BULLETIN

JUNE2023

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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Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

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

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

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

Special Reports 

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

Trust Fund Reports:

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

BUREAU OF THE FISCAL SERVICE OPERATIONS 

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

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

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

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

OWNERSHIP OF FEDERAL SECURITIES 

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

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

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

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

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

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

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

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 56
IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 67

FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 68

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 68

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 69

ESF-1—Balance Sheet ........................................................................................................................................................ 70

ESF-2—Statement of Net Cost.............................................................................................................................................. 71

SPECIAL REPORTS 

TRUST FUNDS 

Introduction—Highway Trust Fund .................................................................................................................................... 73 

TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 73 

GLOSSARY ........................................................................................................................................................................ 74

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

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

rounding; n.a. = Not available. 
OPERATIONS

Profile of theEconomy

FederalFiscalOperations 

FederalDebt

Fiscal Service Operations

OwnershipofFederalSecurities

U.S. Currency andCoinOutstanding

andinCirculation
1

Profile of the Economy 

(Office of Macroeconomic Analysis) 

May 17, 2023

Introduction 

Although U.S. economic growth slowed in the first quarter of 2023, it continued to show 

resilience in the face of global and domestic economic headwinds. Real gross domestic product 

(GDP) grew at a solid 1.1 percent annualized rate—boosted by strong private domestic 

demand—while labor market tightness persisted. Over the first four months of this year, 

employers have added an average of 285,000 payroll jobs—a pace faster than that needed to 

keep the unemployment rate stable, and the unemployment rate in April returned to a 53-year 

low. Meanwhile, inflation has slowed further. Since peaking at 9.1 percent in June 2022, the 12-

month headline inflation rate (as measured by the consumer price index, or CPI) has fallen by 4.2 

percentage points, owing to ongoing moderation in energy prices, easing non-energy goods 

inflation, and notably slower food price growth over the last several months. Core inflation 

(excluding food and energy) has slowed—but to a lesser extent than headline due to elevated 

shelter inflation. However, for some months, timely measures of house prices and rents have 

been showing some slowdown in housing inflation, and most recently, lagged measures of 

shelter inflation have begun to moderate. Housing markets weakened noticeably last year 

following tighter monetary policy, but housing data for this year’s first quarter were suggestive 

of a possible bottoming out. 

Economic Growth 

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

1.1 percent at an annual rate, following a 2.6 percent advance in the final quarter of 2022. 

Headline growth largely slowed due to a drawdown in private inventories. Over the four quarters 

through the first quarter of 2023, real GDP was up 1.6 percent, following a 3.7 percent advance 

over the previous four quarters. 

Significantly, final domestic private demand strengthened in the first quarter. Although 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—signal specific current and 

future trends. 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 first quarter, real PDFP grew 2.9 percent at an annual rate, contributing 2.4 percentage 

points to total GDP growth. 

Looking into the components of PDFP, household consumption accelerated solidly in the first 

quarter to 3.7 percent, from 1.0 percent in the fourth quarter, as demand for goods shifted from a 
2

modest drag to solid growth. Goods consumption, which advanced 6.5 percent, was largely 

boosted by purchases of motor vehicles, which alone added 1.1 percentage points to GDP growth 

(or just under half of PDFP’s total growth contribution). Consumer spending growth on services, 

meanwhile, accelerated to 2.3 percent in the first quarter from 1.6 percent in the fourth quarter, 

due in part to increased consumption in pandemic-sensitive industries (transportation, recreation 

services, and food services and accommodation). Business fixed investment (BFI) contracted for 

the fourth consecutive quarter, although the decline in the first quarter tapered to 0.4 percent, 

relatively neutral compared with the larger 3.8 percent drop in the previous quarter. Among the 

components of BFI, only equipment spending posed a drag on growth, declining 7.3 percent. At 

11.2 percent, growth in business investment in structures remained in double-digits for the 

second consecutive quarter, boosted by spending on manufacturing factories and mining 

exploration, shafts, and wells—though growth in those two categories was partly offset by a drag 

from commercial real estate investment. Spending on intellectual property products slowed from 

6.2 percent in the fourth quarter but was still solid at 3.8 percent. 

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

growth in the first quarter, reflecting an ongoing correction in housing as well as tighter 

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

widened and deepened over the next eighteen months or so. After three consecutive quarters of 

double-digit declines, residential investment fell by 4.2 percent in the first quarter, primarily due 

to a decline in single-family construction. The drop in single-family structures spending tapered 

to -20.7 percent, while multi-family structures investment rose 10.1 percent. Other structures 

investment—which includes manufactured homes, group housing, and ancillary spending like 

brokers’ commissions—turned positive in the first quarter, rising 6.3 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 first quarter. Growth of total government spending accelerated to 4.7 

percent in the first quarter from an already-rapid pace of 3.8 percent in the final quarter of 2022. 

Federal spending advanced by 7.8 percent in the first quarter, up from 5.8 percent in the fourth 

quarter, reflecting increases in both defense and nondefense expenditures. State and local 

government expenditures were up by 2.9 percent in the first quarter, somewhat more than the 2.6 

percent pace in the previous quarter, due to higher state and local employee compensation. 

International trade was a very small but net positive contributor to real GDP growth in the first 

quarter, after making a larger contribution to growth in the fourth quarter, as exports grew faster 

than imports. The net export deficit was smaller by $2.8 billion in the first quarter at -$1,235.8 

billion, and added 0.1 percentage point to first quarter GDP growth (after contributing 0.4 

percentage points in the previous quarter). Total exports of goods and services grew by 4.8 

percent at an annual rate, while total imports grew by 2.9 percent. Although the contribution 

from net exports has been shrinking, this was the fourth consecutive quarter that this component 

added to growth. 

As noted previously, the change in private inventories (CIPI) was the strongest impediment to 

growth in the first quarter, led by drawdowns of manufacturers’ inventories of petroleum and 

coal products, as well as nonautomotive transportation equipment. Firms’ total inventories 
3

decreased $1.6 billion (constant 2012 dollars) in the first quarter, after building their inventories 

by $136.5 billion in the fourth quarter. Due to the $138.2 billion downswing in inventory 

growth, CIPI subtracted 2.3 percentage points from real GDP growth 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 four months of 2023, although the signs of easing 

that emerged during the final months of 2022 were also evident to some extent in the new year. 

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

285,000 per month during the first four months of this year. Nonetheless, the pace of job 

creation this 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, the 

unemployment rate increased only slightly in subsequent months before returning to that level 

again in April 2023. Meanwhile, the broadest unemployment rate—which includes those 

working part-time for economic reasons and those marginally-attached to the labor force—stood 

at 6.6 percent in April, just 0.1 percentage point higher than the record low of 6.5 percent set in 

December 2022 (series dates from January 1994). 
4

Despite an ongoing imbalance between labor supply and demand in the economy, there were 

signs of improving supply in the first few months of 2023. Labor force participation rates 

(LFPR) for all workers, as well as prime-age (ages 25-54) workers, improved over the first four 

months of 2023, after stalling in last year’s final quarter. The headline participation rate 

increased by 0.3 percentage points to 62.6 percent from December 2022 to April 2023. In 

addition, the participation rate for prime-age workers moved substantially higher during the first 

few months of this year, rising to 83.3 percent by April 2023—or 0.2 percentage points above 

the prime-age LFPR in January 2020, just before the pandemic. Even so, participation by 

workers over age 54 remained subdued at 38.4 percent in April 2023, or 1.9 percentage points 

below the 40.3 percent rate posted in February 2020. In addition to increased labor supply, 

demand for labor has slowly moved lower. The number of job openings and job openings rates 

have trended down since March 2022; as of March 2023 (latest available data), there were still 

1.64 jobs per unemployed worker, the lowest ratio since October 2021. This lower ratio (fewer 

jobs per unemployed worker) signals improving balance in labor markets. One labor 

development to monitor is the increase in weekly unemployment claims since September 2022 

and the number of job losers who are not on temporary layoff over the past two quarters—though 

the increases are from abnormally low levels. Indeed, with inflation still uncomfortably high, the 

increase in unemployment claims and share of workers not on temporary layoff may be signaling 

a gradual return to more balanced labor markets in coming quarters. 

Measures of nominal wage growth in the private sector were mixed in the first few months of 

this year. Average hourly earnings rose 4.4 percent over the twelve months through April 2023, 

gradually slowing from the 5.9 percent peak in March 2022. After adjusting for inflation, 

however, real average hourly earnings declined by 0.5 percent over the year through April 2023, 

but this was far less an erosion of purchasing power than the 2.2 percent decline in real wages 

over the year-earlier period. Nonetheless, an alternative, quarterly measure of wage growth, the 

Employment Cost Index (ECI), suggests that wage pressures did not moderate in first quarter. 

The ECI for private sector wages and salaries rose 5.1 percent (year-over-year) in the first 

quarter of 2023, matching the pace in the final quarter of 2022 (although lower than the 5.7 

percent peak in 2022 Q2). The ECI controls for employment shares among industries and 

occupations, making it a better reference for wage growth. 

Payroll Employment

(Monthly average for year shown and monthly amounts)
5

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor 

After improving during the final two quarters of last year, nonfarm productivity growth declined 

in the first quarter of 2023, as moderate growth in labor hours more than offset slower growth in 

output. Productivity growth declined 2.7 percent at an annual rate in this year’s first quarter, 

reflecting a 3.0 percent gain in worker hours, combined with a much smaller, 0.2 percent 

increase in output. The decline followed a 1.6 percent advance in the fourth quarter of 2022. 

On a year-over-year basis, productivity growth was down 0.9 percent through the first quarter of 

2023, comparable to the four-quarter decline of 1 percent a year earlier. Productivity growth on 

a four-quarter basis has declined for five consecutive quarters, including a 2.5 percent plunge 

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 3.4 percent at an annual 

rate in the first quarter of 2023, slowing from the 4.9 percent pace in last year’s final quarter. 

Compensation costs rose by 4.8 percent over the four most recent quarters, also slowing from a 

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

per unit of output, had slowed dramatically in previous quarters, but rebounded to 6.3 percent at 

an annual rate in this year’s first quarter, after slowing to 3.3 percent in the fourth quarter of 

2022. On a four-quarter basis, however, these costs advanced 5.8 percent over the most recent 

four quarters, slowing from the 6.4 percent pace over the four quarters through the first quarter of 

2022. 
6

Industrial Production, Manufacturing, and Services 

Total industrial production has trended higher in the first four months of 2023 after declining on 

net in the last quarter of 2022. Since December, output at factories, mines, and utilities has 

increased 1.5 percent, including a 0.5 percent advance in April 2023. However, total industrial 

production continues to slow on a year-over-year basis and was only 0.2 percent higher over the 

twelve months through April. 

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

increased 2.0 percent since December, after falling 2.7 percent over the last three months of 

2022, including a 1 percent advance in April. On a twelve-month basis, manufacturing output 

has turned negative in recent months, including a 0.9 percent drop over the year through April 

2023. The contribution from the automotive sector has been more positive in the past four 

months; output in this category surged 9.3 percent in April. Although twelve-month production 

rates have slowed from the double-digit paces seen last year (associated with increased 

availability of semi-conductors), production has been positive on a yearly basis for the past 14 

consecutive months and was 8.5 percent higher over the year through April. Other measures of 

manufacturing brightened in April. Output at select high-technology factories was up 1.5 

percent after declining in late 2022 and was 1.8 percent higher over the past year. Excluding 

motor vehicles and parts and high-technology industries, manufacturing output was up 0.3 

percent but fell 1.7 percent from a year earlier. 

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. Since the beginning of this year, however, mining output 

has declined 1.3 percent, but was still up 5.6 percent over the 12 months through April. Monthly 

oil and gas extraction increased 0.7 percent in April, following consecutive declines of 0.5 

percent and 1.0 percent in February and March, respectively. Over the 12 months through April 

2023, oil and gas extraction was up 5.8 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. This pattern 

was noteworthy in March and April; utilities output surged 8.4 percent in March, then fell 3.1 

percent in April. Over the 12 months through April 2023, utilities production was declined 0.4 

percent. 

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

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 six 

months, and fell to 46.3 in March 2023, the lowest reading since May 2020. The index rose in 

April to 47.1 but continued to signal contraction for the sixth consecutive month. The ISM’s 

services index also dipped below the 50 mark but only in December 2022, and since then, has 

remained above 50, including an advance to 51.9 in April. This index has signaled expansion in 
7

34 of the past 35 months but has trended lower since reaching an all-time high of 68.4 in 

November 2021. 

Housing Markets 

The correction in housing markets that began early in 2022 appeared to stabilize in the early 

months of 2023, although much higher mortgage rates and still-high house prices continue to 

weigh on affordability. In April 2023, existing home sales—which account for nearly 90 

percent of all home sales—declined 3.4 percent over the month and were down 23.2 percent on a 

twelve-month basis. However, since January 2023, existing home sales are up 7.0 percent, 

owing to a 13.8 percent surge in February. New single-family home sales have trended higher 

since July 2022, including a 4.1 percent advance in April. As a result of recent gains, new home 

sales are 11.8 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 “locked” 

into their lower rate mortgages. The months’ supply of existing homes for sale stood at 2.9 

months in April, nearly double the supply available at the beginning of last year, but still below 

the average 3.9 months of supply in 2019. Inventories have also increased for the new homes 

market. After surging above 10 months’ supply last summer, months’ supply has trended 

somewhat lower, but stood at 7.6 months in April 2023, still higher than the 5.8 months of sales 

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. The Case-Shiller 

national house price index—which measures sales prices of existing homes—declined each 

month between July 2022 and January 2023 before increasing 0.2 percent in February 2023 

(latest data available). The index was up 2.1 percent over the year through February, a tiny 

fraction of the peak 20.8 percent pace over the year through March 2022 and also the slowest 

yearly pace since July 2012. The FHFA purchase-only house price index showed flat or slightly 

positive growth between October 2022 and January 2023, then rebounded by 0.5 percent in 

February. However, over the year through February 2023, this index was up 4.0 percent, about 

one-fifth the peak pace of 19.3 percent over the year through February 2022, and the slowest 

twelve-month pace since an identical reading in September 2014. 

After continuing their weakening trend through the early months of 2023, new construction starts 

and permits for future starts have brightened a bit in very recent months. Single-family housing 

starts appeared to have bottomed in November 2022 and have been trending higher since, 

including a 1.6 percent increase in April. Similarly, after declining for eleven consecutive 

months through the end of 2022, single-family permits have grown solidly in the first few 

months of 2023 and were up 3.3 percent in April. In the volatile multi-family sector, starts have 

been running at an elevated pace since late 2021, however, permits have started to decline, 

suggesting some softening in new construction may be forthcoming. 

