BULLETIN

JUNE2021

FEATURES

Department of the Treasury

Bureau of the Fiscal Service

Profile of the Economy

Financial Operations

International Statistics

Special Reports

Produced and Published by
The Treasury Bulletin is issued quarterly in March, June, September, and December by the 

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

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

www.fiscal.treasury.gov/ 
V 

June 2020

Nonquarterly Tables and Reports 

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

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

Issues 

March June Sept. Dec. 

Federal Fiscal Operations 

 

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

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

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

 

Special Reports 

 

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

Trust Fund Reports: 

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

 

 
Table of Contents 

FINANCIAL OPERATIONS 

PROFILE OF THE ECONOMY 

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

FEDERAL FISCAL OPERATIONS 

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

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

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

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

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

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

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

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

FEDERAL DEBT 

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

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

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

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

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

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

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

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

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

BUREAU OF THE FISCAL SERVICE OPERATIONS 

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

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

PDO-1—Offerings of Regular Weekly Treasury Bills........................................................................................................ 48

PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 50

OWNERSHIP OF FEDERAL SECURITIES 

Introduction—Ownership of Federal Securities .................................................................................................................. 52

OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues........................................................ 53

OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 54

U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION

Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 55

USCC-1—Amounts Outstanding and in Circulation; Currency, Coins............................................................................... 55

USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 56

INTERNATIONAL STATISTICS 

FOREIGN CURRENCY POSITIONS 

Introduction—Foreign Currency Positions .......................................................................................................................... 57
IV

Table of Contents 

SECTION I—Canadian Dollar Positions 

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

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

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

SECTION II—Japanese Yen Positions 

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

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

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

SECTION III—Swiss Franc Positions 

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

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

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

SECTION IV—Sterling Positions 

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

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

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

SECTION V—U.S. Dollar Positions 

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

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

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

SECTION VI—Euro Positions 

FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 68

FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 69

FCP-VI-3—Quarterly Report of Large Market Participants ................................................................................................ 70

EXCHANGE STABILIZATION FUND 

Introduction—Exchange Stabilization Fund........................................................................................................................ 70

ESF-1—Balance Sheet ........................................................................................................................................................ 71

ESF-2—Income and Expense.............................................................................................................................................. 72

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
3

Profile of the Economy 

(Office of Macroeconomic Analysis) 

May 14, 2021 

Introduction 

The U.S. economy is making a substantial recovery from the coronavirus pandemic, having now 

expanded for three consecutive quarters and recovered 91 percent of the activity lost in the first 

half of 2020. Although payroll job creation disappointed in April 2021, conditions still have 

improved noticeably in sectors hardest hit by the pandemic – such as leisure and hospitality and 

travel – as an increasing portion of the U.S. population have obtained vaccinations and fiscal aid 

packages, like the American Rescue Plan, have boosted demand. Indeed, with evidence of 

increasing activity in a widening array of business sectors, the economic outlook for 2021 has 

brightened, and a consensus of private forecasters expect the economy will return to prepandemic levels in the second quarter and should return to trend by late-2021 / early-2022. 

Economic Growth 

According to the advance estimate released last week, real GDP advanced 6.4 percent at an 

annual rate in the first quarter of 2021, following annualized growth of 4.3 percent in the final 

quarter of 2020. The advance estimate is based on incomplete source data and will be revised in 

coming months. 

Three major components of GDP – private consumption, private business fixed investment, and 

residential investment – grew at, or close to, a double-digit pace in the first quarter. The pace of 

growth of private domestic final purchases – the sum of personal consumption, business fixed 

investment, and residential investment – nearly doubled to 10.6 percent at an annual rate. This 

measure attests to a significant acceleration in the underlying upward momentum in private 

demand during the first quarter. 

Real personal consumer expenditures (PCE), which accounts for about two-thirds of overall 

GDP, grew 10.7 percent at an annual rate in the first quarter, accelerating smartly from the 2.3 

percent pace of the previous quarter. Purchases of durable goods – a category that includes 

motor vehicles, household equipment and furnishings, among other items – soared 41.4 percent 

in the first quarter, boosted by two rounds of Federal Economic Impact Payments. Purchases of 

durable goods declined 1.1 percent in the fourth quarter. Spending on nondurable goods – such 

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

clothing, footwear, and other goods – jumped 14.4 percent in the first quarter, following a 

decline of 1.6 percent in the fourth quarter. Household expenditures on services – the 

component of PCE most severely affected by the pandemic and related measures – grew 4.6 

percent in the first quarter, picking up a bit from the 4.3 percent pace registered in the fourth 

quarter. As of the first quarter, the level of PCE overall stood at over 99 percent of its level at 
4

the end of 2019. However, services account for roughly two-thirds of economic activity in the 

U.S., so more telling for the economy’s progress is the fact that as of the first quarter, PCE of

services had only recouped about 62 percent of the spending lost during the first half of 2020.

Real PCE contributed just over 7 percentage points to the rise in total GDP in Q1.

Business fixed investment (BFI) rose 10.1 percent at an annual rate in the first quarter, reflecting 

gains in equipment investment and intellectual property products (IPP). The first-quarter doubledigit gain followed jumps of 31.3 percent and 18.6 percent in the third and fourth quarters of 

2020, respectively. Equipment investment rose 16.7 percent in the first quarter, slowing from 

outsized advances in the previous two quarters. Investment in IPP grew 10.1 percent, similar to 

the fourth quarter’s 10.5 percent advance. Investment in structures declined for the sixth 

consecutive quarter, falling 4.8 percent, after a 6.2 percent decline in the fourth quarter. The 

ongoing pull-back in this type of BFI has been linked to a variety of factors, including less oil 

exploration (particularly when oil prices were low last year), perceptions of less oil demand in 

the future (related to less need for commercial buildings with the continued use of telework), and 

an ongoing shift in spending patterns towards online, rather than on-site, retailing. During the 

first quarter, however, investment in mining structures increased (high and rising energy prices 

prompted more spending on oil and gas wells), and the decline mainly reflected lower business 

construction of office space, commercial buildings, and lodging. Overall, the contribution of 

total BFI to growth was relatively stable, adding 1.3 percentage points to real GDP growth in the 

first quarter, after contributing 1.7 percentage points in the fourth quarter. Moreover, as of the 

first quarter, total BFI was 0.9 percent higher than its pre-pandemic level. 

The private inventory component of real GDP registered a considerable drawdown in the first 

quarter, after returning to a more normal pace of accumulation in last year’s final quarter. The 

inventory drawdown may reflect supply chain constraints and bottlenecks as demand for 

consumer goods has risen well above pre-pandemic levels. Of course, depletion of inventories in 

one quarter can mean a significant restocking by businesses in the following quarter – hence the 

volatility of this component, and the need to strip it out of measures designed to look at the 

underlying demand of an economy. In the first quarter, the change in private inventories 

subtracted 2.6 percentage points from economic growth, after contributing 1.4 percentage points 

to GDP growth in the fourth quarter. 

In four of the past five quarters, residential investment has grown at double-digit paces. After 

surging by 63.0 percent in the third quarter – its largest advance since 1983 – residential 

investment increased 36.6 percent in the fourth quarter and grew 10.8 percent in the first quarter. 

This component added 0.5 percentage points to growth in the latest quarter, after contributing 1.4 

percentage points in the fourth quarter and 2.2 percentage points in the third quarter. As of the 

first quarter, residential investment was 17.3 percent above its pre-pandemic level. Taking a 

broader view, this sector has contributed to growth in six of the last eight quarters, supported by 

low mortgage rates. However, builders have yet to increase supply by enough to meet demand, 

and the imbalance has led to a strong acceleration in home price growth. The upside of higher 

home prices is an attendant increase in housing wealth for homeowners, but limited supply and 

diminishing affordability could ultimately weigh on demand. 
5

Data on specific aspects of activity in the housing market have been generally positive over the 

past several months, notwithstanding a weather-related lull in February. Single-family housing 

starts and permits grew strongly between May and December last year, then retreated early this 

year due to weather. In March, however, single-family starts jumped by 15.3 percent and singlefamily permits rose 4.7 percent; both measures were about 20 percent above pre-pandemic 

levels. Existing home sales, which account for 90 percent of all home sales, rose to a 14-year 

high in October 2020, but in each of the last two months, have declined. Still, existing home 

sales were 12.3 percent higher over the year through March and 5.4 percent higher than prepandemic levels. New single-family home sales, although fluctuating in recent months, reached 

a 14-year high in March, and were 42.6 percent above their pre-pandemic level. In November 

2020, the National Association of Home Builder’s confidence index rose to a record high of 90. 

Despite moderating to 83 by April, the index remained at a historically high level – well above 

the average level of 66 in 2019 – and continued to signal an unequivocally positive outlook about 

market conditions in the housing sector. In early January 2021, average rates for 30-year 

mortgages fell to a record low of 2.65 percent, or 21⁄4 percentage points below the most recent 

peak in November 2018. Since January, mortgage rates have trended higher, holding around 3 

percent as of the end of April. 

Overall, government spending increased 6.3 percent at an annual rate in the first quarter, after 

declining 0.8 percent in the fourth quarter. Federal spending surged 13.9 percent, following two 

consecutive quarters of declines, while state and local spending increased 1.7 percent, after three 

consecutive quarterly declines. The surge in Federal spending reflected one-time items: lender 

fees from a second round of PPP loans and purchases of COVID-19 vaccines. Given balanced 

budget requirements for states and localities, the increase in spending at this level attests to an 

improving fiscal picture, after three quarters of low revenues and rising health care costs led to 

cuts in employment and drag on local economies. Total government spending added 1.1 

percentage points to GDP growth in the first quarter, including a 0.9 percentage point 

contribution at the federal level and a 0.2 percentage point addition from state and local 

governments. 

The net export deficit widened to a lesser degree in the first quarter, increasing $53.5 billion at 

an annual rate to $1.18 trillion, as an outright decline in exports combined with a moderate 

increase in imports. These movements followed double-digit increases in exports and imports 

during the previous two quarters. Total exports of goods and services declined 1.1 percent, while 

imports advanced 5.7 percent. The widening of the trade deficit pared 0.9 percentage points 

from first quarter GDP growth, posing a relatively modest drag compared with subtractions of 

1.5 percentage points in the fourth quarter and 3.2 percentage points in the third quarter of last 

year. Imports were well above pre-pandemic levels while exports lagged, reflecting the 

relatively faster recovery in the US and the effects of larger fiscal support. 
6

Growth of Real GDP  

(Quarterly percent change at annual rate)

Labor Markets and Wages 

Due to the pandemic, the economy lost almost 22.2 million jobs last year over March and April, 

including 21.4 million jobs in the private sector. However, payroll job growth resumed in May 

2020, and labor markets reclaimed 14.1 million jobs between then and April 2021, or nearly 64 

percent of the total lost. Nonetheless, total employment was still 8.2 million persons lower than 

the level in February 2020. Weekly initial unemployment claims have continued to trend lower 

in recent months, but as of mid-May, were still running about 2.2 times the average levels seen in 

January and February 2020, prior to the pandemic’s onset. 

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

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

8.7 percentage points to 6.1 percent. The broadest measure of labor market slack, the U-6 

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

pre-pandemic levels. By April 2021, the U-6 had been cut to 10.4 percent, less than half its level 

in April 2020. But it remains 3.6 percentage points above the pre-pandemic low of 6.8 percent 

observed in December 2019. Moreover, long-term unemployment continues to trend upward: 

the share of the labor force who were unemployed 27 weeks or more reached 2.6 percent in April 

2021, or more than four times the 0.6 percent rate seen in April 2020. 

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

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

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

2.3 3.8 2.9

‐5.0

6.4

1.7

2.7

1.5

‐31.4

2.9

2.1 2.6

33.4

3.9 1.3 2.4

4.3

‐40.0

‐30.0

‐20.0

‐10.0

0.0

10.0

20.0

30.0

40.0

2017 2018 2019 2020 2021

Q1 Q2 Q3 Q4
7

at 61.7 percent, or 1.5 percentage points above April 2020’s 4 1⁄2 decade low, and the prime-age 

LFPR was 81.3 percent, or 1.5 percentage points above April 2020’s multi-decade low. 

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

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

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

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

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

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

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

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

hourly earnings for production and nonsupervisory workers grew 1.2 percent, the smallest 12-

month rate since March 2015. Relatively low inflation also boosted purchasing power for several 

months. However, most recently, factors such as an acceleration in inflation and the return of 

some lower-wage workers to jobs has eroded real average hourly earnings, which declined 3.4 

percent over the year through April 2021, a sharp reversal from the year-earlier gain of 7.7 

percent. Meanwhile, growth in wages and salaries for private industry workers, as measured by 

the Employment Cost Index (ECI), slowed modestly over the past year. This measure of labor 

cost has fewer issues adjusting for compositional changes of the labor force than do other 

measures. The ECI for wages and salaries advanced 3.0 percent over the four quarters ending in 

March 2021, decelerating from the 3.3 percent gain over the four quarters through March 2019. 

Aside from some volatility associated with the pandemic in 2020, year-over-year growth in the 

Employment Cost index held around 3 percent since mid-2018. 

Payroll Employment

(Monthly average for year shown and monthly amounts)

193 168

‐778

2,833

4,846

1,7261,583

716

680 264

‐306

233

536 770

266

-2,000

-1,000

0

1,000

2,000

3,000

4,000

5,000

6,000

18 19 20 M 

2020

J J A S O N D J 

2021

FMA
8

Unemployment Rate

(Percent)

Nonfarm Productivity of Labor 

For the 13 quarters through 2019 Q4, four-quarter nonfarm labor productivity growth rates 

remained above 1 percent, a consistency not seen since 2004. However, with the collapse of 

output in March 2020, productivity growth declined 0.3 percent at an annual rate in Q1. Over 

the four quarters through 2020 Q1, growth slowed to 0.9 percent—the first year-over-year 

reading below 1 percent since 2016 Q3. Productivity growth rates subsequently reflected the 

unusually sharp fluctuations in output and hours worked seen in the remaining quarters of 2020. 

Productivity growth surged by 10.6 percent at an annual rate in the second quarter and by 5.1 

percent in the third quarter. Taken together, these were the largest quarterly increases in 

productivity since the fourth quarter of 2009. 

Although productivity declined by 3.8 percent in the fourth quarter of 2020, it rebounded by 5.4 

percent in the first quarter of 2021, as an 8.4 percent advance in output more than offset a 2.9 

percent increase in work hours. Over the four quarters through 2021 Q1, productivity growth 

accelerated to 4.1 percent from a 0.8 percent pace over the four quarters through 2020 Q1. 

Nominal hourly compensation costs in the nonfarm business sector rose 5.1 percent at an annual 

rate in the first quarter of 2021, after increasing 1.6 percent in the previous quarter. Over the 

most recent four quarters, hourly compensation costs rose 5.8 percent, accelerating from the 3.3 

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

output, declined 0.3 percent at an annual rate in the first quarter, reversing from the 5.6 percent 

gain in the fourth quarter. These costs were up 1.6 percent over the most recent four quarters, 

slowing from the 2.5 percent pace over the four quarters ending in 2020’s first quarter. 

3

5

7

9

11

13

15

11 12 13 14 15 16 17 18 19 20 21

Apr. 2021

6.1%
9

Industrial Production, Manufacturing, and Services 

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

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

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

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

industrial output at factories, mines, and utilities was up 0.7 percent. Over the 12 months ending 

in April, output was up 15.5 percent, an outsized gain reflecting base effects from the sharp 

decline a year earlier. Nonetheless, industrial output was within 2.7 percent of pre-pandemic 

levels. 

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

0.4 percent in April and was 23.0 percent higher over the past year, owing to base effects of last 

year’s sharp decline. Relative to its pre-pandemic level, manufacturing output is only 1.7 

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

after last summer’s huge monthly gains as previously shuttered factories reopened. More 

recently, production has been constrained by a global shortage of semiconductors, such that in 

April, production of motor vehicles and parts declined 4.3 percent. Even so, production was up 

nearly 440 percent over the year through April 2021, an anomalous reading that reflects the near 

shutdown of the industry in April 2020. Relative to pre-pandemic levels in February 2020, 

though, production of motor vehicles and parts is still 11.1 percent lower. Meanwhile, 

manufacturing output at select high-technology factories increased 0.4 percent in April and rose 

10.8 percent over the past year (9.7 percent from pre-pandemic levels). Excluding motor 

vehicles and parts and high-technology industries, manufacturing output rose 0.8 percent in 

April, and this measure was 16.7 percent higher over the past year (but remains 1.2 percent lower 

relative to February 2020). 

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

of industrial output, rose 0.7 percent in April. Although low energy prices had weighed on yearover year measures of mining output, resulting in an average decline of nearly 14 percent in each 

of the previous twelve months, the rise in energy prices more recently has slowed the decline. 

Over the year through April 2021, mining output was down only 2.4 percent, although it is still 

10.6 percent below its pre-pandemic level. 

Utilities output, the remaining 10 percent of total industrial output, grew 2.6 percent in April. 

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

often causes sharp swings in output from one period to the next. Over the 12 months through 

April, utilities production advanced 1.9 percent. 

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

summer 2020 and have signaled expansion for nearly a year. In March 2020 due to the 

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

dropped to an 11-year low. In April 2021, however, the manufacturing index stood at 60.7, 

indicating expansion in this sector for the eleventh consecutive month. Similarly, in the service 

sector, the ISM’s non-manufacturing index in April 2020 fell to its lowest level since March 
10

2009. By April 2021, however, the non-manufacturing index had risen to 62.7, 6.0 points above 

its pre-pandemic level and signaling expansion for the eleventh consecutive month. 

Prices 

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

declined, but these pressures dissipated quickly at the headline and the core (excluding food and 

energy) levels. Inflation readings were subdued for several months thereafter, despite rising oil 

prices, with 12-month readings remaining well below year ago rates. More recently, however, 

inflation rates have accelerated on a monthly and yearly basis. The Consumer Price Index (CPI) 

for all items was up 0.8 percent in April and the core reading rose 0.9 percent, the fastest 

monthly paces in each since June 2009 and September 1981, respectively. Monthly growth was 

elevated by a sharp increase in prices of used motor vehicles – likely due in part to supply chain 

constraints – and high demand for durable goods, as well as increased demand for sectors that 

had languished during the pandemic—such as travel, leisure, and hospitality. Over the 12 

months through April, CPI inflation rose by 4.2 percent (fastest 12-month pace since 2008), 

underpinned by a 25.1 percent increase in the energy price index over the year. Food price 

inflation accelerated sharply in early 2020 and although it has tapered noticeably since then on a 

monthly basis, 12-month rates remain quite elevated relative to paces seen during 2019 and early 

2020. The CPI for food was up 2.4 percent over the year through April 2021, still reflecting 

increased demand for food at home due to the pandemic, but a bit closer to the 1.9 percent 12-

month average rate during 2019. Over the past 12 months, core inflation was 3.0 percent, the 

fastest 12-month core rate since 1996. 

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

the FOMC’s 2 percent inflation target) continues to show a relatively restrained pace of inflation 

although it, too, has begun to accelerate as the economy reopens and energy prices continue to 

rise. The 12-month headline PCE inflation rate was 2.3 percent through March 2021, or 1.8 

percentage points higher than its year-earlier rate. Core PCE inflation was 1.8 percent over the 

year through April 2021, exactly double the 0.9 percent, year-earlier rate. Prior to the twelvemonth reading for April 2021, inflation as measured by the PCE price index had held below the 

FOMC’s target since November 2018, and these consistently low PCE inflation readings 

prompted the FOMC to adopt a more explicit inflation target strategy last year, in which the 2 

percent target would be an average over time. Over the past year, twelve-month rates have 

averaged 1.2 percent, an average still well below the inflation target. 

Measures of house price growth have accelerated over the past year, reflecting higher demand 

and lower supply, and in recent months, have consistently posted double-digit 12-month 

readings. FHFA price growth was 12.3 percent pace over the 12 months through February 2021, 

nearly double the 6.4 percent gain over the previous year. On a 12-month basis, the Standard 

and Poor’s (S&P)/Case-Shiller composite 20-city home price index advanced 11.9 percent over 

the year through February 2021, roughly triple the 3.5 percent advance over the 12 months 

through February 2020.
11

Consumer Prices

(Percent change from a year earlier)

Consumer and Business Sentiment 

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

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

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

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

has since trended higher, standing at 82.8 in early May 2021 but still about 18 points below its 

February 2020 level. From February 2020, the Conference Board’s consumer confidence index 

plunged by 46.9 points to 85.7 in April 2020, reaching its lowest level since mid-2014. This 

index has fluctuated over the past several months, but in March and April showed strong 

increases in confidence. The April reading of 121.7 was less than 11 points below last year’s 

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

business optimism index was, as of February 2020, only 4.3 points below its all-time high 

reached in August 2018. But this index fell nearly 14 points over March and April of last year to 

its lowest level since March 2013. Small business optimism then recovered noticeably, with the 

index rising to 104.0 last October (only 0.5 points below its level in February). It has since 

fluctuated and stood at 99.8 as of April 2021. 

