Treasury Financing Requirements

($ Billions)

 January - March 2003 

 (Projected) (Actuals) (Projected)

Net Marketable Issuance* 76 83 110

Bills 21

Nominal Notes 55

IIS 7

Financing 76 83 110

Deficit Funding ** 109 118 116

Net Non-Marketable Financing 17 8 -3

Change in Cash Balance 16 28 8

Notes:

Starting Cash Balance 61 61 33

Ending Cash Balance 45 33 25

* If unchanged, current coupon issuance pattern would raise $208 billion in FY03

** 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

Department of the Treasury

Office of Market Finance February 3, 2003

 October - December 2002 
FY 2002 FY 2003

Date TOTAL Date TOTAL

10/1/01 50.7 10/1/02 42.2

10/2/01 50.4 10/2/02 45.6

10/3/01 31.1 10/3/02 16.2

10/4/01 23.3 10/4/02 16.6

10/5/01 24.5 10/7/02 16.7

10/9/01 26.9 10/8/02 16.5

10/10/01 22.3 10/9/02 15.5

10/11/01 28.8 10/10/02 12.9

10/12/01 27.1 10/11/02 10.5

10/15/01 35.6 10/15/02 20.9

10/16/01 38.9 10/16/02 22.9

10/17/01 39.9 10/17/02 24.6

10/18/01 33.9 10/18/02 24.5

10/19/01 37.2 10/21/02 27.7

10/22/01 38.9 10/22/02 25.9

10/23/01 38.0 10/23/02 25.4

10/24/01 35.5 10/24/02 29.3

10/25/01 35.6 10/25/02 28.5

10/26/01 35.2 10/28/02 31.1

10/29/01 36.3 10/29/02 29.1

10/30/01 34.6 10/30/02 30.3

10/31/01 27.6 10/31/02 43.7

11/1/01 27.0 11/1/02 10.6

11/2/01 6.4 11/4/02 14.0

11/5/01 7.7 11/5/02 7.5

11/6/01 4.4 11/6/02 11.0

11/7/01 8.7 11/7/02 13.8

11/8/01 24.3 11/8/02 11.9

11/9/01 22.4 11/12/02 12.4

11/13/01 24.0 11/13/02 10.1

11/14/01 21.1 11/14/02 18.5

11/15/01 23.1 11/15/02 27.1

11/16/01 29.9 11/18/02 34.8

11/19/01 29.5 11/19/02 32.0

11/20/01 26.7 11/20/02 30.5

11/21/01 27.9 11/21/02 30.4

11/23/01 51.3 11/22/02 27.7

11/26/01 51.8 11/25/02 29.1

11/27/01 47.8 11/26/02 28.0

11/28/01 45.4 11/27/02 27.4

11/29/01 48.4 11/29/02 30.9

11/30/01 30.5 12/2/02 27.4

12/3/01 5.9 12/3/02 6.0

12/4/01 5.8 12/4/02 4.6

12/5/01 5.2 12/5/02 5.1

12/6/01 12.1 12/6/02 3.1

12/7/01 11.0 12/9/02 5.0

12/10/01 13.2 12/10/02 14.4

12/11/01 10.5 12/11/02 14.1

12/12/01 10.9 12/12/02 7.1

12/13/01 9.2 12/13/02 10.3

12/14/01 13.8 12/16/02 35.0

12/17/01 55.6 12/17/02 35.2

12/18/01 55.8 12/18/02 35.8

12/19/01 58.7 12/19/02 28.3

12/20/01 49.0 12/20/02 27.9

12/21/01 49.9 12/23/02 32.0

12/24/01 56.5 12/24/02 27.2

12/26/01 54.4 12/26/02 23.5

12/27/01 49.2 12/27/02 25.9

12/28/01 53.3 12/30/02 33.5

12/31/01 52.4 12/31/02 33.0

1/2/02 52.1 1/2/03 33.8

1/3/02 27.8 1/3/03 11.3

1/4/02 27.9 1/6/03 13.4

1/7/02 30.0 1/7/03 11.6

1/8/02 28.7 1/8/03 10.1

1/9/02 28.8 1/9/03 4.8

1/10/02 19.9 1/10/03 7.1

1/11/02 20.5 1/13/03 11.6

1/14/02 27.0 1/14/03 14.6

1/15/02 45.9 1/15/03 8.0

1/16/02 55.2 1/16/03 7.3

1/17/02 43.5 1/17/03 10.5

1/18/02 46.7 1/21/03 17.2

1/22/02 55.8 1/22/03 32.1

1/23/02 70.0 1/23/03 30.9

1/24/02 66.7 1/24/03 29.9

1/25/02 67.2 1/27/03 35.3

1/28/02 73.0 1/28/03 32.8

1/29/02 72.0 1/29/03 36.5

1/30/02 74.6 1/30/03

1/31/02 75.4 1/31/03

2/1/02 38.5

2/4/02 41.9

2/5/02 36.9

2/6/02 40.6

2/7/02 44.5

2/8/02 33.2

2/11/02 36.7

2/12/02 34.5

2/13/02 34.2

2/14/02 45.9

2/15/02 28.3

2/18/02 38.2

2/19/02 35.2

2/20/00 53.4

2/21/02 39.3

2/22/02 44.7

2/26/02 41.9

2/27/02 41.7

2/28/02 44.6

TREASURY DAILY OPERATING CASH BALANCE

Daily

$ billions
FY 2002 FY 2003

Date TOTAL Date TOTAL

TREASURY DAILY OPERATING CASH BALANCE

Daily

$ billions

3/1/02 16.5

3/4/02 18.6

3/5/02 13.0

3/6/02 16.5

3/7/02 19.0

3/8/02 13.0

3/11/02 16.5

3/12/02 14.0

3/13/02 13.3

3/14/02 18.2

3/15/02 31.6

3/18/02 43.6

3/19/02 40.1

3/20/02 40.1

3/21/02 34.1

3/22/02 28.6

3/25/02 30.5

3/26/02 25.9

3/27/02 24.4

3/28/02 15.6

3/29/02 14.1

4/1/02 4.9

4/2/02 4.2

4/3/02 7.5

4/4/02 13.6

4/5/02 7.1

4/8/02 8.2

4/9/02 6.0

4/10/02 5.8

4/11/02 8.7

4/12/02 7.3

4/15/02 11.3

4/16/02 4.2

4/17/02 8.3

4/18/02 5.9

4/19/02 9.6

4/22/02 10.9

4/23/02 21.6

4/24/02 29.7

4/25/02 16.6

4/26/02 18.2

4/29/02 26.1

4/30/02 38.8

5/1/02 30.5

5/2/02 24.5

5/3/02 13.5

5/6/02 14.6

5/7/02 10.6

5/8/02 9.6

5/9/02 7.4

5/10/02 9.8

5/13/02 10.9

5/14/02 9.0

5/15/02 11.0

5/16/02 25.1

5/17/02 11.1

5/20/02 12.5

5/21/02 9.1

5/22/02 7.5

5/23/02 14.0

5/24/02 11.0

5/28/02 12.7

5/29/02 10.7

5/30/02 14.5

5/31/02 8.3

6/3/02 24.4

6/4/02 19.7

6/5/02 20.4

6/6/02 16.9

6/7/02 14.6

6/10/02 16.6

6/11/02 14.6

6/12/02 16.1

6/13/02 9.7

6/14/02 14.6

6/17/02 35.5

6/18/02 16.4

6/19/02 21.0

6/20/02 25.9

6/21/02 26.7

6/24/02 32.7

6/25/02 31.6

6/26/02 32.1

6/27/02 35.6

6/28/02 39.6

7/1/02 27.8

7/2/02 26.8

7/3/02 8.5

7/5/02 9.4

7/8/02 9.5

7/9/02 6.9

7/10/02 6.9

7/11/02 9.5

7/12/02 11.6

7/15/02 3.8

7/16/02 8.0

7/17/02 8.0

7/18/02 18.2

7/19/02 19.1

7/22/02 20.9

7/23/02 17.7

7/24/02 17.2

7/25/02 27.4

7/26/02 27.3

7/29/02 31.6

7/30/02 29.8

7/31/02 39.8
FY 2002 FY 2003

Date TOTAL Date TOTAL

TREASURY DAILY OPERATING CASH BALANCE

Daily

$ billions

8/1/02 35.6

8/2/02 13.8

8/5/02 13.1

8/6/02 9.6

8/7/02 14.2

8/8/02 17.1

8/9/02 18.6

8/12/02 22.6

8/13/02 20.4

8/14/02 21.2

8/15/02 21.5

8/16/02 24.1

8/19/02 26.1

8/20/02 24.1

8/21/02 26.3

8/22/02 28.6

8/23/02 29.3

8/26/02 33.1

8/27/02 31.5

8/28/02 32.1

8/29/02 35.6

8/30/02 26.5

9/3/02 9.6

9/4/02 8.3

9/5/02 8.2

9/6/02 7.3

9/9/02 10.4

9/10/02 9.6

9/11/02 18.1

9/12/02 9.5

9/13/02 11.9

9/16/02 49.7

9/17/02 52.4

9/18/02 56.7

9/19/02 49.2

9/20/02 54.7

9/23/02 62.7

9/24/02 61.3

9/25/02 61.1

9/26/02 51.5

9/27/02 50.8

9/30/02 60.9

Source: Daily Treasury Statement
FY Gross Domestic Product (Bil.$) Surplus/Deficit (Bil.$) Debt held by the public Surplus/Deficit % of GDP Debt % of GDP

