B U L L E T I N 

SEPTEMBER 2014 

FEATURES 

Profile of the Economy 

Financial Operations 

International Statistics 

Special Reports 

Produced and Published by 

Department of the Treasury 

Bureau of the Fiscal Service 
B

U

L

L

E

T I N

The Treasury Bulletin is for sale 

by the Superintendent of Documents

U.S. Government Printing Office 

Washington, D.C. 20402.
The Treasury Bulletin is issued quarterly in March, June, September, and December by the Bureau 

of the Fiscal Service, Governmentwide Accounting, Budget Results Division. Statistical data is 

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

Federal program agencies. Readers can contact the publication staff at (202) 874-9939 or 

(304) 480-5162 to inquire about any of the published information. Suggestions are welcome. 

The publication staff can also be reached by electronic mail. 

treasury.bulletin@fms.treas.gov 

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

through the Bureau of Fiscal Service’s home page. 

www.fms.treas.gov/ 
September 2014 

Contents 

FINANCIAL OPERATIONS 

 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

Introduction.—Federal Fiscal Operations ............................................................................................................................ 10 

Analysis.—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ...................... 11 

FFO-A.—Chart: Monthly Receipts and Outlays ................................................................................................................ 13 

FFO-B.—Chart: Budget Receipts by Source ....................................................................................................................... 13 

FFO-1.—Summary of Fiscal Operations ............................................................................................................................. 14 

FFO-2.—On-Budget and Off-Budget Receipts by Source .................................................................................................. 15 

FFO-3.—On-Budget and Off-Budget Outlays by Agency .................................................................................................. 17 

FFO-4.—Summary of U.S. Government Receipts by Source and Outlays by Agency ....................................................... 19

ACCOUNT OF THE U.S. TREASURY 

Introduction.— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................ 20 

UST-1.—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances .......................................... 20

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

PUBLIC DEBT OPERATIONS 

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

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

PDO-1.—Offerings of Regular Weekly Treasury Bills ....................................................................................................... 39 

PDO-2.—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ................................................. 40 

OWNERSHIP OF FEDERAL SECURITIES 

Introduction.—Ownership of Federal Securities ................................................................................................................. 41 

OFS-1.—Distribution of Federal Securities by Class of Investors and Type of Issues ....................................................... 42 

OFS-2.—Estimated Ownership of U.S. Treasury Securities ............................................................................................... 43

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction.—U.S. Currency and Coin Outstanding and in Circulation ............................................................................ 44 

USCC-1.—Amounts Outstanding and in Circulation; Currency, Coins .............................................................................. 44 

USCC-2.—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ......................... 45
September 2014 

Revised October 16, 2014 

IV 

Table of Contents 

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction.—Foreign Currency Positions ......................................................................................................................... 49 

SECTION I.—Canadian Dollar Positions 

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

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

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

SECTION II.—Japanese Yen Positions 

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

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

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

SECTION III.—Swiss Franc Positions 

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

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

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

SECTION IV.—Sterling Positions 

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

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

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

SECTION V.—U.S. Dollar Positions 

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

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

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

SECTION VI.—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

Introduction.—Exchange Stabilization Fund ....................................................................................................................... 62 

ESF-1.—Balance Sheet ....................................................................................................................................................... 62 

ESF-2.—Income and Expense ............................................................................................................................................. 63

SPECIAL REPORTS 

TRUST FUNDS (Revised) 

Introduction.—Highway Trust Fund ................................................................................................................................... 67 

TF-6A.—Highway Trust Fund; Highway Account, Mass Transit Account ........................................................................ 67 

RESEARCH PAPER SERIES ............................................................................................................................................. 68

GLOSSARY ........................................................................................................................................................................ 70

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. 
September 2014 

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 ........................................................................... √ 

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

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

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

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

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

 
O P E R A T I O N S

Profile of the Economy

Federal Fiscal Operations

Account of the U.S. Treasury

Federal Debt

Public Debt Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
September 2014 

3

Profile of the Economy 

[Source: Office of Macroeconomic Analysis] 

As of August 13, 2014 

Introduction 

Real gross domestic product (GDP) expanded rapidly in 

the second quarter of this year, as the effects of the 

unusually harsh winter and other transitory factors present in 

the first quarter receded. The acceleration reflected a pick-up 

in most major components of growth, including private 

consumption and business fixed investment, a rebound in 

residential investment, and notably faster pace of inventory 

investment. The pace of job creation has picked up 

considerably in the last 6 months and, as of July 2014, the 

economy had added 9.9 million private sector jobs since job 

growth resumed in early 2010. The unemployment rate stood 

at 6.2 percent, 3.8 percentage points below the October 2009 

peak of 10.0 percent. Although activity in the housing sector 

has slowed over the past year, reflecting rising home prices 

as well as higher mortgage interest rates, sales have picked 

up some after the harsh winter, and the pace of home price 

increases has moderated. 

Although the Administration has taken a number of steps 

in recent years to promote stronger economic growth in the 

near-term, it has also pursued deficit reduction measures in 

the interests of the nation’s longer-term growth. Since 2011, 

the budget deficit has been reduced by nearly $4 trillion 

(including the deep cuts imposed by sequestration). The 

federal budget deficit has fallen from a peak of 9.8 percent 

of GDP in fiscal year 2009 to 4.1 percent in fiscal year 2013, 

and is expected to fall substantially further in the current and 

coming fiscal years. 

At its most recent meeting in July 2014, the Federal 

Reserve’s Federal Open Market Committee (FOMC) 

announced it would maintain the target range for the federal 

funds rate as well as existing programs for reinvestment of 

principal payments and roll-overs of maturing Treasuries at 

auction. However, it also announced a further tapering of 

asset purchases starting in August, beyond the amounts 

announced at the April 2014 meeting for implementation in 

May. 

Economic Growth 

Since the current expansion began in mid-2009, the 

economy has grown by nearly 11.5 percent and, as of the 

second quarter of 2014, real GDP was 6.6 percent above its 

level at the end of 2007, when the recession began. 

According to the advance estimate, real GDP rose 4.0 

percent at an annual rate during the second quarter of 2014, 

after declining by 2.1 percent in the first quarter. Consumer 

spending growth accelerated, business fixed investment 

strengthened following a soft start to the year and, after two 

consecutive quarters of decline, residential investment rose 

notably. Private inventory investment increased, making a 

large positive contribution to growth after subtracting a 

substantial amount from economic activity in the first 

quarter. Net exports posed a smaller drag on growth in the 

second quarter than in the first quarter, and government 

outlays made a positive contribution, reflecting a strong 

increase in State and local government spending. Consensus 

forecasts currently put real GDP growth in the third quarter 

of 2014 at a 2.9 percent annual rate. 

Private domestic final demand (consumption plus private 

fixed investment, considered a better measure of underlying 

private demand because it subtracts out government 

spending, inventory movements, and net exports) grew at a 

3.1 percent annual rate in the second quarter, accelerating 

from the first quarter’s 1.0 percent pace. Real personal 

consumption expenditures—which account for about 70 

percent of GDP—rose at a 2.5 percent annual rate in the 

second quarter, also faster than the 1.2 percent rise in the 

first quarter. A surge in consumption of durable goods drove 

consumer spending growth in the second quarter, reflecting 

pent-up demand from the previous quarter, when growth of 

both durable and nondurable goods sharply slowed. 

Altogether, consumption added 1.7 percentage points to real 

GDP growth in the latest quarter. 

After two straight quarters of decline, residential 

investment—mostly residential homebuilding—advanced 

7.5 percent in the second quarter. Residential activity added 

0.2 percentage point to second quarter real GDP growth. 

Prior to the previous two quarters of decline, residential 

investment had posted 10 consecutive quarters of growth, 

averaging just under 13 percent per quarter. 
4 PROFILE OF THE ECONOMY 

September 2014 

The housing sector has been slowing since mid-2013, 

although home prices continue to rise, albeit at a slower rate 

of increase recently. Housing starts reached a 6 year high in 

November 2013 but have since eased. In June, single-family 

housing starts stood at 575,000 units at an annual rate. The 

level of single-family starts remains nearly 69 percent below 

the January 2006 peak, and well below the 1.1 million unit 

average observed from 1980 to 2004. Sales of new singlefamily homes have declined by almost 12 percent over the 

past year, falling to 406,000 at an annual rate in June 2014. 

Sales of existing single-family homes (81 percent of all 

home sales) fell 2.9 percent over the past year to just over 

4.4 million at an annual rate in June 2014. The inventory of 

homes available for sale has started to rise but remains lean 

by historical standards. Nevertheless, the recent slowing in 

the pace of sales has pushed inventory-sales ratios up 

somewhat in recent months, but they are well below recent 

peaks. Relative to sales, there was a 5.5-month supply of 

new homes on the market in June, and a 5.6-month supply of 

existing single-family homes for sale. House price measures 

continue to rise, albeit at a slower pace in recent months. 

The FHFA purchase-only house price index rose 0.4 percent 

in May 2014, remaining at a 6-year high, and was up 5.5 

percent over the past year. Although the Standard & Poor’s 

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

0.3 percent in May, it remained near a 6-year high and was 

up 9.3 percent year-over-year. The third quarter of 2014 

Pulsenomics/Zillow Home Price Expectations Survey 

suggests home price appreciation will slow during 2014, and 

but accelerate again in 2015. 

Nonresidential fixed investment—about 12 percent of 

GDP—grew 5.5 percent in the second quarter, after rising 

1.6 percent in the first quarter of 2014. The acceleration in 

business fixed investment spending primarily reflected a 

large swing in outlays for equipment, which rose 7.0 percent 

in the second quarter, after falling by 1.0 percent in the first 

quarter. Business spending on structures grew for the fifth 

straight quarter, rising by 5.3 percent in the second quarter 

after a 2.9 percent increase in the first quarter. Growth of 

investment in intellectual property products—including 

outlays for software, research and development, and 

entertainment, literary and artistic originals—slowed to 3.5 

percent in the second quarter from 4.6 percent in the first 

quarter. Altogether, nonresidential fixed investment added 

0.7 percentage point to real GDP growth in the second 

quarter of 2014, compared with a 0.2 percentage point 

contribution in the first quarter. Inventory accumulation 

contributed 1.7 percentage points to real GDP growth in the 

second quarter, after subtracting 1.2 percentage points in the 

first quarter. 

Exports account for about 13 percent of GDP, while 

imports (which are subtracted from total domestic spending 

to calculate GDP) account for about 17 percent. After 

contributing nearly 1 percentage point, on average, to 

quarterly GDP growth in 2007 through 2009, net exports 

subtracted 0.6 percentage point in 2010, and then added 0.1 

percentage point in 2011, 2012, and 2013. In the second 

quarter of 2014, exports rose 9.5 percent and imports rose 

11.7 percent. With imports rising more than exports, the net 

export deficit widened. Net exports subtracted 0.6 

percentage point from GDP growth in the second quarter, 

after posing a much large drag on growth of 1.7 percentage 

points in the first quarter. 

The current account balance (reflecting international 

trade in goods and services, investment income flows, and 

unilateral transfers) has been in deficit almost continuously 

since the early 1980s and, in 2006, reached a record $807 

billion, equivalent to 5.8 percent of GDP. After narrowing to 

$381 billion (2.6 percent of GDP) in 2009, the current 

account deficit widened again in 2010 and 2011 to $459 

billion (3.0 percent of GDP) in the latter year. It narrowed 

steadily thereafter, to $349.3 billion (2 percent of GDP) by 

the fourth quarter of 2013, before widening noticeably again 

in the first quarter of 2014 to $445 billion, or 2.6 percent of 

GDP. 

Government purchases—which account for close to 20 

percent of GDP—advanced 1.6 percent in the second quarter 

of 2014, after declining 0.8 percent in the first quarter. 

Government outlays for consumption and investment have 

fallen in 14 of the past 19 quarters. Federal spending fell 0.8 

percent in the second quarter, more than the 0.1 percent 

decline in the first quarter. After 12 straight quarters of 

nearly continuous declines in State and local government 

spending—the longest period of falling expenditures at this 

level of government in postwar history—State and local 

spending grew in each of the four quarters through the fourth 

quarter of 2013. Although expenditures fell by 1.3 percent in 

the first quarter of 2014, State and local spending surged by 

3.1 percent in the second quarter, the fastest increase in 5 

years. 

Labor Markets 

During the recession (from December 2007 through June 

2009), the economy lost 7.6 million private-sector jobs. Job 

losses continued even after the recovery began but, in March 

2010, nonfarm payrolls began to rise again. Since February 

2010, through July 2014, total nonfarm payroll employment 

has grown by about 9.3 million. In the private sector, 

employment has increased by 9.9 million during the same 

period. 

 Job losses during the recession were spread broadly 

across most sectors but, with the resumption of job growth, 

nearly all of these sectors have added jobs. Since the labor 

market recovery began in early 2010, payrolls in 

professional and business services have risen by more than 

2.7 million, and the leisure and hospitality industries’ 

employment has increased by just over 1.7 million through 

July 2014. Although growth in manufacturing payrolls has 

fluctuated in the last several months, payrolls in this sector 

have expanded by 707,000 since early 2010. A few sectors 

continued to add jobs throughout the recession and still 
PROFILE OF THE ECONOMY 5 

September 2014 

continue to hire new w workers: since early 2010, the health 

care and social assistance sector has added an additional 1.4 

million jobs. On a net basis, the government sector also 

added workers to payrolls during the recession, although 

payrolls began declining in late 2008, and trended lower 

until the past several months, when progress in adding back 

jobs has been more uneven. From February 2010 through 

July 2014, the government sector’s job losses totaled 

546,000. Over that same period, State and local job losses 

numbered 389,000, including 308,000 local government jobs 

(of which 236,000 were in local education). Thus far in 

2014, State and local governments have added a net 90,000 

payroll jobs, including nearly 43,000 jobs in local education. 

The unemployment rate peaked at 10.0 percent in 

October 2009—a 26-year high—and 5.6 percentage points 

above the May 2007 low of 4.4 percent. After October 2009, 

the unemployment rate trended lower, nearing a 6-year low 

of 6.1 percent in June 2014 before edging back up to 6.2 

percent in July. Broader measures of unemployment have 

also declined. One such measure that includes workers who 

are underemployed and those who are only marginally 

attached to the labor force (the U-6 unemployment rate), 

reached a record high of 17.2 percent in April 2010 (series 

dates from 1994)—more than double the low of 7.9 percent 

reached in December 2006. This measure stood at 12.2 

percent in July 2014. The percentage of the unemployed who 

have been out of work for 27 weeks or more peaked at an 

all-time high of 45.3 percent in April 2010. This measure 

dropped to 32.8 percent in June 2014, the lowest level since 

June 2009, before edging back up to 32.9 percent in July 

2014. 

Inflation 

Headline and core (excluding food and energy) inflation 

rates remain contained, but have edged up over the past year 

or so. Headline consumer prices rose 2.1 percent over the 12 

months ending in June 2014, faster than the 1.8 percent yearearlier rise. Energy prices rose 3.2 percent in the year 

through June, matching the rate of increase in the year 

through June 2013 Food prices rose 2.3 percent over the year 

through June 2014, much faster than the 1.4 percent increase 

in the year through June 2013. On a 12-month basis, core 

consumer prices (excluding food and energy) rose 1.9 

percent through June 2014, a bit faster than the 1.6 percent 

advance in the year through June 2013. 

Oil and gasoline prices have begun to trend lower or 

stabilize in recent months. The front-month futures price of 

West Texas Intermediate (WTI) crude oil averaged $102.99 

per barrel in July 2014, nearly $2.10 below its July 2013 

average. The retail price of regular gasoline averaged $3.61 

per gallon in July 2014, 2 cents lower than its year-earlier 

average. Prices for crude oil and gasoline remained below 

the all-time highs reached in July 2008, of $147 per barrel 

and $4.11 per gallon, respectively. 

Federal Budget and Debt 

The federal budget deficit declined to $680 billion (4.1 

percent of GDP) in fiscal year 2013, sharply dropping from 

$1.089 trillion (6.8 percent of GDP) in fiscal year 2012. The 

deficit has declined by nearly 6 percentage points as a share 

of the economy from a peak of 9.8 percent in fiscal year 

2009, making the past 4 years the most rapid period of fiscal 

consolidation that the United States has experienced since 

the years following the end of World War II. The debt-to-
6 PROFILE OF THE ECONOMY 

September 2014 

GDP ratio was 72.1 percent in fiscal year 2013, up from 70.1 

percent in fiscal year 2012. 

On March 1, 2013, $1.2 trillion in mandated public 

spending cuts, collectively known as the sequester, took 

effect. On December 26, President Obama signed the 

Bipartisan Budget Act of 2013. This agreement set funding 

levels for the Federal Government through the end of fiscal 

year 2015, and replaced much of the automatic budget cuts 

set to occur over the next 2 years under sequestration 

($45 billion in 2014 and $18 billion in 2015). Congress 

subsequently passed an omnibus package to fund the Federal 

Government for the remainder of fiscal year 2014. 

Altogether, the Bipartisan Budget Act included $85 billion 

in total savings achieved through a combination of lower 

outlays and new revenue. Net deficit reduction through fiscal 

year 2023 totaled $22.5 billion. The agreement did not 

extend Emergency Unemployment Compensation (EUC 

2008) benefits, which expired at the end of 2013. 

In March 2014, the Administration released its fiscal 

year 2015 budget. The latest budget proposal would trim the 

deficit by an additional $2.1 trillion over the next 10 years 

and put the debt as a share of the economy on a declining 

path by the middle of this decade. According to the MidSession Review of the Fiscal Year 2015 Budget, the federal 

budget deficit is projected to decline from $680 billion (4.1 

percent of GDP) in fiscal year 2013 to $583 billion (3.4 

percent of GDP) in fiscal year 2014 and $525 billion 

(2.9 percent of GDP) in fiscal year 2015. The deficit is 

projected to average 2.5 percent of GDP from fiscal 

year 2015 through fiscal year 2024. The primary deficit 

(non-interest outlays less receipts) will become a primary 

surplus in fiscal year 2021 and grow through the end of the 

forecast horizon. The debt-to-GDP ratio is projected to peak 

at 74.6 percent in fiscal year 2015 and then begin to decline, 

falling to 72.0 percent of GDP by fiscal year 2024 

(equivalent to its fiscal year 2013 level). 

Economic Policy 

Key fiscal and monetary policy actions taken over the 

past few years have aided the recovery. On the fiscal policy 

side, the American Recovery and Reinvestment Act (ARRA) 

authorized the Federal Government to spend $787 billion to 

stimulate domestic demand, an amount that was increased to 

$840 billion to be consistent with the President’s Fiscal Year 

2012 Budget. This spending provided an important boost to 

economic activity, but the Administration also proposed and 

implemented a variety of additional programs to maintain 

the recovery’s momentum. These included an extension and 

expansion of the first-time home buyer tax credit, a new 

Small Business Jobs and Wages Tax Credit, and additional 

financial support for State and local Governments. In 

December 2010, the 2010 Tax Relief Act authorized a 2 

percentage point payroll tax cut, extensions of 

unemployment benefits and refundable tax credits, and a 2-

year extension of the 2001 tax cuts. In late December 2011, 

the 2 percentage point payroll tax cut and extended 

unemployment benefits included in the 2010 tax legislation 

were each extended for 2 additional months. In late February 

2012, the extension of the payroll tax cut and extended 

unemployment benefits for the remainder of 2012 were 

signed into law. 

In January 2013, the ATRA was signed into law. The 

ATRA permanently extended tax cuts for the vast majority 

of Americans and small businesses, extended Emergency 

Unemployment benefits for an additional year, extended a 

variety of other tax cuts and credits, postponed the sequester, 

originally scheduled to take effect on January 1, until March 

1, 2013, and raised tax rates for high-income earners 

(representing about 2 percent of taxpayers). Altogether, the 

ATRA is projected to reduce the deficit by $737 billion over 

the next decade. 

Partly in response to rising financial market stress, as 

well as to signs of more slowing in the broader economy, the 

Federal Reserve began the current cycle of monetary policy 

easing in September 2007. By late 2008, the FOMC had 

lowered the federal funds target interest rate dramatically, 

reducing it to a historically low range of 0 percent to 0.25 

percent at the December 2008 FOMC meeting. Beginning 

with the August 2011 meeting, the FOMC also began 

identifying an expected timeframe for maintaining the 

federal funds rate target at “exceptionally low levels.” 

Initially put at mid-2013, the timeframe was extended to “at 

least late 2014” at the January 2012 FOMC meeting, and 

then to “at least mid-2015” at the September 2012 meeting, a 

timeframe for the target range which was maintained at the 

October 2012 meeting. At the December 2012 meeting, the 

FOMC implemented numerical thresholds for its policy rate 

guidance. Specifically, the FOMC indicated that it would 

maintain the target range at least as long as the 

unemployment rate remained above 6.5 percent, inflation 
PROFILE OF THE ECONOMY 7 

September 2014 

between 1 and 2 years ahead is projected to be no more than 

0.5 percentage point above the FOMC’s 2 percent longer-run 

goal, and long-term inflation expectations remain well 

anchored. At the December 2013 meeting, the FOMC 

commented on the role of the numerical thresholds in 

formulating monetary policy, indicating that, “it will likely be 

appropriate to maintain the current target range for the federal 

funds rate well past the time that the unemployment rate 

declines below 6-1⁄2 percent, especially if projected inflation 

continues to run below the Committee’s longer run goal.” At 

the FOMC meeting in March 2014, the Committee replaced 

the numerical thresholds in favor of qualitative guidance, 

noting it will “assess progress-both realized and expectedtowards its objectives of maximum employment and 2 percent 

inflation” and that, “it will likely be appropriate to maintain 

the current target range ... for a considerable time after the 

asset purchase program ends, especially if projected inflation 

continues to run below the Committee’s 2 percent longer-run 

goal, and provided longer-term inflation expectations remain 

well anchored.” At its most recent meeting in July 2014, the 

FOMC reiterated this view. 