‐1.0

0.0

1.0

2.0

3.0

4.0

5.0

11 12 13 14 15 16 17 18 19 20 21

Total Excluding Food & Energy Food
12

Federal Budget Deficit and Debt 

Even before the pandemic, the Federal Government’s deficit and debt were trending higher. At 

the end of FY 2020, the Federal Government posted a deficit of $3.13 trillion (15.0 percent of 

GDP), up $2.15 trillion from the $984 billion deficit (4.6 percent of GDP) posted in FY 2019. 

The primary deficit (which excludes net interest payments) was 13.3 percent of GDP in FY 

2020, up from 2.9 percent in FY 2019. Federal receipts totaled $3.42 trillion in FY 2020, down 

$44 billion (1.3 percent) from FY 2019. Net outlays for FY 2020 were $6.55 trillion, up $2.1 

trillion (47.3 percent) from FY 2019. As of April 2021, the federal deficit was $225.6 billion, 

bringing the 12-month total deficit to $3.58 trillion. 

 The Treasury’s borrowing limit is suspended until July 31, 2021. At the end of FY 2020, 

gross federal debt was $26,945.4 billion. Federal debt held by the public, or federal debt less the 

debt held in government accounts, rose from $16.80 trillion at the end of FY 2019 (79.2 percent 

of GDP) to $21.0 trillion by the end of FY 2020, or 100.3 percent of GDP. As of April 2021, 

gross federal debt was $28,174.7 billion, while federal debt held by the public totaled 

$22,056.1 billion. 

Economic Policy 

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

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

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

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

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

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

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

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

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

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

has help American households to weather the pandemic. 

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

Protection Program (PPP) less than a week after its authorization at the end of March 2020. The 

federal government worked directly with private lenders and used their infrastructure to hasten 

how quickly businesses could receive funds. In less than two weeks, the PPP had exhausted its 

initial funding: it had processed nearly 1.7 million loans worth $342 billion. After a second 

appropriation, the PPP provided 5.2 million loans by the time of the program stopped accepting 

applications in August, worth over $525 billion. 

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

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

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

state and local governments, provides additional funding for addressing COVID-19 infections 
13

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

another $274 billion in PPP funds. 

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

resumed monetary easing in early March 2020. The previous cycle of easing had begun in July 

2019 but was paused very early in 2020, owing to buoyant economic conditions at that time. 

At the January 2020 meeting, the Federal funds rate target was unchanged at a range of 11⁄2 to 2 

percent, and in the accompanying statement, the Committee observed that at the time, “the 

current stance of monetary policy is appropriate to support sustained expansion of economic 

activity, strong labor market conditions, and inflation near the [Fed’s 2 percent target].” 

However, the pandemic led to an inter-meeting move. On March 3, the FOMC announced a 50-

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

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

March 17-18 FOMC meeting was cancelled.) 

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

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

meetings, the Committee noted that it expects to maintain this FFR target range “until it is 

confident that the economy has weathered recent events and is on track to achieve its maximum 

employment and price stability goals.” 

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

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

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

leveraged capital provided by Treasury. The existence of these facilities may have unlocked 

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

crisis, but they were only authorized on an emergency basis through December 31, 2020. 

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

have now expired. 
14

INTRODUCTION: Federal Fiscal Operations 

Budget authority usually takes the form of 

appropriations that allow obligations to be incurred and 

payments to be made. Reappropriations are Congressional 

actions that extend the availability of unobligated amounts 

that have expired or would otherwise expire. These are 

counted as new budget authority in the Fiscal Year of the 

legislation in which the reappropriation act is included, 

regardless of when the amounts were originally appropriated 

or when they would otherwise lapse. 

Obligations generally are liquidated by the issuance of 

checks or the disbursement of cash—outlays. Obligations 

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

of interest on public issues of Treasury debt securities 

(including an increase in redemption value of bonds 

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

monetary credits, or electronic payments. 

Refunds of collections generally are treated as 

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

outlays. Outlays during a Fiscal Year may be for payment of 

obligations incurred in prior years or in the same year. 

Outlays, therefore, flow in part from unexpended balances 

of prior year budget authority and from budget authority 

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

outlays include both budget and off-budget outlays and are 

stated net of offsetting collections. 

Receipts are reported in the tables as either budget 

receipts or offsetting collections. They are collections from 

the public, excluding receipts offset against outlays. These, 

also called governmental receipts, consist mainly of tax 

receipts (including social insurance taxes), receipts from 

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

Federal Reserve system. Refunds of receipts are treated as 

deductions from gross receipts. Total Government receipts 

are compared with total outlays in calculating the budget 

surplus or deficit. 

Offsetting collections from other Government accounts 

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

nature. They are classified as either collections credited to 

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

amounts deposited in receipt accounts). The former 

normally can be used without an appropriation act by 

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

authorized by law, amounts collected for materials or 

services are treated as reimbursements to appropriations. 

For accounting purposes, earned reimbursements are also 

known as revenues. These offsetting collections are netted 

against gross outlays in determining net outlays from such 

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

(public enterprise, intragovernmental, and trust); offsetting 

collections are netted against spending, and outlays are 

reported as the net amount. 

Offsetting receipts in receipt accounts cannot be used 

without appropriation. They are subdivided into three 

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

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

intragovernmental transactions, or payments into receipt 

accounts from governmental appropriation or fund accounts. 

They finance operations within and between Government 

agencies and are credited with collections from other 

Government accounts; and (3) offsetting governmental 

receipts that include foreign cash contributions. 

Intrabudgetary transactions are subdivided into three 

categories: (1) interfund transactions—payments are from 

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

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

intrafund transactions—payments and receipts both occur 

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

transactions—payments and receipts both occur within the 

trust fund group. 

Offsetting receipts are generally deducted from budget 

authority and outlays by function, subfunction, or agency. 

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

from budget totals as undistributed offsetting receipts. They 

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

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

rents and royalties on the Outer Continental Shelf lands; and 

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

Shelf money in deposit funds when such money is

transferred into the budget).

The Government has used the unified budget concept set 

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

Budget Concepts” as a foundation for its budgetary analysis 

and presentation since 1969. The concept calls for the 

budget to include all of the Government’s fiscal transactions 

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

been enacted removing several Federal entities from (or 

creating them outside of) the budget. Other laws have 

moved certain off-budget Federal entities onto the budget. 

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

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

Survivors Insurance and the Federal Disability Insurance 

Trust Fund, and the Postal Service. 

Although an off-budget Federal entity’s receipts, 

outlays, and surplus or deficit ordinarily are not subject to 

targets set by the Congressional resolution, the Balanced 

Budget and Emergency Deficit Control Act of 1985 

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

amended by the Budget Enforcement Act of 1990 (2 United 

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

in calculating deficit targets under that act and in calculating 

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

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

the Government. 

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

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

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

provide a summary of data relating to Federal fiscal 

operations reported by Federal entities and disbursing 

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

accounting transactions affecting receipts and outlays of the 

Government and off-budget Federal entities and their related 

effect on assets and liabilities of the Government. Data are 

derived from the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

 Table FFO-1 summarizes the amount of total

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

transactions in Federal securities, monetary assets, and 

balances in Treasury operating cash. 

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

by source. Amounts represent income taxes, social 

insurance taxes, net contributions for other insurance and 

retirement, excise taxes, estate and gift taxes, customs 

duties, and net miscellaneous receipts. 

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

agency. 

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

receipts by source and outlays by function as reported to 

each major fund group classification for the current Fiscal 

Year to date and prior Fiscal Year to date. 

 Table FFO-5 summarizes internal revenue receipts

by states and by type of tax. Amounts reported are 

collections made in a Fiscal Year. They span several tax 

liability years because they consist of prepayments 

(estimated tax payments and taxes withheld by employers 

for individual income and Social Security taxes), payments 

made with tax returns and subsequent payments made after 

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

delinquent returns or on delinquent accounts). 

Amounts are reported based on the primary filing 

address provided by each taxpayer or reporting entity. For 

multistate corporations, the address may reflect only the 

district where such a corporation reported its taxes from a 

principal office rather than other districts where income was 

earned or where individual income and Social Security taxes 

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

district and work in another. 

 Table FFO-6 includes customs collection of duties,

taxes, and fees by districts and ports.

Budget Results and Financing of the U.S. Government 

and 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 2021 

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 $477.7 billion for the secondquarter of Fiscal Year 2021. This is an increase of $93.1 

billion over the comparable prior year quarter. Withheld 

receipts increased by $36.7 billion and non-withheld 

receipts increased by $25.6 billion during this period. 

Refunds decreased by $30.7 billion over the comparable 

Fiscal Year 2020 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 2020. 

Corporate income taxes—Net corporate income tax 

receipts were $35.5 billion for the second quarter of Fiscal 

Year 2021. This is an increase of $16.7 billion compared to 

the prior year second quarter. The $16.7 billion change is 

comprised of an increase of $14.9 billion in estimated and 

final payments, and a decrease of $1.8 billion in corporate 

refunds. 

Employment taxes and contributions—Employment 

taxes and contributions receipts for the second quarter of 

Fiscal Year 2021 were $316.0 billion, a decrease of $6.0 

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 -$3.6 billion, -$0.6 billion, and -$1.7 

billion respectively. There was a negligible accounting 

adjustment for prior years employment tax liabilities made 

in the second quarter of Fiscal Year 2021. There was a 

negligible adjustment in the second quarter of Fiscal Year 

2020. 

Unemployment insurance—Unemployment insurance 

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

Year 2021 were $7.0 billion, an increase of $1.4 billion over 

the comparable quarter of Fiscal Year 2020. Net State taxes 

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

$5.7 billion. Net Federal Unemployment Tax Act taxes did 

not change significantly from $1.3 billion. 
16

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 $1.3 billion for the 

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

$0.1 billion from the comparable quarter of Fiscal Year 

2020. 

Excise taxes—Net excise tax receipts for the second 

quarter of Fiscal Year 2021 were $14.8 billion, a decrease of 

$4.6 billion over the comparable prior year quarter. Total 

excise tax refunds for the quarter were $2.9 billion, an 

increase of $1.7 billion over the comparable prior year 

quarter. 

Estate and gift taxes—Net estate and gift tax receipts 

were $5.3 billion for the second quarter of Fiscal Year 2021. 

These receipts represent an increase of $0.1 billion over the 

same quarter in Fiscal Year 2020. 

Customs duties—Customs duties net of refunds were 

$18.5 billion for the second quarter of Fiscal Year 2021. 

This is an increase of $0.4 billion over the comparable prior 

year quarter. 

Miscellaneous receipts—Net miscellaneous receipts 

for the second quarter of Fiscal Year 2021 were $24.5 

billion, an increase of $2.3 billion over the comparable prior 

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

earnings by Federal Reserve banks increasing by $2.2 

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 2021 

January – March 

 Fiscal Year 2021 

 year to date 

Total on- and off-budget results: 

Total receipts ............................................................... 900,579 1,703,949

On-budget receipts .................................................. 654,532 1,231,520

Off-budget receipts .................................................. 246,048 472,430

Total outlays................................................................. 2,034,015 3,410,285

On-budget outlays.................................................... 1,789,447 2,915,662

Off-budget outlays.................................................... 244,478 494,532

Total surplus or deficit (-)............................................. -1,133,346 -1,706,245

On-budget surplus or deficit (-)................................ -1,134,915 -1,684,142

Off-budget surplus or deficit (-)................................ 1,570 -22,102

Means of financing: 

Borrowing from the public ............................................ 347,969 961,899

Reduction of operating cash ........................................ 606,618 659,728

Other means ................................................................ 178,758 84,617

Total on- and off-budget financing ........................... 1,133,346 1,706,245

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

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

Source January February March

Individual income taxes...................................................... 231.6 125.8 120.3

Corporate income taxes..................................................... 16.5 3.8 15.3

Employment and general retirement.................................. 115.6 95.3 105.2

Unemployment insurance .................................................. 2.2 3.7 1.1

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

Excise taxes ....................................................................... 3.5 4.9 6.4

Estate and gift taxes .......................................................... 1.7 1.2 2.4

Customs duties .................................................................. 5.9 6.3 6.3

Miscellaneous receipts....................................................... 7.4 6.9 10.2

Total budget receipts ..................................................... 384.6 248.3 267.6

Note.—Detail may not add to totals due to independent rounding. 
17
18

TABLE FFO-1—Summary of Fiscal Operations 

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

Total on-budget and off-budget results 

Means of 

financing 

-net transactions 

Borrowing from 

the publicFederal securities 

Public debt 

securities 

(10)

Fiscal year 

or Month 

Total 

Receipts 

(1)

On-budget 

receipts 

(2)

Off-budget 

receipts 

(3)

Total 

outlays 

(4)

On-budget 

outlays 

(5)

Off-budget 

outlays 

(6)

Total 

surplus 

deficit (-) 

(7)

On-budget 

surplus 

deficit (-) 

(8)

Off-budget 

surplus 

deficit (-) 

(9)

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

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

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

2019 ............................ 3,462,195 254,893 914,302 4,446,583 3,539,967 906,617 -984,386 -992,072 7,686 1,208,690 

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

2021 – Est1.................. 3,631,874 2,685,416 946,458 4,676,957 3,714,389 962,568 -1,045,083 -1,028,973 -16,110 1,221,986 

2022 – Est1.................. 3,833,374 2,831,699 1,001,675 4,849,037 3,828,794 1,020,243 -1,015,663 -997,095 -18,568 1,232,225 

2020 - Mar................... 236,766 153,068 83,698 355,754 266,410 89,344 -118,988 -113,342 -5,646 283,377 

Apr................... 241,863 142,052 99,811 979,885 900,847 79,038 -738,022 -758,795 20,773 1,294,085 

May.................. 173,861 96,428 77,433 572,614 481,642 90,972 -398,754 -385,215 -13,539 773,267 

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

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

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

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

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

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

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

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

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

Mar .................. 267,614 185,367 82,248 927,206 835,553 91,653 -659,592 -650,186 -9,405 224,239 

Fiscal year 2021 to date ... 1,703,949 1,231,520 472,430 3,410,195 2,915,662 494,532 -1,706,245 -1,684,142 -22,102 1,180,158 

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) 

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

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

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

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

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

2021 – Est1............................ -1,245 108,409 1,112,332 - - - - -67,249 - 1,045,083

2022 – Est1............................ -1,144 148,789 1,082,292 - - - - -66,629 - 1,015,663

2020 - Mar............................. 428 15,841 267,964 158,006 -312 -256 55 -306,286 -183 118,988

Apr............................. -75 -92,518 1,386,528 664,778 58 -39 1,005 -1,314,328 20 738,022 

May ........................... -704 12,575 759,988 269,095 227 25 2,937 -633,636 118 398,754 

June .......................... 614 14,037 716,272 272,903 135 94 1,294 -126,688 64 864,074 

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

Aug............................ -193 16,233 200,119 -57,108 220 220 -29 56,464 126 200,012 

Sept........................... -578 19,645 197,279 75,697 -417 -365 -394 -146,961 -228 124,611 

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

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

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

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

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

Mar............................ -75 -2,055 226,219 -292,515 -811 -576 -1,572 729,404 -557 659,592 

Fiscal year 2021 to date.......... -324 217,936 961,899 -659,728 369 -266 1,057 1,402,749 165 1,706,245 

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

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

Budget on February 10, 2020. 
19

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) 

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

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

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

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

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

2021 – Est1........ 1,805,420 - - 1,805,420 253,076 - 253,076 2,058,496 1,233,642 - 1,233,642

2022 – Est1........ 1,911,676 - - 1,911,676 281,867 - 281,867 2,193,543 1,306,762 - 1,306,762

2020 - Mar......... 148,378 15,294 65,356 98,316 12,166 1,776 10,390 108,706 106,670 - 106,670

Apr......... 79,598 655 4,996 75,257 6,507 2,566 3,940 79,197 129,590 - 129,590

May........ 72,199 11,784 36,224 47,760 2,402 4,197 -1,795 45,965 99,175 - 99,175

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

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

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

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

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

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

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

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

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

Mar ........ 179,912 22,073 81,671 120,314 19,102 3,847 15,255 135,569 104,666 - 104,666

Fiscal year 

2021 to date........ 738,257 212,761 126,307 824,714 130,883 26,505 104,378 929,092 623,445 3,872 619,573

Fiscal year 

or month 

Social insurance and retirement receipts, continued 

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

Railroad retirement Net employment 

and general 

retirement 

(15) 

Gross 

(16) 

 Refunds 

 (17) 

 Net un- 

 employment 

 insurance 

 (18) 

Federal 

employees 

retirement 

(19) 

Other 

retirement 

(20) 

Total 

(21) 

Gross 

(12) 

Refunds 

(13) 

Net 

(14) 

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

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

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

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

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

2021 – Est1.................. 5,591 - 5,591 1,239,233 45,772 - 45,772 5,203 31 5,234

2022 – Est1.................. 6,065 - 6,065 1,312,827 46,853 - 46,853 7,579 30 7,609

2020 - Mar................... 536 40 495 107,165 316 20 296 402 3 405

Apr................... 392 - 392 129,982 9,091 28 9,063 400 2 402 

May ................. 357 3 355 99,529 11,724 3 11,720 504 2 505 

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

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

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

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

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

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

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

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

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

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

Fiscal year 2021 to date... 2,572 9 2,562 622,135 16,405 47 16,359 2,746 13 2,759 

See footnotes at end of table. 
20

Fiscal year 

or month 

Excise 

taxes, con. 

Net excise 

taxes 

(35) 

Estate and gift taxes Customs duties 

Net miscellaneous receipts 

Total receipts 

Deposits of 

earnings by 

Federal 

Reserve 

banks 

(42) 

Universal 

service fund

and all 

other 

(43) 

Total 

(44) 

 Gross 

 (36) 

 Refunds 

 (37) 

Net 

(38) 

Gross 

(39) 

Refunds 

(40) 

Net 

(41) 

On-budget 

(45) 

Off-budget 

(46) 

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

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

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

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

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

2021 – Est1 ............... 108,650 19,284 - 19,284 64,336 - 64,336 49,474 42,417 91,891 2,685,416 946,458 

2022 – Est1 ............... 111,942 19,997 - 19,997 43,324 - 43,324 52,781 45,334 98,115 2,831,699 1,001,675

2020 - Mar ................ 6,415 1,198 -19 1,217 5,403 588 4,815 6,068 1,680 7,749 153,068 83,698 

Apr ................ 353 71 58 13 4,712 599 4,114 10,005 8,734 18,739 142,052 99,811 

May............... 2,701 742 6 736 4,460 627 3,833 7,587 1,285 8,871 96,428 77,433 

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

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

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

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

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

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

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

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

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

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

Fiscal year 2021 to date. 32,768 21,833 871 11,480 40,479 3,843 36,637 41,264 13,727 54,991 1,231,520 472,430 

Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2021 Budget, released by the Office of Management and 

Budget on February 10, 2020.

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

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

Social 

insurance 

and retirement 

receipts, con. 

