BULLETIN

SEPTEMBER2023

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

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

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Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

BUREAU OF THE FISCAL SERVICE OPERATIONS 

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

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

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

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills ....................................................46

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................... 48

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ......................................................... 49

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................. 50

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................... 51

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ................................................................................. 51

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals ........................... 52

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

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

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

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

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

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

EXCHANGE STABILIZATION FUND 

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

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

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

SPECIAL REPORTS 

TRUST FUNDS 

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

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

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

ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover

NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to 

rounding; n.a. = Not available. 
Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

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

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

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

Special Reports 

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Profile of the Economy

Federal Fiscal Operations 

Federal Debt

Fiscal Service Operations

Ownership of Federal Securities

U.S. Currency and Coin Outstanding

and in Circulation
1

Profile of the Economy 

(Office of Macroeconomic Analysis) 

August 16, 2023 

Introduction 

The U.S. economy continued to show resilience and strength in the second quarter of 2023. Real 

GDP grew 2.4 percent at an annual rate, up from 2.0 percent in the first quarter and the fourth 

consecutive quarterly increase. Although employment growth has slowed in recent months—

payroll job growth was 187,000 in July, slowing from an average of 228,000 jobs per month in 

the second quarter and an average of 312,000 in the first quarter—it was still sufficient to keep 

the unemployment rate low and stable. Indeed, the unemployment rate edged down to 3.5 

percent in July, just above the 54-year low reached earlier in the 2023. Despite persistent 

tightness in labor markets, inflation continued to trend lower in the second quarter. Relative to 

the twelve-month, 9.1 percent peak in June 2022, the headline inflation rate (as measured by the 

consumer price index, or CPI) fell by 5.9 percentage points as of July, reflecting a slowdown in 

food price inflation by two-thirds from its August 2022 peak, as well as receding energy price 

inflation. Although core inflation remains elevated, inflation for rent of housing (rent of primary 

residence and owner-occupied houses) has eased, as has price growth for other core services. 

Finally, even as the current cycle of monetary tightening weighs on housing market activity, 

signs of stabilization—which first appeared early in 2023—have persisted into the summer, and 

some measures suggest the sector has turned upward. 

Economic Growth 

In the advance estimate for real economic activity in the second quarter of 2023, real GDP rose 

2.4 percent at an annual rate, picking up from a 2.0 percent advance in the first quarter. The 

acceleration in headline growth was largely due to a marked upturn in business fixed investment, 

and the contribution from private inventory investment also turned from a large drag on growth 

in the first quarter to slightly positive impetus in the second. Over the four quarters through the 

second quarter of 2023, real GDP was up 2.6 percent, following a 1.8 percent advance over the 

previous four quarters. 

Despite the acceleration in overall growth, final domestic private demand slowed in the second 

quarter. While GDP is the most comprehensive measure of the economy’s performance, each of 

its four main components—private domestic final purchases (PDFP), government consumption 

and investment, net international purchases, and intermediate demand—can indicate specific 

trends, both current and prospective. For example, PDFP—which aggregates personal 

consumption expenditures (PCE), business fixed investment, and residential investment—

captures the private sector’s capacity to drive self-sustaining growth and can be a predictor of 

future economic performance. In the second quarter, real PDFP growth slowed to 2.3 percent at 

an annual rate (from 3.2 percent in the first quarter) and contributed 2.0 percentage points to total 

GDP growth. 
2

Looking into the components of PDFP, household consumption growth slowed in the second 

quarter to 1.6 percent at an annual rate, from 4.2 percent in the first quarter, due to a sharp 

deceleration in demand for goods and slower—though still solid—growth in spending on 

services. Consumption of goods was up 0.7 percent in the second quarter following a 6.0 percent 

advance in the previous quarter, as growth in durable goods purchases—particularly of motor 

vehicles—slowed to 0.4 percent from a 16.3 percent surge in the first quarter. The rotation in 

consumer spending towards services continued, with growth slowing modestly to 2.1 percent in 

the second quarter from 3.2 percent in the first quarter–dominated by purchases of housing and 

utilities, health care, and financial services and insurance. Notably, consumption of foods 

services and accommodations declined in the second quarter for the first time since 2020. 

After four consecutive quarters of contraction, business fixed investment (BFI) drove the 

acceleration in overall growth in the second quarter. Among the components of BFI, spending 

on equipment turned up sharply after two consecutive quarters of decline, rising 10.8 percent at 

an annual rate due to increased purchases of transportation equipment. Growth in business 

investment in structures was very strong at 9.7 percent, even after slowing from rates of 15.8 

percent in each of the previous two quarters. Businesses continued to invest heavily in 

manufacturing factories—and, to a lesser extent, other structures—activity which offset declines 

in spending in health care structures, power and communications buildings, and mining 

exploration. Spending on intellectual property products picked up from 3.1 percent in the first 

quarter to 3.9 percent in the second quarter. 

The final component of PDFP, residential investment, continued to constrain overall GDP 

growth in the second quarter, affected by an ongoing correction in the housing sector as well as 

tighter monetary policy. The contraction in this sector started in the second quarter of 2021, 

widening and deepening over the next year and a half before tapering and stabilizing in the two 

quarters of 2023. After three consecutive quarters of double-digit declines, residential 

investment fell by 4.0 percent at an annual rate in the first quarter and then by 4.1 percent in the 

second quarter. Residential investment was hampered by spending on other structures—a 

category that includes brokers’ commissions and home improvements—which fell 2.3 percent. 

By contrast, residential construction turned positive in the second quarter: single-family home 

construction spending increased 0.2 percent, marking the first positive contribution to GDP 

growth since early 2022, while investment in multi-family buildings advanced 0.4 percent. 

The other three categories of GDP—government expenditures, international trade, and the 

change in the build-up or drawdown of private inventories—made mixed contributions to the 

overall expansion in the second quarter. Annualized growth of total government spending 

slowed to 2.6 percent in the second quarter, after rising by 5.0 percent in the previous quarter. 

Federal spending growth decelerated from 6.0 percent in the first quarter to 0.9 percent in the 

second, owing to a sharp swing in nondefense expenditures. Meanwhile, defense spending held 

steady. Growth of state and local government expenditures decelerated modestly to a 3.6 percent 

pace, after rising 4.4 percent in the first quarter, but still reflected growth in compensation of 

state and local government employees and also gross public investment in structures. 
3

With export growth falling faster than import growth, international trade was a net negative 

contributor to real GDP growth in the second quarter, after making positive—though shrinking—

contributions in each of the previous four quarters. The net export deficit was smaller by $2.9 

billion in the second quarter at -$1,205.5 billion and subtracted 0.1 percentage point from second 

quarter GDP growth (after contributing 0.6 percentage points in the previous quarter). Total 

exports of goods and services declined by 10.8 percent at an annual rate, amid slowing global 

growth, while total imports fell by 7.8 percent. 

As noted previously, the change in private inventories (CIPI) contributed to GDP growth in the 

second quarter, after posing a major impediment to growth in the previous quarter. The 

contribution was led by builds in the construction, mining, and utilities sectors as well as the 

retail trade sector. The pace of real private inventory growth quickened by $5.8 billion to $9.3 

billion in the second quarter, after slowing by $133.0 billion to just a $3.5 billion inventory 

buildup in the first quarter. As a result, CIPI added 0.1 percentage point to real GDP growth in 

the second quarter, after subtracting 2.4 percentage points in the first quarter. Inventories tend to 

be a volatile component of GDP and became even more so during and after the pandemic, given 

changing household consumption patterns and supply-chain disruptions. 

Growth of Real GDP 

(Quarterly percent change at annual rate) 

Labor Markets and Wages 

Labor markets remained tight during the first seven months of 2023, but signs of easing became 

more apparent. The pace of job creation averaged 399,000 per month in 2022, then slowed to an 

average 258,000 per month through July of this year. Nonetheless, the pace of job creation this 
4

year remains sufficient to maintain a stable unemployment rate with a constant labor force 

participation rate. After dropping to a 54-year low of 3.4 percent in January 2023 and again in 

April, the unemployment rate stood at 3.5 percent as of July. Meanwhile, the broadest 

unemployment rate—which includes those working part-time for economic reasons and those 

marginally-attached to the labor force—stood at 6.7 percent in July, just 0.2 percentage points 

higher than the record low of 6.5 percent set in December 2022 (series dates from January 1994). 

Thus far in 2023, the imbalance between labor supply and demand in the economy has improved 

slowly. Labor force participation rates (LFPR) for all workers, as well as prime-age (ages 25-54) 

workers, improved in the first quarter of 2023 after stalling late last year. Between March and 

July 2023, the headline LFPR has stabilized at 62.6 percent, its highest level since March 2020. 

Meanwhile, the prime-age LFPR has continued to improve, reaching 83.5 percent as of July 

2023, surpassing the pre-pandemic high in January 2020 by 0.4 percentage points. Even so, 

participation by workers over age 54 has been trending lower, dropping to 38.1 percent as of July 

2023—or 2.2 percentage points below the 40.3 percent rate posted in February 2020. In addition 

to increased labor supply, demand for labor continues to move lower, albeit slowly. The number 

of job openings and the job openings rate have each trended down since March 2022; as of June 

2023 (latest available data), there were still 1.61 jobs per unemployed worker, the lowest ratio 

since October 2021. This lower ratio (fewer jobs per unemployed worker) signals improving 

balance in labor markets. 

Measures of wage growth in the private sector remain mixed. Average hourly earnings rose 4.4 

percent over the twelve months through July 2023, gradually slowing from the 5.9 percent peak 

in March 2022. After adjusting for inflation, however, real average hourly earnings advanced 

1.1 percent over the year through July 2023, contrasting sharply with the 2.7 percent decline in 

real wages over the year-earlier period. But an alternative measure of wage growth, the 

Employment Cost Index (ECI), suggests that wage pressures moderated in the second quarter. 

(The ECI controls for employment shares among industries and occupations, making it a better 

reference for wage growth.) Over the four quarters through the second quarter of 2023, the ECI 

for private sector wages and salaries grew 4.6 percent, slower by more than a full percentage 

point than the rate over the previous four quarters. Wage growth in goods-producing industries 

slowed dramatically in the second quarter, while that in service-producing industries was stable 

relative to the first quarter at an elevated rate. 
5

Payroll Employment

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

Unemployment Rate 

(Percent) 

Nonfarm Productivity of Labor 

After declining in the first quarter of this year, nonfarm productivity growth grew strongly in the 

second quarter, although the acceleration was mainly a function of a decline in worker hours. 

Productivity growth was up 3.7 percent at an annual rate in this year’s second quarter, following 

a 1.2 percent retreat in the first quarter. The second-quarter gain reflected a 2.4 percent advance 

in output, combined with a 1.3 percent decline in worker hours. Over the four quarters through 

the second quarter of 2023, productivity was up 1.3 percent, the first four-quarter increase after 
6

five consecutive twelve-month declines, including a 2.5 percent drop over the four quarters 

through the second quarter of 2022, which marked the largest four-quarter decline since 1974. 

Nominal hourly compensation costs in the nonfarm business sector rose 5.5 percent at an annual 

rate in the second quarter of 2023, accelerating from the 2.1 percent pace in the first quarter. 

Compensation costs rose by 3.7 percent over the four most recent quarters, slowing from a 4.3 

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

unit of output, slowed to 1.6 percent at an annual rate in this year’s second quarter, after rising by 

3.3 percent in the previous quarter. On a four-quarter basis, however, these costs advanced 2.4 

percent over the most recent four quarters, less than one-half the 7.0 percent pace over the four 

quarters through the second quarter of 2022. 

Industrial Production, Manufacturing, and Services 

Total industrial production has trended somewhat higher over the first seven months of 2023, 

after declining on net in the last quarter of 2022. Since December, output at factories, mines, and 

utilities has increased 1.4 percent. 

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

increased 1.6 percent since December. The contribution from the automotive sector has been 

generally positive in recent months, including a 5.2 percent advance in July. Other measures of 

manufacturing, however, have been mixed so far in 2023. Output at select high-technology 

factories was up 1.5 percent in July but, excluding motor vehicles and parts and high-technology 

industries, manufacturing output ticked up 0.1 percent that month. 

Output at mines, most of which is crude oil and natural gas extraction and related support 

activities, accounts for 16 percent of industrial output. As a result, mining activity is sensitive to 

energy prices; the trend of rising energy prices in 2021 and well into 2022 contributed to strong 

mining output growth in those years. Earlier this year, mining output slowed, but more recently 

has turned up, such that since December, output was 3.1 percent higher, including a 0.5 percent 

increase in July. Twelve-month rates are slowing, however, with output up 2.3 percent over the 

year through July, much slower than the 7.4 percent, year-earlier advance. Monthly oil and gas 

extraction declined 1.8 percent in July, the third consecutive monthly decline. Over the 12 

months through July 2023, oil and gas extraction was down 4.4 percent. 

Utilities output, the remaining 10 percent of total industrial output, has also fluctuated from 

month to month; weather is usually a factor contributing to swings in this sector; unseasonable 

weather in months often causes sharp swings in output from one month to the next. Utilities 

output declined to varying degrees in April, May, and June, then surged 5.4 percent in July. 

Over the 12 months through July 2023, utilities production declined 0.9 percent. 

According to survey measures of manufacturing and service-sector businesses, growth remains 

negative in manufacturing, and has continued to slow in services. The Institute for Supply 

Management’s (ISM) manufacturing index has remained below the 50 level for the past nine 

months, signaling contraction. After dropping in June to its lowest level since May 2020, the 

index rose to 46.4 in July 2023. For the services sector, the ISM’s index dipped below the 50 
7

mark in December 2022 but has held above 50 for the past seven months. In July 2023, the 

index fell 2.2 points to 52.7. This index has signaled expansion in 37 of the past 38 months but 

recent readings have indicated slow growth. 

Housing Markets 

The correction in housing markets that began early in 2022 has tapered thus far in 2023, although 

much higher mortgage rates and still-high house prices continue to weigh on affordability. In 

June 2023, existing home sales—which account for nearly 90 percent of all home sales—

declined 3.3 percent over the month and were 18.9 percent lower on a twelve-month basis. 

Year-to-date, existing home sales were up 3.2 percent but have trended lower since surging 13.8 

percent in February. By contrast, new single-family home sales have trended higher since July 

2022 and, despite a 2.5 percent decline in June, are 23.8 percent higher over the year. 

Inventories of existing homes available for sale have risen from all-time lows in 2022 but remain 

constrained as many existing homeowners are still reluctant to sell homes with lower mortgage 

rates in exchange for new mortgages at much higher rates. Even so, the months’ supply of 

existing homes for sale has been edging up in recent months and stood at 3.1 months in June, 

roughly double the supply available in January 2022, but still well below the average 3.9 months 

of supply in 2019. Inventories of new homes on the market remain elevated but have declined: 

after surging above 10 months’ supply in July 2022, months’ supply has trended lower and stood 

at 7.4 months in June 2023, well above the 5.8 months of sales posted in January 2022. 

Measured with a lag, house prices remain elevated following a sharp acceleration for well over 

two years, including double-digit twelve-month rates for nearly that long. But during the latter 

half of 2022, yearly as well as monthly rates began to slow considerably. Since early 2023, 

monthly rates have been rising, although yearly rates continue to slow or even decline. The 

Case-Shiller national house price index—which measures sales prices of existing homes—

declined each month between July 2022 and January 2023, then began rising, and was up 1.0 

percent in May 2023 (latest data available). However, the index has declined on a twelve-month 

basis since March, including a 1.7 percent drop over the year through May. These were the first 

yearly declines since early 2012 and contrast sharply with the peak 20.8 percent pace over the 

year through March 2022. The FHFA purchase-only house price index showed flat or slightly 

positive growth between October 2022 and January 2023 but, starting in February, has shown 

robust monthly growth—including a 0.7 percent advance in May. Twelve-month rates remain 

positive but are trending lower; over the year through May 2023, this index was up 2.9 percent, 

about one-sixth the peak pace of 19.3 percent over the year through February 2022 and the 

slowest twelve-month pace since May 2012. 

Signals from new construction starts and permits for future starts have been mixed thus far in 

2023. Single-family housing starts have been trending higher since late last year, including a 6.7 

percent advance in July. Twelve-month declines have tapered considerably from the elevenmonth string of double-digit declines seen through June 2023 and, over the year through July, 

were up 9.5 percent. Similarly, after declining for eleven consecutive months through the end of 

2022, single-family permits have been growing in 2023, including a 0.6 percent gain in July. 

Yearly declines have also tapered to low single digits. In the volatile multi-family sector, starts 

have been running at an elevated pace since late 2021 but have declined in recent months; 
8

meanwhile permits have declined in five of the past seven months, suggesting a softening trend 

in this segment of the market. 

Despite mixed trends in starts and permits, activity in the housing sector remains relatively 

elevated, as builders continue to work through construction backlogs. The number of total 

homes under construction—both single-family and multi-family—stood at 1.682 million as of 

June 2023, modestly below the record high of 1.710 million reached in October 2022 (data series 

begins in 1970). Earlier this year, home builders had grown more optimistic about conditions in 

single-family housing markets, with the National Association of Home Builders’ housing market 

index rising to 56 in July, the highest reading since June 2022. However, this index dropped to 

the neutral threshold of 50 in August—though this level that still represents a sharp improvement 

from the recent low of 31 in December 2022.

Prices 

Monthly increases in inflation have slowed substantially from the range of 0.4 percent to 1.2 

percent seen in the first half of 2022 and have recently neared pre-pandemic patterns. Lower 

energy and food prices have helped dampen headline price pressures. In June and July 2023, 

CPI inflation was 0.2 percent. The CPI for energy goods and services continues to fluctuate 

from month to month, ticking up 0.1 percent in July, after a 0.6 percent gain in June and a 3.6 

percent drop in May. Food inflation, meanwhile, has been trending lower since mid-2022. In 

July, monthly food price inflation was 0.2 percent, matching the year-to-date average and down 

from the peak of 1.1 percent growth in May and July of 2022. 

Core CPI inflation (which strips out the volatile energy and food components) was elevated for 

much of 2022 but slowed to a range of 0.3 percent to 0.4 percent during the final three months of 

the year. Core inflation has slowed further this year: in June and July 2023, core prices increased 

just 0.2 percent over each month. Core goods price inflation has slowed markedly from 2022, 

helping to contain core inflation readings; in July, the core goods CPI declined 0.3 percent. 

Meanwhile, inflation for core services has been the largest driving force behind core CPI 

inflation in 2023, particularly due to shelter prices—such as rents and owners’ equivalent rents—

which have set a high floor for core services inflation, despite some recent slowing. Monthly 

shelter price inflation readings fluctuated in a range of 0.5 percent to 0.8 percent between 

February 2022 and March 2023, but in April, June, and July, shelter inflation slowed to 0.4 

percent. This monthly rate is still well above the 0.2 percent to 0.3 percent pace seen prior to the 

pandemic’s onset. 

On a twelve-month basis, inflation has slowed considerably from peak readings but is still 

elevated relative to pre-pandemic paces. Over the year ending July 2023, CPI inflation was 3.2 

percent: this was about one-third of the 9.1 percent pace recorded over the year through June 

2022. Energy prices dropped 12.5 percent over the twelve months ending in July 2023, roughly 

one-quarter of the 41.6 percent twelve-month rise seen in June 2022—the peak rate following the 

Russian invasion of Ukraine. After running at double-digit paces for nine consecutive months, 

food price inflation slowed to single digits as of February and, over the year through July 2023, 

was 4.9 percent—the slowest twelve-month pace since October 2021. Core inflation has also 

slowed on a yearly basis, but to a lesser extent than headline: over the year ending in July 2023, 

core inflation was 4.7 percent, or 1.9 percentage points below the peak rate of 6.6 percent 
9

reached over the year through September 2022. As with monthly inflation, price growth of core 

services—driven by strong shelter inflation—was the primary contributor to still-rapid core 

inflation. After running at 7.3 percent over the year through February 2023—the fastest rate in 

over forty years—core services price inflation was 6.1 percent over the twelve months through 

July – largely driven by shelter inflation (despite slower monthly readings of late. Over the year 

through July 2023, core goods inflation was 0.8 percent, a fraction of the peak yearly rate of 12.3 

percent through February 2022. 

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

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

methodology in its calculation—though the drivers of both measures remain similar. Inflation as 

measured by the PCE price index typically runs at a slower pace than CPI inflation due to these 

methodological and weighting differences. From 2000 to 2019, headline PCE inflation was 0.3 

percentage points slower than CPI inflation on a year-over-year basis, while core PCE inflation 

was typically 0.3 percentage points slower than core CPI inflation. Gaps widened considerably 

starting in Spring 2021, but over time, have narrowed sharply. In fact, as of June 2023, PCE 

inflation was 3.0 percent on a year-over-year basis, matching CPI inflation for the comparable 

timeframe. The gap between core measures has also narrowed recently - though to a lesser 

extent. Core PCE inflation was 4.1 percent over the year ending June 2023, still 0.7 percentage 

points below the 4.8 percent inflation as measured by the core CPI over the same time frame. 

(Prior to March 2021, inflation as measured by the PCE price index had held below the FOMC’s 

target since November 2018, which contributed to the FOMC adopting a new inflation regime. 