1950 $273.4 -$3.1 $219.0 -1.1% 80.1%

1951 321.0 6.1 214.3 1.9% 66.8%

1952 348.8 -1.5 214.8 -0.4% 61.6%

1953 373.4 -6.5 218.4 -1.7% 58.5%

1954 378.0 -1.2 224.5 -0.3% 59.4%

1955 395.2 -3.0 226.6 -0.8% 57.3%

1956 427.7 3.9 222.2 0.9% 51.9%

1957 450.7 3.4 219.3 0.8% 48.7%

1958 461.1 -2.8 226.3 -0.6% 49.1%

1959 492.1 -12.8 234.7 -2.6% 47.7%

1960 518.9 0.3 236.8 0.1% 45.6%

1961 531.8 -3.3 238.4 -0.6% 44.8%

1962 568.5 -7.1 248.0 -1.3% 43.6%

1963 599.7 -4.8 254.0 -0.8% 42.4%

1964 641.3 -5.9 256.8 -0.9% 40.1%

1965 687.9 -1.4 260.8 -0.2% 37.9%

1966 754.2 -3.7 263.7 -0.5% 35.0%

1967 813.5 -8.6 266.6 -1.1% 32.8%

1968 868.4 -25.2 289.5 -2.9% 33.3%

1969 949.2 3.2 278.1 0.3% 29.3%

1970 1013.2 -2.8 283.2 -0.3% 28.0%

1971 1081.4 -23.0 303.0 -2.1% 28.0%

1972 1181.5 -23.4 322.4 -2.0% 27.3%

1973 1308.1 -14.9 340.9 -1.1% 26.1%

1974 1442.1 -6.1 343.7 -0.4% 23.8%

1975 1559.8 -53.2 394.7 -3.4% 25.3%

1976 1736.7 -73.7 477.4 -4.2% 27.5%

1977 1971.3 -53.7 549.1 -2.7% 27.9%

1978 2218.6 -59.2 607.1 -2.7% 27.4%

1979 2503.8 -40.7 640.3 -1.6% 25.6%

1980 2732.1 -73.8 711.9 -2.7% 26.1%

1981 3061.6 -79.0 789.4 -2.6% 25.8%

1982 3228.6 -128.0 924.6 -4.0% 28.6%

1983 3440.5 -207.8 1137.3 -6.0% 33.1%

1984 3839.4 -185.4 1307.0 -4.8% 34.0%

1985 4136.6 -212.3 1507.4 -5.1% 36.4%

1986 4401.4 -221.2 1740.8 -5.0% 39.5%

1987 4647.0 -149.8 1889.9 -3.2% 40.7%

1988 5014.7 -155.2 2051.8 -3.1% 40.9%

1989 5405.5 -152.5 2191.0 -2.8% 40.5%

1990 5735.6 -221.2 2411.8 -3.9% 42.1%

1991 5930.4 -269.4 2689.3 -4.5% 45.3%

1992 6218.6 -290.4 3000.1 -4.7% 48.2%

1993 6558.4 -255.1 3248.8 -3.9% 49.5%

1994 6944.6 -203.3 3433.4 -2.9% 49.4%

1995 7324.0 -164.0 3604.8 -2.2% 49.2%

1996 7694.6 -107.5 3734.5 -1.4% 48.5%

1997 8185.2 -22.0 3772.8 -0.3% 46.1%

1998 8663.9 69.2 3721.6 0.8% 43.0%

1999 9124.3 125.5 3632.9 1.4% 39.8%

2000 9744.3 236.4 3410.1 2.4% 35.0%

2001 10150.5 127.1 3320.0 1.3% 32.7%

2002 10336.6 -157.8 3553.2 -1.5% 34.3%

2003 Estimate 10756.8 -304.2 3878.4 -2.8% 36.1%

SOURCE: Budget Historical Tables 1.2 & 7.1

Debt held by the public excludes any debt held by government accounts.

Surplus/Deficit includes on and off-budget receipts and outlays.

FY 2003 estimate from Budget of the United States Government FY 2004.
$ billions

End of quarter Nonfinancial Credit Market Treasury securities

1960 Q1 691.6 232.4

1960 Q2 701.7 230.0

1960 Q3 710.9 231.9

1960 Q4 724.2 234.0

1961 Q1 725.8 231.8

1961 Q2 736.5 232.1

1961 Q3 750.1 237.4

1961 Q4 767.7 240.7

1962 Q1 774.3 241.0

1962 Q2 788.8 240.7

1962 Q3 799.7 241.8

1962 Q4 820.6 246.8

1963 Q1 828.1 247.2

1963 Q2 843.9 247.0

1963 Q3 854.9 247.3

1963 Q4 876.0 250.7

1964 Q1 884.6 251.0

1964 Q2 901.5 249.5

1964 Q3 917.2 252.4

1964 Q4 939.9 255.9

1965 Q1 951.1 255.6

1965 Q2 968.0 252.4

1965 Q3 981.5 251.2

1965 Q4 1007.1 257.0

1966 Q1 1020.5 257.1

1966 Q2 1039.9 251.3

1966 Q3 1052.9 253.3

1966 Q4 1074.6 259.3

1967 Q1 1084.8 260.4

1967 Q2 1096.7 250.7

1967 Q3 1117.9 259.3

1967 Q4 1152.6 268.2

1968 Q1 1166.4 273.5

1968 Q2 1187.2 268.9

1968 Q3 1211.6 275.7

1968 Q4 1242.7 277.6

1969 Q1 1258.9 277.4

1969 Q2 1277.2 265.5

1969 Q3 1301.8 271.6

1969 Q4 1332.0 276.8

1970 Q1 1341.9 279.2

1970 Q2 1363.3 273.6

1970 Q3 1389.8 281.0

1970 Q4 1422.3 289.9

1971 Q1 1441.2 292.5

1971 Q2 1477.5 294.4

1971 Q3 1514.1 303.8

1971 Q4 1557.5 315.9

1972 Q1 1584.9 319.9

1972 Q2 1620.8 313.9

1972 Q3 1657.0 318.4

1972 Q4 1713.5 330.1

1973 Q1 1761.0 338.1

1973 Q2 1806.6 331.8

1973 Q3 1850.0 330.3

1973 Q4 1897.9 336.7

1974 Q1 1930.9 339.7

Domestic Nonfinancial Credit Market and Treasury Debt
1974 Q2 1981.0 333.8

1974 Q3 2026.6 338.3

1974 Q4 2072.3 348.8

1975 Q1 2102.4 368.8

1975 Q2 2149.2 385.7

1975 Q3 2199.6 409.2

1975 Q4 2264.7 434.9

1976 Q1 2312.8 458.7

1976 Q2 2375.8 467.9

1976 Q3 2438.1 485.8

1976 Q4 2508.3 503.7

1977 Q1 2570.1 521.6

1977 Q2 2645.8 520.7

1977 Q3 2732.5 540.6

1977 Q4 2829.6 560.9

1978 Q1 2908.4 581.8

1978 Q2 3009.2 584.4

1978 Q3 3107.7 599.7

1978 Q4 3214.5 614.9

1979 Q1 3294.8 625.6

1979 Q2 3394.2 621.5

1979 Q3 3502.7 634.0

1979 Q4 3606.5 652.1

1980 Q1 3697.2 669.7

1980 Q2 3752.0 676.3

1980 Q3 3847.5 704.1

1980 Q4 3957.9 730.0

1981 Q1 4044.9 764.2

1981 Q2 4144.1 762.0

1981 Q3 4254.0 780.2

1981 Q4 4366.4 815.9

1982 Q1 4455.2 848.9

1982 Q2 4549.7 858.0

1982 Q3 4664.5 915.4

1982 Q4 4788.3 978.1

1983 Q1 4893.3 1033.9

1983 Q2 5044.1 1080.7

1983 Q3 5199.0 1127.5

1983 Q4 5364.8 1163.4

1984 Q1 5522.3 1212.5

1984 Q2 5721.8 1243.2

1984 Q3 5917.5 1296.5

1984 Q4 6151.2 1360.8

1985 Q1 6343.0 1403.4

1985 Q2 6556.4 1449.2

1985 Q3 6762.6 1496.1

1985 Q4 7132.3 1586.6

1986 Q1 7256.8 1624.2

1986 Q2 7486.0 1675.5

1986 Q3 7705.0 1732.6

1986 Q4 7975.1 1802.2

1987 Q1 8097.3 1829.3

1987 Q2 8296.2 1861.8

1987 Q3 8469.2 1884.2

1987 Q4 8677.6 1944.6

1988 Q1 8841.0 1985.9

1988 Q2 9040.4 2003.5

1988 Q3 9229.0 2038.1

1988 Q4 9461.7 2082.3

1989 Q1 9618.0 2120.3
1989 Q2 9790.0 2129.0

1989 Q3 9952.0 2165.0

1989 Q4 10166.3 2227.0

1990 Q1 10360.1 2278.4

1990 Q2 10519.6 2314.4

1990 Q3 10684.6 2377.8

1990 Q4 10850.6 2465.8

1991 Q1 10910.6 2522.4

1991 Q2 11047.0 2567.1

1991 Q3 11174.2 2669.6

1991 Q4 11312.5 2757.8

1992 Q1 11429.2 2844.0

1992 Q2 11547.8 2907.4

1992 Q3 11688.9 2980.7

1992 Q4 11839.9 3061.6

1993 Q1 11914.3 3120.6

1993 Q2 12088.9 3180.6

1993 Q3 12234.6 3222.6

1993 Q4 12434.1 3309.9

1994 Q1 12561.5 3361.4

1994 Q2 12679.2 3368.0

1994 Q3 12822.1 3404.1

1994 Q4 13001.5 3465.6

1995 Q1 13173.0 3531.5

1995 Q2 13376.0 3556.7

1995 Q3 13524.1 3576.5

1995 Q4 13706.9 3608.5

1996 Q1 13901.8 3689.6

1996 Q2 14064.3 3665.5

1996 Q3 14240.2 3705.6

1996 Q4 14440.2 3755.1

1997 Q1 14613.6 3803.5

1997 Q2 14751.0 3734.2

1997 Q3 14961.7 3745.0

1997 Q4 15243.1 3778.3

1998 Q1 15506.2 3804.8

1998 Q2 15732.7 3723.3

1998 Q3 15943.1 3694.6

1998 Q4 16285.5 3723.7

1999 Q1 16583.0 3731.5

1999 Q2 16744.5 3623.4

1999 Q3 17054.0 3605.0

1999 Q4 17377.6 3652.7

2000 Q1 17598.8 3625.7

2000 Q2 17774.1 3435.7

2000 Q3 17967.8 3382.5

2000 Q4 18250.6 3357.8

2001 Q1 18498.8 3382.0

2001 Q2 18673.4 3224.3

2001 Q3 18989.0 3293.0

2001 Q4 19369.2 3352.7

2002 Q1 19601.0 3404.0

2002 Q2 19915.4 3424.6

2002 Q3 20257.3 3513.6

2002 Q4 #N/A #N/A

2003 Q1

2003 Q2

SOURCE = Federal Reserve, Flow of Funds, Table L.2
End of Qtr Treasuries Muni's Corporates Home Mortgages Consumer Credit Other