Against a backdrop of recent improvements 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—fell to 1.675 
8

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

series begins in 1970). In addition, builders have grown more optimistic about the conditions of 

single-family housing markets. The National Association of Home Builders’ housing market 

index rebounded to the neutral threshold of 50 in May, 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, but rates are still relatively elevated. Significant 

improvement in supply chain problems and lower energy prices have helped dampen price 

pressures. In December 2022 as well as in March 2023, CPI inflation was 0.1 percent, although 

it picked up to 0.4 percent in April 2023. The CPI for energy goods and services continues to 

fluctuate from month to month, rising 0.6 percent in April 2023 after declining by 3.5 percent the 

previous month. Between January and September 2022, food price inflation hovered between 

0.8 percent and 1.1 percent, but from October 2022 onwards, has trended lower. In March as 

well as April 2023, monthly food price inflation readings were flat. 

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

much of 2022 but remained in a lower range of 0.3 percent to 0.4 percent during the final three 

months of the year and stood at 0.4 percent in April. Price growth for services has been the 

largest driving force behind core CPI inflation for the past several months; persistent and strong 

growth of shelter prices, such as rents and owners’ equivalent rents, has set a high floor for core 

services inflation. 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, 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. Core goods price inflation, meanwhile, has been slowing markedly, helping to 

contain core inflation readings. 

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 April 2023, CPI inflation was 4.9 

percent: this was 4.2 percentage points lower than the 9.1 percent pace recorded over the year 

through June 2022. Energy prices fell 5.1 percent over the twelve months ending in April 2023, 

contrasting sharply with the 41.6 percent twelve-month rise seen in June 2022—the peak of 

which followed the Russian invasion of Ukraine. After running at double-digit paces for nine 

consecutive months, food price inflation has also slowed, rising by 7.7 percent over the year 

through April 2023 and marking the slowest twelve-month pace since January 2022. Core 

inflation has also slowed, but to a lesser extent than headline: over the year ending in April 2023, 

core inflation was 5.5 percent, or 1.1 percentage points below the peak rate of 6.6 percent 

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

services—driven by strong shelter inflation—was the primary driver of 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 6.8 percent over the twelve months through April – 

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

through April 2023, core goods inflation was 2.0 percent, a fraction of the 12.3 percent yearly 

rate through February 2022. 
9

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 and remain far above average but have narrowed in recent months. As 

of March 2023, PCE inflation was 4.2 percent on a year-over-year basis, or 0.8 percentage points 

below the comparable timeframe for CPI inflation. The gap between core measures has also 

narrowed recently - though to a lesser extent. Core PCE inflation was 4.6 percent over the year 

ending March 2023, compared with 5.6 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)

Consumer and Business Sentiment 

Consumer and business sentiment measures have deteriorated in recent months, after rallying 

modestly around the turn of the year on declining energy prices, strong labor markets, and 
10

progress in lowering inflation. More recently, concerns about slowing growth, a surprise 

production cut by OPEC, and tightening credit conditions have eroded measures of consumer 

mood and business sentiment. 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 in January 2023, broke 

above 60 and remained in that range through April 2023. As of early May, however, the index 

dropped to 57.7, more than 14 points below the early-pandemic 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 has trended broadly lower, though to a lesser extent than the Reuters/Michigan 

index. Over the past nine months, however, the index has remained above 100, and as of April 

2023, stood at 101.3, or about 16 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 April 2023, the small business 

optimism index stood at 89.0, dropping 1.9 points below the early pandemic low. This marked 

the sixteenth 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 April 2023), the federal deficit was $925 billion, 

up $565 billion from the same period in FY 2022. 

The Treasury’s borrowing limit was raised to $31.38 trillion in December 2021. At the end of 

fiscal year 2022, gross federal debt was $30.9 trillion, 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). On January 19, 2023, the outstanding debt of the United States reached the statutory 

limit. Once at the debt limit, Treasury began taking extraordinary measures to prevent the 

United States from default on its obligations. These measures are expected to be exhausted 
11

sometime after early June 2023. At the end of April 2023, gross federal debt stood at $31.5 

trillion while debt held by the public was $24.6 trillion. 

Economic Policy 

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

which was being elevated in part by shifts in consumption behavior from services to goods, 

supply-chain disruptions, and labor force shortages. Congress’s first bill to build supply-chain 

resiliency over the long term was the Infrastructure Investment and Jobs Act of 2021, which 

among its provisions appropriated funds to rebuild deteriorating transportation infrastructure. In 

addition, the Administration’s Build Back Better framework was modified into a second bill in 

2022 that would address other long-run supply-side vulnerabilities, particularly those arising 

from climate change. On August 16, 2022, President Biden signed the Inflation Reduction Act, 

which 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. 

Persistent inflation prompted the FOMC to launch a new cycle of monetary policy tightening at 

the March 2022 meeting, when it raised the Federal funds target range 25 basis points to 0.25 to 

0.50 percent. At subsequent meetings during the remainder of 2022, the Committee hiked the 

target range by a further 400 basis points, including four separate and consecutive increases of 75 

basis points each as well as a smaller, 50 basis point increase at the December meeting. At the 

January 31/February 1 meeting, the FOMC began slowing the pace of tightening when it raised 

the target range by just 25 basis points. It continued to raise the target range in 25 basis point 

increments at the March and May meetings, bringing the total amount of tightening in the current 

cycle to 500 basis points and the Federal funds target to a range of 5.0 to 5.25 percent. In the 

accompanying statement issued on May 3, the Committee observed growth “at a modest pace in 

the first quarter” and indicated that “job gains have been robust in recent quarters” but also stated 

that “inflation remains elevated.” The FOMC added 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 Second-Quarter Receipts by Source 

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

Second-Quarter Receipts 

The following capsule analysis of budget receipts, by 

source, for the second quarter of Fiscal Year 2023 

supplements fiscal data reported in the March issue of 

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

release, not enough data were available to analyze 

adequately collections for the quarter. 

Individual income taxes— Individual income tax 

receipts, net of refunds, were $524.8 billion for the second 

quarter of Fiscal Year 2023. This is a decrease of $64.3 

billion over the comparable prior year quarter. Withheld 

receipts decreased by $1.0 billion and non-withheld receipts 

decreased by $12.4 billion during this period. Refunds 

increased by $50.8 billion over the comparable Fiscal Year 

2022 quarter. There was a negligible change in accounting 

adjustments between individual income tax receipts and the 

Social Security and Medicare trust funds over the 

comparable quarter in Fiscal Year 2022. 

Corporate income taxes— Net corporate income tax 

receipts were $34.6 billion for the second quarter of Fiscal 

Year 2023. This is an increase of $6.0 billion compared to 

the prior year second quarter. The $6.0 billion change is 

comprised of an increase of $3.9 billion in estimated and 

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

refunds. 

Employment taxes and contributions— Employment 

taxes and contributions receipts for the second quarter of 

Fiscal Year 2023 were $392.7 billion, an increase of $43.0 

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 $29.9 billion, $5.1 billion, and $7.5 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the second quarter of Fiscal Year 2023. There was a 

negligible adjustment in the second quarter of Fiscal Year 

2022. 

Unemployment insurance—Unemployment insurance 

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

Year 2023 were $9.1 billion, a decrease of $2.4 billion over 

the comparable quarter of Fiscal Year 2022. Net State taxes 

deposited in the U.S. Treasury decreased by $3.0 billion to 

$7.0 billion. Net Federal Unemployment Tax Act taxes 

increased by $0.6 billion to $2.1 billion. 
14

Budget Results and Financing of the U.S. Government 

and Second-Quarter Receipts by Source, continued

Contributions for other insurance and retirement—

Contributions for other retirement were $1.7 billion for the 

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

$0.3 billion from the comparable quarter of Fiscal Year 

2022. 

Excise taxes— Net excise tax receipts for the second 

quarter of Fiscal Year 2023 were $19.2 billion, an increase 

of $1.0 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.7 billion, an 

increase of $1.0 billion over the comparable prior year 

quarter. 

Estate and gift taxes— Net estate and gift tax receipts 

were $14.0 billion for the second quarter of Fiscal Year 

2023. These receipts represent an increase of $6.4 billion 

over the same quarter in Fiscal Year 2022. 

Customs duties— Customs duties net of refunds were 

$19.3 billion for the second quarter of Fiscal Year 2023. 

This is a decrease of $5.4 billion over the comparable prior 

year quarter. 

Miscellaneous receipts— Net miscellaneous receipts 

for the second quarter of Fiscal Year 2023 were $7.2 billion, 

a decrease of $32.1 billion over the comparable prior year 

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

Federal Reserve banks decreasing by $33.9 billion.

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

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

 Second quarter 2023 

January – March 

 Fiscal Year 2023 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 1,022,642 2,048,195

On-budget receipts .................................................. 717,256 1,488,491

Off-budget receipts .................................................. 305,386 559,704

Total outlays................................................................. 1,701,937 3,148,900

On-budget outlays.................................................... 1,380,197 2,563,248

Off-budget outlays.................................................... 321,740 585,652

Total surplus or deficit (-)............................................. -679,294 -1,100,704

On-budget surplus or deficit (-)................................ -662,941 -1,074,757

Off-budget surplus or deficit (-)................................ -16,354 -25,948

Means of financing: 

Borrowing from the public ............................................ 169,626 371,681

Reduction of operating cash ........................................ 268,993 458,302

Other means ................................................................ 240,676 270,722

Total on- and off-budget financing ........................... 679,294 1,100,704

Second-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 January February March

Individual income taxes...................................................... 262.3 112.0 150.5

Corporate income taxes..................................................... 20.8 2.3 11.5

Employment and general retirement.................................. 141.7 119.7 131.3

Unemployment insurance .................................................. 6.0 2.6 0.6

Contributions for other insurance and retirement .............. 0.5 0.5 0.7

Excise taxes ....................................................................... 5.2 6.3 7.7

Estate and gift taxes .......................................................... 2.1 9.6 2.3

Customs duties .................................................................. 6.8 6.3 6.2

Miscellaneous receipts....................................................... 1.9 2.8 2.5

Total budget receipts ..................................................... 447.3 262.1 313.2

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

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

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 - Mar................... 315,165 225,551 89,615 507,799 407,602 100,198 -192,634 -182,051 -10,583 108,100

Apr................... 863,644 753,822 109,822 555,429 465,346 90,083 308,215 288,476 19,739 -33,792

May.................. 388,988 303,706 85,282 455,211 353,894 101,316 -66,223 -50,188 -16,034 119,641

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 

Fiscal year 2023 to date ... 2,048,195 1,488,491 559,704 3,148,900 2,563,248 585,652 -1,100,704 -1,074,757 -25,948 465,986 

Means of financing—net transactions, continued 

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

Other 

(18)

Transactions 

not applied 

to year’s 

surplus or 

deficit 

(19)

Total Financing 

(20)

Fiscal year 

or month 

Agency 

securities 

(11)

Investments 

 of Government 

accounts 

(12)

Total 

10+11-12 

(13)

U.S. Treasury 

operating 

cash 

(14)

Special 

drawing 

rights 

(15)

Other 

(16)

Reserve 

position on the 

U.S. quota in 

the IMF 

(deduct) 

(17)

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 - Mar............................. -176 8,272 99,652 -119,740 -718 -148 -715 -28,295 4 192,682

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

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

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

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 2,801 -187 -3 95,408 - 38,784 

Feb ............................ -264 -22,626 21,386 -152,904 -2,092 -326 -381 85,345 - 262,434 

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

Fiscal year 2023 to date.......... 391 94,694 371,683 -458,302 10,066 876 3,243 284,902 2 1,100,704 

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

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) 

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

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

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

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

2022 .................. 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 - Mar......... 189,108 31,890 70,426 150,573 15,334 5,146 10,188 160,761 114,868 - 114,868

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

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

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

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 

Fiscal year 

2023 to date ........ 955,355 266,449 192,423 1,029,385 159,036 19,044 139,994 1,169,379 735,978 - 735,978

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

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

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

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

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 

Fiscal year 2023 to date... 3,876 -15 3,892 739,869 16,464 48 16,416 3,332 11 3,343 

See footnotes at end of table. 
18

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

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 - Mar ................ 7,426 3,726 112 3,615 8,641 490 8,151 13,126 1,982 15,107 225,551 89,615

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

May............... 8,046 3,340 167 3,173 8,505 409 8,095 11,768 1,794 13,561 303,706 85,282

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 

Fiscal year 2023 to date. 40,114 22,133 1,059 21,074 44,830 3,604 41,225 527 16,251 16,778 1,488,491 559,704 

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

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

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

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

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 

Fiscal year 2023 to date ..... 759,628 10,994 11 10,983 122 - 122 17,122 167 16,954 15,492 3,439 12,053 
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 – Est1 ............... 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 - Mar ................ 441 669 18,600 897 61,668 3,152 2,467 139,280 6,836 4,384 825 3,528 4,447

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

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

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

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 22,394 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 16,161 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

Fiscal year 2023 to date. 3,338 4,482 132,403 5,751 386,255 124,161 15,245 843,257 44,882 29,174 7,240 20,473 59,335

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

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

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

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

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

Fiscal year 2023 to date. 14,444 47,927 384,226 156,585 144,784 4,582 35,838 4,772 256 -187 19,645 

See footnotes at end of table 
20

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(32) 

Interest 

received 

by trust 

funds 

(33) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(34) 

Other 

(35) 

Total outlays 

Allowa

nces 

(31) 

Onbudget 

(36) 

 Offbudget 

 (37) 

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 – Est1........ 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 - Mar......... 1,968 647 9,820 2,156 107,399 1,139 - -7,962 -7,805 -537 - 407,602 100,198 

Apr..................... 1,770 609 9,701 2,542 112,540 4,255 - -8,712 -11,980 -4,837 - 465,346 90,083 

May ................... 1,740 564 9,101 2,532 103,589 4,353 - -9,346 -14,273 -1,094 - 353,894 101,316 

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 

Fiscal year 

2023 to date ....... 12,449 3,936 60,181 1,141 685,876 47,766 - -71,435 -76,382 -3,505 -5 2,563,248 585,652 

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............................................... 1,029,251 133 - 1,029,384 1,124,402 83 - 1,124,485

Corporation income taxes........................................... 139,994 - - 139,994 127,259 - - 127,259

Social insurance and retirement receipts: 