The flexible average inflation target regime allows for inflation to exceed 2 percent for some 

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

Consumer Prices 

(Percent change from a year earlier) 
10

Consumer and Business Sentiment 

Consumer and business sentiment measures remain at relatively low levels, despite progress in 

lowering inflation, the strength of labor markets, and declining concerns about an impending 

recession. The Reuters/Michigan consumer sentiment index trended lower between April 2021 

and June 2022, when it reached a record low of 50.0 (series debuted in November 1952). It 

subsequently fluctuated in a ten-point range, but since January 2023, has trended modestly 

higher. Nonetheless, as of early August, the index stood at 71.2, still 0.6 points below the earlypandemic low reached in April 2020. 

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

remained above the early pandemic low reached in April 2020 but has also fluctuated in a 

broader range. After reaching 128.9 in June 2021, a level within four points of the pre-pandemic 

high, this index trended broadly lower, though to a lesser extent than the Reuters/Michigan 

index. Over the past twelve months, however, the index has remained above 100, and in July 

2023, climbed to 117.0, a two-year high and about 31 points above the early pandemic low. 

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

optimism index has trended lower since mid-2021. As of July 2023, the small business optimism 

index stood at 91.9, or 1 point below the early pandemic low. This marked the nineteenth 

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

Federal Budget Deficit and Debt 

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

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

economy. At the end of fiscal year 2022, the federal government’s budget deficit was $1.38 

trillion (5.4 percent of GDP)—down from $2.78 trillion (12.3 percent of GDP) at the end of 

fiscal year 2021. Despite the decline in the deficit of $1.40 trillion in the most recent fiscal year, 

the deficit was still up from 4.7 percent of GDP in fiscal year 2019 (i.e. the fiscal year which 

ended just before the onset of the pandemic in early 2020), and also higher than the 40-year 

average of 3.8 percent. Federal receipts totaled $4.90 trillion in fiscal year 2022, up $850 billion 

(21.0 percent) from fiscal year 2021. Net outlays for fiscal year 2022 were $6.27 trillion, down 

$550 billion (-8.1 percent) from fiscal year 2021, primarily due to the expiration of temporary 

programs to contain the pandemic and mitigate the impact on families and businesses. In the 

first seven months of FY 2023 (October 2022 to July 2023), the federal deficit was $1,613 

billion, up $887 billion from the same period in FY 2022. 

In June 2023, the Treasury’s borrowing limit was suspended until 2025. Gross federal debt was 

$30.9 trillion at the end of fiscal year 2022, up from $28.4 trillion at the end of fiscal year 2021. 

Federal debt held by the public, which includes debt held by the Federal Reserve but excludes 

federal debt held by government agencies, rose from $22.3 trillion at the end of fiscal year 2021 

(98.4 percent of GDP) to $24.3 trillion by the end of fiscal year 2022 (97.1 percent of GDP). At 

the end of July 2023, gross federal debt stood at $32.6 trillion while debt held by the public was 

$25.7 trillion. 
11

Economic Policy 

In August 2023, the Administration celebrated the one-year anniversary of the Inflation 

Reduction Act (IRA), which sought to improve the resiliency of supply chains—which had been 

disrupted in late-2021 and early-2022 and contributed to rising inflation—and address other 

long-run supply-side vulnerabilities, particularly those arising from climate change. The IRA 

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

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

reduction through improved tax compliance and closing of tax loopholes. 

The current cycle of monetary policy tightening, which began at the FOMC’s March 2022 

meeting to address inflation, has eased in 2023. So far this year, the FOMC has increased the 

interest by 100 basis points, versus a 425-basis point increase in 2022. In the accompanying 

statement issued on July 26, the Committee observed that “economic activity has been expanding 

at a moderate pace” and that “Job gains have been robust in recent months, and the 

unemployment rate has remained low” but it also noted that “Inflation remains elevated.” The 

FOMC also repeated that “tighter credit conditions for households and businesses are likely to 

weigh on economic activity, hiring, and inflation.” 

The Federal Reserve also has been reducing its holdings of long-run assets of Treasury securities 

and mortgage-backed securities (MBS), putting upward pressure on longer-term interest rates. 

The FOMC’s balance sheet runoff—that is, allowing maturity of longer-term assets without 

reinvestment—began on June 1, 2022. In September 2022, monthly runoff caps were raised as 

scheduled to $95 billion ($60 billion for Treasuries and $35 billion for MBS), where they 

remain. 
12

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the fiscal year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

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

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

excess deficit. Partly for this reason, attention has focused 
13

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

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current fiscal 

year to date and prior fiscal year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a fiscal year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 2023 

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 $664.2 billion for the third 

quarter of Fiscal Year 2023. This is a decrease of $346.8 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $18.0 billion and non-withheld 

receipts decreased by $284.2 billion during this period. 

Refunds increased by $44.7 billion over the comparable 

Fiscal Year 2022 quarter. There was a change of $22.5 

billion in accounting adjustments between individual 

income tax receipts and the Social Security and Medicare 

trust funds over the comparable quarter in Fiscal Year 2022. 

Corporate income taxes—Net corporate income tax 

receipts were $165.9 billion for the third quarter of Fiscal 

Year 2023. This is a decrease of $12.9 billion compared to 

the prior year third quarter. The $12.9 billion change is 

comprised of a decrease of $16.7 billion in estimated and 

final payments, and a decrease of $3.8 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the third quarter of 

Fiscal Year 2023 were $457.7 billion, an increase of $58.8 

billion over the comparable prior year quarter. Receipts to 

the Federal Old-Age and Survivors Insurance, Federal 

Disability Insurance, and Federal Hospital Insurance trust 

funds changed by $49.6 billion, $8.4 billion, and $0.6 

billion respectively. There was a $35.9 billion accounting 

adjustment for prior years employment tax liabilities made 

in the third quarter of Fiscal Year 2023. There was a $13.4 

billion adjustment in the third quarter of Fiscal Year 2022. 

Unemployment insurance—Unemployment insurance 

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

2023 were $24.6 billion, a decrease of $2.5 billion over the 

comparable quarter of Fiscal Year 2022. Net State taxes 

deposited in the U.S. Treasury decreased by $2.8 billion to 

$20.5 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.3 billion to $4.1 billion. 
14

Budget Results and Financing of the U.S. Government 

and Third-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.7 billion for the 

third quarter of Fiscal Year 2023. This was an increase of 

$0.1 billion from the comparable quarter of Fiscal Year 

2022. 

Excise taxes—Net excise tax receipts for the third 

quarter of Fiscal Year 2023 were $19.3 billion, a decrease of 

$3.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $5.1 billion, an 

increase of $3.3 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $6.8 billion for the third quarter of Fiscal Year 2023. 

These receipts represent a decrease of $3.0 billion over the 

same quarter in Fiscal Year 2022. 

Customs duties—Customs duties net of refunds were 

$19.2 billion for the third quarter of Fiscal Year 2023. This 

is a decrease of $6.4 billion over the comparable prior year 

quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the third quarter of Fiscal Year 2023 were $5.0 billion, a 

decrease of $33.2 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $32.4 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 2023 

April – June

 Fiscal year 2023 

 year to date

Total on- and off-budget results: 

Total receipts ................................................................ 1,364,324 3,412,519

On-budget receipts .................................................... 1,004,926 2,493,417

Off-budget receipts .................................................... 359,398 919,102

Total outlays ................................................................... 1,656,260 4,805,160

On-budget outlays...................................................... 1,350,472 3,913,720

Off-budget outlays...................................................... 305,787 891,439

Total surplus or deficit (-)............................................... -291,935 -1,392,639

On-budget surplus or deficit (-) .................................. -345,546 -1,420,303

Off-budget surplus or deficit (-).................................. 53,611 27,663

Means of financing: 

Borrowing from the public .............................................. 754,623 1,126,304

Reduction of operating cash .......................................... -224,702 233,600

Other means .................................................................. -237,985 32,737

Total on- and off-budget financing ............................. 291,935 1,392,639

Third-Quarter Net Budget Receipts by Source, Fiscal Year 2023 

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

Source April May June

Individual income taxes...................................................... 380.9 134.2 149.0

Corporate income taxes..................................................... 80.6 13.8 71.5

Employment and general retirement.................................. 156.6 122.1 179.0

Unemployment insurance .................................................. 6.1 17.5 1.0

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

Excise taxes ....................................................................... 3.3 8.2 7.8

Estate and gift taxes .......................................................... 2.0 3.1 1.7

Customs duties .................................................................. 6.4 6.4 6.5

Miscellaneous receipts....................................................... 2.1 1.6 1.3

Total budget receipts .....................................................

638.5 307.5 418.3

Note.—Detail may not add to totals due to independent rounding.
15
16 TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results

Means of

financing 

-net transactions 

Borrowing from 

the publicFederal securities

Public debt 

securities 

(10)

Fiscal year 

or Month

Total 

Receipts 

(1)

On-budget

receipts 

(2)

Off-budget

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget

surplus 

deficit (-)

(9)

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

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

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

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

2022 ................................4,896,119 3,830,145 1,065,975 6,271,508 5,190,351 1,081,158 -1,375,389 -1,360,206 -15,183 2,453,245

2023 – Est1................................ 4,802,483 3,604,388 1,198,095 6,371,827 5,159,771 1,212,056 -1,569,344 -1,555,383 -13,961 1,853,743 

2024 – Est1................................ 5,036,384 3,828,230 1,208,154 6,882,738 5,567,203 1,315,535 -1,846,354 -1,738,973 -107,381 2,113,641

2022 - June ................................ 460,757 354,444 106,313 549,598 475,908 73,690 -88,842 -121,464 32,623 63,526 

July ................................ 269,331 189,317 80,014 480,383 391,024 89,359 -211,052 -201,707 -9,345 22,192 

Aug ................................ 303,722 217,544 86,178 523,318 422,042 101,276 -219,596 -204,498 -15,098 332,833 

Sept................................ 487,723 394,192 93,531 917,396 817,392 100,004 -429,673 -423,200 -6,474 -15,661

Oct................................ 318,500 242,627 75,873 406,374 315,869 90,505 -87,874 -73,242 -14,632 262,939

Nov ................................ 252,111 170,473 81,638 500,646 399,543 101,103 -248,535 -229,070 -19,465 167,457

Dec ................................ 454,942 358,135 96,807 539,943 467,639 72,304 -85,001 -109,504 24,503 4,743 

2023 - Jan ................................ 447,288 339,029 108,259 486,072 388,957 97,115 -38,784 -49,928 11,144 35,500

Feb ................................ 262,114 168,220 93,894 524,548 411,260 113,288 -262,434 -243,040 -19,394 -976 

Mar ................................ 313,240 210,007 103,233 691,317 579,980 111,337 -378,076 -369,973 -8,104 -3,677

Apr................................ 638,520 518,378 120,142 462,340 361,603 100,736 176,181 156,775 19,406 -60

May................................ 307,487 212,879 94,608 547,835 430,380 117,455 -240,348 -217,501 -22,847 1,719

June................................ 418,317 273,669 144,648 646,085 558,489 87,596 -227,768 -284,820 57,052 859,459 

Fiscal year 2023 to date ................................ 3,412,519 2,493,417 919,102 4,805,160 3,913,720 891,439 -1,392,639 -1,420,303 27,663 1,327,104 

Means of financing—net transactions, continued

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

Other 

(18)

Transaction

s not 

applied to 

year’s 

surplus or 

deficit 

(19)

Total 

Financing 

(20)

Fiscal year 

or month

Agency 

securities 

(11)

Investments 

of Government 

accounts 

(12)

Total 

10+11-12

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

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

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

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

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

2022 ................................................................ -150 483,278 1,969,817 420,833 -10,700 -467 -6,792 -192,082 576 1,375,388

2023 – Est1................................ 589 196,852 1,657,481 14,006 * * * -74,130 * 1,569,344

2024 – Est1................................ 1,140 241,951 1,872,830 - * * * -26,476 * 1,846,354

2022 - June................................ 164 60,426 3,264 -71,835 -1,532 122 -6,249 6,084 - 88,842

July................................ 97 -14,418 36,707 -163,133 -48 346 -163 11,347 - 211,052

Aug................................ -77 24,475 308,281 50,638 -2,585 -1,048 -449 -42,129 - 219,596

Sept................................ -389 -38,360 22,310 -33,918 -2,388 -100 -387 370,150 420 429,673

Oct................................ -38 219,657 43,244 -39,524 1,037 180 1,721 8,044 - 87,874

Nov................................ 155 -27,384 194,996 -63,679 4,395 -235 760 -5,220 - 248,535

Dec................................ 330 41,257 -36,184 -86,106 1,930 1,755 577 39,341 - 85,001

2023 - Jan ................................ 244 -31,466 67,210 121,223 2801 -187 -3 95,408 - 38,784

Feb................................ -264 -22,626 21,386 -152,904 -2092 -326 -381 85,345 - 262,434

Mar................................ -36 -84,744 81,031 -237,312 1,995 -311 569 61,984 2 378,076

Apr................................ -137 87,589 -87,786 138,688 214 216 -417 50,306 - -176,181

May ................................ 130 -17,236 19,085 -267,869 -2,026 98 -502 -48,078 -958 240,348

June ................................ 130 36,265 823,324 353,883 776 773 42 -240,082 - 227,768

Fiscal year 2023 to date ................................ 514 201,312 1,126,306 -233,600 9,030 1,963 2,366 47,048 -956 1,392,639

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

1These estimates are based on the President's FY 2024 Budget, released by the Office of Management and Budget on March 9, 2023. 

* These are not separately estimated. They are included in

"other."
17

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

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

2020 ................................ 1,245,088 601,920 238,346 1,608,663 263,847 52,003 211,846 1,820,509 1,257,205 0 1,257,205 

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

2022 ................................ 1,731,530 1,146,929 246,315 2,632,146 476,189 51,324 424,866 3,057,012 1,410,324 5,203 1,405,121 

2023 – Est1................................ 2,327,860 - - 2,327,860 545,999 - 545,999 2,873,859 1,606,997 - 1,606,997

2024 – Est1................................ 2,390,010 - - 2,390,010 666,168 - 666,168 3,056,178 1,672,567 - 1,672,567

2022 - June ................................ 104,526 108,078 11,789 200,815 86,249 3,694 82,555 283,370 144,436 - 144,436

July ................................ 121,208 15,343 8,538 128,012 15,682 7,447 8,235 136,247 104,324 - 104,324

Aug ................................ 139,167 15,581 13,812 140,936 6,369 1,734 4,636 145,572 113,041 - 113,041

Sept................................ 118,527 120,885 11,686 227,726 109,362 3,420 105,941 333,667 130,521 5,203 125,318 

Oct................................ 138,886 49,832 13,370 175,349 18,992 4,362 14,630 189,979 103,252 - 103,252

Nov ................................ 122,899 14,273 23,472 113,701 7,951 5,009 2,943 116,644 111,320 - 111,320

Dec ................................ 202,355 26,862 13,679 215,539 89,897 2,080 87,818 303,357 130,871 - 130,871

2023 - Jan ................................ 151,856 127,542 17,108 262,290 20,694 -134 20,828 283,118 140,824 - 140,824

Feb ................................ 146,304 17,687 52,005 111,986 6,990 4,702 2,288 114,274 118,974 - 118,974

Mar ................................ 193,055 30,253 72,789 150,520 14,512 3,025 11,487 162,007 130,737 - 130,737

Apr................................ 128,031 326,244 73,338 380,938 84,793 4,212 80,581 461,519 156,032 - 156,032

May................................ 136,840 36,865 39,521 134,184 17,407 3,618 13,790 147,974 121,495 - 121,495

June................................ 85,795 86,299 23,057 149,037 74,613 3,085 71,528 220,565 179,019 - 179,019

Fiscal year 

2023 to date................................ 1,306,021 715,857 328,339 1,693,544 335,849 29,959 305,893 1,999,437 1,192,524 - 1,192,524 

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)

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

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

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

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

2022 ................................ 5,644 27 5,616 1,410,737 66,616 119 66,498 6,271 23 6,294

2023 – Est1................................ 6,029 - 6,029 1,613,026 55,268 - 55,268 6,912 30 6,942 

2024 – Est1................................ 5,861 - 5,861 1,678,428 56,061 - 56,061 7,562 30 7,592

2022 - June................................ -51 - -51 144,385 1,634 18 1,616 513 2 515 

July................................ 513 42 470 104,794 3,043 18 3,025 486 1 487

Aug................................ 453 -19 472 113,513 8,881 7 8,873 484 2 487 

Sept................................ 542 2 540 125,858 410 11 400 624 2 626

Oct................................ 484 1 484 103,735 3,741 - 3,741 542 1 543 

Nov................................ 475 - 475 111,795 3,016 9 3,007 528 1 529 

Dec................................ 798 -16 814 131,685 540 10 530 531 3 534 

2023 - Jan ................................ 860 - 860 141,684 5,975 7 5,968 514 2 516 

Feb................................ 700 -4 704 119,678 2,599 8 2,591 538 2 540 

Mar................................ 559 4 555 131,292 593 14 579 679 2 681 

Apr................................ 565 28 537 156,569 6,170 21 6,148 526 2 527 

May ................................ 590 3 587 122,082 17,516 11 17,506 621 1 622 

June ................................ -3 1 -3 179,016 998 30 968 577 2 579 

Fiscal year 2023 to date ................................ 5,028 17 5,013 1,197,536 41,148 110 41,038 5,056 16 5,071 

See footnotes at end of table. 

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

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

Fiscal year 

or month 

Income taxes 

Social insurance 

and retirement receipts 

 Employment and general retirement 

Old-age, disability, and 

hospital insurance Individual Corporation 

Withheld 

(1) 

Other 

(2) 

Refunds 

(3) 

 Net 

 (4) 

 Gross 

 (5) 

Refunds

(6) 

Net 

 (7) 

Net income 

taxes 

(8) 

 Gross 

 (9) 

Refunds 

 (10) 

 Net 

 (11) 
18

Fiscal year 

or month 

Excise 

taxes, con.

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund 

and all 

other 

(43) 

Total

(44) 

 Gross 

 (36) 

 Refunds

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget

(46) 

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

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

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

2021 ................................ 75,271 28,046 906 27,141 86,950 6,965 79,984 100,055 33,233 133,288 3,093,658 952,323

2022 ................................ 87,727 33,355 805 32,550 106,092 6,186 99,908 106,676 28,723 135,397 3,830,145 1,065,975

2023 – Est1................................ 91,453 20,899 - 20,899 101,656 - 101,656 - 39,380 39,380 3,604,388 1,198,095 

2024 – Est1................................ 114,089 25,338 - 25,338 60,686 - 60,686 - 38,012 38,012 3,828,230 1,208,154

2022 - June ................................ 7,651 2,482 83 2,399 8,988 625 8,364 10,339 2,123 12,462 354,444 106,313

July................................ 6,461 2,657 27 2,630 9,028 498 8,530 5,922 1,239 7,161 189,317 80,014

Aug................................ 8,552 2,537 111 2,426 9,133 678 8,456 6,612 9,236 15,848 217,544 86,178

Sept................................ 11,678 3,443 -19 3,462 9,374 633 8,741 1,059 2,231 3,290 394,192 93,531

Oct................................ 5,812 2,852 46 2,806 8,690 527 8,163 111 3,686 3,797 242,627 75,873 

Nov................................ 8,043 2,744 125 2,618 7,758 586 7,171 188 2,116 2,304 170,473 81,638 

Dec................................ 7,106 1,893 282 1,611 7,312 760 6,552 154 3,414 3,568 358,135 96,807 

2023 - Jan ................................ 5,154 2,255 157 2,099 7,599 761 6,838 15 1,898 1,913 339,029 108,259 

Feb ................................ 6,258 9,855 209 9,646 6,794 445 6,349 40 2,738 2,778 168,220 93,894 

Mar................................ 7,741 2,534 240 2,294 6,677 525 6,152 19 2,475 2,494 210,007 103,233

Apr................................ 3,337 2,072 113 1,960 6,694 344 6,350 29 2,081 2,111 518,378 120,142 

May................................ 8,195 3,187 45 3,142 6,720 347 6,373 - 1,593 1,593 212,879 94,608 

June ................................ 7,771 1,687 31 1,656 7,124 648 6,475 - 1,287 1,287 273,669 144,648 

Fiscal year

2023 to date................................ 59,417 29,079 1,248 27,832 65,368 4,943 60,423 556 21,212 21,769 2,493,417 919,102

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

1These estimates are based on the President's FY 2024 Budget, released by the Office of Management and 

Budget on March 9, 2023.