Net social 

insurance and 

retirement 

receipts 

(22) 

Excise taxes 

Fiscal year 

or month 

Airport and Airway Trust Fund 

Black Lung Disability 

Trust Fund Highway Trust Fund Miscellaneous 

Gross 

(23) 

Refunds

 (24) 

 Net 

 (25) 

Gross 

(26) 

Refunds

(27) 

Net 

(28) 

Gross 

(29) 

Refunds 

(30) 

 Net 

 (31) 

 Gross 

 (32) 

 Refunds 

 (33) 

 Net 

 (34) 

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

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

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

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

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

2021 – Est1.................... 1,290,239 17,056 - 17,056 170 - 170 43,121 - 43,121 48,303 - 48,303

2022 – Est1.................... 1,367,289 18,038 - 18,038 164 - 164 43,575 - 43,575 50,165 - 50,165

2020 - Mar..................... 107,866 1,291 - 1,291 23 - 23 3,248 31 3,217 2,345 462 1,883

Apr..................... 139,447 662 - 662 22 - 22 3,055 37 3,018 353 3,702 -3,349

May.................... 111,754 -563 9 -571 8 - 8 719 44 675 3,019 430 2,589 

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

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

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

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

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

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

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

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

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

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

Fiscal year 2021 to date ..... 641,253 3,146 6 3,141 126 - 126 18,089 165 17,923 12,684 3,372 9,311
21

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

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

Fiscal year 

or month 

Legislative 

branch 

(1) 

Judicial 

branch 

(2) 

Department of 

Agriculture 

(3) 

Department of 

Commerce 

(4) 

Department of 

Defense, 

military 

(5) 

 Depart- 

 ment of 

Education

 (6) 

 Depart- 

 ment of 

 Energy 

 (7) 

 Depart- 

 ment of 

 Health 

 and 

 Human 

 Services 

 (8) 

 Depart- 

 ment of 

 Home- 

 land 

 Security 

 (9) 

Department of 

Housing 

and 

Urban 

Development 

(10) 

 Depart- 

 ment of 

 the 

 Interior 

 (11) 

Department of 

Justice 

(12) 

 Depart- 

 ment of 

 Labor 

 (13) 

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

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

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

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

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

2021 – Est1 ............... 5,545 8,668 132,362 15,523 696,928 82,878 30,810 1,287,078 62,006 48,830 14,894 38,288 38,454

2022 – Est1 ............... 5,551 8,784 124,038 11,323 726,760 72,501 28,418 1,287,964 56,449 47,642 15,344 37,394 37,290

2020 - Mar ................ 455 701 11,229 1,200 57,855 6,366 2,876 73,527 4,776 4,452 1,495 3,534 5,649

Apr ................ 384 668 10,304 1,478 55,280 5,806 2,662 250,008 5,487 4,093 2,120 5,645 49,520

May ............... 443 776 12,511 1,202 58,453 8,862 2,690 128,708 6,031 4,797 1,162 2,817 93,869

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

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

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

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

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

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

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

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

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

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

Fiscal year 2021 to date. 2,671 4,140 117,348 8,097 363,425 52,095 17,222 717,848 46,467 22,267 7,350 18,396 212,865

Fiscal year 

or month 

Department of 

State 

(14) 

Department of 

Transportation 

(15) 

Department 

of the 

Treasury, 

interest on 

Treasury 

debt 

securities 

(gross) 

(16) 

Department 

of the 

Treasury, 

other 

(17) 

Department of 

Veterans 

Affairs 

(18) 

Corps of 

Engineers 

(19) 

Other 

Defense, 

civil 

programs 

(20) 

Environmental 

Protection 

Agency 

(21) 

Executive 

Office 

of the 

President 

(22) 

General 

Services 

Administration 

(23) 

International 

Assistance 

Program 

(24) 

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

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

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

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

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

2021 – Est1 ............... 25,295 86,561 618,226 108,678 217,506 5,785 62,851 7,028 409 107,034 26,135 

2022 – Est1 ............... 24,578 87,517 662,889 101,095 234,214 7,922 64,839 6,879 410 106,973 21,875 

2020 - Mar ................ 2,760 6,272 40,471 22,626 7,294 795 515 690 33 -3 5,373

Apr ................ 2,858 7,481 41,004 392,098 18,618 1,089 5,014 638 31 -128 2,499 

May ............... 1,658 9,839 26,503 71,967 19,491 326 5,875 753 44 -226 1,205 

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

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

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

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

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

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

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

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

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

Mar................ 4,019 6,942 36,639 372,930 20,093 605 5,186 632 30 73 2,493

Fiscal year 2021 to date. 16,069 47,575 228,632 631,478 115,066 4,357 34,224 4,015 208 -468 12,371

See footnotes at end of table 
22

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

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

Undistributed offsetting receipts 

Fiscal year 

or month 

National 

Aeronautics

and 

Space 

Administration 

(25) 

National 

Science 

Foundation 

(26) 

Office of 

Personnel 

Management 

(27) 

Small 

Business 

Administration 

(28) 

Social 

Security 

Administration 

(29) 

Independent 

agencies 

(30) 

Employer 

share, 

employee 

retirement 

(31) 

Interest 

received 

by trust 

funds 

(32) 

Rents 

and 

royalties 

on the 

Outer 

Continental Shelf 

lands 

(33) 

Other 

(34) 

Total outlays 

Onbudget 

(35) 

 Offbudget 

 (36) 

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

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

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

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

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

2021 – Est1........ 23,289 7,394 - 796 1,156,311 20,057 -102,699 -143,957 -5,327 -5,629 3,714,389 962,568 

2022 – Est1........ 22,922 7,723 - 682 1,215,870 21,935 -96,661 -143,481 -5,275 -1,003 3,828,794 1,020,243

2020 - Mar......... 1,864 538 8,988 -1,056 91,869 2,772 -6,760 -2,767 -631 - 266,410 89,344 

Apr......... 1,625 522 9,286 15,367 96,581 5,156 -6,810 -6,312 -188 - 900,847 79,038 

May ....... 1,862 541 7,815 10,844 97,130 1,531 -7,449 535 48 - 481,642 90,972 

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

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

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

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

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

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

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

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

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

Mar........ 2,178 571 9,362 86,532 99,121 -1,151 -7,329 -3,513 -639 - 835,553 91,653 

Fiscal year 

2021 to date ....... 11,353 3,309 53,251 183,667 589,381 8,432 -63,577 -53,121 -1,738 -4,476 2,915,662 494,532 

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

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

Budget on February 10, 2020.
23

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

Agency, March 2021 and Other Periods 

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

This fiscal year to date Prior fiscal year to date 

Classification 

General 

funds 

(1) 

Management, 

consolidated, 

revolving and 

special funds 

(2) 

Trust 

funds 

(3) 

 Total 

 funds 

 (4) 

 General 

 funds 

 (5) 

Management, 

consolidated, 

revolving and 

special funds 

(6) 

Trust 

funds 

(7) 

Total 

funds 

(8) 

Budget receipts: 

Individual income taxes............................................... 824,580 133 - 824,713 769,350 110 - 769,460

Corporation income taxes........................................... 104,379 - - 104,379 84,254 - - 84,254

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

Employment and general retirement (off-budget)... - - 472,430 472,430 - - 460,353 460,353

Employment and general retirement (on-budget)... 8 - 149,697 149,705 32 - 144,348 144,379

Unemployment insurance ....................................... -7 - 16,366 16,359 7 - 11,189 11,195

Other retirement...................................................... - - 2,758 2,758 - - 2,551 2,551

Excise taxes ................................................................ 7,761 793 21,945 30,499 9,376 616 29,982 39,974

Estate and gift taxes ................................................... 11,479 - - 11,479 9,789 - - 9,789

Customs duties ........................................................... 23,867 11,992 779 36,638 26,028 12,380 758 39,165

Miscellaneous receipts................................................ 45,391 9,244 355 54,990 33,897 8,011 488 42,396

Total receipts 1,017,457 22,162 664,330 1,703,949 932,732 21,117 649,667 1,603,516

(On-budget) 1,017,457 22,162 191,901 1,231,519 932,732 21,117 189,315 1,143,164

(Off-budget) - - 472,430 472,430 - - 460,353 460,353

Budget outlays:

Legislative branch ....................................................... 2,708 -21 -17 2,670 2,652 46 -3 2,694

Judicial branch ............................................................ 4,362 -42 -179 4,141 4,361 -13 -160 4,188

Department of Agriculture ........................................... 99,779 17,615 -47 117,346 60,406 28,251 -7 88,649

Department of Commerce........................................... 6,615 1,480 2 8,097 6,583 1,184 50 7,818

Department of Defense-military .................................. 360,643 2,605 177 363,426 345,623 2,425 130 348,178

Department of Education ............................................ 52,006 89 * 52,095 43,267 -115 * 43,152

Department of Energy................................................. 17,650 -428 * 17,222 17,160 -1,133 * 16,027

Department of Health and Human Services ............... 592,528 3,060 122,263 717,850 467,795 3,160 148,309 619,263

Department of Homeland Security.............................. 47,985 -1,631 112 46,467 30,018 -1,131 138 29,025

Department of Housing and Urban Development....... 22,830 47 -609 22,268 23,782 16 -235 23,562

Department of the Interior........................................... 6,618 514 203 7,335 6,525 529 170 7,224

Department of Justice ................................................. 16,474 1,969 -48 18,396 16,401 139 -33 16,507

Department of Labor................................................... 228,345 -662 -14,818 212,864 4,807 -3,251 17,466 19,022

Department of State.................................................... 15,591 109 368 16,069 14,804 747 194 15,745

Department of Transportation..................................... 41,689 73 5,812 47,574 4,935 73 34,209 39,216

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

Interest on Treasury Debt Securities (Gross)......... 228,632 - - 228,632 269,452 - - 269,452

Other ....................................................................... 632,870 -1,084 -309 631,478 115,602 -1,327 -103 114,172

Department of Veterans Affairs .................................. 116,954 -2,171 280 115,064 106,926 -2,395 305 104,836

Corps of Engineers ..................................................... 4,342 102 -87 4,357 3,600 134 634 4,368

Other defense civil programs...................................... 105,215 -4,335 -66,657 34,224 98,635 -5,277 -60,791 32,567

Environmental Protection Agency............................... 4,646 -134 -498 4,014 5,049 -9 -379 4,661

Executive Office of the President................................ 202 * 7 209 205 -1 -8 196

General Services Administration ................................ 97 -555 - -457 85 260 - 345

International Assistance Program............................... 13,783 -198 -1,245 12,340 14,995 -121 -2,531 12,342

National Aeronautics and Space Administration ........ 11,318 34 1 11,353 10,499 25 1 10,524

National Science Foundation...................................... 3,231 60 19 3,310 3,405 66 2 3,474

Office of Personnel Management ............................... 6,814 544 45,892 53,251 6,627 1,715 45,312 53,654

Small Business Administration ................................... 183,670 -2 - 183,668 -607 4 - -603

Social Security Administration .................................... 46,458 * 542,921 589,379 48,239 * 519,887 568,127

Other independent agencies....................................... 7,020 -1,595 3,005 8,429 7,380 978 6,115 14,474

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

Interest .................................................................... - - -53,122 -53,122 - - -66,275 -66,275

Other ....................................................................... -1,209 -9,136 -59,432 -69,777 -2,449 -8,236 -48,962 -59,647

 Total outlays......................................................... 2,279,868 6,310 523,994 3,410,172 1,736,762 16,742 593,434 2,346,937

(On-budget)..................................................... 2,879,601 8,649 27,390 2,915,640 1,736,495 17,345 122,196 1,876,036

(Off-budget)..................................................... 267 -2,339 496,604 494,532 267 -603 471,238 470,901

 Surplus or deficit (-).............................................. -1,862,144 15,851 140,336 -1,706,223 -804,030 4,375 56,234 -743,421

(On-budget)..................................................... -1,862,144 13,512 164,510 -1,684,121 -803,763 3,772 67,119 -732,872

(Off-budget)..................................................... -267 2,339 -24,174 -22,102 -267 603 -10,885 -10,549

-No Transactions

* Less than $500,000 

Note.—Detail may not add to totals due to rounding 
24

INTRODUCTION: Federal Debt 

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

most of the Federal debt, with securities issued by other 

Federal agencies accounting for the rest. Tables in this 

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

detailed information is published in the “Monthly Statement 

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

information on agency securities and on investments of 

Federal Government accounts in Federal securities is 

published in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.” 

Treasury’s Bureau of the Fiscal Service compiles data in 

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

“Monthly Statement of the Public Debt of the United 

States.” 

 Table FD-1 summarizes the Federal debt by listing

public debt and agency securities held by the public, 

including the Federal Reserve. It also includes debt held by 

Federal agencies, largely by the Social Security and other 

Federal retirement trust funds. The net unamortized 

premium and discount also are listed by total Federal 

securities, securities held by Government accounts and 

securities held by the public. The difference between the 

outstanding face value of the Federal debt and the net 

unamortized premium and discount is classified as the 

accrual amount. (For greater detail on holdings of Federal 

securities by particular classes of investors, see the 

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

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

and nonmarketable, the total public debt securities 

outstanding that are held by the public. 

 In table FD-3, nonmarketable Treasury securities

held by U.S. Government accounts are summarized by 

issues to particular funds within Government. Many of the 

funds invest in par value special series nonmarketables at 

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

of marketable securities. 

 Table FD-4 presents interest-bearing securities

issued by Government agencies. Federal agency borrowing 

has declined in recent years, in part because the Federal 

Financing Bank has provided financing to other Federal 

agencies. (Federal agency borrowing from Treasury is 

presented in the “Monthly Treasury Statement of Receipts 

and Outlays of the United States Government.”) 

 Table FD-5 illustrates the average length of

marketable interest-bearing public debt held by private 

investors and the maturity distribution of that debt. 

In March 1971, Congress enacted a limited exception to 

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

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

offer securities maturing in more than 7 years at current 

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

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

securities longer than 10 years to maturity. This exception 

has expanded since 1971, authorizing Treasury to continue 

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

was repealed on November 10, 1988. 

The volume of privately held Treasury marketable 

securities by maturity class reflects the remaining period to 

maturity of Treasury bills, notes and bonds. The average 

length is comprised of an average of remaining periods to 

maturity, weighted by the amount of each security held by 

private investors. In other words, computations of average 

length exclude Government accounts and the FRBs. 

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

outstanding debt subject to limitation by law. The other debt 

category includes Federal debt Congress has designated as 

being subject to the debt ceiling. 

 Table FD-7 details Treasury holdings of securities

issued by Government corporations and other agencies. 

Certain Federal agencies are authorized to borrow money 

from the Treasury, largely to finance direct loan programs. 

In addition, agencies such as the Bonneville Power 

Administration are authorized to borrow from the Treasury 

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

loans by selling Treasury securities to the public. 
25

TABLE FD-1—Summary of Federal Debt

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

End of fiscal 

year or month 

Amount outstanding 

Securities held by 

Government accounts The public 

Total 

(1) 

Public debt 

securities 

(2) 

Agency 

securities 

(3) 

Total 

(4) 

Public debt 

securities 

(5) 

Agency 

securities 

(6) 

Total 

(7) 

Public debt 

securities 

(8) 

Agency 

securities 

(9) 

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

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

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

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

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

2020 - Mar ..................... 23,244,893 23,223,813 21,080 5,995,035 5,995,035 - 17,249,858 17,228,778 21,080 

Apr ..................... 24,995,281 24,974,172 21,109 5,902,393 5,902,393 - 19,092,888 19,071,779 21,109 

May .................... 25,766,665 25,746,260 20,405 5,914,931 5,914,931 - 19,851,734 19,831,329 20,405 

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

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

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

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

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

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

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

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

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

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

End of fiscal 

year or month 

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

Amount 

outstanding 

face value 

(10) 

Net 

unamortized 

premium 

and discount 

 (11) 

Accrual 

 amount 

(12) 

Amount 

outstanding 

face value 

(13) 

Net 

unamortized 

premium 

and discount 

(14) 

Accrual 

amount 

(15) 

Amount 

outstanding 

face value 

(16) 

Net 

unamortized 

premium 

and discount 

(17) 

Accrual 

amount 

(18) 

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

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

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

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

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

2020 - Mar...................... 23,244,893 75,753 23,632,301 5,995,035 26,572 5,968,463 17,249,858 49,181 17,663,838 

Apr...................... 24,995,281 68,969 24,926,311 5,902,393 26,448 5,875,945 19,092,888 42,521 19,050,367 

May .................... 25,766,665 67,790 25,698,875 5,914,931 26,410 5,888,520 19,851,734 41,380 19,810,354 

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

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

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

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

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

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

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

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

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

Mar..................... 28,152,398 71,455 28,080,943 6,125,707 25,735 6,099,972 22,026,691 45,720 21,980,970 
26

Nonmarketable, continued

End of fiscal 

year or month 

U.S. savings 

securities 

(9) 

Depositary 

compensation 

securities 

(10) 

Foreign 

series 

(11) 

Government 

account series 

(12) 

State and local 

government 

series 

(13) 

Domestic 

series 

(14) 

Other 

(15) 

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

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

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

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

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

2020 - Mar................. 150,008 - 264 273,375 84,402 25,473 2,112

Apr................. 150,101 - 264 276,049 87,257 25,473 2,454

May ............... 150,083 - 264 282,214 88,608 80,724 2,432

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

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

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

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

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

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

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

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

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

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

TABLE FD-2—Debt Held by the Public

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

End of fiscal 

year or month 

Total public 

debt securities 

outstanding 

(1) 

Marketable 

Nonmarketable 

Total 

(8) 

Total 

(2) 

 Bills 

 (3) 

Notes 

(4) 

Bonds 

(5) 

Treasury 

inflationprotected 

securities 

(6) 

Floating 

rate 

 notes 

(7) 

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

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

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

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

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

2020 - Mar................. 17,674,771 17,139,137 2,657,089 10,084,217 2,424,353 1,524,472 449,006 535,634 

Apr................. 19,053,619 18,512,020 4,000,897 10,155,648 2,441,632 1,492,075 421,767 541,599 

May ............... 19,812,782 19,208,457 4,629,046 10,168,689 2,467,632 1,501,322 441,767 604,324 

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

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

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

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

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

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

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

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

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

Mar................ 21,986,939 21,365,900 4,667,846 11,590,088 3,000,423 1,581,333 526,210 621,038 
27

End of fiscal 

year or month 

Federal 

Old-Age and 

Survivors 

Insurance 

Trust Fund 

(10) 

Federal 

Savings 

and Loan 

Corporation, 

Resolution 

Fund 

(11) 

Federal 

Supplementary 

Medical 

Insurance 

Trust Fund 

(12) 

Highway 

Trust 

Fund 

(13) 

National 

Service Life 

Insurance 

Fund 

(14) 

Postal 

Service 

Fund 

(15) 

Railroad 

Retirement 

Account 

(16) 

Unemployment 

Trust 

Fund 

(17) 

Other 

(18) 

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

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

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

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

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

2020 - Mar............ 2,796,581 881 116,046 24,079 2,197 9,852 625 78,585 1,765,097

Apr............ 2,813,811 881 83,543 23,106 2,144 14,181 641 72,764 1,765,517

May .......... 2,802,004 881 92,743 18,823 2,096 13,214 436 104,546 1,771,971

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

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

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

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

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

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

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

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

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

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

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

TABLE FD-3—Government Account Series

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

End of fiscal 

year or month 

Total 

(1) 

Airport and 

Airway 

Trust Fund 

(2) 

Deposit 

Insurance 

Fund 

(3) 

Employees 

Life 

Insurance 

Fund 

(4) 

Exchange 

Stabilization 

Fund 

(5) 

Federal 

Disability 

Insurance 

Trust Fund 

(6) 

Federal 

employees 

retirement 

funds 

(7) 

Federal 

Hospital 

Insurance 

Trust Fund 

(8) 

Federal 

Housing 

Administration 

(9) 

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

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

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

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

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

2020 - Mar......... 6,261,804 15,947 106,056 48,475 22,688 93,627 938,641 189,079 53,348 

Apr......... 6,173,018 15,617 105,526 48,490 12,689 96,229 934,058 129,922 53,899 

May ....... 6,192,110 12,151 104,432 48,551 11,171 95,208 930,731 128,684 54,468 

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

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

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

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

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

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

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

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

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

Mar........ 6,420,855 17,082 112,485 49,759 11,159 97,106 963,956 120,954 73,230 
28

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

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

End of fiscal 

year or month 

Total 

outstanding 

(1) 

Department of 

Housing and 

Urban 

Development 

Federal Housing 

Administration 

(2) 

Architect 

of the 

Capitol 

(3) 

Other 

independent 

Tennessee 

Valley Authority 

(4) 

National Archives 

and Records 

Administration 

(5) 

Other/Federal 

Communications 

Commission 

(6) 

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

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

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

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

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

2020 - Mar................... 21,184 19 63 21,102 * * 

Apr................... 21,109 19 64 21,027 * * 

May ................. 20,405 19 64 20,322 * * 

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

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

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

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

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

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

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

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

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

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

Note—Detail may not add to totals due to rounding. * Less than $500,000. 
29

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

Interest-Bearing Public Debt Held by Private Investors

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

End of fiscal 

year or month 

Amount 

outstanding 

privately held 

(1) 

Maturity classes 

Within

1 year 

(2) 

1-5 

years 

(3) 

5-10 

years 

(4) 

10-20

years 

(5) 

 20 years 

 or more 

 (6) 

Average length 

(months) 

(7) 

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

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

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

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

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

2020 - Mar...................... 13,886,350 4,160,444 5,690,478 2,437,426 132,608 1,465,394 65 

Apr...................... 14,548,307 5,389,092 5,363,115 2,288,900 125,449 1,381,751 58 

May..................... 15,017,875 5,985,793 5,307,002 2,224,677 129,382 1,371,021 56 

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

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

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

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

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

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

Dec ..................... 16,279,260 6,356,589 5,716,708 2,454,885 317,935 1,433,143 58 

2021 - Jan ...................... 16,144,933 6,367,936 5,599,900 2,415,636 315,069 1,446,391 58

Feb ..................... 16,228,298 6,279,612 5,728,953 2,422,721 351,910 1,445,103 59 

Mar ..................... 16,430,927 6,094,404 5,923,038 2,560,765 395,746 1,456,974 60 

Note—Detail may not add to totals due to rounding. 
30

TABLE FD-6—Debt Subject to Statutory Limit

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

End of fiscal 

year or month 

Statutory debt 

limit 

(1) 

Debt subject to limit Securities outstanding Securities 

 not subject 

 to limit 

 (7) 

Total 

(2) 

Public debt 

(3) 

Other debt 1 

(4) 

Public debt 

(5) 

Other debt 

(6) 

2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989

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

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

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

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

2020 – Mar............................. - 23,654,178 23,654,178 - 23,686,871 - 32,693

 Apr.............................. - 24,944,144 24,944,144 - 24,974,172 - 30,028

May............................. - 25,716,563 25,716,563 - 25,746,260 - 29,697

June............................ - 26,450,464 26,450,464 - 26,477,241 - 26,777

July ............................. - 26,500,106 26,500,106 - 26,524,953 - 24,847

Aug ............................. - 26,702,456 26,702,456 - 26,728,836 - 26,380

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

Oct.............................. - 27,420,529 27,420,529 - 27,446,288 - 25,759

Nov ............................. - 27,109,188 27,109,188 - 27,135,477 - 26,288

Dec ............................. - 27,721,341 27,721,341 - 27,747,798 - 26,457

2021 – Jan ............................. - 27,757,191 27,757,191 - 27,784,553 - 27,362

