$Bil.

80

70

60

50

40

30

20

10

01

2.8

NET FEDERAL FINANCING REQUIREMENTS

Off-budget deficit-"

Budget deficit

78.4

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981e 1982e

J/Consistslargely of Federal Financing Bank borrowings to finance off-budget programs.

January 1981 Budget estimates.

$Bil.

80

70

60

50

40

H30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing January 27. 1981-11
CUMULATIVE FEDERAL AND FEDERALLY - ASSISTED

BORROWING FROM THE PUBLIC

1970

Office of the Secretary of the Treasury

Office of Government Financing

'75 '76 TQ '77

Fiscal Years

1/ Adjusted (1) to eliminate double counting of obligations purchased by Federal and Federally-sponsored

agencies and (2) for changes in Treasury cash balances and other minor items.

e January 1981 Budget estimate. January 27, 1981 17
$Bil.

60 —

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

October - December 1980

Uses

Redemptions of Special Issues1' |

Coupon Maturities t

Savings Bonds Vi

1 Other

Nonmarketables

i Cash Deficit

60V2 Sources

4 Gov't Account Sales

4 Coupon

Refundings

Net Market |

Borrowing

Decrease in

Cash Balance %

jy Includes maturing marketable securitiesof S'/s billion.

$Bil.

60

50

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing January 27.1861-23
$Bil.

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January - March 1981

Uses

Redemptions of Special Issues |

Coupon Maturities |

Savings Bonds 2%

Other Nonmarketables

I Cash Deficit

60y2

Sources

•$ Gov't Account Sales

| Coupon

Refundings

Net Market 36 <!

Borrowing

Decrease in ,

Cash Balance I!

To Be

Done

253/4

Done

10V4

\JAssumes $8 bilion March 31, 1981 cash balance.

$Bil.

60

50

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing January 27, 1981-24
$Bil.

25

20

15

10

5

0

-5

-10

-15

-20

TREASURY OPERATING CASH BALANCE

Semi-Monthly

—

Without

—

Tax and Loan

Accounts A

A Balance »1

Total Operating A

Balance |>A

<—New—>

Borrowing

g \ W ss

~-\ ^""\ l-i\ A \ i •

\ A fr'^/t\ 1 * \ A / $

^Federal Reserve Account"*"'

•

•

•

•

•

•

:

•

•

•

•

•

•n.••»•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

•

i i i i i I 1 I 1 1 1

•

•

•

•

1 1

Jan. Feb. Mar. Apr. May Jun. Jul.

1980

Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.

1981

Office of the Secretary of the Treasury

Office of Government Financing January 27,1981-19
$Bil.

40

TREASURY NET MARKET BORROWING1

Calendar Year Quarters

30

20

14.8

10-i

0

M

•10

i

-3.9

19.4

13.3 1 I '-

iiii

_L

I

-.3

COUPONS

ran Over 10 yrs

t^ 0-10 yrs.

BILLS

I II III IV I II III IV I II III IV I II III

1977 1978 1979 1980

1/ Excludes Federal Reserve and Government Account Transactions.

Office oftheSecretary oftheTreasury 6 estimate Office of Government Financing

IV le

1981

January 27.1981-1
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

-4-

-6-

-8-

II III IV

1977

Office of the Secretary of the Treasury

Office of Government Financing

Savings Bonds

State & Local Series

Foreign Nonmarketables

2.2

IP-1.4

-.9

-1.7

J_

II III IV I II III IV I II III IV le

1978 1979 1980 1981

e estimate

-6.6

J.

-3.7

_L

$Bil.

10

8

6

4

2

0

-2

-4

-6

-8

January 27, 1981-2
$Bil.

0

- -2

4

-6

H-8

-10

CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/

t>Bil.

U »w ———•♦«*.

\ 1978

~ \

-2 -1981e\

-4 h \ 3B^ 1979 \ -

-6 "

"

*%.%.

-8

^•ej*^•e»

-10

-19

1980

i5T

^•efc^•afc

I I I I I I I I I I I I I

'""J FMAMJ JASOND"12

Month of year

1/ Cash sales less redemptions

otfce of the secratery at the Treasur, e January 1981 partly estimated.

OffceofOonemment Financing January 27, 1981-14
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil.

Nonmarketable

1977 1978 1979

Office of the Secretary of the Treasury

Office of Government Financing

-1/ F.R.B. Purchases of marketable issues as agents forforeign

and international monetary authorities for new cash.

.2/Partly estimated.

$Bil.