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)

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

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

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

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

2022 ................................1,483,529 11,403 27 11,376 180 - 180 47,076 444 46,632 36,610 7,070 29,537

2023 – Est1................................ 1,675,236 16,084 - 16,084 307 - 307 41,892 - 41,892 33,170 - 33,170 

2024 – Est1................................ 1,742,081 16,700 - 16,700 302 - 302 40,469 - 40,469 56,618 - 56,618

2022 - June ................................ 146,516 652 - 652 18 - 18 4,781 45 4,737 2,482 238 2,244

July ................................ 108,306 631 - 631 17 - 17 4,625 44 4,581 3,033 1,801 1,232

Aug ................................ 122,873 3,655 5 3,650 20 - 20 1,800 43 1,757 3,419 294 3,125

Sept................................ 126,884 1,844 6 1,838 21 - 21 7,063 65 6,998 3,929 1,108 2,821

Oct................................ 108,019 233 - 233 3 - 3 894 15 879 5,084 387 4,697

Nov ................................ 115,331 1,348 - 1,348 29 - 29 4,549 30 4,519 2,291 145 2,146

Dec ................................ 132,749 4,355 - 4,355 10 - 10 1,107 30 1,077 1,926 263 1,663

2023 - Jan ................................ 148,168 1,060 - 1,060 23 - 23 3,578 30 3,547 2,636 2,112 524 

Feb ................................ 122,809 2,623 11 2,612 30 - 30 3,627 31 3,596 246 226 20 

Mar ................................ 132,552 1,375 - 1,375 27 - 27 3,367 31 3,336 3,309 306 3,003 

Apr................................ 163,244 1,541 - 1,541 31 - 31 3,772 38 3,734 2,669 4,637 -1,969

May................................ 140,210 3,393 34 3,359 27 - 27 2,675 45 2,630 2,225 46 2,179

June................................ 180,563 1,659 - 1,659 28 - 28 3,720 45 3,675 2,638 229 2,409

Fiscal year 2023 to date ................................ 1,243,645 17,587 45 17,542 208 - 208 27,289 295 26,993 23,024 8,351 14,672 
19

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

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

Fiscal year 

or month

Legislative 

branch 

(1)

Judicial

branch

(2)

Department of 

Agriculture 

(3)

Department of 

Commerce

(4)

Department of

Defense, 

military 

(5)

 Depart-

 ment of 

Education

 (6)

 Depart-

 ment of

 Energy

 (7)

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services

 (8)

 Depart-

 ment of 

 Home- 

 land 

 Security 

 (9)

Department of

Housing 

and 

Urban 

Development 

(10)

 Depart- 

 ment of

 the 

 Interior

 (11)

Department of

Justice

(12)

 Depart- 

 ment of 

 Labor 

 (13)

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

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

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

2021 ................................5,265 8,310 235,194 13,135 717,585 260,452 33,695 1,466,673 91,069 31,779 15,788 39,262 404,772

2022 ................................5,752 8,720 245,218 11,734 726,571 639,367 22,439 1,642,892 80,864 29,309 13,916 39,603 51,734

2023 – Est

1

................................ 7,289 9,101 260,599 15,843 771,250 226,204 43,186 1,700,686 100,003 61,657 23,844 49,571 99,474

2024 – Est1................................ 7,427 10,220 229,686 20,318 862,986 171,453 59,526 1,691,087 99,469 77,578 25,360 48,225 74,849

2022 - June ................................ 438 692 23,097 903 60,214 52,748 1,173 136,715 7,059 -18,540 1,824 3,324 3,415

July ................................ 485 748 18,727 829 58,853 9,635 602 138,652 5,369 4,659 1,175 3,055 2,977

Aug ................................ 479 732 19,577 934 59,329 33,544 377 137,355 6,826 4,713 1,139 3,642 4,518

Sept ................................ 507 871 15,863 710 77,310 445,657 1,558 175,419 7,279 2,283 1,502 3,500 671

Oct................................ 684 667 25,901 1,039 73,110 14,970 947 87,490 8,276 4,902 1,279 3,674 -1,505

Nov ................................ 495 693 25,933 934 58,393 22,395 1,704 143,932 6,649 4,662 1,226 3,637 4,111

Dec ................................ 432 732 21,301 1,034 72,836 17,884 2,983 136,305 8,392 5,354 1,156 3,137 5,801

2023 - Jan ................................ 826 724 22,605 870 46,255 16,162 2,314 138,103 6,955 3,919 1,179 3,290 41,724

Feb ................................ 398 732 18,445 895 56,280 14,675 3,500 136,461 6,315 4,981 1,235 3,295 3,923

Mar ................................ 503 934 18,218 979 79,381 38,077 3,797 200,966 8,295 5,356 1,165 3,440 5,281

Apr................................ 455 647 15,601 884 53,486 9,578 3,369 87,666 6,596 5,719 639 5,763 4,207

May................................ 614 785 16,481 1,193 61,809 12,049 3,042 151,881 8,006 208 1,363 4,445 5,633

June................................ 502 776 18,041 1,140 74,856 26,503 3,071 210,385 8,530 5,104 1,822 3,255 3,865

Fiscal year

2023 to date................................ 4,909 6,690 182,526 8,968 576,406 172,293 24,727 1,293,189 68,014 40,205 11,064 33,936 73,040

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)

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

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

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

2021 ................................ 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 20,047

2022 ................................ 33,232 113,770 717,612 444,610 273,868 8,181 56,868 9,278 458 -1,204 35,813

2023 – Est1................................ 34,666 115,023 897,717 199,812 304,529 8,286 70,479 20,265 672 2,339 44,662

2024 – Est1................................ 36,487 125,415 1,006,910 419,795 320,491 8,306 72,380 38,526 658 252 36,463 

2022 - June ................................ 2,031 10,429 97,855 76,827 21,537 403 4,901 873 35 118 3,866

July ................................ 1,931 8,311 68,525 20,426 21,236 730 3,867 664 36 -343 3,345

Aug ................................ 4,556 12,670 88,132 18,028 22,270 931 1,466 789 44 -102 5,499

Sept ................................ 4,206 11,660 39,999 -17,082 35,716 476 11,464 949 45 -71 3,491

Oct................................ 2,651 8,751 47,574 20,046 11,408 505 -127 770 42 -284 3,589 

Nov ................................ 2,268 9,216 55,019 13,564 22,506 1,109 5,576 706 37 128 5,709 

Dec ................................ 4,010 8,995 107,412 24,661 34,927 1,072 11,317 849 40 64 283 

2023 - Jan ................................ 1,904 6,398 51,078 9,074 11,872 275 1,520 691 39 -399 -263

Feb ................................ 1,671 7,153 45,565 57,854 24,151 729 6,739 794 40 -61 6,131

Mar ................................ 1,940 7,414 77,578 31,386 39,920 892 10,813 962 58 365 4,196

Apr................................ 2,119 7,142 76,029 21,298 12,105 516 -1,890 843 41 -409 2,844

May................................ 3,202 11,681 69,650 20,217 25,728 832 5,616 961 49 223 5,356

June................................ 2,791 9,563 122,497 25,449 36,901 818 11,583 1,222 44 124 2,474

Fiscal year

2023 to date................................ 22,556 76,313 652,402 223,549 219,518 6,748 51,147 7,798 390 -249 30,319 

See footnotes at end of table 
20

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

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

Undistributed offsetting receipts 

Fiscal year 

or month

National 

Aeronautics

and 

Space 

Administration 

(25)

National 

Science 

Foundation 

(26)

Office of 

Personnel 

Management 

(27)

Small 

Business 

Administration 

(28)

Social 

Security

Administration 

(29)

Independent 

agencies

(30)

Allowance

s 

(31)

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)

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

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

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

2021 ................................ 22,249 7,353 108,553 322,721 1,192,451 13,556 - -110,687 -149,578 -4,231 -8,942 5,814,310 1,003,847

2022 ................................ 23,080 8,133 113,072 23,199 1,282,055 29,831 - -119,129 -183,966 -11,831 -103,508 5,190,351 1,081,158

2023 – Est1................................ 24,864 9,311 122,978 27,376 1,414,968 34,433 -17,770 -126,086 -177,107 -8,297 - 5,159,771 1,212,056

2024 – Est

1

................................ 26,322 10,591 126,072 1,906 1,527,813 47,020 24,930 -136,865 -160,757 -7,657 -20,504 5,567,203 1,315,535

2022 - June ................................ 2,074 707 9,453 -1,145 113,161 -3,828 - -8,154 -53,571 -1,036 - 475,908 73,690

July................................ 1,760 834 9,948 414 108,097 4,803 - -7,937 -11,759 -270 1 391,024 89,359

Aug................................ 2,221 983 9,957 387 108,550 2,550 - -8,135 -19,471 -1,175 - 422,042 101,276

Sept................................ 2,267 835 8,315 222 113,186 2,056 - -9,266 -1,238 -543 -22,420 817,392 100,004

Oct................................ 1,715 691 10,103 290 104,621 6,278 - -28,832 -4,136 -715 -1 315,869 90,505 

Nov................................ 2,109 653 10,110 157 109,080 2,631 - -8,151 -5,972 -571 - 399,543 101,103 

Dec................................ 3,008 625 9,536 107 114,088 1,535 - -8,253 -51,422 -261 -1 467,639 72,304 

2023 - Jan ................................ 1,642 595 10,876 208 113,810 2,881 - -8,298 -1,970 -786 -1 388,957 97,115 

Feb ................................ 1,607 680 9,689 158 119,301 3,782 - -8,387 -3,337 -844 -1 411,260 113,288 

Mar................................ 2,368 692 9,867 221 124,976 30,659 - -9,514 -9,545 -328 -1 579,980 111,337 

Apr................................ 1,800 629 10,883 23,902 115,301 13,655 - -8,495 -10,144 -437 - 361,603 100,736 

May................................ 2,083 661 10,477 178 120,841 19,644 - -9,138 -6,830 -1,104 -1 430,380 117,455 

June................................ 2,084 843 10,310 118 131,036 -4,875 - -8,777 -55,359 -611 -1 558,489 87,596 

Fiscal year 

2023 to date................................ 18,416 6,069 91,851 25,339 1,053,054 76,190 - -97,845 -148,715 -5,657 -7 3,913,720 891,439

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

1These estimates are based on the President's FY 2024 Budget, released by the Office of Management and 

Budget on March 9, 2023.
21

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

June 2023 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...................................................... 1,689,010 4,533 - 1,693,543 2,135,329 143 - 2,135,472

Corporation income taxes..................................................305,892 - - 305,892 306,053 - - 306,053

Social insurance and retirement receipts: -

Employment and general retirement (off-budget).......... - 919,103 919,103 - - 806,252 806,252

Employment and general retirement (on-budget).......... 17 - 278,417 278,434 -29 - 260,347 260,318

Unemployment insurance .............................................. -10 - 41,046 41,037 -23 - 54,223 54,200

Other retirement............................................................. - - 5,071 5,071 - - 4,694 4,694

Excise taxes ................................................................ 11,473 1,130 46,815 59,418 19,717 1,350 39,968 61,035

Estate and gift taxes .......................................................... 27,831 - - 27,831 24,032 - - 24,032

Customs duties ................................................................ 39,567 19,282 1,574 60,424 49,295 23,236 1,649 74,181

Miscellaneous receipts....................................................... 4,201 16,391 1,176 21,768 95,492 12,519 1,096 109,107

Total Receipts................................................ 2,077,981 41,337 1,293,202 3,412,520 2,629,866 37,248 1,168,229 3,835,344

(On-budget)............................................... 2,077,981 41,337 374,100 2,493,417 2,629,866 37,248 361,977 3,029,091

 (Off-budget)............................................... - - 919,103 919,103 - - 806,252 806,252

Budget outlays:

Legislative branch .............................................................. 4,964 -51 -3 4,910 4,277 14 -10 4,280

Judicial branch ................................................................ 6,905 -106 -110 6,689 6,671 -203 -100 6,368

Department of Agriculture..................................................161,268 21,281 -25 182,525 175,516 15,551 -19 191,049

Department of Commerce.................................................. 8,502 465 1 8,968 8,039 1,220 2 9,260

Department of Defense-military .........................................574,635 1,456 314 576,406 530,000 689 391 531,079

Department of Education ...................................................172,137 157 * 172,294 100 -1 150,534

Department of Energy........................................................ 25,849 -1,121 * 24,728 20,876 -974 * 19,902

Department of Health and Human Services ...................... 1,016,519 4,919 271,752 1,293,190 1,018,021 3,396 170,053 1,191,470

Department of Homeland Security................................ 67,070 761 184 68,015 63,404 -2,079 66 61,391

Department of Housing and Urban Development.............. 40,268 56 -120 40,204 18,263 -27 -583 17,653

Department of the Interior.................................................. 11,353 -981 691 11,063 11,010 -396 -514 10,100

Department of Justice ........................................................ 28,369 5,576 -6 33,939 25,688 3,738 -20 29,406

Department of Labor.......................................................... 8,672 38,700 25,667 73,038 12,664 4,945 25,961 43,570

Department of State........................................................... 22,747 -912 721 22,557 22,651 -780 667 22,538

Department of Transportation............................................ 23,094 -206 53,425 76,313 150,374 19 -69,304 81,090

Department of the Treasury:

Interest on Treasury Debt Securities (Gross)................652,403 - - 652,403 520,955 - - 520,955

Other ..............................................................................221,642 1,887 22 223,550 424,047 -540 -269 423,239

Department of Veterans Affairs .........................................222,573 -3,275 222 219,519 197,629 -3,319 335 194,646

Corps of Engineers ............................................................ 6,029 101 618 6,747 5,840 279 -75 6,044

Other defense civil programs.............................................130,685 -14,833 -64,704 51,147 122,139 -17,186 -64,882 40,072

Environmental Protection Agency................................ 8,028 -71 -159 7,799 10,667 -67 -3,722 6,877

Executive Office of the President................................ 370 1 19 390 325 * 9 334

General Services Administration ................................ 146 -394 - -248 135 -822 - -687

International Assistance Program................................ 40,400 216 -10,296 30,320 27,192 -17 -3,699 23,477

National Aeronautics and Space Administration ............... 18,375 40 2 18,416 16,742 90 - 16,832

National Science Foundation............................................. 5,975 105 -12 6,068 5,397 90 -6 5,481

Office of Personnel Management ................................ 10,928 3,361 77,561 91,851 10,600 2,133 72,119 84,852

Small Business Administration........................................... 25,402 -63 - 25,339 22,173 3 - 22,177

Social Security Administration ........................................... 84,036 * 969,018 1,053,054 80,416 * 871,807 952,222

Independent agencies........................................................ 17,075 55,704 3,413 76,191 15,210 1 5,210 20,421

Undistributed offsetting receipts:

Interest ........................................................................... - - -148,715 -148,715 - - -151,498 -151,498

Other .............................................................................. -4,618 -11,073 -87,817 -103,507 -89,555 -10,985 -84,181 -184,721

Total outlays................................................................ 3,611,801 101,697 1,091,661 4,805,160 3,587,801 -5,127 767,737 4,350,411

(On-budget)............................................................ 3,611,530 98,493 203,698 3,913,721 3,587,519 -5,996 -21,629 3,559,893

(Off-budget)............................................................ 271 3,204 887,964 891,439 282 869 789,367 790,518

Surplus or deficit (-)..................................................... -1,533,820 -60,361 201,541 -1,392,640 -957,934 42,375 400,492 -515,067

(On-budget)............................................................ -1,533,549 -57,156 170,402 -1,420,303 -957,653 43,244 383,607 -530,802

(Off-budget)............................................................ -271 -3,204 31,139 27,664 -282 -869 16,885 15,735

-No Transactions

* Less than $500,000 

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

A 
22

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
23

Note-Detail may not add to totals due to rounding 

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency

securities

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency

securities

(9) 

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

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

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

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

2022................................ 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353

2022 - June............................ 30,588,304 30,568,582 19,722 6,635,101 6,635,101 - 23,953,203 23,933,481 19,722

July............................. 30,614,928 30,595,109 19,819 6,621,007 6,621,007 - 23,993,921 23,974,102 19,819

Aug............................. 30,955,816 30,936,075 19,741 6,646,856 6,646,856 - 24,308,960 24,289,219 19,741 

Sept............................ 30,948,265 30,928,912 19,353 6,608,706 6,608,706 - 24,339,559 24,320,206 19,353

Oct ............................. 31,257,616 31,238,301 19,315 6,864,420 6,864,420 - 24,393,196 24,373,881 19,315 

Nov............................. 31,432,792 31,413,322 19,470 6,838,542 6,838,542 - 24,594,250 24,574,780 19,470

Dec............................. 31,439,489 31,419,689 19,800 6,880,448 6,880,448 - 24,559,041 24,539,241 19,800 

2023 - Jan .............................. 31,475,026 31,454,982 20,044 6,849,031 6,849,031 - 24,625,995 24,605,951 20,044 

Feb............................. 31,479,071 31,459,291 19,780 6,828,385 6,828,385 - 24,650,686 24,630,906 19,780

Mar............................. 31,478,182 31,458,438 19,744 6,743,612 6,743,612 - 24,734,570 24,714,826 19,744 

 Apr ............................. 31,477,422 31,457,815 19,607 6,831,707 6,831,707 - 24,645,715 24,626,108 19,607

May ............................ 31,484,194 31,464,457 19,737 6,813,789 6,813,789 - 24,670,405 24,650,668 19,737 

June ........................... 32,352,141 32,332,274 19,867 6,850,199 6,850,199 - 25,501,942 25,482,075 19,867 

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)

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

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

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

2021 ................................ 28,448,421 63,962 28,384,458 6,123,040 25,601 6,097,438 22,325,381 38,361 22,287,019

2022 ................................ 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

2022 - June............................ 30,588,304 89,745 30,498,557 6,635,101 26,080 6,609,021 23,953,203 63,665 23,889,536 

July............................. 30,614,928 94,080 30,520,847 6,621,007 26,403 6,594,604 23,993,921 67,677 23,926,243 

Aug............................. 30,955,816 102,213 30,853,602 6,646,856 27,778 6,619,078 24,308,960 74,435 24,234,524

Sept............................ 30,948,265 110,711 30,837,552 6,608,706 27,988 6,580,718 24,339,559 82,723 24,256,835 

Oct.............................. 31,257,616 157,162 31,100,453 6,864,420 64,045 6,800,375 24,393,196 93,117 24,300,078

Nov............................. 31,432,792 164,726 31,268,065 6,838,542 65,551 6,772,991 24,594,250 99,175 24,495,074 

Dec............................. 31,439,489 166,351 31,273,138 6,880,448 66,199 6,814,248 24,559,041 100,152 24,458,889

2023 - Jan .............................. 31,475,026 166,144 31,308,881 6,849,031 66,248 6,782,783 24,625,995 99,896 24,526,099

Feb............................. 31,479,071 171,429 31,307,641 6,828,385 68,229 6,760,157 24,650,686 103,200 24,547,484 

Mar............................. 31,478,182 174,253 31,303,928 6,743,612 68,199 6,675,412 24,734,570 106,054 24,628,516

 Apr ............................. 31,477,422 173,690 31,303,730 6,831,707 68,705 6,763,002 24,645,715 104,985 24,540,729 

May ............................ 31,484,194 178,614 31,305,579 6,813,789 68,022 6,745,766 24,670,405 110,592 24,559,813

June ........................... 32,352,141 186,971 32,165,169 6,850,199 68,168 6,782,031 25,501,942 118,803 25,383,138 
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) 

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

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

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

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

2022 ................................166,292 - 264 320,634 109,236 25,894 3,298 

`

2022 - June............................ 160,440 - 264 323,349 108,208 25,816 3,216 

July............................. 162,522 - 264 322,715 103,866 25,836 3,264

Aug............................. 164,355 - 264 320,612 99,065 25,864 3,220 

Sept............................ 166,292 - 264 320,634 109,236 25,894 3,298

Oct.............................. 172,556 - 264 322,954 104,454 25,930 3,427

Nov............................. 173,218 - 264 317,927 101,819 23,742 3,415 

Dec............................. 173,500 - 264 297,915 99,898 23,778 3,603

2023 - Jan .............................. 176,465 - 264 174,178 99,115 23,819 3,610 

Feb............................. 177,114 - 264 42,684 99,734 23,856 3,655

Mar............................. 177,841 - - 28,018 98,170 23,898 3,649 

 Apr ............................. 178,862 - - 30,462 102,242 23,937 3,793

May ............................ 178,582 - - 22,374 96,363 22,257 3,738

June ........................... 178,253 - - 299,631 90,481 22,296 3,853 

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) 

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

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

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

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

2022 ................................24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618

2022 - June............................ 23,912,160 23,290,866 3,522,601 13,575,955 3,760,442 1,805,356 626,512 621,293

July............................. 23,952,579 23,334,112 3,513,559 13,623,823 3,781,548 1,788,645 626,538 618,467 

Aug............................. 24,267,551 23,654,171 3,723,766 13,664,818 3,837,715 1,823,972 603,900 613,380 

Sept............................ 24,299,193 23,673,574 3,643,675 13,696,488 3,867,672 1,839,843 625,897 625,618

Oct.............................. 24,352,542 23,722,956 3,664,798 13,727,320 3,897,465 1,860,204 573,169 629,586 

Nov............................. 24,553,457 23,933,071 3,810,733 13,711,307 3,934,878 1,880,968 595,185 620,385

Dec............................. 24,517,593 23,918,635 3,696,169 13,745,309 3,952,658 1,907,303 617,196 598,958 

2023 - Jan .............................. 24,583,994 24,106,542 3,937,202 13,747,218 3,994,730 1,869,974 557,418 477,452

Feb............................. 24,609,241 24,261,934 4,056,422 13,724,050 4,026,597 1,875,477 579,388 347,307

Mar............................. 24,693,515 24,361,940 4,067,536 13,731,520 4,056,721 1,904,777 601,385 331,576 

 Apr ............................. 24,605,068 24,265,772 3,941,469 13,768,211 4,075,797 1,878,907 601,387 339,296

May ............................ 24,630,686 24,307,372 3,992,378 13,712,974 4,133,645 1,904,034 564,341 323,315 

June ........................... 25,461,998 24,867,484 4,465,683 13,718,907 4,163,697 1,932,853 586,345 594,514
25

Note-Detail may not add to totals due to rounding 

End of fiscal 

year or month

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10)