The Federal Reserve significantly expanded its tools to 

increase liquidity in credit markets, and eased lending terms 

to sectors in need of liquidity, including a variety of facilities 

and funds directed at specific financial markets. As of June 

30, 2010, all of these special facilities had expired. At the 

August 2010 FOMC meeting, the Federal Reserve 

announced it would maintain its holdings of securities at 

current levels by reinvesting principal payments from 

agency debt and agency mortgage-backed securities in 

longer-term Treasury securities, and continue rolling over 

the Federal Reserve’s holdings of Treasury securities as they 

mature. At the end of June 2011, the FOMC completed 

purchases of $600 billion of longer-term Treasury securities. 

At the September 2011 meeting, the FOMC announced it 

would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of 

longer-term (6 to 30 years) Treasury securities and selling an 

equal amount of shorter-term (3 years or less) Treasury 

securities, all by the end of June 2012. The Committee also 

announced the reinvestment of principal payments from its 

holdings of agency debt and agency mortgage-backed 

securities into the latter securities. At the June 2012 meeting, 

the FOMC extended and expanded its program to extend the 

average maturity of its holdings (the so-called “twist” 

operation announced in September 2011). At the September 

2012 meeting, the FOMC announced it would increase 

monetary accommodation through $40 billion per month in 

additional purchases of mortgage-backed securities through 

the end of the year. The FOMC announced additional 

monetary accommodation at the December 2012 meeting, 

including the completion of short-term securities sales 

(which drain liquidity) and the continuation of purchases of 

long-term Treasury securities at a rate of $45 billion per 

month beyond the end of 2012. The FOMC also indicated 

that monthly purchases of mortgage-backed securities at a 

pace of $40 billion per month would continue, and affirmed 

its existing policy of reinvesting principal payments. 

At the December 2013 meeting, the FOMC announced a 

tapering of long-term Treasury security purchases and 

mortgage-backed securities purchases of $5 billion each, 

beginning in January 2014. The tapering brought monthly 

purchases to $40 billion and $35 billion, respectively. At each 

subsequent meeting in January, March, April, June, and July 

2014, the Committee announced further tapering of asset 

purchases of $5 billion in each category. The latest tapering, 

announced at the July meeting, lowers monthly purchases to 

$15 billion for long-term Treasuries and to $10 billion for 

agency mortgage-backed securities, beginning in August. 

Financial Markets 

Financial markets have largely recovered from the 

unprecedented strains experienced in the fall of 2008, but 

came under renewed pressure in 2011, as investors 

expressed concerns about slowing economic growth in the 

United States as well as globally, and about strains in debt 

markets in Europe. The concerns persisted in 2012 and 2013, 

and expanded to include ongoing uncertainty about the 

United States fiscal situation and debt ceiling 

brinksmanship. While certain domestic headwinds, including 

the transitory effects of a harsh winter, appear to have 

receded, and concerns have eased about the sovereign debt 

crisis in Europe, prospects for global growth remain a 

concern. Overall, financial conditions in general continue to 

improve. Credit flows have increased substantially since 

early 2009, and in the second quarter of 2014, banks 

generally continued to ease standards and terms across 

several lending categories. Demand strongly increased 

among large, medium, and small firms, and demand for 

residential mortgages also increased. After some 

deterioration in the summer of 2011, measures of risk 

tolerance and volatility have all improved. 

After plunging 38.5 percent in 2008, the sharpest loss 

since 1931 (when an earlier version of the index, containing 

only 90 stocks, dropped 47 percent), the S&P 500 index rose 

23.5 percent in 2009 and 12.8 percent in 2010. Although the 

index was flat in 2011, it advanced 13.4 percent in 2012 and 

last year gained 29.6 percent, ending the year at a new 

record high. Thus far in 2014, the index has risen to, and 

then retreated from, new record highs, but is currently up by 

about 5.7 percent compared with the end of 2013. The S&P 

Stock Market Volatility Index (VIX), often used as a 

measure of financial market uncertainty, surged to an alltime high of 80 in late October 2008, after hovering in a 

range of 20 to 30 for most of that year. The VIX retreated 

fairly steadily during 2009, ending that year at about 20. 

Since then, the VIX has fluctuated more widely, resurging to 

46 in mid-May 2010 and to that level again in early October 

2011. Since the most recent peak, this index has generally 

trended lower, and stood at about 12.9 as of mid-August 

2014. 
8 PROFILE OF THE ECONOMY 

September 2014 

A variety of factors have buffeted long-term Treasury 

interest rates, including flight-to-quality flows in response to 

a variety of specific risk events, as well as supply concerns 

related to funding of the Government’s debt, concern about 

the need for fiscal retrenchment, the downgrade of U.S. 

Treasury debt by rating agency S&P in August 2011, 

periodic concerns about European debt markets and debt 

downgrades in some European countries, and more recently, 

concerns about fiscal drag in the United States and slowing 

global growth. The yield on the 10-year note traded above 

the 3 percent level during the first half of 2011, but 

thereafter trended lower, reaching a record low of 1.43 

percent in late July 2012. The yield subsequently rose and 

fluctuated around the 2 percent mark in early 2013, then fell 

to about 1.7 percent in early May 2013. Thereafter, the yield 

trended much higher, surpassing the 3 percent level in late 

2013. However, thus far in 2014, the yield has declined 

about 60 basis points to 2.46 percent as of mid-August. The 

3-month Treasury bill yield fluctuated in a range from about 

0.05 percent to 0.17 percent for much of 2011 but, between 

August 2011 and January 2012, the yield fluctuated in a 

range of 0.0 percent to 0.02 percent. Since then, the yield has 

fluctuated around 0.1 percent as of mid-August 2014. The 2- 

to 10-year Treasury yield spread, one measure of the 

steepness of the yield curve, widened to 291 basis points in 

early February 2011, then trended noticeably lower, reaching 

132 basis points in mid-November 2012. The spread 

widened again after that, reaching about 270 basis points in 

November 2013, but since then has narrowed, reaching 201 

basis points as of mid-August 2014. 

Key interest rates on private securities, which spiked in 

response to financial market turbulence in late 2008, have 

since retraced as conditions have stabilized. The spread 

between the 3-month London Inter-bank Offered Rate 

(LIBOR) and the 3-month Treasury bill rate (also known as 

the TED spread, a measure of inter-bank liquidity and credit 

risk) rose to an all-time high of nearly 460 basis points in 

early October 2008. However, improvements in short-term 

credit availability have led to a narrowing of this spread. 

Through early August 2011, the TED spread fluctuated in a 

range from 14 to 25 basis points. Subsequently, this spread 

widened, reaching almost 60 basis points earlier in 2013, 

before narrowing since then to 20 basis points in mid-August 

2014. The spread between the Baa corporate bond yield and 

the 10-year Treasury yield peaked at nearly 620 basis points 

in December 2008. After narrowing on trend in the 

intervening years, and trading below 300 basis points for 

much of 2011, the spread widened above that level again in 

early August 2011 to about 340 basis points. The spread 

remained above 300 basis points for much of 2012, but 

dropped below that level late in the year, where it has 

remained since then. This spread stood at 229 basis points as 

of mid-August 2014, still very high by historical standards. 

Rates for conforming mortgages have trended lower in 

recent years, as have rates for jumbo mortgages, although 

over the summer and fall of 2013, mortgage rates spiked. 

The interest rate for a 30-year conforming fixed-rate 

mortgage fell to a record low of 3.31 percent in November 

2012; starting in May 2013, however, it started moving 

sharply higher. From early May through mid-September 

2013, the rate jumped up by nearly 135 basis points. Since 

then, this rate has eased, and stood at about 4.2 percent as of 

mid-August 2014. 
PROFILE OF THE ECONOMY 9 

September 2014 

Foreign Exchange Rates 

The value of the U.S. dollar compared with the 

currencies of seven major trading partners (the euro area 

tries, Japan, Canada, the United Kingdom, Australia, 

Sweden, and Switzerland) appreciated to a peak level in 

February 2002, and then depreciated significantly over the 

next several years. From its peak in February 2002, to the 

recent low reached in August 2011, the exchange value of 

the dollar compared to an index of these currencies fell by 

about 39 percent. Although the dollar’s exchange value 

against this index remains well below the February 2002 

peak, it has appreciated between August 2011 and July 2014 

by about 11 percent. Over the longer timeframe, the dollar 

depreciated by about 42 percent against the yen and by 39 

percent against the euro. In the period since August 2011 

through July 2014, the dollar has appreciated by about 32 

percent against the yen, but has depreciated by nearly 6 

percent against the euro. Against an index of currencies of 

19 other important trading partners (including China, India, 

and Mexico), the dollar depreciated about 10 percent over 

the longer timeframe, and has appreciated by about 5 percent 

against this basket between August 2011 and July 2014.
September 2014 

10 

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 earned-income 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 on both on- and 

off-budget receipts, outlays and deficit of the Government. 
FEDERAL FISCAL OPERATIONS 

September 2014 

11

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total 

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social insurance 

taxes, net contributions for other insurance and retirement, 

excise taxes, estate and gift taxes, customs duties, and net 

miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts 

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties, 

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source 

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

Third-Quarter Receipts 

The following capsule analysis of budget 

receipts, by source, for the third quarter of fiscal 

year 2014 supplements fiscal data reported in the 

June issue of the “Treasury Bulletin.” At the time 

of that issue’s release, not enough data were 

available to analyze adequately collections for the 

quarter. 

Individual income taxes—Individual income tax 

receipts, net of refunds, were $460.8 billion for the third 

quarter of fiscal year 2014. This is an increase of $23.9 

billion over the comparable prior year quarter. Withheld 

receipts increased by $18.9 billion and non-withheld receipts 

increased by $6.8 billion during this period. Refunds 

increased by $1.8 billion over the comparable fiscal year 

2013 quarter. There was a decrease of $0.4 billion in 

accounting adjustments between individual income tax 

receipts and the Social Security and Medicare trust funds 

over the comparable quarter in fiscal year 2013. 

Corporate income taxes—Net corporate income tax 

receipts were $117.5 billion for the third quarter of fiscal 

year 2014. This is an increase of $12.2 billion compared to 

the prior year third quarter. The $12.2 billion change is 

comprised of an increase of $10.1 billion in estimated and 

final payments, and a decrease of $2.1 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of fiscal 

year 2014 were $266.8 billion, an increase of $10.6 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 $7.1 billion, $1.2 billion, and $2.2 billion respectively. 

There was a -$2.1 billion accounting adjustment made in the 

third quarter of fiscal year 2014, while there was a -$2.5 

billion adjustment in the third quarter of fiscal year 2013. 

Unemployment insurance—Unemployment insurance 

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

2014 were $26.5 billion, a decrease of $2.0 billion over the 

comparable quarter of fiscal year 2013. Net State taxes 

deposited in the U.S. Treasury decreased by $2.1 billion to 

$23.3 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.1 billion to $3.3 billion. 
FEDERAL FISCAL OPERATIONS 

September 2014 

12 

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $0.8 billion for the 

third quarter of fiscal year 2014. This was a negligible 

change from the comparable quarter of fiscal year 2013. 

Excise taxes—Net excise tax receipts for the third 

quarter of fiscal year 2014 were $19.7 billion, a decrease of 

$0.9 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.4 billion, an 

increase of $1.4 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.2 billion for the third quarter of fiscal year 2014. 

These receipts represent a decrease of $3.3 billion over the 

same quarter in fiscal year 2013. 

Customs duties—Customs duties net of refunds were 

$7.9 billion for the third quarter of fiscal year 2014. This is 

an increase of $0.5 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of fiscal year 2014 were $32.6 billion, 

an increase of $6.3 billion over the comparable prior year 

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

Federal Reserve banks increasing by $6.1 billion.

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

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

 Third quarter 2014 

 Apr. - June 

Fiscal year 2014 

year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 937,772 2,258,565

On-budget receipts .................................................. 731,639 1,696,524

Off-budget receipts .................................................. 206,133 562,041

Total outlays................................................................. 890,370 2,624,420

On-budget outlays.................................................... 734,924 2,121,002

Off-budget outlays.................................................... 155,447 503,421

Total surplus or deficit (-)............................................. 47,401 -365,857

On-budget surplus or deficit (-)................................ -3,285 -424,477

Off-budget surplus or deficit (-)................................ 50,687 58,620

Means of financing: 

Borrowing from the public ............................................ -46,349 586,584

Reduction of operating cash........................................ 2,889 -50,913

Other means ................................................................ -3,942 -169,814

Total on- and off-budget financing........................... -47,402 365,857

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2014 

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

Source April May June 

Individual income taxes...................................................... 238.2 79.9 142.7

Corporate income taxes..................................................... 39.3 8.0 70.2

Employment and general retirement.................................. 102.5 75.7 88.6

Unemployment insurance .................................................. 9.6 15.6 1.4

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

Excise taxes ....................................................................... 7.5 5.7 6.4

Estate and gift taxes .......................................................... 2.4 1.4 1.4

Customs duties .................................................................. 2.9 2.4 2.6

Miscellaneous receipts ....................................................... 11.7 10.8 10.1

Total budget receipts ..................................................... 414.2 199.9 323.6

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

September 2014 

13
FEDERAL FISCAL OPERATIONS 

September 2014 

14 

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 public– 

Federal 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 or

deficit (-) 

(7) 

On-budget 

surplus or 

deficit (-) 

(8) 

Off-budget 

surplus or

deficit (-) 

(9) 

 

2009 ............................ 2,104,365 1,450,355 654,010 3,520,088 3,003,070 517,018 -1,415,722 -1,552,714 136,992 1,889,727

2010 ............................ 2,161,728 1,530,040 631,688 3,455,931 2,901,248 554,683 -1,294,204 -1,371,208 77,004 1,652,342

2011 ............................ 2,302,495 1,736,709 565,787 3,598,086 3,099,477 498,609 -1,295,591 -1,362,769 67,179 1,234,576

2012 ............................ 2,449,092 1,879,592 569,500 3,538,447 3,030,856 507,589 -1,089,353 -1,151,263 61,913 1,286,476

2013 ............................ 2,773,979 2,100,705 673,274 3,454,254 2,820,439 633,815 -680,276 -719,738 39,460 667,974 2014 - Est.................... 3,001,721 2,269,389 732,332 3,650,526 2,939,299 711,227 -648,805 -669,910 21,105 1,172,330

2015 - Est.................... 3,337,425 2,579,548 757,877 3,900,989 3,143,368 757,621 -563,564 -563,820 256 820,481 2013 - June ................. 286,627 220,392 66,235 170,126 150,562 19,564 116,501 69,830 46,672 -3,629

July .................. 200,030 146,265 53,765 297,627 237,755 59,872 -97,597 -91,491 -6,107 -3,474

Aug .................. 185,370 130,599 54,771 333,293 265,356 67,937 -147,923 -134,757 -13,166 254

Sept................. 301,435 242,172 59,264 226,366 158,930 67,436 75,070 83,241 -8,172 -2,266

Oct................... 198,927 148,871 50,056 289,511 225,419 64,093 -90,584 -76,547 -14,037 410,381

Nov .................. 182,453 128,657 53,796 317,679 250,867 66,813 -135,226 -122,210 -13,017 61,108

Dec .................. 283,221 228,231 54,990 230,001 212,435 17,566 53,220 15,796 37,424 134,373

2014 - Jan ................... 295,997 226,228 69,769 306,247 244,403 61,844 -10,250 -18,174 7,925 -59,756

Feb .................. 144,349 86,974 57,375 337,880 269,430 68,450 -193,532 -182,457 -11,075 169,772

Mar .................. 215,846 145,924 69,922 252,732 183,524 69,208 -36,886 -37,600 713 138,111

Apr................... 414,237 335,529 78,708 307,383 245,856 61,527 106,853 89,672 17,181 -92,169

May.................. 199,889 140,789 59,100 329,860 260,468 69,392 -129,971 -119,679 -10,292 8,777

June................. 323,646 255,321 68,325 253,127 228,600 24,528 70,519 26,721 43,798 115,779 

Fiscal year 2014 to date ... 2,258,565 1,696,524 562,041 2,624,420 2,121,002 503,421 -365,857 -424,478 58,620 886,376

Means of financing—net transactions, continued

Borrowing from the publicFederal securities, con. 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) 

 

2009 ...................................... 99 146,766 1,743,060 -96,343 45,528 1,674 8,719 -368,200 - 1,415,282

2010 ...................................... 771 179,044 1,474,069 34,567 -535 -538 -531 -147,277 -375 1,293,454

2011 ...................................... 1,014 125,742 1,109,849 -251,743 -1,535 6,011 9,719 -51,806 - 1,295,591

2012 ...................................... -589 133,641 1,152,249 27,356 -643 5,955 819 -29,408 - 1,089,353

2013 ...................................... 703 -33,340 702,019 2,939 -267 42 -3,658 -23,503 816 680,276 2014 - Est.............................. 874 253,121 920,083 1,614 - - - -269,664 - 648,805

2015 - Est.............................. 368 131,706 689,142 - - - - -125,578 - 563,564 2013 - June ........................... 193 -4,543 1,107 100,176 186 248 618 -16,615 235 -116,501

July............................ 165 -15,529 12,220 -25,165 333 -230 223 60,538 - 97,597

Aug............................ -199 -49,349 49,404 -83,558 78 343 -1,295 13,760 327 147,923

Sept........................... 171 -9,486 7,392 62,251 674 354 318 -19,119 254 -75,070

Oct............................. 10 206,251 204,141 -5,385 142 143 -1,017 -118,666 -1,008 90,584

Nov............................ -446 -32,491 93,153 -49,568 -95 -787 -724 -9,101 - 135,226

Dec............................ -175 60,555 73,643 128,966 172 231 -942 1,564 - -53,220

2014 - Jan ............................. -197 -11,435 -48,518 -73,826 -208 217 1 -15,048 - 10,250

Feb ............................ -218 -14,007 183,562 -42,544 481 -392 -302 -32,787 - 193,532

Mar............................ -69 11,090 126,952 96,159 -63 128 -671 5,487 - 36,886

Apr............................. -34 23,214 -115,417 6,154 145 483 -535 14,811 - -106,853

May ........................... -98 -26,013 34,692 -119,449 -322 -67 632 -23,927 - 129,971

June .......................... 173 81,576 34,376 110,406 194 619 -334 5,990 - -70,519 

Fiscal year 2014 to date ............. -1,054 298,740 586,584 50,913 446 575 -3,892 -171,677 -1,008 365,857

Note.—These estimates are based on the President’s Budget for Fiscal Year 2015, 

released by the Office of Management and Budget on March 4, 2014. 

Note.—Outlays for the month of March 2014 were decreased by $5 million and $1 million 

respectively to reflect additional reporting for the Agency for International Development 

and the Railroad Retirement Board in June 2014. 