Employment and general retirement (off-budget)... - - 559,705 559,705 - - 504,835 504,835

Employment and general retirement (on-budget)... 13 - 180,152 180,165 -13 - 162,873 162,860

Unemployment insurance ....................................... * - 16,415 16,415 -7 - 27,064 27,057

Other retirement...................................................... - - 3,343 3,343 - - 3,027 3,027

Excise taxes ................................................................ 10,014 747 29,354 40,115 11,313 897 26,502 38,712

Estate and gift taxes ................................................... 21,073 - - 21,073 14,275 - - 14,275

Customs duties ........................................................... 26,941 13,219 1,066 41,225 32,295 15,236 1,028 48,559

Miscellaneous receipts................................................ 3,598 12,453 726 16,777 61,956 8,486 442 70,884

Total receipts 1,230,884 26,552 790,760 2,048,196 1,371,480 24,703 725,772 2,121,955

(On-budget) 1,230,884 26,552 231,056 1,488,491 1,371,480 24,703 220,936 1,617,120

(Off-budget) - - 559,705 559,705 - - 504,835 504,835

Budget outlays:

Legislative branch ....................................................... 3,362 -20 -4 3,338 2,818 49 -13 2,854

Judicial branch ............................................................ 4,946 -306 -158 4,481 4,123 245 -144 4,224

Department of Agriculture ........................................... 113,095 19,341 -35 132,401 116,469 14,949 -27 131,391

Department of Commerce........................................... 5,626 124 1 5,751 5,078 1,255 1 6,334

Department of Defense-military .................................. 383,297 2,766 192 386,255 359,590 -1,412 220 358,398

Department of Education ............................................ 124,172 -10 * 124,162 70,495 -1 * 70,493

Department of Energy................................................. 15,642 -397 * 15,245 16,476 -659 * 15,817

Department of Health and Human Services ............... 664,571 4,641 174,045 843,257 665,130 2,418 126,332 793,880

Department of Homeland Security.............................. 42,192 2,527 163 44,883 40,245 320 35 40,600

Department of Housing and Urban Development....... 29,344 43 -214 29,173 26,728 -27 -645 26,056

Department of the Interior........................................... 6,891 106 243 7,240 6,704 -281 218 6,642

Department of Justice ................................................. 18,165 2,330 -19 20,475 16,294 2,693 -42 18,945

Department of Labor................................................... 5,328 37,145 16,860 59,333 10,054 -591 19,101 28,564

Department of State.................................................... 13,721 300 424 14,445 14,457 735 464 15,656

Department of Transportation..................................... 14,745 -42 33,224 47,927 139,443 179 -85,515 54,108

Department of the Treasury: 

Interest on Treasury Debt Securities (Gross)......... 384,227 - - 384,227 290,289 - - 290,289

Other ....................................................................... 155,259 1,327 * 156,586 245,272 -1,240 -312 243,720

Department of Veterans Affairs .................................. 146,482 -1,866 169 144,785 127,758 -1,956 233 126,035

Corps of Engineers ..................................................... 4,576 77 -71 4,582 4,189 201 48 4,438

Other defense civil programs...................................... 130,621 -11,100 -83,684 35,838 122,068 -10,306 -81,749 30,012

Environmental Protection Agency............................... 5,409 -106 -531 4,772 8,169 -26 -3,416 4,727

Executive Office of the President................................ 247 * 11 257 207 * 6 212

General Services Administration ................................ 118 -304 - -186 86 -431 - -345

International Assistance Program............................... 28,382 148 -8,884 19,646 13,510 26 -1,460 12,075

National Aeronautics and Space Administration ........ 12,427 21 * 12,449 11,172 76 - 11,248

National Science Foundation...................................... 3,873 72 -9 3,935 3,541 62 -2 3,600

Office of Personnel Management ............................... 7,210 1,893 51,078 60,181 7,056 1,974 47,567 56,597

Small Business Administration ................................... 1,174 -32 - 1,141 18,275 -28 - 18,247

Social Security Administration .................................... 57,828 * 628,048 685,876 53,549 * 569,383 622,933

Independent agencies................................................. 11,380 30,286 6,101 47,767 9,514 -641 6,769 15,642

 Southwest Border Regional Commission.............. *-- * --- - Undistributed offsetting receipts: 

Interest .................................................................... - - -76,381 -76,381 - - -71,675 -71,675

Other ....................................................................... -3,220 -10,318 -61,405 -74,942 -83,415 -10,158 -57,969 -151,542

 Total outlays......................................................... 2,391,089 78,647 679,164 3,148,900 2,325,344 -2,577 467,406 2,790,173

(On-budget)..................................................... 2,390,818 77,839 94,591 2,563,248 2,325,225 -2,282 -58,199 2,264,744

(Off-budget)..................................................... 271 807 584,573 585,651 119 -295 525,605 525,428

 Surplus or deficit (-).............................................. -1,160,205 -52,095 111,596 -1,100,704 -953,864 27,281 258,365 -668,218

(On-budget)..................................................... -1,159,934 -51,287 136,464 -1,074,757 -953,745 26,986 279,135 -647,625

(Off-budget)..................................................... -271 -807 -24,868 -25,947 -119 295 -20,770 -20,593

-No Transactions

* Less than $500,000 

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

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
23

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

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

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

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

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

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 

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

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

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

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

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

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

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

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

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 

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

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

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

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

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 
25

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

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

Apr............ 2,746,607 882 164,259 135,956 1,241 22,809 691 56,976 2,140,973

May .......... 2,730,507 883 200,131 135,329 1,213 22,507 593 76,429 2,167,516

June ......... 2,758,523 884 200,275 135,575 1,192 22,519 613 76,046 2,176,010

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

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

Apr......... 6,815,264 9,720 118,337 50,571 20,057 107,372 986,085 156,419 96,309 

May ....... 6,891,257 8,500 120,162 50,604 20,046 107,728 982,954 170,325 95,830 

June ...... 6,959,055 7,644 122,284 50,598 18,992 112,415 991,615 186,786 97,084 

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

Apr................... 19,357 19 39 19,300 * * 

May ................. 19,558 19 39 19,501 * * 

June ................ 19,722 19 39 19,664 * * 

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 * * 

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

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

Interest-Bearing Public Debt Held by Private Investors

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

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years 

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

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

Apr...................... 17,332,521 5,487,037 6,399,519 3,138,408 677,868 1,629,689 67 

May..................... 17,530,546 5,360,375 6,611,565 3,193,692 724,547 1,640,367 68 

June.................... 17,563,428 5,240,978 6,691,404 3,232,049 738,774 1,660,224 68 

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 

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

 Apr.............................. 31,381,463 30,333,895 30,333,895 - 30,374,155 - 40,260

May............................. 31,381,463 30,458,012 30,458,012 - 30,499,619 - 41,606

June............................ 31,381,463 30,523,251 30,523,251 - 30,568,582 - 45,331

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

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

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

(2) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the 

Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31

U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. 

(3)Pursuant to 31 U.S.C. 3101(b). By The Continuing Appropriations Act, 2018 and Bipartisan 

Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was suspended through March 1, 

2019.
29

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

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 - Mar.............................. 1,954,853 31,290 20,775 29,420 558 317

Apr.............................. 1,977,620 29,895 20,856 29,522 560 317

May ............................ 1,989,056 30,696 20,944 29,615 564 317

June ........................... 1,996,058 30,743 21,069 29,867 568 317

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

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 ....................................... 1,178,495 5,009 27,954 128 61,270

2019 ....................................... 1,258,499 5,531 24,709 134 61,584

2020 ....................................... 1,287,510 5,280 30,386 24 63,751

2021 ....................................... 1,249,871 5,649 44,722 30 71,373

2022 ....................................... 1,221,381 5,629 66,271 10 70,500

2022 - Mar ............................. 1,287,754 5,922 66,271 11 72,718

Apr ............................. 1,298,251 5,887 66,271 11 72,075

May ............................ 1,298,279 5,862 66,271 13 72,470

June ........................... 1,272,314 5,861 98,149 13 72,846

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
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 - Mar............................. 14,596 6,927 340,533 77,761

Apr............................. 14,596 7,338 354,042 77,999

May ........................... 14,596 7,701 363,345 78,383

June .......................... 14,596 3,157 367,138 79,420

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

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-, 

8-, 13-, 17-, and 26-week bills. Treasury bills mature each 

Thursday. Issues of 4- and 8-week bills are reopenings of 17-

week bills. Issues of 13-week bills are reopenings of 26-week 

bills. High rates on accepted tenders and the dollar value of 

total bids are presented, with the dollar value of awards made 

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

the past 2 years. Issues of cash management bills also are 

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

auction and issuance of Floating Rate Notes (FRNs). An FRN 

is a security that has an interest payment that can change over 

time. Treasury FRNs will be indexed to the most recent 13-

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JANUARY - MARCH 

[Source: Bureau of the Fiscal Service, Division of Financing Operations]

JANUARY 

Auction of 19-Year 11-Month 4 Percent Bonds 

On December 15, 2022, Treasury announced it would auction $12,000 million of 19-year 11-month 4 

percent bonds. The issue was to refund $92,914 million of securities maturing December 31 and to raise 

new cash of approximately $39,086 million. 

The 19-year 11-month 4 percent bonds of November 2042 were dated November 15 and issued January 3. 

They are due November 15, 2042, with interest payable on May 15 and November 15 until maturity. 

Treasury received tenders for the bonds before 12:00 noon Eastern Time (ET) for noncompetitive tenders 

and before 1:00 p.m. ET for competitive tenders on December 21. Tenders totaled $32,179 million; 

Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted 

securities at the high yield of 3.935 percent with an equivalent price of $100.882504. Treasury accepted 

in full all competitive tenders at yields lower than 3.935 percent. Tenders at the high yield were allotted 

15.30 percent. The median yield was 3.899 percent, and the low yield was 3.811 percent. Noncompetitive 

tenders totaled $60 million. Competitive tenders accepted from private investors totaled $11,940 million. 

Accrued interest of $5.41436 per $1,000 must be paid for the period from November 15 to January 3. The 

minimum par amount required for Separate Trading of Registered Interest and Principal Securities 

(STRIPS) of bonds of November 2042 is $100. 
32

Auction of 2-Year Notes 

On December 22, 2022, Treasury announced it would auction $42,000 million of 2-year notes. The issue 

was to refund $92,914 million of securities maturing December 31 and to raise new cash of 

approximately $39,086 million. 

The 2-year notes of Series BM-2024 were dated December 31 and issued January 3. They are due 

December 31, 2024, with interest payable on June 30 and December 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 December 27. Tenders totaled $113,956 million; Treasury accepted

$42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.373 percent with an equivalent price of $99.767054. Treasury accepted in full all

competitive tenders at yields lower than 4.373 percent. Tenders at the high yield were allotted 83.88

percent. The median yield was 4.317 percent, and the low yield was 4.220 percent. Noncompetitive

tenders totaled $856 million. Competitive tenders accepted from private investors totaled $41,144 million.

Accrued interest of $0.35221 per $1,000 must be paid for the period from December 31 to January 3. The

minimum par amount required for STRIPS of notes of Series BM-2024 is $100.

Auction of 5-Year Notes 

On December 22, 2022, Treasury announced it would auction $43,000 million of 5-year notes. The issue 

was to refund $92,914 million of securities maturing December 31 and to raise new cash of 

approximately $39,086 million. 

The 5-year notes of Series AH-2027 were dated December 31 and issued January 3. They are due 

December 31, 2027, with interest payable on June 30 and December 31 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 December 28. Tenders totaled $105,588 million; Treasury accepted

$43,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.973 percent with an equivalent price of $99.559582. Treasury accepted in full all

competitive tenders at yields lower than 3.973 percent. Tenders at the high yield were allotted 37.18

percent. The median yield was 3.905 percent, and the low yield was 3.830 percent. Noncompetitive

tenders totaled $139 million. Competitive tenders accepted from private investors totaled $42,861 million.

Accrued interest of $0.32113 per $1,000 must be paid for the period from December 31 to January 3. The

minimum par amount required for STRIPS of notes of Series AH-2027 is $100.

Auction of 7-Year Notes 

On December 22, 2022, Treasury announced it would auction $35,000 million of 7-year notes. The issue 

was to refund $92,914 million of securities maturing December 31 and to raise new cash of 

approximately $39,086 million. 

The 7-year notes of Series T-2029 were dated December 31 and issued January 3. They are due December 

31, 2029, with interest payable on June 30 and December 31 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 December 29. Tenders totaled $85,874 million; Treasury accepted
33

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high yield of 3.921 percent with an equivalent price of $99.720458. Treasury accepted in full all 

competitive tenders at yields lower than 3.921 percent. Tenders at the high yield were allotted 16.12 

percent. The median yield was 3.859 percent, and the low yield was 3.800 percent. Noncompetitive 

tenders totaled $53 million. Competitive tenders accepted from private investors totaled $34,947 million. 

Accrued interest of $0.32113 per $1,000 must be paid for the period from December 31 to January 3. The 

minimum par amount required for STRIPS of notes of Series T-2029 is $100. 

Auction of 3-Year Notes 

On January 5, 2023, Treasury announced it would auction $40,000 million of 3-year notes. The issue was 

to refund $73,491 million of securities maturing January 15 and to raise new cash of approximately 

$16,509 million. 

The 3-year notes of Series AJ-2026 were dated January 15 and issued January 17. They are due January 

15, 2026, with interest payable on July 15 and January 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on January 10. Tenders totaled $113,579 million; Treasury accepted

$40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.977 percent with an equivalent price of $99.714294. Treasury accepted in full all

competitive tenders at yields lower than 3.977 percent. Tenders at the high yield were allotted 93.81

percent. The median yield was 3.930 percent, and the low yield was 3.860 percent. Noncompetitive

tenders totaled $204 million. Competitive tenders accepted from private investors totaled $39,796 million.

Accrued interest of $0.21409 per $1,000 must be paid for the period from January 15 to January 17. The

minimum par amount required for STRIPS of notes of Series AJ-2026 is $100.

Auction of 9-Year 10-Month 4-1/8 Percent Notes 

On January 5, 2023, Treasury announced it would auction $32,000 million of 9-year 10-month 4-1/8 

percent notes. The issue was to refund $73,491 million of securities maturing January 15 and to raise new 

cash of approximately $16,509 million. 