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11)

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12)

Highway

Trust 

Fund 

(13)

National 

Service Life 

Insurance 

Fund 

(14)

Postal 

Service 

Fund 

(15)

Railroad 

Retirement 

Account 

(16)

Unemployment 

Trust 

Fund 

(17)

Other 

(18)

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

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

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

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

2022 ................................ 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205 

2022 - June............................ 2,758,523 884 200,275 135,575 1,192 22,519 613 76,046 2,176,010 

July............................. 2,749,091 885 193,687 134,624 1,157 22,402 630 76,745 2,189,606

Aug............................. 2,733,124 887 198,632 131,074 1,128 22,747 551 75,519 2,204,289 

Sept............................ 2,723,601 888 167,964 127,547 1,096 20,924 772 73,587 2,168,205 

Oct.............................. 2,710,885 891 204,431 127,133 1,065 19,653 603 73,694 2,393,923

Nov............................. 2,691,100 894 199,979 126,884 1,037 19,724 441 76,288 2,389,299 

Dec............................. 2,711,919 897 212,017 124,357 1,023 19,800 501 74,641 2,362,272

2023 - Jan .............................. 2,719,113 900 207,698 125,161 991 20,401 865 70,483 2,237,138 

Feb............................. 2,700,015 903 207,510 125,538 966 19,173 948 72,270 2,063,012

Mar............................. 2,688,801 907 177,044 124,490 938 18,487 804 69,390 2,097,506

 Apr ............................. 2,702,013 910 209,188 125,095 918 19,259 772 71,313 2,119,183 

May ............................ 2,681,903 914 207,388 123,815 916 18,687 653 87,036 2,109,501

June ........................... 2,728,886 918 163,918 121,978 901 18,754 802 86,064 2,382,727 

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)

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

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

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

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

2022 ................................ 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

2022 - June............................ 6,959,055 7,644 122,284 50,598 18,992 112,415 991,615 186,786 97,084 

July............................. 6,944,610 7,701 120,152 50,606 18,569 112,456 987,201 181,994 97,104

Aug............................. 6,968,348 10,731 123,177 50,921 18,542 113,072 983,129 181,580 119,245 

Sept............................ 6,929,803 10,818 125,471 50,990 18,401 114,679 1,027,513 177,397 119,950 

Oct.............................. 7,188,183 10,775 125,764 51,004 17,825 114,230 1,023,697 191,963 120,647

Nov............................. 7,157,364 11,002 126,646 51,027 17,311 114,508 1,019,841 190,100 121,283 

Dec............................. 7,179,347 13,665 125,863 51,068 17,365 118,032 1,028,036 196,089 121,802

2023 - Jan .............................. 7,024,099 13,220 129,079 51,112 16,760 121,529 980,910 205,219 123,520 

Feb............................. 6,829,420 14,432 129,912 51,634 16,580 122,537 981,749 198,240 124,001

Mar............................. 6,772,639 15,018 102,315 51,711 16,643 124,871 981,810 177,505 124,399

 Apr ............................. 6,863,185 13,969 85,096 51,683 16,697 129,438 981,750 212,852 123,049 

May ............................ 6,835,336 16,073 77,786 51,686 16,500 130,684 979,818 208,665 123,311

June ........................... 7,150,742 16,482 80,909 51,702 16,109 140,649 1,014,345 195,368 130,230 
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)

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

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

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

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

2022 ................................ 19,353 19 31 19,303 * *

2022 - June............................19,722 19 39 19,664 * * 

July.............................19,819 19 39 19,761 * * 

Aug.............................19,741 19 31 19,692 * * 

Sept............................19,353 19 31 19,303 * * 

Oct..............................19,315 19 31 19,265 * * 

Nov.............................19,470 19 32 19,420 * * 

Dec.............................19,800 19 32 19,749 * * 

2023 - Jan ..............................20,044 19 32 19,993 * * 

Feb.............................19,780 19 24 19,737 * * 

Mar.............................19,744 19 24 19,701 * * 

 Apr .............................19,607 19 24 19,564 * * 

May ............................19,737 19 24 19,694 * * 

June ...........................19,867 19 24 19,824 * * 
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) 

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

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

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

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

2022 ................................ 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68

2022 - June ............................ 17,563,428 5,240,978 6,691,404 3,232,049 738,774 1,660,224 68 

July ............................. 17,456,151 5,276,927 6,551,243 3,208,065 739,186 1,680,731 69 

Aug............................. 17,975,257 5,530,984 6,724,083 3,239,185 784,133 1,696,872 68

Sept............................ 18,054,269 5,493,907 6,774,603 3,274,691 796,145 1,714,922 68

Oct.............................. 18,163,671 5,554,740 6,773,463 3,294,531 808,069 1,732,868 68

Nov ............................. 18,432,639 5,760,777 6,816,566 3,277,982 845,465 1,731,849 68 

Dec ............................. 18,342,430 5,683,558 6,806,760 3,256,030 845,623 1,750,459 68 

2023 - Jan .............................. 18,725,241 5,942,174 6,883,405 3,261,758 869,577 1,768,327 68 

Feb ............................. 18,941,573 6,103,781 6,947,532 3,207,948 919,065 1,763,247 68

Mar ............................. 19,097,612 6,139,726 7,007,183 3,236,888 931,490 1,782,324 68

Apr .............................. 18,842,390 6,008,397 6,907,473 3,193,593 931,788 1,801,138 69

May............................. 19,157,208 6,089,970 7,096,546 3,189,054 989,264 1,792,374 69 

June............................ 19,774,514 6,589,467 7,171,344 3,201,071 1,001,496 1,811,137 67 

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

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month

Statutory debt 

limit 

(1)

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7)

Total 

(2)

Public debt 

(3)

Other debt 1 

(4)

Public debt 

(5)

Other debt 

(6)

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

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

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

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

2022 ....................................... 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653

2022 – June ........................... 31,381,463 30,523,251 30,523,251 - 30,568,582 - 45,331

July............................. 31,381,463 30,548,963 30,548,963 - 30,595,109 - 46,146 

Aug............................. 31,381,463 30,883,745 30,883,745 - 30,936,075 - 52,331

Sept............................ 31,381,463 30,869,259 30,869,259 - 30,928,912 - 59,653

Oct.............................. 31,381,463 31,173,740 31,173,740 - 31,238,301 - 64,562 

Nov............................. 31,381,463 31,345,649 31,345,649 - 31,413,322 - 67,674

Dec............................. 31,381,463 31,347,311 31,347,311 - 31,419,689 - 72,379

2023 – Jan ............................. 31,381,463 31,381,438 31,381,438 - 31,454,982 - 73,545 

Feb............................. 31,381,463 31,381,438 31,381,438 - 31,459,291 - 77,853

Mar............................. 31,381,463 31,381,438 31,381,438 - 31,458,438 - 77,000

Apr .............................. 31,381,463 31,381,438 31,381,438 - 31,457,815 - 76,377 

May ............................ 31,381,463 31,381,438 31,381,438 - 31,464,457 - 83,019

June ........................... - 32,244,306 32,244,306 - 32,332,274 - 87,968

(1) Pursuant to 31 U.S.C. 3101(b). By the The Fiscal Responsibility Act of 2023, Public Law 118-

5, the Statutory Debt Limit was suspended through January 1, 2025. 
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)

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432 

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2021 ....................................... 1,809,674 31,592 21,196 30,286 658 317

2022 ....................................... 1,623,412 32,772 21,918 31,785 601 266 

2022 - June............................ 1,996,058 30,743 21,069 29,867 568 317 

July............................. 2,030,569 31,593 21,069 29,867 557 317

Aug............................. 2,030,332 32,332 21,893 30,416 601 266 

Sept............................ 1,623,412 32,772 21,918 31,785 601 266 

Oct.............................. 1,675,223 44,573 21,996 32,041 603 266

Nov............................. 1,663,357 30,140 22,094 32,352 606 266 

Dec............................. 1,660,183 31,935 22,421 32,613 616 266

2023 - Jan .............................. 1,675,464 32,580 22,497 32,754 621 266 

Feb............................. 1,686,048 32,764 22,703 32,869 811 266

Mar............................. 1,659,466 30,824 21,655 30,953 692 266 

 Apr ............................. 1,668,144 31,072 21,696 31,214 698 266 

May ............................ 1,695,992 31,135 21,840 31,370 710 266

June ........................... 1,695,171 33,558 22,079 31,556 715 266 

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) 

2018 ....................................... 1,258,499 5,531 24,709 134 61,584

2019 ....................................... 1,287,510 5,280 30,386 24 63,751 

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2021 ....................................... 1,221,381 5,629 66,271 10 70,500 

2022 ....................................... 905,071 5,679 93,564 13 73,447

2022 - June............................ 1,272,314 5,861 98,149 13 72,846 

July............................. 1,298,623 5,758 98,149 13 73,031

Aug............................. 1,298,959 5,771 98,149 13 73,475 

Sept............................ 905,071 5,679 93,564 13 73,447

Oct ............................. 942,220 5,679 93,564 13 73,839 

Nov............................. 948,055 5,679 93,564 13 74,699

Dec............................. 939,257 5,659 93,564 13 75,898

2023 - Jan .............................. 952,257 5,613 93,564 13 75,724 

Feb............................. 952,298 5,743 93,564 14 76,340

Mar............................. 929,017 5,714 93,564 14 76,768 

 Apr ............................. 934,744 5,639 93,564 14 78,129

May ............................ 944,793 5,863 109,565 22 77,885 

June ........................... 944,797 5,795 109,565 49 77,375
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)

2018 ....................................... 20,213 3,725 11,212 56,699

2019 ....................................... 16,946 3,934 11,810 60,091 

2020 ....................................... 15,388 4,384 176,174 149,345

2021 ....................................... 14,531 4,567 262,655 80,081 

2022 ....................................... 13,501 4,417 362,802 77,576

2022 - June............................ 14,596 3,157 367,138 79,420

July............................. 14,596 3,605 369,138 84,253

Aug............................. 13,312 3,968 369,138 82,039 

Sept............................ 13,501 4,417 362,802 77,576

Oct.............................. 13,501 4,865 363,802 78,261

Nov............................. 13,501 5,221 360,310 76,857 

Dec............................. 13,501 5,677 360,310 78,453

2023 - Jan .............................. 13,501 6,120 360,310 79,644

Feb............................. 13,501 6,465 368,522 80,188 

Mar............................. 13,501 6,909 368,522 81,067

 Apr ............................. 13,501 7,344 368,522 81,741

May ............................ 13,501 7,726 369,133 82,183 

June ........................... 13,501 3,335 369,133 83,447

Note—Detail may not add to totals due to rounding. 
31

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: APRIL-JUNE 

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

APRIL 

Auction of 3-Year Notes 

On April 6, 2023, Treasury announced it would auction $40,000 million of 3-year notes. The issue was to refund 

$74,709 million of securities maturing April 15 and to raise new cash of approximately $15,291 million. 

The 3-year notes of Series AM-2026 were dated April 15 and issued April 17. They are due April 15, 2026, with 

interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 3-3/4 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 

1:00 p.m. ET for competitive tenders on April 11. Tenders totaled $103,797 million; Treasury accepted $40,000 

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.810 

percent with an equivalent price of $99.831325. Treasury accepted in full all competitive tenders at yields lower than 

3.810 percent. Tenders at the high yield were allotted 71.32 percent. The median yield was 3.757 percent, and the low 

yield was 3.650 percent. Noncompetitive tenders totaled $152 million. Competitive tenders accepted from private 

investors totaled $39,848 million. Accrued interest of $0.20492 per $1,000 must be paid for the period from April 15 to 

April 17. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $2,557 million 

from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required for Separate Trading 

of Registered Interest and Principal Securities (STRIPS) of notes of Series AM-2026 is $100. 
32 

Auction of 9-Year 10-Month 3-1/2 Percent Notes 

On April 6, 2023, Treasury announced it would auction $32,000 million of 9-year 10-month 3-1/2 percent notes. 

The issue was to refund $74,709 million of securities maturing April 15 and to raise new cash of approximately 

$15,291 million. 

The 9-year 10-month 3-1/2 percent notes of Series B-2033 were dated February 15 and issued April 17. They are 

due February 15, 2033, with interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 12. Tenders totaled $75,423 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.455 percent with an 

equivalent price of $100.365768. Treasury accepted in full all competitive tenders at yields lower than 3.455 percent. 

Tenders at the high yield were allotted 66.26 percent. The median yield was 3.364 percent, and the low yield was 3.300 

percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled 

$31,949 million. Accrued interest of $5.89779 per $1,000 must be paid for the period from February 15 to April 17. 

In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $2,046 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2033 is $100. 

Auction of 29-Year 10-Month 3-5/8 Percent Bonds 

On April 6, 2023, Treasury announced it would auction $18,000 million of 29-year 10-month 3-5/8 percent bonds. 

The issue was to refund $74,709 million of securities maturing April 15 and to raise new cash of approximately 

$15,291 million. 

The 29-year 10-month 3-5/8 percent bonds of February 2053 were dated February 15 and issued April 17. They are 

due February 15, 2053, with interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 13. Tenders totaled $42,458 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.661 percent with an 

equivalent price of $99.342510. Treasury accepted in full all competitive tenders at yields lower than 3.661 percent. 

Tenders at the high yield were allotted 32.38 percent. The median yield was 3.589 percent, and the low yield was 3.527 

percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled 

$17,979 million. Accrued interest of $6.10843 per $1,000 must be paid for the period from February 15 to April 17. 

In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $1,151 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2053 is $100. 

Auction of 52-Week Bills 

On April 13, 2023, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued April 20 and will mature April 18, 2024. The issue was to refund $138,999 million of all maturing bills and to 

raise new cash of approximately $1 million. Treasury auctioned the bills on April 18. Tenders totaled $101,076 million; 

Treasury accepted $34,000 million, including $1,186 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.530 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,910 million 

from FRBs for their own accounts. 

Auction of 5-Year Treasury Inflation Protected Security (TIPS) 

On April 13, 2023, Treasury announced it would auction $21,000 million of 5-year TIPS. The issue was to raise 

new cash of approximately $21,000 million. 
33 

The 5-year TIPS of Series X-2028 were dated April 15 and issued April 28. They are due April 15, 2028, with 

interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 1-1/4 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 20. Tenders totaled $49,168 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.320 percent with an 

equivalent adjusted price of $99.904611. Treasury accepted in full all competitive tenders at yields lower than 1.320 

percent. Tenders at the high yield were allotted 10.28 percent. The median yield was 1.235 percent, and the low yield 

was 1.200 percent. Noncompetitive tenders totaled $178 million. Competitive tenders accepted from private investors 

totaled $20,822 million. Adjusted accrued interest of $0.44506 per $1,000 must be paid for the period from April 15 to 

April 28. Both the unadjusted price of $99.664420 and the unadjusted accrued interest of $0.44399 were adjusted by an 

index ratio of 1.00241, for the period from April 15 to April 28. The minimum par amount required for STRIPS of 

TIPS of Series X-2028 is $100. 

MAY 

Auction of 17-Day Cash Management Bills 

On April 25, 2023, Treasury announced it would auction $45,000 million of 17-day bills. They were issued May 1 

and matured May 18. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned the bills 

on April 27. Tenders totaled $109,618 million; Treasury accepted $45,000 million, including $18 million of 

noncompetitive tenders from the public. The high bank discount rate was 4.350 percent. 

Auction of 19-Year 10-Month 3-7/8 Percent Bonds 

On April 13, 2023, Treasury announced it would auction $12,000 million of 19-year 10-month 3-7/8 percent bonds. 

The issue was to refund $172,946 million of securities maturing April 30 and to pay down approximately $16,946 

million. 

The 19-year 10-month 3-7/8 percent bonds of February 2043 were dated February 15 and issued May 1. They are 

due February 15, 2043, with interest payable on August 15 and February 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 19. Tenders totaled $31,955 million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.920 percent with an 

equivalent price of $99.375292. Treasury accepted in full all competitive tenders at yields lower than 3.920 percent. 

Tenders at the high yield were allotted 30.81 percent. The median yield was 3.850 percent, and the low yield was 3.820 

percent. Noncompetitive tenders totaled $40 million. Competitive tenders accepted from private investors totaled 

$11,960 million. Accrued interest of $8.02831 per $1,000 must be paid for the period from February 15 to May 1. 

In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $1,171 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2043 is $100. 

Auction of 2-Year Notes 

On April 20, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue was to refund 

$172,946 million of securities maturing April 30 and to pay down approximately $16,946 million. 

The 2-year notes of Series BA-2025 were dated April 30 and issued May 1. They are due April 30, 2025, with 

interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 3-7/8 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 25. Tenders totaled $112,548 million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.969 percent with an 
34 

equivalent price of $99.820997. Treasury accepted in full all competitive tenders at yields lower than 3.969 percent. 

Tenders at the high yield were allotted 54.60 percent. The median yield was 3.920 percent, and the low yield was 3.850 

percent. Noncompetitive tenders totaled $390 million. Competitive tenders accepted from private investors totaled 

$41,610 million. Accrued interest of $0.10530 per $1,000 must be paid for the period from April 30 to May 1. 

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $4,099 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BA-2025 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On April 20, 2023, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue was to refund 

$172,946 million of securities maturing April 30 and to pay down approximately $16,946 million. 

The 2-year FRNs of Series BB-2025 were dated April 30 and issued May 1. They are due April 30, 2025, with 

interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of 0.169 percent 

after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on April 26. Tenders totaled $72,973 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.169 percent 

with an equivalent price of $99.999806. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.169 percent. Tenders at the high discount margin were allotted 24.34 percent. The median discount margin was 

0.149 percent, and the low discount margin was 0.001 percent. Noncompetitive tenders totaled $60 million. 

Competitive tenders accepted from private investors totaled $23,941 million. Accrued interest of $0.014721359 per 

$100 must be paid for the period from April 30 to May 1. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,342 million 

from FRBs for their own accounts. 

Auction of 5-Year Notes 

On April 20, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue was to refund 

$172,946 million of securities maturing April 30 and to pay down approximately $16,946 million. 

The 5-year notes of Series Y-2028 were dated April 30 and issued May 1. They are due April 30, 2028, with 

interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 3-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 26. Tenders totaled $109,150 million; Treasury accepted $43,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.500 percent with an 

equivalent price of $99.999837. Treasury accepted in full all competitive tenders at yields lower than 3.500 percent. 

Tenders at the high yield were allotted 65.00 percent. The median yield was 3.427 percent, and the low yield was 3.350 

percent. Noncompetitive tenders totaled $84 million. Competitive tenders accepted from private investors totaled 

$42,916 million. Accrued interest of $0.09511 per $1,000 must be paid for the period from April 30 to May 1. 

In addition to the $43,000 million of tenders accepted in the auction process, Treasury accepted $4,196 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2028 is $100. 

Auction of 7-Year Notes 

On April 20, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue was to refund 

$172,946 million of securities maturing April 30 and to pay down approximately $16,946 million. 
35 

The 7-year notes of Series K-2030 were dated April 30 and issued May 1. They are due April 30, 2030, with 

interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 3-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on April 27. Tenders totaled $84,524 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.563 percent with an 

equivalent price of $99.612688. Treasury accepted in full all competitive tenders at yields lower than 3.563 percent. 

Tenders at the high yield were allotted 16.39 percent. The median yield was 3.489 percent, and the low yield was 3.400 

percent. Noncompetitive tenders totaled $37 million. Competitive tenders accepted from private investors totaled 

$34,963 million. Accrued interest of $0.09511 per $1,000 must be paid for the period from April 30 to May 1. 

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $3,416 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2030 is $100. 

Auction of 21-Day Cash Management Bills 

On April 27, 2023, Treasury announced it would auction $40,000 million of 21-day bills. They were issued May 4 

and matured May 25. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills 

on May 2. Tenders totaled $103,755 million; Treasury accepted $40,000 million, including $39 million of 

noncompetitive tenders from the public. The high bank discount rate was 4.490 percent. 

May Quarterly Financing 

On May 3, 2023, Treasury announced it would auction $40,000 million of 3-year notes, $35,000 million of 10-year 

notes, and $21,000 million of 30-year bonds to refund $75,170 million of securities maturing May 15, 2023 and to raise 

new cash of approximately $20,830 million. 

The 3-year notes of Series AN-2026 were dated and issued May 15. They are due May 15, 2026, with interest 

payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 9. Tenders totaled $117,167 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.695 percent with an 

equivalent price of $99.802937. Treasury accepted in full all competitive tenders at yields lower than 3.695 percent. 

Tenders at the high yield were allotted 67.23 percent. The median yield was 3.655 percent, and the low yield was 3.500 

percent. Noncompetitive tenders totaled $109 million. Competitive tenders accepted from private investors totaled 

$39,891 million. 

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $10,898 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AN-2026 is $100. 

The 10-year notes of Series C-2033 were dated and issued May 15. They are due May 15, 2033, 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 10. Tenders totaled $85,667 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.448 percent with an 

equivalent price of $99.386966. Treasury accepted in full all competitive tenders at yields lower than 3.448 percent. 

Tenders at the high yield were allotted 70.70 percent. The median yield was 3.363 percent, and the low yield was 3.320 

percent. Noncompetitive tenders totaled $50 million. Competitive tenders accepted from private investors totaled 

$34,950 million. 