Feb ............................. - 27,871,301 27,871,301 - 27,902,364 - 31,063

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

(1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act, 2019, Public law 

116-37, the Statutory Debt Limit was suspended through July 31, 2021.
31

TABLE FD-7—Treasury Holdings of Securities Issued 

by Government Corporations and Other Agencies

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

End of fiscal 

year or month 

Total 

(1) 

Department of Agriculture 

Farm-Service 

Agency 

(2) 

Rural Utilities 

Service 

(3) 

Rural Housing 

and Community 

Development 

Service 

(4) 

Rural Business 

and Cooperative 

Development 

Service 

(5) 

Foreign 

Agricultural 

Service 

(6) 

2016 ....................................... 1,389,173 25,620 24,585 24,130 654 636

2017 ....................................... 1,442,633 19,810 21,940 26,992 645 601

2018 ....................................... 1,512,469 23,005 19,325 26,797 583 453

2019 ....................................... 1,570,919 39,017 21,473 29,605 660 432

2020 ....................................... 1,813,390 43,575 21,396 30,483 637 363

2020 - Mar.............................. 1,670,273 35,200 20,267 30,021 554 432

Apr.............................. 1,707,721 34,967 20,403 29,145 559 432

May ............................ 1,826,820 41,370 20,513 29,308 560 432

June ........................... 1,917,615 41,707 20,689 29,438 568 432

July............................. 1,916,562 26,972 20,689 29,438 568 432

Aug............................. 1,915,906 29,683 21,271 29,936 612 363

Sept............................ 1,813,390 43,575 21,396 30,483 637 363

Oct.............................. 1,843,219 28,117 21,504 30,668 636 363

Nov............................. 1,862,833 34,099 21,598 30,963 642 363

Dec............................. 1,859,398 28,781 21,756 31,298 648 363

2021 - Jan .............................. 1,817,313 29,585 21,881 31,417 651 363

Feb ............................. 1,823,065 29,428 21,698 31,569 653 363

Mar............................. 1,840,824 27,661 20,095 28,819 571 363

Department 

of Energy 

Department of Housing 

and Urban Development 

Department 

of the Treasury 

End of fiscal 

year or month 

Department of 

Education 

(7) 

Bonneville Power 

Administration 

(8) 

Federal Housing 

Administration 

(9) 

Other Housing 

programs 

(10) 

Federal 

Financing Bank 

(11) 

2016 ....................................... 1,126,370 4,759 30,318 128 59,043

2017 ....................................... 1,178,495 5,009 27,954 128 61,270

2018 ....................................... 1,258,499 5,531 24,709 134 61,584

2019 ....................................... 1,287,510 5,280 30,386 24 63,751

2020 ....................................... 1,249,871 5,649 44,722 30 71,373

2020 - Mar ............................. 1,368,364 5,530 44,722 25 66,520

Apr ............................. 1,376,702 5,770 44,722 25 70,921

May ............................ 1,376,702 5,820 44,722 25 71,430

June ........................... 1,306,769 5,870 44,722 25 72,370

July............................. 1,327,515 5,842 44,722 25 72,308

Aug............................. 1,327,500 5,887 51,817 23 72,178

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

Oct ............................. 1,292,454 5,649 51,817 30 71,974

Nov............................. 1,292,456 5,640 51,817 30 72,681

Dec............................. 1,292,020 5,643 51,817 30 72,366

2021 - Jan.............................. 1,310,294 5,580 51,817 36 72,547

Feb............................. 1,310,294 5,530 51,817 36 72,875

Mar............................. 1,326,753 5,552 51,817 36 71,477
32

TABLE FD-7—Treasury Holdings of Securities Issued by Government 

Corporations and Other Agencies, continued 

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

End of fiscal 

year or month 

Export-Import 

Bank of the 

United States 

(12) 

Railroad 

Retirement 

Board 

(13) 

Small Business 

Administration 

(14) 

Other 

(15) 

2016 ...................................... 25,022 3,577 8,020 56,308

2017 ...................................... 24,645 3,712 7,693 63,739

2018 ...................................... 20,213 3,725 11,212 56,699

2019 ...................................... 16,946 3,934 11,810 60,091

2020 ...................................... 15,388 4,384 176,174 149,345

2020 - Mar............................. 16,946 6,086 13,437 62,169

Apr............................. 16,946 6,475 38,074 62,580

May ........................... 16,946 6,870 68,084 144,038

June .......................... 16,946 3,021 218,115 156,943

July............................ 16,946 3,490 218,115 149,500

Aug............................ 15,388 3,903 218,149 139,196

Sept........................... 15,388 4,384 176,174 149,345

Oct............................. 15,389 4,852 176,174 143,592

Nov............................ 15,390 5,745 188,096 143,313

Dec............................ 15,389 5,271 188,096 145,920

2021 - Jan ............................. 15,390 6,222 188,096 83,434

Feb ............................ 15,390 6,611 192,965 83,836

Mar............................ 15,390 7,001 192,965 92,324

Note—Detail may not add to totals due to rounding. 
33

 INTRODUCTION: Bureau of the Fiscal Service Operations 

Chapter 31 of Title 31 of the United States Code allows 

the Secretary of Treasury to borrow money by issuing 

Treasury securities. The Secretary determines the terms and 

conditions of issue, conversion, maturity, payment, and 

interest rate. New issues of Treasury notes mature in 2 to 10 

years. Bonds mature in more than 10 years from the issue 

date. Each outstanding marketable security is listed in the 

“Monthly Statement of the Public Debt of the United States.” 

The information in this section of the “Treasury Bulletin” 

pertains only to marketable Treasury securities. 

The Bureau of the Fiscal Service is a new bureau within 

the Treasury Department, formed on October 7, 2012, from 

the consolidation of the Financial Management Service and 

the Bureau of the Public Debt. Our mission is to promote the 

financial integrity and operational efficiency of the U.S. 

government through exceptional accounting, financing, 

collections, payments, and shared services. As one bureau, 

the organization is better positioned to help transform 

financial management and the delivery of shared services in 

the federal government. The bureau will be a valued partner 

for agencies as they work to strengthen their own financial 

management or as they look for a quality service provider 

who can allow them to focus on their missions. 

Table PDO-1 presents the results of weekly auctions of 4-, 

13-, and 26-week bills. Treasury bills mature each Thursday. 

Issues of 4- and 13-week bills are reopenings of 26-week 

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

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

on both competitive and noncompetitive basis. 

To encourage the participation of individuals and smaller 

institutions, Treasury accepts noncompetitive tenders of up to 

$5 million in each auction of securities. 

Table PDO-2 lists the results of auctions of marketable 

securities, other than weekly bills, in chronological order over 

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

presented. 

Note: On July 31, 2013, Treasury published amendments 

to its marketable securities auction rules to accommodate the 

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

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

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

week Treasury bill auction High Rate, which is the highest 

accepted discount rate in a Treasury bill auction. FRNs will 

pay interest quarterly. 

TREASURY FINANCING: JANUARY - MARCH 

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

JANUARY 

Auction of 105-Day Cash Management Bills 

On December 29, 2020, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

January 5 and will mature April 20. Treasury auctioned the bills on December 30. Tenders totaled $88,820 million; 

Treasury accepted $25,000 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 154-Day Cash Management Bills 

On December 29, 2020, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

January 5 and will mature June 8. Treasury auctioned the bills on December 30. Tenders totaled $105,513 million; 

Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 42-Day Cash Management Bills 

On December 31, 2020, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

January 7 and matured February 18. Treasury auctioned the bills on January 5. Tenders totaled $93,822 million; 

Treasury accepted $30,001 million, including $21 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 
34

Auction of 119-Day Cash Management Bills 

On December 31, 2020, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

January 7 and will mature May 6. Treasury auctioned the bills on January 5. Tenders totaled $117,832 million; 

Treasury accepted $30,000 million, including $13 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 

Auction of 105-Day Cash Management Bills 

On January 5, 2021, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

January 12 and will mature April 27. Treasury auctioned the bills on January 6. Tenders totaled $93,159 million; 

Treasury accepted $25,002 million, including $1 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 154-Day Cash Management Bills 

On January 5, 2021, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

January 12 and will mature June 15. Treasury auctioned the bills on January 6. Tenders totaled $107,059 million; 

Treasury accepted $30,001 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 3-Year Notes 

On January 7, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund 

$56,397 million of securities maturing January 15 and to raise new cash of approximately $63,603 million. 

The 3-year notes of Series AJ-2024 were dated and issued January 15. They are due January 15, 2024, with interest 

payable on July 15 and January 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which 

tenders were accepted on a yield auction basis. 

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

1:00 p.m. ET for competitive tenders on January 11. Tenders totaled $146,186 million; Treasury accepted $58,000 

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.234 

percent with an equivalent price of $99.674335. Treasury accepted in full all competitive tenders at yields lower than 

0.234 percent. Tenders at the high yield were allotted 76.12 percent. The median yield was 0.210 percent, and the low 

yield was 0.120 percent. Noncompetitive tenders totaled $24 million. Competitive tenders accepted from private 

investors totaled $57,876 million. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $5,831 million 

from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and 

Principal Securities (STRIPS) of notes of Series AJ-2024 is $100. 

Auction of 42-Day Cash Management Bills 

On January 7, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

January 14 and matured February 25. Treasury auctioned the bills on January 12. Tenders totaled $95,405 million; 

Treasury accepted $30,000 million, including $36 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 

Auction of 119-Day Cash Management Bills 

On January 7, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

January 14 and will mature May 13. Treasury auctioned the bills on January 12. Tenders totaled $108,207 million; 

Treasury accepted $30,002 million, including $20 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 
35

Auction of 9-Year 10-Month 0-7/8 Percent Notes 

On January 7, 2021, Treasury announced it would auction $38,000 million of 9-year 10-month 0-7/8 percent notes. 

The issue was to refund $56,397 million of securities maturing January 15 and to raise new cash of approximately 

$63,603 million. 

The 9-year 10-month 0-7/8 percent notes of Series F-2030 were dated November 15 and issued January 15. They 

are due November 15, 2030, with interest payable on May 15 and November 15 until maturity. 

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

for competitive tenders on January 12. Tenders totaled $93,706 million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.164 percent with an 

equivalent price of $97.321944. Treasury accepted in full all competitive tenders at yields lower than 1.164 percent. 

Tenders at the high yield were allotted 89.00 percent. The median yield was 1.120 percent, and the low yield was 0.961 

percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled 

$37,992 million. Accrued interest of $1.47445 per $1,000 must be paid for the period from November 15 to January 15. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $3,820 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2030 is $100. 

Auction of 29-Year 10-Month 1-5/8 Percent Bonds 

On January 7, 2021, Treasury announced it would auction $24,000 million of 29-year 10-month 1-5/8 percent 

bonds. The issue was to refund $56,397 million of securities maturing January 15 and to raise new cash of 

approximately $63,603 million. 

The 29-year 10-month 1-5/8 percent bonds of November 2050 were dated November 15 and issued January 15. 

They are due November 15, 2050, with interest payable on May 15 and November 15 until maturity. 

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

for competitive tenders on January 13. Tenders totaled $59,328 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.825 percent with an 

equivalent price of $95.413195. Treasury accepted in full all competitive tenders at yields lower than 1.825 percent. 

Tenders at the high yield were allotted 79.27 percent. The median yield was 1.790 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$23,997 million. Accrued interest of $2.73826 per $1,000 must be paid for the period from November 15 to January 15. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,413 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2050 is 

$100. 

Auction of 105-Day Cash Management Bills 

On January 12, 2021, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

January 19 and will mature May 4. Treasury auctioned the bills on January 13. Tenders totaled $96,084 million; 

Treasury accepted $25,001 million, including $6 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 154-Day Cash Management Bills 

On January 12, 2021, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

January 19 and will mature June 22. Treasury auctioned the bills on January 13. Tenders totaled $108,499 million; 

Treasury accepted $30,001 million, including $1 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 42-Day Cash Management Bills 

On January 14, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

January 21 and matured March 4. Treasury auctioned the bills on January 19. Tenders totaled $100,129 million; 

Treasury accepted $30,002 million, including $30 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 
36

Auction of 119-Day Cash Management Bills 

On January 14, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

January 21 and will mature May 20. Treasury auctioned the bills on January 19. Tenders totaled $113,265 million; 

Treasury accepted $30,000 million, including $4 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

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

On January 14, 2021, Treasury announced it would auction $15,000 million of 10-year TIPS. The issue was to raise 

new cash of approximately $15,000 million. 

The 10-year TIPS of Series A-2031 were dated January 15 and issued January 29. They are due January 15, 2031, 

with interest payable on July 15 and January 15 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on January 21. Tenders totaled $40,251 million; Treasury accepted $15,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.987 percent with an 

equivalent adjusted price of $111.638729. Treasury accepted in full all competitive tenders at yields lower than -0.987 

percent. Tenders at the high yield were allotted 17.54 percent. The median yield was -1.030 percent, and the low yield 

was -1.077 percent. Noncompetitive tenders totaled $46 million. Competitive tenders accepted from private investors 

totaled $14,954 million. Adjusted accrued interest of $0.04833 per $1,000 must be paid for the period from January 15 

to January 29. Both the unadjusted price of $111.669997 and the unadjusted accrued interest of $0.04834 were adjusted 

by an index ratio of 0.99972, for the period from January 15 to January 29. The minimum par amount required for 

STRIPS of TIPS of Series A-2031 is $100. 

Auction of 105-Day Cash Management Bills 

On January 19, 2021, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

January 26 and will mature May 11. Treasury auctioned the bills on January 20. Tenders totaled $105,143 million; 

Treasury accepted $25,001 million, including $8 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.085 percent. 

Auction of 154-Day Cash Management Bills 

On January 19, 2021, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

January 26 and will mature June 29. Treasury auctioned the bills on January 20. Tenders totaled $108,768 million; 

Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.090 percent. 

Auction of 42-Day Cash Management Bills 

On January 21, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

January 28 and matured March 11. Treasury auctioned the bills on January 26. Tenders totaled $118,350 million; 

Treasury accepted $30,002 million, including $24 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.070 percent. 

Auction of 119-Day Cash Management Bills 

On January 21, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

January 28 and will mature May 27. Treasury auctioned the bills on January 26. Tenders totaled $118,362 million; 

Treasury accepted $30,000 million, including $25 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.075 percent. 
37

Auction of 52-Week Bills 

On January 21, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued January 28 and will mature January 27, 2022. The issue was to refund $208,192 million of all maturing bills and 

to pay down approximately $9,192 million. Treasury auctioned the bills on January 26. Tenders totaled $133,141 

million; Treasury accepted $34,000 million, including $290 million of noncompetitive tenders from the public. The 

high bank discount rate was 0.090 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,636 million 

from FRBs for their own accounts. 

FEBRUARY 

Auction of 19-Year 10-Month 1-3/8 Percent Bonds 

On January 14, 2021, Treasury announced it would auction $24,000 million of 19-year 10-month 1-3/8 percent 

bonds. The issue was to refund $128,869 million of securities maturing January 31 and to raise new cash of 

approximately $106,131 million. 

The 19-year 10-month 1-3/8 percent bonds of November 2040 were dated November 15 and issued February 1. 

They are due November 15, 2040, 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 20. Tenders totaled $54,698 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.657 percent with an 

equivalent price of $95.258107. Treasury accepted in full all competitive tenders at yields lower than 1.657 percent. 

Tenders at the high yield were allotted 82.12 percent. The median yield was 1.600 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$23,997 million. Accrued interest of $2.96271 per $1,000 must be paid for the period from November 15 to February 1. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,244 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2040 is 

$100. 

Auction of 2-Year Notes 

On January 21, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to 

refund $128,869 million of securities maturing January 31 and to raise new cash of approximately $106,131 million. 

The 2-year notes of Series AV-2023 were dated January 31 and issued February 1. They are due January 31, 2023, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on January 25. Tenders totaled $160,080 million; Treasury accepted $60,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.125 percent with an 

equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 0.125 percent. 

Tenders at the high yield were allotted 31.78 percent. The median yield was 0.099 percent, and the low yield was 0.025 

percent. Noncompetitive tenders totaled $106 million. Competitive tenders accepted from private investors totaled 

$59,789 million. Accrued interest of $0.00345 per $1,000 must be paid for the period from January 31 to February 1. 

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $8,109 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AV-2023 is $100. 

Auction of 5-Year Notes 

On January 21, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to 

refund $128,869 million of securities maturing January 31 and to raise new cash of approximately $106,131 million. 

The 5-year notes of Series U-2026 were dated January 31 and issued February 1. They are due January 31, 2026, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 0-3/8 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on January 26. Tenders totaled $142,894 million; Treasury accepted $61,000 million. All 
38

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.424 percent with an 

equivalent price of $99.757963. Treasury accepted in full all competitive tenders at yields lower than 0.424 percent. 

Tenders at the high yield were allotted 18.38 percent. The median yield was 0.375 percent, and the low yield was 0.300 

percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled 

$60,971 million. Accrued interest of $0.01036 per $1,000 must be paid for the period from January 31 to February 1. 

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $8,245 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series U-2026 is $100. 

Auction of 7-Year Notes 

On January 21, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to 

refund $128,869 million of securities maturing January 31 and to raise new cash of approximately $106,131 million. 

The 7-year notes of Series G-2028 were dated January 31 and issued February 1. They are due January 31, 2028, 

with interest payable on July 31 and January 31 until maturity. Treasury set an interest rate of 0-3/4 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on January 28. Tenders totaled $142,904 million; Treasury accepted $62,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.754 percent with an 

equivalent price of $99.972779. Treasury accepted in full all competitive tenders at yields lower than 0.754 percent. 

Tenders at the high yield were allotted 51.45 percent. The median yield was 0.703 percent, and the low yield was 0.600 

percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled 

$61,994 million. Accrued interest of $0.02072 per $1,000 must be paid for the period from January 31 to February 1. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $8,380 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series G-2028 is $100. 

Auction of 2-Year Floating Rate Notes (FRNs) 

On January 21, 2021, Treasury announced it would auction $28,000 million of 2-year FRNs. The issue was to 

refund $128,869 million of securities maturing January 31 and to raise new cash of approximately $106,131 million. 

The 2-year FRNs of Series AW-2023 were dated January 31 and issued February 1. They are due January 31, 2023, 

with interest payable on April 30, July 31, October 31, and January 31 until maturity. Treasury set a spread of 0.049 

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

Treasury received tenders for the FRNs before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET 

for competitive tenders on January 27. Tenders totaled $78,991 million; Treasury accepted $28,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.049 percent 

with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.049 percent. Tenders at the high discount margin were allotted 33.17 percent. The median discount margin was 

0.040 percent, and the low discount margin was 0.020 percent. Noncompetitive tenders totaled $25 million. 

Competitive tenders accepted from private investors totaled $27,975 million. Accrued interest of $0.000358378 per 

$100 must be paid for the period from January 31 to February 1. 

In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $3,784 million 

from FRBs for their own accounts. 

Auction of 105-Day Cash Management Bills 

On January 26, 2021, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

February 2 and will mature May 18. Treasury auctioned the bills on January 27. Tenders totaled $101,731 million; 

Treasury accepted $25,001 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.075 percent. 

Auction of 154-Day Cash Management Bills 

On January 26, 2021, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

February 2 and will mature July 6. Treasury auctioned the bills on January 27. Tenders totaled $107,574 million; 

Treasury accepted $30,001 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.080 percent. 
39

Auction of 42-Day Cash Management Bills 

On January 28, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

February 4 and matured March 18. Treasury auctioned the bills on February 2. Tenders totaled $121,396 million; 

Treasury accepted $30,002 million, including $14 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.050 percent. 

Auction of 119-Day Cash Management Bills 

On January 28, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

February 4 and will mature June 3. Treasury auctioned the bills on February 2. Tenders totaled $119,190 million; 

Treasury accepted $30,000 million, including $18 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.060 percent. 

Auction of 105-Day Cash Management Bills 

On February 2, 2021, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

February 9 and will mature May 25. Treasury auctioned the bills on February 3. Tenders totaled $96,125 million; 

Treasury accepted $25,001 million, including $3 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 154-Day Cash Management Bills 

On February 2, 2021, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

February 9 and will mature July 13. Treasury auctioned the bills on February 3. Tenders totaled $106,966 million; 

Treasury accepted $30,000 million, including $1 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

February Quarterly Financing 

On Feb 3, 2021, Treasury announced it would auction $58,000 million of 3-year notes, $41,000 million of 10-year 

notes, and $27,000 million of 30-year bonds to refund $62,864 million of securities maturing February 15, 2021 and to 

raise new cash of approximately $63,136 million. 

The 3-year notes of Series AK-2024 were dated February 15 and issued February 16. They are due February 15, 

2024, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 0-1/8 percent 

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

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

for competitive tenders on February 9. Tenders totaled $138,685 million; Treasury accepted $58,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.196 percent with an 

equivalent price of $99.787923. Treasury accepted in full all competitive tenders at yields lower than 0.196 percent. 

Tenders at the high yield were allotted 11.36 percent. The median yield was 0.165 percent, and the low yield was 0.090 

percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors totaled 

$57,858 million. Accrued interest of $0.00345 per $1,000 must be paid for the period from February 15 to February 16. 