- No transactions. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

September 2014 

15

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) 

 2009 .................. 861,774 312,474 258,940 915,307 225,891 87,662 138,229 1,053,536 847,184 2,511 844,673

2010 .................. 880,361 278,223 260,035 898,549 279,880 88,443 191,437 1,089,986 813,505 1,749 811,756

2011 .................. 990,952 338,348 237,827 1,091,473 243,492 62,407 181,085 1,272,559 756,371 2,094 754,276

2012 .................. 1,018,104 352,355 238,251 1,132,207 281,841 39,552 242,290 1,374,497 772,948 2,305 770,643

2013 .................. 1,102,745 443,651 229,992 1,316,405 312,477 38,970 273,505 1,589,910 884,988 2,443 882,545 2014 - Est.......... 1,386,068 - - 1,386,068 332,740 - 332,740 1,718,808 951,802 - 951,802

2015 - Est.......... 1,533,942 - - 1,533,942 449,020 - 449,020 1,982,962 989,602 - 989,602 2013 - June ....... 72,874 50,482 5,050 118,306 64,768 1,809 62,959 181,265 85,293 - 85,293

July ........ 94,757 7,088 3,764 98,082 9,208 2,035 7,173 105,255 69,527 - 69,527

Aug ........ 82,808 5,703 3,225 85,286 4,966 1,370 3,595 88,881 71,079 - 71,079

Sept....... 85,481 58,362 2,974 140,870 59,905 2,759 57,146 198,016 80,995 2,443 78,552

Oct......... 88,055 18,258 7,206 99,106 10,302 3,827 6,475 105,581 67,170 - 67,170

Nov ........ 85,333 4,889 7,510 82,711 4,349 3,852 498 83,209 72,330 - 72,330

Dec ........ 117,835 10,481 3,708 124,608 65,063 2,776 62,287 186,895 75,378 - 75,378

2014 - Jan ......... 102,930 67,188 730 169,388 10,681 2,534 8,147 177,535 90,392 - 90,392

Feb ........ 100,643 5,659 68,347 37,956 10,738 2,723 8,015 45,971 73,232 - 73,232

Mar ........ 114,609 13,519 56,983 71,145 36,107 3,974 32,133 103,278 89,062 - 89,062

Apr......... 89,239 206,670 57,745 238,164 43,473 4,220 39,253 277,417 102,038 - 102,038

May........ 86,829 6,588 13,473 79,945 9,371 1,339 8,031 87,976 75,188 - 75,188

June....... 89,738 59,518 6,521 142,735 71,648 1,470 70,178 212,913 88,634 - 88,634 Fiscal year 2014 

to date ................ 875,211 392,770 222,223 1,045,758 261,732 26,715 235,017 1,280,775 733,424 - 733,424

 

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) 

 

2009 ............................ 4,214 1 4,213 848,886 37,996 107 37,889 4,104 38 4,142

2010 ............................ 4,141 1 4,140 815,896 44,922 99 44,823 4,042 35 4,076

2011 ............................ 4,240 2 4,238 758,515 56,335 95 56,241 4,021 30 4,051

2012 ............................ 4,289 6 4,283 774,926 66,747 99 66,647 3,712 30 3,739

2013 ............................ 4,963 63 4,900 887,445 56,958 149 56,811 3,539 25 3,564 2014 - Est.................... 5,149 - 5,149 956,951 60,393 - 60,393 3,740 25 3,765

2015 - Est.................... 5,359 - 5,359 994,961 56,923 - 56,923 3,837 23 3,860 2013 - June ................. -131 - -131 85,163 542 10 532 275 2 277

July.................. 501 - 501 70,028 4,432 15 4,418 267 2 269

Aug.................. 395 - 395 71,474 5,981 12 5,969 311 2 313

Sept................. 433 - 433 78,985 301 15 286 306 2 308

Oct................... 410 - 410 67,580 3,341 2 3,340 291 2 293

Nov.................. 487 - 487 72,817 4,592 1 4,590 270 4 273

Dec.................. 442 - 442 75,820 478 6 472 272 1 273

2014 - Jan ................... 496 - 496 90,888 5,501 4 5,497 264 2 266

Feb.................. 632 - 632 73,864 3,694 - 3,694 317 2 319

Mar.................. 531 25 506 89,569 491 18 473 305 2 308

Apr................... 489 -11 501 102,538 9,616 42 9,574 250 2 252

May ................. 482 2 480 75,668 15,608 17 15,591 309 2 311

June ................ -83 - -83 88,551 1,392 10 1,382 275 3 277 

Fiscal year 2014 to date... 3,886 16 3,871 737,295 44,713 100 44,613 2,553 20 2,572

 

See footnotes at end of table. 
FEDERAL FISCAL OPERATIONS 

September 2014 

16 

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) 

 

2009 ....................... 62,484 24,677 1,195 23,482 23,546 1,092 22,454 34,318 17,172 51,490 1,450,355 654,010

2010 ....................... 66,909 19,751 866 18,885 26,266 969 25,298 75,845 20,010 95,855 1,530,040 631,688

2011 ....................... 72,381 9,079 1,680 7,399 30,697 1,178 29,519 82,546 19,284 101,831 1,736,708 565,787

2012 ....................... 79,062 14,451 477 13,971 32,079 1,774 30,306 81,955 23,991 105,943 1,879,592 569,500

2013 ....................... 84,008 19,830 919 18,910 33,119 1,305 31,814 75,766 25,750 101,514 2,100,706 673,274 2014 - Est............... 93,528 15,746 - 15,746 34,966 - 34,966 90,422 27,142 117,564 2,269,389 732,332

2015 - Est............... 110,539 17,526 - 17,526 36,965 - 36,965 88,292 43,397 131,689 2,579,548 757,877 2013 - June ............ 6,719 1,271 38 1,233 2,667 104 2,563 7,080 1,795 8,875 220,392 66,235

July............. 7,211 1,624 47 1,577 2,999 114 2,884 6,623 1,765 8,388 146,265 53,765

Aug............. 6,315 1,305 52 1,253 2,949 106 2,843 6,343 1,978 8,322 130,599 54,771

Sept............ 11,114 1,184 55 1,129 3,070 114 2,956 6,311 2,332 8,642 242,172 59,264

Oct.............. 5,852 1,800 28 1,772 3,281 115 3,166 8,910 2,434 11,344 148,871 50,056

Nov............. 6,938 2,236 127 2,109 2,941 93 2,848 6,290 3,377 9,668 128,657 53,796

Dec............. 6,418 1,500 94 1,406 2,942 109 2,833 7,091 2,013 9,105 228,231 54,990

2014 - Jan .............. 6,540 1,281 33 1,248 3,115 115 3,000 8,617 2,407 11,024 226,228 69,769

Feb ............. 6,238 1,136 75 1,062 2,568 84 2,484 8,853 1,865 10,718 86,974 57,375

Mar............. 6,375 1,208 55 1,152 2,578 104 2,475 8,375 3,840 12,216 145,924 69,922

Apr.............. 7,505 2,484 82 2,402 3,042 157 2,886 9,732 1,930 11,662 335,529 78,708

May ............ 5,697 1,478 47 1,431 2,537 103 2,434 8,331 2,450 10,781 140,789 59,100

June ........... 6,449 1,409 57 1,353 2,697 97 2,600 8,183 1,937 10,120 255,321 68,325

Fiscal year 2014 to 

date............................ 58,012 14,532 598 13,935 25,701 977 24,726 74,382 22,253 96,638 1,696,524 562,041 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2015, released 

by the Office of Management and Budget on March 4, 2014. 

Note.—Outlays for the month of March 2014 were decreased by $5 million and $1 million 

respectively to reflect additional reporting for the Agency for International Development and 

the Railroad Retirement Board in June 2014. 

- No transactions. 

Detail may not add to totals due to rounding. 

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) 

 2009.............................. 890,918 10,679 110 10,569 645 - 645 36,007 1,046 34,961 23,408 7,100 16,308

2010.............................. 864,795 10,632 19 10,613 595 - 595 35,562 569 34,993 27,942 7,234 20,709

2011.............................. 818,807 11,551 18 11,532 623 - 623 36,907 - 36,907 27,510 4,191 23,320

2012.............................. 845,312 12,184 23 12,161 664 - 664 41,159 - 41,159 29,551 4,476 25,076

2013.............................. 947,820 12,677 19 12,658 529 - 529 36,410 - 36,410 38,423 4,015 34,409 2014 - Est ..................... 1,021,109 13,347 - 13,347 562 - 562 37,936 - 37,936 41,683 - 41,683

2015 - Est ..................... 1,055,744 14,781 - 14,781 572 - 572 38,213 - 38,213 56,973 - 56,973 2013 - June................... 85,972 664 3 661 3 - 3 1,531 - 1,531 5,169 645 4,525

July.................... 74,715 1,051 - 1,051 43 - 43 3,031 - 3,031 3,191 105 3,086

Aug.................... 77,756 1,049 6 1,043 45 - 45 3,384 - 3,384 2,965 1,123 1,842

Sept................... 79,579 1,698 3 1,695 74 - 74 5,252 - 5,252 4,809 716 4,093

Oct .................... 71,212 178 - 178 8 - 8 568 - 568 5,172 74 5,098

Nov.................... 77,680 1,254 - 1,254 58 - 58 3,852 - 3,852 1,988 214 1,774

Dec.................... 76,565 1,024 - 1,024 48 - 48 3,141 - 3,141 2,433 227 2,206

2014 - Jan..................... 96,651 967 - 967 45 - 45 2,965 - 2,965 2,648 85 2,562

Feb.................... 77,877 1,117 - 1,117 52 - 52 3,162 - 3,162 2,188 281 1,907

Mar.................... 90,350 1,284 6 1,279 57 - 57 3,494 - 3,494 1,700 154 1,545

Apr .................... 112,364 1,083 - 1,083 51 - 51 3,057 - 3,057 3,413 98 3,315

May ................... 91,570 1,229 4 1,225 48 - 48 3,371 - 3,371 2,553 1,499 1,054

June .................. 90,211 1,083 - 1,083 33 - 33 2,804 - 2,804 3,335 806 2,529 Fiscal year 2014 to date..... 784,480 9,219 10 9,210 400 - 400 26,414 - 26,414 25,430 3,438 21,990
FEDERAL FISCAL OPERATIONS 

September 2014 

17

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) 

 

2009 ....................... 4,703 6,643 114,436 10,720 636,772 53,387 23,684 796,266 51,720 61,018 11,778 27,713 138,156

2010 ....................... 5,838 7,185 129,454 13,233 666,717 92,858 30,775 854,060 44,455 60,143 13,163 29,558 173,053

2011 ....................... 4,583 7,295 139,394 9,930 678,077 64,271 31,371 891,245 45,744 57,008 13,529 30,518 131,973

2012 ....................... 4,438 7,228 139,712 10,267 650,869 57,248 32,485 848,055 47,423 49,591 12,886 31,161 104,742

2013 ....................... 4,328 7,066 155,897 9,137 607,801 40,910 24,677 886,293 57,220 56,577 9,605 29,740 80,309 2014 - Est............... 4,740 7,281 149,191 8,213 593,343 65,619 27,773 957,978 51,628 42,121 12,834 28,651 76,507

2015 - Est............... 4,694 7,584 139,727 9,607 584,319 76,334 29,374 1,010,384 47,456 38,088 13,702 33,859 68,094 2013 - June ............ 310 501 10,443 802 42,282 -9,296 2,577 53,035 3,812 1,828 1,552 1,700 5,955

July ............. 324 576 10,801 680 48,904 4,699 1,900 78,891 3,621 7,089 633 2,568 6,750

Aug ............. 345 669 10,859 682 53,367 7,028 1,650 94,535 3,633 2,289 1,153 2,428 5,972

Sept ............ 374 557 9,409 814 47,859 2,185 2,099 53,399 4,947 24,031 1,151 2,617 4,379

Oct.............. 358 573 17,910 512 57,391 2,857 2,331 76,630 3,592 2,916 1,194 2,830 3,887

Nov ............. 344 533 13,860 625 47,209 5,503 1,809 88,798 3,598 3,383 959 2,503 5,752

Dec ............. 329 532 13,882 669 49,890 5,620 2,192 58,709 3,674 3,226 435 69 6,888

2014 - Jan .............. 340 677 12,424 615 50,472 760 1,783 93,186 3,573 3,255 834 2,316 6,063

Feb ............. 311 501 11,050 614 44,361 4,760 1,644 72,231 3,045 3,301 667 1,551 5,118

Mar ............. 374 604 10,983 816 44,888 6,161 2,049 59,649 4,022 6,091 1,061 3,305 4,502

Apr.............. 323 542 10,568 668 47,200 5,175 2,023 79,352 3,218 3,197 1,256 2,610 3,884

May............. 337 534 10,018 623 48,891 5,164 1,710 95,432 3,074 1,042 788 1,975 4,376

June............ 325 578 11,255 631 41,759 10,969 1,894 60,220 3,626 3,133 1,180 1,946 3,872 

Fiscal year 2014 

 to date ...................... 3,041 5,074 111,950 5,773 432,061 46,969 17,435 684,207 31,422 29,544 8,374 19,105 44,342

 

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) 

 2009 ....................... 21,430 73,006 383,073 318,701 95,454 6,840 57,276 8,070 742 320 14,801

2010 ....................... 23,804 77,751 413,955 30,385 108,275 9,875 54,031 11,007 583 861 20,040

2011 ....................... 24,334 77,302 454,015 82,720 126,917 10,138 54,775 10,770 484 1,889 20,601

2012 ....................... 26,948 75,148 359,240 105,456 124,127 7,777 77,316 12,794 405 1,754 20,060

2013 ....................... 25,928 76,317 415,671 -16,618 138,463 6,301 56,811 9,485 380 -368 19,745 2014 - Est............... 27,770 80,531 427,219 41,937 150,682 7,153 57,877 8,128 392 -477 20,359

2015 - Est............... 28,954 84,252 454,903 117,690 158,039 7,745 57,368 8,379 506 488 21,577 2013 - June ............ 1,615 6,460 93,032 -63,386 7,150 437 1,153 604 28 -103 3,150

July............. 2,357 6,883 25,077 2,746 11,145 472 4,661 553 29 -67 662

Aug............. 1,714 7,730 25,488 2,619 17,996 389 8,299 782 36 105 1,499

Sept............ 4,153 8,715 19,844 -40,438 6,975 556 908 938 34 -186 1,821

Oct.............. 2,218 6,903 15,799 2,248 12,126 725 5,403 790 23 76 1,425

Nov............. 2,488 6,542 22,327 2,330 16,954 529 9,112 730 34 -21 774

Dec............. 2,362 6,425 87,712 -36,745 11,647 513 5,986 613 29 -158 2,461

2014 - Jan .............. 1,689 4,685 19,499 2,995 13,200 474 5,347 823 39 64 1,130

Feb............. 1,424 4,861 21,266 63,438 11,983 455 4,844 601 29 -134 3,298

Mar............. 2,361 5,153 26,270 -8,958 8,231 545 460 626 27 -140 1,001

Apr.............. 3,000 6,222 31,100 11,809 12,944 524 3,152 774 34 127 739

May ............ 1,650 4,976 32,081 6,483 17,596 622 8,398 624 30 80 1,687

June ........... 1,824 7,537 97,566 -5,403 6,202 488 495 797 26 -153 2,545 Fiscal year 2014 

 to date...................... 19,016 53,304 353,620 38,197 110,883 4,875 43,197 6,378 271 -259 15,060

 

See footnotes at end of table.
FEDERAL FISCAL OPERATIONS 

September 2014 

18 

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) 

 

2009 .................. 19,168 5,958 72,302 2,246 727,549 50,356 -70,656 -181,561 -5,293 -16,690 3,003,070 517,018

2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684

2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609

2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589

2013 .................. 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815

 

2014 - Est.......... 17,063 7,051 92,419 365 914,368 18,717 -81,880 -158,042 -8,151 1,166 2,939,299 711,227

2015 - Est.......... 18,076 8,103 93,362 1,057 961,206 18,575 -83,681 -152,904 -8,045 42,117 3,143,368 757,621

 

2013 - June ....... 1,278 674 6,377 106 72,962 3,386 -5,402 -74,458 -437 - 150,562 19,564

July........ 1,422 650 7,673 96 72,777 2,639 -5,419 -2,716 -1,450 - 237,755 59,872

Aug........ 1,490 851 6,908 111 77,509 3,298 -5,678 -2,095 -369 - 265,356 67,937

Sept....... 1,743 760 6,990 105 68,976 -2,314 -5,766 -444 -827 - 158,930 67,436

Oct......... 968 504 7,662 89 72,920 1,450 -19,361 5,134 -571 - 225,419 64,093

Nov........ 1,617 653 7,216 96 77,828 85 -5,246 -1,150 -93 - 250,867 66,813

Dec........ 1,880 480 6,652 81 74,058 -3,365 -5,240 -70,528 -980 - 212,435 17,566

2014 - Jan ......... 1,160 486 7,766 76 74,749 3,270 -5,636 -1,337 -531 - 244,403 61,844

Feb ........ 1,252 510 6,857 -709 74,759 1,199 -5,240 -1,487 -481 - 269,430 68,450

Mar........ 1,593 498 7,538 84 71,021 -237 -5,580 -1,725 -541 - 183,524 69,208

Apr......... 1,255 534 8,206 77 75,696 1,558 -5,047 -4,762 -575 - 245,856 61,527

May ....... 1,344 520 6,929 86 80,291 1,813 -5,758 -3,340 -213 - 260,468 69,392

June ...... 1,410 612 6,733 79 76,112 -5,256 -5,316 -72,867 -1,693 - 228,600 24,528 Fiscal year 2014 

to date................ 12,479 4,797 65,559 -41 677,434 517 -62,424 -152,062 -5,678 - 2,121,002 503,421 

Note.—These estimates are based on the President’s Budget for Fiscal Year 2015, 

released by the Office of Management and Budget on March 4, 2014. 

Note.—Outlays for the month of March 2014 were decreased by $5 million and $1 million 

respectively to reflect additional reporting for the Agency for International Development and 

the Railroad Retirement Board in June 2014. 

- No transactions. 

Detail may not add to totals due to rounding. 
FEDERAL FISCAL OPERATIONS 

September 2014 

19

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

June 2014 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............................................... 1,045,742 17 - 1,045,759 992,134 34 - 992,168

Corporation income taxes........................................... 235,018 - * 235,018 205,591 - - 205,591

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 562,041 562,041 - - 505,474 505,474

Employment and general retirement (on-budget)... - - 175,253 175,253 - - 161,483 161,483

Unemployment insurance ....................................... - - 44,613 44,613 - - 46,137 46,137

Other retirement...................................................... - - 2,572 2,572 - - 2,674 2,674

Excise taxes ................................................................ 19,331 943 37,738 58,012 22,267 883 36,219 59,369

Estate and gift taxes ................................................... 13,935 - - 13,935 14,953 - - 14,953

Customs duties ........................................................... 16,095 7,444 1,186 24,725 15,009 6,927 1,195 23,131

Miscellaneous receipts................................................ 80,148 15,033 1,456 96,637 60,756 13,087 2,319 76,162

Total receipts....................................................... 1,410,269 23,437 824,859 2,258,565 1,310,710 20,931 755,502 2,087,143

(On-budget)..................................................... 1,410,269 23,437 262,818 1,696,524 1,310,710 20,931 250,028 1,581,669

(Off-budget)..................................................... - - 562,041 562,041 - - 505,474 505,474

Budget outlays: 

Legislative branch ....................................................... 3,045 -1 -3 3,040 3,245 24 17 3,286

Judicial branch ............................................................ 5,262 -144 -43 5,074 5,029 296 -63 5,262

Department of Agriculture ........................................... 93,190 18,114 646 111,950 99,602 24,692 532 124,826

Department of Commerce........................................... 5,699 60 15 5,775 6,699 258 4 6,961

Department of Defense-military .................................. 430,634 1,331 94 432,060 455,203 2,276 192 457,671

Department of Education ............................................ 46,798 169 1 46,969 26,842 156 * 26,998

Department of Energy................................................. 19,389 -1,953 * 17,436 20,554 -1,528 * 19,026

Department of Health and Human Services ............... 511,946 -307 172,570 684,210 470,775 -322 189,015 659,468

Department of Homeland Security.............................. 34,390 -3,243 277 31,424 39,942 4,909 167 45,018

Department of Housing and Urban Development....... 29,950 -411 4 29,543 23,420 -255 2 23,167

Department of the Interior........................................... 8,018 63 292 8,373 8,107 -1,819 381 6,669

Department of Justice ................................................. 17,311 1,821 -28 19,104 20,688 1,473 -32 22,129

Department of Labor................................................... 12,795 -229 31,776 44,342 38,827 -434 24,816 63,208

Department of State.................................................... 18,907 -401 509 19,015 17,160 21 522 17,703

Department of Transportation..................................... 19,314 -242 34,231 53,303 16,511 -138 36,619 52,992

Department of the Treasury: 

Interest on the public debt....................................... 353,620 - - 353,620 345,261 - - 345,261

Other ....................................................................... 38,311 -332 218 38,197 18,317 -166 302 18,453

Department of Veterans Affairs .................................. 112,356 -2,193 721 110,884 103,759 -2,126 716 102,348

Corps of Engineers ..................................................... 3,986 102 787 4,875 4,743 119 20 4,882

Other defense civil programs...................................... 81,228 -2,840 -30,317 43,197 73,988 -4,246 -26,798 42,945

Environmental Protection Agency............................... 6,803 -85 -340 6,378 7,301 -44 -45 7,212

Executive Office of the President................................ 270 * - 270 281 * - 281

General Services Administration ................................ 50 -310 - -260 22 -242 - -221

International Assistance Program............................... 17,003 -427 -1,515 15,059 16,868 -428 -681 15,759

National Aeronautics and Space Administration ........ 12,506 -28 1 12,480 12,360 -40 1 12,321

National Science Foundation...................................... 4,730 62 4 4,796 5,077 71 9 5,157

Office of Personnel Management ............................... 8,539 -1,355 58,375 65,559 8,242 -1,387 55,442 62,297

Small Business Administration ................................... -32 -9 - -42 180 -16 * 164

Social Security Administration .................................... 59,697 * 617,737 677,434 89,712 * 558,419 648,131

Other independent agencies....................................... 8,912 -8,802 408 518 8,213 13,109 964 22,286

Undistributed offsetting receipts: 

Interest .................................................................... - - -152,060 -152,060 - - -151,421 -151,421

Other ....................................................................... -5,678 -7,650 -54,774 -68,102 -8,816 -8,529 -55,930 -73,275

Total outlays........................................................ 1,958,949 -9,240 679,586 2,624,420 1,938,112 25,684 633,170 2,596,966

(On-budget)..................................................... 1,958,693 -6,434 174,058 2,121,000 1,937,857 28,363 192,727 2,158,397

(Off-budget)..................................................... 256 -2,806 505,528 503,421 255 -2,679 440,442 438,569

Surplus or deficit (-)............................................. -548,680 32,677 145,273 -365,855 -627,402 -4,754 122,333 -509,823

(On-budget)..................................................... -548,424 29,871 88,760 -424,476 -627,147 -7,432 57,301 -576,728

(Off-budget)..................................................... -256 2,806 56,513 58,620 -255 2,679 65,032 66,905

- No transactions. 

* Less than $500,000. 

Note.—Detail may not add to totals due to rounding. 
September 2014 

20 

INTRODUCTION: Source and Availability of the 

Balance in the Account of the U.S. Treasury

The Department of the Treasury’s (Treasury’s) operating 

cash is maintained in accounts with the Federal Reserve 

banks (FRBs) and branches, as well as in tax and loan 

accounts in other financial institutions. Major information 

sources include FRBs, Treasury Regional Financial Centers, 

Internal Revenue Service Centers, Bureau of the Fiscal 

Service, and various electronic systems. As the FRB 

accounts are depleted, funds are called in (withdrawn) from 

thousands of tax and loan accounts at financial institutions 

throughout the country. 

Under authority of Public Law 95-147 (codified at 31 

United States Code 323), Treasury implemented a program 

on November 2, 1978, to invest a portion of its operating 

cash in obligations of depositaries maintaining tax and loan 

accounts. Under the Treasury tax and loan (TT&L) 

investment program, depositary financial institutions select 

the manner in which they will participate. Financial 

institutions wishing to retain funds deposited into their tax 

and loan accounts in interest-bearing obligations can 

participate. The program permits Treasury to collect funds 

through financial institutions and to leave the funds in TT&L 

depositaries and in the financial communities in which they 

arise until Treasury needs the funds for its operations. In this 

way, Treasury is able to neutralize the effect of its 

fluctuating operations on TT&L financial institution reserves 

and on the economy. Likewise, those institutions wishing to 

remit the funds to the Treasury account at FRBs do so as 

collector depositaries. 

