurance companies” data have been revised back to June 2013. 

52
53

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, Mar. 31, 2022 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,543,997,903,573 $2,493,652,011,631 2,493,177,361,964 $238,915,466 $235,734,201

Less amounts held by: 

The Treasury....................................... 150,514,229 80,752,229 80,510,956 57,322 183,951

FRBs ................................................... 276,039,611,036 274,733,992,013 274,733,987,920 320 3,773

Amounts in circulation ............................. $2,267,807,778,308 $2,218,837,267,389 $2,218,362,863,088 $238,857,824 $235,546,477

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $50,345,891,942 6,548,044,108 43,797,847,834 

Less amounts held by: 

The Treasury....................................... 69,762,000 48,770,000 20,992,000 

FRBs ................................................... 1,305,619,023 956,325,450 349,293,573 

Amounts in circulation ............................. $48,970,510,919 $5,542,948,658 $ 43,427,562,261 

See footnotes following table USCC-2. 
54

TABLE USCC-2—Amounts Outstanding and in Circulation, Mar. 31, 2022 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $13,913,199,545 $13,773,618,534 $143,471 $139,437,540 

$2 ................................................................................ 2,878,091,464 2,746,673,274 131,405,618 12,572 

$5 ................................................................................ 16,937,835,200 16,808,246,350 107,337,015 22,251,835 

$10 .............................................................................. 22,914,744,460 22,895,036,450 4,580 19,703,430 

$20 .............................................................................. 236,769,599,120 236,749,496,580 (600) 20,103,140

$50 .............................................................................. 123,490,959,200 123,479,472,400 (12,450) 11,499,250 

$100 ............................................................................ 1,801,620,755,300 1,801,598,797,000 (28,900) 6 21,987,200 

$500 ............................................................................ 141,731,500 141,538,500 4,000 189,000 

$1,000 ......................................................................... 165,136,000 164,924,000 5,000 207,000 

$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 ......................................................... $ 2,218,837,267,389 $2,218,362,863,088 $ 238,857,824 $235,546,477 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Mar. 31, 2022 ....................................................................................... 2,267,808 6,818

Feb. 28, 2022....................................................................................... 2,242,095 6,741

Jan. 31, 2022 ....................................................................................... 2,228,457 6,702

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. 
ForeignCurrencyPositions

ExchangeStabilizationFund
55

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. 
56

SECTION I—Canadian Dollar Positions 

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

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

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

10/06/21............................................................. 1,815,484 1,830,488 -340 1.2612

10/13/21............................................................. 1,815,066 1,826,204 -309 1.2448

10/20/21............................................................. 1,835,583 1,849,689 -270 1.2328

10/27/21............................................................. 1,860,927 1,878,636 -201 1.2337

11/03/21............................................................. 1,872,097 1,885,528 -261 1.2416

11/10/21............................................................. 1,909,676 1,912,339 -298 1.2447

11/17/21............................................................. 1,937,243 1,942,400 -362 1.2594

11/24/21............................................................. 1,967,381 1,976,446 -285 1.2657

12/01/21............................................................. 2,013,160 2,015,538 -265 1.2778

12/08/21............................................................. 2,058,203 2,049,510 -292 1.2653

12/15/21............................................................. 1,856,672 1,839,530 -322 1.2916

12/22/21............................................................. 1,860,575 1,841,429 -231 1.2844

12/29/21............................................................. 1,821,597 1,807,733 -227 1.2810

01/05/22............................................................. 1,831,941 1,823,650 -303 1.2700

01/12/22............................................................. 1,876,215 1,870,282 -287 1.2501

01/19/22............................................................. 1,903,852 1,888,568 -279 1.2499

01/26/22............................................................. 1,908,785 1,891,901 -231 1.2597

02/02/22............................................................. 1,853,430 1,843,044 -167 1.2689

02/09/22............................................................. 1,889,221 1,880,941 -192 1.2675

02/16/22............................................................. 1,903,264 1,903,850 -199 1.2687

02/23/22............................................................. 1,958,729 1,944,590 -202 1.2717

03/02/22............................................................. 1,980,062 1,968,156 -216 1.2657

03/09/22............................................................. 2,053,196 2,049,826 -199 1.2812