1980

January 27,1961-3
%

22-

1977

Office of the Secretary of the Treesury

Office of Government Financing

SHORT TERM INTEREST RATES

Monthly Averages

1978 1979 1980

'• Through

January 23

INN

1981

%

22

20

18

16

14

12

10

8

-6

January 27,1981-7
%

20

18

16-

14

12

10

8

Office of the Secretary of the Treasury

Office of Government Financing

SHORT TERM INTEREST RATES

Weekly Averages

Aug

Federal Funds]

.•Commercial Paper

3 Month

Treasury Bill

Sep Oct

1980

•-../ t

Week ending

January 21

I I I

Jan

1981

%

20

18

16

14

12

10

8

January 27,1981-5
%

16

15

14

13

12

11

10

9

8

7

6

5

LONG MARKET RATES

Monthly Averages

New Conventional

Mortgages

•H *

New Aa Corporates ,

y,"""\

A _/ it

Through

January 23

•••••<

•••••••••«..... ..••••..•• ••••••»•••"

1977

Treasury 20-Year

4

1978 1979

/\

I New 20-Year

Municipal Bonds

1980 1981

%

16

15

14

13

12

11

10

9

8

7

6

5

Office of the Secretary of the Treasury

Office of Government Financing January 27, 1981-4
%

16

15

14

13

12

11

10

9

8

7

6

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

July

Officeof the Secretary of the Treasury

Office of Government Financing

Aug

New Aa

Corporates Treasury

10-Year .«£=*.

Municipal Bonds

New 20-Year

Sep Oct

1980

Nov Dec

Through

week ending

January 23

I I I

Jan

1981

%

16

15

14

13

12

11

-110

9

8

7

6

January 27, 1981-6
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1971 1972 1973 1974

Officeof the Secretary of the Treasury

Officeof Government Financing

1975 1976 1977

As of December 31

1978 1979 1980

January 27, 1981-13
Office of the Secretary of the Treasury

Office of Government Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

4 5 6

Years to Maturity

January 27,1981-21
Years

5

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

December 1980

3 Years

9 Months

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980

Office of the Secretary of the Treasury

Office of Government Financing January 27, 1981-12
OWNERSHIP OF MATURING COUPON ISSUES

February 1981 - June 1981^

(In Millions of Dollars)

Maturing Issues

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions

Other

Private

Domestic

Holders

Long- Foreign term 2/

Investors

Intermediateterm 5/

Investors

7% Nt. 2/15/81

7 3/8% Nt. 2/15/81

9 3/4% Nt. 2/28/81

6 7/8% Nt. 3/31/81

9 5/8% Nt. 3/31/81

9 3/4% Nt. 4/30/81

7 3/8% Nt. 5/15/81

7 1/2% Nt. 5/15/81

9 3/4% Nt. 5/31/81

6 3/4% Nt. 6/30/81

9 1/8% Nt. 6/30/81

1258

3648

2456

2579

2778

2751

1828

2822

2121

2434

2725

431

1255

508

839

583

621

685

919

559

585

739

36

46

15

16

19

5

57

25

7

14

15

188

593

190

217

107

142

318

197

95

262

118

51

334

186

331

163

154

246

180

71

374

426

144

336

60

349

160

98

47

122

460

42

16

386

791

1121

67

844

671

213

819

318

529

826

22

293

376

760

902

1060

262

560

611

628

585

TOTAL 27,400 7,724 255 2427 2516 1834 6585 6059

Office of the Secretary of the Treasury

Office of Government Financing

1/ Amounts for investor classes are based on the November 1980 Treasury Ownership Survey.

21 Includes State and local pension funds and life insurance companies.

3/ Includes casualty and liability insurance companies, mutual savings banks, savings and loan

associations, and corporate pension trust funds.

January 27, 1981-22
$Bil.

8

6

4

2

0

10t—

8

6-

4

2

0

6

4

2

0

6

4h

2

0

6

4

2

0

4.9 5.4

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

4.7

I

1981

5.2 5.4

1986

2.5

I 2.8 2.1

2

3.2

5.0

3.2

4.1

I

I

5.8

I

4.5

I

2.8

I

2.9

2.4

6.4

4^3 : I • 4.0J.4.0 ty\ 4,0(3.9

1982i

7.0

5.2

1983 |6

I 2.7

1.0{

6 3 1984

3.1

6.0

1

1985

3.4

6.4 |

7.0 6.8 ^ 4.6 ^

2.5

3.0

6.1

I

3.1

2.4

3.3

4.6

2.7

1.3

2.0

2.4

I

2.2

1987

1988

1989

1990

1991

7.5

I

2.6

.3

1.8

2.3

I

3.8

2.4

J FMAMJ JASOND J FMAMJ JASOND

Office of the Secretary of the Treasury

Officeof Government Financing

Securities issued prior to 1979

New issues calendar year 1979

i^^j New issues calendar year 1980

[ j Issued or announced through January 23, 1981 January 27, 1981-15
$Bil.