1960 Q1 33.6% 9.7% 10.6% 19.1% 8.1% 18.9%

1960 Q2 32.8% 9.7% 10.6% 19.2% 8.4% 19.3%

1960 Q3 32.6% 9.8% 10.6% 19.4% 8.4% 19.1%

1960 Q4 32.3% 9.8% 10.6% 19.4% 8.5% 19.4%

1961 Q1 31.9% 10.0% 10.6% 19.7% 8.2% 19.6%

1961 Q2 31.5% 9.9% 10.8% 19.8% 8.2% 19.7%

1961 Q3 31.7% 10.0% 10.7% 19.9% 8.1% 19.6%

1961 Q4 31.4% 9.9% 10.6% 20.0% 8.3% 19.8%

1962 Q1 31.1% 10.1% 10.7% 20.1% 8.0% 20.0%

1962 Q2 30.5% 10.0% 10.7% 20.2% 8.3% 20.3%

1962 Q3 30.2% 10.1% 10.6% 20.4% 8.3% 20.3%

1962 Q4 30.1% 10.0% 10.5% 20.4% 8.5% 20.6%

1963 Q1 29.9% 10.0% 10.5% 20.6% 8.3% 20.7%

1963 Q2 29.3% 10.0% 10.4% 20.7% 8.6% 21.0%

1963 Q3 28.9% 10.0% 10.3% 21.0% 8.7% 21.0%

1963 Q4 28.6% 9.9% 10.2% 21.0% 8.9% 21.3%

1964 Q1 28.4% 10.0% 10.2% 21.2% 8.8% 21.4%

1964 Q2 27.7% 10.0% 10.1% 21.3% 9.1% 21.8%

1964 Q3 27.5% 10.0% 10.0% 21.5% 9.2% 21.8%

1964 Q4 27.2% 9.9% 10.0% 21.4% 9.3% 22.2%

1965 Q1 26.9% 10.0% 9.9% 21.5% 9.2% 22.5%

1965 Q2 26.1% 10.0% 9.9% 21.6% 9.5% 22.9%

1965 Q3 25.6% 10.1% 9.9% 21.8% 9.6% 23.0%

1965 Q4 25.5% 10.0% 9.7% 21.7% 9.7% 23.4%

1966 Q1 25.2% 10.0% 9.9% 21.8% 9.5% 23.6%

1966 Q2 24.2% 10.0% 10.0% 21.7% 9.6% 24.5%

1966 Q3 24.1% 10.0% 10.1% 21.8% 9.6% 24.4%

1966 Q4 24.1% 9.9% 10.2% 21.6% 9.6% 24.6%

1967 Q1 24.0% 9.9% 10.4% 21.5% 9.3% 24.8%

1967 Q2 22.9% 10.0% 10.7% 21.5% 9.5% 25.4%

1967 Q3 23.2% 10.0% 10.9% 21.5% 9.4% 24.9%

1967 Q4 23.3% 9.9% 10.9% 21.3% 9.4% 25.3%

1968 Q1 23.5% 9.9% 11.0% 21.3% 9.2% 25.2%

1968 Q2 22.7% 9.9% 11.1% 21.3% 9.4% 25.7%

1968 Q3 22.8% 9.8% 11.3% 21.2% 9.4% 25.5%

1968 Q4 22.3% 9.8% 11.2% 21.1% 9.6% 25.9%

1969 Q1 22.0% 10.0% 11.4% 21.1% 9.4% 26.0%

1969 Q2 20.8% 10.1% 11.5% 21.2% 9.7% 26.7%

1969 Q3 20.9% 10.1% 11.5% 21.2% 9.7% 26.6%

1969 Q4 20.8% 10.0% 11.4% 21.0% 9.7% 27.0%

1970 Q1 20.8% 10.1% 11.7% 21.1% 9.4% 26.9%

1970 Q2 20.1% 10.2% 11.9% 21.0% 9.5% 27.3%

1970 Q3 20.2% 10.2% 12.1% 20.9% 9.5% 27.1%

1970 Q4 20.4% 10.2% 12.2% 20.7% 9.4% 27.1%

1971 Q1 20.3% 10.4% 12.5% 20.7% 9.3% 26.8%

1971 Q2 19.9% 10.4% 12.5% 20.7% 9.4% 27.1%

1971 Q3 20.1% 10.4% 12.5% 20.7% 9.5% 26.9%

1971 Q4 20.3% 10.4% 12.3% 20.6% 9.6% 26.9%

1972 Q1 20.2% 10.5% 12.4% 20.7% 9.4% 26.9%

1972 Q2 19.4% 10.4% 12.4% 20.9% 9.6% 27.3%

1972 Q3 19.2% 10.4% 12.2% 21.1% 9.7% 27.3%

1972 Q4 19.3% 10.3% 11.9% 21.0% 9.8% 27.7%

1973 Q1 19.2% 10.2% 11.6% 20.9% 9.7% 28.3%

1973 Q2 18.4% 10.2% 11.5% 21.0% 10.0% 28.9%

1973 Q3 17.9% 10.2% 11.4% 21.2% 10.1% 29.3%

1973 Q4 17.7% 10.2% 11.3% 21.2% 10.2% 29.4%

1974 Q1 17.6% 10.2% 11.4% 21.2% 9.9% 29.7%

Percentage Breakdown of Domestic Nonfinancial Credit Market Debt
1974 Q2 16.8% 10.2% 11.4% 21.3% 9.9% 30.4%