03/16/22............................................................. 1,780,942 1,806,732 -232 1.2742

03/23/22............................................................. 1,797,045 1,829,591 -253 1.2555

03/30/22............................................................. 1,874,188 1,896,312 -268 1.2495
57

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Dec............... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - 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 

 July.............. 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 

 Aug.............. 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 

 Sept............. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 

 Oct............... 1,943,163 1,957,595 214,779 144,402 75,121 76,439 125,307 127,100 -139 1.2397 

 Nov.............. 2,058,909 2,056,927 192,442 185,092 67,679 67,358 120,396 122,653 -154 1.2812 

 Dec.............. 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 - Jan............... 1,932,060 1,921,960 173,431 145,646 73,773 74,433 132,930 137,818 -219 1.2694 

 Feb.............. 2,008,957 2,000,817 201,799 136,465 69,755 68,777 121,236 125,708 -60 1.2662 

 Mar.............. 1,959,104 1,980,500 230,919 145,887 82,703 80,876 131,605 130,872 -219 1.2482 

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 1.3360 

 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 

 June............... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 

 Sept............... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 

 Dec................ 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653 
58

SECTION II—Japanese Yen Positions 

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

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

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/06/21............................................................. 

590,626 561,678 -91 111.33

10/13/21............................................................. 

600,586 575,081 -100 113.49

10/20/21............................................................. 

598,410 579,465 -87 114.24

10/27/21............................................................. 

588,110 564,320 -81 113.75

11/03/21............................................................. 

625,450 598,597 -90 114.06

11/10/21............................................................. 

602,349 576,237 -87 113.89

11/17/21............................................................. 

613,239 586,649 -97 114.33

11/24/21............................................................. 

628,741 597,451 -120 115.34

12/01/21............................................................. 

653,681 635,581 -78 112.82

12/08/21............................................................. 

647,176 623,502 -82 113.83

12/15/21............................................................. 

600,310 580,692 -89 113.83

12/22/21............................................................. 

581,692 567,502 -93 114.22

12/29/21............................................................. 

557,366 558,529 -93 114.97

01/05/22............................................................. 

552,793 560,186 -96 115.91

01/12/22............................................................. 

556,673 557,561 -89 114.74

01/19/22............................................................. 

555,835 555,943 -77 114.28

01/26/22............................................................. 

533,518 539,319 -73 114.33

02/02/22............................................................. 

538,177 542,255 -74 114.36

02/09/22............................................................. 

540,284 544,157 -77 115.44

02/16/22............................................................. 

534,169 559,576 -71 115.41

02/23/22............................................................. 

538,299 548,852 -72 115.12

03/02/22............................................................. 

562,546 573,577 -72 115.59

03/09/22............................................................. 

564,922 578,600 -79 115.87

03/16/22............................................................. 

527,403 542,996 -97 118.48

03/23/22............................................................. 

545,129 562,213 -102 121.02

03/30/22............................................................. 

571,379 589,165 -95 121.97
59

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec............... 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 - Dec............... 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 - 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 

 July.............. 554,596 554,165 70,634 60,541 22,119 23,297 33,820 35,360 -5 109.70 

 Aug.............. 563,062 565,922 70,295 60,291 21,429 22,256 31,645 33,429 -8 110.05 

 Sept............. 613,737 587,685 85,319 72,785 21,474 22,581 31,421 34,069 -33 111.50 

 Oct............... 621,848 594,363 83,618 70,234 22,631 24,377 34,108 36,871 -37 114.03 

 Nov.............. 658,174 626,856 74,225 65,406 25,265 26,413 37,915 40,157 -44 113.22 

 Dec.............. 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09 

2022 - Jan............... 540,786 544,721 79,861 68,421 24,028 25,308 33,011 35,061 -36 115.22 

 Feb.............. 560,305 569,784 75,381 66,251 25,239 26,632 34,715 36,592 -28 115.11 

 Mar.............. 574,853 590,839 94,240 82,843 27,383 28,202 38,209 40,507 -33 121.44 

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

June ................. 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05

Sept ................. 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

Dec .................. 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 
60

SECTION III—Swiss Franc Positions 

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

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

Exchange

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/06/21............................................................. 

833,390 855,889 56 0.9279

10/13/21............................................................. 