The 9-year 10-month 4-1/8 percent notes of Series F-2032 were dated November 15 and issued January 

17. They are due November 15, 2032, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on January 11. Tenders totaled $80,942 million; Treasury accepted

$32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.575 percent with an equivalent price of $104.515580. Treasury accepted in full all

competitive tenders at yields lower than 3.575 percent. Tenders at the high yield were allotted 71.80

percent. The median yield was 3.499 percent, and the low yield was 3.450 percent. Noncompetitive

tenders totaled $29 million. Competitive tenders accepted from private investors totaled $31,972 million.

Accrued interest of $7.17887 per $1,000 must be paid for the period from November 15 to January 17.

The minimum par amount required for STRIPS of notes of Series F-2032 is $100.
34 

Auction of 29-Year 10-Month 4 Percent Bonds 

On January 5, 2023, Treasury announced it would auction $18,000 million of 29-year 10-month 4 percent 

bonds. The issue was to refund $73,491 million of securities maturing January 15 and to raise new cash of 

approximately $16,509 million. 

The 29-year 10-month 4 percent bonds of November 2052 were dated November 15 and issued January 

17. They are due November 15, 2052, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on January 12. Tenders totaled $44,109 million; Treasury accepted

$18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.585 percent with an equivalent price of $107.556697. Treasury accepted in full all

competitive tenders at yields lower than 3.585 percent. Tenders at the high yield were allotted 50.66

percent. The median yield was 3.535 percent, and the low yield was 3.500 percent. Noncompetitive

tenders totaled $13 million. Competitive tenders accepted from private investors totaled $17,987 million.

Accrued interest of $6.96133 per $1,000 must be paid for the period from November 15 to January 17.

The minimum par amount required for STRIPS of bonds of November 2052 is $100.

Auction of 35-Day Cash Management Bills 

On January 10, 2023, Treasury announced it would auction $60,000 million of 35-day bills. They were 

issued January 19 and matured February 23. The issue was to raise new cash of approximately $168,000 

million. Treasury auctioned the bills on January 12. Tenders totaled $146,800 million; Treasury accepted 

$60,001 million, including $75 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.490 percent. 

Auction of 44-Day Cash Management Bills 

On January 17, 2023, Treasury announced it would auction $60,000 million of 44-day bills. They were 

issued January 24 and matured March 9. The issue was to raise new cash of approximately $226,000 

million. Treasury auctioned the bills on January 19. Tenders totaled $170,895 million; Treasury accepted 

$60,001 million, including $97 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.525 percent. 

Auction of 52-Week Bills 

On January 19, 2023, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued January 26 and will mature January 25, 2024. The issue was to refund $132,997 million 

of all maturing bills and to raise new cash of approximately $9,003 million. Treasury auctioned the bills 

on January 24. Tenders totaled $97,594 million; Treasury accepted $34,000 million, including $1,608 

million of noncompetitive tenders from the public. The high bank discount rate was 4.470 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,637 

million from Federal Reserve Banks (FRBs) for their own accounts. 

Auction of 19-Year 10-Month 4 Percent Bonds 

On January 12, 2023, Treasury announced it would auction $12,000 million of 19-year 10-month 4 

percent bonds. The issue was to refund $183,542 million of securities maturing January 31 and to pay 

down approximately $10,542 million. 
35 

The 19-year 10-month 4 percent bonds of November 2042 were dated November 15 and issued January 

31. They are due November 15, 2042, with interest payable on May 15 and November 15 until maturity.

Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00

p.m. ET for competitive tenders on January 18. Tenders totaled $33,957 million; Treasury accepted

$12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.678 percent with an equivalent price of $104.489600. Treasury accepted in full all

competitive tenders at yields lower than 3.678 percent. Tenders at the high yield were allotted 84.93

percent. The median yield was 3.620 percent, and the low yield was 3.580 percent. Noncompetitive

tenders totaled $20 million. Competitive tenders accepted from private investors totaled $11,980 million.

Accrued interest of $8.50829 per $1,000 must be paid for the period from November 15 to January 31.

The minimum par amount required for STRIPS of bonds of November 2042 is $100.

Auction of 10-Year Treasury Inflation Protected Security (TIPS) 

On January 12, 2023, Treasury announced it would auction $17,000 million of 10-year TIPS. The issue 

was to refund $183,542 million of securities maturing January 31 and to pay down approximately 

$10,542 million. 

The 10-year TIPS of Series A-2033 were dated January 15 and issued January 31. They are due January 

15, 2033, with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 1-

1/8 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on January 19. Tenders totaled $47,367 million; Treasury accepted

$17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.220 percent with an equivalent adjusted price of $99.060103. Treasury accepted in full all

competitive tenders at yields lower than 1.220 percent. Tenders at the high yield were allotted 65.29

percent. The median yield was 1.170 percent, and the low yield was 1.110 percent. Noncompetitive

tenders totaled $91 million. Competitive tenders accepted from private investors totaled $16,909 million.

Adjusted accrued interest of $0.49698 per $1,000 must be paid for the period from January 15 to January

31. Both the unadjusted price of $99.111641 and the unadjusted accrued interest of $0.49724 were

adjusted by an index ratio of 0.99948, for the period from January 15 to January 31. The minimum par

amount required for STRIPS of TIPS of Series A-2033 is $100.

Auction of 2-Year Notes 

On January 19, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue 

was to refund $183,542 million of securities maturing January 31 and to pay down approximately 

$10,542 million. 

The 2-year notes of Series AW-2025 were dated and issued January 31. They are due January 31, 2025, 

with interest payable on July 31 and January 31 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 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on January 24. Tenders totaled $123,650 million; Treasury accepted

$42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.139 percent with an equivalent price of $99.973391. Treasury accepted in full all

competitive tenders at yields lower than 4.139 percent. Tenders at the high yield were allotted 88.25

percent. The median yield was 4.100 percent, and the low yield was 4.070 percent. Noncompetitive
36 

tenders totaled $620 million. Competitive tenders accepted from private investors totaled $41,380 million. 

The minimum par amount required for STRIPS of notes of Series AW-2025 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 19, 2023, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue 

was to refund $183,542 million of securities maturing January 31 and to pay down approximately 

$10,542 million. 

The 2-year FRNs of Series AX-2025 were dated and issued January 31. They are due January 31, 2025, 

with interest payable on April 30, July 31, October 31, and January 31 until maturity. Treasury set a 

spread of 0.200 percent after determining which tenders were accepted on a discount margin basis. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on January 25. Tenders totaled $67,252 million; Treasury accepted 

$24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.200 percent with an equivalent price of $100.000000. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.200 percent. Tenders at the high discount margin 

were allotted 42.38 percent. The median discount margin was 0.170 percent, and the low discount margin 

was 0.100 percent. Noncompetitive tenders totaled $44 million. Competitive tenders accepted from 

private investors totaled $23,956 million. 

Auction of 5-Year Notes 

On January 19, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue 

was to refund $183,542 million of securities maturing January 31 and to pay down approximately 

$10,542 million. 

The 5-year notes of Series U-2028 were dated and issued January 31. They are due January 31, 2028, 

with interest payable on July 31 and January 31 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 January 25. Tenders totaled $113,401 million; Treasury accepted

$43,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.530 percent with an equivalent price of $99.863589. Treasury accepted in full all

competitive tenders at yields lower than 3.530 percent. Tenders at the high yield were allotted 34.14

percent. The median yield was 3.464 percent, and the low yield was 3.440 percent. Noncompetitive

tenders totaled $107 million. Competitive tenders accepted from private investors totaled $42,888 million.

The minimum par amount required for STRIPS of notes of Series U-2028 is $100.

Auction of 7-Year Notes 

On January 19, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue 

was to refund $183,542 million of securities maturing January 31 and to pay down approximately 

$10,542 million. 

The 7-year notes of Series G-2030 were dated and issued January 31. They are due January 31, 2030, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 3-1/2 

percent after determining which tenders were accepted on a yield auction basis. 
37 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on January 26. Tenders totaled $94,174 million; Treasury accepted

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.517 percent with an equivalent price of $99.895326. Treasury accepted in full all

competitive tenders at yields lower than 3.517 percent. Tenders at the high yield were allotted 77.50

percent. The median yield was 3.457 percent, and the low yield was 3.410 percent. Noncompetitive

tenders totaled $38 million. Competitive tenders accepted from private investors totaled $34,962 million.

The minimum par amount required for STRIPS of notes of Series G-2030 is $100.

February Quarterly Financing 

On Feb 1, 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 $67,118 million of securities maturing

February 15, 2023 and to raise new cash of approximately $28,882 million.

FEBRUARY 

The 3-year notes of Series AK-2026 were dated and issued February 15. They are due February 15, 2026, 

with interest payable on August 15 and February 15 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 February 7. Tenders totaled $93,310 million; Treasury accepted

$40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.073 percent with an equivalent price of $99.795799. Treasury accepted in full all

competitive tenders at yields lower than 4.073 percent. Tenders at the high yield were allotted 92.21

percent. The median yield was 3.989 percent, and the low yield was 3.960 percent. Noncompetitive

tenders totaled $182 million. Competitive tenders accepted from private investors totaled $39,718 million.

In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $15,632 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AK-2026 is $100. 

The 10-year notes of Series B-2033 were dated and issued February 15. They are due February 15, 2033, 

with interest payable on August 15 and February 15 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 February 8. Tenders totaled $92,938 million; Treasury accepted

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.613 percent with an equivalent price of $99.058658. Treasury accepted in full all

competitive tenders at yields lower than 3.613 percent. Tenders at the high yield were allotted 88.24

percent. The median yield was 3.550 percent, and the low yield was 3.527 percent. Noncompetitive

tenders totaled $115 million. Competitive tenders accepted from private investors totaled $34,885 million.

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $13,678 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series B-2033 is $100. 
38 

The 30-year bonds of February 2053 were dated and issued February 15. They are due February 15, 2053, 

with interest payable on August 15 and February 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 February 9. Tenders totaled $47,182 million; Treasury accepted

$21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.686 percent with an equivalent price of $98.898317. Treasury accepted in full all

competitive tenders at yields lower than 3.686 percent. Tenders at the high yield were allotted 61.77

percent. The median yield was 3.572 percent, and the low yield was 3.500 percent. Noncompetitive

tenders totaled $18 million. Competitive tenders accepted from private investors totaled $20,982 million.

In addition to the $21,000 million of tenders accepted in the auction process, Treasury accepted $8,207 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

February 2053 is $100. 

Auction of 12-Day Cash Management Bills 

On February 9, 2023, Treasury announced it would auction $25,000 million of 12-day bills. They were 

issued February 16 and matured February 28. The issue was to raise new cash of approximately $133,000 

million. Treasury auctioned the bills on February 14. Tenders totaled $94,710 million; Treasury accepted 

$25,001 million, including $103 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.540 percent. 

Auction of 52-Week Bills 

On February 16, 2023, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued February 23 and will mature February 22, 2024. The issue was to refund $189,998 

million of all maturing bills and to pay down approximately $47,998 million. Treasury auctioned the bills 

on February 21. Tenders totaled $98,096 million; Treasury accepted $34,000 million, including $1,763 

million of noncompetitive tenders from the public. The high bank discount rate was 4.795 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,474 

million from FRBs for their own accounts. 

Auction of 1-Year 11-Month 0.2 Percent FRNs 

On February 16, 2023, Treasury announced it would auction $22,000 million of 1-year 11-month 0.2 

percent FRNs. The issue was to raise new cash of approximately $22,000 million. 

The 1-year 11-month 0.2 percent FRNs of Series AX-2025 were dated January 31 and issued February 

24. They are due January 31, 2025, with interest payable on April 30, July 31, October 31, and January 31

until maturity.

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on February 22. Tenders totaled $72,410 million; Treasury 

accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities 

at the high discount margin of 0.160 percent with an equivalent price of $100.071615. Treasury accepted 

in full all competitive tenders at discount margins lower than 0.160 percent. Tenders at the high discount 

margin were allotted 78.22 percent. The median discount margin was 0.140 percent, and the low discount 

margin was 0.100 percent. Noncompetitive tenders totaled $28 million. Competitive tenders accepted 
39 

from private investors totaled $21,972 million. Accrued interest of $0.325527659 per $100 must be paid 

for the period from January 31 to February 24. 

Auction of 16-Day Cash Management Bills 

On February 21, 2023, Treasury announced it would auction $15,000 million of 16-day bills. They were 

issued February 28 and matured March 16. The issue was to raise new cash of approximately $186,000 

million. Treasury auctioned the bills on February 23. Tenders totaled $43,879 million; Treasury accepted 

$15,000 million, including $54 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.460 percent. 

Auction of 20-Year Bonds 

On February 9, 2023, Treasury announced it would auction $15,000 million of 20-year bonds. The issue 

was to refund $93,232 million of securities maturing February 28 and to raise new cash of approximately 

$50,768 million. 

The 20-year bonds of February 2043 were dated February 15 and issued February 28. They are due 

February 15, 2043, with interest payable on August 15 and February 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 February 15. Tenders totaled $38,110 million; Treasury accepted

$15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.977 percent with an equivalent price of $98.601167. Treasury accepted in full all

competitive tenders at yields lower than 3.977 percent. Tenders at the high yield were allotted 0.63

percent. The median yield was 3.900 percent, and the low yield was 3.800 percent. Noncompetitive

tenders totaled $42 million. Competitive tenders accepted from private investors totaled $14,958 million.

Accrued interest of $1.39157 per $1,000 must be paid for the period from February 15 to February 28.

In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $3,408 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of 

February 2043 is $100. 

Auction of 30-Year TIPS 

On February 9, 2023, Treasury announced it would auction $9,000 million of 30-year TIPS. The issue 

was to refund $93,232 million of securities maturing February 28 and to raise new cash of approximately 

$50,768 million. 

The 30-year TIPS of February 2053 were dated February 15 and issued February 28. They are due 

February 15, 2053, with interest payable on August 15 and February 15 until maturity. Treasury set an 

interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. 

Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on February 16. Tenders totaled $21,458 million; Treasury accepted

$9,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high

yield of 1.550 percent with an equivalent adjusted price of $98.663518. Treasury accepted in full all

competitive tenders at yields lower than 1.550 percent. Tenders at the high yield were allotted 99.60

percent. The median yield was 1.449 percent, and the low yield was 1.400 percent. Noncompetitive

tenders totaled $24 million. Competitive tenders accepted from private investors totaled $8,976 million.

Adjusted accrued interest of $0.53790 per $1,000 must be paid for the period from February 15 to
40

February 28. Both the unadjusted price of $98.804809 and the unadjusted accrued interest of $0.53867 

were adjusted by an index ratio of 0.99857, for the period from February 15 to February 28. 