Deposits to tax and loan accounts occur as customers of 

financial institutions deposit tax payments that the financial 

institutions use to purchase Government securities. In most 

cases, this involves a transfer of funds from a customer’s 

account to the tax and loan account in the same financial 

institution. Also, Treasury can direct the FRBs to invest 

excess funds in tax and loan accounts directly from the 

Treasury account at the FRBs. 

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances 1

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

 Credits and withdrawals

 Federal Reserve accounts

 Credits 2 Tax and loan note accounts

Fiscal year or month 

Received directly 

(1) 

Received through 

remittance option tax 

and loan depositaries 

(2) 

Withdrawals 3 

(3) 

Taxes 4 

(4) 

Withdrawals 

(transfers to Federal 

Reserve accounts) 

(5) 

 

2009 ................................................ 11,577,153 482,146 12,118,510 1,398,542 1,435,675 

2010 ................................................ 11,016,385 556,403 11,538,208 1,362,591 1,362,604 

2011 ................................................ 10,508,615 592,338 11,352,518 1,366,003 1,366,181 

2012 ................................................ 9,656,367 1,357,452 10,984,657 700,687 702,492 

2013 ................................................ 9,451,987 2,297,190 11,746,237 - -

 2013 - June ............................ 653,891 217,151 770,866 - -

July ............................. 735,024 173,251 933,439 - -

Aug ............................. 753,024 156,275 992,856 - -

Sept............................ 881,837 225,937 1,045,523 - -

Oct.............................. 836,083 165,149 1,006,617 - -

Nov ............................. 612,157 161,051 822,776 - -

Dec ............................. 790,907 257,396 919,337 - -

2014 - Jan .............................. 697,799 201,482 973,107 - -

Feb ............................. 704,769 183,522 930,834 - -

Mar ............................. 665,183 237,948 806,971 - -

Apr.............................. 783,716 249,850 1,027,413 - -

May............................. 666,537 169,528 955,514 - -

June............................ 778,049 246,092 913,735 - -

 

See footnotes at end of table. 
ACCOUNT OF THE U.S. TREASURY 

September 2014 

21

TABLE UST-1.—Elements of Change in Federal Reserve 

and Tax and Loan Note Account Balances, continued 1

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

Balances

 During period

End of period High Low Average 

Fiscal year 

or month 

Federal 

Reserve 

(6) 

SFP 

(7) 

Tax and 

loan 

note 

accounts 

(8) 

Federal 

Reserve

(9) 

SFP 

(10) 

Tax and 

loan 

note 

accounts

(11) 

Federal 

Reserve 

(12) 

SFP 

(13) 

Tax and 

loan 

note 

accounts 

(14) 

Federal 

Reserve 

(15) 

SFP 

(16) 

Tax and 

loan 

note 

accounts 

(17) 

 

2009 ....................... 108,324 164,945 1,996 136,672 558,864 79,897 3,987 - 284 52,381 144,538 4,161 

2010 ....................... 107,888 199,962 1,983 186,632 199,965 2,630 3,191 - 62 53,632 115,525 1,957 

2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 

2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - -

2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - -

 

2013 - June ............ 134,858 - - 134,858 - - 11,476 - - 72,062 - -

July ............. 109,693 - - 128,534 - - 49,324 - - 74,309 - -

Aug ............. 26,135 - - 79,176 - - 25,064 - - 51,378 - -

Sept............ 88,386 - - 94,495 - - 16,949 - - 40,252 - -

Oct.............. 83,001 - - 83,001 - - 23,393 - - 37,782 - -

Nov ............. 33,433 - - 67,234 - - 23,564 - - 43,720 - -

Dec ............. 162,399 - - 162,399 - - 20,065 - - 68,305 - -

2014 - Jan .............. 88,573 - - 162,399 - - 68,961 - - 93,059 - -

Feb ............. 46,029 - - 88,573 - - 21,331 - - 48,450 - -

Mar ............. 142,189 - - 142,189 - - 42,797 - - 78,169 - -

Apr.............. 148,343 - - 150,955 - - 82,458 - - 31,754 - -

May............. 28,894 - - 103,725 - - 55,900 - - 22,950 - -

June............ 139,299 - - 148,000 - - 77,299 - - 26,031 - -

 

 1 This report does not include Supplementary Financing Program (SFP) balances.

2

 Represents transfers from tax and loan note accounts, proceeds from sales of securities 

other than Government account series, and taxes. 

3

 Represents checks paid, wire transfer payments, drawdowns on letters of credit, 

redemptions of securities other than Government account series, and investment (transfer) 

of excess funds out of this account to the tax and loan note accounts. 

4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 

depositaries as follows: withheld income taxes beginning March 1948; taxes on employers 

and employees under the Federal Insurance Contributions Act beginning January 1950 

and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes 

beginning July 1953; estimated corporation income taxes beginning April 1967; all 

corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act 

taxes beginning April 1970; and individual estimated income taxes beginning October 1988. 
September 2014 

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 nonmarketabletes at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities 

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of 

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities 

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
FEDERAL DEBT 

September 2014 

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) 

 

2009............................... 11,933,031 11,909,828 23,203 4,355,292 4,355,291 1 7,577,739 7,554,537 23,202

2010............................... 13,585,596 13,561,622 23,974 4,534,014 4,534,011 3 9,051,582 9,027,611 23,971

2011............................... 14,815,328 14,790,340 24,988 4,658,307 4,658,301 6 10,157,021 10,132,039 24,982

2012............................... 16,090,640 16,066,241 24,399 4,791,850 4,791,845 5 11,298,790 11,274,396 24,394

2013............................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098

 

2013 - June.................... 16,763,286 16,738,319 24,967 4,831,752 4,831,746 5 11,931,534 11,906,573 24,962

July..................... 16,763,730 16,738,599 25,131 4,816,157 4,816,151 5 11,947,573 11,922,447 25,126

Aug..................... 16,763,581 16,738,649 24,932 4,766,719 4,766,714 5 11,996,862 11,971,936 24,926

Sept.................... 16,763,286 16,738,183 25,103 4,757,211 4,757,205 5 12,006,076 11,980,978 25,098

Oct ..................... 17,181,230 17,156,117 25,113 4,969,004 4,968,998 5 12,212,226 12,187,119 25,108

Nov..................... 17,241,818 17,217,151 24,667 4,936,273 4,936,267 5 12,305,545 12,280,884 24,662

Dec..................... 17,376,462 17,351,970 24,492 4,996,782 4,996,776 5 12,379,680 12,355,194 24,487

2014 - Jan...................... 17,317,315 17,293,020 24,295 4,985,299 4,985,294 5 12,332,016 12,307,726 24,290

Feb..................... 17,487,306 17,463,229 24,077 4,971,041 4,971,036 5 12,516,265 12,492,193 24,072

Mar..................... 17,625,235 17,601,227 24,008 4,982,034 4,982,028 5 12,643,201 12,619,199 24,003

Apr ..................... 17,532,411 17,508,437 23,974 5,005,168 5,005,163 5 12,527,243 12,503,274 23,969

May .................... 17,540,825 17,516,958 23,867 4,979,066 4,979,061 5 12,561,759 12,537,897 23,862

June ................... 17,656,646 17,632,606 24,040 5,060,590 5,060,585 5 12,596,056 12,572,021 24,035

 

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) 

 

2009 ............................... 11,933,031 59,219 11,873,812 4,355,292 25,467 4,329,825 7,577,739 33,752 7,543,987

2010 ............................... 13,585,596 58,963 13,526,633 4,534,014 25,145 4,508,869 9,051,582 33,818 9,017,764

2011 ............................... 14,815,328 53,105 14,762,223 4,658,307 23,697 4,634,610 10,157,021 29,408 10,127,613

2012 ............................... 16,090,640 42,529 16,048,111 4,791,850 23,592 4,768,258 11,298,790 18,937 11,279,854

2013 ............................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,076 24,203 11,981,872

 

2013 - June .................... 16,763,286 41,147 16,722,139 4,831,752 22,469 4,809,283 11,931,534 18,678 11,912,856

July..................... 16,763,730 44,900 16,718,830 4,816,157 22,402 4,793,754 11,947,573 22,497 11,925,076

Aug..................... 16,763,581 44,696 16,718,885 4,766,719 22,314 4,744,405 11,996,862 22,383 11,974,480

Sept.................... 16,763,286 46,496 16,716,791 4,757,211 22,292 4,734,919 12,006,076 24,203 11,981,872

Oct...................... 17,181,230 54,048 17,127,182 4,969,004 27,834 4,941,170 12,212,226 26,214 12,186,013

Nov..................... 17,241,818 53,974 17,187,845 4,936,273 27,594 4,908,679 12,305,545 26,380 12,279,166

Dec..................... 17,376,462 54,420 17,322,042 4,996,782 27,548 4,969,234 12,379,680 26,872 12,352,809

2014 - Jan ...................... 17,317,315 55,224 17,262,090 4,985,299 27,500 4,957,798 12,332,016 27,724 12,304,291

Feb ..................... 17,487,306 55,662 17,431,644 4,971,041 27,250 4,943,791 12,516,265 28,412 12,487,853

Mar..................... 17,625,235 55,549 17,569,686 4,982,034 27,152 4,954,881 12,643,201 28,397 12,614,805

Apr...................... 17,532,411 54,928 17,477,484 5,005,168 27,074 4,978,095 12,527,243 27,854 12,499,389

May .................... 17,540,825 54,672 17,486,154 4,979,066 26,984 4,952,082 12,561,759 27,688 12,534,072

June ................... 17,656,646 54,540 17,602,106 5,060,590 26,931 5,033,658 12,596,056 27,609 12,568,448

 
FEDERAL DEBT 

September 2014

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) 

2009 .......................... 192,452 - 4,886 118,636 216,488 29,995 1,466

2010 .......................... 188,796 - 4,186 129,355 193,208 29,995 1,340

2011 .......................... 185,187 - 2,986 151,346 151,831 29,995 1,386

2012 .......................... 183,661 - 2,986 162,880 158,514 29,995 1,380

2013 .......................... 180,022 - 2,986 60,445 124,079 29,995 1,353

 

2013 - June ............... 180,958 - 2,986 155,293 154,875 29,995 1,317

July................ 180,630 - 2,986 99,954 138,083 29,995 1,355

Aug................ 180,270 - 2,986 57,550 127,632 29,995 1,369

Sept............... 180,022 - 2,986 60,445 124,079 29,995 1,353

Oct................. 179,792 - 2,986 180,786 120,597 29,995 1,345

Nov................ 179,608 - 2,986 179,952 118,936 29,995 1,382

Dec................ 179,226 - 2,986 179,999 115,488 29,995 1,440

2014 - Jan ................. 178,859 - 2,986 182,465 110,348 29,995 1,420

Feb ................ 178,679 - 2,986 184,273 107,175 29,995 1,386

Mar................ 178,372 - 2,986 186,051 108,536 29,995 1,358

Apr................. 178,128 - 2,986 185,732 112,423 29,995 1,376

May ............... 178,000 - 2,986 188,739 112,277 29,995 1,431

June .............. 177,677 - 2,986 186,544 111,858 29,995 1,454

 

 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) 

 

2009 .......................... 7,551,862 6,987,937 1,986,173 3,772,964 677,491 551,308 - 563,924

2010 .......................... 9,022,808 8,475,928 1,783,675 5,252,585 846,054 593,614 - 546,880

2011 .......................... 10,127,031 9,604,300 1,475,557 6,406,983 1,016,407 705,352 - 522,731

2012 .......................... 11,269,586 10,730,170 1,613,026 7,114,960 1,194,715 807,469 - 539,415

2013 .......................... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 - 398,879

 

2013 - June ............... 11,901,292 11,375,869 1,568,076 7,574,018 1,320,622 913,153 - 525,424

July................ 11,917,023 11,464,020 1,553,784 7,672,139 1,333,834 904,262 - 453,003

Aug................ 11,967,014 11,567,212 1,635,748 7,658,872 1,350,079 922,513 - 399,802

Sept............... 11,976,279 11,577,400 1,527,909 7,750,336 1,363,114 936,041 - 398,879

Oct................. 12,187,370 11,671,868 1,543,471 7,804,727 1,379,099 944,571 - 515,502

Nov................ 12,281,126 11,768,268 1,619,345 7,795,110 1,395,101 958,712 - 512,858

Dec................ 12,355,427 11,846,292 1,590,563 7,875,065 1,408,110 972,555 - 509,134

2014 - Jan ................. 12,308,143 11,802,070 1,484,438 7,922,464 1,421,110 959,058 15,000 506,073

Feb ................ 12,492,550 11,988,056 1,612,321 7,942,678 1,437,113 967,944 28,000 504,494

Mar................ 12,619,319 12,112,021 1,650,233 7,986,238 1,450,114 984,436 41,000 507,298

Apr................. 12,503,468 11,992,829 1,457,136 8,027,406 1,463,107 989,179 56,001 510,640

May ............... 12,538,030 12,024,603 1,447,025 8,021,081 1,479,104 1,008,398 68,995 513,427

June .............. 12,572,220 12,061,707 1,386,402 8,082,061 1,492,100 1,019,148 81,995 510,513
FEDERAL DEBT 

September 2014 

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) 

 

2009 ..................... 2,296,316 3,313 61,764 11,484 8,735 4,239 405 19,628 683,808

2010 ..................... 2,399,111 3,388 70,982 24,455 8,161 1,142 506 18,703 759,426

2011 ..................... 2,492,531 3,374 70,446 16,302 7,541 1,207 696 16,030 855,991

2012 ..................... 2,586,697 3,424 69,324 9,970 6,912 1,533 704 20,673 931,045

2013 ..................... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731

 

2013 - June .......... 2,672,229 3,425 69,175 9,332 6,500 3,415 515 28,951 985,291

July........... 2,668,964 3,425 68,283 8,018 6,416 3,845 606 26,646 929,127

Aug........... 2,660,513 3,425 60,152 4,815 6,336 2,969 506 30,029 882,471

Sept.......... 2,655,599 825 67,385 1,957 6,256 2,860 788 29,478 886,731

Oct............ 2,646,434 825 73,472 12,589 6,178 2,488 678 27,655 1,102,460

Nov........... 2,636,662 825 67,127 11,386 6,113 3,204 447 30,178 1,096,078

Dec........... 2,674,490 826 74,882 10,020 6,179 4,350 455 27,845 1,091,736

2014 - Jan ............ 2,684,148 826 67,954 9,083 6,109 3,858 737 26,255 1,091,927

Feb ........... 2,676,216 826 69,777 9,819 6,035 4,180 809 29,468 1,093,642

Mar........... 2,678,624 826 78,352 9,885 5,945 4,225 638 29,969 1,095,532

Apr............ 2,695,194 826 76,596 9,852 5,854 5,005 652 27,511 1,100,002

May .......... 2,687,933 826 68,131 9,966 5,780 5,196 584 37,016 1,100,570

June ......... 2,732,025 827 77,336 6,896 5,837 5,429 553 36,063 1,103,301

 

 

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) 

 

2009 .................. 4,454,316 7,829 16,076 36,146 18,615 207,932 757,656 309,702 10,668

2010 .................. 4,645,280 7,045 37,441 37,605 20,436 187,222 785,988 279,475 4,194

2011 .................. 4,793,916 8,641 34,926 39,678 22,721 161,965 811,768 245,939 4,160

2012 .................. 4,939,455 10,245 35,248 41,250 22,680 132,345 836,336 228,292 2,777

2013 .................. 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3

 

2013 - June ....... 4,972,693 11,699 31,972 41,781 22,673 111,225 744,014 216,653 13,843

July........ 4,901,566 11,451 32,844 41,783 22,674 107,700 743,967 210,013 15,804

Aug........ 4,809,725 11,550 32,712 41,575 22,669 103,821 731,172 197,327 17,683

Sept....... 4,803,100 11,808 36,864 41,951 22,669 100,791 731,125 206,010 3

Oct......... 5,125,910 12,435 36,930 41,991 22,671 96,175 840,669 202,257 3

Nov........ 5,092,114 13,063 37,608 42,133 22,666 92,283 836,390 195,948 3

Dec........ 5,152,908 12,650 40,682 42,145 22,667 90,723 848,005 205,250 3

2014 - Jan ......... 5,143,596 12,571 40,343 42,202 22,667 89,430 843,830 201,653 3

Feb ........ 5,131,071 12,366 41,487 42,394 22,660 86,073 839,427 195,892 -

Mar........ 5,143,995 12,182 43,424 42,409 22,661 84,280 835,328 199,715 -

Apr......... 5,166,533 11,867 43,247 42,386 22,662 84,208 830,408 210,263 -

May ....... 5,143,360 11,862 43,686 42,614 22,654 80,757 826,494 199,291 -

June ...... 5,223,926 12,048 46,525 42,649 22,654 80,178 838,923 212,682 -

 
FEDERAL DEBT 

September 2014

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) 

 

2009 ............................ 23,203 33 144 22,834 193 *

2010 ............................ 23,974 29 139 23,627 180 *

2011 ............................ 24,988 29 133 24,660 166 *

2012 ............................ 24,399 19 128 24,103 151 *

2013 ............................ 25,103 19 130 24,821 134 *

 

2013 - June ................. 24,967 19 127 24,678 142 *

July.................. 25,131 19 128 24,842 142 *

Aug.................. 24,932 19 128 24,651 134 *

Sept................. 25,103 19 130 24,821 134 *

Oct................... 25,113 19 131 24,830 134 *

Nov.................. 24,667 19 131 24,384 134 *

Dec.................. 24,492 19 132 24,207 134 *

2014 - Jan ................... 24,295 19 133 24,009 134 *

Feb .................. 24,077 19 126 23,808 124 *

Mar.................. 24,008 19 118 23,747 124 *

Apr................... 23,974 19 119 23,712 124 *

May ................. 23,867 19 111 23,613 124 *

June ................ 24,040 19 112 23,785 124 *

 

 

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

September 2014 

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) 

2009 ............................... 6,228,565 2,604,676 2,074,723 994,688 350,550 203,928 49

2010 ............................... 7,676,335 2,479,518 2,955,561 1,529,283 340,861 371,112 57

2011 ............................... 7,951,366 2,503,926 3,084,882 1,543,847 309,151 509,559 60

2012 ............................... 9,039,954 2,896,780 3,851,873 1,487,726 270,921 532,654 55

2013 ............................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55

 

2013 - June .................... 9,394,294 2,952,585 4,066,202 1,566,245 246,724 562,539 55

July ..................... 9,495,318 2,949,386 4,126,062 1,612,954 245,489 561,427 55

Aug ..................... 9,492,159 3,034,960 4,062,450 1,598,970 231,820 563,958 54

Sept.................... 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55

Oct...................... 9,562,172 2,969,441 4,127,631 1,663,688 230,610 570,803 54

Nov ..................... 9,548,526 3,055,713 4,057,019 1,633,795 228,844 573,155 54

Dec ..................... 9,645,574 3,039,316 4,134,538 1,671,970 227,589 572,162 54

2014 - Jan ...................... 9,565,688 2,942,227 4,146,056 1,678,072 226,498 572,835 54

Feb ..................... 9,713,076 3,099,149 4,144,108 1,655,880 225,820 588,119 54

Mar ..................... 9,800,825 3,146,575 4,150,514 1,688,634 224,925 590,178 54

Apr...................... 9,651,168 2,969,417 4,146,535 1,716,264 224,442 594,510 55

May..................... 9,587,683 2,972,329 4,089,558 1,696,790 224,572 604,434 55

June.................... 9,669,966 2,914,531 4,159,795 1,754,323 224,166 617,152 56

 

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

September 2014

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) 

 

2009 ................................................ 12,104,000 11,853,434 11,853,420 14 11,909,829 14 56,408 

2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 

2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 

2012 ................................................ 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221 

2013 ................................................ 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787 

 

2013 - June ..................................... 16,699,421 16,699,396 16,699,396 - 16,738,320 - 38,925 

July ...................................... 16,699,421 16,699,396 16,699,396 - 16,738,599 - 39,203 

Aug ...................................... 16,699,421 16,699,396 16,699,396 - 16,738,650 - 39,254 

Sept..................................... 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787 

Oct. 2.................................... - 17,108,378 17,108,378 - 17,156,117 - 47,739 

Nov. 2................................... - 17,168,987 17,168,987 - 17,217,152 - 48,165 

Dec. 2................................... - 17,303,558 17,303,558 - 17,351,971 - 48,413 

2014 - Jan. 2 .................................... - 17,245,687 17,245,687 - 17,293,020 - 47,333 

Feb. 3 ................................... - 17,416,282 17,416,282 - 17,463,229 - 46,947 

Mar. 3 ................................... - 17,554,514 17,554,514 - 17,601,227 - 46,713 

Apr. 3.................................... - 17,462,107 17,462,107 - 17,508,437 - 46,331 

May 3 ................................... - 17,471,505 17,471,505 - 17,516,958 - 45,453 

June 3 .................................. - 17,588,541 17,588,541 - 17,632,606 - 44,066 

 

1 Pursuant to 31 U.S.C. 3101(b). By Act of February 4, 2013, Public Law 113-3, the Statutory 

Debt Limit has been suspended and shall not apply for the period beginning February 4, 2013, 

and ending on May 18, 2013. 

2 Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act of 2014, Public Law 

113-46, the Statutory Debt Limit has been suspended and shall not apply for the period 

beginning October 17, 2013, and ending on February 7, 2014. 