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $21,041 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AK-2024 is $100. 

The 10-year notes of Series B-2031 were dated February 15 and issued February 16. They are due February 15, 

2031, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 1-1/8 percent 

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

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

for competitive tenders on February 10. Tenders totaled $96,985 million; Treasury accepted $41,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.155 percent with an 

equivalent price of $99.717501. Treasury accepted in full all competitive tenders at yields lower than 1.155 percent. 

Tenders at the high yield were allotted 32.14 percent. The median yield was 1.105 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors totaled 

$40,977 million. Accrued interest of $0.03108 per $1,000 must be paid for the period from February 15 to February 16. 
40

In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $14,874 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2031 is $100. 

The 30-year bonds of February 2051 were dated February 15 and issued February 16. They are due February 15, 

2051, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 1-7/8 percent 

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

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

for competitive tenders on February 11. Tenders totaled $58,761 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.933 percent with an 

equivalent price of $98.684360. Treasury accepted in full all competitive tenders at yields lower than 1.933 percent. 

Tenders at the high yield were allotted 48.16 percent. The median yield was 1.870 percent, and the low yield was 1.820 

percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled 

$26,989 million. Accrued interest of $0.05180 per $1,000 must be paid for the period from February 15 to February 16. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $9,795 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2051 is $100. 

Auction of 42-Day Cash Management Bills 

On February 4, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

February 11 and matured March 25. Treasury auctioned the bills on February 9. Tenders totaled $103,009 million; 

Treasury accepted $30,001 million, including $8 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.035 percent. 

Auction of 119-Day Cash Management Bills 

On February 4, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

February 11 and will mature June 10. Treasury auctioned the bills on February 9. Tenders totaled $114,038 million; 

Treasury accepted $30,002 million, including $11 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.040 percent. 

Auction of 105-Day Cash Management Bills 

On February 9, 2021, Treasury announced it would auction $25,000 million of 105-day bills. They were issued 

February 16 and will mature June 1. Treasury auctioned the bills on February 10. Tenders totaled $90,207 million; 

Treasury accepted $25,000 million, including $1 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.045 percent. 

Auction of 154-Day Cash Management Bills 

On February 9, 2021, Treasury announced it would auction $30,000 million of 154-day bills. They were issued 

February 16 and will mature July 20. Treasury auctioned the bills on February 10. Tenders totaled $96,951 million; 

Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.055 percent. 

Auction of 42-Day Cash Management Bills 

On February 11, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

February 18 and matured April 1. Treasury auctioned the bills on February 16. Tenders totaled $93,102 million; 

Treasury accepted $30,000 million, including $14 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.040 percent. 

Auction of 119-Day Cash Management Bills 

On February 11, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

February 18 and will mature June 17. Treasury auctioned the bills on February 16. Tenders totaled $97,145 million; 

Treasury accepted $30,000 million, including $9 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.050 percent. 
41

Auction of 30-Year TIPS 

On February 11, 2021, Treasury announced it would auction $9,000 million of 30-year TIPS. The issue was to raise 

new cash of approximately $35,000 million. 

The 30-year TIPS of February 2051 were dated February 15 and issued February 26. They are due February 15, 

2051, with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 0-1/8 percent 

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

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

for competitive tenders on February 18. Tenders totaled $20,832 million; Treasury accepted $9,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.040 percent with an 

equivalent adjusted price of $105.014087. Treasury accepted in full all competitive tenders at yields lower than -0.040 

percent. Tenders at the high yield were allotted 24.42 percent. The median yield was -0.130 percent, and the low yield 

was -0.180 percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors 

totaled $8,977 million. Adjusted accrued interest of $0.03799 per $1,000 must be paid for the period from February 15 

to February 26. Both the unadjusted price of $104.975246 and the unadjusted accrued interest of $0.03798 were 

adjusted by an index ratio of 1.00037, for the period from February 15 to February 26. The minimum par amount 

required for STRIPS of TIPS of February 2051 is $100. 

Auction of 42-Day Cash Management Bills 

On February 18, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

February 25 and will mature April 8. Treasury auctioned the bills on February 23. Tenders totaled $97,209 million; 

Treasury accepted $30,001 million, including $6 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.025 percent. 

Auction of 52-Week Bills 

On February 18, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued February 25 and will mature February 24, 2022. The issue was to refund $209,918 million of all maturing bills 

and to pay down approximately $40,918 million. Treasury auctioned the bills on February 23. Tenders totaled 

$114,284 million; Treasury accepted $34,000 million, including $234 million of noncompetitive tenders from the 

public. The high bank discount rate was 0.070 percent. 

In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,772 million 

from FRBs for their own accounts. 

Auction of 1-Year 11-Month 0.049 Percent FRNs 

On February 18, 2021, Treasury announced it would auction $26,000 million of 1-year 11-month 0.049 percent 

FRNs. The issue was to raise new cash of approximately $35,000 million. 

The 1-year 11-month 0.049 percent FRNs of Series AW-2023 were dated January 31 and issued February 26. They 

are due January 31, 2023, 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 24. Tenders totaled $74,989 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.045 percent 

with an equivalent price of $100.007815. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.045 percent. Tenders at the high discount margin were allotted 65.92 percent. The median discount margin was 

0.038 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $13 million. 

Competitive tenders accepted from private investors totaled $25,987 million. Accrued interest of $0.006942115 per 

$100 must be paid for the period from January 31 to February 26. 

MARCH 

Auction of 20-Year Bonds 

On February 11, 2021, Treasury announced it would auction $27,000 million of 20-year bonds. The issue was to 

refund $70,907 million of securities maturing February 28 and to raise new cash of approximately $139,093 million. 
42

The 20-year bonds of February 2041 were dated February 15 and issued March 1. They are due February 15, 2041, 

with interest payable on August 15 and February 15 until maturity. Treasury set an interest rate of 1-7/8 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on February 17. Tenders totaled $58,001 million; Treasury accepted $27,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.920 percent with an 

equivalent price of $99.256119. Treasury accepted in full all competitive tenders at yields lower than 1.920 percent. 

Tenders at the high yield were allotted 12.69 percent. The median yield was 1.850 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled 

$26,997 million. Accrued interest of $0.72514 per $1,000 must be paid for the period from February 15 to March 1. 

In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $5,849 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2041 is $100. 

Auction of 2-Year Notes 

On February 18, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to 

refund $70,907 million of securities maturing February 28 and to raise new cash of approximately $139,093 million. 

The 2-year notes of Series AX-2023 were dated February 28 and issued March 1. They are due February 28, 2023, 

with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 0-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on February 23. Tenders totaled $146,313 million; Treasury accepted $60,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.119 percent with an 

equivalent price of $100.011965. Treasury accepted in full all competitive tenders at yields lower than 0.119 percent. 

Tenders at the high yield were allotted 58.77 percent. The median yield was 0.098 percent, and the low yield was 0.030 

percent. Noncompetitive tenders totaled $118 million. Competitive tenders accepted from private investors totaled 

$59,682 million. Accrued interest of $0.00340 per $1,000 must be paid for the period from February 28 to March 1. 

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $12,998 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AX-2023 is $100. 

Auction of 5-Year Notes 

On February 18, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to 

refund $70,907 million of securities maturing February 28 and to raise new cash of approximately $139,093 million. 

The 5-year notes of Series V-2026 were dated February 28 and issued March 1. They are due February 28, 2026, 

with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 0-1/2 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on February 24. Tenders totaled $136,346 million; Treasury accepted $61,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.621 percent with an 

equivalent price of $99.405518. Treasury accepted in full all competitive tenders at yields lower than 0.621 percent. 

Tenders at the high yield were allotted 93.49 percent. The median yield was 0.570 percent, and the low yield was 0.470 

percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors totaled 

$60,975 million. Accrued interest of $0.01359 per $1,000 must be paid for the period from February 28 to March 1. 

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $13,214 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series V-2026 is $100. 

Auction of 7-Year Notes 

On February 18, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to 

refund $70,907 million of securities maturing February 28 and to raise new cash of approximately $139,093 million. 

The 7-year notes of Series H-2028 were dated February 28 and issued March 1. They are due February 29, 2028, 

with interest payable on August 31 and February 28 until maturity. Treasury set an interest rate of 1-1/8 percent after 

determining which tenders were accepted on a yield auction basis. 

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

for competitive tenders on February 25. Tenders totaled $126,776 million; Treasury accepted $62,000 million. All 
43

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.195 percent with an 

equivalent price of $99.531432. Treasury accepted in full all competitive tenders at yields lower than 1.195 percent. 

Tenders at the high yield were allotted 25.19 percent. The median yield was 1.099 percent, and the low yield was 0.950 

percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled 

$61,990 million. Accrued interest of $0.03057 per $1,000 must be paid for the period from February 28 to March 1. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $13,431 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series H-2028 is $100. 

Auction of 119-Day Cash Management Bills 

On February 23, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued 

March 2 and will mature June 29. Treasury auctioned the bills on February 24. Tenders totaled $94,914 million; 

Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.045 percent. 

Auction of 42-Day Cash Management Bills 

On February 25, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued 

March 4 and will mature April 15. Treasury auctioned the bills on March 2. Tenders totaled $106,074 million; Treasury 

accepted $30,000 million, including $22 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.040 percent. 

Auction of 119-Day Cash Management Bills 

On March 2, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued March 

9 and will mature July 6. Treasury auctioned the bills on March 3. Tenders totaled $111,170 million; Treasury accepted 

$30,001 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 

0.050 percent. 

Auction of 42-Day Cash Management Bills 

On March 4, 2021, Treasury announced it would auction $30,000 million of 42-day bills. They were issued March 

11 and will mature April 22. Treasury auctioned the bills on March 9. Tenders totaled $112,366 million; Treasury 

accepted $30,001 million, including $14 million of noncompetitive tenders from the public. The high bank discount 

rate was 0.030 percent. 

Auction of 3-Year Notes 

On March 4, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund 

$20,564 million of securities maturing March 15 and to raise new cash of approximately $99,436 million. 

The 3-year notes of Series AL-2024 were dated and issued March 15. They are due March 15, 2024, with interest 

payable on September 15 and March 15 until maturity. Treasury set an interest rate of 0-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 

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

for competitive tenders on March 9. Tenders totaled $155,952 million; Treasury accepted $58,001 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.355 percent with an 

equivalent price of $99.686948. Treasury accepted in full all competitive tenders at yields lower than 0.355 percent. 

Tenders at the high yield were allotted 90.33 percent. The median yield was 0.319 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled 

$57,870 million. 

In addition to the $58,001 million of tenders accepted in the auction process, Treasury accepted $3,595 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AL-2024 is $100. 
44

Auction of 9-Year 11-Month 1-1/8 Percent Notes 

On March 4, 2021, Treasury announced it would auction $38,000 million of 9-year 11-month 1-1/8 percent notes. 

The issue was to refund $20,564 million of securities maturing March 15 and to raise new cash of approximately 

$99,436 million. 

The 9-year 11-month 1-1/8 percent notes of Series B-2031 were dated February 15 and issued March 15. They are 

due February 15, 2031, with interest payable on August 15 and February 15 until maturity. 

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

for competitive tenders on March 10. Tenders totaled $90,579 million; Treasury accepted $38,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.523 percent with an 

equivalent price of $96.346935. Treasury accepted in full all competitive tenders at yields lower than 1.523 percent. 

Tenders at the high yield were allotted 27.17 percent. The median yield was 1.467 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $34 million. Competitive tenders accepted from private investors totaled 

$37,966 million. Accrued interest of $0.87017 per $1,000 must be paid for the period from February 15 to March 15. 

In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $2,355 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2031 is $100. 

Auction of 29-Year 11-Month 1-7/8 Percent Bonds 

On March 4, 2021, Treasury announced it would auction $24,000 million of 29-year 11-month 1-7/8 percent bonds. 

The issue was to refund $20,564 million of securities maturing March 15 and to raise new cash of approximately 

$99,436 million. 

The 29-year 11-month 1-7/8 percent bonds of February 2051 were dated February 15 and issued March 15. They 

are due February 15, 2051, 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 11. Tenders totaled $54,807 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.295 percent with an 

equivalent price of $90.943237. Treasury accepted in full all competitive tenders at yields lower than 2.295 percent. 

Tenders at the high yield were allotted 37.36 percent. The median yield was 2.230 percent, and the low yield was 2.150 

percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled 

$23,994 million. Accrued interest of $1.45028 per $1,000 must be paid for the period from February 15 to March 15. 

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,487 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2051 is $100. 

Auction of 119-Day Cash Management Bills 

On March 9, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued March 

16 and will mature July 13. Treasury auctioned the bills on March 10. Tenders totaled $112,458 million; Treasury 

accepted $30,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.050 percent. 

Auction of 19-Year 11-Month 1-7/8 Percent Bonds 

On March 11, 2021, Treasury announced it would auction $24,000 million of 19-year 11-month 1-7/8 percent 

bonds. The issue was to refund $71,594 million of securities maturing March 31 and to raise new cash of 

approximately $148,406 million. 

The 19-year 11-month 1-7/8 percent bonds of February 2041 were dated February 15 and issued March 31. They 

are due February 15, 2041, 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 16. Tenders totaled $60,289 million; Treasury accepted $24,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.290 percent with an 

equivalent price of $93.400551. Treasury accepted in full all competitive tenders at yields lower than 2.290 percent. 

Tenders at the high yield were allotted 98.83 percent. The median yield was 2.240 percent, and the low yield was 0.880 

percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled 

$23,998 million. Accrued interest of $2.27901 per $1,000 must be paid for the period from February 15 to March 31. 
45

In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $4,310 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2041 is $100. 

Auction of 42-Day Cash Management Bills 

On March 11, 2021, Treasury announced it would auction $35,000 million of 42-day bills. They were issued March 

18 and will mature April 29. Treasury auctioned the bills on March 16. Tenders totaled $131,388 million; Treasury 

accepted $35,000 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.015 percent. 

Auction of 9-Year 10-Month 0-1/8 Percent TIPS 

On March 11, 2021, Treasury announced it would auction $13,000 million of 9-year 10-month 0-1/8 percent TIPS. 

The issue was to refund $71,594 million of securities maturing March 31 and to raise new cash of approximately 

$148,406 million. 

The 9-year 10-month 0-1/8 percent TIPS of Series A-2031 were dated January 15 and issued March 31. They are 

due January 15, 2031, with interest payable on July 15 and January 15 until maturity. 

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

for competitive tenders on March 18. Tenders totaled $31,520 million; Treasury accepted $13,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.580 percent with an 

equivalent adjusted price of $107.620948. Treasury accepted in full all competitive tenders at yields lower than -0.580 

percent. Tenders at the high yield were allotted 30.77 percent. The median yield was -0.630 percent, and the low yield 

was -0.880 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors 

totaled $12,981 million. Adjusted accrued interest of $0.26020 per $1,000 must be paid for the period from January 15 

to March 31. Both the unadjusted price of $107.114297 and the unadjusted accrued interest of $0.25898 were adjusted 

by an index ratio of 1.00473, for the period from January 15 to March 31. 

In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $2,334 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2031 is $100. 

Auction of 119-Day Cash Management Bills 

On March 16, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued 

March 23 and will mature July 20. Treasury auctioned the bills on March 17. Tenders totaled $119,875 million; 

Treasury accepted $35,000 million, including $4 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.040 percent. 

Auction of 42-Day Cash Management Bills 

On March 18, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued March 

25 and will mature May 6. Treasury auctioned the bills on March 23. Tenders totaled $126,551 million; Treasury 

accepted $40,000 million, including $6 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.010 percent. 

Auction of 52-Week Bills 

On March 18, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were 

issued March 25 and will mature March 24, 2022. The issue was to refund $210,987 million of all maturing bills and to 

pay down approximately $25,987 million. Treasury auctioned the bills on March 23. Tenders totaled $117,803 million; 

Treasury accepted $34,001 million, including $249 million of noncompetitive tenders from the public. The high bank 

discount rate was 0.070 percent. 

In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $1,209 million 

from FRBs for their own accounts. 
46

Auction of 1-Year 10-Month 0.049 Percent FRNs 

On March 18, 2021, Treasury announced it would auction $26,000 million of 1-year 10-month 0.049 percent FRNs. 

The issue was to raise new cash of approximately $26,000 million. 

The 1-year 10-month 0.049 percent FRNs of Series AW-2023 were dated January 31 and issued March 26. They 

are due January 31, 2023, 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 24. Tenders totaled $84,535 million; Treasury accepted $26,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.035 percent 

with an equivalent price of $100.026274. Treasury accepted in full all competitive tenders at discount margins lower 

than 0.035 percent. Tenders at the high discount margin were allotted 92.65 percent. The median discount margin was 

0.030 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $15 million. 

Competitive tenders accepted from private investors totaled $25,985 million. Accrued interest of $0.013447919 per 

$100 must be paid for the period from January 31 to March 26. 

Auction of 2-Year Notes 

On March 18, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund 

$71,594 million of securities maturing March 31 and to raise new cash of approximately $148,406 million. 

The 2-year notes of Series AY-2023 were dated and issued March 31. They are due March 31, 2023, with interest 

payable on September 30 and March 31 until maturity. Treasury set an interest rate of 0-1/8 percent after determining 

which tenders were accepted on a yield auction basis. 

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

for competitive tenders on March 23. Tenders totaled $152,548 million; Treasury accepted $60,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.152 percent with an 

equivalent price of $99.946102. Treasury accepted in full all competitive tenders at yields lower than 0.152 percent. 

Tenders at the high yield were allotted 47.89 percent. The median yield was 0.110 percent, and the low yield was 0.050 

percent. Noncompetitive tenders totaled $104 million. Competitive tenders accepted from private investors totaled 

$59,796 million. 

In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $10,774 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AY-2023 is $100. 

Auction of 5-Year Notes 

On March 18, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund 

$71,594 million of securities maturing March 31 and to raise new cash of approximately $148,406 million. 

The 5-year notes of Series W-2026 were dated and issued March 31. They are due March 31, 2026, with interest 

payable on September 30 and March 31 until maturity. Treasury set an interest rate of 0-3/4 percent after determining 

which tenders were accepted on a yield auction basis. 

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

for competitive tenders on March 24. Tenders totaled $144,044 million; Treasury accepted $61,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.850 percent with an 

equivalent price of $99.511492. Treasury accepted in full all competitive tenders at yields lower than 0.850 percent. 

Tenders at the high yield were allotted 64.83 percent. The median yield was 0.790 percent, and the low yield was 0.736 

percent. Noncompetitive tenders totaled $47 million. Competitive tenders accepted from private investors totaled 

$60,945 million. 

In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $10,954 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series W-2026 is $100. 

Auction of 7-Year Notes 

On March 18, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund 

$71,594 million of securities maturing March 31 and to raise new cash of approximately $148,406 million. 

The 7-year notes of Series J-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 1-1/4 percent after determining 

which tenders were accepted on a yield auction basis. 
47

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 25. Tenders totaled $138,473 million; Treasury accepted $62,000 million. All 

noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.300 percent with an 

equivalent price of $99.666487. Treasury accepted in full all competitive tenders at yields lower than 1.300 percent. 

Tenders at the high yield were allotted 40.90 percent. The median yield was 1.225 percent, and the low yield was 0.080 

percent. Noncompetitive tenders totaled $61 million. Competitive tenders accepted from private investors totaled 

$61,939 million. 

In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $11,133 million 

from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series J-2028 is $100. 