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $9,535 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2033 is $100. 
36 

The 30-year bonds of May 2053 were dated and issued May 15. They are due May 15, 2053, with interest payable 

on November 15 and May 15 until maturity. Treasury set an interest rate of 3-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 11. Tenders totaled $50,947 million; Treasury accepted $21,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.741 percent with an 

equivalent price of $97.919140. Treasury accepted in full all competitive tenders at yields lower than 3.741 percent. 

Tenders at the high yield were allotted 58.18 percent. The median yield was 3.671 percent, and the low yield was 3.600 

percent. Noncompetitive tenders totaled $29 million. Competitive tenders accepted from private investors totaled 

$20,971 million. 

In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $5,721 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2053 is $100. 

Auction of 149-Day Cash Management Bills 

On May 9, 2023, Treasury announced it would auction $45,000 million of 149-day bills. They were issued May 16 

and will mature October 12. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned the 

bills on May 11. Tenders totaled $105,000 million; Treasury accepted $45,000 million, including $70 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.040 percent. 

Auction of 154-Day Cash Management Bills 

On May 11, 2023, Treasury announced it would auction $45,000 million of 154-day bills. They were issued May 

18 and will mature October 19. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned 

the bills on May 16. Tenders totaled $120,627 million; Treasury accepted $45,000 million, including $149 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.075 percent. 

Auction of 52-Week Bills 

On May 11, 2023, Treasury announced it would auction $36,000 million of 364-day Treasury bills. They were 

issued May 18 and will mature May 16, 2024. The issue was to refund $183,983 million of all maturing bills and to 

raise new cash of approximately $5,017 million. Treasury auctioned the bills on May 16. Tenders totaled $89,477 

million; Treasury accepted $36,000 million, including $1,037 million of noncompetitive tenders from the public. The 

high bank discount rate was 4.645 percent. 

In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $4,713 million 

from FRBs for their own accounts. 

Auction of 156-Day Cash Management Bills 

On May 16, 2023, Treasury announced it would auction $45,000 million of 156-day bills. They were issued May 

23 and will mature October 26. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned 

the bills on May 18. Tenders totaled $108,157 million; Treasury accepted $45,000 million, including $91 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.230 percent. 

Auction of 21-Day Cash Management Bills 

On May 18, 2023, Treasury announced it would auction $35,000 million of 21-day bills. They were issued May 25 

and matured June 15. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills 

on May 23. Tenders totaled $77,238 million; Treasury accepted $35,000 million, including $193 million of 

noncompetitive tenders from the public. The high bank discount rate was 6.200 percent. 
37 

Auction of 1-Year 11-Month 0.169 Percent FRNs 

On May 18, 2023, Treasury announced it would auction $22,000 million of 1-year 11-month 0.169 percent FRNs. 

The issue was to raise new cash of approximately $22,000 million. 

The 1-year 11-month 0.169 percent FRNs of Series BB-2025 were dated April 30 and issued May 26. They are due 

April 30, 2025, with interest payable on July 31, October 31, January 31, and April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on May 24. Tenders totaled $63,281 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.170 percent 

with an equivalent price of $99.994300. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.170 percent. Tenders at the high discount margin were allotted 30.52 percent. The median discount margin was 

0.137 percent, and the low discount margin was 0.090 percent. Noncompetitive tenders totaled $29 million. 

Competitive tenders accepted from private investors totaled $21,971 million. Accrued interest of $0.386832449 per 

$100 must be paid for the period from April 30 to May 26. 

Auction of 20-Year Bonds 

On May 11, 2023, Treasury announced it would auction $15,000 million of 20-year bonds. The issue was to refund 

$89,750 million of securities maturing May 31 and to raise new cash of approximately $60,250 million. 

The 20-year bonds of May 2043 were dated May 15 and issued May 31. They are due May 15, 2043, with interest 

payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3-7/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 17. Tenders totaled $38,433 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.954 percent with an 

equivalent price of $98.913642. Treasury accepted in full all competitive tenders at yields lower than 3.954 percent. 

Tenders at the high yield were allotted 34.77 percent. The median yield was 3.875 percent, and the low yield was 2.880 

percent. Noncompetitive tenders totaled $78 million. Competitive tenders accepted from private investors totaled 

$14,922 million. Accrued interest of $1.68478 per $1,000 must be paid for the period from May 15 to May 31. 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $2,817 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2043 is $100. 

Auction of 9-Year 8-Month 1-1/8 Percent TIPS 

On May 11, 2023, Treasury announced it would auction $15,000 million of 9-year 8-month 1-1/8 percent TIPS. 

The issue was to refund $89,750 million of securities maturing May 31 and to raise new cash of approximately $60,250 

million. 

The 9-year 8-month 1-1/8 percent TIPS of Series A-2033 were dated January 15 and issued May 31. They are due 

January 15, 2033, with interest payable on July 15 and January 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 18. Tenders totaled $34,627 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.395 percent with an 

equivalent adjusted price of $98.862426. Treasury accepted in full all competitive tenders at yields lower than 1.395 

percent. Tenders at the high yield were allotted 9.70 percent. The median yield was 1.335 percent, and the low yield 

was 1.250 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors 

totaled $14,975 million. Adjusted accrued interest of $4.28227 per $1,000 must be paid for the period from January 15 

to May 31. Both the unadjusted price of $97.575406 and the unadjusted accrued interest of $4.22652 were adjusted by 

an index ratio of 1.01319, for the period from January 15 to May 31. 
38 

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $2,817 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2033 is $100. 

Auction of 2-Year Notes 

On May 18, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue was to refund 

$89,750 million of securities maturing May 31 and to raise new cash of approximately $60,250 million. 

The 2-year notes of Series BC-2025 were dated and issued May 31. They are due May 31, 2025, with interest 

payable on November 30 and May 31 until maturity. Treasury set an interest rate of 4-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 23. Tenders totaled $121,778 million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.300 percent with an 

equivalent price of $99.905152. Treasury accepted in full all competitive tenders at yields lower than 4.300 percent. 

Tenders at the high yield were allotted 6.83 percent. The median yield was 4.255 percent, and the low yield was 4.150 

percent. Noncompetitive tenders totaled $324 million. Competitive tenders accepted from private investors totaled 

$41,666 million. 

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $7,887 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BC-2025 is $100. 

Auction of 5-Year Notes 

On May 18, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue was to refund 

$89,750 million of securities maturing May 31 and to raise new cash of approximately $60,250 million. 

The 5-year notes of Series Z-2028 were dated and issued May 31. They are due May 31, 2028, with interest payable 

on November 30 and May 31 until maturity. Treasury set an interest rate of 3-5/8 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 24. Tenders totaled $110,957 million; Treasury accepted $43,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.749 percent with an 

equivalent price of $99.439405. Treasury accepted in full all competitive tenders at yields lower than 3.749 percent. 

Tenders at the high yield were allotted 60.50 percent. The median yield was 3.687 percent, and the low yield was 3.550 

percent. Noncompetitive tenders totaled $75 million. Competitive tenders accepted from private investors totaled 

$42,921 million. 

In addition to the $43,000 million of tenders accepted in the auction process, Treasury accepted $8,075 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2028 is $100. 

Auction of 7-Year Notes 

On May 18, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue was to refund 

$89,750 million of securities maturing May 31 and to raise new cash of approximately $60,250 million. 

The 7-year notes of Series L-2030 were dated and issued May 31. They are due May 31, 2030, with interest payable 

on November 30 and May 31 until maturity. Treasury set an interest rate of 3-3/4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on May 25. Tenders totaled $91,319 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.827 percent with an 

equivalent price of $99.531059. Treasury accepted in full all competitive tenders at yields lower than 3.827 percent. 
39 

Tenders at the high yield were allotted 41.99 percent. The median yield was 3.769 percent, and the low yield was 3.680 

percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled 

$34,968 million. 

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $6,573 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2030 is $100. 

JUNE 

Auction of 161-Day Cash Management Bills 

On May 25, 2023, Treasury announced it would auction $50,000 million of 161-day bills. They were issued June 1 

and will mature November 9. The issue was to raise new cash of approximately $50,000 million. Treasury auctioned 

the bills on May 30. Tenders totaled $144,261 million; Treasury accepted $50,000 million, including $114 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.340 percent. 

Auction of 3-Day Cash Management Bills 

On May 31, 2023, Treasury announced it would auction $25,000 million of 3-day bills. They were issued June 2 

and matured June 5. The issue was to raise new cash of approximately $25,000 million. Treasury auctioned the bills on 

June 1. Tenders totaled $59,524 million; Treasury accepted $25,000 million, including $24 million of noncompetitive 

tenders from the public. The high bank discount rate was 6.150 percent. 

Auction of 1-Day Cash Management Bills 

On June 1, 2023, Treasury announced it would auction $15,000 million of 1-day bills. They were issued June 5 and 

matured June 6. The issue was to raise new cash of approximately $15,000 million. Treasury auctioned the bills on 

June 2. Tenders totaled $61,586 million; Treasury accepted $15,000 million, including $31 million of noncompetitive 

tenders from the public. The high bank discount rate was 5.060 percent. 

Auction of 38-Day Cash Management Bills 

On June 2, 2023, Treasury announced it would auction $50,000 million of 38-day bills. They were issued June 5 

and matured July 13. The issue was to raise new cash of approximately $50,000 million. Treasury auctioned the bills 

on June 2. Tenders totaled $170,054 million; Treasury accepted $50,001 million. The high bank discount rate was 

5.250 percent. 

Auction of 44-Day Cash Management Bills 

On June 2, 2023, Treasury announced it would auction $50,000 million of 44-day bills. They were issued June 6 

and matured July 20. The issue was to raise new cash of approximately $50,000 million. Treasury auctioned the bills 

on June 5. Tenders totaled $159,549 million; Treasury accepted $50,001 million, including $122 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.150 percent. 

Auction of 42-Day Cash Management Bills 

On June 8, 2023, Treasury announced it would auction $45,000 million of 42-day bills. They were issued June 15 

and matured July 27. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned the bills 

on June 13. Tenders totaled $152,228 million; Treasury accepted $45,000 million, including $125 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.020 percent. 

Auction of 52-Week Bills 

On June 8, 2023, Treasury announced it would auction $38,000 million of 364-day Treasury bills. They were issued 

June 15 and will mature June 13, 2024. The issue was to refund $171,011 million of all maturing bills and to raise new 

cash of approximately $34,989 million. Treasury auctioned the bills on June 13. Tenders totaled $107,569 million; 
40

Treasury accepted $38,000 million, including $1,351 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.930 percent. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $2,258 million 

from FRBs for their own accounts. 

Auction of 3-Year Notes 

On June 8, 2023, Treasury announced it would auction $40,000 million of 3-year notes. The issue was to refund 

$32,446 million of securities maturing June 15 and to raise new cash of approximately $57,554 million. 

The 3-year notes of Series AP-2026 were dated and issued June 15. They are due June 15, 2026, with interest 

payable on December 15 and June 15 until maturity. Treasury set an interest rate of 4-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on June 12. Tenders totaled $107,832 million; Treasury accepted $40,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.202 percent with an 

equivalent price of $99.785078. Treasury accepted in full all competitive tenders at yields lower than 4.202 percent. 

Tenders at the high yield were allotted 93.98 percent. The median yield was 4.129 percent, and the low yield was 3.880 

percent. Noncompetitive tenders totaled $111 million. Competitive tenders accepted from private investors totaled 

$39,885 million. The minimum par amount required for STRIPS of notes of Series AP-2026 is $100. 

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

On June 8, 2023, Treasury announced it would auction $32,000 million of 9-year 11-month 3-3/8 percent notes. 

The issue was to refund $32,446 million of securities maturing June 15 and to raise new cash of approximately $57,554 

million. 

The 9-year 11-month 3-3/8 percent notes of Series C-2033 were dated May 15 and issued June 15. They are due 

May 15, 2033, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 12. Tenders totaled $75,548 million; Treasury accepted $32,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.791 percent with an 

equivalent price of $96.583639. Treasury accepted in full all competitive tenders at yields lower than 3.791 percent. 

Tenders at the high yield were allotted 61.15 percent. The median yield was 3.714 percent, and the low yield was 3.600 

percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled 

$31,982 million. Accrued interest of $2.84307 per $1,000 must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of notes of Series C-2033 is $100. 

Auction of 29-Year 11-Month 3-5/8 Percent Bonds 

On June 8, 2023, Treasury announced it would auction $18,000 million of 29-year 11-month 3-5/8 percent bonds. 

The issue was to refund $32,446 million of securities maturing June 15 and to raise new cash of approximately $57,554 

million. 

The 29-year 11-month 3-5/8 percent bonds of May 2053 were dated May 15 and issued June 15. They are due May 

15, 2053, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 13. Tenders totaled $45,389 million; Treasury accepted $18,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.908 percent with an 

equivalent price of $95.028556. Treasury accepted in full all competitive tenders at yields lower than 3.908 percent. 

Tenders at the high yield were allotted 33.99 percent. The median yield was 3.839 percent, and the low yield was 2.880 

percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled 
41 

$17,995 million. Accrued interest of $3.05367 per $1,000 must be paid for the period from May 15 to June 15. The 

minimum par amount required for STRIPS of bonds of May 2053 is $100. 

Auction of 42-Day Cash Management Bills 

On June 15, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were issued June 22 

and will mature August 3. The issue was to raise new cash of approximately $50,000 million. Treasury auctioned the 

bills on June 20. Tenders totaled $138,435 million; Treasury accepted $50,000 million, including $129 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.070 percent. 

Auction of 42-Day Cash Management Bills 

On June 22, 2023, Treasury announced it would auction $50,000 million of 42-day bills. They were issued June 29 

and will mature August 10. The issue was to raise new cash of approximately $50,000 million. Treasury auctioned the 

bills on June 27. Tenders totaled $139,447 million; Treasury accepted $50,000 million, including $122 million of 

noncompetitive tenders from the public. The high bank discount rate was 5.105 percent. 

Auction of 19-Year 11-Month 3-7/8 Percent Bonds 

On June 15, 2023, Treasury announced it would auction $12,000 million of 19-year 11-month 3-7/8 percent bonds. 

The issue was to refund $105,577 million of securities maturing June 30 and to raise new cash of approximately 

$67,423 million. 

The 19-year 11-month 3-7/8 percent bonds of May 2043 were dated May 15 and issued June 30. They are due May 

15, 2043, with interest payable on November 15 and May 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 21. Tenders totaled $34,467 million; Treasury accepted $12,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.010 percent with an 

equivalent price of $98.155462. Treasury accepted in full all competitive tenders at yields lower than 4.010 percent. 

Tenders at the high yield were allotted 10.97 percent. The median yield was 3.940 percent, and the low yield was 3.890 

percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled 

$11,969 million. Accrued interest of $4.84375 per $1,000 must be paid for the period from May 15 to June 30. The 

minimum par amount required for STRIPS of bonds of May 2043 is $100. 

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

On June 15, 2023, Treasury announced it would auction $19,000 million of 4-year 10-month 1-1/4 percent TIPS. 

The issue was to refund $105,577 million of securities maturing June 30 and to raise new cash of approximately 

$67,423 million. 

The 4-year 10-month 1-1/4 percent TIPS of Series X-2028 were dated April 15 and issued June 30. They are due 

April 15, 2028, with interest payable on October 15 and April 15 until maturity. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 22. Tenders totaled $48,572 million; Treasury accepted $19,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.832 percent with an 

equivalent adjusted price of $98.430918. Treasury accepted in full all competitive tenders at yields lower than 1.832 

percent. Tenders at the high yield were allotted 22.41 percent. The median yield was 1.783 percent, and the low yield 

was 1.740 percent. Noncompetitive tenders totaled $86 million. Competitive tenders accepted from private investors 

totaled $18,914 million. Adjusted accrued interest of $2.62473 per $1,000 must be paid for the period from April 15 to 

June 30. Both the unadjusted price of $97.339740 and the unadjusted accrued interest of $2.59563 were adjusted by an 

index ratio of 1.01121, for the period from April 15 to June 30. The minimum par amount required for STRIPS of TIPS 

of Series X-2028 is $100. 
42 

Auction of 2-Year Notes 

On June 22, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue was to refund 

$105,577 million of securities maturing June 30 and to raise new cash of approximately $67,423 million. 

The 2-year notes of Series BD-2025 were dated and issued June 30. They are due June 30, 2025, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 4-5/8 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 26. Tenders totaled $120,127 million; Treasury accepted $42,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.670 percent with an 

equivalent price of $99.915018. Treasury accepted in full all competitive tenders at yields lower than 4.670 percent. 

Tenders at the high yield were allotted 86.20 percent. The median yield was 4.625 percent, and the low yield was 4.500 

percent. Noncompetitive tenders totaled $460 million. Competitive tenders accepted from private investors totaled 

$41,537 million. The minimum par amount required for STRIPS of notes of Series BD-2025 is $100. 

Auction of 5-Year Notes 

On June 22, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue was to refund 

$105,577 million of securities maturing June 30 and to raise new cash of approximately $67,423 million. 

The 5-year notes of Series AA-2028 were dated and issued June 30. They are due June 30, 2028, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 4 percent after determining which 

tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 27. Tenders totaled $108,201 million; Treasury accepted $43,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 4.019 percent with an 

equivalent price of $99.914708. Treasury accepted in full all competitive tenders at yields lower than 4.019 percent. 

Tenders at the high yield were allotted 42.63 percent. The median yield was 3.950 percent, and the low yield was 3.880 

percent. Noncompetitive tenders totaled $97 million. Competitive tenders accepted from private investors totaled 

$42,898 million. The minimum par amount required for STRIPS of notes of Series AA-2028 is $100. 

Auction of 1-Year 10-Month 0.169 Percent FRNs 

On June 22, 2023, Treasury announced it would auction $22,000 million of 1-year 10-month 0.169 percent FRNs. 

The issue was to refund $105,577 million of securities maturing June 30 and to raise new cash of approximately 

$67,423 million. 

The 1-year 10-month 0.169 percent FRNs of Series BB-2025 were dated April 30 and issued June 30. They are due 

April 30, 2025, with interest payable on July 31, October 31, January 31, and April 30 until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET 

for competitive tenders on June 28. Tenders totaled $74,587 million; Treasury accepted $22,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.134 percent 

with an equivalent price of $100.057371. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.134 percent. Tenders at the high discount margin were allotted 69.00 percent. The median discount margin was 

0.105 percent, and the low discount margin was 0.040 percent. Noncompetitive tenders totaled $26 million. 

Competitive tenders accepted from private investors totaled $21,974 million. Accrued interest of $0.915866991 per 

$100 must be paid for the period from April 30 to June 30. 

Auction of 7-Year Notes 

On June 22, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue was to refund 

$105,577 million of securities maturing June 30 and to raise new cash of approximately $67,423 million. 
43 

The 7-year notes of Series M-2030 were dated and issued June 30. They are due June 30, 2030, with interest 

payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on June 28. Tenders totaled $92,872 million; Treasury accepted $35,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.839 percent with an 

equivalent price of $99.458207. Treasury accepted in full all competitive tenders at yields lower than 3.839 percent. 