3 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, 

Public Law 113-83, the Statutory Debt Limit has been suspended and shall not 

apply for the period beginning February 7, 2014, through March 15, 2015. 
FEDERAL DEBT 

September 2014 

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) 

 

2009 ................................................ 747,566 11,617 26,074 16,675 481 778

2010 ................................................ 881,890 11,284 25,098 18,534 522 1,160

2011 ................................................ 937,923 9,349 24,883 19,438 523 1,163

2012 ................................................ 979,021 9,009 24,759 20,523 495 1,001

2013 ................................................ 1,115,182 12,135 26,069 22,111 554 908

 

2013 - June ..................................... 1,138,206 11,080 25,336 21,430 510 1,001

July...................................... 1,132,832 11,371 25,336 21,430 509 1,001

Aug...................................... 1,110,241 10,848 25,874 22,062 542 907

Sept..................................... 1,115,182 12,135 26,069 22,111 554 908

Oct....................................... 1,140,285 17,388 26,155 22,184 557 908

Nov...................................... 1,143,489 20,058 26,286 22,323 566 908

Dec...................................... 1,155,980 13,289 26,436 22,467 572 908

2014 - Jan ....................................... 1,192,962 13,962 26,539 22,593 576 908

Feb ...................................... 1,195,821 13,794 26,634 22,689 581 908

Mar...................................... 1,210,521 13,468 26,731 22,773 584 908

Apr....................................... 1,216,345 14,119 24,557 22,228 524 908

May ..................................... 1,218,904 14,676 24,700 22,374 529 908

June .................................... 1,261,877 15,812 24,815 21,474 532 908

 

 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) 

 

2009 ................................................ 234,918 2,130 4,420 5 47,107

2010 ................................................ 373,717 2,513 4,749 21 46,809

2011 ................................................ 546,321 2,943 6,032 58 45,257

2012 ................................................ 714,368 3,421 11,527 40 57,134

2013 ................................................ 851,295 3,885 25,940 139 63,061

 

2013 - June..................................... 880,835 3,890 11,527 68 61,647

July...................................... 872,629 3,915 11,527 133 62,680

Aug...................................... 861,072 3,994 11,527 139 62,927

Sept..................................... 851,295 3,885 25,940 139 63,061

Oct ...................................... 877,281 4,025 25,940 139 54,955

Nov...................................... 877,281 4,040 25,940 139 55,271

Dec...................................... 899,477 4,065 25,940 139 55,354

2014 - Jan....................................... 934,743 4,073 25,940 139 55,667

Feb...................................... 934,743 4,073 25,940 139 57,313

Mar...................................... 947,988 4,073 25,940 139 57,169

Apr ...................................... 955,498 4,206 25,940 139 56,896

May ..................................... 955,498 4,250 25,940 139 57,692

June .................................... 999,094 4,287 25,940 139 57,826

 
FEDERAL DEBT 

September 2014

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) 

 

2009 ...................................... 3,805 3,359 10,873 385,323

2010 ...................................... 7,254 3,481 11,752 374,997

2011 ...................................... 8,279 3,484 11,190 259,006

2012 ...................................... 11,301 3,402 7,920 114,117

2013 ...................................... 18,102 3,587 8,088 79,308

 

2013 - June ........................... 16,381 2,606 8,541 93,354

July............................ 18,121 2,952 8,541 92,687

Aug............................ 18,694 3,246 8,541 79,867

Sept........................... 18,102 3,587 8,088 79,308

Oct............................. 18,246 3,937 8,391 80,179

Nov............................ 18,456 4,217 8,391 79,614

Dec............................ 18,957 4,568 8,391 75,417

2014 - Jan ............................. 18,957 4,919 8,391 75,554

Feb ............................ 19,717 5,185 8,391 75,713

Mar............................ 20,237 5,513 8,374 76,625

Apr............................. 20,352 5,842 8,418 76,718

May ........................... 20,352 6,135 8,857 76,854

June .......................... 21,333 2,554 8,857 78,306

 

Note.—For the Department of Housing and Urban Development, other HUD Housing 

Programs were reclassified from “Other” to “Other Housing Programs” for fiscal year 2009 

through the current fiscal year to date. 

Note.—Detail may not add to totals due to rounding. 
31 

September 2014 

INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

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

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

date. Each outstanding marketable security is listed in the 

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

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

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

the consolidation of the Financial Management Service and 

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

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

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

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

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

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

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

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

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

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

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

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

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

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

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

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: APRIL-JUNE 

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

A P R I L 

Auction of 52-Week Bills 

On March 27, 2014, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

April 3, and will mature April 2, 2015. The issue was to 

refund $114,998 million of all maturing bills and to pay down 

approximately $16,998 million. Treasury auctioned the bills 

on April 1. Tenders totaled $124,763 million; Treasury 

accepted $25,001 million. That included $176 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.125 percent. 

Auction of 3-Year Notes 

On April 3, 2014, Treasury announced it would auction 

$30,000 million of 3-year notes. The issue was to refund 

$50,478 million of securities maturing April 15 and to raise 

new cash of approximately $13,522 million. 

The 3-year notes of Series AL-2017 were dated and issued 

April 15. They are due April 15, 2017, with interest payable 

on October 15 and April 15 until maturity. Treasury set an 

interest rate of 0-7/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

eastern time (e.t.) for noncompetitive tenders and before 1:00 

p.m. e.t. for competitive tenders on April 8. Tenders totaled 

$100,830 million; Treasury accepted $30,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.895 percent with an 

equivalent price of $99.940929. Treasury accepted in full all 

competitive tenders at yields lower than 0.895 percent. 

Tenders at the high yield were allotted 10.58 percent. The 

median yield was 0.873 percent, and the low yield was 0.819 

percent. Noncompetitive tenders totaled $43 million. 

Competitive tenders accepted from private investors totaled 

$29,857 million. The minimum par amount required for 

Separate Trading of Registered Interest and Principal 

Securities (STRIPS) of notes of Series AL-2017 is $100. 

Auction of 9-Year 10-Month 2-3/4 Percent Notes 

On April 3, 2014, Treasury announced it would auction 

$21,000 million of 9-year 10-month 2-3/4 percent notes. The 

issue was to refund $50,478 million of securities maturing 

April 15 and to raise new cash of approximately $13,522 

million. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

32 

The 9-year 10-month notes of Series B-2024 were dated 

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

2024, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 9. Tenders totaled $57,918 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.720 percent with an 

equivalent price of $100.253350. Treasury accepted in full all 

competitive tenders at yields lower than 2.720 percent. 

Tenders at the high yield were allotted 49.72 percent. The 

median yield was 2.686 percent, and the low yield was 2.610 

percent. Noncompetitive tenders totaled $27 million. 

Competitive tenders accepted from private investors totaled 

$20,973 million. Accrued interest of $4.48204 per $1,000 

must be paid for the period from February 15 to April 15. The 

minimum par amount required for STRIPS of notes of Series 

B-2024 is $100. 

Auction of 29-Year 10-Month 3-5/8 Percent Bonds 

On April 3, 2014, Treasury announced it would auction 

$13,000 million of 29-year 10-month 3-5/8 percent bonds. 

The issue was to refund $50,478 million of securities 

maturing April 15 and to raise new cash of approximately 

$13,522 million. 

The 29-year 10-month bonds of February 2044 were dated 

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

2044, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 10. Tenders totaled $32,734 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.525 percent with an 

equivalent price of $101.829866. Treasury accepted in full all 

competitive tenders at yields lower than 3.525 percent. 

Tenders at the high yield were allotted 27.57 percent. The 

median yield was 3.486 percent, and the low yield was 3.430 

percent. Noncompetitive tenders totaled $5 million. 

Competitive tenders accepted from private investors totaled 

$12,995 million. Accrued interest of $5.90815 per $1,000 

must be paid for the period from February 15 to April 15. The 

minimum par amount required for STRIPS of bonds of 

February 2044 is $100. 

Auction of 5-Year Treasury Inflation-Protected 

Security (TIPS) 

On April 10, 2014, Treasury announced it would auction 

$18,000 million of 5-year TIPS. The issue was to refund 

$72,152 million of securities maturing April 30 and to raise 

new cash of approximately $56,848 million. 

The 5-year TIPS of Series X-2019 were dated April 15 

and issued April 30. They are due April 15, 2019, with interest 

payable on October 15 and April 15 until maturity. Treasury 

set an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on April 17. Tenders totaled $48,608 

million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of -0.213 percent with an 

equivalent adjusted price of $101.874051. Treasury accepted 

in full all competitive tenders at yields lower than -0.213 

percent. Tenders at the high yield were allotted 99.13 percent. 

The median yield was -0.240 percent, and the low yield was 

-0.290 percent. Noncompetitive tenders totaled $62 million. 

Competitive tenders accepted from private investors totaled 

$17,938 million. Adjusted accrued interest of $0.05132 per 

$1,000 must be paid for the period from April 15 to April 30. 

Both the unadjusted price of $101.685932 and the unadjusted 

accrued interest of $0.05123 were adjusted by an index ratio 

of 1.00185, for the period from April 15 to April 30. The 

minimum par amount required for STRIPS of TIPS of Series 

X-2019 is $100. 

Auction of 2-Year Notes 

On April 17, 2014, Treasury announced it would auction 

$32,000 million of 2-year notes. The issue was to refund 

$72,152 million of securities maturing April 30 and to raise 

new cash of approximately $56,848 million. 

The 2-year notes of Series AY-2016 were dated and issued 

April 30. They are due April 30, 2016, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 0-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

 Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 22. Tenders totaled $107,044 

million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.447 percent with an 

equivalent price of $99.856801. Treasury accepted in full all 

competitive tenders at yields lower than 0.447 percent. 

Tenders at the high yield were allotted 49.77 percent. The 

median yield was 0.435 percent, and the low yield was 0.379 

percent. Noncompetitive tenders totaled $140 million. 

Competitive tenders accepted from private investors totaled 

$31,760 million. The minimum par amount required for 

STRIPS of notes of Series AY-2016 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

33

Auction of 5-Year Notes 

On April 17, 2014, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$72,152 million of securities maturing April 30 and to raise 

new cash of approximately $56,848 million. 

The 5-year notes of Series Y-2019 were dated and issued 

April 30. They are due April 30, 2019, with interest payable 

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 1-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 23. Tenders totaled $97,524 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.732 percent with an 

equivalent price of $99.489624. Treasury accepted in full all 

competitive tenders at yields lower than 1.732 percent. 

Tenders at the high yield were allotted 44.33 percent. The 

median yield was 1.700 percent, and the low yield was 1.630 

percent. Noncompetitive tenders totaled $51 million. 

Competitive tenders accepted from private investors totaled 

$34,949 million. The minimum par amount required for 

STRIPS of notes of Series Y-2019 is $100. 

Auction of 7-Year Notes 

On April 17, 2014, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$72,152 million of securities maturing April 30 and to raise 

new cash of approximately $56,848 million. 

The 7-year notes of Series K-2021 were dated and issued 

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

on October 31 and April 30 until maturity. Treasury set an 

interest rate of 2-1/4 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 24. Tenders totaled $75,369 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.317 percent with an 

equivalent price of $99.569351. Treasury accepted in full all 

competitive tenders at yields lower than 2.317 percent. 

Tenders at the high yield were allotted 47.26 percent. The 

median yield was 2.278 percent, and the low yield was 2.210 

percent. Noncompetitive tenders totaled $21 million. 

Competitive tenders accepted from private investors totaled 

$28,979 million. The minimum par amount required for 

STRIPS of notes of Series K-2021 is $100. 

Auction of 2-Year Floating Rate Notes (FRN) 

On April 24, 2014, Treasury announced it would auction 

$15,000 million of 2-year FRNs. The issue was to refund 

$72,152 million of securities maturing April 30 and to raise 

new cash of approximately $56,848 million. 

The 2-year FRNs of Series AZ-2016 were dated and 

issued April 30. They are due April 30, 2016, with interest 

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

maturity. Treasury set a spread of 0.069 percent after 

determining which tenders were accepted on a discount 

margin basis. 

Treasury received tenders for the FRNs before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on April 29. Tenders totaled $69,635 

million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.069 percent 

with an equivalent price of $100.000000. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.069 percent. Tenders at the high discount margin were 

allotted 28.02 percent. The median discount margin was 0.066 

percent, and the low discount margin was 0.050 percent. 

Noncompetitive tenders totaled $30 million. Competitive 

tenders accepted from private investors totaled $14,971 

million. 

M A Y 

52-Week Bills 

On April 24, 2014, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

May 1, and will mature April 30, 2015. The issue was to 

refund $105,999 million of all maturing bills and to pay down 

approximately $7,999 million. Treasury auctioned the bills on 

April 29. Tenders totaled $112,504 million; Treasury accepted 

$25,000 million. That included $120 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.105 percent. 

May Quarterly Financing 

On April 30, 2014, Treasury announced it would auction 

$29,000 million of 3-year notes, $24,000 million of 10-year 

notes, and $16,000 million of 30-year bonds to refund 

$59,303 million of securities maturing May 15 and to raise 

new cash of approximately $9,697 million. 

The 3-year notes of Series AM-2017 were dated and 

issued May 15. They are due May 15, 2017, with interest 

payable on November 15 and May 15 until maturity. Treasury 

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

34 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 6. Tenders totaled $98,623 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.928 percent with an 

equivalent price of $99.843551. Treasury accepted in full all 

competitive tenders at yields lower than 0.928 percent. 

Tenders at the high yield were allotted 65.04 percent. The 

median yield was 0.907 percent, and the low yield was 0.845 

percent. Noncompetitive tenders totaled $44 million. 

Competitive tenders accepted from private investors totaled 

$28,856 million. The minimum par amount required for 

STRIPS of notes of Series AM-2017 is $100. 

The 10-year notes of Series C-2024 were dated and issued 

May 15. They are due May 15, 2024, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 2-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 7. Tenders totaled $63,102 

million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.612 percent with an 

equivalent price of $99.019915. Treasury accepted in full all 

competitive tenders at yields lower than 2.612 percent. 

Tenders at the high yield were allotted 82.17 percent. The 

median yield was 2.585 percent, and the low yield was 2.510 

percent. Noncompetitive tenders totaled $56 million. 

Competitive tenders accepted from private investors totaled 

$23,934 million. The minimum par amount required for 

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

The 30-year bonds of May 2044 were dated and issued 

May 15. They are due May 15, 2044, with interest payable on 

November 15 and May 15 until maturity. Treasury set an 

interest rate of 3-3/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 8. Tenders totaled $33,364 

million; Treasury accepted $16,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.440 percent with an 

equivalent price of $98.789628. Treasury accepted in full all 

competitive tenders at yields lower than 3.440 percent. 

Tenders at the high yield were allotted 58.90 percent. The 

median yield was 3.366 percent, and the low yield was 3.300 

percent. Noncompetitive tenders totaled $22 million. 

Competitive tenders accepted from private investors totaled 

$15,973 million. The minimum par amount required for 

STRIPS of Bonds of May 2044 is $100.

52-Week Bills 

On May 22, 2014, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

May 29, and will mature May 28, 2015. The issue was to 

refund $103,001 million of all maturing bills and to raise new 

cash of approximately $14,999 million. Treasury auctioned 

the bills on May 28. Tenders totaled $114,339 million; 

Treasury accepted $25,000 million. That included $153 

million of noncompetitive tenders from the public. The high 

bank discount rate was 0.095 percent. 

Auction of 9-Year 8-Month 0-5/8 Percent TIPS 

On May 15, 2014, Treasury announced it would auction 

$13,000 million of 9-year 8-month 0-5/8 percent TIPS. The 

issue was to raise new cash of approximately $26,000 million. 

The 9-year 8-month TIPS of Series A-2024 were dated 

January 15 and issued May 30. They are due January 15, 

2024, with interest payable on July 15 and January 15 until 

maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 22. Tenders totaled $37,828 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.339 percent with an 

equivalent adjusted price of $103.967802. Treasury accepted 

in full all competitive tenders at yields lower than 0.339 

percent. Tenders at the high yield were allotted 85.22 percent. 

The median yield was 0.288 percent, and the low yield was 

0.245 percent. Noncompetitive tenders totaled $42 million. 

Competitive tenders accepted from private investors totaled 

$12,958 million. Adjusted accrued interest of $2.35942 per 

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

30. Both the unadjusted price of $102.706565 and the 

unadjusted accrued interest of $2.33080 were adjusted by an 

index ratio of 1.01228, for the period from January 15 to May 

30. The minimum par amount required for STRIPS of TIPS of 

Series A-2024 is $100. 

Auction of 1-Year 11-Month 0.069 Percent FRN 

On May 22, 2014, Treasury announced it would auction 

$13,000 million of 1-year 11-month 0.069 percent FRNs. The 

issue was to raise new cash of approximately $26,000 million. 

The 1-year 11-month FRNs of Series AZ-2016 were dated 

April 30 and issued May 30. They are due April 30, 2016, 

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

April 30 until maturity. 

Treasury received tenders for the FRNs before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 28. Tenders totaled $60,915 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

35

allotted securities at the high discount margin of 0.063 percent 

with an equivalent price of $100.011671. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.063 percent. Tenders at the high discount margin were 

allotted 97.75 percent. The median discount margin was 0.062 

percent, and the low discount margin was 0.050 percent. 

Noncompetitive tenders totaled $15 million. Competitive 

tenders accepted from private investors totaled $12,986 

million. Accrued interest of $0.007777915 per $100 must be 

paid for the period from April 30 to May 30. 

J U N E 

Cash Management Bills 

On May 22, 2014, Treasury announced it would auction 

$25,000 million of 14-day bills. They were issued June 5 and 

matured June 19. The issue was to raise new cash. Treasury 

auctioned the bills on June 3. Tenders totaled $116,380 

million; Treasury accepted $25,001 million. The high bank 

discount rate was 0.050 percent. 

Auction of 2-Year Notes 

On May 22, 2014, Treasury announced it would auction 

$31,000 million of 2-year notes. The issue was to refund 

$71,133 million of securities maturing May 31 and to raise 

new cash of approximately $23,867 million. 

The 2-year notes of Series BA-2016 were dated May 31 

and issued June 2. They are due May 31, 2016, with interest 

payable on November 30 and May 31 until maturity. Treasury 

set an interest rate of 0-3/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 27. Tenders totaled $109,085 

million; Treasury accepted $31,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.392 percent with an 

equivalent price of $99.966254. Treasury accepted in full all 

competitive tenders at yields lower than 0.392 percent. 

Tenders at the high yield were allotted 81.13 percent. The 

median yield was 0.370 percent, and the low yield was 0.333 

percent. Noncompetitive tenders totaled $192 million. 

Competitive tenders accepted from private investors totaled 

$30,708 million. Accrued interest of $0.02049 per $1,000 

must be paid for the period from May 31 to June 2. 

In addition to the $31,000 million of tenders accepted in 

the auction process, Treasury accepted $12 million from 

Federal Reserve banks (FRBs) for their own accounts. The 

minimum par amount required for STRIPS of notes of Series 

BA-2016 is $100. 

Auction of 5-Year Notes 

On May 22, 2014, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$71,133 million of securities maturing May 31 and to raise 

new cash of approximately $23,867 million. 

The 5-year notes of Series Z-2019 were dated May 31 and 

issued June 2. They are due May 31, 2019, with interest 

payable on November 30 and May 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 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 28. Tenders totaled $95,660 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.513 percent with an 

equivalent price of $99.937629. Treasury accepted in full all 

competitive tenders at yields lower than 1.513 percent. 

Tenders at the high yield were allotted 25.49 percent. The 

median yield was 1.470 percent, and the low yield was 1.400 

percent. Noncompetitive tenders totaled $74 million. 

Competitive tenders accepted from private investors totaled 

$34,926 million. Accrued interest of $0.08197 per $1,000 

must be paid for the period from May 31 to June 2. 

In addition to the $35,000 million of tenders accepted in 

the auction process, Treasury accepted $13 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series Z-2019 is $100. 

Auction of 7-Year Notes 

On May 22, 2014, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$71,133 million of securities maturing May 31 and to raise 

new cash of approximately $23,867 million. 

The 7-year notes of Series L-2021 were dated May 31 and 

issued June 2. They are due May 31, 2021, with interest 

payable on November 30 and May 31 until maturity. Treasury 

set an interest rate of 2 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on May 29. Tenders totaled $75,266 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.010 percent with an 

equivalent price of $99.934945. Treasury accepted in full all 

competitive tenders at yields lower than 2.010 percent. 

Tenders at the high yield were allotted 73.86 percent. The 

median yield was 1.970 percent, and the low yield was 1.900 

percent. Noncompetitive tenders totaled $38 million. 

Competitive tenders accepted from private investors totaled 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

36 

$28,962 million. Accrued interest of $0.10929 per $1,000 

must be paid for the period from May 31 to June 2. 

In addition to the $29,000 million of tenders accepted in 

the auction process, Treasury accepted $11 million from FRBs 

for their own accounts. The minimum par amount required for 

STRIPS of notes of Series L-2021 is $100. 

Auction of 3-Year Notes 

On June 5, 2014, Treasury announced it would auction 

$28,000 million of 3-year notes. The issue was to refund 

$32,000 million of securities maturing June 15 and to raise 

new cash of approximately $30,000 million. 

The 3-year notes of Series AN-2017 were dated June 15 

and issued June 16. They are due June 15, 2017, with interest 

payable on December 15 and June 15 until maturity. Treasury 

set an interest rate of 0-7/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 10. Tenders totaled $95,597 

million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.930 percent with an 

equivalent price of $99.837787. Treasury accepted in full all 

competitive tenders at yields lower than 0.930 percent. 

Tenders at the high yield were allotted 9.97 percent. The 

median yield was 0.905 percent, and the low yield was 0.830 

percent. Noncompetitive tenders totaled $48 million. 