Auction of 119-Day Cash Management Bills 

On March 23, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued March 

30 and will mature July 27. Treasury auctioned the bills on March 24. Tenders totaled $127,893 million; Treasury 

accepted $35,000 million, including $9 million of noncompetitive tenders from the public. The high bank discount rate 

was 0.030 percent. 
48

TABLE PDO-1—Offerings of Regular Weekly Treasury Bills 

[In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] 

On total competitive bids accepted 

Issue date 

Description of new issue Amounts of bids accepted 

High 

price per 

hundred 

(7) 

High 

discount 

rate 

(percent) 

(8) 

High investment rate 

(percent) 4

(9) 

Maturity 

 date 

(1) 

Number 

of days to 

maturity 1

(2) 

Amount 

of bids 

tendered

(3) 

Total 

amount 2

(4) 

On 

competitive 

basis 

(5) 

On noncompetitive 

basis 3

 (6) 

Regular weekly: 

(4 week, 8 week, 13 week, and 26 week) 

2021-Jan. 05 2021-Feb. 02 28 94,159.9 32,415.1 28,113.7 886.3 99.993778 0.080 0.081

Mar. 02 56 102,076.2 37,818.2 33,825.0 175.7 99.986778 0.085 0.086

Jan. 07 Apr. 08 91 166,405.3 60,936.7 53,306.9 599.6 99.977250 0.090 0.091

July 08 182 172,036.7 57,550.9 50,526.1 475.0 99.954500 0.090 0.091

Jan. 12 Feb. 09 28 106,840.8 32,901.4 28,430.5 858.4 99.993778 0.080 0.081

Mar. 09 56 136,759.8 38,384.8 34,707.6 198.3 99.986778 0.085 0.086

Jan. 14 Apr. 15 91 164,521.9 60,574.7 52,507.7 721.1 99.977250 0.090 0.091

July 15 182 173,787.2 57,209.5 50,084.0 562.8 99.954500 0.090 0.091

Jan. 19 Feb. 16 28 111,445.2 32,838.6 28,699.2 864.3 99.994167 0.075 0.076

Mar. 16 56 116,534.2 38,313.1 34,120.8 209.1 99.987556 0.080 0.081

Jan. 21 Apr. 22 91 168,990.6 61,621.4 52,833.8 767.9 99.978514 0.085 0.086

July 22 182 164,725.9 58,197.4 50,189.3 497.7 99.951972 0.095 0.096

Jan. 26 Feb. 23 28 121,296.2 32,936.6 28,807.1 853.6 99.994556 0.070 0.071

Mar. 23 56 125,877.3 38,427.8 34,375.9 226.6 99.987556 0.080 0.081

Jan. 28 Apr. 29 91 165,295.9 61,364.7 52,269.2 732.6 99.979778 0.080 0.081

July 29 182 184,599.4 57,954.1 49,472.6 527.7 99.957028 0.085 0.086

Feb. 02 Mar. 02 28 119,789.1 32,420.2 28,132.0 917.2 99.995722 0.055 0.056

Mar. 30 56 136,763.2 37,825.0 33,775.7 225.8 99.989889 0.065 0.066

Feb. 04 May 06 91 162,896.2 61,277.6 52,825.4 712.3 99.983569 0.065 0.066

Aug. 05 182 180,971.7 57,873.6 50,088.3 573.7 99.964611 0.070 0.071

Feb. 09 Mar. 09 28 118,708.6 32,899.3 28,797.2 810.5 99.997667 0.030 0.030

Apr. 06 56 137,629.0 38,381.7 34,396.7 240.4 99.994556 0.035 0.035

Feb. 11 May 13 91 169,204.5 60,098.0 52,876.3 648.7 99.991153 0.035 0.035

Aug. 12 182 158,506.2 56,760.0 49,956.2 665.5 99.974722 0.050 0.051

Feb. 16 Mar. 16 28 125,813.8 32,837.3 28,639.5 802.3 99.997667 0.030 0.030

Apr. 13 56 121,977.4 38,309.6 34,402.2 222.1 99.994556 0.035 0.035

Feb. 18 May 20 91 154,245.4 61,118.4 52,868.9 631.9 99.989889 0.040 0.041

Aug. 19 182 160,866.2 57,724.2 50,111.6 477.5 99.969667 0.060 0.061

Feb. 23 Mar. 23 28 112,445.7 32,934.6 28,711.6 848.7 99.998056 0.025 0.025

Apr. 20 56 135,659.0 38,423.6 34,386.3 213.9 99.995333 0.030 0.030

Feb. 25 May 27 91 161,391.1 59,992.8 52,343.8 658.2 99.992417 0.030 0.030

Aug. 26 182 149,107.6 56,658.9 49,452.4 548.6 99.977250 0.045 0.046

Mar. 02 Mar. 30 28 101,370.5 32,418.0 28,095.5 905.0 99.997278 0.035 0.035

Apr. 27 56 109,666.5 37,821.8 33,849.8 151.8 99.993778 0.040 0.041

Mar. 04 June 03 91 172,578.8 61,246.2 52,974.4 601.5 99.989889 0.040 0.041

Sep. 02 182 155,190.9 57,843.7 50,228.2 483.7 99.969667 0.060 0.061

Mar. 09 Apr. 06 28 104,778.0 32,899.7 28,716.8 815.4 99.997667 0.030 0.030

May 04 56 120,155.3 38,383.8 34,535.5 170.5 99.994556 0.035 0.035

Mar. 11 June 10 91 170,648.4 59,163.3 53,104.4 630.2 99.988625 0.045 0.046

Sep. 09 182 185,907.8 55,876.4 50,235.1 465.5 99.969667 0.060 0.061

Mar. 16 Apr. 13 28 117,169.1 32,838.0 28,522.7 830.9 99.997667 0.030 0.030

May 11 56 122,370.7 38,311.0 34,664.9 169.8 99.994556 0.035 0.035

Mar. 18 June 17 91 193,512.5 61,933.3 55,879.0 667.0 99.992417 0.030 0.030

Sep. 16 182 163,414.2 58,672.7 53,250.0 445.9 99.972194 0.055 0.056

Mar. 23 Apr. 20 28 135,265.0 43,180.4 38,600.1 823.5 99.999611 0.005 0.005

May 18 56 127,163.1 43,181.1 39,443.9 201.3 99.998444 0.010 0.010
49

Mar. 25 June 24 91 182,330.8 59,028.4 55,483.8 517.1 99.996208 0.015 0.015 

Sep. 23 182 161,662.1 55,922.0 52,475.6 525.7 99.979778 0.040 0.041

 Continued from Table PDO-1 

Mar. 30 Apr. 27 28 126,638.6 42,622.1 38,248.1 753.6 99.998833 0.015 0.015 

May 25 56 140,279.0 42,621.6 38,845.4 155.7 99.996889 0.020 0.020 

1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 

52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity 

of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 

8 weeks. 

2 Includes amount awarded to the Federal Reserve System. 

3 Tenders for $5 million or less from any one bidder are accepted in full at the high 

price of accepted competitive bids. All Treasury Marketable auctions are conducted 

in a single-price format as of November 2, 1998. 

4 Equivalent coupon-issue yield. 
50

12/30/20 01/05/21 0.090% CMB—04/20/21 105d 88,820 25,000

12/30/20 01/05/21 0.090% CMB—06/08/21 154d 105,513 30,000

01/05/21 01/07/21 0.085% CMB—02/18/21 42d 93,822 30,001

01/05/21 01/07/21 0.085% CMB—05/06/21 119d 117,832 30,000

01/06/21 01/12/21 0.090% CMB—04/27/21 105d 93,159 25,002

01/06/21 01/12/21 0.090% CMB—06/15/21 154d 107,059 30,001

01/11/21 01/15/21 0.125% note—01/15/24-AJ 3y 152,017 63,831 0.234 - 99.674335 

01/12/21 01/14/21 0.085% CMB—02/25/21 42d 95,405 30,000

01/12/21 01/14/21 0.090% CMB—05/13/21 119d 108,207 30,002

01/12/21 01/15/21 0.875% note—11/15/30-F 9y 10m 97,526 41,820 1.164 - 97.321944 

01/13/21 01/19/21 0.090% CMB—05/04/21 105d 96,084 25,001

01/13/21 01/19/21 0.090% CMB—06/22/21 154d 108,499 30,001

01/13/21 01/15/21 1.625% bond—11/15/50 29y 10m 61,741 26,413 1.825 - 95.413195 

01/19/21 01/21/21 0.085% CMB—03/04/21 42d 100,129 30,002

01/19/21 01/21/21 0.090% CMB—05/20/21 119d 113,265 30,000

01/20/21 01/26/21 0.085% CMB—05/11/21 105d 105,143 25,001

01/20/21 01/26/21 0.090% CMB—06/29/21 154d 108,768 30,000

01/20/21 02/01/21 1.375% bond—11/15/40 19y 10m 57,942 27,244 1.657 - 95.258107 

01/21/21 01/29/21 0.125% TIPS—01/15/31-A 10y 40,251 15,000 -0.987 - 111.638729 

01/25/21 02/01/21 0.125% note—01/31/23-AV 2y 168,189 68,109 0.125 - 100.000000 

01/26/21 01/28/21 0.070% CMB—03/11/21 42d 118,350 30,002

01/26/21 01/28/21 0.075% CMB—05/27/21 119d 118,362 30,000

01/26/21 01/28/21 0.090% bill—01/27/22 364d 137,777 38,636

01/26/21 02/01/21 0.375% note—01/31/26-U 5y 151,138 69,245 0.424 - 99.757963 

01/27/21 02/02/21 0.075% CMB—05/18/21 105d 101,731 25,001

01/27/21 02/02/21 0.080% CMB—07/06/21 154d 107,574 30,001

01/27/21 02/01/21 0.049% FRN—01/31/23-AW 2y 82,775 31,784 0.049 - 100.000000 

01/28/21 02/01/21 0.750% note—01/31/28-G 7y 151,284 70,380 0.754 - 99.972779 

02/02/21 02/04/21 0.050% CMB—03/18/21 42d 121,396 30,002

02/02/21 02/04/21 0.060% CMB—06/03/21 119d 119,190 30,000

02/03/21 02/09/21 0.055% CMB—05/25/21 105d 96,125 25,001

02/03/21 02/09/21 0.055% CMB—07/13/21 154d 106,966 30,000

02/09/21 02/11/21 0.035% CMB—03/25/21 42d 103,009 30,001

02/09/21 02/11/21 0.040% CMB—06/10/21 119d 114,038 30,002

02/09/21 02/16/21 0.125% note—02/15/24-AK 3y 159,726 79,041 0.196 - 99.787923 

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)
51

02/10/21 02/16/21 0.045% CMB—06/01/21 105d 90,207 25,000

02/10/21 02/16/21 0.055% CMB—07/20/21 154d 96,951 30,000

02/10/21 02/16/21 1.125% note—02/15/31-B 10y 111,859 55,874 1.155 - 99.717501 

02/11/21 02/16/21 1.875% bond—02/15/51 30y 68,556 36,795 1.933 - 98.684360 

02/16/21 02/18/21 0.040% CMB—04/01/21 42d 93,102 30,000

02/16/21 02/18/21 0.050% CMB—06/17/21 119d 97,145 30,000

02/17/21 03/01/21 1.875% bond—02/15/41 20y 63,850 32,849 1.920 - 99.256119 

02/18/21 02/26/21 0.125% TIPS—02/15/51 30y 20,832 9,000 -0.040 - 105.014087 

02/23/21 02/25/21 0.025% CMB—04/08/21 42d 97,209 30,001

02/23/21 02/25/21 0.070% bill—02/24/22 364d 118,056 37,772

02/23/21 03/01/21 0.125% note—02/28/23-AX 2y 159,311 72,998 0.119 - 100.011965 

02/24/21 03/02/21 0.045% CMB—06/29/21 119d 94,914 30,000

02/24/21 02/26/21 0.049% FRN—01/31/23-AW 1y 11m 74,989 26,000 0.045 - 100.007815 

02/24/21 03/01/21 0.500% note—02/28/26-V 5y 149,561 74,215 0.621 - 99.405518 

02/25/21 03/01/21 1.125% note—02/29/28-H 7y 140,207 75,431 1.195 - 99.531432 

03/02/21 03/04/21 0.040% CMB—04/15/21 42d 106,074 30,000

03/03/21 03/09/21 0.050% CMB—07/06/21 119d 111,170 30,001

03/09/21 03/11/21 0.030% CMB—04/22/21 42d 112,366 30,001

03/09/21 03/15/21 0.250% note—03/15/24-AL 3y 159,547 61,595 0.355 - 99.686948 

03/10/21 03/16/21 0.050% CMB—07/13/21 119d 112,458 30,001

03/10/21 03/15/21 1.125% note—02/15/31-B 9y 11m 92,934 40,355 1.523 - 96.346935 

03/11/21 03/15/21 1.875% bond—02/15/51 29y 11m 56,295 25,487 2.295 - 90.943237 

03/16/21 03/18/21 0.015% CMB—04/29/21 42d 131,388 35,000

03/16/21 03/31/21 1.875% bond—02/15/41 19y 11m 64,599 28,310 2.290 - 93.400551 

03/17/21 03/23/21 0.040% CMB—07/20/21 119d 119,875 35,000

03/18/21 03/31/21 0.125% TIPS—01/15/31-A 9y 10m 33,854 15,334 -0.580 - 107.620948 

03/23/21 03/25/21 0.010% CMB—05/06/21 42d 126,551 40,000

03/23/21 03/25/21 0.070% bill—03/24/22 364d 119,013 35,211

03/23/21 03/31/21 0.125% note—03/31/23-AY 2y 163,322 70,774 0.152 - 99.946102 

03/24/21 03/30/21 0.030% CMB—07/27/21 119d 127,893 35,000

03/24/21 03/26/21 0.049% FRN—01/31/23-AW 1y 10m 84,535 26,000 0.035 - 100.026274 

03/24/21 03/31/21 0.750% note—03/31/26-W 5y 154,998 71,954 0.850 - 99.511492 

03/25/21 03/31/21 1.250% note—03/31/28-J 7y 149,606 73,133 1.300 - 99.666487 

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. 
52

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 53

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

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

End of

fiscal year 

or month 

 Total 

 Federal 

 securities 

 outstanding 

 (1) 

Public debt securities 

Held by U.S. Government accounts Public issues 

held by Federal 

Reserve banks 

(6) 

 Total 

 outstanding 

 (2) 

Total 

(3) 

 Marketable 

 (4) 

Nonmarketable 

(5) 

2016 ................................................ 19,597,812 19,573,445 5,395,699 - 5,395,699 2,830,115 

2017 ................................................ 20,269,269 20,244,900 5,563,074 - 5,563,074 2,867,555 

2018 ................................................ 21,538,880 21,516,058 5,737,252 - 5,737,252 2,697,860 

2019 ................................................ 22,740,857 22,719,402 5,893,424 - 5,893,424 2,436,438 

2020 ................................................ 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

2020 - Mar....................................... 23,244,893 23,223,813 5,995,035 - 5,995,035 3,559,553 

Apr....................................... 24,995,281 24,974,172 5,902,393 - 5,902,393 4,300,244 

May...................................... 25,766,665 25,746,260 5,914,931 - 5,914,931 4,497,502 

June..................................... 26,498,260 26,477,241 5,928,866 - 5,928,866 4,615,353 

July ...................................... 26,545,875 26,524,953 5,872,303 - 5,872,303 4,709,565 

Aug ...................................... 26,966,120 26,945,391 5,888,362 - 5,888,362 4,798,517 

Sept..................................... 26,965,542 26,945,391 5,907,764 - 5,907,764 4,872,973 

Oct....................................... 27,155,572 27,135,477 6,019,517 - 6,019,517 4,958,328 

Nov ...................................... 27,466,498 27,446,288 6,078,238 - 6,078,238 5,039,121 

Dec ...................................... 27,768,006 27,747,798 6,096,382 - 6,096,382 5,127,835 

2021 - Jan ....................................... 27,804,680 27,784,553 6,121,360 - 6,121,360 5,208,587 

Feb ...................................... 27,922,267 27,902,364 6,127,521 - 6,127,521 5,299,299 

Mar ...................................... 28,152,398 28,132,570 6,125,707 - 6,125,707 5,401,362 

Public debt securities, continued Agency securities1 

End of 

fiscal year 

or month 

Held by private investors 

Total 

outstanding 

 (10) 

Held by 

private 

investors 

(11) 

Held by 

Government 

accounts 

(12) 

Total 

(7) 

Marketable 

(8) 

 Nonmarketable 

 (9) 

2016 ................................................ 11,347,631 10,830,489 517,142 24,367 24,363 4

2017 ................................................ 11,814,271 11,332,237 482,034 24,369 24,368 1

2018 ................................................ 13,080,946 12,580,185 500,761 22,822 22,822 -

2019 ................................................ 14,378,700 13,810,667 478,637 21,455 21,455 -

2020 ................................................ 16,164,654 15,501,967 662,687 20,151 20,151 -

2020 - Mar....................................... 14,132,283 13,603,254 529,029 21,080 21,080 -

Apr....................................... 14,771,535 14,235,360 536,175 21,109 21,109 -

May...................................... 15,333,827 14,734,537 599,290 20,405 20,405 -

June..................................... 15,933,022 15,290,612 642,410 21,019 21,019 -

July ...................................... 15,946,085 15,298,299 644,787 20,922 20,922 -

Aug ...................................... 16,041,957 15,392,229 649,727 20,729 20,729 -

Sept..................................... 16,164,654 15,501,967 662,687 20,151 20,151 -

Oct....................................... 13,996,327 14,273,711 504,547 20,095 20,095 -

Nov ...................................... 14,628,901 14,866,844 360,330 20,210 20,210 -

Dec ...................................... 15,253,024 14,104,204 417,839 20,208 20,208 -

2021 - Jan ....................................... 16,454,606 15,840,378 614,228 20,127 20,127 -

Feb ...................................... 16,475,544 15,859,221 616,323 19,903 19,903 -

Mar ...................................... 16,605,501 15,986,738 618,763 19,828 19,828 -

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. 
54

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

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

Federal 

Reserve and 

Government

accounts 2

(2) 

Pension funds 3

End of month 

Total 

public 

debt 1

(1) 

Total 

privately 

held 

(3) 

 Depository 

 institutions 3, 4

 (4) 

U.S. 

savings 

bonds 5

(5) 

 Private 6

 (6) 

State and 

local 

governments 

 (7) 

 Insurance 

 compa- 

 nies 3

 (8) 

Mutual 

funds 3, 7

(9) 

 State and 

 local 

 govern- 

 ments 3

 (10) 

 Foreign 

 and inter- 

 national 8

 (11) 

Other 

 investors 9

 (12) 

2021 - Mar. 28,132.6 11,095.5 17,037.1 - 145.7 - - - - - - -

2020 - Dec. 27,747.8 10,809.2 16,938.6 1,266.7 147.1 804.7 342.8 252.2 3,535.7 1,085.3 7,070.8 2,433.3 

 Sept. 26,945.4 10,371.9 16,573.5 1,241.7 148.6 790.0 324.1 253.3 3,531.8 1,056.6 7,069.2 2,158.3 

 June 26,477.4 10,157.7 16,319.6 1,158.9 149.8 768.8 254.8 242.2 3,559.4 1,017.1 7,046.9 2,121.7 

 Mar. 23,686.9 9,279.7 14,407.2 948.5 150.0 744.3 325.2 243.9 2,384.6 900.2 6,949.5 1,761.0 

2019 - Dec. 23,201.4 8,359.9 14,841.5 937.5 151.3 684.8 343.2 215.3 2,350.6 852.1 6,844.2 2,462.6 

 Sept. 22,719.4 8,023.6 14,695.8 911.7 152.3 670.6 344.5 214.3 2,217.3 824.6 6,923.5 2,437.0 

 June 22,023.5 7,945.2 14,078.4 810.0 153.4 447.7 388.8 206.4 1,951.2 808.5 6,625.9 2,686.5 

 Mar. 22,028.0 7,999.1 14,028.9 771.3 154.5 440.6 358.9 203.6 2,058.3 810.8 6,474.0 2,756.8 

2018 - Dec. 21,974.1 8,095.0 13,879.1 771.5 155.7 636.9 367.9 203.7 2,023.3 770.7 6,270.1 2,679.3 

 Sept. 21,516.1 8,068.1 13,447.9 683.9 156.8 615.2 301.7 225.9 1,898.2 788.2 6,225.9 2,552.3 

 June 21,195.3 8,106.9 13,088.5 665.3 157.8 604.8 307.3 225.6 1,843.4 784.3 6,225.0 2,275.0 

 Mar. 21,089.9 8,086.6 13,003.3 639.7 159.0 589.5 300.1 361.6 1,977.1 755.7 6,223.4 1,997.2 

2017 - Dec. 20,492.7 8,132.1 12,360.6 638.3 160.4 432.0 289.4 372.6 1,797.5 759.9 6,211.3 1,699.3 

 Sept. 20,244.9 8,036.9 12,208.0 611.8 161.7 570.8 266.5 359.4 1,697.8 729.0 6,301.9 1,509.1 

 June 19,844.6 7,943.4 11,901.1 621.9 162.8 425.9 262.8 348.2 1,608.5 735.1 6,151.9 1,584.0 

 Mar. 19,846.4 7,941.1 11,905.3 658.6 164.2 444.2 239.5 338.2 1,669.1 749.6 6,075.3 1,566.5 

2016 - Dec. 19,976.9 8,005.6 11,971.3 663.9 165.8 538.0 218.8 330.2 1,705.4 742.3 6,006.3 1,600.7 

 Sept. 19,573.4 7,863.5 11,709.9 627.6 167.5 545.6 203.8 341.2 1,600.4 735.9 6,155.9 1,332.0 

 June 19,381.6 7,911.2 11,470.4 580.6 169.0 537.9 185.0 329.8 1,434.2 712.6 6,279.1 1,242.2 

 Mar. 19,264.9 7,801.4 11,463.6 562.9 170.3 524.4 170.4 315.5 1,404.1 694.9 6,284.4 1,336.7 

2015 - Dec. 18,922.2 7,711.2 11,211.0 547.4 171.6 504.7 174.5 306.7 1,318.3 680.9 6,146.2 1,360.6 

 Sept. 18,150.6 7,488.7 10,661.9 519.1 172.8 305.3 171.0 306.6 1,195.1 646.0 6,105.9 1,240.2 

 June 18,152.0 7,536.5 10,615.5 518.5 173.9 373.8 185.7 304.3 1,139.8 652.8 6,163.1 1,103.5 

 Mar. 18,152.1 7,521.3 10,630.8 518.1 174.9 447.8 176.7 305.1 1,170.4 663.3 6,172.6 1,001.8 

2014 - Dec. 18,141.4 7,578.9 10,562.6 516.8 175.9 507.1 199.2 307.0 1,121.8 654.5 6,157.7 922.4 

 Sept. 17,824.1 7,490.8 10,333.2 471.1 176.7 490.7 198.7 298.1 1,075.8 628.7 6,069.2 924.1 

 June 17,632.6 7,461.0 10,171.6 409.5 177.6 482.6 198.3 287.7 986.2 638.8 6,018.7 972.1 

 Mar. 17,601.2 7,301.5 10,299.7 368.4 178.3 474.3 184.3 276.8 1,060.4 632.0 5,948.3 1,177.0 

2013 - Dec. 17,352.0 7,205.3 10,146.6 321.1 179.2 464.9 181.3 271.2 983.3 633.6 5,792.6 1,319.5 

 Sept. 16,738.2 6,834.2 9,904.0 293.2 180.0 347.8 187.5 273.2 986.1 624.3 5,652.8 1,359.1 

 June 16,738.2 6,773.3 9,964.9 300.2 180.9 444.5 187.7 276.2 1,000.1 612.6 5,595.0 1,367.8 

 Mar. 16,771.6 6,656.8 10,114.8 338.9 181.7 463.4 193.4 284.3 1,066.7 615.6 5,725.0 1,245.7 

2012 - Dec. 16,432.7 6,523.7 9,909.1 347.7 182.5 468.0 183.6 292.7 1,031.8 599.6 5,573.8 1,229.4 

 Sept. 16,066.2 6,446.8 9,619.4 338.2 183.8 453.9 181.7 292.6 1,080.7 596.9 5,476.1 1,015.4 

 June 15,855.5 6,475.8 9,379.7 303.2 184.7 427.4 171.2 293.6 997.8 585.4 5,310.9 1,105.4 

 Mar. 15,582.3 6,397.2 9,185.1 317.0 184.8 406.6 169.4 298.1 1,015.4 567.4 5,145.1 1,081.2 

2011 - Dec. 15,222.8 6,439.6 8,783.3 279.7 185.2 391.9 160.7 297.3 927.9 562.2 5,006.9 971.4 

 Sept. 14,790.3 6,328.0 8,462.4 293.8 185.1 373.6 155.7 259.6 788.7 557.9 4,912.1 935.8 

 June 14,343.1 6,220.4 8,122.7 279.4 186.0 251.8 158.0 254.8 753.7 572.2 4,690.6 976.1 

 Mar. 14,270.0 5,958.9 8,311.1 321.0 186.7 215.8 157.9 253.5 749.4 585.3 4,481.4 1,360.1 

1 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 

2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of 

condition, for System Open Market Accounts; and the U.S. Treasury MSPD for 

intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held 

under repurchase agreements. As of February 2005, the debt held by Government 

Accounts was renamed to Intragovernmental holdings. 