In addition to the $9,000 million of tenders accepted in the auction process, Treasury accepted $2,045 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of 

February 2053 is $100. 

Auction of 2-Year Notes 

On February 16, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue 

was to refund $93,232 million of securities maturing February 28 and to raise new cash of approximately 

$50,768 million. 

The 2-year notes of Series AY-2025 were dated and issued February 28. They are due February 28, 2025, 

with interest payable on August 31 and February 29 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 February 21. Tenders totaled $109,766 million; Treasury accepted

$42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.673 percent with an equivalent price of $99.909356. Treasury accepted in full all

competitive tenders at yields lower than 4.673 percent. Tenders at the high yield were allotted 72.04

percent. The median yield was 4.610 percent, and the low yield was 4.540 percent. Noncompetitive

tenders totaled $676 million. Competitive tenders accepted from private investors totaled $41,324 million.

In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $9,543 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series AY-2025 is $100. 

Auction of 5-Year Notes 

On February 16, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue 

was to refund $93,232 million of securities maturing February 28 and to raise new cash of approximately 

$50,768 million. 

The 5-year notes of Series V-2028 were dated and issued February 28. They are due February 29, 2028, 

with interest payable on August 31 and February 29 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 February 22. Tenders totaled $106,747 million; Treasury accepted

$43,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.109 percent with an equivalent price of $99.511842. Treasury accepted in full all

competitive tenders at yields lower than 4.109 percent. Tenders at the high yield were allotted 57.66

percent. The median yield was 4.030 percent, and the low yield was 4.000 percent. Noncompetitive

tenders totaled $146 million. Competitive tenders accepted from private investors totaled $42,848 million.

In addition to the $43,000 million of tenders accepted in the auction process, Treasury accepted $9,770 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series V-2028 is $100. 
41 

Auction of 7-Year Notes 

On February 16, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue 

was to refund $93,232 million of securities maturing February 28 and to raise new cash of approximately 

$50,768 million. 

The 7-year notes of Series H-2030 were dated and issued February 28. They are due February 28, 2030, 

with interest payable on August 31 and February 29 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 February 23. Tenders totaled $87,147 million; Treasury accepted

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.062 percent with an equivalent price of $99.625524. Treasury accepted in full all

competitive tenders at yields lower than 4.062 percent. Tenders at the high yield were allotted 4.57

percent. The median yield was 3.972 percent, and the low yield was 3.940 percent. Noncompetitive

tenders totaled $39 million. Competitive tenders accepted from private investors totaled $34,961 million.

In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $7,952 

million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of 

Series H-2030 is $100. 

MARCH 

Auction of 3-Year Notes 

On March 2, 2023, Treasury announced it would auction $40,000 million of 3-year notes. The issue was 

to refund $30,927 million of securities maturing March 15 and to raise new cash of approximately 

$59,073 million. 

The 3-year notes of Series AL-2026 were dated and issued March 15. They are due March 15, 2026, with 

interest payable on September 15 and March 15 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 March 7. Tenders totaled $109,065 million; Treasury accepted

$40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 4.635 percent with an equivalent price of $99.972290. Treasury accepted in full all

competitive tenders at yields lower than 4.635 percent. Tenders at the high yield were allotted 67.04

percent. The median yield was 4.580 percent, and the low yield was 4.500 percent. Noncompetitive

tenders totaled $225 million. Competitive tenders accepted from private investors totaled $39,775 million.

The minimum par amount required for STRIPS of notes of Series AL-2026 is $100.

Auction of 9-Year 11-Month 3-1/2 Percent Notes 

On March 2, 2023, Treasury announced it would auction $32,000 million of 9-year 11-month 3-1/2 

percent notes. The issue was to refund $30,927 million of securities maturing March 15 and to raise new 

cash of approximately $59,073 million. 

The 9-year 11-month 3-1/2 percent notes of Series B-2033 were dated February 15 and issued March 15. 

They are due February 15, 2033, with interest payable on August 15 and February 15 until maturity. 
42 

Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 

p.m. ET for competitive tenders on March 8. Tenders totaled $75,205 million; Treasury accepted $32,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.985 percent with an equivalent price of $96.052286. Treasury accepted in full all competitive tenders

at yields lower than 3.985 percent. Tenders at the high yield were allotted 42.84 percent. The median

yield was 3.889 percent, and the low yield was 3.800 percent. Noncompetitive tenders totaled $37

million. Competitive tenders accepted from private investors totaled $31,964 million. Accrued interest of

$2.70718 per $1,000 must be paid for the period from February 15 to March 15. The minimum par

amount required for STRIPS of notes of Series B-2033 is $100.

Auction of 29-Year 11-Month 3-5/8 Percent Bonds 

On March 2, 2023, Treasury announced it would auction $18,000 million of 29-year 11-month 3-5/8 

percent bonds. The issue was to refund $30,927 million of securities maturing March 15 and to raise new 

cash of approximately $59,073 million. 

The 29-year 11-month 3-5/8 percent bonds of February 2053 were dated February 15 and issued March 

15. 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 March 9. Tenders totaled $42,323 million; Treasury accepted $18,000

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield

of 3.877 percent with an equivalent price of $95.555716. Treasury accepted in full all competitive tenders

at yields lower than 3.877 percent. Tenders at the high yield were allotted 2.66 percent. The median yield

was 3.804 percent, and the low yield was 3.770 percent. Noncompetitive tenders totaled $4 million.

Competitive tenders accepted from private investors totaled $17,996 million. Accrued interest of

$2.80387 per $1,000 must be paid for the period from February 15 to March 15. The minimum par

amount required for STRIPS of bonds of February 2053 is $100.

Auction of 52-Week Bills 

On March 16, 2023, Treasury announced it would auction $34,000 million of 364-day Treasury bills. 

They were issued March 23 and will mature March 21, 2024. The issue was to refund $129,992 million of 

all maturing bills and to raise new cash of approximately $9,008 million. Treasury auctioned the bills on 

March 21. Tenders totaled $96,966 million; Treasury accepted $34,000 million, including $979 million of 

noncompetitive tenders from the public. The high bank discount rate was 4.390 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $1,026 

million from FRBs for their own accounts. 

Auction of 7-Day Cash Management Bills 

On March 23, 2023, Treasury announced it would auction $30,000 million of 7-day bills. They were 

issued March 30 and matured April 6. The issue was to raise new cash of approximately $135,000 

million. Treasury auctioned the bills on March 28. Tenders totaled $71,748 million; Treasury accepted 

$30,000 million, including $8 million of noncompetitive tenders from the public. The high bank discount 

rate was 4.050 percent. 

Auction of 17-Day Cash Management Bills 

On March 23, 2023, Treasury announced it would auction $45,000 million of 17-day bills. They were 

issued March 31 and matured April 17. The issue was to raise new cash of approximately $45,000 
43 

million. Treasury auctioned the bills on March 28. Tenders totaled $91,886 million; Treasury accepted 

$45,000 million, including $38 million of noncompetitive tenders from the public. The high bank 

discount rate was 4.700 percent. 

Auction of 19-Year 11-Month 3-7/8 Percent Bonds 

On March 16, 2023, Treasury announced it would auction $12,000 million of 19-year 11-month 3-7/8 

percent bonds. The issue was to refund $97,770 million of securities maturing March 31 and to raise new 

cash of approximately $71,230 million. 

The 19-year 11-month 3-7/8 percent bonds of February 2043 were dated February 15 and issued March 

31. 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 March 21. Tenders totaled $30,313 million; Treasury accepted

$12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.909 percent with an equivalent price of $99.526236. Treasury accepted in full all

competitive tenders at yields lower than 3.909 percent. Tenders at the high yield were allotted 70.98

percent. The median yield was 3.800 percent, and the low yield was 2.880 percent. Noncompetitive

tenders totaled $36 million. Competitive tenders accepted from private investors totaled $11,964 million.

Accrued interest of $4.70994 per $1,000 must be paid for the period from February 15 to March 31. The

minimum par amount required for STRIPS of bonds of February 2043 is $100.

Auction of 9-Year 10-Month 1-1/8 Percent TIPS 

On March 16, 2023, Treasury announced it would auction $15,000 million of 9-year 10-month 1-1/8 

percent TIPS. The issue was to refund $97,770 million of securities maturing March 31 and to raise new 

cash of approximately $71,230 million. 

The 9-year 10-month 1-1/8 percent TIPS of Series A-2033 were dated January 15 and issued March 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 March 23. Tenders totaled $34,188 million; Treasury accepted

$15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 1.182 percent with an equivalent adjusted price of $99.880392. Treasury accepted in full all

competitive tenders at yields lower than 1.182 percent. Tenders at the high yield were allotted 45.46

percent. The median yield was 1.080 percent, and the low yield was 1.030 percent. Noncompetitive

tenders totaled $30 million. Competitive tenders accepted from private investors totaled $14,970 million.

Adjusted accrued interest of $2.34033 per $1,000 must be paid for the period from January 15 to March

31. Both the unadjusted price of $99.473545 and the unadjusted accrued interest of $2.33080 were

adjusted by an index ratio of 1.00409, for the period from January 15 to March 31. The minimum par

amount required for STRIPS of TIPS of Series A-2033 is $100.

Auction of 2-Year Notes 

On March 23, 2023, Treasury announced it would auction $42,000 million of 2-year notes. The issue was 

to refund $97,770 million of securities maturing March 31 and to raise new cash of approximately 

$71,230 million. 
44 

The 2-year notes of Series AZ-2025 were dated and issued March 31. They are due March 31, 2025, with 

interest payable on September 30 and March 31 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 March 27. Tenders totaled $102,407 million; Treasury accepted

$42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.954 percent with an equivalent price of $99.849511. Treasury accepted in full all

competitive tenders at yields lower than 3.954 percent. Tenders at the high yield were allotted 13.09

percent. The median yield was 3.870 percent, and the low yield was 3.800 percent. Noncompetitive

tenders totaled $462 million. Competitive tenders accepted from private investors totaled $41,438 million.

The minimum par amount required for STRIPS of notes of Series AZ-2025 is $100.

Auction of 5-Year Notes 

On March 23, 2023, Treasury announced it would auction $43,000 million of 5-year notes. The issue was 

to refund $97,770 million of securities maturing March 31 and to raise new cash of approximately 

$71,230 million. 

The 5-year notes of Series W-2028 were dated and issued March 31. They are due March 31, 2028, with 

interest payable on September 30 and March 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 March 28. Tenders totaled $106,634 million; Treasury accepted

$43,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.665 percent with an equivalent price of $99.818764. Treasury accepted in full all

competitive tenders at yields lower than 3.665 percent. Tenders at the high yield were allotted 55.29

percent. The median yield was 3.589 percent, and the low yield was 3.530 percent. Noncompetitive

tenders totaled $99 million. Competitive tenders accepted from private investors totaled $42,901 million.

The minimum par amount required for STRIPS of notes of Series W-2028 is $100.

Auction of 1-Year 10-Month 0.2 Percent FRNs 

On March 23, 2023, Treasury announced it would auction $22,000 million of 1-year 10-month 0.2 

percent FRNs. The issue was to refund $97,770 million of securities maturing March 31 and to raise new 

cash of approximately $71,230 million. 

The 1-year 10-month 0.2 percent FRNs of Series AX-2025 were dated January 31 and issued March 31. 

They are due January 31, 2025, with interest payable on April 30, July 31, October 31, and January 31 

until maturity. 

Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 

11:30 a.m. ET for competitive tenders on March 29. Tenders totaled $77,298 million; Treasury accepted 

$22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the 

high discount margin of 0.190 percent with an equivalent price of $100.014423. Treasury accepted in full 

all competitive tenders at discount margins lower than 0.190 percent. Tenders at the high discount margin 

were allotted 35.68 percent. The median discount margin was 0.150 percent, and the low discount margin 

was 0.145 percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from 

private investors totaled $21,974 million. Accrued interest of $0.810099593 per $100 must be paid for the 

period from January 31 to March 31. 
45 

Auction of 7-Year Notes 

On March 23, 2023, Treasury announced it would auction $35,000 million of 7-year notes. The issue was 

to refund $97,770 million of securities maturing March 31 and to raise new cash of approximately 

$71,230 million. 

The 7-year notes of Series J-2030 were dated and issued March 31. They are due March 31, 2030, with 

interest payable on September 30 and March 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 March 29. Tenders totaled $83,786 million; Treasury accepted

$35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the

high yield of 3.626 percent with an equivalent price of $99.993866. Treasury accepted in full all

competitive tenders at yields lower than 3.626 percent. Tenders at the high yield were allotted 49.91

percent. The median yield was 3.550 percent, and the low yield was 3.500 percent. Noncompetitive

tenders totaled $47 million. Competitive tenders accepted from private investors totaled $34,953 million.