Competitive tenders accepted from private investors totaled 

$27,842 million. Accrued interest of $0.02391 per $1,000 

must be paid for the period from June 15 to June 16. The 

minimum par amount required for STRIPS of notes of Series 

AN-2017 is $100. 

Auction of 9-Year 11-Month 2-1/2 Percent Notes 

On June 5, 2014, Treasury announced it would auction 

$21,000 million of 9-year 11-month 2-1/2 percent notes. The 

issue was to refund $32,000 million of securities maturing 

June 15 and to raise new cash of approximately $30,000 

million. 

The 9-year 11-month notes of Series C-2024 were dated 

May 15 and issued June 16. They are due May 15, 2024, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 11. Tenders totaled $60,545 

million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.648 percent with an 

equivalent price of $98.714636. Treasury accepted in full all 

competitive tenders at yields lower than 2.648 percent. 

Tenders at the high yield were allotted 96.96 percent. The 

median yield was 2.606 percent, and the low yield was 2.530 

percent. Noncompetitive tenders totaled $30 million. 

Competitive tenders accepted from private investors totaled 

$20,960 million. Accrued interest of $2.17391 per $1,000 

must be paid for the period from May 15 to June 16. The 

minimum par amount required for STRIPS of notes of Series 

C-2024 is $100. 

Auction of 29-Year 11-Month 3-3/8 Percent Bonds 

On June 5, 2014, Treasury announced it would auction 

$13,000 million of 29-year 11-month 3-3/8 percent bonds. 

The issue was to refund $32,000 million of securities 

maturing June 15 and to raise new cash of approximately 

$30,000 million. 

The 29-year 11-month bonds of May 2044 were dated 

May 15 and issued June 16. They are due May 15, 2044, with 

interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 12. Tenders totaled $34,996 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 3.444 percent with an 

equivalent price of $98.713795. Treasury accepted in full all 

competitive tenders at yields lower than 3.444 percent. 

Tenders at the high yield were allotted 75.40 percent. The 

median yield was 3.424 percent, and the low yield was 3.370 

percent. Noncompetitive tenders totaled $8 million. 

Competitive tenders accepted from private investors totaled 

$12,992 million. Accrued interest of $2.93478 per $1,000 

must be paid for the period from May 15 to June 16. The 

minimum par amount required for STRIPS of bonds of May 

2044 is $100. 

52-Week Bills 

On June 19, 2014, Treasury announced it would auction 

$25,000 million of 364-day Treasury bills. They were issued 

June 26, and will mature June 25, 2015. The issue was to 

refund $121,996 million of all maturing bills and to pay down 

approximately $23,996 million. Treasury auctioned the bills 

on June 24. Tenders totaled $101,211 million; Treasury 

accepted $25,000 million. That included $132 million of 

noncompetitive tenders from the public. The high bank 

discount rate was 0.110 percent. 

Auction of 1-Year 10-Month 0.069 Percent FRN 

On June 19, 2014, Treasury announced it would auction 

$13,000 million of 1-year 10-month 0.069 percent FRNs. The 

issue was to raise new cash of approximately $13,000 million. 

The 1-year 10-month FRNs of Series AZ-2016 were dated 

April 30 and issued June 27. They are due April 30, 2016, 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

37

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

April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. 

e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for 

competitive tenders on June 25. Tenders totaled $57,561 

million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high discount margin of 0.069 percent 

with an equivalent price of $99.999999. Treasury accepted in 

full all competitive tenders at discount margins lower than 

0.069 percent. Tenders at the high discount margin were 

allotted 30.28 percent. The median discount margin was 0.065 

percent, and the low discount margin was 0.050 percent. 

Noncompetitive tenders totaled $11 million. Competitive 

tenders accepted from private investors totaled $12,990 

million. Accrued interest of $0.015714234 per $100 must be 

paid for the period from April 30 to June 27. 

Auction of 29-Year 8-Month 1-3/8 Percent TIPS 

On June 12, 2014, Treasury announced it would auction 

$7,000 million of 29-year 8-month 1-3/8 percent TIPS. The 

issue was to refund $73,430 million of securities maturing 

June 30 and to raise new cash of approximately $27,570 

million. 

The 29-year 8-month TIPS of February 2044 were dated 

February 15 and issued June 30. They are due February 15, 

2044, with interest payable on August 15 and February 15 

until maturity. 

Treasury received tenders for the TIPS before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 19. Tenders totaled $19,325 

million; Treasury accepted $7,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.116 percent with an 

equivalent adjusted price of $108.340341. Treasury accepted 

in full all competitive tenders at yields lower than 1.116 

percent. Tenders at the high yield were allotted 34.66 percent. 

The median yield was 1.057 percent, and the low yield was 

0.970 percent. Noncompetitive tenders totaled $11 million. 

Competitive tenders accepted from private investors totaled 

$6,989 million. Adjusted accrued interest of $5.21550 per 

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

30. Both the unadjusted price of $106.517821 and the 

unadjusted accrued interest of $5.12776 were adjusted by an 

index ratio of 1.01711, for the period from February 15 to 

June 30. The minimum par amount required for STRIPS of 

TIPS of February 2044 is $100. 

Auction of 2-Year Notes 

On June 19, 2014, Treasury announced it would auction 

$30,000 million of 2-year notes. The issue was to refund 

$73,430 million of securities maturing June 30 and to raise 

new cash of approximately $27,570 million. 

The 2-year notes of Series BB-2016 were dated and issued 

June 30. They are due June 30, 2016, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 0-1/2 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 24. Tenders totaled $96,935 

million; Treasury accepted $30,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 0.511 percent with an 

equivalent price of $99.978140. Treasury accepted in full all 

competitive tenders at yields lower than 0.511 percent. 

Tenders at the high yield were allotted 84.27 percent. The 

median yield was 0.494 percent, and the low yield was 0.436 

percent. Noncompetitive tenders totaled $146 million. 

Competitive tenders accepted from private investors totaled 

$29,755 million. The minimum par amount required for 

STRIPS of notes of Series BB-2016 is $100. 

Auction of 5-Year Notes 

On June 19, 2014, Treasury announced it would auction 

$35,000 million of 5-year notes. The issue was to refund 

$73,430 million of securities maturing June 30 and to raise 

new cash of approximately $27,570 million. 

The 5-year notes of Series AA-2019 were dated and issued 

June 30. They are due June 30, 2019, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 1-5/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 25. Tenders totaled $95,878 

million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 1.670 percent with an 

equivalent price of $99.784997. Treasury accepted in full all 

competitive tenders at yields lower than 1.670 percent. 

Tenders at the high yield were allotted 19.26 percent. The 

median yield was 1.637 percent, and the low yield was 1.570 

percent. Noncompetitive tenders totaled $56 million. 

Competitive tenders accepted from private investors totaled 

$34,945 million. The minimum par amount required for 

STRIPS of notes of Series AA-2019 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

TREASURY FINANCING: APRIL-JUNE, continued 

September 2014 

38 

Auction of 7-Year Notes 

On June 19, 2014, Treasury announced it would auction 

$29,000 million of 7-year notes. The issue was to refund 

$73,430 million of securities maturing June 30 and to raise 

new cash of approximately $27,570 million 

The 7-year notes of Series M-2021 were dated and issued 

June 30. They are due June 30, 2021, with interest payable on 

December 31 and June 30 until maturity. Treasury set an 

interest rate of 2-1/8 percent after determining which tenders 

were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon 

e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for 

competitive tenders on June 26. Tenders totaled $70,615 

million; Treasury accepted $29,000 million. All 

noncompetitive and successful competitive bidders were 

allotted securities at the high yield of 2.152 percent with an 

equivalent price of $99.825416. Treasury accepted in full all 

competitive tenders at yields lower than 2.152 percent. 

Tenders at the high yield were allotted 12.12 percent. The 

median yield was 2.110 percent, and the low yield was 2.059 

percent. Noncompetitive tenders totaled $17 million. 

Competitive tenders accepted from private investors totaled 

$28,983 million. The minimum par amount required for 

STRIPS of notes of Series M-2021 is $100. 
BUREAU OF THE FISCAL SERVICE OPERATIONS 

September 2014 

39

 

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, 13 week, and 26 week) 

 

 2014 - Apr. 03 ................. 2014 - May 01 28 116,851.7 25,000.3 24,754.2 246.1 99.998444 0.020 0.020

 July 03 91 120,759.5 25,001.7 24,287.6 464.1 99.988625 0.045 0.046

 Oct. 02 182 119,134.6 23,000.0 22,050.0 374.1 99.967139 0.065 0.066

Apr. 10................. May 08 28 124,601.3 25,000.9 24,758.8 242.1 99.998056 0.025 0.025

 July 10 91 121,958.7 25,000.7 24,485.6 465.2 99.992417 0.030 0.030

 Oct. 09 182 122,997.2 23,000.9 22,011.4 413.5 99.974722 0.050 0.051

Apr. 17................. May 15 28 125,029.3 25,001.1 24,763.3 237.8 99.998056 0.025 0.025

 July 17 91 114,833.7 25,000.7 24,452.9 429.7 99.991153 0.035 0.035

 Oct. 16 182 114,004.9 23,001.0 22,072.2 352.9 99.974722 0.050 0.051

Apr. 24................. May 22 28 120,844.1 25,000.2 24,785.0 215.3 99.998833 0.015 0.015

 July 24 91 116,075.9 25,000.4 24,473.4 427.0 99.992417 0.030 0.030

 Oct. 23 182 106,676.0 23,000.4 22,040.5 313.5 99.974722 0.050 0.051

May 01................. May 29 28 113,700.5 25,001.0 24,388.8 277.0 99.999222 0.010 0.010

 July 31 91 122,274.8 25,000.7 23,846.3 364.1 99.994944 0.020 0.020

 Oct. 30 182 121,422.3 23,000.7 21,712.8 296.9 99.977250 0.045 0.046

May 08................. June 05 28 143,436.2 35,001.4 34,760.1 241.3 99.998056 0.025 0.025

 Aug. 07 91 121,465.5 25,000.2 24,497.7 402.5 99.993681 0.025 0.025

 Nov. 06 182 116,372.7 23,000.9 22,038.2 386.7 99.977250 0.045 0.046

May 15................. June 12 28 187,906.0 40,000.3 39,771.4 228.9 99.998056 0.025 0.025

 Aug. 14 91 126,372.4 25,000.5 24,469.2 431.2 99.993681 0.025 0.025

 Nov. 13 182 113,791.4 23,000.3 22,141.3 383.0 99.974722 0.050 0.051

May 22................. June 19 28 181,634.3 45,001.4 44,771.7 229.7 99.997667 0.030 0.030

 Aug. 21 91 120,466.5 25,000.6 24,442.2 458.4 99.993681 0.025 0.025

 Nov. 20 182 116,772.2 23,001.7 22,273.3 352.4 99.974722 0.050 0.051

May 29................. June 26 28 169,540.4 45,000.9 44,488.4 228.3 99.996889 0.040 0.041

 Aug. 28 91 123,174.2 25,000.6 23,930.1 406.9 99.992417 0.030 0.030

 Nov. 28 183 119,404.1 23,000.6 21,699.0 350.6 99.974583 0.050 0.051

June 05................ July 03 28 153,355.7 35,002.6 34,738.2 264.4 99.997278 0.035 0.035

 Sept. 04 91 126,352.8 25,000.3 24,399.5 400.8 99.991153 0.035 0.035

 Dec. 04 182 112,677.5 23,000.4 22,362.3 319.6 99.972194 0.055 0.056

June 12................ July 10 28 140,270.2 30,000.3 29,747.9 252.4 99.997667 0.030 0.030

 Sept. 11 91 124,073.7 25,000.4 24,540.8 441.5 99.991153 0.035 0.035

 Dec. 11 182 121,490.9 23,001.4 22,385.0 340.3 99.969667 0.060 0.061

June 19................ July 17 28 129,179.9 30,002.2 29,742.8 259.4 99.997667 0.030 0.030

 Sept. 18 91 110,059.7 25,000.8 24,528.8 372.0 99.991153 0.035 0.035

 Dec. 18 182 109,585.5 23,000.9 22,357.1 367.8 99.964611 0.070 0.071

June 26................ July 24 28 109,548.9 25,000.2 24,056.1 210.8 99.999222 0.010 0.010

 Sept. 25 91 104,324.4 25,000.5 23,676.1 414.3 99.993681 0.025 0.025

 Dec. 26 183 105,789.8 23,000.8 21,793.6 331.1 99.974583 0.050 0.051

 

1

 All 4-week and 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. 

2

 Includes amount awarded to the Federal Reserve System. 

3

 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4

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

September 2014 

40 

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) 

 

04/01/14 04/03/14 0.125% bill—04/02/15 364d 124,763 25,001 

04/08/14 04/15/14 0.875% note—04/15/17-AL 3y 100,830 30,000 0.895 - 99.940929 

04/09/14 04/15/14 2.750% note— 02/15/24-B 9y 10m 57,918 21,000 2.720 - 100.253350 

04/10/14 04/15/14 3.625% bond—02/15/44 29y 10m 32,734 13,000 3.525 - 101.829866 

04/17/14 04/30/14 0.125% TIPS—04/15/19-X 5y 48,608 18,000 -0.213 - 101.874051 

04/22/14 04/30/14 0.375% note—04/30/16-AY 2y 107,044 32,000 0.447 - 99.856801 

04/23/14 04/30/14 1.625% note—04/30/19-Y 5y 97,524 35,000 1.732 - 99.489624 

04/24/14 04/30/14 2.250% note—04/30/21-K 7y 75,369 29,000 2.317 - 99.569351 

04/29/14 04/30/14 0.069% FRN—04/30/16-AZ 2y 69,635 15,000 0.069 - 100.000000 

04/29/14 05/01/14 0.105% bill—04/30/15 364d 112,504 25,000 

05/06/14 05/15/14 0.875% note—05/15/17-AM 3y 98,623 29,000 0.928 - 99.843551 

05/07/14 05/15/14 2.500% note—05/15/24-C 10y 63,102 24,000 2.612 - 99.019915 

05/08/14 05/15/14 3.375% bond—05/15/44 30y 33,364 16,000 3.440 - 98.789628 

05/22/14 05/30/14 0.625% TIPS—01/15/24-A 9y 8m 37,828 13,000 0.339 - 103.967802 

05/27/14 06/02/14 0.375% note—05/31/16-BA 2y 109,097 31,012 0.392 - 99.966254 

05/28/14 05/29/14 0.095% bill—05/28/15 364d 114,339 25,000 

05/28/14 05/30/14 0.069% FRN—04/30/16-AZ 1y 11m 60,915 13,000 0.063 - 100.011671 

05/28/14 06/02/14 1.500% note—05/31/19-Z 5y 95,674 35,013 1.513 - 99.937629 

05/29/14 06/02/14 2.000% note—05/31/21-L 7y 75,277 29,011 2.010 - 99.934945 

06/03/14 06/05/14 0.050% bill—06/19/14 14d 116,380 25,001 

06/10/14 06/16/14 0.875% note—06/15/17-AN 3y 95,597 28,000 0.930 - 99.837787 

06/11/14 06/16/14 2.500% note—05/15/24-C 9y 11m 60,545 21,000 2.648 - 98.714636 

06/12/14 06/16/14 3.375% bond—05/15/44 29y 11m 34,996 13,000 3.444 - 98.713795 

06/19/14 06/30/14 1.375% TIPS—02/15/44 29y 8m 19,325 7,000 1.116 - 108.340341 

06/24/14 06/26/14 0.110% bill—06/25/15 364d 101,211 25,000 

06/24/14 06/30/14 0.500% note—06/30/16-BB 2y 96,935 30,000 0.511 - 99.978140 

06/25/14 06/27/14 0.069% FRN—04/30/16-AZ 1y 10m 57,561 13,000 0.069 - 99.999999 

06/25/14 06/30/14 1.625% note—06/30/19-AA 5y 95,878 35,000 1.670 - 99.784997 

06/26/14 06/30/14 2.125% note—06/30/21-M 7y 70,615 29,000 2.152 - 99.825416 

 

 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. 
September 2014 

41

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 

September 2014 

42 

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) 

 

2009 ................................................ 11,933,031 11,909,828 4,355,292 - 4,355,292 827,126

2010 ................................................ 13,585,596 13,561,622 4,534,014 - 4,534,014 909,910

2011 ................................................ 14,815,328 14,790,340 4,658,307 - 4,658,307 1,689,186

2012 ................................................ 16,090,640 16,066,241 4,791,850 - 4,791,850 1,744,275

2013 ................................................ 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

 

2013 - June ..................................... 16,763,286 16,738,319 4,831,752 - 4,831,752 2,145,596

July ...................................... 16,763,730 16,738,599 4,816,157 - 4,816,157 2,204,961

Aug ...................................... 16,763,581 16,738,649 4,766,719 - 4,766,719 2,261,118

Sept..................................... 16,763,286 16,738,183 4,757,211 - 4,757,211 2,315,023

Oct....................................... 17,181,230 17,156,117 4,969,004 - 4,969,004 2,372,206

Nov ...................................... 17,241,818 17,217,152 4,936,273 - 4,936,273 2,428,444

Dec ...................................... 17,376,463 17,351,971 4,996,782 - 4,996,782 2,484,411

2014 - Jan ....................................... 17,317,315 17,293,020 4,985,299 - 4,985,299 2,583,457

Feb ...................................... 17,487,306 17,463,229 4,971,041 - 4,971,041 2,573,719

Mar ...................................... 17,625,235 17,601,227 4,982,034 - 4,982,034 2,614,640

Apr....................................... 17,532,411 17,508,437 5,005,168 - 5,005,168 2,623,234

May...................................... 17,540,825 17,516,958 4,979,066 - 4,979,066 2,677,695

June..................................... 17,656,646 17,632,606 5,060,590 - 5,060,590 2,705,869

 

 Public debt securities, continued Agency securities 1

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) 

2009 ................................................ 6,727,410 6,182,607 544,804 23,203 23,202 1

2010 ................................................ 8,117,698 7,588,415 529,284 23,974 23,971 3

2011 ................................................ 8,442,847 7,935,360 507,488 24,988 24,982 5

2012 ................................................ 9,530,116 9,005,483 524,634 24,399 24,394 5

2013 ................................................ 9,665,949 9,281,132 384,818 25,103 25,098 5

 

2013 - June ..................................... 9,760,971 9,249,407 511,565 24,967 24,962 5

July ...................................... 9,717,481 9,278,530 435,952 25,131 25,126 5

Aug ...................................... 9,710,813 9,325,061 385,752 24,932 24,926 5

Sept..................................... 9,665,949 9,281,132 384,818 25,103 25,098 5

Oct....................................... 9,814,907 9,322,791 492,116 25,113 25,108 5

Nov ...................................... 9,852,435 9,363,193 489,241 24,667 24,662 5

Dec ...................................... 9,870,778 9,385,023 485,755 24,492 24,487 5

2014 - Jan ....................................... 9,724,264 9,241,865 482,399 24,295 24,290 5

Feb ...................................... 9,918,469 9,437,724 480,745 24,077 24,072 5

Mar ...................................... 10,004,553 9,520,852 483,701 24,008 24,003 5

Apr....................................... 9,880,035 9,393,268 486,767 23,974 23,969 5

May...................................... 9,860,197 9,370,722 489,476 23,867 23,862 5

June..................................... 9,866,147 9,378,348 487,799 24,040 24,035 5

 

 1 Table has been revised to show separate amounts for Agency Securities to include 

Held by Private Investors and Held by Government Accounts. 

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.
OWNERSHIP OF FEDERAL SECURITIES 

September 2014 

43

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] 

 

SOMA and 

Intragovernmental 

Holdings 2,3

(2) 

 Pension funds 3 

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 4, 5

 (4) 

U.S.

savings

bonds 6

(5) 

 Private 7

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies 4

 (8) 

Mutual 

funds 4, 8

(9) 

 State and 

 local 

 govern- 

 ments 4

 (10) 

 Foreign

 and inter-

 national 9

 (11) 

Other 

 investors 10

 (12) 

 

2014 - June ....... 17,633 7,461 10,172 n.a. 178 n.a. n.a. n.a. n.a. n.a. n.a. n.a.