3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 

4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in 

U.S. affiliated areas, credit unions and bank holding companies. 

5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. 

From December 2014 to September 2018, includes savings bonds issued to myRA 

accounts. Current accrual value. 

6 Includes U.S. Treasury securities held by the Federal Employees Retirement System 

Thrift Savings Plan "G Fund."

7Includes money market mutual funds, mutual funds, and closed-end investment 

companies.

8Source: Federal Reserve Board Treasury International Capital Survey. Includes 

nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes 

Treasury securities held under repurchase agreements in custody accounts at the Federal 

Reserve Bank of New York. For additional information, see: 

http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 

9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank 

personal trusts and estates, corporate and non-corporate businesses, and other investors. 
55

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, 2021 

[Source: Bureau of the Fiscal Service] 

Currency 

Total 

currency 

and coin 

(1) 

Total currency 

(2) 

Federal Reserve notes 1

(3) 

U.S. notes 

(4) 

Currency no 

longer issued 

(5) 

Amounts outstanding .............................. $2,298,509,376,200 $2,248,454,642,594 2,247,979,716,325 $238,968,766 $235,957,503

Less amounts held by: 

The Treasury....................................... 158,274,127 50,752,127 50,518,139 8,065 225,923

FRBs ................................................... 154,358,730,899 152,874,714,709 152,874,711,578 20 3,111

Amounts in circulation ............................. $2,143,992,371,174 $2,095,529,175,758 $2,095,054,486,608 $238,960,681 $235,728,469

Coins 2

Total 

(1) 

Dollars 2, 3 

(2) 

Fractional 

coins 

(3) 

Amounts outstanding .............................. $50,054,733,606 6,547,064,108 43,507,669,498 

Less amounts held by: 

The Treasury....................................... 107,522,000 48,770,000 58,752,000 

FRBs ................................................... 1,484,016,190 1,038,101,745 445,914,445 

Amounts in circulation ............................. $48,463,195,416 $5,460,192,363 $ 43,003,003,053 

See footnotes following table USCC-2. 
56

TABLE USCC-2—Amounts Outstanding and in Circulation, Mar. 31, 2021 

[Source: Bureau of the Fiscal Service] 

Currency in circulation by denomination 

Total 

(1) 

Federal Reserve notes 1 

(2) 

U.S. notes 

(3) 

Currency no 

longer issued 

(4) 

$1 ................................................................................ $13,244,308,858 $13,104,659,817 $143,503 $139,505,538 

$2 ................................................................................ 2,744,768,390 2,613,335,596 131,420,218 12,576 

$5 ................................................................................ 16,254,182,090 16,124,431,675 107,375,900 22,374,515 

$10 .............................................................................. 22,702,581,330 22,682,840,130 6,150 19,735,050 

$20 .............................................................................. 244,661,981,090 244,641,877,690 3,620 20,099,780

$50 .............................................................................. 119,099,438,700 119,087,949,300 400 11,489,000 

$100 ............................................................................ 1,676,509,797,700 1,676,487,831,900 300 6 21,965,500 

$500 ............................................................................ 141,750,000 141,556,500 5,500 188,000 

$1,000 ......................................................................... 165,152,000 164,944,000 5,000 203,000 

$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 ......................................................... $ 2,095,529,175,758 $2,095,054,486,608 $ 238,960,681 $235,728,469 

Comparative totals of currency and coins in circulation—selected dates 

 Amounts (in millions) 

 (1) 

 Per capita 4 

(2) 

Mar. 31, 2021 ....................................................................................... 2,143,992 6,492

Feb. 28, 2021....................................................................................... 2,101,844 6,366

Jan. 31, 2021 ....................................................................................... 2,096,557 6,351

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
57

INTRODUCTION: Foreign Currency Positions

The “Treasury Bulletin” reports foreign currency 

holdings of large foreign exchange market participants. 

These reports provide information on positions in derivative 

instruments, such as foreign exchange futures and options 

that are increasingly used in establishing foreign exchange 

positions but were not covered in the old reports. 

The information is based on reports of large foreign 

exchange market participants on holdings of five major 

foreign currencies (Canadian dollar, Japanese yen, Swiss 

franc, pound sterling, and euro) and the U.S. dollar. 

Positions in the U.S. dollar, which have been collected since 

January 1999, are intended to approximate “all other” 

currency positions of reporting institutions. U.S.-based 

businesses file a consolidated report for their domestic and 

foreign subsidiaries, branches, and agencies. U.S. 

subsidiaries of foreign entities file only for themselves, not 

for their foreign parents. Filing is required by law (31 United 

States Code 5315; 31 Code of Federal Regulations 128, 

Subpart C). 

Weekly and monthly reports must be filed throughout the 

calendar year by major foreign exchange market 

participants, which are defined as market participants with 

more than $50 billion equivalent in foreign exchange 

contracts on the last business day of any calendar quarter 

during the previous year (end March, September, September, 

or December). Such contracts include the amounts of foreign 

exchange spot contracts bought and sold, foreign exchange 

forward contracts bought and sold, foreign exchange futures 

bought and sold, and one half the notional amount of foreign 

exchange options bought and sold. 

A quarterly report must be filed throughout the calendar 

year by each foreign exchange market participant that had 

more than $5 billion equivalent in foreign exchange 

contracts on the last business day of any quarter the previous 

year (end March, June, September, or December). 

This information is published in six sections 

corresponding to each of the major currencies covered by the 

reports. Tables I-1 through VI-1 present the currency data 

reported weekly by major market participants. Tables I-2 

through VI-2 present more detailed currency data of major 

market participants, based on monthly reports. Tables I-3 

through VI-3 present quarterly consolidated currency data 

reported by large market participants that do not file weekly 

reports. The information in the tables referenced above is 

based on the reports referenced in this Introduction: Foreign 

Currency Positions and is not audited by the Federal Reserve 

banks or the Treasury Department. 

Principal exchanged under cross-currency interest rate 

swaps is reported as part of purchases or sales of foreign 

exchange. Such principal also was noted separately on 

monthly and quarterly reports through December 1998, 

when this practice was discontinued. The net options 

position, or the net delta-equivalent value of an options 

position, is an estimate of the relationship between an 

option’s value and an equivalent currency hedge. The delta 

equivalent value is defined as the product of the first partial 

derivative of an option valuation formula (with respect to the 

price of the underlying currency) multiplied by the notional 

principal of the contract.

The data reported herein may occasionally differ with 

respect to time periods noted in prior issues of this Bulletin 

due to revisions from reporting market participants that arise 

from quality assurance controls. 
58

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) 

10/07/20............................................................. 1,570,006 1,622,799 -228 1.3283

10/14/20............................................................. 1,623,310 1,674,992 -236 1.3147

10/21/20............................................................. 1,621,663 1,675,375 -235 1.3130

10/28/20............................................................. 1,645,238 1,692,438 -238 1.3321

11/04/20............................................................. 1,598,993 1,655,855 -234 1.3113

11/10/20............................................................. 1,637,295 1,694,070 -270 1.2998

11/18/20............................................................. 1,655,685 1,698,461 -297 1.3049

11/25/20............................................................. 1,701,787 1,732,785 -327 1.2994

12/02/20............................................................. 1,755,453 1,784,131 -292 1.2934

12/09/20............................................................. 1,827,417 1,857,569 -246 1.2791

12/16/20............................................................. 1,640,750 1,670,830 -254 1.2755

12/23/20............................................................. 1,618,439 1,649,692 -244 1.2841

12/30/20............................................................. 1,582,813 1,612,282 -220 1.2764

01/06/21............................................................. 1,635,267 1,677,074 -221 1.2685

01/13/21............................................................. 1,657,256 1,698,677 -219 1.2710

01/20/21............................................................. 1,643,264 1,686,020 -220 1.2644

01/27/21............................................................. 1,648,463 1,678,771 -228 1.2782

02/03/21............................................................. 1,735,580 1,769,515 -182 1.2765

02/10/21............................................................. 1,745,075 1,778,910 -237 1.2678

02/17/21............................................................. 1,784,565 1,817,010 -220 1.2712

02/24/21............................................................. 1,870,807 1,892,255 -211 1.2537

03/03/21............................................................. 1,932,789 1,957,740 -205 1.2611

03/10/21............................................................. 2,036,841 2,058,325 -235 1.2641

03/17/21............................................................. 1,817,593 1,841,861 -239 1.2475

03/24/21............................................................. 1,890,997 1,915,800 -206 1.2551

03/31/21............................................................. 2,246,908 2,264,484 -216 1.2571
59

SECTION I—Canadian Dollar Positions, continued 

TABLE FCP-I-2—Monthly Report of Major Market Participants 

[In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Canadian 

dollars per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2018 - Dec............... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 

2019 - Dec............... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 

2020 - Apr................ 1,841,130 1,910,795 258,951 n.a. 69,158 57,720 105,000 100,201 -70 1.3911 

 May............... 1,819,304 1,878,733 270,223 n.a. 68,144 56,195 94,046 96,715 -157 1.3809 

 June............. 1,580,213 1,639,903 252,213 n.a. 65,025 53,887 94,868 98,647 -189 1.3614 

 July.............. 1,677,198 1,731,687 279,492 n.a. 66,430 59,284 95,432 93,843 -232 1.3384 

 Aug.............. 1,786,728 1,849,915 277,732 n.a. 59,414 53,096 88,067 88,484 -218 1.3034 

 Sept............. 1,691,002 1,743,107 228,690 n.a. 45,672 45,176 81,755 78,328 -192 1.3323 

 Oct............... 1,703,429 1,758,534 224,685 n.a. 48,430 45,795 81,609 77,280 -190 1.3332 

 Nov.............. 1,792,131 1,833,180 273,359 195,891 55,702 54,430 91,951 84,834 -225 1.2982 

 Dec.............. 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 

2021 - Jan............... 1,770,713 1,800,577 237,343 166,597 60,229 58,558 94,655 84,992 -116 1.2776 

 Feb.............. 2,002,996 2,047,366 254,560 179,784 67,565 66,850 98,878 85,596 -117 1.2698 

 Mar.............. 2,282,462 2,302,400 299,885 244,667 64,889 64,901 95,349 89,904 -107 1.2571 

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) 

2017 - Dec............... 33,411 65,839 131,559 88,031 534 483 n.a. 1,372 n.a. 1.2517

2018 - Mar............... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 n.a. -374 1.2891 

 June............... 35,482 69,299 150,243 n.a. 920 1,052 3,455 2,751 n.a. 1.314 

 Sept............... 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 

 Dec................ 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 

2019 - Mar............... 44,154 77,412 136,922 n.a. 326 276 4,592 n.a. 4 1.336 

 June............... 61,181 92,673 141,337 n.a. 1,612 922 n.a. 427 n.a. 1.3091 

 Sept............... 65,325 98,507 135,411 n.a. 527 393 n.a. 653 -2 1.3243 

 Dec................ 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962 

2020 - Mar............... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123 

 June............... 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614 

 Sept............... 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 

 Dec................ 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 
60

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) 

10/07/20 .................................................................. 556,549 546,408 -75 105.97

10/14/20 .................................................................. 548,447 539,217 -64 105.08

10/21/20 .................................................................. 554,450 544,552 -65 104.58

10/28/20 .................................................................. 567,603 557,276 -56 104.33

11/04/20 .................................................................. 571,348 558,524 -63 104.39

11/10/20 .................................................................. 580,365 601,213 -65 105.36

11/18/20 .................................................................. 553,404 554,088 -37 103.72

11/25/20 .................................................................. 565,779 563,740 -38 104.39

12/02/20 .................................................................. 588,371 588,246 -46 104.52

12/09/20 .................................................................. 580,508 579,908 -46 104.28

12/16/20 .................................................................. 534,385 529,333 -42 103.59

12/23/20 .................................................................. 558,545 521,979 -37 103.52

12/30/20 .................................................................. 537,778 498,704 -40 103.31

01/06/21 .................................................................. 558,010 521,183 -38 103.25

01/13/21 .................................................................. 556,286 521,756 -40 103.91

01/20/21 .................................................................. 550,660 515,217 -44 103.56

01/27/21 .................................................................. 588,142 555,030 -58 104.09

02/03/21 .................................................................. 555,158 519,644 -67 105.05

02/10/21 .................................................................. 563,152 530,601 -36 104.67

02/17/21 .................................................................. 560,675 526,488 -44 105.83

02/24/21 .................................................................. 599,625 555,172 -38 105.91

03/03/21 .................................................................. 597,536 560,775 -49 106.92

03/10/21 .................................................................. 618,425 580,727 -81 108.58

03/17/21 .................................................................. 571,059 532,611 n.a. 109.22

03/24/21 .................................................................. 539,112 538,626 -59 108.81

03/31/21.............................................................. 

579,587 584,028 n.a. 110.61
61

SECTION II—Japanese Yen Positions, continued 

TABLE FCP-II-2—Monthly Report of Major Market Participants 

[In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Japanese yen 

per U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

 Written 

 (8) 

2018 – Dec................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 

2019 – Dec................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 

2020 – Apr.................. 589,164 587,185 91,266 81,766 37,104 38,387 55,117 59,061 -1 106.94 

May................. 568,008 566,109 87,358 76,126 34,470 35,371 52,631 56,174 -29 107.77 

June................ 559,664 560,995 94,239 81,863 36,371 36,846 54,856 58,729 -42 107.77 

 July................. 571,100 570,595 96,990 87,137 35,414 36,745 56,876 60,506 -37 105.78 

Aug ................. 586,727 572,430 88,350 79,089 34,100 36,188 53,773 56,854 -48 105.84 

Sept................ 560,205 549,301 88,384 75,801 33,066 34,752 50,830 54,384 -29 105.58 

 Oct.................. 551,159 549,301 88,637 77,844 29,742 31,765 45,209 48,076 3 104.54

Nov ................. 583,969 582,439 86,824 76,272 30,927 32,800 45,772 48,846 11 104.38 

Dec ................. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 

2021 – Jan ................. 572,126 535,411 96,452 81,942 29,099 30,875 42,146 44,256 1 104.64

Feb ................. 614,597 574,596 97,995 80,031 26,972 28,589 40,987 43,116 21 106.64 

Mar ................. 590,832 593,506 106,991 93,309 27,446 28,288 41,003 43,537 -9 110.61 

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) 

2017 - Dec................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69

2018 - Mar................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 

June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 

Sept.................. 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48

Dec................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 

2019 - Mar................... 7,790 7,262 9,387 6,865 297 513 425 122 3 110.68

June ................. 7,769 6,437 9,348 6,519 499 554 665 186 -38 107.84 

Sept.................. 7,691 6,782 8,470 5,769 302 445 550 135 1 108.11

Dec .................. 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 

2020 - Mar................... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53

June ................. 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 

Sept ................. 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58

Dec .................. n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19
62

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) 

10/07/20 ..................................................................

834,248 839,848 n.a. 0.9168

10/14/20 ..................................................................

860,885 865,866 n.a. 0.9127

10/21/20 ..................................................................

888,184 891,775 n.a. 0.9042

10/28/20 ..................................................................

894,360 897,372 n.a. 0.9097

11/04/20 ..................................................................

862,340 868,642 n.a. 0.9107

11/10/20 ..................................................................

883,642 885,616 n.a. 0.9136

11/18/20 ..................................................................

857,227 865,886 n.a. 0.9096

11/25/20 ..................................................................

860,888 876,855 n.a. 0.9090

12/02/20 ..................................................................

926,857 936,503 n.a. 0.8961

12/09/20 ..................................................................

890,331 903,336 n.a. 0.8901

12/16/20 ..................................................................

818,311 836,997 n.a. 0.8861

12/23/20 ..................................................................

789,745 805,346 n.a. 0.8882

12/30/20 ..................................................................

761,909 777,146 n.a. 0.8832

01/06/21 ..................................................................

756,620 770,478 n.a. 0.881

01/13/21 ..................................................................

798,552 819,778 n.a. 0.8874

01/20/21 ..................................................................

769,289 785,222 n.a. 0.8898

01/27/21 ..................................................................

779,030 798,206 n.a. 0.889

02/03/21 ..................................................................

811,846 819,857 n.a. 0.8993

02/10/21 ..................................................................

852,540 858,791 n.a. 0.8891

02/17/21 ..................................................................

867,228 872,930 n.a. 0.8985

02/24/21 ..................................................................

869,661 887,512 n.a. 0.9074

03/03/21 ..................................................................

845,568 870,431 n.a. 0.918

03/10/21 ..................................................................

890,938 917,701 n.a. 0.9317

03/17/21 ..................................................................

809,853 831,220 n.a. 0.9276

03/24/21 ..................................................................

800,496 822,021 n.a. 0.9355

03/31/21.............................................................. 

865,291 890,350 n.a. 0.9418
63

SECTION III—Swiss Franc Positions, continued 

TABLE FCP-III-2—Monthly Report of Major Market Participants 

[In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(Swiss francs per 

U.S. dollar) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

 Sold 

 (2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2018 – Dec.................. 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 

2019 – Dec.................. 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 

2020 – Apr................... 1,020,472 1,019,767 88,097 69,384 48,997 47,007 69,202 63,702 n.a. 0.9669 

May.................. 1,038,532 1,034,686 86,450 68,148 50,534 47,800 73,666 67,694 n.a. 0.9618 

June................. 889,360 893,775 90,126 70,360 46,665 43,727 65,573 62,186 n.a. 0.9467 

 July.................. 908,472 922,263 92,858 73,932 46,149 42,599 62,196 58,714 n.a. 0.9113 

Aug .................. 919,655 931,052 91,978 74,491 43,348 39,871 58,502 57,482 n.a. 0.9012 

Sept................. 916,414 941,467 80,315 60,526 39,568 36,235 55,222 55,320 n.a. 0.9188 

 Oct................... 957,045 972,381 82,486 59,614 36,546 33,368 50,714 49,187 n.a. 0.9165 

Nov .................. 939,685 966,047 79,537 59,193 34,296 32,042 50,156 48,387 n.a. 0.9060 

Dec .................. 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 

2021 – Jan .................. 849,599 881,768 79,328 60,189 31,612 29,452 45,854 45,648 n.a. 0.8905 

Feb .................. 909,212 943,183 86,020 70,546 35,879 32,391 55,072 54,518 n.a. 0.9092 

Mar .................. 929,721 962,928 111,825 99,888 40,799 36,826 60,746 59,553 n.a. 0.9418 

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) 

2017 - Dec................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738

2018 - Mar................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532

June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922

Sept.................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758

Dec................... 15,001 18,474 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832

2019 - Mar................... 15,382 18,508 116,780 17,956 n.a. n.a. 1,002 n.a. n.a. 0.9962

June ................. 15,792 24,077 111,660 16,940 n.a. n.a. n.a. n.a. n.a. 0.9758 

Sept.................. 15,906 20,908 109,813 16,485 82 n.a. 148 67 n.a. 0.9978

Dec................... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677

2020 - Mar................... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 

June ................. n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467

Sept.................. n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 

Dec................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841
64

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) 

10/07/20 ..................................................................