Tenders at the high yield were allotted 53.68 percent. The median yield was 3.770 percent, and the low yield was 3.600 

percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled 

$34,969 million. The minimum par amount required for STRIPS of notes of Series M-2030 is $100. 
44

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

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

On total competitive bids accepted

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per

hundred

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to

maturity 1

(2) 

Amount

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive

basis 

(5) 

On noncompetitive

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, 17-week and 26 week)

2023-Apr. 04................................................ 2023-May 02 28 158,991.4 61,288.4 57,138.8 2,861.4 99.642222 4.600 4.693

May 30 56 124,577.1 51,073.6 48,898.7 1,001.4 99.284444 4.600 4.710

Aug. 01 119 95,445.5 36,773.1 34,996.2 903.9 98.419944 4.780 4.938

Apr. 06......................................................... July 06 91 148,327.7 63,624.4 54,729.1 2,256.1 98.791722 4.780 4.919

Oct. 05 182 139,680.2 53,578.4 45,498.7 2,401.4 97.621361 4.705 4.900

Apr. 11......................................................... May 09 28 169,663.6 61,257.5 56,863.3 3,136.8 99.654667 4.440 4.530

June 06 56 126,189.0 51,048.0 48,878.8 1,121.4 99.276667 4.650 4.762

Aug. 08 119 101,901.4 36,754.8 35,221.9 778.5 98.429861 4.750 4.906

Apr. 13......................................................... July 13 91 135,458.2 62,737.1 54,647.1 2,153.0 98.741167 4.980 5.128

Oct. 12 182 134,415.8 52,831.2 45,994.2 2,005.9 97.575861 4.795 4.996

Apr. 18......................................................... May 16 28 186,203.2 61,390.7 56,751.3 3,221.4 99.686556 4.030 4.110

June 13 56 127,188.2 51,156.7 48,823.8 1,176.2 99.254889 4.790 4.906

Aug. 15 119 97,892.4 36,833.1 35,128.2 772.1 98.353833 4.980 5.148

Apr. 20......................................................... July 20 91 154,095.1 63,555.4 53,990.1 3,010.4 98.715889 5.080 5.232

Oct. 19 182 139,090.2 53,520.1 45,946.7 2,053.5 97.537944 4.870 5.076

Apr. 25......................................................... May 23 28 151,793.4 51,196.0 47,317.4 2,682.8 99.751889 3.190 3.251

June 20 56 112,189.6 46,076.5 43,672.7 1,327.6 99.245556 4.850 4.968

Aug. 22 119 105,510.3 36,861.2 35,083.9 916.4 98.327389 5.060 5.232

Apr. 27......................................................... July 27 91 162,398.5 63,209.3 53,769.4 3,130.8 98.719681 5.065 5.216

Oct. 26 182 138,072.4 53,228.8 45,908.4 1,991.7 97.553111 4.840 5.044

May 02......................................................... May 30 28 126,230.2 51,153.8 47,869.6 2,130.5 99.702111 3.830 3.905

June 27 56 122,379.1 46,038.5 43,673.0 1,327.1 99.231556 4.940 5.061

Aug. 29 119 103,371.1 36,830.7 35,240.5 759.5 98.355486 4.975 5.142

May 04......................................................... Aug. 03 91 147,572.5 65,414.7 54,168.0 2,832.3 98.705778 5.120 5.274

Nov. 02 182 132,059.2 55,085.9 46,339.0 1,661.2 97.522778 4.900 5.108

May 09......................................................... June 06 28 126,895.3 51,181.1 47,799.9 2,170.1 99.545778 5.840 5.964

July 05 57 132,926.1 46,063.0 43,270.0 1,630.1 99.145000 5.400 5.537

Sep. 05 119 107,082.8 36,850.3 35,371.5 528.5 98.353833 4.980 5.148

May 11......................................................... Aug. 10 91 158,078.0 63,528.0 53,462.4 3,437.7 98.700722 5.140 5.294

Nov. 09 182 141,311.8 53,497.2 45,986.3 2,013.7 97.527833 4.890 5.098

May 16......................................................... June 13 28 112,403.2 36,024.2 30,483.0 4,517.2 99.564056 5.605 5.723

July 11 56 107,269.9 36,024.1 33,655.7 1,344.5 99.272000 4.680 4.793

Sep. 12 119 108,455.1 37,053.3 35,565.5 434.5 98.347222 5.000 5.169

May 18......................................................... Aug. 17 91 166,760.4 64,462.1 54,691.7 2,308.7 98.720944 5.060 5.211

Nov. 16 182 139,583.8 57,676.3 49,054.1 1,871.0 97.482333 4.980 5.194

May 23......................................................... June 20 28 111,254.7 35,889.9 30,926.6 4,023.4 99.582333 5.370 5.482

July 18 56 84,596.0 35,889.9 34,143.2 806.9 99.219111 5.020 5.144

Sep. 19 119 101,247.6 39,991.6 38,652.0 348.1 98.314167 5.100 5.274

May 25......................................................... Aug. 24 91 151,649.8 62,835.0 54,983.9 2,006.3 98.672917 5.250 5.409

Nov. 24 183 165,132.4 59,528.1 52,185.0 1,815.3 97.371917 5.170 5.398

May 30........................ ................................ June 27 28 98,611.0 35,834.8 31,708.3 3,261.8 99.552778 5.750 5.872

July 25 56 99,652.0 35,835.2 34,141.2 859.4 99.167778 5.350 5.485

Sep. 26 119 115,847.3 43,001.9 41,645.2 355.1 98.261278 5.260 5.442

Jun. 01......................................................... Aug. 31 91 155,180.8 68,034.1 61,261.2 1,739.0 98.660278 5.300 5.462

Nov. 30 182 148,695.7 60,474.6 54,258.8 1,741.2 97.325611 5.290 5.526

Jun. 06......................................................... July 05 29 100,397.5 35,680.5 32,062.2 2,937.9 99.586750 5.130 5.237

Aug. 01 56 99,712.5 35,680.8 34,069.7 930.6 99.188000 5.220 5.350

Oct. 03 119 131,565.7 44,855.6 43,633.0 367.1 98.239792 5.325 5.511
45

Jun. 08......................................................... Sep. 07 91 207,762.0 68,317.7 60,953.3 2,046.9 98.680500 5.220 5.378

Dec. 07 182 184,829.6 60,961.1 53,976.8 2,024.0 97.345833 5.250 5.483 

Continued from Table PDO-1

Jun. 13......................................................... July 11 28 150,044.3 60,814.8 55,836.0 4,164.1 99.604111 5.090 5.195

Aug. 08 56 143,534.6 50,679.0 46,614.2 1,385.9 99.203556 5.120 5.247

Oct. 10 119 155,170.7 46,624.9 43,309.0 691.4 98.281111 5.200 5.379 

Jun. 15......................................................... Sep. 14 91 198,280.5 68,863.2 60,641.1 2,359.7 98.698194 5.150 5.305

Dec. 14 182 178,578.5 61,446.5 53,743.8 2,256.2 97.393861 5.155 5.381 

Jun. 20......................................................... July 18 28 197,824.2 65,836.3 61,302.2 3,667.9 99.610333 5.010 5.113

Aug. 15 56 168,853.9 55,707.7 51,724.2 1,276.0 99.209778 5.080 5.206 

Oct. 17 119 147,002.2 46,592.0 43,579.7 603.4 98.297639 5.150 5.327

Jun. 22......................................................... Sep. 21 91 169,164.5 66,371.0 61,694.5 2,660.7 98.703250 5.130 5.284 

Dec. 21 182 154,757.3 59,223.3 55,805.2 2,194.9 97.386278 5.170 5.397

Jun. 27......................................................... July 25 28 205,779.8 70,793.3 66,516.1 3,484.4 99.610333 5.010 5.113 

Aug. 22 56 167,307.8 60,679.6 56,676.5 1,333.5 99.200444 5.140 5.268

Oct. 24 119 150,839.7 46,521.0 45,185.8 514.2 98.274500 5.220 5.400 

Jun. 29......................................................... Sep. 28 91 199,470.7 70,173.1 62,664.5 2,336.2 98.690611 5.180 5.336

Dec. 28 182 162,977.4 62,615.5 55,868.3 1,976.9 97.363528 5.215 5.445 

1

 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity 

of 52 weeks. All 4-week and 8-week bills represent additional issues of bills with an 

original maturity of 17 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. 
46

04/11/23 04/17/23 3.750% note—04/15/26-AM 3y 106,355 42,557 3.810 - 99.831325

04/12/23 04/17/23 3.500% note—02/15/33-B 9y 10m 77,469 34,046 3.455 - 100.365768

04/13/23 04/17/23 3.625% bond—02/15/53 29y 10m 43,609 19,151 3.661 - 99.342510

04/18/23 04/20/23 4.530% bill—04/18/24 364d 104,986 37,910

04/20/23 04/28/23 1.250% TIPS—04/15/28-X 5y 49,168 21,000 1.320 - 99.904611

04/27/23 05/01/23 4.350% CMB—05/18/23 17d 109,618 45,000

04/19/23 05/01/23 3.875% bond—02/15/43 19y 10m 33,126 13,171 3.920 - 99.375292

04/25/23 05/01/23 3.875% note—04/30/25-BA 2y 116,646 46,099 3.969 - 99.820997

04/26/23 05/01/23 0.169% FRN—04/30/25-BB 2y 75,315 26,342 0.169 - 99.999806

04/26/23 05/01/23 3.500% note—04/30/28-Y 5y 113,346 47,196 3.500 - 99.999837

04/27/23 05/01/23 3.500% note—04/30/30-K 7y 87,940 38,416 3.563 - 99.612688

05/02/23 05/04/23 4.490% CMB—05/25/23 21d 103,755 40,000

05/09/23 05/15/23 3.625% note—05/15/26-AN 3y 128,065 50,898 3.695 - 99.802937

05/10/23 05/15/23 3.375% note—05/15/33-C 10y 95,203 44,536 3.448 - 99.386966

05/11/23 05/15/23 3.625% bond—05/15/53 30y 56,668 26,721 3.741 - 97.919140

05/11/23 05/16/23 5.040% CMB—10/12/23 149d 105,000 45,000

05/16/23 05/18/23 5.075% CMB—10/19/23 154d 120,627 45,000

05/16/23 05/18/23 4.645% bill—05/16/24 364d 94,190 40,713

05/18/23 05/23/23 5.230% CMB—10/26/23 156d 108,157 45,000

05/23/23 05/25/23 6.200% CMB—06/15/23 21d 77,238 35,000

05/24/23 05/26/23 0.169% FRN—04/30/25-BB 1y 11m 63,281 22,000 0.170 - 99.994300

05/17/23 05/31/23 3.875% bond—05/15/43 20y 41,249 17,817 3.954 - 98.913642

05/18/23 05/31/23 1.125% TIPS—01/15/33-A 9y 8m 37,444 17,817 1.395 - 98.862426

05/23/23 05/31/23 4.250% note—05/31/25-BC 2y 129,665 49,888 4.300 - 99.905152

05/24/23 05/31/23 3.625% note—05/31/28-Z 5y 119,033 51,075 3.749 - 99.439405

05/25/23 05/31/23 3.750% note—05/31/30-L 7y 97,892 41,573 3.827 - 99.531059

05/30/23 06/01/23 5.340% CMB—11/09/23 161d 144,261 50,000

06/01/23 06/02/23 6.150% CMB—06/05/23 3d 59,524 25,000

06/02/23 06/05/23 5.060% CMB—06/06/23 1d 61,586 15,000

06/02/23 06/05/23 5.250% CMB—07/13/23 38d 170,054 50,001

06/05/23 06/06/23 5.150% CMB—07/20/23 44d 159,549 50,001

06/13/23 06/15/23 5.020% CMB—07/27/23 42d 152,228 45,000

06/13/23 06/15/23 4.930% bill—06/13/24 364d 109,827 40,258

06/12/23 06/15/23 4.125% note—06/15/26-AP 3y 107,832 40,000 4.202 - 99.785078

06/12/23 06/15/23 3.375% note—05/15/33-C 9y 11m 75,548 32,000 3.791 - 96.583639

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)
47

06/13/23 06/15/23 3.625% bond—05/15/53 29y 11m 45,389 18,000 3.908 - 95.028556

06/20/23 06/22/23 5.070% CMB—08/03/23 42d 138,435 50,000

06/27/23 06/29/23 5.105% CMB—08/10/23 42d 139,447 50,000

06/21/23 06/30/23 3.875% bond—05/15/43 19y 11m 34,467 12,000 4.010 - 98.155462

06/22/23 06/30/23 1.250% TIPS—04/15/28-X 4y 10m 48,572 19,000 1.832 - 98.430918

06/26/23 06/30/23 4.625% note—06/30/25-BD 2y 120,127 42,000 4.670 - 99.915018

06/27/23 06/30/23 4.000% note—06/30/28-AA 5y 108,201 43,000 4.019 - 99.914708

06/28/23 06/30/23 0.169% FRN—04/30/25-BB 1y 10m 74,587 22,000 0.134 - 100.057371

06/28/23 06/30/23 3.750% note—06/30/30-M 7y 92,872 35,000 3.839 - 99.458207

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. 
48

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L210. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
49

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) 

2018 ................................................................21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

2019 ................................................................22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438

2020 ................................................................26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2021 ................................................................28,448,421 28,428,919 6,123,040 - 6,123,040 5,911,599 

2022 ................................................................30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

2022 - June ................................................................ 30,588,304 30,568,582 6,635,101 - 6,635,101 6,216,801 

July ................................................................ 30,614,928 30,595,109 6,621,007 - 6,621,007 6,207,912

Aug ................................................................ 30,955,816 30,936,075 6,646,856 - 6,646,856 6,159,852 

Sept ................................................................ 30,948,265 30,928,912 6,608,706 - 6,608,706 6,097,085 

Oct................................................................ 31,257,616 31,238,301 6,864,420 - 6,864,420 6,032,125

Nov ................................................................ 31,432,792 31,413,322 6,838,542 - 6,838,542 5,967,269 

Dec ................................................................ 31,439,489 31,419,689 6,880,448 - 6,880,448 5,944,675 

2023 - Jan ................................................................ 31,475,026 31,454,982 6,849,031 - 6,849,031 5,840,105

Feb ................................................................ 31,479,071 31,459,291 6,828,385 - 6,828,385 5,776,827 

Mar ................................................................ 31,478,182 31,458,438 6,743,612 - 6,743,612 5,713,249 

Apr................................................................ 31,477,422 31,457,815 6,831,707 - 6,831,707 5,694,791

May ................................................................ 31,484,194 31,464,457 6,813,789 - 6,813,789 5,587,272 

June ................................................................ 32,352,141 32,332,274 6,850,199 - 6,850,199 5,522,478 

Public debt securities, continued Agency securities1

 

End of 

fiscal year 

or month

Held by private investors 

Total 

outstanding 

 (10)

Held by 

private 

investors 

(11)

Held by 

Government 

accounts 

(12)

Total 

(7)

Marketable 

(8)

 Nonmarketable 

 (9)

2018 ................................................................ 13,080,946 12,580,185 500,761 22,822 22,822 - 

2019 ................................................................ 14,378,700 13,810,667 478,637 21,455 21,455 - 

2020 ................................................................ 16,164,654 15,501,967 662,687 20,151 20,151 - 

2021 ................................................................ 16,394,280 15,967,103 427,176 19,502 19,502 - 

2022 ................................................................ 18,223,121 17,597,039 626,082 19,353 19,353 - 

2022 - June ................................................................ 17,716,680 17,094,781 621,899 19,722 19,722 - 

July ................................................................ 17,766,190 17,146,834 619,356 19,819 19,819 - 

Aug ................................................................ 18,129,367 17,515,106 614,261 19,741 19,741 - 

Sept................................................................ 18,223,121 17,597,039 626,082 19,353 19,353 - 

Oct ................................................................ 18,341,756 17,711,360 630,396 19,315 19,315 - 

Nov ................................................................ 18,607,511 17,986,231 621,280 19,470 19,470 - 

Dec ................................................................ 18,594,566 17,994,625 599,942 19,800 19,800 - 

2023 - Jan ................................................................ 18,765,846 18,287,504 478,342 20,044 20,044 - 

Feb ................................................................ 18,854,079 18,505,738 348,342 19,780 19,780 - 

Mar ................................................................ 19,001,577 18,668,992 332,584 19,744 19,744 - 

Apr ................................................................ 18,931,317 18,591,005 340,312 19,607 19,607 - 

May................................................................ 19,063,396 18,740,909 322,487 19,737 19,737 - 

June................................................................ 19,959,597 19,364,172 595,426 19,867 19,867 - 

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. 
50

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

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

Federal 

Reserve and 

Government 

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings

bonds 5

(5) 

 Private 6

 (6) 

State and

local 

governments

 (7) 

 Insurance 

 compa- 

 nies* 3

 (8) 

Mutual

funds 3, 7

(9) 

 State and

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter-

 national 8

 (11) 

Other 

 investors 9

 (12) 

2023 - June 32,332.3 11,976.9 20,355.4 N/A 178.2 N/A N/A N/A N/A N/A N/A N/A

 Mar. 31,458.4 12,044.6 19,413.8 1,617.3 177.8 513.9 335.8 405.9 2,441.7 1,648.9 N/A N/A 

2022 - Dec. 31,419.9 12,401.4 19,018.5 1,714.5 173.5 754.6 313.2 391.3 2,417.0 1,563.3 7,303.3 4,387.9

 Sept. 30,928.9 12,264.7 18,664.2 1,736.8 166.2 757.6 299.6 366.8 2,604.5 1,529.4 7,251.5 3,951.7

 June 30,568.6 12,399.7 18,168.9 1,807.7 160.4 766.4 342.9 366.1 2,890.3 1,555.5 7,416.9 2,862.8 

 Mar. 30,401.0 12,281.3 18,119.7 1,754.1 149.7 774.7 379.1 374.5 3,290.7 1,420.0 7,604.2 2,372.8

2021 - Dec. 29,617.2 12,125.9 17,491.3 1,734.0 146.2 770.5 415.1 419.3 3,411.7 1,440.7 7,740.5 1,413.4

 Sept. 28,428.9 11,579.1 16,849.8 1,540.3 143.6 593.0 399.4 423.8 3,238.0 1,394.2 7,570.9 1,546.6 

 June 28,529.4 11,382.9 17,146.5 1,433.1 144.6 768.1 404.4 421.2 3,778.5 1,313.7 7,518.9 1,363.9

 Mar. 28,132.6 11,095.5 17,037.1 1,347.9 145.7 750.3 344.8 391.9 3,951.4 1,099.6 7,038.3 1,967.1

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.2 147.1 772.2 353.9 398.2 3,784.6 1,111.9 7,070.7 2,034.7 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.1 148.6 773.8 318.0 414.3 3,724.9 1,059.7 7,069.2 1,823.9

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 767.7 284.7 403.2 3,695.4 1,034.8 7,052.1 1,774.0

 Mar. 23,686.9 9,279.7 14,407.2 947.6 150.0 759.3 325.3 396.8 2,501.7 862.1 6,949.5 1,514.9 

2019 - Dec. 23,201.4 8,359.9 14,841.5 935.1 151.3 705.3 329.3 368.7 2,412.8 793.1 6,844.2 2,301.7

 Sept. 22,719.4 8,023.6 14,695.8 909.4 152.3 691.1 343.5 366.8 2,319.7 766.8 6,923.5 2,222.6

 June 22,023.5 7,945.2 14,078.4 808.2 153.4 470.4 382.0 363.6 2,037.0 751.4 6,625.9 2,486.5 

 Mar. 22,028.0 7,999.1 14,028.9 769.5 154.5 443.6 357.6 361.1 2,189.2 752.7 6,474.0 2,526.7

2018 - Dec. 21,974.1 8,095.0 13,879.1 769.7 155.7 637.3 367.9 360.5 2,094.9 713.2 6,270.1 2,509.9

 Sept. 21,516.1 8,068.1 13,447.9 682.0 156.8 615.3 301.7 361.3 1,957.2 730.7 6,225.9 2,417.0 

 June 21,195.3 8,106.9 13,088.5 663.1 157.8 605.0 307.3 360.2 1,902.9 726.8 6,225.0 2,140.4

 Mar. 21,089.9 8,086.6 13,003.3 637.8 159.0 589.7 300.1 366.9 2,048.2 715.8 6,223.4 1,962.5

2017 - Dec. 20,492.7 8,132.1 12,360.6 636.7 160.4 432.1 289.4 377.9 1,850.8 735.0 6,211.3 1,667.1 

 Sept. 20,244.9 8,036.9 12,208.0 610.5 161.7 570.8 266.5 364.3 1,739.6 704.0 6,301.9 1,488.7

 June 19,844.6 7,943.4 11,901.1 620.5 162.8 425.9 262.8 352.8 1,645.8 710.1 6,151.9 1,568.5

 Mar. 19,846.4 7,941.1 11,905.3 657.4 164.2 444.2 239.5 342.6 1,715.2 724.6 6,075.3 1,542.3 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.1 165.8 538.0 218.8 334.2 1,705.4 717.3 6,006.3 1,622.4

 Sept. 19,573.4 7,863.5 11,709.9 626.8 167.5 545.6 203.8 345.2 1,600.4 710.9 6,155.9 1,353.8

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 333.7 1,434.2 712.6 6,279.1 1,238.3 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 319.1 1,404.1 694.9 6,284.4 1,333.0 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 310.1 1,318.3 680.9 6,146.2 1,357.1

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 310.0 1,195.1 646.0 6,105.9 1,236.8 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 307.7 1,139.8 652.8 6,163.1 1,100.1 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 308.5 1,170.4 663.3 6,172.6 998.4

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 310.5 1,121.8 654.5 6,157.7 919.0 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 301.4 1,075.8 628.7 6,069.2 920.8 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 291.0 986.2 638.8 6,018.7 968.8

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 280.1 1,060.4 632.0 5,948.3 1,173.7 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 274.5 983.3 633.6 5,792.6 1,316.2 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 276.6 986.1 624.3 5,652.8 1,355.7

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 281.3 1,000.1 612.6 5,595.0 1,362.6 

Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

1

 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2

 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under 

repurchase agreements. As of February 2005, the debt held by Government Accounts was 

renamed to Intragovernmental holdings. 

3

 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 

4

 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in U.S. 

affiliated areas, credit unions and bank holding companies. 

5

 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 through 

December 1995 . From December 2014 to September 2018, includes savings bonds issue to 

myRA accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift 

Savings Plan "G Fund."

7

Includes money market mutual funds, mutual funds, and closed-end investment companies.

8Source: Treasury International Capital Survey (https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt). 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: https://home.treasury.gov/data/treasury-international-capital-ticsystem. 