The minimum par amount required for STRIPS of notes of Series J-2030 is $100.
46

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, 17-week and 26 week) 

2023-Jan. 03................................................ 2023-Jan. 31 28 119,578.5 45,944.0 42,963.8 1,906.3 99.702111 3.830 3.895

Feb. 28 56 109,338.7 45,944.2 44,199.0 801.3 99.338889 4.250 4.338

May 02 119 95,759.6 33,692.3 31,702.1 298.1 98.495972 4.550 4.684

Jan. 05......................................................... Apr. 06 91 141,965.8 60,930.4 51,166.4 1,843.7 98.885250 4.410 4.522

July 06 182 130,789.2 50,775.4 42,309.8 1,854.4 97.656750 4.635 4.812

Jan. 10......................................................... Feb. 07 28 126,803.9 46,136.8 42,842.1 2,157.9 99.681111 4.100 4.170

Mar. 07 56 104,412.4 46,137.2 43,904.9 1,095.5 99.310889 4.430 4.523

May 09 119 103,255.6 33,833.8 32,285.8 459.3 98.489361 4.570 4.705

Jan. 12......................................................... Apr. 13 91 154,728.9 62,863.4 53,887.5 2,121.0 98.847333 4.560 4.677

July 13 182 123,831.8 52,937.3 45,298.9 2,037.2 97.618833 4.710 4.892

Jan. 17......................................................... Feb. 14 28 166,529.8 61,044.8 57,763.5 2,236.9 99.660111 4.370 4.446

Mar. 14 56 151,049.8 55,958.0 53,436.5 1,269.0 99.305444 4.465 4.559

May 16 119 100,912.7 36,627.2 35,368.8 431.8 98.453000 4.680 4.820

Jan. 19......................................................... Apr. 20 91 167,968.6 66,465.0 57,705.1 1,995.0 98.847333 4.560 4.677

July 20 182 133,687.6 53,172.0 45,527.0 2,073.1 97.631472 4.685 4.865

Jan. 24......................................................... Feb. 21 28 169,715.4 71,126.2 67,038.8 2,517.4 99.651556 4.480 4.558

Mar. 21 56 152,880.5 60,965.2 58,800.4 899.7 99.296889 4.520 4.615

May 23 119 107,556.1 36,579.3 35,444.0 456.3 98.476139 4.610 4.746

Jan. 26......................................................... Apr. 27 91 167,134.0 66,418.1 57,342.6 1,657.4 98.843542 4.575 4.693

July 27 182 137,452.7 53,134.5 45,305.2 1,694.9 97.631472 4.685 4.865

Jan. 31......................................................... Feb. 28 28 195,111.3 75,924.5 71,401.9 2,598.3 99.650000 4.500 4.579

Mar. 28 56 154,644.4 60,739.8 58,034.8 965.6 99.296111 4.525 4.620

May 30 119 104,809.8 36,443.7 34,722.7 316.3 98.472833 4.620 4.757

Feb. 02......................................................... May 04 91 156,699.6 68,544.9 58,094.0 1,779.2 98.838486 4.595 4.714

Aug. 03 182 147,417.6 54,836.5 45,914.6 1,986.1 97.634000 4.680 4.860

Feb. 07......................................................... Mar. 07 28 186,573.5 76,146.3 72,193.1 2,569.0 99.650778 4.490 4.568

Apr. 04 56 154,441.8 60,917.1 58,880.7 992.5 99.299222 4.505 4.600

June 06 119 103,637.9 36,550.2 35,721.4 278.7 98.471181 4.625 4.762

Feb. 09......................................................... May 11 91 168,050.9 66,608.6 57,743.1 2,257.2 98.839750 4.590 4.708

Aug. 10 182 131,506.3 53,286.8 44,951.8 2,420.3 97.596083 4.755 4.940

Feb. 14......................................................... Mar. 14 28 197,982.2 75,989.2 71,975.5 2,894.7 99.648444 4.520 4.599

Apr. 11 56 139,988.1 60,791.6 58,995.3 1,005.2 99.284444 4.600 4.698

June 13 119 93,690.5 36,474.9 35,317.5 382.6 98.446389 4.700 4.840

Feb. 16......................................................... May 18 91 163,630.7 67,546.8 57,311.8 2,004.2 98.817000 4.680 4.802

Aug. 17 182 127,991.3 54,037.6 45,287.1 2,254.0 97.553111 4.840 5.030

Feb. 21......................................................... Mar. 21 28 209,348.2 76,482.1 72,101.4 2,898.7 99.649222 4.510 4.589

Apr. 18 56 152,074.1 61,185.9 58,942.1 942.2 99.276667 4.650 4.749

June 20 119 106,279.7 36,711.4 35,560.2 421.8 98.413333 4.800 4.945

Feb. 23......................................................... May 25 91 169,197.1 66,130.2 57,630.3 2,069.1 98.806889 4.720 4.843

Aug. 24 182 134,964.1 52,903.9 45,082.7 2,678.4 97.515194 4.915 5.110

Feb. 28......................................................... Mar. 28 28 198,892.9 76,304.1 72,049.2 2,850.9 99.648833 4.515 4.594

Apr. 25 56 159,363.6 61,043.6 58,943.3 957.1 99.275111 4.660 4.759

June 27 119 106,036.3 36,625.9 35,619.8 365.2 98.403417 4.830 4.977

Mar. 02......................................................... June 01 91 161,762.5 66,194.7 57,606.1 1,749.1 98.799306 4.750 4.888

Aug. 31 182 139,118.9 52,956.1 45,141.4 2,359.0 97.502556 4.940 5.151

Mar. 07......................................................... Apr. 04 28 190,866.3 76,303.1 71,877.1 3,093.0 99.643000 4.590 4.683

May 02 56 168,441.4 61,042.5 58,463.7 1,138.5 99.275889 4.655 4.767

July 05 120 105,740.6 36,625.6 35,560.3 439.8 98.371667 4.885 5.049
47

Mar. 09......................................................... June 08 91 170,904.5 61,042.3 54,873.0 1,816.1 98.795514 4.765 4.903 

Sep. 07 182 137,887.7 51,404.0 45,046.4 2,838.6 97.487389 4.970 5.183 

 Continued from Table PDO-1 

Mar. 14......................................................... Apr. 11 28 180,157.0 66,186.0 61,546.8 3,232.6 99.639111 4.640 4.734 

May 09 56 127,665.0 56,003.8 53,532.3 1,157.3 99.250222 4.820 4.937 

July 11 119 95,067.6 36,657.2 35,419.1 581.4 98.332347 5.045 5.216

Mar. 16......................................................... June 15 91 126,507.9 61,146.9 54,148.7 2,374.8 98.799306 4.750 4.888 

Sep. 14 182 113,372.1 51,492.1 45,089.8 2,691.6 97.623889 4.700 4.895

Mar. 21......................................................... Apr. 18 28 146,961.0 61,304.1 55,677.4 3,788.6 99.671778 4.220 4.304 

May 16 56 143,420.6 51,086.8 47,700.1 1,723.0 99.307778 4.450 4.556

July 18 119 99,356.3 36,782.6 34,840.1 941.1 98.429861 4.750 4.906

Mar. 23......................................................... June 22 91 138,871.6 58,720.5 53,720.2 2,443.9 98.818264 4.675 4.810 

Sep. 21 182 139,379.9 49,449.1 45,650.5 2,349.9 97.664333 4.620 4.809

Mar. 28......................................................... Apr. 25 28 153,493.3 61,195.6 56,754.3 3,115.7 99.677222 4.150 4.233 

May 23 56 149,424.5 50,996.4 48,706.9 1,293.1 99.315556 4.400 4.504

July 25 119 94,694.2 36,717.4 35,326.4 673.6 98.411681 4.805 4.964

Mar. 30......................................................... June 29 91 149,608.0 63,314.6 54,387.8 2,512.2 98.818264 4.675 4.810 

Sep. 28 182 142,215.8 53,317.6 45,680.1 2,320.0 97.649167 4.650 4.841 

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. 
48

12/21/22 01/03/23 4.000% bond—11/15/42 19y 11m 32,179 12,000 3.935 - 100.882504 

12/27/22 01/03/23 4.250% note—12/31/24-BM 2y 113,956 42,000 4.373 - 99.767054 

12/28/22 01/03/23 3.875% note—12/31/27-AH 5y 105,588 43,000 3.973 - 99.559582 

12/29/22 01/03/23 3.875% note—12/31/29-T 7y 85,874 35,000 3.921 - 99.720458 

01/10/23 01/17/23 3.875% note—01/15/26-AJ 3y 113,579 40,000 3.977 - 99.714294 

01/11/23 01/17/23 4.125% note—11/15/32-F 9y 10m 80,942 32,000 3.575 - 104.515580 

01/12/23 01/17/23 4.000% bond—11/15/52 29y 10m 44,109 18,000 3.585 - 107.556697 

01/12/23 01/19/23 4.490% CMB—02/23/23 35d 146,800 60,001

01/19/23 01/24/23 4.525% CMB—03/09/23 44d 170,895 60,001

01/24/23 01/26/23 4.470% bill—01/25/24 364d 101,231 37,637

01/18/23 01/31/23 4.000% bond—11/15/42 19y 10m 33,957 12,000 3.678 - 104.489600 

01/19/23 01/31/23 1.125% TIPS—01/15/33-A 10y 47,367 17,000 1.220 - 99.060103 

01/24/23 01/31/23 4.125% note—01/31/25-AW 2y 123,650 42,000 4.139 - 99.973391 

01/25/23 01/31/23 0.200% FRN—01/31/25-AX 2y 67,252 24,000 0.200 - 100.000000 

01/25/23 01/31/23 3.500% note—01/31/28-U 5y 113,401 43,000 3.530 - 99.863589 

01/26/23 01/31/23 3.500% note—01/31/30-G 7y 94,174 35,000 3.517 - 99.895326 

02/07/23 02/15/23 4.000% note—02/15/26-AK 3y 108,942 55,632 4.073 - 99.795799 

02/08/23 02/15/23 3.500% note—02/15/33-B 10y 106,616 48,678 3.613 - 99.058658 

02/09/23 02/15/23 3.625% bond—02/15/53 30y 55,389 29,207 3.686 - 98.898317 

02/14/23 02/16/23 4.540% CMB—02/28/23 12d 94,710 25,001

02/21/23 02/23/23 4.795% bill—02/22/24 364d 101,570 37,474

02/22/23 02/24/23 0.200% FRN—01/31/25-AX 1y 11m 72,410 22,000 0.160 - 100.071615 

02/23/23 02/28/23 4.460% CMB—03/16/23 16d 43,879 15,000

02/15/23 02/28/23 3.875% bond—02/15/43 20y 41,518 18,408 3.977 - 98.601167 

02/16/23 02/28/23 1.500% TIPS—02/15/53 30y 23,503 11,045 1.550 - 98.663518 

02/21/23 02/28/23 4.625% note—02/28/25-AY 2y 119,309 51,543 4.673 - 99.909356 

02/22/23 02/28/23 4.000% note—02/29/28-V 5y 116,516 52,770 4.109 - 99.511842 

02/23/23 02/28/23 4.000% note—02/28/30-H 7y 95,099 42,952 4.062 - 99.625524 

03/07/23 03/15/23 4.625% note—03/15/26-AL 3y 109,065 40,000 4.635 - 99.972290 

03/08/23 03/15/23 3.500% note—02/15/33-B 9y 11m 75,205 32,000 3.985 - 96.052286 

03/09/23 03/15/23 3.625% bond—02/15/53 29y 11m 42,323 18,000 3.877 - 95.555716 

03/21/23 03/23/23 4.390% bill—03/21/24 364d 97,993 35,026

03/28/23 03/30/23 4.050% CMB—04/06/23 7d 71,748 30,000

03/28/23 03/31/23 4.700% CMB—04/17/23 17d 91,886 45,000

03/21/23 03/31/23 3.875% bond—02/15/43 19y 11m 30,313 12,000 3.909 - 99.526236 

TABLE PDO-2—Offerings of Marketable Securities

Other than Regular Weekly Treasury Bills

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

Auction date 

Issue date 

(1) 

 Description of securities 1

(2) 

Period to final maturity 

(years, months, days) 2

(3) 

Amount 

tendered 

(4) 

Amount 

accepted 3, 4

(5)

Accepted 

yield/discount 

margin and 

equivalent price 

for notes and bonds 

(6)
49

03/23/23 03/31/23 1.125% TIPS—01/15/33-A 9y 10m 34,188 15,000 1.182 - 99.880392 

03/27/23 03/31/23 3.875% note—03/31/25-AZ 2y 102,407 42,000 3.954 - 99.849511 

03/28/23 03/31/23 3.625% note—03/31/28-W 5y 106,634 43,000 3.665 - 99.818764 

03/29/23 03/31/23 0.200% FRN—01/31/25-AX 1y 10m 77,298 22,000 0.190 - 100.014423 

03/29/23 03/31/23 3.625% note—03/31/30-J 7y 83,786 35,000 3.626 - 99.993866 

1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank 

discount rate. For note and bond issues, the rate shown is the interest rate. For details of 

bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and 

bonds are eligible for STRIPS. 

2 From date of additional issue in case of a reopening. 

3 In reopenings, the amount accepted is in addition to the amount of original offerings. 

4 Includes securities issued to the Federal Reserve System; and to foreign and international 

monetary authorities, whether in exchange for maturing securities or for new cash. 

Note—Amounts listed as tendered and accepted are amounts tendered and awarded on 

auction day. 
50

INTRODUCTION: Ownership of Federal Securities 

Federal securities presented in the following tables are 

public debt securities such as savings bonds, bills, notes, and 

bonds that the Treasury issues. The tables also detail debt 

issued by other Federal agencies under special financing 

authorities. [See the Federal debt (FD) tables for a more 

complete description of the Federal debt.] 

Effective January 1, 2001, Treasury’s Bureau of the 

Fiscal Service revised formats, titles, and column headings 

in the “Monthly Statement of the Public Debt of the United 

States,” Table I: Summary of Treasury Securities 

Outstanding and Table II: Statutory Debt Limit. These 

changes should reduce confusion and bring the publication 

more in line with the public’s use of terms. 

Treasury’s Bureau of the Fiscal Service compiles data in 

the “Treasury Bulletin” table OFS-1 from the “Monthly 

Statement of the Public Debt of the United States.” Effective 

June 2001, Bureau of the Fiscal Service revised procedures 

and categories in this table to agree with the Bureau of the 

Fiscal Service’s publication changes. 

 Table OFS-1 presents Treasury marketable and

nonmarketable securities and debt issued by other Federal 

agencies held by Government accounts, the FRBs, and 

private investors. Social Security and Federal retirement 

trust fund investments comprise much of the Government 

account holdings. 

The FRBs acquire Treasury securities in the market as a 

means of executing monetary policy. 