2,800,902 2,974,125 -16 1.2914

10/14/20 ..................................................................

2,931,810 3,087,100 -54 1.3023

10/21/20 ..................................................................

2,865,714 3,032,092 -37 1.3143

10/28/20 ..................................................................

3,028,704 3,182,638 -77 1.2997

11/04/20 ..................................................................

3,019,360 3,149,798 -124 1.3021

11/10/20 ..................................................................

3,107,551 3,220,867 21 1.3234

11/18/20 ..................................................................

3,033,616 3,182,601 21 1.3299

11/25/20 ..................................................................

3,035,461 3,189,598 9 1.3378

12/02/20 ..................................................................

3,191,624 3,359,219 80 1.3348

12/09/20 ..................................................................

3,244,597 3,431,454 143 1.3392

12/16/20 ..................................................................

2,967,661 3,150,239 139 1.3503

12/23/20 ..................................................................

2,914,300 3,119,084 148 1.3510

12/30/20 ..................................................................

2,888,736 3,105,554 160 1.3605

01/06/21 ..................................................................

3,017,610 3,167,945 153 1.3593

01/13/21 ..................................................................

2,998,392 3,150,289 11 1.3631

01/20/21 ..................................................................

2,896,697 3,042,325 62 1.366

01/27/21 ..................................................................

2,942,275 3,104,474 45 1.3688

02/03/21 ..................................................................

2,916,261 3,070,908 25 1.3652

02/10/21 ..................................................................

2,965,892 3,118,657 3 1.385

02/17/21 ..................................................................

3,089,129 3,246,507 46 1.3848

02/24/21 ..................................................................

3,214,854 3,360,342 110 1.4106

03/03/21 ..................................................................

3,220,246 3,372,835 107 1.3978

03/10/21 ..................................................................

3,283,976 3,448,290 85 1.3899

03/17/21 ..................................................................

3,015,146 3,178,201 103 1.3888

03/24/21 ..................................................................

3,060,636 3,241,748 33 1.3723

03/31/21 ............................................................. 

3,327,094 3,501,913 -59 1.3795
65

SECTION IV—Sterling Positions, continued 

TABLE FCP-IV-2—Monthly Report of Major Market Participants 

[In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions Exchange rate 

(U.S. dollars 

per pound) 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2018 – Dec.................. 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 

2019 – Dec.................. 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 

2020 – Apr................... 2,987,286 3,160,213 662,150 555,773 88,216 85,904 77,586 70,839 -119 1.2602 

May.................. 3,003,523 3,173,289 641,487 542,145 80,616 76,412 73,891 67,743 -144 1.2320 

June................. 2,871,428 3,064,521 667,983 575,234 70,618 69,518 73,033 66,466 -156 1.2369 

 July.................. 2,950,888 3,153,353 694,056 607,331 69,072 64,886 63,164 58,327 21 1.3133 

Aug .................. 3,039,636 3,226,248 661,794 570,503 68,135 64,430 65,188 61,872 64 1.3375 

Sept................. 3,067,850 3,263,317 638,283 568,045 83,074 80,765 82,073 75,679 -55 1.2921 

 Oct................... 3,232,180 3,394,734 655,529 557,915 111,934 108,000 80,289 82,582 -64 1.2933 

Nov .................. 3,307,523 3,477,920 700,787 585,524 98,597 94,155 83,970 88,187 69 1.3338 

Dec .................. 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 

2021 – Jan .................. 3,094,238 3,272,974 741,022 595,349 90,750 87,423 88,917 81,744 77 1.3723 

Feb .................. 3,427,549 3,607,808 698,107 575,176 107,650 105,462 86,953 87,450 74 1.3947 

Mar .................. 3,399,267 3,583,991 678,361 629,784 101,951 98,434 74,068 70,975 -1 1.3795 

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) 

2017 - Dec................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529

2018 - Mar................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027

June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 

Sept.................. 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 

Dec................... 35,003 56,301 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 

2019 - Mar................... 38,710 60,551 212,555 66,770 11,947 10,874 2,508 2,109 57 1.3032 

June ................. 33,103 59,034 205,735 61,990 1,363 1,645 1,897 1,197 -37 1.2704 

Sept.................. 38,175 64,162 207,780 63,653 5,195 3,823 3,871 3,397 83 1.2305 

Dec................... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269

2020 - Mar................... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 

June ................. 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 

Sept.................. 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 

Dec................... 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662 
66

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) 

10/07/20 ................................................................ 24,728,000 24,016,467 -1,362 n.a.

10/14/20 ................................................................ 25,211,696 24,534,699 -1,312 n.a.

10/21/20 ................................................................ 25,258,278 24,587,895 -1,066 n.a.

10/28/20 ................................................................ 25,772,076 25,266,119 -683 n.a.

11/04/20 ................................................................ 25,605,424 25,103,264 -1,047 n.a.

11/10/20 ................................................................ 26,580,588 26,091,069 -1,029 n.a.

11/18/20 ................................................................ 26,231,998 25,720,417 -1,095 n.a.

11/25/20 ................................................................ 26,541,481 25,897,437 -1,289 n.a.

12/02/20 ................................................................ 27,739,396 27,003,417 -1,090 n.a.

12/09/20 ................................................................ 28,283,085 27,512,501 -1,363 n.a.

12/16/20 ................................................................ 25,699,631 25,072,753 -1,375 n.a.

12/23/20 ................................................................ 25,263,446 24,602,099 -934 n.a.

12/30/20 ................................................................ 24,906,659 24,132,345 -957 n.a.

01/06/21 ................................................................ 25,589,717 24,940,849 -1,082 n.a.

01/13/21 ................................................................ 25,936,107 25,260,555 -1,012 n.a.

01/20/21 ................................................................ 25,579,402 24,922,398 -1,042 n.a.

01/27/21 ................................................................ 26,546,908 25,805,241 -1,673 n.a.

02/03/21 ................................................................ 25,979,944 25,341,072 -1,985 n.a.

02/10/21 ................................................................ 26,359,092 25,694,019 -2,415 n.a.

02/17/21 ................................................................ 26,725,475 26,043,931 -2,115 n.a.

02/24/21 ................................................................ 27,873,438 27,227,356 -1,893 n.a.

03/03/21 ................................................................ 27,723,138 27,105,392 -1,420 n.a.

03/10/21 ................................................................ 28,886,205 28,175,479 -1,780 n.a.

03/17/21 ................................................................ 26,380,554 25,628,115 -1,991 n.a.

03/24/21 ................................................................ 26,661,457 25,992,596 -1,874 n.a.

03/31/21 .......................................................... 

28,104,090 27,327,257 -1,475 n.a.
67

SECTION V—U.S. Dollar Positions, continued 

TABLE FCP-V-2—Monthly Report of Major Market Participants 

[In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Calls Puts Net delta 

equivalent 

(9) 

Exchange 

rate 

(10) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2018 – Dec............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a.

2019 – Dec............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1,902 n.a.

2020 – Apr.............. 26,459,016 25,873,845 - - 1,506,705 1,536,993 1,267,422 1,277,225 -559 n.a.

May............. 26,307,968 25,702,780 - - 1,509,774 1,539,411 1,218,664 1,251,305 -792 n.a.

June............ 24,851,800 24,245,694 - - 1,519,578 1,509,168 1,211,803 1,251,072 -976 n.a.

 July............. 25,999,106 25,423,523 - - 1,532,311 1,526,221 1,325,310 1,365,900 -1,202 n.a.

Aug ............ 26,866,602 26,334,076 - - 1,499,717 1,502,328 1,338,197 1,349,100 -224 n.a.

Sept ........... 26,062,176 25,467,118 - - 1,442,221 1,442,951 1,271,881 1,279,101 -112 n.a.

 Oct.............. 26,310,379 25,787,833 - - 1,384,975 1,374,666 1,241,723 1,249,970 117 n.a.

Nov ............. 28,284,969 27,161,281 - - 1,406,692 1,388,649 1,319,213 1,339,533 -772 n.a.

Dec ............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a.

2021 – Jan ............. 27,260,519 26,568,251 - - 1,392,685 1,377,196 1,318,878 1,345,890 -1,205 n.a.

Feb ............. 29,049,951 28,289,749 - - 1,386,453 1,369,219 1,292,974 1,300,441 -736 n.a.

Mar ............. 28,837,712 28,080,020 - - 1,409,087 1,393,480 1,266,936 1,295,961 -509 n.a.

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) 

2017 - Dec.................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a.

2018 - Mar.................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a.

June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a.

Sept................. 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a.

Dec.................. 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a.

2019 - Mar.................. 479,088 367,085 - - 24,392 24,220 27,390 26,982 1,982 n.a.

June ................ 492,795 384,134 - - 22,611 19,703 22,966 20,310 2,439 n.a.

Sept................. 517,152 383,695 - - 22,698 19,505 21,249 19,635 1,960 n.a.

Dec.................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a.

2020 - Mar.................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a.

June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a.

Sept................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a.

Dec.................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a.
68

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) 

10/07/20 ............................................................................. 

6,880,133 7,063,560 -174 0.8499

10/14/20 ............................................................................. 

7,151,439 7,341,768 -320 0.8507

10/21/20 ............................................................................. 

7,165,318 7,358,279 -117 0.8425

10/28/20 ............................................................................. 

7,448,754 7,590,469 -359 0.8510

11/04/20 ............................................................................. 

7,365,673 7,491,759 -402 0.8525

11/10/20 ............................................................................. 

7,563,035 7,699,910 -299 0.8467

11/18/20 ............................................................................. 

7,473,155 7,626,707 -269 0.8425

11/25/20 ............................................................................. 

7,439,507 7,586,826 -183 0.8398

12/02/20 ............................................................................. 

7,877,877 8,023,891 -82 0.8269

12/09/20 ............................................................................. 

7,873,540 8,009,763 127 0.8278

12/16/20 ............................................................................. 

7,405,484 7,601,961 166 0.8214

12/23/20 ............................................................................. 

7,131,759 7,277,402 276 0.8201

12/30/20 ............................................................................. 

7,073,106 7,279,893 589 0.8143

01/06/21 ............................................................................. 

7,200,859 7,356,415 621 0.8137

01/13/21 ............................................................................. 

7,378,314 7,571,898 367 0.8224

01/20/21 ............................................................................. 

7,241,938 7,404,242 208 0.8257

01/27/21 ............................................................................. 

7,364,931 7,580,099 234 0.8264

02/03/21 ............................................................................. 

7,172,748 7,336,197 74 0.8316

02/10/21 ............................................................................. 

7,185,707 7,356,839 127 0.8243

02/17/21 ............................................................................. 

7,308,746 7,516,034 38 0.8304

02/24/21 ............................................................................. 

7,459,151 7,647,389 138 0.8235

03/03/21 ............................................................................. 

7,368,433 7,542,543 30 0.8283

03/10/21 ............................................................................. 

7,720,478 7,891,991 -65 0.8403

03/17/21 ............................................................................. 

7,152,053 7,344,251 52 0.8400

03/24/21 ............................................................................. 

7,311,817 7,467,486 79 0.8452

03/31/21 ............................................................................ 

7,749,900 7,944,280 33 0.8516
69

SECTION VI—Euro Positions, continued 

TABLE FCP-VI-2—Monthly Report of Major Market Participants 

[In millions of euros. Source: Treasury Foreign Currency Reporting] 

Report date 

Spot, forward 

and future contracts 

Foreign currency 

denominated 

Options positions 

Exchange 

rate 

(10) 

Calls Puts Net delta 

equivalent 

(9) 

Purchased 

(1) 

Sold 

(2) 

Assets 

(3) 

Liabilities 

(4) 

Bought 

(5) 

Written 

(6) 

Bought 

(7) 

Written 

(8) 

2018 – Dec.................. 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 

2019 – Dec.................. 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 

2020 – Apr................... 7,637,602 7,811,742 1,422,476 1,437,799 530,015 538,550 358,952 340,364 -142 0.9146 

May.................. 7,663,178 7,864,702 1,462,033 1,513,407 524,746 529,955 351,391 333,556 -102 0.9003 

June................. 7,374,067 7,549,259 1,471,701 1,491,901 518,239 530,089 344,896 328,221 -68 0.8899 

 July.................. 7,658,361 7,771,813 1,603,291 1,576,443 635,900 637,924 359,736 339,880 -272 0.8459 

Aug .................. 7,514,678 7,688,086 1,542,516 1,485,333 658,450 658,714 350,406 334,381 74 0.8368

Sept................. 7,330,142 7,499,167 1,465,244 1,365,571 608,184 601,419 355,530 341,386 -310 0.853 

 Oct................... 7,610,961 7,731,933 1,629,698 1,441,998 573,385 567,065 355,937 342,392 -381 0.8586 

Nov .................. 7,985,834 8,129,044 1,607,199 1,540,279 581,051 575,894 345,375 332,602 -158 0.837 

Dec .................. 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 

2021 – Jan .................. 7,563,421 7,695,095 1,504,154 1,340,558 559,384 555,378 352,313 342,696 252 0.8241 

Feb .................. 7,836,248 7,973,948 1,556,999 1,304,954 548,195 548,795 378,481 369,348 143 0.8269

Mar .................. 8,068,820 8,224,468 1,785,930 1,656,036 516,344 527,888 390,374 384,224 -41 0.8516

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) 

2017 - Dec................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 

2018 - Mar................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 

June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 

Sept.................. 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 

Dec................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 

2019 - Mar................... 123,672 155,693 399,029 230,690 6,690 6,683 16,534 12,516 n.a. 0.8906 

June ................. 138,570 152,753 415,773 246,478 7,578 6,376 8,135 4,478 n.a. 0.8792 

Sept.................. 143,594 164,534 418,921 259,403 5,806 6,451 8,774 5,174 449 0.9170 

Dec................... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 

2020 - Mar................... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 

June ................. 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 

Sept.................. 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 

Dec................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177
70

INTRODUCTION: Exchange Stabilization Fund

To stabilize the exchange value of the dollar, the 

Exchange Stabilization Fund (ESF) was established pursuant 

to chapter 6, section 10 of the Gold Reserve Act of January 

30, 1934 codified at 31 United States Code 5302, which 

authorized establishment of a Treasury fund to be operated 

under the exclusive control of the Secretary, with approval 

of the President. 

Subsequent amendment of the Gold Reserve Act 

modified the original purpose somewhat to reflect 

termination of the fixed exchange rate system. 

Section 4027 of H.R. 748, the Coronavirus Aid, Relief, 

and Economic Security Act (CARES Act), enacted on 

March 27, 2020 as Pub. Law 116-136, appropriated $500 

billion to the ESF. The Consolidated Appropriations Act, 

2021, subsequently rescinded $479 billion of the $500 

billion appropriation provided to Treasury. 

Resources of the fund include (a) Fund Balance, which 

reflects the projected subsidy to support future 

disbursements for loans and expenditures for administrative 

expenses in support of the CARES Act, (b) U.S. 

Government securities (dollar balances), (c) special drawing

rights -SDRs, and (d) foreign currencies. Principal sources 

of income -+ or loss -- for the fund are profits -+ or losses -- 

on SDRs and foreign exchange, interest earned on U.S 

Government and foreign securities, and SDRs. 

 Table ESF-1 presents the assets, liabilities, and

capital of the fund. The figures are in U.S. dollars. Amounts 

and transactions pertaining to foreign currencies have been 

converted to U.S. dollars based on current exchange rates 

computed according to the accrual method of accounting. 

Investments and loans receivable are reported at cost. The 

capital account represents the original capital appropriated to 

the fund by Congress of $2 billion, minus a subsequent 

transfer of $1.8 billion to pay for the initial U.S. quota 

subscription to the International Monetary Fund. The 

additional appropriated capital represents the $500 billion 

appropriated under the CARES Act Sec 4027 minus 

transfers, expenditures, and a subsequent rescission of $479 

billion resulting from the passage of Consolidated 

Appropriations Act, 2021. Conversion gains and losses are 

reflected in the cumulative net income -+ or loss -- account. 

 Table ESF-2 shows the results of operations for the

current quarter and year-to-date. Figures are in U.S. dollars 

computed according to the accrual method. “Profit -+ or loss 

-- on foreign exchange” includes realized profits or losses. 

“Adjustment for change in valuation of SDR holdings and 

allocations” reflects net gain or loss on revaluation of SDR 

holdings and allocations for the quarter. CARES Act related 

administrative costs incurred in connection with the loans, 

loan guarantees and other investments are accrued. 
71

TABLE ESF-1—Balances as of Dec. 31, 2020, and Mar. 31, 2021 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Assets, liabilities, and capital Dec. 31, 2020 

Dec. 31, 2020, 

through 

Mar. 31, 2021 Mar. 31, 2021 

Assets 

U.S. dollars: 

Held with treasury: 

Fund balance .................................................................. 51,563,888 (49,863,086) 1,700,802 

U.S. Government securities ............................................ 11,165,636 (6,159) 11,159,477 

Special drawing rights 1........................................................... 52,942,045 (839,832) 52,102,213 

Economic recovery program investments .............................. 114,118,699 (62,221,632) 51,897,067 

Economic recovery program loans receivable........................ 2,355,851 (478,436) 1,877,415 

Foreign exchange and securities: 

European euro .................................................................... 13,125,931 (528,626) 12,597,305 

Japanese yen...................................................................... 9,058,153 (607,183) 8,450,970 

Accounts receivable................................................................ 83,339 (11,903) 71,436 

Total assets......................................................................... 254,413,542 (114,556,857) 139,856,685 

Liabilities and capital 

Current liabilities: 

Accounts payable................................................................ 9,950 (3,666) 6,284 

Total current liabilities ..................................................... 9,950 (3,666) 6,284 

Other liabilities: 

SDR certificates .................................................................. 5,200,000 - 5,200,000 

SDR allocations................................................................... 50,864,115 (814,379) 50,049,736 

Debt, including accrued interest payable............................ 88,294,452 (62,036,014) 26,258,438 

Total other liabilities ........................................................ 144,358,567 (62,850,393) 81,508,174 

Capital: 

Initial appropriated capital account ..................................... 200,000 - 200,000 

Additional appropriated capital Account ............................. 69,270,955 (49,798,467) 19,472,488 

Net income -+ or loss -- -see Table ESF-2......................... 57,389 (1,904,331) (1,846,942) 

Total capital..................................................................... 110,045,025 (51,702,798) 58,342,227 

Total liabilities and capital........................................... 254,413,542 (114,556,857) 139,856,685 

See footnote on the following page. 
72

1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the 

SDRs based on a weighted average of exchange rates for the currencies of selected 

member countries. The U.S. SDR holdings and allocations are valued on this basis 

beginning July 1974. 

Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 

“Annual Report of the Secretary of the Treasury” and those for succeeding years 

appeared in subsequent reports through 1980. Quarterly balance sheets beginning with 

December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception 

to September 30, 1978, may be found on the statements published in the January 1979 

“Treasury Bulletin.” 

TABLE ESF-2—Income and Expense 

[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] 

Current quarter 

Jan. 1, 2021, 

through 

Mar. 31, 2021 

Fiscal year to date 

Oct. 1, 2020 

through 

Mar. 31, 2021 

Income and expense 

Profit -+ or loss-- on: 

Foreign exchange .............................................................. (1,133,077) (380,647)

Adjustment for change in valuation 

 of SDR holdings and allocations 1................................. (33,402) 13,759 

Net income (+) or loss (-): 

SDRs.................................................................................. 332 841 

U.S. Government securities ........................................... 1,312 3,691 

Foreign exchange (10,880) (21,408) 

Economic Recovery Program (+) or net charges (-) 

on:

Appropriations revenue.................................................. 2,212 6,922 

Administrative expense.................................................. (2,189) (7,303) 

Facility fees .................................................................... - - 

Net interest revenue and expense................................. (728,640) (1,462,797) 

Income from operations ................................................. (1,904,332) (1,846,942) 

Net income (+) or loss (-) ............................................... (1,904,332) (1,846,942) 
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 2022) .............................................................................................................. 83 

less: 

Cash balance (fiscal year 2022) ......................................................................................................................................................................................... -7

Unfunded authorizations (fiscal year 2022) ........................................................................................................................................................................ 89 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026)............................................................................................................................ 142

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2022 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 114-94. 

Mass Transit Account 

[In billions of dollars. Source: DOT] 

Commitments (unobligated balances plus unpaid obligations, fiscal year 2022) .............................................................................................................. 35 

less: 

Cash balance (fiscal year 2022) ......................................................................................................................................................................................... 1 

Unfunded authorizations (fiscal year 2022) ........................................................................................................................................................................ 34 

48-month revenue estimate (fiscal years 2023, 2024, 2025, and 2026)........................................................................................................................... 25 

Note—Detail may not add due to rounding. 

48-month revenue estimate reflects FY 2022 President’s Budget projections. 

Note—Reflects extension of authorized revenue collection and funding levels prescribed in 

P.L. 114-94. 
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 
68 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. 
GLOSSARY 67 

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).