844,478 869,644 47 0.9260

10/20/21............................................................. 

869,188 899,345 74 0.9197

10/27/21............................................................. 

874,118 905,473 76 0.9183

11/03/21............................................................. 

887,054 906,775 115 0.9121

11/10/21............................................................. 

866,588 889,157 99 0.9164

11/17/21............................................................. 

903,308 923,210 78 0.9286

11/24/21............................................................. 

906,839 925,180 52 0.9354

12/01/21............................................................. 

1,002,564 1,018,951 50 0.9195

12/08/21............................................................. 

953,077 971,315 53 0.9217

12/15/21............................................................. 

845,901 872,007 39 0.9258

12/22/21............................................................. 

871,668 886,062 27 0.9201

12/29/21............................................................. 

855,296 874,475 42 0.9149

01/05/22............................................................. 

834,155 854,218 46 0.9161

01/12/22............................................................. 

844,541 868,838 20 0.9134

01/19/22............................................................. 

825,142 839,074 3 0.9155

01/26/22............................................................. 

830,936 849,742 3 0.9213

02/02/22............................................................. 

859,790 877,153 32 0.9186

02/09/22............................................................. 

837,527 859,155 19 0.9233

02/16/22............................................................. 

862,902 881,668 -13 0.9219

02/23/22............................................................. 

845,906 864,125 -11 0.9179

03/02/22............................................................. 

920,322 942,609 22 0.9216

03/09/22............................................................. 

943,498 962,275 22 0.9264

03/16/22............................................................. 

857,641 874,875 17 0.9414

03/23/22............................................................. 

860,947 877,009 33 0.9318

03/30/22............................................................. 

881,823 899,353 70 0.9233
61

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 - Dec............... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - 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 

 July.............. 889,817 927,598 65,244 51,437 32,520 30,130 52,157 50,280 117 0.9061 

 Aug.............. 1,007,233 1,047,742 67,580 58,989 35,418 32,547 57,952 59,107 66 0.9161 

 Sept............. 941,447 978,529 73,713 61,402 37,392 36,565 60,400 58,162 31 0.9339 

 Oct............... 972,906 1,007,333 66,243 52,765 38,195 34,548 59,693 59,659 35 0.9165 

 Nov.............. 1,040,691 1,070,292 69,669 56,874 36,496 32,846 53,126 51,728 13 0.9217 

 Dec.............. 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 

2022 - Jan............... 914,826 950,440 64,744 65,682 33,670 31,407 51,115 50,135 -5 0.9303 

 Feb.............. 932,028 962,241 59,059 57,723 32,842 30,754 54,080 52,710 15 0.9179 

 Mar.............. 951,043 982,513 59,000 55,170 34,918 30,808 56,894 56,219 78 0.9211 

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 

June ................. 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253

Sept.................. 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

Dec................... 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119
62

SECTION IV—Sterling Positions 

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

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

Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/06/21............................................................. 

3,122,323 3,217,872 -49 1.3569

10/13/21............................................................. 

3,263,700 3,368,714 -96 1.3645

10/20/21............................................................. 

3,280,294 3,367,666 -78 1.3821

10/27/21............................................................. 

3,384,475 3,498,611 -72 1.3739

11/03/21............................................................. 

3,501,498 3,612,416 -208 1.3659

11/10/21............................................................. 

3,354,078 3,469,332 -230 1.3470

11/17/21............................................................. 

3,555,890 3,675,564 -135 1.3488

11/24/21............................................................. 

3,418,056 3,553,551 -156 1.3332

12/01/21............................................................. 

3,653,388 3,808,879 -213 1.3308

12/08/21............................................................. 

3,561,530 3,693,438 -211 1.3236

12/15/21............................................................. 

3,382,801 3,543,501 -207 1.3214

12/22/21............................................................. 

3,263,044 3,433,567 -214 1.3345

12/29/21............................................................. 

3,197,140 3,369,359 -174 1.3475

01/05/22............................................................. 

3,230,574 3,374,324 -97 1.3573

01/12/22............................................................. 

3,276,915 3,397,551 -84 1.3698

01/19/22............................................................. 

3,150,858 3,260,572 -155 1.3625

01/26/22............................................................. 