 Table OFS-2 presents the estimated ownership of

U.S. Treasury securities. Information is primarily obtained 

from the Federal Reserve Board of Governors Flow of Funds 

data, Table L209. State, local, and foreign holdings include 

special issues of nonmarketable securities to municipal 

entities and foreign official accounts. They also include 

municipal, foreign official, and private holdings of 

marketable Treasury securities. (See footnotes to the table 

for description of investor categories.) 
OWNERSHIP OF FEDERAL SECURITIES 51

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

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

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

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 - Mar....................................... 30,420,358 30,400,960 6,497,680 - 6,497,680 6,254,966 

Apr....................................... 30,393,512 30,374,155 6,504,558 - 6,504,558 6,255,055 

May...................................... 30,519,177 30,499,619 6,574,537 - 6,574,537 6,250,483 

June..................................... 30,588,304 30,568,582 6,635,101 - 6,635,101 6,216,801 

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 

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 - Mar....................................... 17,648,314 17,031,146 617,168 19,398 19,398 - 

Apr....................................... 17,614,542 16,999,565 614,977 19,357 19,357 - 

May...................................... 17,674,599 17,056,672 617,926 19,558 19,558 - 

June..................................... 17,716,680 17,094,781 621,899 19,722 19,722 - 

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 - 

Note—Public issues held by the Federal Reserve banks have been revised to 

include Ginnie Mae and exclude the following Government-Sponsored Enterprises: 

Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, 

and the Federal Home Loan Bank System. 
TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities 

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

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies* 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2023 - Mar. 31,458.4 12,044.6 19,413.8 0.0 177.8 - - - - - - - 

2022 - Dec. 31,419.9 12,401.4 19,018.5 1,715.7 173.5 732.6 310.3 397.9 2,435.2 1,549.3 7,318.7 4,385.5 

Sept. 30,928.9 12,264.7 18,664.2 1,736.7 166.2 746.3 304.2 369.9 2,598.4 1,529.4 7,251.5 3,961.6 

 June 30,568.6 12,399.7 18,168.9 1,807.6 160.4 765.3 344.3 368.2 2,885.8 1,555.5 7,417.0 2,864.9 

 Mar. 30,401.0 12,281.3 18,119.7 1,754.1 149.7 774.7 379.7 374.9 3,283.6 1,420.0 7,604.4 2,378.7 

2021 - Dec. 29,617.2 12,125.9 17,491.3 1,733.9 146.2 770.5 416.4 419.3 3,410.0 1,440.7 7,740.5 1,413.9 

Sept. 28,428.9 11,579.1 16,849.8 1,540.3 143.6 593.0 400.4 423.8 3,237.3 1,394.2 7,570.9 1,546.3 

 June 28,529.4 11,382.9 17,146.5 1,433.1 144.6 768.1 403.9 421.2 3,778.7 1,313.7 7,518.9 1,364.4 

 Mar. 28,132.6 11,095.5 17,037.1 1,347.9 145.7 750.3 345.6 391.9 3,951.6 1,099.6 7,038.3 1,966.1 

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,265.2 147.1 772.2 347.6 398.2 3,784.8 1,111.9 7,070.7 2,040.8 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.1 148.6 773.8 312.3 414.3 3,725.3 1,059.7 7,069.2 1,829.2 

 June 26,477.4 10,157.7 16,319.6 1,157.9 149.8 767.7 284.7 403.2 3,696.0 1,034.8 7,052.1 1,773.5 

 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 Board of Governors, Factors Affecting Reserve Balances - 

H.4.1, 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 Source: “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 issued to myRA accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund". 

7 Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8 Source: Treasury International Capital Survey https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt). Includes Treasury securities and 

Treasury deposit funds. Includes nonmarketable foreign series through February 2023. 

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-tic-system 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 

*The “Insurance companies” data presented in Treasury Bulletin issues from December 

2018 through June 2021 have been revised. Beginning with the December 2018 TB issue 

and June 2018 data, ownership data for property-casualty insurance companies was not 

included in the total, nor were updates to historical data captured due to a change in the 

FRB Flow of Funds Z.1 release series reporting this data. This new series is now being 

captured and “Insurance companies” data have been revised back to June 2013. 

52
53

INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation 

The U.S. Currency and Coin Outstanding and in 

Circulation (USCC) statement informs the public of the total 

face value of currency and coin used as a medium of 

exchange that is in circulation at the end of a given 

accounting month. The statement defines the total amount of 

currency and coin outstanding and the portion deemed to be 

in circulation. It includes some old and current rare issues 

that do not circulate or that may do so to a limited extent. 

Treasury includes them in the statement because the issues 

were originally intended for general circulation. 

The USCC statement provides a description of the 

various issues of paper money. It also gives an estimated 

average of currency and coin held by each individual, using 

estimates of population from the Bureau of the Census. 

USCC information has been published by Treasury since 

1888, and was published separately until 1983, when it was 

incorporated into the “Treasury Bulletin.” The USCC comes 

from monthly reports compiled by Treasury offices, U.S. 

Mint offices, the Federal Reserve banks (FRBs), and the 

Federal Reserve Board. 

TABLE USCC-1—Amounts Outstanding and in Circulation, Mar. 31, 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 .............................. $2,684,616,817,296 $2,632,952,527,104 $2,632,477,880,704 $238,913,166 $235,733,234

Less amounts held by: 

The Treasury....................................... 163,192,226 93,430,226 93,155,774 86,823 187,629

FRBs ................................................... 361,194,710,746 359,879,661,835 359,879,658,459 - 3,376

Amounts in circulation ............................. $2,323,258,914,324 $2,272,979,435,043 $2,272,505,066,471 $238,826,343 $235,542,229

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $51,664,290,192 6,548,044,108 45,116,246,084 

Less amounts held by: 

The Treasury....................................... 69,762,000 48,770,000 20,992,000 

FRBs ................................................... 1,315,048,911 874,122,912 440,925,999 

Amounts in circulation ............................. $50,279,479,281 $5,625,151,196 $44,654,328,085 

See footnotes following table USCC-2. 
54

TABLE USCC-2—Amounts Outstanding and in Circulation, Mar. 31, 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 ................................................................................ $14,226,977,330 $14,087,393,908 $143,469 $139,439,953 

$2 ................................................................................ 3,033,617,808 2,902,201,298 131,403,944 12,566 

$5 ................................................................................ 17,327,313,825 17,197,728,665 107,335,680 22,249,480 

$10 .............................................................................. 23,165,603,150 23,145,898,400 2,960 19,701,790 

$20 .............................................................................. 227,991,215,380 227,971,117,000 -3,900 20,102,280 

$50 .............................................................................. 123,769,251,350 123,757,771,500 -19,000 11,498,850 

$100 ............................................................................ 1,863,153,396,100 1,863,131,454,700 -44,400 21,985,800 

$500 ............................................................................ 141,718,500 141,527,000 3,500 188,000 

$1,000 ......................................................................... 165,126,000 164,914,000 4,000 208,000 

$5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 

$10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 

Partial notes 5 .............................................................. 600 - 90 510 

Total currency ......................................................... $2,272,979,435,043 $2,272,505,066,471 $238,826,343 $235,542,229 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Mar. 31, 2023 ....................................................................................... 2,323,259 6,942

Feb. 28, 2023....................................................................................... 2,303,434 6,885

Jan. 31, 2023 ....................................................................................... 2,296,813 6,868

Sept. 30, 2020...................................................................................... 2,032,424 6,150

Sept. 30, 2015...................................................................................... 1,387,552 4,310

Sept. 30, 2010...................................................................................... 954,719 3,074

Sept. 30, 2005...................................................................................... 766,487 2,578

Sept. 30, 2000...................................................................................... 568,614 2,061

Sept. 30, 1995...................................................................................... 409,272 1,553

Sept. 30, 1990...................................................................................... 278,903 1,105

Sept. 30, 1985...................................................................................... 187,337 782

June 30, 1980 ...................................................................................... 129,916 581

June 30, 1975 ...................................................................................... 81,196 380

June 30, 1970 ...................................................................................... 54,351 265

1 Issued on or after July 1, 1929. 

2 Excludes coins sold to collectors at premium prices. 

3 Includes $481,781,898 in standard silver dollars. 

4 Based on Bureau of the Census estimates of population.

5 Represents value of certain partial denominations not presented for redemption. 

6 Represents current FRB adjustment. 
ForeignCurrencyPositions

ExchangeStabilizationFund
56

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. 
57

SECTION I—Canadian Dollar Positions 

TABLE FCP-I-1—Weekly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

rate 

(Canadian 

dollars per 

U.S. dollar) 

(4) 

Purchased 

(1) 

Sold 

(2) 

10/05/22............................................................. 2,135,572 2,160,885 -300 1.3662

10/12/22............................................................. 2,197,422 2,227,941 -269 1.3797

10/19/22............................................................. 2,119,609 2,146,475 -167 1.3783

10/27/22............................................................. 2,154,015 2,172,377 -243 1.3551

11/02/22............................................................. 2,145,579 2,164,322 -215 1.3628

11/09/22............................................................. 2,158,952 2,179,058 -324 1.3453

11/16/22............................................................. 2,219,595 2,240,953 -323 1.3343

11/23/22............................................................. 2,183,499 2,208,483 -295 1.3416

11/30/22............................................................. 2,331,631 2,364,680 -281 1.3538

12/07/22............................................................. 2,312,292 2,346,820 -162 1.3640

12/14/22............................................................. 2,422,353 2,459,525 -221 1.3567

12/21/22............................................................. 2,028,062 2,074,807 -160 1.3622

12/28/22............................................................. 2,004,770 2,046,851 -139 1.3588

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
58

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 - Apr................ 1,995,409 2,033,126 182,702 169,823 81,949 81,406 132,898 132,783 -228 1.2802 

 May............... 1,885,608 1,905,950 201,434 142,138 72,371 69,030 103,341 100,546 -188 1.2639 

 June............. 1,972,996 1,983,298 197,535 183,484 64,271 62,776 118,544 110,625 -217 1.2871 

 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 

TABLE FCP-I-3—Quarterly Report of Large Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts 

Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec............... 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962 

2020 - Mar............... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123 

 June............... 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614 

 Sept............... 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 

 Dec................ 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 

2021 - Mar............... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 

 June............... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 

 Sept............... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 

 Dec................ 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653 

2022 - Mar............... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482 

 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 
59

SECTION II—Japanese Yen Positions 

TABLE FCP-II-1—Weekly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Japanese 

yen per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/22............................................................. 629,603 636,101 -268 144.73

10/12/22............................................................. 616,540 643,161 -278 146.87

10/19/22............................................................. 629,405 632,287 -302 149.77

10/27/22............................................................. 655,727 658,198 -283 146.50

11/02/22............................................................. 664,591 663,408 -253 147.11

11/09/22............................................................. 666,590 669,865 -241 146.15

11/16/22............................................................. 695,916 694,628 -192 139.59

11/23/22............................................................. 678,692 674,440 -194 139.76

11/30/22............................................................. 692,678 696,478 -188 139.31

12/07/22............................................................. 695,668 701,644 -168 136.57

12/14/22............................................................. 703,466 703,681 -157 134.95

12/21/22............................................................. 663,048 671,692 -111 132.36

12/28/22............................................................. 614,203 614,015 -131 134.27

01/04/23............................................................. 643,329 636,426 -109 132.00

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 
60

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 - Apr................ 586,198 598,846 96,045 84,293 28,320 28,756 40,297 43,176 -59 129.84 

 May.............. 535,010 535,846 90,861 78,757 30,446 30,842 38,175 41,294 4 128.53 

 June............. 573,267 586,843 101,804 85,244 31,735 33,554 44,533 46,573 -55 135.69 

 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 

TABLE FCP-II-3—Quarterly Report of Large Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2019 - Dec................... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 

2020 - Mar................... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53

June ................. 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 

Sept.................. 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58

Dec................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19

2021 - Mar................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61

June ................. 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05

Sept.................. 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 

Dec .................. 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 

2022 - Mar................... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44

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 
61

SECTION III—Swiss Franc Positions 

TABLE FCP-III-1—Weekly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (Swiss 

francs per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/22............................................................. 1,119,755 1,125,777 -54 0.9838

10/12/22............................................................. 1,102,102 1,106,196 -3 0.9980

10/19/22............................................................. 1,084,663 1,093,490 -8 1.0039

10/27/22............................................................. 1,092,159 1,097,743 -40 0.9865

11/02/22............................................................. 1,113,609 1,115,025 -41 0.9988

11/09/22............................................................. 1,130,378 1,128,166 -82 0.9836

11/16/22............................................................. 1,174,690 1,180,747 -151 0.9445

11/23/22............................................................. 1,072,244 1,073,085 -119 0.9432

11/30/22............................................................. 1,253,117 1,250,782 -102 0.9486

12/07/22............................................................. 1,235,111 1,257,501 -119 0.9401

12/14/22............................................................. 1,251,856 1,267,400 -144 0.9238

12/21/22............................................................. 1,061,668 1,078,273 -144 0.9277

12/28/22............................................................. 996,917 1,016,972 -145 0.9275

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 0.9140

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
62

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 - Apr................ 930,428 952,589 70,181 68,719 35,285 31,086 54,408 53,017 13 0.9723 

 May.............. 896,261 907,529 59,776 60,669 42,591 38,519 61,412 57,725 19 0.9570 

 June............. 1,014,576 1,006,146 68,077 54,171 54,532 49,908 73,960 70,373 11 0.9550 

 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 

TABLE FCP-III-3—Quarterly Report of Large Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec................... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677

2020 - Mar................... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 

June ................. n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467

Sept.................. n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 

Dec................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841

2021 - Mar................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 

June ................. 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253

Sept.................. 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 

Dec................... 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119

2022 - Mar................... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211

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
63

SECTION IV—Sterling Positions 

TABLE FCP-IV-1—Weekly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Exchange

rate (U.S. 

dollars per 

pound) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/22............................................................. 3,436,464 3,559,312 -481 1.1275

10/12/22............................................................. 3,536,186 3,682,507 -635 1.1096

10/19/22............................................................. 3,437,967 3,589,947 -570 1.1232

10/27/22............................................................. 3,488,453 3,661,947 -420 1.1614

11/02/22............................................................. 3,465,178 3,632,078 -416 1.1467

11/09/22............................................................. 3,393,258 3,538,249 -512 1.1396

11/16/22............................................................. 3,507,434 3,644,645 -344 1.1889

11/23/22............................................................. 3,240,320 3,380,005 -307 1.2039

11/30/22............................................................. 3,534,708 3,680,243 -267 1.1962

12/07/22............................................................. 3,382,263 3,517,170 -244 1.2194

12/14/22............................................................. 3,568,028 3,690,645 -258 1.2408

12/21/22............................................................. 3,145,211 3,282,632 -405 1.2071

12/28/22............................................................. 3,040,989 3,178,732 -440 1.2034

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
64

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 - Apr................ 3,271,419 3,418,438 647,887 583,472 70,658 67,525 106,372 78,014 -279 1.2565 

 May.............. 3,016,436 3,141,591 572,179 504,620 68,446 63,799 120,959 90,999 -370 1.2624 

 June............. 3,170,588 3,333,051 649,364 568,593 72,176 67,688 101,981 70,962 -336 1.2162 

 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 

TABLE FCP-IV-3—Quarterly Report of Large Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10)

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec................... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269

2020 - Mar................... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 

June ................. 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 

Sept.................. 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 

Dec................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662 

2021 - Mar................... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795

June ................. 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 

Sept.................. 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470

Dec................... 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 

2022 - Mar................... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 

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 
65

SECTION V—U.S. Dollar Positions 

TABLE FCP-V-1—Weekly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward and future contracts Net options 

 positions 

(3) 

Exchange 

 rate 

(4) 

Purchased 

(1) 

Sold 

(2) 

10/05/22........................................................... 27,833,066 27,026,005 2,011 n.a.

10/12/22........................................................... 28,059,115 27,209,965 2,887 n.a.

10/19/22........................................................... 27,865,858 26,959,252 2,278 n.a.