1974 Q3 16.7% 10.2% 11.5% 21.3% 9.9% 30.4%

1974 Q4 16.8% 10.0% 11.5% 21.1% 9.7% 30.7%

1975 Q1 17.5% 10.0% 11.9% 21.1% 9.3% 30.2%

1975 Q2 17.9% 10.0% 11.9% 21.1% 9.1% 29.9%

1975 Q3 18.6% 9.9% 11.8% 21.2% 9.1% 29.4%

1975 Q4 19.2% 9.8% 11.6% 21.1% 9.1% 29.1%

1976 Q1 19.8% 9.8% 11.7% 21.1% 8.9% 28.6%

1976 Q2 19.7% 10.0% 11.7% 21.2% 9.0% 28.5%

1976 Q3 19.9% 9.9% 11.6% 21.4% 9.1% 28.2%

1976 Q4 20.1% 9.7% 11.5% 21.4% 9.1% 28.1%

1977 Q1 20.3% 9.7% 11.4% 21.5% 8.9% 28.2%

1977 Q2 19.7% 9.9% 11.3% 21.9% 9.1% 28.2%

1977 Q3 19.8% 9.8% 11.2% 22.2% 9.2% 27.8%

1977 Q4 19.8% 9.7% 11.0% 22.3% 9.3% 27.8%

1978 Q1 20.0% 9.7% 10.9% 22.3% 9.2% 27.9%

1978 Q2 19.4% 9.9% 10.8% 22.5% 9.4% 27.9%

1978 Q3 19.3% 10.0% 10.6% 22.9% 9.6% 27.6%

1978 Q4 19.1% 10.1% 10.5% 23.1% 9.7% 27.6%

1979 Q1 19.0% 10.1% 10.4% 23.3% 9.5% 27.7%

1979 Q2 18.3% 10.2% 10.3% 23.5% 9.6% 28.1%

1979 Q3 18.1% 10.2% 10.2% 23.8% 9.7% 28.0%

1979 Q4 18.1% 10.1% 10.0% 23.8% 9.8% 28.2%

1980 Q1 18.1% 10.0% 10.1% 24.1% 9.4% 28.2%

1980 Q2 18.0% 10.1% 10.4% 24.2% 9.2% 28.1%

1980 Q3 18.3% 10.2% 10.3% 24.3% 9.0% 27.9%

1980 Q4 18.4% 10.1% 9.9% 24.3% 9.0% 28.2%

1981 Q1 18.9% 10.1% 10.0% 24.2% 8.7% 28.2%

1981 Q2 18.4% 10.1% 10.1% 24.2% 8.6% 28.7%

1981 Q3 18.3% 10.2% 10.1% 24.0% 8.6% 28.9%

1981 Q4 18.7% 10.2% 9.9% 23.7% 8.5% 29.0%

1982 Q1 19.1% 10.3% 10.1% 23.5% 8.3% 28.9%

1982 Q2 18.9% 10.4% 10.0% 23.3% 8.3% 29.2%

1982 Q3 19.6% 10.5% 9.9% 22.7% 8.2% 29.1%

1982 Q4 20.4% 10.6% 9.6% 22.5% 8.2% 28.8%

1983 Q1 21.1% 10.6% 9.6% 22.3% 7.9% 28.4%

1983 Q2 21.4% 10.8% 9.5% 22.2% 7.9% 28.2%

1983 Q3 21.7% 10.8% 9.3% 22.3% 8.0% 28.0%

1983 Q4 21.7% 10.7% 9.0% 22.2% 8.2% 28.2%

1984 Q1 22.0% 10.7% 9.0% 22.1% 8.1% 28.1%

1984 Q2 21.7% 10.7% 9.0% 22.0% 8.3% 28.3%

1984 Q3 21.9% 10.7% 9.1% 21.9% 8.4% 28.1%

1984 Q4 22.1% 10.6% 9.0% 21.6% 8.5% 28.3%

1985 Q1 22.1% 10.7% 9.1% 21.9% 8.4% 27.9%

1985 Q2 22.1% 10.8% 9.2% 21.8% 8.4% 27.6%

1985 Q3 22.1% 10.9% 9.2% 21.9% 8.6% 27.3%

1985 Q4 22.2% 12.1% 9.1% 21.4% 8.5% 26.8%

1986 Q1 22.4% 11.8% 9.4% 21.4% 8.3% 26.7%

1986 Q2 22.4% 11.8% 9.6% 21.6% 8.3% 26.3%

1986 Q3 22.5% 11.7% 9.8% 21.8% 8.3% 25.9%

1986 Q4 22.6% 11.5% 9.6% 21.6% 8.3% 26.3%

1987 Q1 22.6% 11.7% 9.8% 21.8% 7.9% 26.2%

1987 Q2 22.4% 11.6% 9.8% 22.2% 7.9% 26.1%

1987 Q3 22.2% 11.7% 9.9% 22.4% 7.9% 25.9%

1987 Q4 22.4% 11.6% 9.9% 22.2% 7.9% 26.0%

1988 Q1 22.5% 11.5% 10.0% 22.3% 7.7% 26.0%

1988 Q2 22.2% 11.4% 10.2% 22.6% 7.7% 26.0%

1988 Q3 22.1% 11.5% 10.2% 22.8% 7.7% 25.7%

1988 Q4 22.0% 11.4% 10.3% 22.8% 7.7% 25.7%

1989 Q1 22.0% 11.3% 10.4% 22.8% 7.7% 25.8%
1989 Q2 21.7% 11.2% 10.6% 23.0% 7.7% 25.8%

1989 Q3 21.8% 11.2% 10.6% 23.3% 7.7% 25.4%

1989 Q4 21.9% 11.2% 10.5% 23.4% 7.8% 25.2%

1990 Q1 22.0% 11.1% 10.6% 23.8% 7.5% 25.1%

1990 Q2 22.0% 11.1% 10.6% 24.1% 7.4% 24.9%

1990 Q3 22.3% 11.0% 10.5% 24.1% 7.4% 24.6%

1990 Q4 22.7% 10.9% 10.4% 24.1% 7.4% 24.4%

1991 Q1 23.1% 11.0% 10.5% 24.3% 7.2% 23.9%

1991 Q2 23.2% 11.0% 10.6% 24.6% 7.1% 23.5%

1991 Q3 23.9% 11.2% 10.6% 24.5% 7.0% 22.9%

1991 Q4 24.4% 11.2% 10.5% 24.7% 7.0% 22.2%

1992 Q1 24.9% 11.2% 10.6% 24.7% 6.7% 21.8%

1992 Q2 25.2% 11.2% 10.7% 24.8% 6.7% 21.5%

1992 Q3 25.5% 11.2% 10.7% 24.9% 6.7% 21.0%

1992 Q4 25.9% 11.0% 10.7% 25.0% 6.8% 20.7%

1993 Q1 26.2% 11.1% 10.8% 24.9% 6.6% 20.4%

1993 Q2 26.3% 11.2% 10.9% 25.0% 6.6% 20.0%

1993 Q3 26.3% 11.2% 10.9% 25.1% 6.7% 19.7%

1993 Q4 26.6% 11.1% 10.8% 25.1% 6.9% 19.5%

1994 Q1 26.8% 11.0% 10.9% 25.1% 6.8% 19.5%

1994 Q2 26.6% 10.8% 10.9% 25.2% 7.0% 19.5%

1994 Q3 26.5% 10.6% 10.8% 25.4% 7.3% 19.4%

1994 Q4 26.7% 10.3% 10.7% 25.4% 7.6% 19.4%

1995 Q1 26.8% 10.1% 10.8% 25.3% 7.5% 19.6%

1995 Q2 26.6% 9.9% 10.9% 25.3% 7.7% 19.6%

1995 Q3 26.4% 9.6% 11.0% 25.4% 7.9% 19.6%

1995 Q4 26.3% 9.4% 11.0% 25.4% 8.2% 19.7%

1996 Q1 26.5% 9.3% 11.1% 25.4% 8.0% 19.6%

1996 Q2 26.1% 9.2% 11.3% 25.6% 8.1% 19.7%

1996 Q3 26.0% 9.0% 11.2% 25.7% 8.2% 19.8%

1996 Q4 26.0% 9.0% 11.2% 25.8% 8.4% 19.7%

1997 Q1 26.0% 8.9% 11.3% 25.8% 8.1% 19.8%

1997 Q2 25.3% 9.0% 11.6% 26.0% 8.2% 20.0%

1997 Q3 25.0% 9.0% 11.7% 26.3% 8.2% 19.8%

1997 Q4 24.8% 9.0% 11.7% 26.1% 8.3% 20.1%

1998 Q1 24.5% 9.0% 12.1% 26.2% 8.0% 20.1%

1998 Q2 23.7% 9.1% 12.4% 26.4% 8.1% 20.3%

1998 Q3 23.2% 9.0% 12.5% 26.7% 8.2% 20.4%

1998 Q4 22.9% 9.0% 12.4% 26.8% 8.3% 20.6%

1999 Q1 22.5% 9.0% 12.8% 26.9% 8.1% 20.8%

1999 Q2 21.6% 9.0% 13.2% 27.3% 8.1% 20.8%

1999 Q3 21.1% 8.9% 13.3% 27.5% 8.1% 21.0%

1999 Q4 21.0% 8.8% 13.2% 27.6% 8.3% 21.1%

2000 Q1 20.6% 8.7% 13.4% 27.7% 8.2% 21.4%

2000 Q2 19.3% 8.7% 13.7% 28.1% 8.3% 21.8%

2000 Q3 18.8% 8.6% 13.9% 28.4% 8.5% 21.8%

2000 Q4 18.4% 8.6% 13.7% 28.5% 8.7% 22.0%

2001 Q1 18.3% 8.6% 14.0% 28.6% 8.6% 21.9%

2001 Q2 17.3% 8.7% 14.2% 29.2% 8.6% 21.9%

2001 Q3 17.3% 8.6% 14.1% 29.5% 8.6% 21.8%

2001 Q4 17.3% 8.7% 14.2% 29.6% 8.8% 21.4%

2002 Q1 17.4% 8.7% 14.2% 30.0% 8.6% 21.2%

2002 Q2 17.2% 8.8% 14.2% 30.4% 8.5% 20.9%

2002 Q3 17.3% 8.8% 13.9% 30.8% 8.5% 20.7%

SOURCE = Federal Reserve, Flow of Funds statistical release Z.1

Note: Corporates = Comercial Paper and corporate bonds

Other = other mortgages, bank loans, other loans
$ billions

End of Month Treasury Bills Commercial paper + open market paper Money Market Bills % of total

Mar-69 77.5 28.9 106.5 73%

Jun-69 68.4 31.7 100.1 68%

Sep-69 74.0 35.8 109.7 67%

Dec-69 80.6 38.1 118.7 68%

Mar-70 83.7 43.7 127.4 66%

Jun-70 76.2 45.0 121.1 63%

Sep-70 80.7 41.1 121.8 66%

Dec-70 87.9 40.2 128.1 69%

Mar-71 89.0 39.9 128.9 69%

Jun-71 86.7 38.6 125.3 69%

Sep-71 88.6 39.9 128.6 69%

Dec-71 97.5 40.1 137.6 71%

Mar-72 102.4 41.7 144.1 71%

Jun-72 94.6 41.5 136.2 70%

Sep-72 96.4 40.7 137.0 70%

Dec-72 103.9 41.7 145.6 71%

Mar-73 105.0 41.0 146.0 72%

Jun-73 100.1 43.1 143.2 70%

Sep-73 99.8 45.9 145.7 68%

Dec-73 107.8 50.1 157.8 68%

Mar-74 111.9 55.0 166.8 67%

Jun-74 105.0 58.2 163.2 64%

Sep-74 111.1 65.4 176.5 63%

Dec-74 119.7 67.8 187.6 64%

Mar-75 124.0 69.7 193.7 64%

Jun-75 128.6 66.7 195.3 66%

Sep-75 142.8 65.2 208.0 69%

Dec-75 157.5 66.6 224.1 70%

Mar-76 163.1 68.4 231.6 70%

Jun-76 161.2 70.0 231.2 70%

Sep-76 161.5 69.6 231.2 70%

Dec-76 164.0 74.8 238.8 69%

Mar-77 164.3 77.6 241.9 68%

Jun-77 155.1 83.0 238.1 65%

Sep-77 156.1 83.5 239.6 65%

Dec-77 161.1 89.8 250.9 64%

Mar-78 165.7 91.6 257.3 64%

Jun-78 159.8 97.4 257.2 62%

Sep-78 160.9 97.1 258.1 62%

Dec-78 161.7 107.5 269.2 60%

Mar-79 165.5 115.7 281.2 59%

Jun-79 159.9 128.4 288.3 55%

Sep-79 161.4 137.5 298.9 54%

Dec-79 172.6 145.0 317.6 54%

Mar-80 190.8 155.7 346.4 55%

Jun-80 184.7 164.3 349.0 53%

Sep-80 199.8 161.8 361.7 55%

Dec-80 216.1 163.8 379.9 57%

Mar-81 235.3 176.6 411.9 57%

Jun-81 230.0 194.6 424.6 54%

Sep-81 223.4 212.6 436.0 51%

Dec-81 245.0 215.1 460.1 53%

Mar-82 256.2 222.5 478.7 54%

Jun-82 256.0 239.2 495.2 52%

Sep-82 277.9 230.5 508.4 55%

Dec-82 311.8 226.8 538.7 58%

Mar-83 331.9 226.3 558.2 59%

Jun-83 334.3 233.7 568.0 59%

Treasury Bills as a Percentage of Money market
$ billions

End of Month Treasury Bills Commercial paper + open market paper Money Market Bills % of total

Treasury Bills as a Percentage of Money market

Sep-83 340.7 242.4 583.1 58%

Dec-83 343.8 253.8 597.6 58%

Mar-84 350.2 268.6 618.9 57%

Jun-84 343.3 296.5 639.8 54%

Sep-84 356.8 300.6 657.4 54%

Dec-84 374.4 305.7 680.1 55%

Mar-85 379.5 317.9 697.3 54%

Jun-85 381.9 326.9 708.8 54%

Sep-85 384.2 343.5 727.7 53%

Dec-85 399.9 358.5 758.4 53%

Mar-86 393.2 359.8 753.0 52%

Jun-86 396.7 374.3 771.0 51%

Sep-86 410.7 388.9 799.6 51%

Dec-86 426.7 384.9 811.6 53%

Mar-87 406.2 396.2 802.4 51%

Jun-87 391.0 414.6 805.7 49%

Sep-87 378.3 421.2 799.5 47%

Dec-87 389.5 437.9 827.4 47%

Mar-88 392.6 447.5 840.2 47%

Jun-88 382.3 474.8 857.0 45%

Sep-88 398.5 484.7 883.1 45%

Dec-88 414.0 513.4 927.3 45%

Mar-89 417.0 543.0 960.0 43%

Jun-89 397.1 562.2 959.3 41%

Sep-89 406.6 569.6 976.2 42%

Dec-89 430.6 579.2 1009.9 43%

Mar-90 453.1 594.4 1047.5 43%

Jun-90 453.5 594.0 1047.5 43%

Sep-90 482.5 612.9 1095.3 44%

Dec-90 527.4 609.9 1137.3 46%

Mar-91 533.3 607.8 1141.1 47%

Jun-91 521.5 583.6 1105.2 47%

Sep-91 564.6 572.0 1136.6 50%

Dec-91 590.4 565.9 1156.3 51%

Mar-92 615.8 574.1 1189.9 52%

Jun-92 618.2 579.9 1198.1 52%

Sep-92 634.3 583.6 1217.8 52%

Dec-92 657.7 579.0 1236.7 53%

Mar-93 659.9 565.5 1225.3 54%

Jun-93 659.3 572.0 1231.3 54%

Sep-93 658.4 568.2 1226.6 54%

Dec-93 714.6 580.0 1294.6 55%

Mar-94 721.1 582.1 1303.2 55%

Jun-94 698.4 588.0 1286.4 54%

Sep-94 697.3 599.2 1296.5 54%

Dec-94 733.8 623.5 1357.2 54%

Mar-95 756.4 654.7 1411.2 54%

Jun-95 748.3 673.8 1422.1 53%

Sep-95 742.5 692.7 1435.2 52%

Dec-95 760.7 700.4 1461.1 52%

Mar-96 811.9 717.6 1529.5 53%

Jun-96 773.6 753.6 1527.2 51%

Sep-96 761.2 777.4 1538.6 49%

Dec-96 777.4 803.0 1580.4 49%

Mar-97 785.6 861.1 1646.6 48%

Jun-97 704.1 893.1 1597.2 44%

Sep-97 701.9 925.7 1627.6 43%

Dec-97 715.4 979.4 1694.8 42%
$ billions

End of Month Treasury Bills Commercial paper + open market paper Money Market Bills % of total

Treasury Bills as a Percentage of Money market

Mar-98 720.1 1074.8 1794.8 40%

Jun-98 641.1 1112.7 1753.8 37%

Sep-98 637.6 1165.1 1802.7 35%

Dec-98 691.0 1172.6 1863.5 37%

Mar-99 725.5 1227.6 1953.1 37%

Jun-99 647.8 1243.3 1891.2 34%

Sep-99 653.2 1284.5 1937.6 34%

Dec-99 737.1 1402.4 2139.5 34%

Mar-00 753.3 1478.1 2231.4 34%

Jun-00 629.9 1533.3 2163.2 29%

Sep-00 616.2 1568.3 2184.5 28%

Dec-00 646.9 1610.0 2256.8 29%

Mar-01 712.0 1546.8 2258.9 32%

Jun-01 620.1 1477.9 2098.0 30%

Sep-01 734.9 1417.8 2152.7 34%

Dec-01 811.2 1445.6 2256.9 36%

Mar-02 834.4 1382.0 2216.5 38%

Jun-02 822.5 1325.5 2148.0 38%

Sep-02 868.3 1325.7 2193.9 40%

Dec-02 888.8 #N/A #N/A #N/A

*Money market = Treasury bills, commerical paper, and bankers acceptances. 