3,149,871 3,269,327 -230 1.3516

02/02/22............................................................. 

3,117,771 3,258,075 -225 1.3565

02/09/22............................................................. 

3,039,092 3,162,276 -361 1.3540

02/16/22............................................................. 

3,103,698 3,248,688 -526 1.3585

02/23/22............................................................. 

3,155,458 3,301,267 -371 1.3555

03/02/22............................................................. 

3,324,740 3,475,475 87 1.3365

03/09/22............................................................. 

3,398,766 3,555,605 -64 1.3160

03/16/22............................................................. 

3,098,100 3,237,275 -99 1.3096

03/23/22............................................................. 

3,052,663 3,221,776 -31 1.3212

03/30/22............................................................. 

3,219,089 3,409,619 -70 1.3149
63

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec............... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 - Dec............... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 - 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 

 July.............. 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913 

 Aug.............. 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747 

 Sept............. 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470 

 Oct............... 3,582,729 3,714,083 554,929 500,684 65,530 61,653 77,313 69,917 -79 1.3686 

 Nov.............. 3,710,840 3,854,182 632,598 575,365 67,673 64,987 89,387 76,056 -167 1.3252 

 Dec.............. 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544 

2022 - Jan............... 3,232,610 3,387,157 535,074 466,324 63,288 62,383 93,814 69,838 -116 1.3439 

 Feb.............. 3,364,304 3,495,253 562,572 471,378 61,265 58,441 100,139 68,046 95 1.3419 

 Mar.............. 3,265,788 3,470,288 610,145 541,553 65,365 65,869 101,119 72,151 -32 1.3152 

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

June ................. 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

Sept.................. 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470

Dec................... 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 
64

SECTION V—U.S. Dollar Positions 

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

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

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

10/06/21........................................................... 

27,525,291 26,540,654 -2,195 n.a.

10/13/21........................................................... 

28,293,486 27,456,472 -2,234 n.a.

10/20/21........................................................... 

28,285,268 27,484,834 -2,446 n.a.

10/27/21........................................................... 

28,712,756 27,820,150 -2,222 n.a.

11/03/21........................................................... 

28,769,871 27,896,186 -2,086 n.a.

11/10/21........................................................... 

28,595,508 27,540,551 -1,933 n.a.

11/17/21........................................................... 

29,417,162 28,608,943 -1,436 n.a.

11/24/21........................................................... 

29,190,858 28,276,504 -1,533 n.a.

12/01/21........................................................... 

30,990,757 30,072,655 -1,226 n.a.

12/08/21........................................................... 

30,675,832 29,818,376 -1,978 n.a.

12/15/21........................................................... 

28,254,664 27,439,786 -2,619 n.a.

12/22/21........................................................... 

27,318,832 26,502,356 -1,957 n.a.

12/29/21........................................................... 

27,029,998 26,168,144 -1,543 n.a.

01/05/22........................................................... 

26,792,220 26,023,985 -1,411 n.a.

01/12/22........................................................... 

27,587,118 26,812,236 -1,886 n.a.

01/19/22........................................................... 

27,281,553 26,548,499 -1,021 n.a.

01/26/22........................................................... 

27,446,194 26,675,231 -1,270 n.a.

02/02/22........................................................... 

27,531,342 26,678,325 -1,930 n.a.

02/09/22........................................................... 

27,417,768 26,606,052 -1,833 n.a.

02/16/22........................................................... 

27,727,830 26,914,162 -1,201 n.a.

02/23/22........................................................... 

28,324,333 27,492,802 -948 n.a.

03/02/22........................................................... 

29,471,752 28,568,508 -1,482 n.a.

03/09/22........................................................... 

30,334,153 29,596,359 -1,167 n.a.

03/16/22........................................................... 

27,513,992 26,705,491 -1,776 n.a.

03/23/22........................................................... 

27,352,606 26,539,482 -1,558 n.a.

03/30/22........................................................... 

28,635,273 27,819,958 -1,265 n.a.
65

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 – Dec............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1902 n.a.

2020 – Dec............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 – 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 -1853 n.a.

 July............. 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a.

Aug ............ 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2688 n.a.

Sept ........... 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 n.a.