10/26/22........................................................... 28,484,832 27,616,382 1,039 n.a.

11/02/22........................................................... 28,378,004 27,654,708 955 n.a.

11/09/22........................................................... 28,429,908 27,625,761 1,067 n.a.

11/16/22........................................................... 29,571,944 28,740,316 149 n.a.

11/23/22........................................................... 27,643,389 27,017,261 46 n.a.

11/30/22........................................................... 30,191,613 29,273,403 -369 n.a.

12/07/22........................................................... 29,842,912 28,933,015 -882 n.a.

12/14/22........................................................... 31,094,855 30,245,278 -1,275 n.a.

12/21/22........................................................... 27,381,006 26,456,924 -1,297 n.a.

12/28/22........................................................... 26,628,052 25,738,048 -1,475 n.a.

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. 
66

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 – Apr.............. 29,570,474 28,659,740 - - 1,720,294 1,721,557 1,231,088 1,243,347 -2,250 n.a.

May............. 27,372,217 26,449,288 - - 1,677,508 1,681,785 1,235,600 1,238,612 -2,828 n.a.

June............ 27,528,127 26,591,122 - - 1,681,963 1,671,889 1,226,224 1,210,282 -2,376 n.a.

 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.

TABLE FCP-V-3—Quarterly Report of Large Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

 Written 

 (6) 

 Bought 

 (7) 

Written 

(8) 

2019 - Dec.................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar.................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a.

June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a.

Sept................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a.

Dec.................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.

2021 - Mar.................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a.

June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a.

Sept................. 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a.

Dec.................. 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a.

2022 - Mar.................. 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a.

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.
67

SECTION VI—Euro Positions 

TABLE FCP-VI-1—Weekly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Exchange 

rate 

(Euros per 

U.S. dollar) 

Report date (4) 

Spot, forward and future contracts 

Net options positions 

(3) 

Purchased 

(1) 

Sold 

(2) 

10/05/22........................................................... 8,608,408 8,856,871 815 1.0136

10/12/22........................................................... 8,866,351 9,128,982 768 1.0318

10/19/22........................................................... 8,725,403 8,981,415 783 1.0225

10/26/22........................................................... 8,903,413 9,115,055 510 0.9932

11/02/22........................................................... 8,927,595 9,133,010 498 1.0127

11/09/22........................................................... 8,946,292 9,141,528 858 0.9963

11/16/22........................................................... 9,162,528 9,372,153 648 0.9620

11/23/22........................................................... 8,502,803 8,752,639 598 0.9649

11/30/22........................................................... 9,174,347 9,431,698 581 0.9687

12/07/22........................................................... 8,957,549 9,245,691 666 0.9519

12/14/22........................................................... 9,466,657 9,738,897 124 0.9385

12/21/22........................................................... 8,570,448 8,751,407 -118 0.9435

12/28/22........................................................... 8,358,140 8,503,060 169 0.9414

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 
68

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 – Apr................... 8,545,103 8,726,056 1,890,850 1,712,611 549,766 581,980 503,335 469,043 556 0.9490 

May.................. 7,696,254 7,886,323 1,630,850 1,508,391 520,189 556,907 473,341 429,449 295 0.9319 

June................. 8,099,801 8,302,890 1,855,770 1,719,282 538,667 568,158 441,816 381,598 828 0.9552 

 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 

TABLE FCP-VI-3—Quarterly Report of Large Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2019 - Dec................... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 

2020 - Mar................... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 

June ................. 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 

Sept.................. 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 

Dec................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177

2021 - Mar................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 

June ................. 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 

Sept.................. 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 

Dec................... 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 

2022 - Mar................... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 

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 
69

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 and the Infrastructure Investment and Jobs Act, 2021, 

subsequently rescinded $479 billion and $1.4 billion, 

respectively, of the $500 billion appropriation provided to 

Treasury. 

 Resources of the fund include (a) Fund Balance, which is 

available to support 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 and the 

Infrastructure Investment and Jobs Act, 2021. Conversion 

gains and losses are reflected in the cumulative net income -

+ or loss -- account.

• Table ESF-2 shows 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. CARES Act related administrative costs 

incurred in connection with the loans, and other investments 

are accrued. 
70

TABLE ESF-1—Balances as of Dec. 31, 2022, and Mar. 31, 2023 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and net position Dec. 31, 2022 

Dec 31, 2022, 

through 

Mar. 31, 2023 Mar. 31, 2023 

Assets 

U.S. dollars: 

Intra-Governmental: 

Fund Balance................................................................... 281,964 61,214 343,178 

U.S. Government securities............................................. 17,367,216 (724,412) 16,642,804 

Interest Receivable – Loans and Other Funds............... 477 476 953 

 Total Intra-Governmental................................................. 17,649,657 (662,722) 16,986,935

Other Than Intra-Governmental 

 Special drawing rights 1 ................................................... 161,273,283 2,868,152 164,141,435 

 Economic Recovery Program Loans Receivable............ 1,035,244 (60,225) 975,019 

 Economic Recovery Program Investments..................... 15,287,386 33,926 15,321,312 

Foreign exchange and securities: 

 European euro ................................................................. 11,052,152 272,227 11,324,379 

 Japanese yen................................................................... 7,090,744 (50,392) 7,040,352 

 Total Other Than Intra-Governmental ......................... 195,738,809 3,063,688 198,802,497

Total assets ........................................................................ 213,388,466 2,400,966 215,789,432

Liabilities and Net Position 

Intra-Governmental 

Debt, including accrued interest payable........................... 16,931,951 35,632 16,967,583 

Due to the General Fund ................................................... 6,400 451 6,851 

Other Liabilities .................................................................. 187,308 18 187,326 

 Total Intra-Governmental ........................................... 17,125,659 36,101 17,161,760

Other Than Intra-Governmental: 

 SDR certificates ................................................................. 5,200,000 - 5,200,000 

 SDR allocations ................................................................. 153,565,351 1,803,404 155,368,755 

 Other .................................................................................. 751 (61) 690 

 Total Other Than Intra-Governmental ........................ 158,766,102 1,803,343 160,569,445

 Total Liabilities ................................................................. 175,891,761 1,839,444 177,731,205

Net Position: 

 Funds from Dedicated Collections (Consolidated)............ 200,000 - 200,000 

 Funds from Other than Dedicated Collections 

(Consolidated) 231,746 (711) 231,035 

 Total Unexpended Appropriations........................... 431,746 (711) 431,035

 Cumulative Results of Operations 

 Funds from Dedicated Collections (Consolidated)............ 37,818,045 562,914 38,380,959 

 Funds from Other than Dedicated Collections 

(Consolidated) (753,086) (681) (753,767) 

 Total Cumulative Results of Operations ................. 37,064,959 562,233 37,627,192

 Total Net Position ...................................................... 37,496,705 561,522 38,058,227

Total Liabilities and Net Position ............................. 213,388,466 2,400,966 215,789,432

See footnote on the following page. 
71

TABLE ESF-2—Statement of Net Cost 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

 Jan. 1, 2023, 

through 

 Mar. 31, 2023 

Fiscal year to date 

Oct. 1, 2022 

through 

Mar. 31, 2023 

Exchange Stabilization (+) or net charges (-) on: 

Gross Cost 

 Interest Expense on Special Drawing Rights and Remuneration....................... 1,254,914 2,227,036

International Monetary Fund Annual Assessment and Other........................ 9 16

Losses on Currency Valuation and Other 

 Special Drawing Rights Holdings....................................................................... 2,391,192 2,391,192

 Special Drawing Rights Allocations.................................................................... 3,932,952 9,797,922

 Other Investment................................................................................................ 258,817 258,817

 Foreign Currency and Foreign Currency Denominated Assets.......................... 658,785 658,785

 Total Losses on Currency Valuation and Other....................................... 7,241,746 13,106,716

 Total Gross Cost.......................................................................................... 8,496,669 15,333,768

Less Earned Revenue 

Interest Income 

 Nonmarketable U.S. Treasury Securities........................................................... (185,958) (347,852)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (23,176) (43,686)

 Special Drawing Rights Holdings....................................................................... (1,324,696) (2,342,696)

 Other Investments.............................................................................................. (17,996) (18,410)

 Total Interest Income.................................................................................. (1,551,826) (2,752,644)

Gains on Currency Valuation and Other 

 Special Drawing Rights Holdings....................................................................... (4,145,809) (10,295,521)

 Special Drawing Rights Allocations.................................................................... (2,263,381) (2,263,381)

 Other Investment................................................................................ (648,090) (648,090)

 Foreign Currency and Foreign Currency Denominated Assets.......................... (450,183) (1,959,681)

 Total Gains on Currency Valuation and Other............................................... (7,507,463) (15,166,673)

 Total Earned Revenue................................................................................... (9,059,289) (17,919,317)

 Total Net Cost (Income) of Operations – Exchange Stabilization................. (562,620) (2,585,549)

Economic Recovery Program (+) net charges (-) on: 

Gross Cost 

 Interest Expense on Debt.................................................................................. 35,632 82,622

 Losses on Investments and Credit Program Receivables................................. - -

 Administrative Expenses.................................................................................... 755 2,593

 Total Gross Cost.......................................................................................... 36,387 85,215

Less: Earned Revenue 

 Interest Income on Uninvested Funds................................................................ (477) (954)

 Interest Income on Credit Program Receivables................................................ (19,237) (38,275)

 Facility Fee Income............................................................................................ - -

 Gains on Investments and Credit Program Receivables.................................... (15,918) (43,393)

 Total Earned Revenue................................................................................. (35,632) (82,622)

 Total Net Cost (Income) of Operations – Economic Recovery Program 755 2,593

 Total Net Cost of Operations...................................................................... (561,865) (2,582,956)

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
73

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) .............................................................................................................. 115 

less: 

Cash balance (fiscal year 2024) ......................................................................................................................................................................................... 67 

Unfunded authorizations (fiscal year 2024) ........................................................................................................................................................................ 48 

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)............................................................................................................................ 140

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2024 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2024) .............................................................................................................. 57 

less: 

Cash balance (fiscal year 2024) ......................................................................................................................................................................................... 32 

Unfunded authorizations (fiscal year 2024) ........................................................................................................................................................................ 25 

48-month revenue estimate (fiscal years 2025, 2026, 2027, and 2028)........................................................................................................................... 27 

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2024 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 117-58. 
74

Glossary 

With References to Applicable Sections and Tables 

Source: Bureau of the Fiscal Service 

Amounts outstanding and in circulation (USCC)—Includes 

all issues by the Bureau of the Mint purposely intended as a 

medium of exchange. Coins sold by the Bureau of the Mint at 

premium prices are excluded; however, uncirculated coin sets 

sold at face value plus handling charge are included. 

Average discount rate (PDO-1, -2)—In Treasury bill auctions, 

purchasers tender competitive bids on a discount rate basis. 

The average discount rate is the weighted, or adjusted, 

average of all bids accepted in the auction. 

Budget authority (“Federal Fiscal Operations”)—Congress 

passes laws giving budget authority to Government entities, 

which gives the agencies the power to spend Federal funds. 

Congress can stipulate various criteria for the spending of 

these funds. For example, Congress can stipulate that a given 

agency must spend within a specific year, number of years, or 

any time in the future. 

The basic forms of budget authority are appropriations, 

authority to borrow, contract authority, and authority to 

obligate and expend offsetting receipts and collections. The 

period of time during which Congress makes funds available 

may be specified as 1-year, multiple-year, or no-year. The 

available amount may be classified as either definite or 

indefinite; a specific amount or an unspecified amount can 

be made available. Authority also may be classified as 

current or permanent. Permanent authority requires no 

current action by Congress. 

Budget deficit—The total, cumulative amount by which 

budget outlays (spending) exceed budget receipts (income). 

Cash management bills (PDO-1)—Marketable Treasury 

bills of irregular maturity lengths, sold periodically to fund 

short-term cash needs of Treasury. Their sale, having higher 

minimum and multiple purchase requirements than those of 

other issues, is generally restricted to competitive bidders. 

Competitive tenders (“Treasury Financing Operations”)—

A bid to purchase a stated amount of one issue of Treasury 

securities at a specified yield or discount. The bid is accepted 

if it is within the range accepted in the auction. (See 

Noncompetitive tenders.) 

Currency no longer issued (USCC)—Old and new series 

gold and silver certificates, Federal Reserve notes, national 

bank notes, and 1890 Series Treasury notes. 

Debt outstanding subject to limitation (FD-6)—The debt 

incurred by the Treasury subject to the statutory limit set by 

Congress. Until World War I, a specific amount of debt was 

authorized to each separate security issue. Beginning with the 

Second Liberty Loan Act of 1917, the nature of the limitation 

was modified until, in 1941, it developed into an overall limit 

on the outstanding Federal debt. 

Pursuant to 31 U.S.C. 3101(b). By the Continuing 

Appropriations Act, 2018 and Bipartisan Budget Act, 2018, 

Public Law 115-119, the Statutory Debt Limit was suspended 

through March 1, 2019. 

Discount—The interest deducted in advance when purchasing 

notes or bonds. (See Accrued discount.) 

Discount rate (PDO-1)—The difference between par value 

and the actual purchase price paid, annualized over a 360-day 

year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison 

with coupon issue securities. 

Dollar coins (USCC)—Include standard silver and nonsilver 

coins. 

Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to 

the Resolution Funding Corporation (RFC) for investment of 

funds authorized under section 21B of the Federal Home Loan 

Bank Act (12 United States Code 1441b). 

Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and 

receipts both occur within the same Federal fund group 

(Federal funds or trust funds). 

Federal Reserve notes (USCC)—Issues by the U.S. 

Government to the public through the Federal Reserve banks 

and their member banks. They represent money owed by the 

Government to the public. Currently, the item “Federal 

Reserve notes—amounts outstanding” consists of new series 

issues. The Federal Reserve note is the only class of currency 

currently issued. 

Foreign-targeted issue (PDO-2)—Foreign-targeted issues 

were notes sold between October 1984 and February 1986 to 

foreign institutions, foreign branches of U.S. institutions, 

foreign central banks or monetary authorities, or to 

international organizations in which the United States held 

membership. Sold as companion issues, they could be 

converted to domestic (normal) Treasury notes with the same 

maturity and interest rates. Interest was paid annually. 

Government account series (FD-2)—Certain trust fund 

statutes require the Secretary of the Treasury to apply monies 

held by these funds toward the issuance of nonmarketable 

special securities. These securities are sold directly by 
GLOSSARY 

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. 

75
GLOSSARY 76

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).