SOURCE = Federal Reserve, Flow of Funds
Bills Notes/Bonds Agencies MBS Corps

9/28/94 50.8 123.5 16.2 33.2 #N/A

10/5/94 51.2 125.9 16.5 33.7 #N/A

10/12/94 51.7 126.8 16.7 33.8 #N/A

10/19/94 52.1 126.3 16.8 33.6 #N/A

10/26/94 52.5 127.6 16.9 33.9 #N/A

11/2/94 52.7 128.7 17.1 33.6 #N/A

11/9/94 52.0 128.3 17.3 33.1 #N/A

11/16/94 52.9 129.2 17.6 33.1 #N/A

11/23/94 52.8 131.1 17.8 33.7 #N/A

11/30/94 52.8 134.6 18.0 33.5 #N/A

12/7/94 53.6 139.9 18.6 33.8 #N/A

12/14/94 54.3 141.0 19.1 33.1 #N/A

12/21/94 54.6 139.8 19.5 32.3 #N/A

12/28/94 53.9 135.5 20.0 31.3 #N/A

1/4/95 54.3 132.2 20.3 29.6 #N/A

1/11/95 55.4 132.8 20.9 28.7 #N/A

1/18/95 56.0 135.6 21.9 28.2 #N/A

1/25/95 56.0 136.1 22.6 27.9 #N/A

2/1/95 57.0 137.7 23.1 27.6 #N/A

2/8/95 58.6 139.2 23.7 27.5 #N/A

2/15/95 58.0 139.8 24.2 27.7 #N/A

2/22/95 57.6 139.8 24.7 27.0 #N/A

3/1/95 58.3 142.1 25.2 27.2 #N/A

3/8/95 58.3 140.2 25.2 27.8 #N/A

3/15/95 57.5 141.2 25.1 27.6 #N/A

3/22/95 56.4 143.4 25.1 27.3 #N/A

3/29/95 56.0 147.9 25.1 27.6 #N/A

4/5/95 56.5 151.7 25.1 28.4 #N/A

4/12/95 55.3 150.2 24.8 28.3 #N/A

4/19/95 53.8 148.5 24.3 27.9 #N/A

4/26/95 53.1 146.9 23.9 27.5 #N/A

5/3/95 52.1 143.6 23.6 27.6 #N/A

5/10/95 51.4 146.3 23.5 28.2 #N/A

5/17/95 50.8 145.7 23.3 27.8 #N/A

5/24/95 50.6 144.7 22.8 27.9 #N/A

5/31/95 50.8 143.1 22.5 27.8 #N/A

6/7/95 50.6 146.3 22.4 28.3 #N/A

6/14/95 50.6 148.1 22.3 29.1 #N/A

6/21/95 50.8 147.5 22.4 29.5 #N/A

6/28/95 50.9 148.7 22.3 29.7 #N/A

7/5/95 48.9 146.8 22.1 28.8 #N/A

7/12/95 48.2 148.6 22.1 28.9 #N/A

7/19/95 48.1 149.0 22.1 29.8 #N/A

7/26/95 48.4 150.7 22.1 30.1 #N/A

8/2/95 47.5 152.1 21.9 30.2 #N/A

8/9/95 46.0 147.4 21.7 29.5 #N/A

8/16/95 45.9 147.3 21.5 29.6 #N/A

8/23/95 45.8 145.3 21.6 29.6 #N/A

8/30/95 45.0 143.7 21.7 29.5 #N/A

9/6/95 44.6 139.5 21.7 28.0 #N/A

9/13/95 44.5 136.0 21.8 28.1 #N/A

9/20/95 44.7 136.8 22.0 28.1 #N/A

9/27/95 45.1 137.6 22.3 28.5 #N/A

10/4/95 45.5 139.4 22.7 29.3 #N/A

10/11/95 45.7 138.3 22.7 29.3 #N/A

10/18/95 45.9 138.9 22.8 29.1 #N/A

10/25/95 45.5 138.6 23.1 28.9 #N/A

11/1/95 46.4 139.8 23.5 29.2 #N/A

11/8/95 47.4 138.3 23.7 29.6 #N/A

11/15/95 49.3 135.8 24.1 29.8 #N/A

11/22/95 49.7 138.1 24.4 29.9 #N/A

11/29/95 49.4 138.2 24.6 30.3 #N/A

12/6/95 49.6 140.8 24.9 31.8 #N/A

12/13/95 50.6 142.2 24.9 32.0 #N/A

12/20/95 51.7 142.2 25.1 32.5 #N/A

12/27/95 51.0 135.5 25.1 31.6 #N/A

1/3/96 51.4 133.1 25.2 31.2 #N/A

1/10/96 52.0 134.0 25.6 32.1 #N/A

1/17/96 52.2 134.8 25.9 33.1 #N/A

1/24/96 53.4 137.8 26.4 33.7 #N/A

1/31/96 53.9 139.5 26.4 33.8 #N/A

2/7/96 55.3 145.1 26.7 34.1 #N/A

2/14/96 53.7 147.7 26.9 35.1 #N/A

2/21/96 54.6 152.4 27.0 36.0 #N/A

Primary Dealer Trading Volumes

3-month moving average

$ billions
2/28/96 57.2 158.4 27.1 36.5 #N/A

3/6/96 58.1 159.7 27.2 36.1 #N/A

3/13/96 58.1 164.6 27.5 37.2 #N/A

3/20/96 57.2 164.6 27.4 37.6 #N/A

3/27/96 57.5 168.0 27.5 38.9 #N/A

4/3/96 59.3 170.4 27.4 40.9 #N/A

4/10/96 59.7 171.0 26.9 40.5 #N/A

4/17/96 59.8 170.4 27.0 39.4 #N/A

4/24/96 59.4 167.1 27.0 39.1 #N/A

5/1/96 59.1 163.3 27.7 39.1 #N/A

5/8/96 57.6 161.4 27.8 39.5 #N/A

5/15/96 56.9 159.7 28.1 39.1 #N/A

5/22/96 55.1 153.4 28.2 38.2 #N/A

5/29/96 53.2 147.3 28.3 37.7 #N/A

6/5/96 52.6 144.5 28.5 37.3 #N/A

6/12/96 52.2 141.0 28.7 36.8 #N/A

6/19/96 52.4 141.0 29.4 36.5 #N/A

6/26/96 52.6 141.3 29.9 36.0 #N/A

7/3/96 51.1 142.9 30.6 34.7 #N/A

7/10/96 50.2 142.8 31.8 35.1 #N/A

7/17/96 49.8 143.2 32.1 35.7 #N/A

7/24/96 49.3 143.1 32.5 35.9 #N/A

7/31/96 48.6 141.9 32.5 35.5 #N/A

8/7/96 48.7 141.7 33.0 35.3 #N/A

8/14/96 48.4 140.5 33.1 35.6 #N/A

8/21/96 48.9 138.9 33.6 35.4 #N/A

8/28/96 48.0 139.1 33.9 35.6 #N/A

9/4/96 47.8 139.1 34.1 37.7 #N/A

9/11/96 47.8 138.0 34.1 38.2 #N/A

9/18/96 48.1 139.6 34.0 38.6 #N/A

9/25/96 48.2 140.5 33.9 38.7 #N/A

10/2/96 48.2 141.1 33.8 39.4 #N/A

10/9/96 48.0 142.3 33.4 40.3 #N/A

10/16/96 48.8 141.3 33.1 39.9 #N/A

10/23/96 48.7 142.0 32.7 40.1 #N/A

10/30/96 48.6 144.7 32.4 40.5 #N/A

11/6/96 48.9 145.0 32.1 40.8 #N/A

11/13/96 50.2 147.9 32.0 42.1 #N/A

11/20/96 50.3 152.6 32.0 43.4 #N/A

11/27/96 50.2 154.1 32.2 43.5 #N/A

12/4/96 50.0 154.0 32.4 42.1 #N/A

12/11/96 50.1 157.3 32.5 41.8 #N/A

12/18/96 50.1 158.9 32.8 41.8 #N/A

12/25/96 49.2 156.3 32.9 41.4 #N/A

1/1/97 48.2 149.2 32.7 39.1 #N/A

1/8/97 48.9 148.1 33.4 39.0 #N/A

1/15/97 48.1 151.2 33.7 40.0 #N/A

1/22/97 47.9 152.9 34.0 40.1 #N/A

1/29/97 47.7 154.6 34.3 40.4 #N/A

2/5/97 47.6 155.0 34.7 39.7 #N/A

2/12/97 45.7 154.1 34.9 39.4 #N/A

2/19/97 45.1 153.9 35.3 39.4 #N/A

2/26/97 45.5 156.9 35.4 40.2 #N/A

3/5/97 45.9 160.8 35.6 40.1 #N/A

3/12/97 45.2 158.6 35.6 39.7 #N/A

3/19/97 44.2 157.2 35.5 39.7 #N/A

3/26/97 45.6 163.4 35.6 40.9 #N/A

4/2/97 47.1 171.7 36.4 43.6 #N/A

4/9/97 47.6 174.0 36.9 42.0 #N/A

4/16/97 48.2 171.6 36.5 41.0 #N/A

4/23/97 48.3 169.8 36.6 41.3 #N/A

4/30/97 48.8 169.9 37.8 41.3 #N/A

5/7/97 47.8 169.8 37.9 41.4 #N/A

5/14/97 47.8 170.5 38.2 40.5 #N/A

5/21/97 48.1 169.5 38.3 39.7 #N/A

5/28/97 48.7 167.6 39.2 39.5 #N/A

6/4/97 48.0 166.2 39.8 39.2 #N/A

6/11/97 48.3 167.6 40.7 38.2 #N/A

6/18/97 47.9 168.1 41.0 39.0 #N/A

6/25/97 46.5 166.1 40.9 39.8 #N/A

7/2/97 44.9 165.4 41.2 39.7 #N/A

7/9/97 42.8 163.8 40.9 41.8 #N/A

7/16/97 41.0 164.4 41.4 43.1 #N/A

7/23/97 40.8 165.7 41.4 43.4 #N/A

7/30/97 39.7 165.2 41.0 44.3 #N/A

8/6/97 39.7 168.6 41.1 45.2 #N/A

8/13/97 39.8 171.9 41.0 46.4 #N/A

8/20/97 39.8 172.5 41.8 47.4 #N/A
8/27/97 38.6 172.2 41.4 47.5 #N/A

9/3/97 38.1 171.5 41.4 47.2 #N/A

9/10/97 37.5 169.9 40.7 49.0 #N/A

9/17/97 38.1 171.0 40.8 49.1 #N/A

9/24/97 37.8 171.4 41.1 48.7 #N/A

10/1/97 37.7 172.4 40.8 49.3 #N/A

10/8/97 38.1 176.3 40.8 49.7 #N/A

10/15/97 39.0 177.6 41.6 50.6 #N/A

10/22/97 38.8 176.8 42.3 50.7 #N/A

10/29/97 39.9 186.8 42.1 51.3 #N/A

11/5/97 40.7 187.4 42.5 51.9 #N/A

11/12/97 41.7 184.8 43.1 53.5 #N/A

11/19/97 41.3 186.2 43.5 55.1 #N/A

11/26/97 41.8 188.1 43.9 56.2 #N/A

12/3/97 41.3 186.2 43.8 57.6 #N/A

12/10/97 40.8 185.2 44.5 56.9 #N/A

12/17/97 40.0 185.1 44.7 56.5 #N/A

12/24/97 39.9 183.1 44.9 56.2 #N/A