 Mar......... 17,601 7,302 10,300 370 178 516 206 271 1,136 580 5,950 1,093

2013 - Dec......... 17,352 7,205 10,147 323 179 509 203 267 1,127 583 5,793 1,161

 Sept........ 16,738 6,834 9,904 295 180 384 202 264 1,095 584 5,653 1,247

 June ....... 16,738 6,773 9,965 302 181 472 199 264 1,082 614 5,595 1,255

 Mar......... 16,772 6,657 10,115 340 182 469 192 267 1,104 606 5,725 1,230

2012 - Dec......... 16,433 6,524 9,909 349 182 457 187 271 1,036 597 5,574 1,256

 Sept........ 16,066 6,447 9,619 339 184 444 183 270 987 592 5,476 1,144

 June ....... 15,855 6,476 9,380 304 185 428 182 269 969 586 5,311 1,146

 Mar......... 15,582 6,397 9,185 320 185 415 179 271 974 563 5,145 1,133

2011 - Dec......... 15,223 6,440 8,783 280 185 397 168 272 901 558 5,007 1,016

 Sept........ 14,790 6,328 8,462 294 185 380 162 260 817 557 4,912 895

 June ....... 14,343 6,220 8,123 279 186 259 164 255 773 569 4,691 946

 Mar......... 14,270 5,959 8,311 321 187 354 164 254 755 580 4,481 1,216

2010 - Dec......... 14,025 5,656 8,369 319 188 345 159 248 719 591 4,436 1,363

 Sept........ 13,562 5,350 8,211 323 189 334 150 241 671 584 4,324 1,395

 June ....... 13,202 5,345 7,857 266 190 323 150 232 677 583 4,070 1,366

 Mar......... 12,773 5,260 7,513 269 190 311 154 226 678 582 3,878 1,225

2009 - Dec......... 12,311 5,277 7,034 202 191 302 151 222 669 584 3,685 1,027

 Sept........ 11,910 5,127 6,783 198 192 291 146 210 669 583 3,571 923

 June ....... 11,545 5,027 6,518 141 194 282 145 200 712 589 3,461 797

 Mar......... 11,127 4,785 6,342 126 194 273 137 191 721 588 3,266 847

2008 - Dec......... 10,700 4,806 5,893 105 194 260 130 171 758 601 3,077 597

 Sept........ 10,025 4,693 5,332 130 194 253 137 163 631 614 2,802 407

 June ....... 9,492 4,686 4,806 113 195 244 135 159 440 635 2,587 297

 Mar......... 9,438 4,695 4,743 125 195 240 135 152 467 646 2,506 276

2007 - Dec......... 9,229 4,834 4,396 130 196 229 144 142 344 648 2,353 210

 Sept........ 9,008 4,738 4,270 120 197 225 153 155 293 643 2,235 248

 June ....... 8,868 4,715 4,153 110 199 221 162 169 258 638 2,192 204

 Mar......... 8,850 4,577 4,273 120 200 220 156 185 263 608 2,195 325

2006 - Dec......... 8,680 4,558 4,122 115 202 216 153 198 248 571 2,103 316

 Sept........ 8,507 4,433 4,074 114 204 202 149 197 234 542 2,025 407

 June ....... 8,420 4,389 4,031 119 205 192 150 196 243 532 1,978 416

 Mar......... 8,371 4,257 4,114 113 206 186 153 200 254 516 2,082 404

2005 - Dec......... 8,170 4,200 3,971 129 205 184 154 202 254 512 2,034 295

 Sept........ 7,933 4,068 3,865 134 204 184 161 201 247 494 1,930 312

 June ....... 7,836 4,034 3,803 136 204 180 166 195 249 461 1,878 334

 Mar......... 7,777 3,922 3,855 149 204 177 157 193 264 429 1,952 329

2004 - Dec......... 7,596 3,906 3,691 133 204 173 149 188 256 405 1,849 331

 Sept........ 7,379 3,772 3,607 146 204 174 140 183 249 393 1,795 323

 June ....... 7,274 3,743 3,532 168 205 173 135 175 252 390 1,735 299

 Mar......... 7,131 3,628 3,503 173 204 170 144 172 275 373 1,670 322

 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. 

3

As of February 2005, the debt held by Government Accounts was renamed to 

Intragovernmental holdings. 

4

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

5

 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

6

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 

through December 1995. Current accrual value. 

7 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

8

Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

9

Source: 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. 

10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
September 2014 

44 

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

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

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

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

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

incorporated into the “Treasury Bulletin.” The USCC comes 

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

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

Federal Reserve Board. 

TABLE USCC-1.—Amounts Outstanding and in Circulation, June 30, 2014 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding .............................. $1,497,273,257,594 $1,451,790,886,529 $1,451,310,139,695 $240,140,066 $240,606,768

Less amounts held by: 

The Treasury....................................... 214,189,159 57,148,653 56,903,422 7,505 237,726

FRBs ................................................... 214,627,710,435 212,738,780,944 212,738,759,961 - 20,983

Amounts in circulation............................. $1,282,431,358,000 $1,238,994,956,932 $1,238,514,476,312 $240,132,561 $240,348,059

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional

coins 

(3) 

 

Amounts outstanding .............................. $45,482,371,065 $6,492,738,110 $38,989,632,955 

Less amounts held by: 

The Treasury....................................... 157,040,506 66,474,506 90,566,000

FRBs ................................................... 1,888,929,491 1,358,653,541 530,275,950 

Amounts in circulation............................. $43,436,401,068 $5,067,610,063 $38,368,791,005 

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

September 2014 

45

TABLE USCC-2.—Amounts Outstanding and in Circulation, June 30, 2014 

[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 ................................................................................ $10,698,586,772 $10,557,356,305 $143,503 $141,086,964

$2 ................................................................................ 2,101,831,536 1,969,993,988 131,825,118 12,430

$5 ................................................................................ 12,453,408,685 12,320,436,270 108,142,710 24,829,705

$10 .............................................................................. 17,979,863,019 17,959,509,959 6,300 20,346,760

$20 .............................................................................. 153,736,282,320 153,716,182,240 3,840 20,096,240

$50 .............................................................................. 73,739,161,700 73,727,676,550 500 11,484,650

$100 ............................................................................ 967,973,170,800 967,951,225,000 -4 21,945,800

$500 ............................................................................ 142,048,500 141,857,000 5,500 186,000

$1,000 ......................................................................... 165,378,000 165,169,000 5,000 204,000

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000

$10,000 ....................................................................... 3,460,000 3,360,000 - 100,000

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

Total currency ......................................................... $1,238,994,956,932 $1,238,514,476,312 $ 240,132,561 $240,348,059 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 6 

 (2) 

June 30, 2014 ...................................................................................... 1,282,431 4,027

May 31, 2014 ....................................................................................... 1,279,950 4,022

Apr. 30, 2014........................................................................................ 1,272,325 4,000

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

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

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

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

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

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

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

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

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

June 30, 1960 ...................................................................................... 32,064 177

June 30, 1955 ...................................................................................... 30,229 183

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

 Represents current FRB adjustment.

5 Represents value of certain partial denominations not presented for redemption. 

6 Based on Bureau of the Census’ estimates of population.
Foreign Currency Positions

Exchange Stabilization Fund
September 2014 

49

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, September, 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. 
FOREIGN CURRENCY POSITIONS 

September 2014 

50 

SECTION I.—Canadian Dollar Positions 

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

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

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased

(1) 

Sold

(2) 

01/01/2014 ............................................................. 774,147 786,119 519 1.0622

01/08/2014 ............................................................. 820,121 831,200 680 1.0802

01/15/2014 ............................................................. 805,833 817,985 560 1.0932

01/22/2014 ............................................................. 814,666 827,135 -858 1.1069

01/29/2014 ............................................................. 820,902 835,064 -788 1.1147

02/05/2014 ............................................................. 846,881 857,750 -1,708 1.1100

02/12/2014 ............................................................. 843,232 855,997 32 1.0992

02/19/2014 ............................................................. 868,818 883,077 1,086 1.1045

02/26/2014 ............................................................. 869,907 890,472 1,154 1.1117

03/05/2014 ............................................................. 861,216 878,729 n.a. 1.1050

03/12/2014 ............................................................. 903,214 923,976 n.a. 1.1130

03/19/2014 ............................................................. 849,229 874,848 597 1.1177

03/26/2014 ............................................................. 824,078 845,796 1,349 1.1143

04/02/2014 ............................................................. 811,323 831,391 n.a. 1.1030

04/09/2014 ............................................................. 822,925 843,055 n.a. 1.0902

04/16/2014 ............................................................. 819,964 836,366 n.a. 1.1027

04/23/2014 ............................................................. 826,698 842,863 n.a. 1.1034

04/30/2014 ............................................................. 825,325 836,124 n.a. 1.0956

05/07/2014 ............................................................. 833,142 845,291 n.a. 1.0895

05/14/2014 ............................................................. 853,941 862,273 n.a. 1.0887

05/21/2014 ............................................................. 881,104 889,783 n.a. 1.0935

05/28/2014 ............................................................. 880,822 888,277 n.a. 1.0867

06/04/2014 ............................................................. 890,588 898,465 n.a. 1.0937

06/11/2014 ............................................................. 909,291 914,671 n.a. 1.0867

06/18/2014 ............................................................. 774,552 777,818 n.a. 1.0870

06/25/2014 ............................................................. 758,292 764,349 n.a. 1.0721
FOREIGN CURRENCY POSITIONS 

September 2014 

51

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) 

 

2011 - Dec................... 782,263 788,863 163,515 149,859 33,077 35,638 40,751 36,810 -72 1.0168

2012 - Dec................... 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958

2013 - July................... 816,930 816,704 188,859 191,665 54,712 62,610 98,493 79,233 n.a. 1.0287

Aug .................. 814,831 818,337 190,520 190,770 51,238 65,260 153,325 126,729 n.a. 1.0554

Sept................. 711,277 719,838 183,335 183,207 49,552 67,189 108,424 82,460 n.a. 1.0284

Oct................... 794,819 800,227 182,012 185,795 54,832 60,812 108,963 89,827 -163 1.0429

Nov .................. 794,896 802,448 175,920 170,755 56,358 62,296 97,461 83,397 905 1.0597

Dec .................. 777,944 787,202 166,401 162,751 62,802 75,543 122,082 97,404 529 1.0637

2014 - Jan ................... 856,974 869,545 174,051 170,691 78,237 106,228 181,725 142,894 -1,465 1.1116

Feb .................. 1,024,399 1,040,405 174,601 173,859 111,650 n.a. 316,753 180,061 n.a. 1.1075

Mar .................. 826,006 843,083 175,892 168,836 92,738 n.a. 237,420 166,465 1,116 1.1053

Apr................... 826,320 835,664 186,783 177,250 80,316 118,792 189,671 139,894 n.a. 1.0956

May.................. 882,808 888,334 181,663 173,839 75,317 96,443 150,807 116,190 n.a. 1.0867

June................. 773,457 779,289 170,142 159,834 71,926 87,611 127,045 102,454 n.a. 1.0676

 

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) 

 

2011 - Dec................... 18,977 33,319 77,674 38,291 695 544 n.a. n.a. n.a. 1.0168

2012 - Mar................... 16,450 30,333 90,621 44,773 534 565 1,408 465 n.a. 0.9990

June.................. 22,308 34,176 85,428 45,946 n.a. 474 1,753 1,833 n.a. 1.0190

Sept.................. 21,078 33,681 90,487 47,000 n.a. n.a. 1,400 1,157 n.a. 0.9837

Dec................... 19,395 30,069 73,597 45,414 n.a. n.a. 869 662 n.a. 0.9958

2013 - Mar................... 17,015 32,402 88,822 53,718 276 467 3,545 2,502 n.a. 1.0174

June ................. 20,876 43,404 88,990 55,033 737 673 10,749 7,496 n.a. 1.0513

Sept.................. 17,469 35,073 89,931 55,451 n.a. 1,285 2,216 3,397 n.a. 1.0284

Dec................... 18,183 37,339 95,519 51,602 n.a. 1,831 5,630 4,362 52 1.0637

2014 - Mar................... 20,972 36,135 101,416 56,687 n.a. n.a. 1,795 1,056 n.a. 1.1053

 
FOREIGN CURRENCY POSITIONS 

September 2014 

52 

SECTION II.—Japanese Yen Positions 

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

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

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/01/2014 .............................................................. 367,789 372,988 426 105.31

01/08/2014 .............................................................. 368,328 374,531 130 104.87

01/15/2014 .............................................................. 371,029 376,664 -205 104.42

01/22/2014 .............................................................. 372,624 375,670 -374 104.36

01/29/2014 .............................................................. 397,322 403,466 -250 102.20

02/05/2014 .............................................................. 402,422 407,476 -2 101.38

02/12/2014 .............................................................. 395,982 401,629 66 102.48

02/19/2014 .............................................................. 391,464 397,260 -10 102.30

02/26/2014 .............................................................. 389,129 395,010 -109 102.36

03/05/2014 .............................................................. 385,843 393,038 33 102.32

03/12/2014 .............................................................. 393,209 401,965 80 102.74

03/19/2014 .............................................................. 369,182 378,783 112 101.54

03/26/2014 .............................................................. 370,849 380,594 161 102.30

04/02/2014 .............................................................. 382,750 391,793 313 103.82

04/09/2014 .............................................................. 393,866 401,999 297 101.85

04/16/2014 .............................................................. 384,229 386,389 369 102.30

04/23/2014 .............................................................. 383,743 385,753 324 102.26

04/30/2014 .............................................................. 398,162 401,134 398 102.14

05/07/2014 .............................................................. 406,475 409,643 582 101.72

05/14/2014 .............................................................. 390,907 393,511 301 101.75

05/21/2014 .............................................................. 396,634 399,337 462 101.44

05/28/2014 .............................................................. 397,054 399,254 457 101.78

06/04/2014 .............................................................. 400,993 401,063 308 102.69

06/11/2014 .............................................................. 409,560 410,092 320 101.94

06/18/2014 .............................................................. 383,888 384,263 367 102.16

06/25/2014 .............................................................. 382,448 383,367 481 101.75
FOREIGN CURRENCY POSITIONS 

September 2014 

53

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) 

 

2011 - Dec.................. 367,595 372,433 60,901 53,768 35,198 35,193 56,040 57,701 n.a. 76.98

2012 - Dec.................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64

2013 - July.................. 363,061 366,881 93,636 88,515 48,618 59,142 99,055 87,771 279 98.35

Aug ................. 357,232 361,134 95,547 91,215 48,171 58,255 99,347 88,676 669 98.22

Sept................ 368,080 373,070 96,249 91,788 48,537 58,103 93,250 83,703 808 98.29

Oct.................. 384,587 390,544 96,696 92,361 48,681 56,103 89,677 83,537 498 98.10

Nov ................. 392,908 398,626 99,457 94,219 52,132 61,824 95,422 87,075 320 102.45

Dec ................. 367,919 373,026 100,797 95,769 49,695 56,375 91,674 85,364 424 105.25

2014 - Jan .................. 397,470 403,477 104,840 99,328 51,969 54,380 83,989 81,682 -74 102.28

Feb ................. 461,504 468,714 107,363 99,434 63,105 71,138 99,571 91,022 -290 102.08

Mar ................. 375,223 384,639 115,578 111,074 48,596 54,546 86,912 83,708 238 102.98

Apr.................. 398,205 401,209 113,863 109,892 45,412 49,641 79,549 75,884 398 102.14

May................. 399,270 401,909 115,775 112,079 45,805 49,380 74,028 75,016 419 101.77

June................ 380,714 383,102 119,742 116,014 42,858 43,852 66,688 67,331 531 101.28

 

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) 

 

2011 - Dec................... 2,937 4,203 5,090 2,553 n.a. 314 447 129 12 76.98

2012 - Mar................... 3,466 4,683 7,764 2,811 180 325 1,274 982 16 82.41

June.................. 4,081 5,603 6,045 2,285 47 276 749 499 17 79.81

Sept.................. 3,610 4,018 5,481 2,227 n.a. 279 689 336 -4 77.92

Dec................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64

2013 - Mar................... 3,089 5,704 9,256 4,631 n.a. 825 2,923 1,779 24 94.16

June.................. 4,222 5,249 9,282 4,576 541 1,048 2,640 1,828 63 99.21

Sept.................. 4,488 5,477 9,360 4,481 n.a. 906 2,077 1,561 24 98.29

Dec................... 4,238 5,807 10,401 4,864 n.a. 961 2,507 1,335 75 105.25

2014 - Mar................... 5,230 5,808 9,303 4,484 n.a. 371 846 236 n.a. 102.98

 
FOREIGN CURRENCY POSITIONS 

September 2014 

54 

SECTION III.—Swiss Franc Positions 

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

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

 Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/01/2014 .............................................................. 614,987 638,677 -480 0.8930

01/08/2014 .............................................................. 664,279 680,344 -207 0.9102

01/15/2014 .............................................................. 626,824 647,542 -390 0.9084

01/22/2014 .............................................................. 615,584 631,860 -461 0.9116

01/29/2014 .............................................................. 653,199 671,290 240 0.8948

02/05/2014 .............................................................. 642,920 660,376 864 0.9042

02/12/2014 .............................................................. 640,924 657,101 617 0.9006

02/19/2014 .............................................................. 630,019 650,771 568 0.8868

02/26/2014 .............................................................. 655,576 673,446 375 0.8922

03/05/2014 .............................................................. 650,495 669,034 706 0.8872

03/12/2014 .............................................................. 698,794 716,146 427 0.8743

03/19/2014 .............................................................. 627,026 646,148 594 0.8747

03/26/2014 .............................................................. 641,641 664,227 620 0.8854

04/02/2014 .............................................................. 636,957 659,162 450 0.8870

04/09/2014 .............................................................. 627,579 650,310 -89 0.8816

04/16/2014 .............................................................. 642,644 664,607 618 0.8813

04/23/2014 .............................................................. 651,131 672,991 398 0.8828

04/30/2014 .............................................................. 637,108 660,354 236 0.8800

05/07/2014 .............................................................. 624,613 648,935 190 0.8758

05/14/2014 .............................................................. 667,071 693,994 497 0.8894

05/21/2014 .............................................................. 666,816 693,279 757 0.8951

05/28/2014 .............................................................. 712,841 740,212 201 0.8982

06/04/2014 .............................................................. 705,290 730,565 n.a 0.8956

06/11/2014 .............................................................. 753,973 768,174 -286 0.8998

06/18/2014 .............................................................. 664,712 688,030 296 0.8976

06/25/2014 .............................................................. 694,855 720,529 4 0.8918
FOREIGN CURRENCY POSITIONS 

September 2014 

55

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) 

 

2011 - Dec................... 884,081 913,811 127,681 93,533 135,380 133,882 160,846 153,679 -41 0.9374

2012 - Dec................... 654,579 683,540 158,819 85,852 86,352 88,023 102,871 101,876 -670 0.9155

2013 - July................... 621,792 635,209 71,849 50,463 120,334 139,241 180,971 157,680 n.a 0.9284

Aug .................. 600,982 609,661 80,494 52,317 117,161 133,399 197,729 178,353 737 0.9313

Sept................. 627,162 638,703 70,202 52,509 117,028 131,607 168,593 153,125 889 0.9041

Oct................... 715,206 728,063 75,328 52,490 118,895 130,949 168,771 151,743 -28 0.9056

Nov .................. 708,418 716,350 74,589 63,849 118,237 126,523 160,429 146,994 -153 0.9047

Dec .................. 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904

2014 - Jan ................... 647,116 662,322 76,848 66,911 104,024 115,059 147,820 135,027 491 0.9052

Feb .................. 791,992 815,885 87,278 82,316 128,979 143,581 164,819 146,009 999 0.8810

Mar .................. 624,373 647,083 90,762 81,996 113,016 121,604 137,693 124,748 405 0.8840

Apr................... 637,970 660,890 89,039 75,924 110,998 117,504 131,893 124,143 236 0.8800

May.................. 741,704 767,264 91,652 80,811 104,000 107,856 129,140 124,476 174 0.8944

June................. 684,308 710,048 90,318 76,636 100,099 101,548 124,074 121,096 293 0.8868

 

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) 

 

2011 - Dec................... 12,282 19,706 48,877 8,420 n.a n.a n.a n.a n.a 0.9374

2012 - Mar................... 11,411 18,791 58,909 9,829 n.a 1,872 4,637 4,153 n.a 0.9026

June.................. 13,949 14,899 48,392 9,618 1,289 1,531 n.a n.a 4 0.9485

Sept.................. 13,646 14,961 n.a 8,085 n.a n.a 944 1,286 8 0.9400

Dec................... 14,365 16,096 n.a 8,884 n.a n.a n.a n.a n.a 0.9155

2013 - Mar................... 16,520 21,737 n.a 9,348 430 1,234 3,684 n.a -54 0.9490

June ................. 17,279 17,163 n.a 9,609 730 1,144 5,802 4,085 n.a 0.9450

Sept.................. 15,003 12,498 n.a 11,857 n.a n.a 3,891 2,400 n.a 0.9041

Dec................... 22,699 23,164 n.a 12,249 n.a n.a 1,951 n.a n.a 0.8904

2014 - Mar................... 17,721 17,832 99,179 8,960 n.a n.a 1,007 290 1 0.8840

 
FOREIGN CURRENCY POSITIONS 

September 2014 

56 

SECTION IV.—Sterling Positions 

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

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

 Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/01/2014 .............................................................. 1,557,956 1,547,537 -164 1.6557

01/08/2014 .............................................................. 1,514,425 1,553,440 n.a 1.6461

01/15/2014 .............................................................. 1,506,535 1,547,457 n.a 1.6375

01/22/2014 .............................................................. 1,536,027 1,574,890 41 1.6571

01/29/2014 .............................................................. 1,524,319 1,565,427 249 1.6561

02/05/2014 .............................................................. 1,524,875 1,564,444 -1,022 1.6308

02/12/2014 .............................................................. 1,590,002 1,632,171 n.a 1.6578

02/19/2014 .............................................................. 1,637,240 1,681,058 n.a 1.6718

02/26/2014 .............................................................. 1,643,170 1,693,375 n.a 1.6648

03/05/2014 .............................................................. 1,588,583 1,634,366 n.a 1.6729

03/12/2014 .............................................................. 1,643,137 1,687,871 -115 1.6605

03/19/2014 .............................................................. 1,538,543 1,584,360 -468 1.6629

03/26/2014 .............................................................. 1,516,669 1,557,212 192 1.6566

04/02/2014 .............................................................. 1,507,164 1,554,482 190 1.6634

04/09/2014 .............................................................. 1,514,385 1,561,583 190 1.6751

04/16/2014 .............................................................. 1,577,556 1,608,022 131 1.6794

04/23/2014 .............................................................. 1,521,779 1,548,741 n.a 1.6768

04/30/2014 .............................................................. 1,596,881 1,627,144 n.a 1.6883

05/07/2014 .............................................................. 1,545,553 1,575,914 n.a 1.6964

05/14/2014 .............................................................. 1,622,317 1,651,663 -261 1.6784

05/21/2014 .............................................................. 1,629,309 1,662,664 268 1.6869

05/28/2014 .............................................................. 1,627,867 1,667,578 n.a 1.6709

06/04/2014 .............................................................. 1,601,621 1,637,889 392 1.6747

06/11/2014 .............................................................. 1,700,463 1,733,512 n.a 1.6795

06/18/2014 .............................................................. 1,692,604 1,723,551 -771 1.6951

06/25/2014 .............................................................. 1,700,019 1,731,908 n.a 1.6986
FOREIGN CURRENCY POSITIONS 

September 2014 

57

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) 

 

2011 - Dec................... 1,372,844 1,430,284 603,807 492,225 53,956 52,416 60,517 60,664 n.a. 1.5537

2012 - Dec................... 1,457,283 1,438,257 658,674 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262

2013 - July................... 1,691,970 1,674,202 589,832 512,196 80,758 102,726 149,502 119,894 n.a. 1.5177

Aug .................. 1,631,825 1,624,850 579,353 502,514 74,160 82,034 113,169 99,766 162 1.5468

Sept................. 1,590,758 1,578,000 569,889 490,430 76,225 78,736 94,800 88,849 -180 1.6179

Oct................... 1,679,737 1,677,088 617,239 534,485 74,634 76,360 91,078 87,573 n.a. 1.6068

Nov .................. 1,705,094 1,698,910 586,099 516,602 81,385 81,323 88,086 85,814 n.a. 1.6373

Dec .................. 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574

2014 - Jan ................... 1,491,258 1,530,242 570,558 498,872 78,824 74,948 75,333 77,369 -489 1.6450

Feb .................. 1,844,724 1,901,393 596,042 523,276 131,525 118,376 112,056 119,564 n.a. 1.6750

Mar .................. 1,497,958 1,549,113 581,244 510,568 69,539 65,488 73,722 73,222 204 1.6675

Apr................... 1,588,535 1,627,366 571,011 508,079 72,345 64,997 70,266 73,247 n.a. 1.6883

May.................. 1,612,650 1,650,663 590,231 528,147 74,635 66,905 71,279 74,781 n.a. 1.6764

June................. 1,658,542 1,709,018 565,989 498,297 83,882 78,568 72,116 78,465 n.a. 1.7105

 

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) 

 

2011 - Dec................... 11,774 12,622 127,285 29,650 n.a. n.a. n.a. 657 74 1.5537

2012 - Mar................... 14,740 12,296 127,456 32,805 705 347 2,298 623 5 1.5985

June.................. 11,790 11,560 165,914 47,081 668 429 2,271 570 16 1.5686

Sept.................. 16,441 15,379 147,991 33,874 n.a. n.a. 2,046 409 -18 1.6132

Dec................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262

2013 - Mar................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193

June ................. 25,286 23,953 66,608 37,013 714 977 3,877 1,328 39 1.5210

Sept.................. 22,298 18,411 68,374 35,752 1,006 1,145 n.a. 1,287 155 1.6179

Dec................... 34,365 29,425 156,922 38,846 1,861 n.a. 2,360 1,364 172 1.6574

2014 - Mar................... 24,285 20,689 159,118 38,878 n.a. n.a. n.a. 404 - 1.6675

 
FOREIGN CURRENCY POSITIONS 

September 2014 

58 

SECTION V.—U.S. Dollar Positions 

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

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

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased

(1) 

Sold

(2) 

01/01/2014 ............................................................ 18,075,360 17,498,085 2,270 n.a.

