April - June 2003 July - Sept. 2003

(Projected) (Actuals) (Projected)

Deficit Funding (Def + / Surplus -) * 17 18 138

Means of Financing

Change in Cash Balance -32 -17 -15

Compensating Balances -18 -12 28

Net Non-Marketable Financing -5 -9 16

Net Marketable Financing 79 60 104

Other -6 -4 5

Net Marketable Financing 79 60 104

Bills -27

Nominal Notes 91

IIS 0

Bonds (20-yr) -3

Notes:

Starting Cash Balance 13 13 30

Ending Cash Balance 45 30 45

* Includes budget results, direct loan activity, changes in accrued interest and checks outstanding and minor miscellaneous transactions.

Note: Totals may not add due to rounding

TREASURY FINANCING REQUIREMENTS

Department of the Treasury

Office of Market Finance July 28, 2003-1

$ Billions
0

10203040506070

FY 2002FY 2003

TREASURY DAILY OPERATING CASH BALANCE

Department of the TreasuryOffice of Market Finance 

$Bil. 

Source: Daily Treasury Statement, data through July 24, 2003.

Oct Nov Dec Jan Feb Mar Apr May Jun Jul A
55 1960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Debt to GDP (%)

SURPLUS/DEFICIT AND DEBT TO GDP

ury

July 28, 2003-3

Surplus/Deficit % of GDP

'08

Percent

Percent

1

2

0

-2-4-6-8

80

60

4020

0

Source: Budget Historical Tables 1.2 & 7.1.

1 FY 2003-08 estimates from OMB Budget of the United States Government FY 2004 Mid-Session Review.
05,00010,00015,00020,000 Nonfinancial Credit Market

Treasuries

65 1970 1975 1980 1985 1990 1995 2000

TreasuriesMuni's

CorporatesHome Mortgages

Consumer Credit Other

July 28, 2003-4

C NONFINANCIAL CREDIT MARKET AND TREASURY DEBT

$Bil.

Source: U.S. Federal Reserve Board of Governors Flow of Funds.

Percent

3020

10

0
973 1977 1981 1985 1989 1993 1997 2001

EASURY BILLS AS A PERCENTAGE OF THE MONEY MARKET

Quarterly

July 28, 2003-5

Percent

1

1 Money market = Treasury bills, nonfinancial commercial paper, and financial open market paper.

25303540455055606570

Source: U.S. Federal Reserve Board of Governors Flow of Funds statistical release Z.1.
050100150200250300350400

PRIMARY DEALER TRADING VOLUME

Outright Transactions, 3-Month Moving Average

July 28, 2003-6

BillsNotes/Bonds

Agencies

MBS

Corp

$Bil.

1

Source: Federal Reserve Bank of New York.

1 Data available beginning September 26, 2001

1996 1997 1998 1999 2000 2001 2002 2003
II III IV I II III IV I II III IV I II III IV I II

-200-160-120-80-4004080120

13.8

-15.9

47.0

-20.1

-192.1

-47.7-26.1

17.8

-163.4

74.4

52.1

52.5

15.1

84.2

82.6

111.3

60.3

REASURY QUARTERLY NET MARKET BORROWING

$Bil.

July 28, 2003-7

Coupons

Bills

2 - under 5 yrs

5 - 10 yrs

Over 10 yrs

Buybacks

1999 2000 2001 2002 2003
III IV I II III IV I II III IV I II III IV I II 

-15-10-50510

-6.9

-3.6

-8.0

-5.0

-10.1

-2.2

-1.4

-1.7

-10.6

0.8

-5.5

-0.1 -0.7

7.6

-2.4

-9.4

$Bil.

TREASURY QUARTERLY NET BORROWING

FROM NONMARKETABLE ISSUES

July 28, 2003-8

State and Local SeriesForeign Series

Savings Bonds

Note: Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury

securities from May 15, 2002—July 8, 2002.

99 2000 2002 2001 2003
0510152025303540

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Quarterly

July 28, 2003-9

Percent

1

Estimated Foreign Holdings

Foreign and International Institutional Holdings at FRBNY 3

 Benchmark revision

2

1994 1995 1996 1997 1998 1999 2000 2001 2002 2003

3

12

Privately held debt excludes holdings of the Federal Reserve.

Source: Federal Reserve Bank of New York statistical release H4.1.Series for estimated foreign holdings. Data through May 31, 2003. See http://www.treas.gov/tic/index.html.
1996 1997 1998 1999 2000 2001 2002

020406080

100

RIVATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

Calendar Year End Data

July 28, 2003-10

16

29

13

25

17

Over 10 years

2-10 years

1-2 years1 year & under

Bills

1 Privately held marketable debt excludes holdings of the Federal Reserve and

non-interest-bearing matured debt.

19

29

13

25

14

15

33

16

19

17

Percent

Jun '03
0

12345678

AUCTION RELEASE TIMES

Target Release Range

Curre

(April 2

Department of the TreasuryBPD - Office of Financing 

Minutes from Closing to Release

May

Note: No Current Quarter Exceptions

Aug-02 Sep Oct Nov Dec Jan-03 Feb Apr 

Mar