 Oct.............. 29,800,133 28,897,492 - - 1,359,937 1,400,815 1,195,731 1,218,736 -1607 n.a.

Nov ............. 31,383,646 30,481,967 - - 1,454,120 1,496,443 1,292,843 1,304,863 -1527 n.a.

Dec ............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1218 n.a.

2022 – Jan ............. 28,535,379 27,669,618 - - 1,344,888 1,351,626 1,125,176 1,148,334 -1,127 n.a.

Feb ............. 29,614,078 28,824,539 - - 1,366,246 1,388,751 1,186,340 1,203,613 -1,257 n.a.

Mar ............. 29,358,733 28,540,528 - - 1,507,758 1,507,975 1,237,282 1,247,704 -2,919 n.a.

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.

June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept................. 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec.................. 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.
66

SECTION VI—Euro Positions 

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

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

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/06/21............................................................. 

7,578,218 7,734,806 123 0.8661

10/13/21............................................................. 

7,851,671 8,018,408 -23 0.8645

10/20/21............................................................. 

7,814,869 8,025,853 33 0.8589

10/27/21............................................................. 

7,915,352 8,104,332 6 0.8621

11/03/21........................................................... 

7,800,459 7,988,554 41 0.8633

11/10/21............................................................. 

7,780,736 7,998,737 -173 0.8683

11/17/21............................................................. 

8,094,352 8,298,393 -101 0.8832

11/24/21............................................................. 

8,008,972 8,205,295 171 0.8932

12/01/21............................................................. 

8,612,726 8,787,227 46 0.8832

12/08/21............................................................ 

8,450,353 8,673,661 -187 0.8826

12/15/21............................................................. 

8,146,024 8,369,366 -215 0.8880

12/22/21............................................................. 

7,784,211 7,979,303 -158 0.8831

12/29/21............................................................. 

7,752,178 7,934,176 -102 0.8821

01/05/22............................................................. 

7,692,822 7,858,251 -153 0.8822

01/12/22............................................................. 

7,924,451 8,113,608 -247 0.8748

01/19/22............................................................. 

7,774,648 7,998,572 -267 0.8814

01/26/22............................................................. 

7,755,152 7,961,607 41 0.8866

02/02/22............................................................. 

7,712,968 7,936,783 16 0.8850

02/09/22............................................................. 

7,791,429 7,980,751 -19 0.8745

02/16/22............................................................. 

7,902,851 8,112,195 -199 0.8787

02/23/22............................................................. 

8,003,671 8,184,541 -200 0.8837

03/02/22............................................................. 

8,318,363 8,542,572 107 0.9007

03/09/22............................................................. 

8,769,251 8,930,986 175 0.9034

03/16/22............................................................. 

8,027,090 8,207,713 220 0.9094

03/23/22............................................................. 

7,765,290 7,910,881 84 0.9090

03/30/22............................................................. 

8,205,273 8,341,892 -85 0.8958
67

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 – Dec.................. 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 – Dec.................. 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 – 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 0.8440 

 July.................. 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 

Aug .................. 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 

Sept................. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 

 Oct................... 8,397,588 8,572,190 1,522,706 1,361,841 451,811 478,159 354,804 366,011 -12 0.8657 

Nov .................. 8,782,368 9,010,849 1,601,590 1,480,819 488,236 515,244 406,759 397,989 105 0.8860 

Dec .................. 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 – Jan .................. 8,241,002 8,378,310 1,637,460 1,503,340 439,434 471,971 367,455 343,547 120 0.8919 

Feb .................. 8,496,723 8,646,513 1,659,784 1,526,334 547,184 583,558 400,998 385,457 77 0.8910

Mar .................. 8,574,136 8,653,974 1,547,221 1,416,361 550,125 588,217 457,351 428,524 381 0.9015

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 

June ................. 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

Sept.................. 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

Dec................... 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 
68

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934, codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020, as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021 and the Infrastructure Investment and Jobs Act, 2021, 

subsequently rescinded $479 billion and $1.4 billion, 

respectively, of the $500 billion appropriation provided to 

Treasury. 