01/08/2014 ............................................................ 18,369,667 17,880,296 5,986 n.a.

01/15/2014 ............................................................ 18,673,041 18,182,483 8,264 n.a.

01/22/2014 ............................................................ 18,799,475 18,319,316 9,469 n.a.

01/29/2014 ............................................................ 19,533,548 19,056,848 5,909 n.a.

02/05/2014 ............................................................ 19,321,115 18,832,013 7,902 n.a.

02/12/2014 ............................................................ 19,485,706 18,992,551 3,817 n.a.

02/19/2014 ............................................................ 19,558,612 19,046,973 -3,362 n.a.

02/26/2014 ............................................................ 20,064,150 19,542,006 -5,576 n.a.

03/05/2014 ............................................................ 19,989,949 19,465,128 -6,680 n.a.

03/12/2014 ............................................................ 20,492,359 19,964,723 -137 n.a.

03/19/2014 ............................................................ 19,167,445 18,669,410 -1,909 n.a.

03/26/2014 ............................................................ 19,474,097 18,973,570 -3,436 n.a.

04/02/2014 ............................................................ 19,535,559 19,032,193 -8,840 n.a.

04/09/2014 ............................................................ 20,017,557 19,514,329 -4,257 n.a.

04/16/2014 ............................................................ 19,970,580 19,552,825 -2,787 n.a.

04/23/2014 ............................................................ 19,867,112 19,449,934 613 n.a.

04/30/2014 ............................................................ 20,572,365 20,154,662 -3,904 n.a.

05/07/2014 ............................................................ 20,099,637 19,692,896 -8,085 n.a.

05/14/2014 ............................................................ 20,519,427 20,153,768 -6,157 n.a.

05/21/2014 ............................................................ 20,824,073 20,457,012 -5,654 n.a.

05/28/2014 ............................................................ 21,194,879 20,825,515 -5,564 n.a.

06/04/2014 ............................................................ 21,126,264 20,807,692 535 n.a.

06/11/2014 ............................................................ 22,078,366 21,755,690 874 n.a.

06/18/2014 ............................................................ 20,587,800 20,284,717 -1,831 n.a.

06/25/2014 ............................................................ 20,703,539 20,406,491 -1,898 n.a.
FOREIGN CURRENCY POSITIONS 

September 2014 

59

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) 

 

2011 - Dec.............. 19,824,454 19,659,998 - - 1,960,401 1,864,790 2,067,617 1,995,663 -4,242 n.a.

2012 - Dec.............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a.

2013 - July.............. 18,882,611 18,423,688 - - 2,046,196 1,897,017 1,384,917 1,481,170 -4,740 n.a.

Aug ............. 18,429,077 17,943,883 - - 2,045,486 1,898,114 1,392,635 1,486,109 -363 n.a.

Sept............ 18,211,622 17,633,545 - - 1,828,403 1,714,314 1,368,301 1,424,339 -2,709 n.a.

Oct.............. 19,429,008 18,852,211 - - 1,790,659 1,743,262 1,419,376 1,442,357 -191 n.a.

Nov ............. 19,746,921 19,191,943 - - 2,497,609 1,761,318 2,123,797 1,521,380 2,715 n.a.

Dec ............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a.

2014 - Jan .............. 19,549,105 19,044,413 - - 1,848,963 1,787,475 1,450,916 1,478,975 5,094 n.a.

Feb ............. 23,495,186 22,957,081 - - 2,497,527 2,327,154 2,032,120 2,158,952 n.a. n.a.

Mar ............. 19,635,681 19,134,561 - - 2,064,374 1,973,285 1,593,679 1,674,181 -5,381 n.a.

Apr.............. 20,646,198 20,229,823 - - 1,977,684 1,915,186 1,573,366 1,606,556 -3,817 n.a.

May............. 21,337,279 20,971,871 - - 2,003,830 2,029,690 1,673,932 1,659,449 -3,483 n.a.

June............ 20,737,261 20,419,234 - - 1,845,354 1,926,224 1,648,309 1,559,018 -2,444 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) 

 

2011 - Dec................... 280,638 237,104 - - 29,815 11,500 18,618 19,252 -1,380 n.a.

2012 - Mar................... 288,754 266,557 - - 30,838 21,200 24,943 21,699 210 n.a.

June.................. 302,534 263,951 - - 36,184 22,751 13,751 15,998 n.a. n.a.

Sept.................. 271,014 297,070 - - 25,109 13,575 20,027 16,847 n.a. n.a.

Dec................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a.

2013 - Mar................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a.

June ................. 324,857 305,608 - - 98,395 64,260 25,319 25,299 1,863 n.a.

Sept.................. 275,551 315,379 - - 57,525 36,377 28,655 25,091 n.a. n.a.

Dec................... 357,382 363,757 - - 54,936 33,487 34,399 35,389 4,121 n.a.

2014 - Mar................... 390,969 400,058 - - 31,756 17,705 20,269 15,250 1,082 n.a.

 
FOREIGN CURRENCY POSITIONS 

September 2014 

60 

SECTION VI.—Euro Positions 

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

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

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased

(1) 

Sold

(2) 

01/01/2014 ......................................................................... 4,976,845 5,015,629 6,363 0.7276

01/08/2014 ......................................................................... 5,025,425 5,186,933 6,548 0.7361

01/15/2014 ......................................................................... 5,102,324 5,270,028 6,274 0.7351

01/22/2014 ......................................................................... 5,102,164 5,278,536 n.a. 0.7382

01/29/2014 ......................................................................... 5,263,683 5,438,857 n.a. 0.7319

02/05/2014 ......................................................................... 5,155,168 5,344,430 6,120 0.7397

02/12/2014 ......................................................................... 5,239,090 5,423,550 n.a. 0.7357

02/19/2014 ......................................................................... 5,210,483 5,397,699 n.a. 0.7266

02/26/2014 ......................................................................... 5,313,548 5,500,307 n.a. 0.7316

n.a. 

03/05/2014 ......................................................................... 5,312,753 5,507,796 n.a. 0.7281

03/12/2014 ......................................................................... 5,477,965 5,654,046 n.a. 0.7192

03/19/2014 ......................................................................... 5,126,823 5,283,221 n.a. 0.7189

03/26/2014 ......................................................................... 5,254,270 5,419,530 n.a. 0.7254

n.a. 

04/02/2014 ......................................................................... 5,182,803 5,348,870 n.a. 0.7267

04/09/2014 ......................................................................... 5,338,146 5,501,744 n.a. 0.7238

04/16/2014 ......................................................................... 5,420,879 5,594,077 n.a. 0.7236

04/23/2014 ......................................................................... 5,358,199 5,533,450 n.a. 0.7239

04/30/2014 ......................................................................... 5,660,309 5,827,862 n.a. 0.7210

n.a. 

05/07/2014 ......................................................................... 5,439,628 5,601,690 n.a. 0.7186

05/14/2014 ......................................................................... 5,669,086 5,829,911 n.a. 0.7290

05/21/2014 ......................................................................... 5,751,427 5,902,837 n.a. 0.7322

05/28/2014 ......................................................................... 5,826,109 5,977,314 1,848 0.7355

06/04/2014 ......................................................................... 5,745,241 5,897,448 716 0.7343

06/11/2014 ......................................................................... 6,113,978 6,263,027 n.a. 0.7390

06/18/2014 ......................................................................... 5,623,483 5,770,577 2,365 0.7371

06/25/2014 ......................................................................... 5,666,062 5,799,150 3,069 0.7332
FOREIGN CURRENCY POSITIONS 

September 2014 

61

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) 

 

2011 - Dec................... 5,557,886 5,594,727 2,212,049 2,098,286 380,524 430,827 565,230 521,678 -8,026 0.7708

2012 - Dec................... 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584

2013 - July................... 5,220,260 5,177,601 1,841,488 1,758,210 375,744 401,996 461,646 418,322 n.a. 0.7529

Aug .................. 5,051,155 5,020,424 1,979,141 1,898,153 360,458 394,891 449,771 409,472 n.a. 0.7578

Sept................. 4,983,867 4,981,003 1,873,625 1,798,450 361,071 391,608 433,625 390,856 n.a. 0.7388

Oct................... 5,418,472 5,428,512 973,146 887,604 391,353 429,283 468,266 426,603 n.a. 0.7356

Nov .................. 5,466,526 5,502,024 1,989,944 1,890,343 388,243 423,382 469,250 433,541 6,233 0.7350

Dec .................. 4,986,374 5,023,973 1,899,825 1,777,324 334,550 358,527 391,263 369,449 6,489 0.7257

2014 - Jan ................... 5,263,912 5,449,092 1,963,677 1,859,483 336,154 373,180 436,250 401,424 n.a. 0.7407

Feb .................. 6,364,991 6,554,500 2,020,239 1,904,922 433,214 510,721 576,547 485,118 n.a. 0.7243

Mar .................. 5,272,228 5,433,361 2,041,458 1,941,163 348,190 375,528 443,155 405,460 n.a. 0.7258

Apr................... 5,670,259 5,837,831 2,091,193 1,989,852 360,832 400,974 464,444 423,589 n.a. 0.7210

May.................. 5,822,818 5,974,573 2,179,188 2,097,393 398,897 443,131 536,396 480,178 332 0.7331

June................. 5,667,233 5,806,414 2,091,171 2,015,296 398,781 426,643 510,240 476,252 n.a. 0.7305

 

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) 

 

2011 - Dec................... 68,457 76,675 275,793 110,758 8,485 4,847 6,131 8,070 -909 0.7708

2012 - Mar................... 78,078 82,647 318,663 135,064 10,420 4,907 9,969 11,105 70 0.7500

June.................. 73,202 69,492 494,312 209,043 15,867 7,315 13,923 12,535 n.a. 0.7894

Sept.................. 88,373 76,674 274,639 123,965 9,525 4,526 6,688 6,407 28 0.7778

Dec................... 69,920 61,111 202,499 120,619 8,126 2,152 3,662 n.a. 8 0.7584

2013 - Mar................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803

June ................. 80,198 71,480 225,064 138,339 10,852 5,750 15,771 12,375 313 0.7686

Sept.................. 71,851 66,210 242,344 150,495 11,714 4,796 7,815 5,601 818 0.7388

Dec................... 93,606 107,641 311,232 153,597 8,848 3,494 6,632 6,196 939 0.7257

2014 - Mar................... 85,621 68,406 310,390 141,800 9,177 n.a. 6,051 3,759 n.a. 0.7258

 
September 2014 

62 

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 (codified at 31 United States Code 5302), which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Resources of the fund include dollar balances, partially 

invested in U.S. Government securities, special drawing

rights (SDRs), and balances of foreign currencies. Principal 

sources of income (+) or loss (-) for the fund are profits (+) 

or losses (-) on SDRs and foreign exchange, as well as 

interest earned on assets. 

 Table ESF-1 presents the assets, liabilities, and 

capital of the fund. The figures are in U.S. dollars or their 

equivalents based on current exchange rates computed 

according to the accrual method of accounting. The capital 

account represents the original capital appropriated to the fund 

by Congress of $2 billion, minus a subsequent transfer of $1.8 

billion to pay for the initial U.S. quota subscription to the 

International Monetary Fund. Gains and losses are reflected in 

the cumulative net income (+) or loss (-) account. 

 Table ESF-2 shows the results of operations by 

quarter. Figures are in U.S. dollars or their equivalents 

computed according to the accrual method. “Profit (+) or 

loss (-) on foreign exchange” includes realized profits or 

losses. “Adjustment for change in valuation of SDR holdings 

and allocations” reflects net gain or loss on revaluation of 

SDR holdings and allocations for the quarter. 

TABLE ESF-1.—Balances as of December 31, 2013, and March 31, 2014 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2013 

Jan. 1, 2014, 

through 

Mar. 31, 2014 Mar.31, 2014 

Assets 

U.S. dollars: 

Held with Treasury: 

Fund Balance................................................................... - - -

U.S. Government securities............................................. 22,666,818 -5,590 22,661,228 

Government Sponsored Enterprises (GSE) Securities ... - - -

Special drawing rights 1 ........................................................... 55,184,137 209,596 55,393,733 

Foreign exchange and securities: 

European euro ..................................................................... 14,920,503 42,095 14,962,598 

Japanese yen....................................................................... 8,857,929 198,759 9,056,688 

Accounts receivable................................................................. 97,508 -11,427 86,081 

Total assets.......................................................................... 101,726,895 433,433 102,160,328 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................. 9,571 1,186 10,757 

Total current liabilities ...................................................... 9,571 1,186 10,757 

Other liabilities: 

SDR certificates ................................................................... 5,200,000 - 5,200,000 

SDR allocations ................................................................... 54,386,148 198,828 54,584,976 

Unearned revenue .............................................................. - - -

Total other liabilities ......................................................... 59,586,148 198,828 59,784,976 

Capital: 

Capital account .................................................................... 200,000 - 200,000 

Net income (+) or loss (-) (see Table ESF-2) ...................... -332,889 220,386 -112,503

Total capital...................................................................... 42,131,176 233,419 42,364,595 

Total liabilities and capital............................................ 101,726,895 433,433 102,160,328 

See footnote on the following page. 
EXCHANGE STABILIZATION FUND 

September 2014 

63

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, 2014, 

through 

Mar. 31, 2014 

Fiscal year to date

Oct. 1, 2013, 

through 

Mar. 31, 2014 

Income and expense 

 Profit (+) or loss (-) on: 

Foreign exchange ........................................................................ 193,108 -169,469

Adjustment for change in valuation 

 of SDR holdings and allocations 1 .............................................. 2,975 6,028 

Interest (+) or net charges (-) on: 

SDRs............................................................................................ 241 436 

U.S. Government securities......................................................... 1,983 5,363 

GSE Securities............................................................................. - -

Foreign exchange ........................................................................ 22,079 45,139 

Insurance premiums .................................................................... - -

Commissions ............................................................................... - -

Income from operations ............................................................... 220,386 -112,503

Net income (+) or loss (-)............................................................. 220,386 -112,503

1

 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note. — Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 
Trust Funds
TRUST FUNDS 

September 2014 

Revised October 16, 2014 

67

TABLE TF-6A.—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. The figure described as “unfunded 

authorizations” is the latest estimate received from the DOT. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax Analysis 

for excise taxes, net of refunds. They represent net highway 

receipts for those periods. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2015) .............................................................................................................. 89

less: 

Cash balance (fiscal year 2015) ......................................................................................................................................................................................... -2

Unfunded authorizations (fiscal year 2015)........................................................................................................................................................................ 91

48-month revenue estimate (fiscal years 2016, 2017, 2018, and 2019)............................................................................................................................ 132

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2015) .............................................................................................................. 25

less: 

Cash balance (fiscal year 2015) ......................................................................................................................................................................................... -

Unfunded authorizations (fiscal year 2015)........................................................................................................................................................................ 25

48-month revenue estimate (fiscal years 2016, 2017, 2018, and 2019)........................................................................................................................... 25

Note.—Detail may not add due to rounding. Note.— Estimates based on the Fiscal Year 2015 Mid-Session Review were updated on 

October 10, 2014, to include Intergovernmental Transfers Authorized by P.L. 113-159. 
September 2014 

68 

Research Paper Series 

Available through the Office of the Assistant Secretary for Economic Policy 

9002. “Historical Trends in the U.S. Cost of Capital.” Robert Gillingham and John S. Greenlees. December 1990. 

9003. “The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.” Robert Gillingham and 

John S. Greenlees. December 1990. 

9004. “An Econometric Model of Capital Gains Realization Behavior.” Robert Gillingham, John S. Greenlees, and Kimberly 

D. Zieschang. August 1990. 

9101. “The Impact of Government Deficits on Personal and National Saving Rates.” (Revised) Michael R. Darby, Robert 

Gillingham, and John S. Greenlees. February 1991. 

9102. “Social Security and the Public Debt.” James E. Duggan. October 1991. 

9201. “Issues in Eastern European Social Security Reform.” John C. Hambor. June 1992. 

9202. “Life-Health Insurance Markets.” John S. Greenlees and James E. Duggan. July 1992. 

9203. “Property-Casualty Insurance Markets.” Lucy Huffman and David Bernstein. August 1992. 

9301. “The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.” 

Michael Cayton. February 1993. 

9302. “The Returns Paid to Early Social Security Cohorts.” James E. Duggan, Robert Gillingham, and John S. Greenlees. 

April 1993. 

9303. “Distributional Effects of Social Security: The Notch Issue Revisited.” James E. Duggan, Robert Gillingham, and John 

S. Greenlees. Revised April 1995. 

9501. “Progressive Returns to Social Security? An Answer from Social Security Records.” James E. Duggan, Robert 

Gillingham, and John S. Greenlees. November 1995. 

9701. “Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.” James E. Duggan, 

Robert Gillingham, and John S. Greenlees. January 1997. 

9702. “An Improved Method for Estimating the Total Taxable Resources of the States.” Michael Compson and John 

Navratil. December 1997. 

2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. 

Worth. May 2001. 

2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and 

Christopher J. Soares. June 2001. 
RESEARCH PAPER SERIES 

September 2014 

69

2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. 

Soares and Mark Warshawsky. January 2003. 

2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and 

Ralph M. Monaco. January 2005. 

2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 

2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest 

Rate.” James A. Girola. March 2006. 

2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, 

and John S. Greenlees. December 2006. 

2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. 

June 2007. 

2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security 

Trust Fund?” Randall P. Mariger. December 2008. 

2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. 

December 2008. 

Copies may be obtained by writing to: 

Ann Bailey, Department of the Treasury 

1500 Pennsylvania Ave., NW., Room 4409 MT 

Washington, DC 20220 

Telephone (202) 622-1519 or fax (202) 622-4112
September 2014 

70 

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b): By the Temporary Debt 

Limit Extension Act, Public Law 113-83, the Statutory Debt 

Limit has been suspended for the period February 15, 2014, 

through March 15, 2015. 

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. 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 
GLOSSARY 

September 2014 

71

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 

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.) 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 
GLOSSARY 

September 2014 

72 

Treasury bills—The shortest term Federal security (maturity 

dates normally varying from 3 to 12 months), are sold at a 

discount. 

Trust fund transaction (“Federal Fiscal Operations”)—

An intrabudgetary transaction in which both payments and 

receipts occur within the same trust fund group. 

United States—Includes the 50 States, District of Columbia, 

Commonwealth of Puerto Rico, American Samoa, Midway 

Island, Virgin Islands, Wake Island, and all other territories 

and possessions. 

U.S. notes (USCC)—Legal tender notes of five different 

issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5-

$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 
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