12/31/97 39.6 176.3 44.5 53.9 #N/A

1/7/98 40.1 176.8 45.0 52.9 #N/A

1/14/98 39.7 182.4 45.1 55.0 #N/A

1/21/98 39.9 185.0 45.5 57.3 #N/A

1/28/98 39.3 178.8 45.5 58.6 #N/A

2/4/98 38.8 177.2 45.5 58.5 #N/A

2/11/98 37.9 179.0 45.1 57.8 #N/A

2/18/98 38.1 178.8 44.1 57.7 #N/A

2/25/98 37.8 181.7 44.4 58.5 #N/A

3/4/98 39.1 188.5 44.9 58.4 #N/A

3/11/98 39.0 191.3 44.9 61.2 #N/A

3/18/98 38.3 190.6 44.9 62.4 #N/A

3/25/98 38.3 194.1 45.1 63.6 #N/A

4/1/98 39.6 203.4 46.5 66.5 #N/A

4/8/98 39.3 203.7 46.8 69.1 #N/A

4/15/98 40.1 197.5 46.8 67.3 #N/A

4/22/98 39.9 195.1 46.5 66.1 #N/A

4/29/98 40.1 194.5 46.8 64.9 #N/A

5/6/98 39.6 196.3 46.6 65.0 #N/A

5/13/98 39.0 197.8 46.6 66.0 #N/A

5/20/98 38.1 196.2 46.5 64.9 #N/A

5/27/98 37.9 193.6 46.1 63.4 #N/A

6/3/98 36.8 190.8 45.9 65.1 #N/A

6/10/98 36.2 190.6 46.1 65.2 #N/A

6/17/98 36.3 195.3 46.1 66.0 #N/A

6/24/98 36.1 199.2 46.0 67.7 #N/A

7/1/98 34.9 196.1 45.4 68.0 #N/A

7/8/98 33.9 189.0 45.2 65.7 #N/A

7/15/98 31.8 186.5 44.7 66.6 #N/A

7/22/98 31.2 185.0 44.1 66.0 #N/A

7/29/98 30.1 179.7 43.6 65.2 #N/A

8/5/98 29.3 176.1 43.8 65.3 #N/A

8/12/98 29.0 174.0 44.4 65.8 #N/A

8/19/98 29.0 175.3 44.5 67.2 #N/A

8/26/98 28.8 179.9 44.6 68.6 #N/A

9/2/98 29.9 187.5 45.0 68.7 #N/A

9/9/98 30.6 189.0 45.2 70.4 #N/A

9/16/98 31.3 189.2 46.1 73.2 #N/A

9/23/98 31.4 188.5 47.1 74.3 #N/A

9/30/98 31.3 192.1 47.8 75.5 #N/A

10/7/98 31.8 202.8 49.0 79.1 #N/A

10/14/98 32.6 212.0 50.5 82.8 #N/A

10/21/98 32.7 216.4 51.7 85.5 #N/A

10/28/98 32.4 221.2 52.3 87.8 #N/A

11/4/98 33.3 222.7 53.2 87.6 #N/A

11/11/98 34.1 224.3 54.0 87.8 #N/A

11/18/98 34.8 224.9 54.6 88.2 #N/A

11/25/98 34.3 218.4 54.6 87.3 #N/A

12/2/98 33.4 207.8 54.2 86.1 #N/A

12/9/98 33.4 204.9 54.3 84.8 #N/A

12/16/98 32.7 196.7 53.5 81.5 #N/A

12/23/98 31.9 187.1 52.4 78.0 #N/A

12/30/98 31.9 176.8 50.9 74.1 #N/A

1/6/99 32.0 167.1 50.8 71.5 #N/A

1/13/99 31.8 163.4 50.1 70.9 #N/A

1/20/99 32.5 161.3 50.2 69.4 #N/A

1/27/99 32.7 157.8 50.4 69.3 #N/A

2/3/99 32.3 156.7 50.0 69.4 #N/A

2/10/99 31.6 155.1 50.0 69.6 #N/A

2/17/99 31.0 153.3 50.1 69.6 #N/A
2/24/99 31.2 153.7 50.7 70.7 #N/A

3/3/99 32.1 157.6 51.5 72.1 #N/A

3/10/99 31.5 158.9 51.6 71.7 #N/A

3/17/99 31.2 158.9 52.4 72.1 #N/A

3/24/99 31.4 162.7 52.9 73.1 #N/A

3/31/99 32.9 167.8 53.6 75.7 #N/A

4/7/99 32.2 165.7 52.0 75.0 #N/A

4/14/99 31.8 161.7 52.2 73.8 #N/A

4/21/99 31.1 160.2 51.9 73.7 #N/A

4/28/99 31.8 159.7 52.0 71.5 #N/A

5/5/99 31.5 158.1 52.1 71.4 #N/A

5/12/99 31.5 155.8 52.0 68.7 #N/A

5/19/99 31.4 159.5 52.0 69.4 #N/A

5/26/99 31.8 160.4 52.2 69.5 #N/A

6/2/99 31.2 157.8 51.6 67.4 #N/A

6/9/99 31.1 155.6 52.0 66.7 #N/A

6/16/99 31.2 158.5 52.0 69.1 #N/A

6/23/99 31.5 159.8 52.3 69.7 #N/A

6/30/99 29.9 160.4 53.0 69.4 #N/A

7/7/99 30.1 163.1 54.4 70.0 #N/A

7/14/99 29.6 162.9 53.9 69.8 #N/A

7/21/99 29.5 162.5 53.7 69.1 #N/A

7/28/99 28.4 162.4 53.9 69.4 #N/A

8/4/99 28.1 161.7 54.0 69.3 #N/A

8/11/99 27.5 163.8 54.1 71.5 #N/A

8/18/99 27.2 161.1 54.1 70.6 #N/A

8/25/99 26.5 159.0 54.2 69.6 #N/A

9/1/99 26.0 157.6 54.9 69.6 #N/A

9/8/99 26.1 156.6 54.6 69.2 #N/A

9/15/99 26.3 154.2 55.1 68.7 #N/A

9/22/99 25.9 150.0 55.2 67.5 #N/A

9/29/99 25.8 150.1 55.6 66.6 #N/A

10/6/99 25.8 151.5 55.9 66.0 #N/A

10/13/99 25.8 150.7 56.6 65.9 #N/A

10/20/99 25.7 150.7 56.9 65.6 #N/A

10/27/99 25.8 150.5 56.9 65.2 #N/A

11/3/99 25.9 151.2 57.1 63.8 #N/A

11/10/99 27.2 150.9 57.1 64.4 #N/A

11/17/99 28.0 151.2 58.0 63.3 #N/A

11/24/99 27.9 150.6 58.2 62.0 #N/A

12/1/99 28.4 150.3 57.7 60.8 #N/A

12/8/99 28.8 150.9 58.2 61.4 #N/A

12/15/99 28.5 150.4 57.7 58.0 #N/A

12/22/99 29.1 151.3 57.3 57.0 #N/A

12/29/99 29.8 143.4 56.2 54.4 #N/A

1/5/00 30.2 140.3 55.0 52.3 #N/A

1/12/00 30.6 142.0 55.7 51.9 #N/A

1/19/00 30.8 143.3 56.4 54.1 #N/A

1/26/00 30.9 147.2 57.5 54.2 #N/A

2/2/00 31.3 152.2 58.6 55.3 #N/A

2/9/00 30.4 156.3 60.1 55.4 #N/A

2/16/00 29.8 157.3 60.6 56.5 #N/A

2/23/00 30.7 159.7 60.9 57.8 #N/A

3/1/00 30.2 162.7 62.1 58.5 #N/A

3/8/00 30.4 163.9 62.8 56.7 #N/A

3/15/00 30.3 166.0 63.8 59.5 #N/A

3/22/00 29.7 167.6 65.9 61.1 #N/A

3/29/00 30.6 177.8 68.7 63.4 #N/A

4/5/00 30.9 185.2 71.1 64.9 #N/A

4/12/00 30.7 187.5 71.1 66.7 #N/A

4/19/00 30.8 189.9 72.1 65.2 #N/A

4/26/00 31.1 185.4 73.2 65.0 #N/A

5/3/00 30.7 182.2 74.4 65.8 #N/A

5/10/00 30.2 177.7 74.6 64.7 #N/A

5/17/00 29.8 176.5 76.5 64.9 #N/A

5/24/00 28.6 176.5 77.7 64.2 #N/A

5/31/00 28.1 173.6 78.0 63.4 #N/A

6/7/00 27.5 177.2 78.6 64.7 #N/A

6/14/00 26.8 176.8 78.1 66.4 #N/A

6/21/00 26.4 177.7 77.4 66.5 #N/A

6/28/00 24.2 175.8 75.5 66.0 #N/A

7/5/00 23.1 170.7 75.5 63.7 #N/A

7/12/00 22.3 168.1 76.0 63.3 #N/A

7/19/00 21.4 165.2 76.0 65.1 #N/A

7/26/00 20.5 166.1 74.6 64.7 #N/A

8/2/00 20.0 163.7 73.4 63.0 #N/A

8/9/00 19.6 162.7 72.7 62.2 #N/A

8/16/00 19.9 161.5 70.4 65.8 #N/A
8/23/00 19.6 157.7 70.1 66.2 #N/A

8/30/00 19.4 155.9 70.0 66.3 #N/A

9/6/00 19.6 152.6 69.5 65.0 #N/A

9/13/00 20.1 152.3 70.5 65.3 #N/A

9/20/00 20.4 157.4 71.1 67.6 #N/A

9/27/00 20.8 160.7 71.6 69.0 #N/A

10/4/00 21.3 163.9 71.2 71.3 #N/A

10/11/00 22.1 167.3 71.3 70.9 #N/A

10/18/00 22.7 172.1 71.1 73.5 #N/A

10/25/00 23.2 176.8 72.4 74.6 #N/A

11/1/00 24.7 180.7 72.9 75.6 #N/A

11/8/00 26.6 182.3 72.7 78.4 #N/A

11/15/00 27.1 183.8 72.6 77.2 #N/A

11/22/00 27.5 184.4 72.3 76.5 #N/A

11/29/00 28.2 188.4 72.4 79.1 #N/A

12/6/00 29.2 199.0 74.0 81.1 #N/A

12/13/00 29.5 205.4 74.5 82.0 #N/A

12/20/00 30.1 205.4 74.7 81.2 #N/A

12/27/00 30.7 200.7 75.2 79.4 #N/A

1/3/01 32.2 202.2 75.9 79.2 #N/A

1/10/01 32.6 212.7 77.0 81.9 #N/A

1/17/01 33.1 215.9 78.6 82.0 #N/A

1/24/01 33.4 220.3 79.5 86.1 #N/A

1/31/01 32.6 224.9 80.7 86.0 #N/A

2/7/01 31.7 231.4 82.9 87.0 #N/A

2/14/01 31.0 237.9 84.7 90.3 #N/A

2/21/01 31.0 245.7 86.0 93.5 #N/A

2/28/01 32.0 256.0 89.1 94.0 #N/A

3/7/01 31.2 252.8 89.2 96.6 #N/A

3/14/01 31.1 254.1 90.9 95.7 #N/A

3/21/01 30.9 256.5 92.0 99.0 #N/A

3/28/01 31.6 266.0 93.9 103.1 #N/A

4/4/01 30.9 269.9 93.6 105.0 #N/A

4/11/01 30.9 262.5 92.7 105.0 #N/A

4/18/01 32.0 263.4 92.2 105.9 #N/A

4/25/01 32.1 264.1 93.0 104.7 #N/A

5/2/01 31.6 264.0 92.7 106.1 #N/A