Resources of the fund include (a) Fund Balance, which is 

available to support subsidy costs for loan modifications and 

expenditures for administrative expenses in support of the 

CARES Act, (b) U.S. Government securities (dollar 

balances), (c) special drawing rights -SDRs, and (d) foreign 

currencies. Principal sources of income -+ or loss -- for the 

fund are profits -+ or losses -- on SDRs and foreign 

exchange, and interest earned on U.S Government, foreign 

securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies and special 

drawing rights, an international reserve asset created by the 

International Monetary Fund (IMF) to supplement its 

member countries’ position in the Fund, have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at cost. The 

capital account represents the original capital appropriated to 

the fund by Congress of $2 billion, minus a subsequent 

transfer of $1.8 billion to pay for the initial U.S. quota 

subscription to the International Monetary Fund. The 

additional appropriated capital represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021 and the 

Infrastructure Investment and Jobs Act, 2021. Conversion 

gains and losses are reflected in the cumulative net income -

+ or loss -- account.

• Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

and other investments are accrued. 
69

TABLE ESF-1—Balances as of Dec. 31, 2021, and Mar. 31, 2022 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2021 

Dec. 31, 2021, 

through 

Mar. 31, 2022 Mar. 31, 2022 

Assets 

U.S. dollars: 

Held with treasury: 

Fund balance .................................................................. 1,086,943 45,216 1,132,159 

U.S. Government securities............................................ 22,004,453 (1,514,286) 20,490,167 

Special drawing rights 1........................................................... 163,628,969 (497,757) 163,131,212 

Economic recovery program investments .............................. 21,258,340 - 21,258,340 

Economic recovery program loans receivable........................ 1,149,077 (140,924) 1,008,153 

Foreign exchange and securities: 

European euro .................................................................... 12,190,533 (302,861) 11,887,672 

Japanese yen...................................................................... 8,121,192 (424,506) 7,696,686 

Accounts receivable................................................................ 62,131 24,084 86,215 

Total assets......................................................................... 229,501,638 (2,811,034) 226,690,604 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................ 15,613 37,434 53,047 

Total current liabilities ..................................................... 15,613 37,434 53,047 

Other liabilities: 

SDR certificates .................................................................. 5,200,000 - 5,200,000 

SDR allocations................................................................... 160,759,551 (1,974,476) 158,785,075 

Debt, including accrued interest payable............................ 18,892,516 (91,676) 18,800,840 

Total other liabilities ........................................................ 184,852,067 (2,066,152) 182,785,915 

Capital: 

Initial appropriated capital account ..................................... 200,000 - 200,000 

Additional appropriated capital Account ............................. 4,632,871 (1,174) 4,631,697 

Net income -+ or loss -- -see Table ESF-2......................... (529,350) (781,142) (1,310,492) 

Total capital..................................................................... 44,633,958 (782,316) 43,851,642 

Total liabilities and capital........................................... 229,501,638 (2,811,034) 226,690,604 

See footnote on the following page. 
70

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.” 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2022, 

through 

Mar. 31, 2022 

Fiscal year to date 

Oct. 1, 2021 

through 

Mar. 31, 2022 

Income and expense 

Profit -+ or loss-- on: 

Foreign exchange .............................................................. (731,140) (1,206,824)

Adjustment for change in valuation 

 of SDR holdings and allocations 1................................. 

 (42,670) (57,857) 

Net income (+) or loss (-): 

SDRs.................................................................................. 1,500 1,816 

U.S. Government securities........................................... 4,633 7,835 

Foreign exchange (10,739) (21,507) 

Economic Recovery Program (+) or net charges (-) 

on:

Appropriations revenue.................................................. 1,174 2,231 

Administrative expense.................................................. (1,039) (2,189) 

Facility fees .................................................................... - - 

Net gain (loss) on Disposition of Investments............... - - 

Net interest revenue and expense................................. (2,861) (33,997) 

Income from operations ................................................. (781,142) (1,310,492) 

Net income (+) or loss (-) ............................................... (781,142) (1,310,492) 
Trust Funds
71 

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) .............................................................................................................. 102 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 74 

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 28 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)............................................................................................................................ 153

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2023 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 48 

less: 

Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 29 

Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 19 

48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)........................................................................................................................... 20 

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2023 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 
72

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 73

Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts

of outstanding long-term notes or bonds, rather than selling

new security issues. (See Reopening.)

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 74

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).