9

 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal 

trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 2018

through June 2021 have been revised. Beginning with the December 2018 TB issue and June

2018 data, ownership data for property-casualty insurance companies was not included in the

total, nor were updates to historical data captured due to a change in the FRB Flow of Funds 

Z.1 release series reporting this data. This new series is now being captured and “Insurance

companies” data have been revised back to June 2013. 
51 

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, 2023 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no

longer issued

(5) 

Amounts outstanding ................................ $2,728,775,174,997 $2,676,997,815,243 $2,676,523,177,752 $238,912,566 $235,724,925

Less amounts held by: 

The Treasury................................................................173,942,040 91,342,040 91,062,521 91,468 188,051

FRBs ................................................................ 383,173,563,263 381,826,213,538 381,826,212,617 5 916

Amounts in circulation ................................ $2,345,427,669,694 $2,295,080,259,665 $2,294,605,902,614 $238,821,093 $235,535,958

Coins

2

Total 

(1)

Dollars 2, 3 

(2)

Fractional 

coins 

(3)

Amounts outstanding ................................ $51,777,359,754 6,548,044,108 45,229,315,646

Less amounts held by: 

The Treasury................................................................ 82,600,000 48,770,000 33,830,000

FRBs ................................................................ 1,347,349,725 862,248,377 485,101,348 

Amounts in circulation ................................ $50,347,410,029 $5,637,025,731 $ 44,710,384,298 

See footnotes following table USCC-2.
52 

TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2023 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination

Total 

(1)

Federal Reserve notes 1 

(2)

U.S. notes 

(3)

Currency no 

longer issued 

(4)

$1 ....................................................................................... $14,448,320,528 $14,308,736,080 $143,469 $139,440,979 

$2 ....................................................................................... 3,072,820,762 2,941,402,354 131,405,844 12,564

$5 ....................................................................................... 17,587,980,575 17,458,406,140 107,333,150 22,241,285 

$10 ..................................................................................... 23,322,877,150 23,303,173,950 2,680 19,700,520

$20 ..................................................................................... 227,816,480,100 227,796,381,740 -4,240 20,102,600 

$50 ..................................................................................... 124,684,431,750 124,672,952,650 -19,700 11,498,800 

$100 ................................................................................... 1,883,835,292,700 1,883,813,350,700 -45,700 21,987,700

$500 ................................................................................... 141,716,500 141,526,000 2,500 188,000 

$1,000 ................................................................................ 165,124,000 164,913,000 3,000 208,000

$5,000 ................................................................................ 1,765,000 1,710,000 - 55,000 

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

Partial notes 5................................................................ 600 - 90 510

Total currency ................................................................$ 2,295,080,259,665 $2,294,605,902,614 $ 238,821,093 $235,535,958 

Comparative totals of currency and coins in circulation—selected dates

 Amounts (in millions) 

 (1)

 Per capita 4 

(2)

June 30, 2023 ...................................................................................... 2,345,428 6,998

 May 31, 2023 ...................................................................................... 2,344,697 6,999

 April 30, 2023 ...................................................................................... 2,324,200 6,941

Sept. 30, 2020...................................................................................... 2,032,424 6,150

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

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

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

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

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

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

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

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

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

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

1

 Issued on or after July 1, 1929. 

2

 Excludes coins sold to collectors at premium prices. 

3

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

4

 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
Foreign Currency Positions

Exchange Stabilization Fund
54

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, June, September, or 

December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 
55

SECTION I—Canadian Dollar Positions 

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

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

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar)

(4) 

Purchased 

(1) 

Sold 

(2) 

01/04/23............................................................. 2,023,274 2,066,494 -172 1.3492

01/11/23............................................................. 2,113,669 2,172,848 -217 1.3422 

01/18/23............................................................. 2,073,601 2,140,423 -247 1.3436

01/25/23............................................................. 2,020,596 2,096,904 -209 1.3413 

02/01/23............................................................. 2,170,144 2,248,170 -211 1.3335 

02/08/23............................................................. 2,111,247 2,193,777 -234 1.3430

02/15/23............................................................. 2,128,352 2,207,826 -260 1.3401 

02/22/23............................................................. 2,109,113 2,190,047 -259 1.3540

03/01/23............................................................. 2,212,666 2,296,198 -245 1.3597

03/08/23............................................................. 2,289,592 2,366,907 -258 1.3784 

03/15/23............................................................. 2,124,022 2,200,381 -231 1.3799

03/22/23............................................................. 2,139,275 2,221,994 -200 1.3722 

03/29/23............................................................. 2,222,309 2,301,101 -263 1.3575

04/05/23............................................................. 2,257,191 2,341,810 -247 1.3453

04/12/23............................................................. 2,215,395 2,296,052 -269 1.3450 

04/19/23............................................................. 2,229,999 2,320,731 -261 1.3454

04/26/23............................................................. 2,259,658 2,346,249 -212 1.3601 

05/03/23............................................................. 2,235,454 2,318,522 -194 1.3610 

05/10/23............................................................. 2,330,778 2,432,332 -284 1.3374

05/17/23............................................................. 2,332,694 2,428,211 -279 1.3483 

05/24/23............................................................. 2,362,195 2,461,424 -249 1.3589

05/31/23............................................................. 2,540,625 2,639,328 -242 1.3588 

06/08/23............................................................. 2,562,699 2,661,863 -244 1.3363 

06/14/23............................................................. 2,673,278 2,785,032 -199 1.3283

06/21/23............................................................. 2,318,842 2,431,585 -163 1.3179 

06/28/23............................................................. 2,262,310 2,365,809 -230 1.3249
56

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

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

Report date

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange rate

(Canadian 

dollars per 

U.S. dollar) 

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold 

(2)

Assets 

(3)

Liabilities

(4)

Bought 

(5)

Written

(6)

Bought 

(7)

Written 

(8)

2020 - Dec...............

1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Dec............... 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 

2022 - July...............

1,981,675 1,998,543 216,606 157,330 70,748 71,054 133,198 123,190 -252 1.2801 

 Aug............... 2,142,887 2,166,187 199,204 198,324 70,153 68,409 118,505 111,560 -267 1.3091 

 Sept............. 2,241,698 2,256,275 213,722 214,061 67,965 68,153 122,835 114,452 -234 1.3752 

 Oct.............. 2,185,240 2,219,150 201,416 182,062 66,047 69,244 116,079 106,843 -171 1.3639 

 Nov.............. 2,372,851 2,399,039 203,087 168,116 74,748 74,300 123,272 109,972 -217 1.3538 

 Dec............. 2,044,174 2,084,594 299,322 250,111 66,431 65,312 98,984 87,735 -58 1.3532 

2023 - Jan............... 2,188,977 2,261,322 266,906 170,575 75,509 68,555 104,127 96,541 -87 1.3333 

 Feb.............. 2,223,617 2,311,320 200,653 193,406 88,554 80,211 112,858 105,959 -187 1.3616 

 Mar.............. 2,340,378 2,412,176 221,066 161,374 84,889 85,556 107,466 114,128 -165 1.3525 

 Apr.............. 2,374,103 2,468,285 217,205 178,104 73,930 66,389 103,392 95,233 -170 1.3552 

 May.............. 2,580,556 2,678,841 218,067 178,678 73,427 71,442 102,700 93,450 -182 1.3588 

 June.............. 2,292,897 2,398,273 267,995 168,596 71,766 67,363 93,593 85,208 -183 1.3232 

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)

2020 - Dec............... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 

2021 - Mar............... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571

 June............... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 

 Sept............... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 

 Dec................ 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653

2022 - Mar............... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482 

 June............... 51,018 92,298 118,012 80,053 554 790 1,265 619 26 1.2871 

 Sept............... 41,270 81,478 117,059 80,272 380 540 2,867 2,238 -101 1.3752

 Dec................ 48,320 90,564 118,998 83,340 541 587 2,105 1,597 -205 1.3532 

2023 - Mar............... 34,128 85,156 116,437 78,419 427 426 1,724 1,094 -1 1.3525 
57

SECTION II—Japanese Yen Positions 

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

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

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar)

Report date (4)

Spot, forward and future contracts

Net options positions 

(3)

Purchased 

(1)

Sold 

(2)

01/04/23............................................................. 643,329 636,426 -109 132

01/11/23............................................................. 623,204 620,971 -127 132.58

01/18/23............................................................. 630,589 627,577 -107 128.45 

01/25/23............................................................. 618,126 615,552 -116 129.64

02/01/23............................................................. 634,895 639,664 -110 129.27 

02/08/23............................................................. 628,305 627,021 -125 131.27

02/15/23............................................................. 645,372 647,008 -158 134.22

02/22/23............................................................. 622,853 623,983 -154 134.77 

03/01/23............................................................. 645,060 648,808 -146 135.82

03/08/23............................................................. 635,183 638,954 -159 137.18 

03/15/23............................................................. 634,289 634,301 -158 132.81

03/22/23............................................................. 642,482 648,096 -131 132.67

03/29/23............................................................. 652,706 662,510 -138 132.69 

04/05/23............................................................. 649,840 663,706 -138 131.11

04/12/23............................................................. 648,124 661,329 -118 133.25 

04/19/23............................................................. 648,910 657,532 -146 134.79

04/26/23............................................................. 672,875 680,677 -146 133.72

05/03/23............................................................. 665,792 672,997 -145 135.31

05/10/23............................................................. 661,471 668,260 -140 134.52

05/17/23............................................................. 664,352 671,926 -154 137.51 

05/24/23............................................................. 665,538 673,218 -149 139.14

05/31/23............................................................. 681,168 689,292 -144 139.78

06/08/23............................................................. 681,506 689,305 -138 139.98

06/14/23............................................................. 718,240 730,003 -159 139.33

06/21/23............................................................. 670,058 685,241 -170 142.09 

06/28/23............................................................. 668,901 682,119 -158 144.23
58

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange rate

(Japanese yen 

per U.S. dollar)

(10) 

Calls Puts Net delta

equivalent

(9) 

Purchased

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities

(4) 

Bought

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2020 - Dec............... 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19

2021 - Dec............... 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09 

2022 - July............... 597,735 605,729 85,745 70,918 31,767 33,017 41,874 43,619 -83 133.25 

 Aug............... 639,945 640,611 101,862 88,019 33,159 33,512 41,734 43,589 -187 138.69 

 Sept............. 651,385 656,517 108,379 92,310 34,945 34,633 43,220 45,428 -204 144.71

 Oct.............. 670,461 671,824 108,448 89,595 34,530 34,140 45,537 47,812 -214 148.63

 Nov.............. 699,778 700,920 96,835 85,337 34,610 34,714 44,572 46,222 -115 139.31

 Dec............. 612,720 614,147 150,445 139,279 31,555 32,280 42,332 44,237 -44 131.81 

2023 - Jan............... 633,927 632,933 100,824 88,725 36,809 37,719 49,567 51,464 -58 130.17 

 Feb.............. 642,974 645,679 107,780 94,654 36,847 38,202 50,545 51,698 -81 136.09 

 Mar.............. 660,035 671,429 95,817 78,529 38,235 40,800 51,362 53,193 -97 132.75

 Apr.............. 678,619 683,123 117,274 101,960 37,493 38,851 49,595 51,453 -88 135.99

 May.............. 689,413 697,939 124,884 105,128 35,909 37,002 48,634 50,578 -82 139.78

 June.............. 674,500 686,573 128,538 109,191 33,756 34,382 45,206 47,277 -82 144.47 

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)

2020 - Dec............... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19

2021 - Mar............... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61

 June............... 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05

 Sept............... 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50

 Dec................ 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09

2022 - Mar............... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 

 June............... 9,589 9,172 11,312 7,832 488 1,545 1,726 407 30 135.69 

 Sept............... 10,306 10,801 11,610 7,318 643 1,401 1,680 598 22 144.71 

 Dec................ 10,621 10,192 13,123 8,999 739 899 917 586 25 131.81 

2023 - Mar............... 11,968 11,739 13,054 8,962 968 868 905 708 22 132.75 
59

SECTION III—Swiss Franc Positions 

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

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

Exchange 

rate (Swiss 

francs per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/04/23............................................................. 979,283 987,972 -135 0.9271 

01/11/23............................................................. 999,784 1,002,498 -158 0.9299 

01/18/23............................................................. 1,035,257 1,037,732 -138 0.914 

01/25/23............................................................. 987,628 996,070 -115 0.9199 

02/01/23............................................................. 1,129,807 1,134,501 -100 0.9147 

02/08/23............................................................. 1,081,348 1,085,668 -97 0.9198 

02/15/23............................................................. 1,066,724 1,072,817 -75 0.9238 

02/22/23............................................................. 1,003,801 1,007,378 -94 0.9297 

03/01/23............................................................. 1,144,956 1,143,432 -72 0.9387 

03/08/23............................................................. 1,079,812 1,086,279 -51 0.9395 

03/15/23............................................................. 1,076,384 1,083,658 -87 0.9243 

03/22/23............................................................. 1,030,316 1,047,217 -115 0.9237 

03/29/23............................................................. 1,061,154 1,078,618 -112 0.9195 

04/05/23............................................................. 1,079,734 1,100,009 -153 0.9050 

04/12/23............................................................. 1,045,495 1,056,584 -9 0.8968 

04/19/23............................................................. 1,029,732 1,048,530 -135 0.8984 

04/26/23............................................................. 1,060,018 1,076,974 -146 0.8901 

05/03/23............................................................. 1,073,105 1,088,909 -132 0.8871 

05/10/23............................................................. 1,091,350 1,110,505 -118 0.8911 

05/17/23............................................................. 1,063,634 1,082,967 -102 0.8992 

05/24/23............................................................. 1,074,881 1,080,033 -77 0.9058 

05/31/23............................................................. 1,131,375 1,164,609 -97 0.9129 

06/08/23............................................................. 1,127,961 1,166,864 -92 0.9089 

06/14/23............................................................. 1,223,454 1,261,921 -88 0.8972 

06/21/23............................................................. 1,098,310 1,123,863 -54 0.8950 

06/28/23............................................................. 1,057,251 1,095,026 -69 0.8975 
60

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

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

Report date

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate

(Swiss francs per 

U.S. dollar) 

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

 Sold 

 (2)

Assets 

(3)

Liabilities 

(4)

Bought 

(5)

Written 

(6)

Bought 

(7)

Written 

(8)

2020 - Dec............... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 - Dec............... 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119

2022 - July............... 999,920 1,011,896 76,963 63,753 50,335 43,690 71,274 69,461 -71 0.9513

 Aug............... 1,132,046 1,146,338 70,191 54,131 52,781 48,120 71,757 70,115 25 0.9748

 Sept............. 1,163,297 1,174,312 75,038 65,611 56,886 53,042 77,740 77,256 -76 0.9845 

 Oct.............. 1,169,850 1,177,409 78,531 67,865 52,207 46,695 73,181 72,968 -25 1.0006 

 Nov.............. 1,312,292 1,338,952 80,477 65,446 49,492 43,667 67,549 67,912 -102 0.9486 

 Dec............. 1,042,905 1,086,303 146,410 131,016 35,889 33,335 51,408 50,623 -124 0.9241

2023 - Jan............... 1,126,952 1,146,830 80,358 68,719 41,888 36,462 66,383 66,411 -118 0.9186

 Feb.............. 1,156,754 1,142,603 77,675 68,327 41,968 37,364 67,174 64,583 -66 0.9376

 Mar.............. 1,114,331 1,119,531 74,236 72,153 44,972 48,185 70,727 73,721 -121 0.9129 

 Apr.............. 1,125,493 1,156,232 79,449 73,698 41,908 39,847 64,798 59,198 -139 0.8911 

 May.............. 1,153,604 1,188,634 74,523 64,890 47,085 43,375 70,470 65,482 -99 0.9129 

 June.............. 1,091,050 1,129,073 70,177 62,227 40,164 36,673 55,845 52,050 -65 0.8947

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)

2020 - Dec............... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841 

2021 - Mar............... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418

 June............... 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253

 Sept............... 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339

 Dec................ 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119 

2022 - Mar............... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211 

 June............... 29,612 58,287 78,490 13,868 1,236 592 501 390 119 0.9550 

 Sept............... 34,331 64,276 82,319 14,897 1,945 2,127 555 866 36 0.9845

 Dec................ 35,275 67,444 76,535 10,027 210 125 269 480 n.a. 0.9241

2023 - Mar............... 36,992 70,060 80,479 15,205 274 379 677 485 1 0.9129
61

SECTION IV—Sterling Positions 

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

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

Exchange 

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/04/23............................................................. 3,083,643 3,200,977 -384 1.2063 

01/11/23............................................................. 3,081,547 3,183,622 -400 1.2126 

01/18/23............................................................. 3,109,001 3,204,894 -352 1.2369 

01/25/23............................................................. 3,117,166 3,235,507 -339 1.2375 

02/01/23............................................................. 3,296,218 3,412,165 -338 1.2308 

02/08/23............................................................. 3,178,609 3,265,054 -411 1.2093 

02/15/23............................................................. 3,199,737 3,308,299 -424 1.2031 

02/22/23............................................................. 3,205,329 3,315,223 -413 1.2064 

03/01/23............................................................. 3,427,296 3,553,397 -475 1.2034 

03/08/23............................................................. 3,309,290 3,409,090 -506 1.1837 

03/15/23............................................................. 3,175,073 3,283,435 -411 1.2032 

03/22/23............................................................. 3,202,147 3,313,365 -295 1.2232 

03/29/23............................................................. 3,255,771 3,361,282 -272 1.2314 

04/05/23............................................................. 3,218,883 3,323,179 -252 1.2469 

04/12/23............................................................. 3,201,619 3,296,574 -221 1.2470 

04/19/23............................................................. 3,206,750 3,286,823 -238 1.2442 

04/26/23............................................................. 3,251,020 3,354,258 -222 1.2486 

05/03/23............................................................. 3,181,646 3,308,568 -211 1.2547 

05/10/23............................................................. 3,282,028 3,400,218 -214 1.2614 

05/17/23............................................................. 3,268,636 3,394,464 -207 1.2475 

05/24/23............................................................. 3,258,058 3,377,679 -221 1.2369 

05/31/23............................................................. 3,447,805 3,576,420 -202 1.2396 

06/08/23............................................................. 3,409,792 3,514,790 -203 1.2452 

06/14/23............................................................. 3,657,489 3,777,182 -154 1.2697 

06/21/23............................................................. 3,408,644 3,507,637 -118 1.2737 

06/28/23............................................................. 3,417,753 3,514,147 -183 1.2637 
62

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

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

Report date

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold 

(2)

Assets 

(3)

Liabilities 

(4)

Bought 

(5)

Written 

(6)

Bought 

(7)

Written 

(8)

2020 - Dec............... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662

2021 - Dec............... 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544

2022 - July............... 3,205,415 3,343,996 545,687 507,794 75,467 72,361 104,118 67,519 -203 1.2183 

 Aug............... 3,416,906 3,541,795 657,069 604,846 75,984 69,624 116,834 82,763 -323 1.1647

 Sept............. 3,687,482 3,829,931 717,298 664,906 89,198 85,087 134,056 105,740 -452 1.1135

 Oct.............. 3,581,152 3,767,174 568,161 537,091 95,312 90,168 132,085 102,202 -397 1.1515 

 Nov.............. 3,578,598 3,728,940 698,654 625,751 89,688 81,914 130,106 97,781 5 1.1962

 Dec............. 3,130,374 3,282,984 743,337 718,880 74,607 69,785 99,886 78,731 -141 1.2077

2023 - Jan............... 3,285,243 3,387,060 666,980 597,027 71,890 68,325 111,116 88,123 -28 1.2324 

 Feb.............. 3,373,534 3,524,496 615,982 540,022 73,467 67,625 126,589 105,621 -228 1.2093

 Mar.............. 3,375,604 3,492,093 700,913 599,252 74,103 104,477 112,159 129,384 -83 1.2369

 Apr.............. 3,284,257 3,417,557 749,845 642,403 65,864 63,215 89,168 70,490 -10 1.2582 

 May.............. 3,503,528 3,633,249 609,287 505,154 70,828 69,876 96,443 77,990 -6 1.2396

 June.............. 3,471,988 3,579,580 719,186 592,645 74,878 75,717 91,251 86,761 24 1.2710

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)

2020 - Dec............... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662 

2021 - Mar............... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795

 June............... 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

 Sept............... 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 

 Dec................ 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544

2022 - Mar............... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

 June............... 47,567 60,729 229,952 86,971 845 1,381 3,685 2,430 197 1.2162 

 Sept............... 65,397 77,502 233,391 89,211 2,710 3,369 7,469 6,066 53 1.1135

 Dec................ 65,556 77,577 241,635 97,252 886 1,053 6,367 5,629 -75 1.2077 

2023 - Mar............... 50,175 63,342 231,199 80,907 2,436 1,527 12,435 12,147 -23 1.2369 
63

SECTION V—U.S. Dollar Positions 

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

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

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

01/04/23........................................................... 26,753,417 26,106,361 -1,527 n.a. 

01/11/23........................................................... 27,066,603 26,466,571 -1,971 n.a.

01/18/23........................................................... 27,616,770 26,985,539 -2,073 n.a. 

01/25/23........................................................... 27,677,350 26,950,182 -2,449 n.a.

02/01/23........................................................... 29,197,769 28,399,853 -2,485 n.a.

02/08/23........................................................... 28,406,948 27,681,870 -1,896 n.a. 

02/15/23........................................................... 28,811,877 27,978,912 -1,320 n.a.

02/22/23........................................................... 28,536,359 27,702,009 -1,184 n.a. 

03/01/23........................................................... 29,972,899 29,172,571 -1,184 n.a. 

03/08/23........................................................ .. 29,437,968 28,763,931 -859 n.a.

03/15/23........................................................... 28,119,314 27,375,986 -171 n.a. 

03/22/23........................................................... 28,232,448 27,526,723 -802 n.a. 

03/29/23........................................................... 29,059,853 28,244,180 -1,523 n.a.

04/05/23........................................................... 28,825,998 28,087,143 -2,017 n.a.

04/12/23........................................................... 28,799,231 28,041,732 -1,717 n.a. 

04/19/23........................................................... 28,663,798 27,955,138 -1,788 n.a.

04/26/23........................................................... 29,625,597 28,817,167 -1,933 n.a. 