5/9/01 30.9 265.2 91.8 105.4 #N/A

5/16/01 30.7 267.8 91.2 104.0 #N/A

5/23/01 30.4 268.4 91.0 104.6 #N/A

5/30/01 29.3 262.8 88.3 104.1 #N/A

6/6/01 29.4 262.5 87.5 103.0 #N/A

6/13/01 28.8 258.7 85.7 105.0 #N/A

6/20/01 28.7 256.1 85.4 102.6 #N/A

6/27/01 27.6 254.3 84.7 101.5 #N/A

7/4/01 27.1 255.7 85.8 100.9 #N/A

7/11/01 26.8 253.6 85.5 101.1 #N/A

7/18/01 25.6 250.7 85.5 99.2 #N/A

7/25/01 25.3 245.9 83.9 97.9 #N/A

8/1/01 25.8 243.4 83.0 97.5 #N/A

8/8/01 26.8 237.7 82.4 98.9 #N/A

8/15/01 28.0 235.2 83.0 100.6 #N/A

8/22/01 29.1 235.2 83.3 99.4 #N/A

8/29/01 29.4 234.2 83.7 100.3 #N/A

9/5/01 30.2 237.3 84.5 99.3 #N/A

9/12/01 30.7 240.1 85.6 98.5 #N/A

9/19/01 30.6 237.6 87.6 103.7 #N/A

9/26/01 31.3 241.9 89.1 108.1 99.2

10/3/01 31.0 242.7 89.7 112.4 98.9

10/10/01 31.0 245.5 90.5 115.1 100.8

10/17/01 30.6 247.7 91.2 119.6 101.4

10/24/01 31.3 252.0 92.5 121.4 102.4

10/31/01 31.8 257.2 93.8 122.9 102.4

11/7/01 32.9 271.8 95.4 125.1 103.0

11/14/01 33.2 276.8 96.3 128.0 104.0

11/21/01 33.7 285.8 97.4 133.2 104.4

11/28/01 33.9 292.5 97.3 133.8 103.3

12/5/01 33.9 296.2 97.6 136.5 102.4

12/12/01 35.0 302.7 97.4 139.9 100.3

12/19/01 35.8 308.9 95.6 139.1 100.5

12/26/01 35.7 295.7 92.8 132.4 96.9

1/2/02 36.7 285.6 91.2 126.7 93.8

1/9/02 37.7 288.5 90.9 127.3 92.0

1/16/02 38.4 293.8 91.4 126.8 91.5

1/23/02 38.6 295.8 90.5 127.7 91.3

1/30/02 39.1 299.4 90.0 129.9 92.4

2/6/02 38.5 291.7 89.2 127.7 92.0

2/13/02 38.6 287.6 87.4 127.0 90.5
2/20/02 38.7 278.5 85.8 125.6 90.0

2/27/02 39.1 278.4 85.8 126.7 92.7

3/6/02 39.2 279.8 85.6 129.4 95.3

3/13/02 39.2 280.6 85.4 130.6 97.9

3/20/02 39.8 285.0 83.9 129.3 100.4

3/27/02 40.9 302.1 84.9 132.8 106.2

4/3/02 42.5 311.4 85.1 138.7 111.8

4/10/02 43.0 309.1 84.4 137.7 114.0

4/17/02 43.5 305.1 82.4 134.9 116.3

4/24/02 43.3 305.2 81.9 133.7 118.0

5/1/02 43.2 301.8 81.1 132.7 118.7

5/8/02 43.3 303.5 80.4 138.5 120.5

5/15/02 43.9 308.5 80.3 137.0 122.9

5/22/02 43.5 312.3 80.0 133.7 125.2

5/29/02 43.2 312.9 79.5 132.5 124.7

6/5/02 43.5 309.8 78.6 130.2 123.6

6/12/02 43.8 305.7 77.4 131.6 122.0

6/19/02 43.5 303.2 78.8 133.6 121.4

6/26/02 43.2 299.2 79.3 138.3 121.1

7/3/02 41.8 303.0 80.4 137.6 119.5

7/10/02 41.1 303.4 80.2 140.8 118.2

7/17/02 41.0 309.8 81.9 147.5 117.3

7/24/02 41.7 315.4 82.7 149.7 116.2

7/31/02 42.5 321.4 83.6 152.2 115.2

8/7/02 42.3 324.2 84.2 149.6 114.5

8/14/02 42.2 327.6 84.6 153.6 114.4

8/21/02 42.7 330.7 84.4 157.9 114.9

8/28/02 42.4 329.7 84.6 160.1 115.7

9/4/02 42.4 332.9 84.7 160.6 116.1

9/11/02 42.4 335.2 84.3 162.5 116.3

9/18/02 43.0 337.5 83.4 166.0 116.7

9/25/02 43.4 344.1 83.4 166.2 116.4

10/2/02 43.9 347.1 82.7 171.6 117.0

10/9/02 44.5 350.4 82.8 172.9 117.4

10/16/02 45.0 352.5 82.1 175.1 118.3

10/23/02 44.7 355.1 81.2 179.7 119.7

10/30/02 44.6 354.2 80.0 179.0 120.7

11/6/02 45.5 358.1 80.0 177.8 122.7

11/13/02 46.1 360.9 80.3 184.3 124.2

11/20/02 46.0 362.4 81.2 190.1 124.6

11/27/02 46.8 365.4 80.7 191.0 125.1

12/4/02 46.5 363.4 80.4 192.6 123.7

12/11/02 46.9 364.5 81.8 194.3 124.8

12/18/02 46.5 360.0 82.0 191.4 125.4

12/25/02 45.9 347.4 80.5 187.6 124.1

1/1/03 45.5 328.8 79.1 178.6 121.8

1/8/03 45.1 331.2 80.5 181.6 123.0

3-MONTH MOVING AVERAGE

SOURCE: New York Federal Reserve Bank

*Note: Survey of trading volume in corporates not begun until September 2001
AVERAGE LENGTH OF TREASURY MARKETABLE SECURITIES-PRIVATELY HELD (IN MONTHS)

includes inflation indexed securities

Year MAR JUN SEP DEC

1980 44.32 46.44 45.20 44.90

1981 44.71 47.20 48.27 48.11

1982 48.09 47.82 47.18 45.88

1983 46.35 47.67 49.13 50.62

1984 51.50 53.19 53.91 55.49

1985 56.00 57.69 58.95 59.89

1986 61.50 62.91 63.47 64.61

1987 66.25 68.08 69.27 68.70

1988 69.15 70.43 69.11 70.07

1989 70.15 71.91 72.43 72.70

1990 71.90 73.05 72.62 71.44

1991 71.97 73.20 72.17 71.81

1992 70.88 71.24 70.73 70.05

1993 70.11 69.83 70.33 67.65

1994 67.81 67.44 67.49 65.84

1995 65.04 64.27 64.39 62.87

1996 62.44 62.65 62.79 62.80

1997 63.02 64.35 64.54 65.06

1998 65.39 67.74 69.50 68.10

1999 68.17 70.77 71.69 69.63

2000 70.69 73.22 74.06 73.94

2001 73.21 75.92 72.68 70.08

2002 69.02 68.14 66.25 64.39

CONSTANT ISSUANCE MATURITY (6-MONTH AVERAGE) 1/

(in months)

Year MAR JUN SEP DEC

1980 80 80 73 68

1981 72 75 74 70

1982 71 49 33 53

1983 70 75 78 82

1984 82 82 81 79

1985 84 87 85 84

1986 64 67 89 58

1987 57 88 90 59

1988 27 28 28 61

1989 88 87 93 92

1990 89 88 86 83

1991 85 87 82 81

1992 80 76 75 74

1993 73 70 73 51

1994 52 51 51 51

1995 49 48 55 50

1996 48 52 46 70

1997 45 21 51 78

1998 79 53 58 87

1999 87 58 56 55

2000 57 58 50 49

2001 57 58 45 58

2002 40 24 24 26

1/ Assumes the distribution of issuance in any given quarter is held constant going forward.
MATURITY PROFILE--OUTSTANDING TREASURY MARKETABLE COUPON SECURITIES 2002-2013

$ billions

End of Calendar Year I-Q II-Q III-Q IV-Q Total

2003 83.8 83.4 110.8 112.1 390.1

2004 126.2 141.7 137.9 158.0 563.8

2005 50.0 50.6 24.3 47.4 172.2

2006 20.3 47.4 22.7 61.9 152.3

2007 31.1 38.3 51.0 33.4 153.9

2008 32.4 27.2 11.9 25.1 96.6

2009 17.6 19.3 31.8 5.0 73.7

2010 35.6 0.0 22.4 0.0 58.0

2011 34.9 0.0 26.6 0.0 61.5

2012 30.9 0.0 42.9 18.1 91.9

2013 0.0 0.0 0.0 0.0 0.0

Issued or announced through January 31, 2003.

Note: Where applicable, maturities represent first call date.

MATURITY PROFILE--OUTSTANDING TREASURY MARKETABLE COUPON SECURITIES 2014-2032

$ billions

End of Calendar Year I-Q II-Q III-Q IV-Q Total

2014 0.0 0.0 0.0 0.0 0.0

2015 10.5 0.0 4.0 5.6 20.1

2016 5.4 18.8 0.0 18.8 43.0

2017 0.0 15.6 11.0 0.0 26.5

2018 0.0 6.7 0.0 7.2 13.9

2019 13.1 0.0 18.9 0.0 32.0

2020 9.5 7.6 17.1 0.0 34.1

2021 10.1 10.1 9.5 30.6 60.3

2022 0.0 0.0 10.1 7.4 17.6

2023 15.8 0.0 22.7 0.0 38.4

2024 0.0 0.0 0.0 9.6 9.6

2025 9.5 0.0 11.2 0.0 20.7

2026 12.8 0.0 8.8 10.9 32.5

2027 9.5 0.0 9.2 22.0 40.7

2028 0.0 18.8 11.8 10.9 41.5

2029 11.4 21.5 11.2 0.0 44.0

2030 0.0 17.0 0.0 0.0 17.0

2031 16.4 0.0 0.0 0.0 16.4

2032 0.0 5.1 0.0 0.0 5.1

Issued or announced through January 31, 2003.