4

2

OL

4"

2-

0

4

2

0

4

2

21-

1.9

2.9

1.8

2.2

1.5

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

1992 2

1993

1994

2.7

2.2

1.5

B9

2002

2003

2- 2004

1.3

2.0

2005

1.5 2006

2.7

1995

1.5

0

2

0

4

2

0

4

2

0

4

2

0

4-

2

0

4

2

0

2.7

2007

1996 2008

1997 1.4

1998

.5

3.9 2009

1999

2010

2000 2.5 1.8 1.9

2001

2011

1.2

3.6

g

3.4

1.9

J F M A M J J A S O N D

| Securities issued prior to 1979

New issues calendar year 1979

FMAMJ J ASOND

[j^j New issues calendar year 1980

Office of the Secretary of the Treasury BH Issued or announced through January 23, 1981 Office of Government Financing January 27, 1981-16
TRADING VOLUME AND OPEN INTEREST IN 90 DAY

TREASURY BILL vAND BOND^ FUTURES CONTRACTS

$Bil. i 1$Bil.

1000

800

600

400

200

0

OPEN INTEREST

I II III IV I II III IV I II III IV I II III IV I II III IV

1976 1977 1978 1979 1980

Jgg^Jgg^^jgjjjj^JSjIjj^ n n D

I II III IV I II III IV I II III IV I II III IV I II III IV

1976 1977 1978 1979 1980

-^Contracts traded on the International Monetary Market ($1,000,000 per contract).

otiice oi the secretary of the Treasury -^Contracts traded on the Chicago Board of Trade ($100,000 per contract). Office of Government financing

m

Bonds

1000

40 TRADING VOLUME 800

600

400

200

January 27, 1981-18
$Bil.

3

DELIVERABLE BILLS AND DELIVERIES ON 90 DAY

TREASURY BILL FUTURES CONTRACTS^

6 mo.

3 mo.

~~~| Estimated

^ !> Deliverable

J Supply ^

Deliveries

Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec

1976 1977 1978 1979 1980

1/Contracts traded on the International Monetary Market (IMM).

$Bil.

3

0

Office of the Secretary of the Treesury

Office of Government Financing

2/Consists of the amount of accepted competitive tenders for the

new 3 month bill and the 6 month bill issued 3 months earlier. January 27. 1981-8
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.

4

• I • -_

FNMA

mllil1.1

1" *

$Bil.

3

2

1

0

-1

5

4

3

2

1

0

-1

i

i

i

i •*

All

FHLB*

ill hi J *

V

I II III IV I II III IV I II III IV I II III IV I II III IV

1976 1977 1978 1979 1980

* Less than $50 million.

111!hi

FCA

hi.IlilIn.

3

2

1

0

7

6

5

4

3

2

1

I II III IV I II III IV I II III IV I II III IV I II in ive

1976 1977 1978 1979 1980

e Partly estimated.

Office of the Secretary of the Treasury

Office of Government Financing

J/ Includes FHLB discount notes, bonds, and FHLMC certificates,

mortgage-backed bonds, and mortgage participation certificates. January 27, 1981-20
1981

16.3

13.1

8.8

3.9

I

1985

4.23.8

till

1982

1986

1.7

2.7

..I

AGENCY MATURITIES^

1983

1987

2J1.9

III.

Privately Held

$Bil.

1984

5.1 5J

2.6

1988

..i

1989

.4 .4

1993

1997

2 - 1.1

.5 3 .2

|_ 2001

1

2005

-2 .1

2 - 2009

.4 .3

2013

.2

1990

1994

.1

1998

.t .2 .2 .1

2002

.2

2006

.1 .1

2010

2014

.2

1991

.3 Ji .4

1995

1999

2003

2007

-3 .2

2011

2015

1992

.2 .2 .1

1996

.5

2000

2004

2008

.3 .3

2012

.5

2016

$Bil.

16

14

12

10

8

6

4

2

0

6

4

2

0

IV I II III IV I IV I II III IV II III IV I IV I II III IV I II III IV

Office of the Secretary of the Treasury

Office of Government Financing

Calendar Years Quarterly

-^Issued or announced through December 31, 1980 January 27, 1981-25