05/03/23........................................................... 28,879,051 28,133,365 -1,911 n.a. 

05/10/23........................................................... 29,647,085 28,860,957 -2,034 n.a.

05/17/23........................................................... 29,735,800 28,999,582 -1,503 n.a. 

05/24/23........................................................... 29,816,663 29,151,460 -1,261 n.a.

05/31/23........................................................... 30,991,882 30,179,283 -1,084 n.a. 

06/08/23........................................................... 31,351,150 30,609,008 -953 n.a. 

06/14/23........................................................... 33,263,161 32,383,908 -2,012 n.a.

06/21/23........................................................... 30,257,277 29,460,807 -2,182 n.a. 

06/28/23........................................................... 29,931,347 29,038,352 -1,946 n.a.
64

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

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

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2020 – Dec................................ 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 – Dec ................................ 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a. 

2022 – July ................................ 27,936,346 27,226,769 - - 1,623,042 1,627,506 1,279,829 1,256,742 -2,817 n.a. 

Aug ................................ 29,215,846 28,488,105 - - 1,688,355 1,698,782 1,288,340 1,255,674 -2,152 n.a. 

Sept................................ 28,856,168 28,050,326 - - 1,854,686 1,877,993 1,342,531 1,315,456 -693 n.a.

 Oct................................ 28,940,247 28,039,181 - - 1,887,153 1,894,152 1,335,749 1,315,237 -2,319 n.a.

Nov ................................ 30,669,107 29,762,125 - - 1,835,778 1,818,696 1,374,045 1,362,692 -1,779 n.a.

Dec ................................ 26,784,877 26,088,452 - - 1,530,968 1,520,182 1,216,239 1,208,015 -1,924 n.a. 

2023 – Jan ................................ 29,130,183 28,361,770 - - 1,575,024 1,528,306 1,312,163 1,323,629 -2,579 n.a. 

Feb ................................ 29,956,877 29,129,801 - - 1,668,557 1,617,419 1,327,987 1,445,652 -1,138 n.a. 

Mar ................................ 29,873,925 29,162,129 - - 1,623,319 1,702,428 1,325,883 1,479,139 -2,381 n.a.

 Apr................................ 30,566,417 29,112,700 - - 1,540,630 1,481,987 1,260,827 1,286,941 -2,372 n.a.

May................................ 31,529,718 30,694,112 - - 1,658,697 1,622,917 1,276,422 1,286,319 -1,583 n.a.

June ................................ 30,724,859 30,004,145 - - 1,679,152 1,648,784 1,277,014 1,380,216 -2,352 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) 

2020 - Dec ................................n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a. 

2021 - Mar ................................ 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a. 

June ................................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept ................................ 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a. 

Dec ................................ 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a. 

2022 - Mar................................ 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

June ................................ 607,130 456,683 - - 32,596 23,484 19,169 24,909 1,840 n.a. 

Sept ................................ 721,276 497,326 - - 47,856 36,665 27,509 37,382 2,071 n.a. 

Dec................................ 649,381 487,468 - - 26,799 25,667 18,936 21,969 563 n.a.

2023 - Mar ................................ 683,824 520,411 - - 37,787 34,925 30,505 27,324 953 n.a. 
65

SECTION VI—Euro Positions 

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

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

Exchange 

rate 

(Euros per 

U.S. dollar)

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

01/04/23........................................................... 8,469,766 8,608,239 198 0.9416 

01/11/23........................................................... 8,527,448 8,652,271 125 0.9311 

01/18/23........................................................... 8,576,780 8,722,951 18 0.9236 

01/25/23........................................................... 8,430,741 8,594,333 -132 0.9173 

02/01/23........................................................... 8,980,564 9,179,617 88 0.9160 

02/08/23........................................................... 8,709,036 8,890,581 -8 0.9316 

02/15/23........................................................... 8,763,440 8,949,183 59 0.9361 

02/22/23........................................................... 8,662,300 8,869,859 -165 0.9414 

03/01/23........................................................... 9,172,182 9,350,078 -125 0.9369 

03/08/23........................................................ .. 8,946,828 9,121,357 -169 0.9480 

03/15/23........................................................... 8,775,515 8,947,040 -334 0.9492 

03/22/23........................................................... 8,757,059 8,942,639 -235 0.9266 

03/29/23........................................................... 8,925,057 9,058,372 -392 0.9237 

04/05/23........................................................... 8,856,252 8,963,718 -513 0.9159 

04/12/23........................................................... 8,944,122 9,037,213 -370 0.9102 

04/19/23........................................................... 8,772,728 8,917,818 -639 0.9130 

04/26/23........................................................... 9,017,389 9,169,876 -711 0.9048 

05/03/23........................................................... 8,877,140 9,028,343 -705 0.9051 

05/10/23........................................................... 9,110,188 9,263,434 -583 0.9119 

05/17/23........................................................... 9,071,036 9,258,310 -479 0.9234 

05/24/23........................................................... 9,040,635 9,201,191 -343 0.9295 

05/31/23........................................................... 9,560,210 9,718,018 -275 0.9386 

06/08/23........................................................... 9,621,607 9,760,185 -242 0.9344 

06/14/23........................................................... 10,189,064 10,341,572 -401 0.9209 

06/21/23........................................................... 9,336,785 9,486,089 -530 0.9132 

06/28/23........................................................... 9,288,670 9,457,603 -488 0.9171 
66

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

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

Report date

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10)

Calls Puts Net delta

equivalent

(9)

Purchased

(1)

Sold 

(2)

Assets 

(3)

Liabilities 

(4)

Bought 

(5)

Written 

(6)

Bought

(7)

Written 

(8)

2020 - Dec............... 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 - Dec...............

8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 

2022 - July............... 8,447,610 8,653,485 1,743,835 1,613,467 569,626 605,893 517,293 445,263 679 0.9802 

 Aug............... 8,744,080 8,940,654 1,894,938 1,737,953 561,047 592,481 553,949 484,797 1,065 0.9935 

 Sept............. 9,239,360 9,461,766 1,999,681 1,888,013 623,611 654,815 575,535 519,777 1,448 1.0222 

 Oct.............. 9,317,447 9,562,336 1,714,416 1,606,395 630,007 654,963 560,640 504,835 846 1.0116 

 Nov.............. 9,484,882 9,749,195 1,881,368 1,804,241 654,645 673,885 539,396 483,691 1,249 0.9687 

 Dec............. 8,682,204 8,813,882 2,506,186 2,364,725 584,733 608,180 454,131 405,660 417 0.9348 

2023 - Jan............... 9,119,079 9,340,728 1,907,422 1,778,270 646,668 661,978 492,588 440,845 196 0.9210 

 Feb.............. 9,293,715 9,507,853 1,966,461 1,791,062 671,022 682,021 559,247 512,667 336 0.9432 

 Mar.............. 9,388,716 9,504,077 1,784,748 1,656,316 670,760 729,443 514,374 501,435 230 0.9198 

 Apr.............. 9,411,873 9,546,890 2,122,181 1,977,394 642,763 663,870 482,542 436,915 36 0.9058 

 May.............. 9,894,400 10,063,115 2,179,106 2,036,151 633,619 662,733 514,089 464,242 33 0.9386 

 June.............. 9,834,633 10,004,024 1,827,094 1,660,205 615,502 642,980 507,640 464,426 -237 0.9158 

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)

2020 - Dec............... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177 

2021 - Mar............... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516

 June............... 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

 Sept............... 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638

 Dec................ 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar............... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015

 June............... 157,904 214,408 500,648 278,382 11,373 4,967 7,943 8,306 781 0.9552 

 Sept............... 173,968 234,988 512,686 292,337 8,762 7,747 13,543 12,123 -841 1.0222

 Dec................ 169,022 231,327 516,338 285,429 4,273 5,076 6,140 3,254 301 0.9348 

2023 - Mar............... 193,335 246,044 515,985 269,081 12,526 9,618 8,752 7,034 -13 0.9198
67

INTRODUCTION: Exchange Stabilization Fund

 To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934, codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

 Subsequent amendment of the Gold Reserve Act 

modified the original purpose to reflect termination of the 

fixed exchange rate system. 

 Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020, as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021, the Infrastructure Investment and Jobs Act, 2021 and 

the Fiscal Responsibility Act, 2023, subsequently rescinded 

$479 billion and $1.4 billion, and $200 million, respectively, 

of the $500 billion appropriation provided to Treasury. 

 Resources of the fund include (a) Fund Balance, which is 

available to support adjustments to loan and investment 

subsidy costs, repay borrowing from Treasury for loans and 

investments and expenditures for administrative expenses in 

support of the CARES Act, (b) U.S. Government securities 

(dollar balances), (c) special drawing rights -SDRs, and (d) 

foreign currency holdings. Principal sources of revenue -+ or 

cost -- for the fund are gains-+ or losses -- on SDRs and 

foreign investments, and interest earned on U.S 

Government, foreign securities, and SDRs. 

• Table ESF-1 presents the assets, liabilities, and net

position of the fund. The figures are in U.S. dollars. 

Amounts and transactions pertaining to foreign currencies 

and SDRs, an international reserve asset created by the 

International Monetary Fund (IMF), have been converted to 

U.S. dollars based on current exchange rates computed 

according to the accrual method of accounting. Investments 

and loans receivable are reported at fair value. Unexpended 

Appropriations Funds from Dedicated Collections 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. Unexpended Appropriations Funds from 

Other than Dedicated Collections represents the amount 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures for administrative and subsidy costs, 

and rescissions resulting from the passage of the 

Consolidated Appropriations Act, 2021, the Infrastructure 

Investment and Jobs Act, 2021 and the Fiscal Responsibility 

Act, 2023. Conversion gains and losses are reflected in the 

cumulative net income -+ or loss -- account. 

• Table ESF-2 shows net cost from operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Gains-+ or loss 

-- on foreign exchange” includes both realized and 

unrealized gains 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. “Gains and Losses of Investments and Credit 

Program Receivables” reflects the revaluation of the assets 

approved in the federal budget. CARES Act related 

administrative costs incurred in connection with the loans, 

and other investments are accrued. 
68

TABLE ESF-1—Balances as of Mar. 31, 2023, and June 30, 2023 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and net position March 31, 2023

Mar. 31, 2023, 

through 

June 30, 2023 June 30, 2023

Assets 

U.S. dollars:

Intra-Governmental: 

Fund Balance................................................................... 343,178 1,842,982 2,186,160 

U.S. Government securities ............................................. 16,642,804 (533,994) 16,108,810 

Interest Receivable – Loans and Other Funds............... 953 (217) 736 

 Total Intra-Governmental................................................. 16,986,935 1,308,771 18,295,706 

Other Than Intra-Governmental 

Special drawing rights 1................................................... 164,141,435 (903,312) 163,238,123 

 Economic Recovery Program Loans Receivable............ 975,019 (31,090) 943,929 

 Economic Recovery Program Investments..................... 15,321,312 (1,170,803) 14,150,509 

 Foreign exchange and securities: 

 European euro .................................................................. 11,324,379 94,554 11,418,933 

Japanese yen.................................................................... 7,040,352 (571,374) 6,468,978 

 Total Other Than Intra-Governmental ......................... 198,802,497 (2,582,025) 196,220,472 

Total assets ........................................................................ 215,789,432 (1,273,254) 214,516,178 

Liabilities and capitol 

Intra-Governmental

Debt, including accrued interest payable........................... 16,967,583 56,096 17,023,679 

Due to the General Fund ................................................... 6,851 34,098 40,949 

Other Liabilities .................................................................. 187,326 (3) 187,323 

 Total Intra-Governmental ........................................... 17,161,760 90,191 17,251,951 

Other Than Intra-Governmental: 

SDR certificates ................................................................. 5,200,000 - 5,200,000 

 SDR allocations ................................................................. 155,368,755 (1,619,392) 153,749,363 

 Other .................................................................................. 690 121 811 

 Total Other Than Intra-Governmental ........................ 160,569,445 (1,619,271) 158,950,174 

 Total Liabilities ................................................................. 177,731,205 (1,529,080) 176,202,125 

Net Position: 

Funds from Dedicated Collections (Consolidated)............ 200,000 - 200,000 

 Funds from Other than Dedicated Collections 

(Consolidated) 231,035 (201,702) 29,333 

 Total Unexpended Appropriations........................... 431,035 (201,702) 229,333 

Cumulative Results of Operations

Funds from Dedicated Collections (Consolidated)............ 38,380,959 (295,478) 38,085,481 

 Funds from Other than Dedicated Collections 

(Consolidated) (753,767) 753,006 (761)

 Total Cumulative Results of Operations ................. 37,627,192 457,528 38,084,720 

 Total Net Position ...................................................... 38,058,227 255,826 38,314,053 

Total Liabilities and Net Position ............................. 215,789,432 (1,273,254) 214,516,178 

See footnote on the following page.
69

TABLE ESF-2—Statement of Net Cost 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter

 Apr. 1, 2023,

through 

 June 30, 2023

Fiscal year to date 

Oct. 1, 2022 

through 

June 30, 2023 

Exchange Stabilization (+) or net charges (-) on:

Gross Cost 

 Interest Expense on Special Drawing Rights and Remuneration....................... 1,433,799 3,660,835 

International Monetary Fund Annual Assessment and Other........................ 1,216 1,232 

Losses on Currency Valuation and Other

 Special Drawing Rights Holdings....................................................................... 2,381,228 4,772,420 

 Special Drawing Rights Allocations.................................................................... 507,110 10,305,032 

 Other Investment................................................................................................ 288,933 547,750 

 Foreign Currency and Foreign Currency Denominated Assets.......................... 747,322 1,406,107 

 Total Losses on Currency Valuation and Other....................................... 3,924,593 17,031,309 

 Total Gross Cost.......................................................................................... 5,359,608 20,693,376 

Less Earned Revenue

Interest Income 

 Nonmarketable U.S. Treasury Securities........................................................... (206,428) (554,280)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (24,807) (68,493)

 Special Drawing Rights Holdings....................................................................... (1,517,417) (3,860,113)

 Other Investments.............................................................................................. (32,951) (51,361)

 Total Interest Income.................................................................................. (1,781,603) (4,534,247)

Gains on Currency Valuation and Other

 Special Drawing Rights Holdings....................................................................... (533,655) (10,829,176)

 Special Drawing Rights Allocations.................................................................... (2,249,139) (4,512,520)

 Other Investment................................................................................ (361,277) (1,009,367)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (140,408) (2,100,089)

 Total Gains on Currency Valuation and Other............................................... (3,284,479) (18,451,152)

 Total Earned Revenue................................................................................... (5,066,082) (22,985,399)

 Total Net Cost (Income) of Operations – Exchange Stabilization................. 293,526 (2,292,023)

Economic Recovery Program (+) net charges (-) on:

Gross Cost 

 Interest Expense on Debt.................................................................................. 35,838 118,460 

 Administrative Expenses................................................................................... 1,932 4,525 

 Losses on Investments and Credit Program Receivables................................. (780,412) (780,412)

 Total Gross Cost.......................................................................................... (742,642) (657,427)

Less: Earned Revenue

 Interest Income on Uninvested Funds................................................................ 954 -

 Interest Income on Credit Program Receivables................................................ 37,539 (736)

 Facility Fee Income............................................................................................ (61,638) (61,638)

 Gains on Investments and Credit Program Receivables.................................... (13,048) (56,441)

 Total Earned Revenue................................................................................. (36,193) (118,815)

 Total Net Cost (Income) of Operations – Economic Recovery Program (778,835) (776,242)

 Total Net Cost of Operations...................................................................... (485,309) (3,068,265)

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
71 

TABLE TF-6A—Highway Trust Fund 

The following information is released according to the 

provisions of the Byrd Amendment [codified at 26 United 

States Code 9503(d)] and represents data concerning the 

Highway Trust Fund. 

The 48-month revenue estimates for the highway and 

mass transit accounts, respectively, include the latest 

estimates received from Treasury’s Office of Tax 

Analysis for excise taxes, net of refunds. 

Highway Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2024)............................................................................................................... 118 

less: 

Cash balance (fiscal year 2024) ......................................................................................................................................................................................... 73 

Unfunded authorizations (fiscal year 2024) ........................................................................................................................................................................ 45 

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)................................................................................................................................ 144

Note—Numbers may not add due to rounding. 

48-month revenue estimate reflects FY 2024 Midsession Review Projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2024).................................................................................................................. 56 

less: 

Cash balance (fiscal year 2024) ......................................................................................................................................................................................... 31 

Unfunded authorizations (fiscal year 2024) ........................................................................................................................................................................ 25

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)........................................................................................................................... 27

Note—Numbers may not add due to rounding. 

48-month revenue estimate reflects FY 2024 Midsession Review Projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 
Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 

72
Treasury to a specific Government agency, trust fund, or 

account. Their rate is based on an average of market yields on 

outstanding Treasury obligations, and they may be redeemed 

at the option of the holder. Roughly 80 percent of these are 

issued to five holders: the Federal Old-Age and Survivors 

Insurance Trust Fund; the civil service retirement and 

disability fund; the Federal Hospital Insurance Trust Fund; the 

military retirement fund; and the Unemployment Trust Fund. 

Interfund transactions (“Federal Fiscal Operations”)—

Transactions in which payments are made from one fund 

group (either Federal funds or trust funds) to a receipt account 

in another group. 

International Monetary Fund transactions (“Exchange 

Stabilization Fund”, ESF-1)—(IMF) Established by the 

United Nations, the IMF promotes international trade, stability 

of exchange, and monetary cooperation. Members are allowed 

to draw from the fund. 

Intrabudgetary transactions (“Federal Fiscal Operations”)—

These occur when payment and receipt both occur within the 

budget, or when payment is made from off-budget Federal 

entities whose budget authority and outlays are excluded from 

the budget totals. 

Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par 

amount of securities at the highest yield or discount rate 

awarded to competitive bidders for a single-price auction. 

Obligations (“Federal Fiscal Operations”)—An unpaid 

commitment to acquire goods or services. 

Off-budget Federal entities (“Federal Fiscal Operations”)—

Federally owned and controlled entities whose transactions are 

excluded from the budget totals under provisions of law. Their 

receipts, outlays, and surplus or deficit are not included in 

budget receipts, outlays, or deficits. Their budget authority is 

not included in totals of the budget. 

Outlays (“Federal Fiscal Operations”)—Payments on 

obligations in the form of cash, checks, the issuance of bonds 

or notes, or the maturing of interest coupons. 

Par value—The face value of bonds or notes, including 

interest. 

Quarterly financing (“Treasury Financing Operations”)—

Treasury has historically offered packages of several 

“coupon” security issues on the 15th of February, May, 

August, and November, or on the next working day. These 

issues currently consist of a 3-year note, a 10-year note, and a 

30-year bond. Treasury sometimes offers additional amounts 

of outstanding long-term notes or bonds, rather than selling 

new security issues. (See Reopening.) 

Fractional coins (USCC)—Coins minted in denominations 

of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 

Receipts (“Federal Fiscal Operations”)—Funds collected 

from selling land, capital, or services, as well as collections 

from the public (budget receipts), such as taxes, fines, duties, 

and fees. 

Reopening (PDO-2)—The offer for sale of additional 

amounts of outstanding issues, rather than an entirely new 

issue. A reopened issue will always have the same maturity 

date, CUSIP-number, and interest rate as the original issue. 

Special drawing rights (“Exchange Stabilization Fund,” 

ESF-1)—International assets created by IMF that serve to 

increase international liquidity and provide additional 

international reserves. SDRs may be purchased and sold 

among eligible holders through IMF. (See IMF.) 

SDR allocations are the counterpart to SDRs issued by 

IMF based on members’ quotas in IMF. Although shown in 

Exchange Stabilization Fund (ESF) statements as liabilities, 

they must be redeemed by ESF only in the event of 

liquidation of, or U.S. withdrawal from, the SDR department 

of IMF or cancellation of SDRs. 

SDR certificates are issued to the Federal Reserve 

System against SDRs when SDRs are legalized as money. 

Proceeds of monetization are deposited into an ESF account 

at the Federal Reserve Bank of New York. 

Spot (“Foreign Currency Positions”)—Due for receipt or 

delivery within 2 workdays. 

State and local government series (SLGS) (FD-2)—Special 

nonmarketable certificates, notes, and bonds offered to State 

and local governments as a means to invest proceeds from 

their own tax-exempt financing. Interest rates and maturities 

comply with IRS arbitrage provisions. SLGS are offered in 

both time deposit and demand deposit forms. Time deposit 

certificates have maturities of up to 1 year. Notes mature in 1 

to 10 years and bonds mature in more than 10 years. Demand 

deposit securities are 1-day certificates rolled over with a rate 

adjustment daily. 

Statutory debt limit (FD-6)—By Act of Congress there is a 

limit, either temporary or permanent, on the amount of public 

debt that may be outstanding. When this limit is reached, 

Treasury may not sell new debt issues until Congress 

increases or extends the limit. For a detailed listing of changes 

in the limit since 1941, see the Budget of the United States 

Government. (See debt outstanding subject to limitation.) 

STRIPS (PDO-2)—Separate Trading of Registered Interest 

and Principal Securities. Long-term notes and bonds may be 

divided into principal and interest-paying components, which 

may be transferred and sold in amounts as small as $1,000. 

STRIPS are sold at auction at a minimum par amount, varying 

for each issue. The amount is an arithmetic function of the 

issue’s interest rate. 

73
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). 

74