Note: Where applicable, maturities represent first call date.
Quarterly Financial Obligations

$ billions

End of Source: MTS BILLS COUPONS BILLS&COUPONS BILLS&COUPONS

CY quarters Fiscal Balance Gross Gross Gross w/o 4-week bills

Retirements Retirements Maturing Debt Gross Maturing Debt

Mar-61 0 24.8 13.0 37.8

Jun-61 -1 25.6 7.9 33.6

Sep-61 2 24.5 16.3 40.8

Dec-61 5 23.4 7.0 30.4

Mar-62 1 27.2 16.9 44.2

Jun-62 -2 27.4 11.7 39.1

Sep-62 2 27.8 15.3 43.2

Dec-62 6 27.1 11.6 38.7

Mar-63 0 32.0 17.5 49.5

Jun-63 -2 31.1 10.0 41.2

Sep-63 3 29.3 13.4 42.7

Dec-63 6 29.8 8.1 37.9

Mar-64 0 32.4 11.3 43.8

Jun-64 0 32.3 11.1 43.4

Sep-64 4 31.0 13.4 44.4

Dec-64 5 33.8 9.2 43.0

Mar-65 -1 30.9 11.9 42.9

Jun-65 -4 34.5 8.9 43.4

Sep-65 4 33.8 7.3 41.1

Dec-65 6 31.6 10.0 41.7

Mar-66 1 34.6 10.3 44.9

Jun-66 -9 37.5 9.3 46.8

Sep-66 8 32.9 10.8 43.7

Dec-66 7 31.9 4.4 36.3

Mar-67 3 36.3 7.5 43.9

Jun-67 -8 42.3 12.8 55.1

Sep-67 11 32.9 9.6 42.5

Dec-67 8 35.3 10.6 45.9

Mar-68 9 38.6 5.6 44.2

Jun-68 -3 46.3 8.3 54.5

Sep-68 3 39.8 8.6 48.4

Dec-68 7 39.4 12.0 51.5

Mar-69 2 41.7 5.6 47.2

Jun-69 -15 50.8 6.0 56.8

Sep-69 2 41.2 3.2 44.5

Dec-69 6 44.5 7.2 51.7

Mar-70 3 44.8 5.5 50.3

Jun-70 -9 53.0 5.0 58.0

Sep-70 8 46.2 5.6 51.8

Dec-70 9 48.0 5.9 53.9

Mar-71 8 47.8 12.1 59.9

Jun-71 -2 56.7 5.9 62.7

Sep-71 8 59.4 4.1 63.5

Dec-71 11 54.0 7.1 61.2

Mar-72 11 56.0 5.2 61.2

Jun-72 -6 66.1 3.5 69.7

Sep-72 2 55.7 9.2 65.0

Dec-72 11 58.5 2.5 61.0

Mar-73 9 59.3 4.7 64.1

Jun-73 -8 65.2 4.3 69.5

Sep-73 1 65.0 4.6 69.5

Dec-73 5 61.2 3.5 64.8

Mar-74 7 61.3 4.5 65.9

Jun-74 -10 70.4 5.7 76.1
Sep-74

2 65.6 6.2 71.8

Dec-74 12 65.2 6.3 71.5

Mar-75 18 67.6 3.5 71.1

Jun-75 12 73.3 3.7 77.0

Sep-75 19 75.6 6.8 82.3

Dec-75 27 79.6 3.9 83.5

Mar-76 23 86.2 6.5 92.7

Jun-76 -2 95.6 7.5 103.1

Sep-76 13 91.4 7.8 99.3

Dec-76 23 86.0 8.9 94.9

Mar-77 19 86.0 5.6 91.7

Jun-77 -9 97.2 9.6 106.8

Sep-77 12 84.4 9.8 94.2

Dec-77 29 84.9 7.8 92.7

Mar-78 26 83.1 14.6 97.7

Jun-78 -14 103.4 13.0 116.3

Sep-788 83.4 9.6 93.0

Dec-78 32 84.7 12.7 97.4

Mar-79 20 87.1 13.1 100.2

Jun-79 -21 117.1 9.9 127.0

Sep-795 89.2 14.5 103.7

Dec-79 24 88.9 24.0 112.9

Mar-80 27 90.6 16.8 107.4

Jun-80 -8 129.6 12.6 142.3

Sep-80 16 102.3 16.5 118.8

Dec-80 28 112.5 16.8 129.3

Mar-81 37 122.4 15.4 137.8

Jun-81 -16 150.2 14.7 164.9

Sep-819 131.1 17.5 148.7

Dec-81 48 135.2 20.1 155.2

Mar-82 24 126.3 18.3 144.6

Jun-823 156.1 21.3 177.4

Sep-82 36 158.3 20.0 178.3

Dec-82 68 154.5 20.7 175.2

Mar-83 61 170.5 23.0 193.5

Jun-83 29 191.0 21.3 212.4

Sep-83 37 178.8 23.3 202.2

Dec-83 63 194.9 15.5 210.4

Mar-84 54 184.5 22.6 207.1

Jun-84 24 196.0 27.7 223.6

Sep-84 33 191.7 28.6 220.3

Dec-84 71 200.4 44.3 244.7

Mar-85 59 203.4 23.5 226.8

Jun-85 32 214.1 38.8 253.0

Sep-85 50 210.1 51.9 262.0

Dec-85 75 238.3 37.7 276.0

Mar-86 61 218.8 39.0 257.8

Jun-86 30 232.1 44.2 276.3

Sep-86 54 211.7 46.7 258.4

Dec-86 64 227.1 47.3 274.3

Mar-87 58 229.6 49.3 278.8

Jun-87 -3 235.2 47.7 282.9

Sep-87 28 205.2 45.4 250.6

Dec-87 82 229.8 47.7 277.4

Mar-88 37 204.8 50.2 255.0

Jun-880 220.9 55.6 276.6

Sep-88 36 222.2 56.6 278.8

Dec-88 69 215.7 42.0 257.7

Mar-89 61 217.1 73.3 290.3

Jun-89 -23 242.2 59.2 301.4

Sep-89 47 233.0 41.5 274.5
Dec-89 71 228.6 59.8 288.5

Mar-90 80 220.5 59.4 279.9

Jun-90 12 274.9 58.4 333.3

Sep-90 58 268.6 61.0 329.6

Dec-90 86 271.8 83.7 355.5

Mar-91 66 278.1 42.7 320.7

Jun-91 26 316.3 63.5 379.8

Sep-91 91 288.5 81.2 369.7

Dec-91 84 288.2 65.3 353.5

Mar-92 116 311.4 67.7 379.0

Jun-92 28 383.1 75.2 458.3

Sep-92 63 344.1 71.2 415.3

Dec-92 120 379.0 76.3 455.3

Mar-93 63 335.8 78.5 414.3

Jun-93 18 398.5 78.0 476.5

Sep-93 54 402.2 81.8 484.0

Dec-93 92 365.5 90.5 455.9

Mar-94 59 388.9 84.4 473.3

Jun-940 425.0 89.9 514.8

Sep-94 53 397.4 91.3 488.7

Dec-94 73 404.7 66.7 471.4

Mar-95 73 408.8 110.8 519.6

Jun-95 -23 486.5 88.3 574.8

Sep-95 40 419.4 72.7 492.1

Dec-95 56 479.2 92.0 571.2

Mar-96 72 412.6 109.5 522.0

Jun-96 -54 566.9 122.4 689.3

Sep-96 33 438.4 136.8 575.1

Dec-96 59 437.7 127.3 565.1

Mar-97 52 401.5 110.6 512.1

Jun-97 -100 496.5 121.8 618.3

Sep-97 11 409.3 125.0 534.3

Dec-97 40 383.3 124.0 507.2

Mar-98 30 380.8 124.7 505.5

Jun-98 -137 443.8 128.7 572.5

Sep-98 -2 360.9 132.7 493.6

Dec-98 55 369.5 130.3 499.7

Mar-99 -6 375.7 125.6 501.3

Jun-99 -143 499.5 123.9 623.4

Sep-99 -30 396.8 119.1 516.0

Dec-99 20 345.2 131.2 476.4

Mar-00 15 469.5 131.6 601.1

Jun-00 -212 471.6 130.8 602.4

Sep-00 -60 413.3 92.1 505.4

Dec-002 461.2 124.0 585.1

Mar-01 22 474.5 125.5 600.0

Jun-01 -194 613.9 131.2 745.2

Sep-01 42 489.8 116.2 606.0 541.5

Dec-01 35 619.9 157.8 777.7 605.7

Mar-02 97 692.7 69.2 761.9 567.6

Jun-02 -16 881.3 103.5 984.8 718.4

Sep-02 42 796.6 153.2 949.8 665.9

Dec-02 109 792.3 84.9 877.2 618.8
*Release in minutes and fractions of a minute (I.e., a 4 minute 30 second release is 4.50)

TOTAL # OF TYPE OF AUCTION RELEASE TOTAL # OF TYPE OF AUCTION RELEASE

AUCTIONS SECURITY DATE TIME* AUCTIONS SECURITY DATE TIME*

1 13-WEEK 2/04/02 5.65 96 13-WEEK 8/05/02 5.97

2 26-WEEK 2/04/02 5.65 97 26-WEEK 8/05/02 5.97

3 4-WEEK 2/05/02 5.08 98 4-WEEK 8/06/02 4.03

4 4-YEAR 9-MONTH 2/05/02 5.65 99 5-YEAR 8/06/02 4.08

5 10-YEAR 2/06/02 7.07 100 10-YEAR 8/07/02 4.82

6 13-WEEK 2/11/02 6.18 101 13-WEEK 8/12/02 4.77

7 26-WEEK 2/11/02 6.18 102 26-WEEK 8/12/02 4.77

8 4-WEEK 2/12/02 5.02 103 4-WEEK 8/13/02 4.03

9 13-WEEK 2/19/02 7.70 104 13-WEEK 8/19/02 4.42

10 26-WEEK 2/19/02 7.70 105 26-WEEK 8/19/02 4.42

11 4-WEEK 2/20/02 6.00 106 4-WEEK 8/20/02 4.03

12 13-WEEK 2/25/02 5.53 107 13-WEEK 8/26/02 4.08

13 26-WEEK 2/25/02 5.53 108 26-WEEK 8/26/02 4.08

14 4-WEEK 2/26/02 5.00 109 4-WEEK 8/27/02 4.00

15 2-YEAR 2/27/02 5.35 110 2-YEAR 8/28/02 4.02

16 13-WEEK 3/04/02 5.93 111 13-WEEK 9/03/02 4.98

17 26-WEEK 3/04/02 5.93 112 26-WEEK 9/03/02 4.98

18 4-WEEK 3/05/02 5.98 113 4-WEEK 9/04/02 4.62

19 13-WEEK 3/11/02 6.02 114 13-WEEK 9/09/02 4.07

20 26-WEEK 3/11/02 6.02 115 26-WEEK 9/09/02 4.07

21 4-WEEK 3/12/02 5.13 116 5-DAY 9/10/02 4.12

22 13-WEEK 3/18/02 7.28 117 4-WEEK 9/10/02 4.03

23 26-WEEK 3/18/02 7.28 118 13-WEEK 9/16/02 4.30

24 4-WEEK 3/19/02 5.07 119 26-WEEK 9/16/02 4.30

25 13-WEEK 3/25/02 5.28 120 4-WEEK 9/17/02 4.10

26 26-WEEK 3/25/02 5.28 121 13-WEEK 9/23/02 4.42

27 4-WEEK 3/26/02 5.33 122 26-WEEK 9/23/02 4.42

28 2-YEAR 3/27/02 5.13 123 4-WEEK 9/24/02 4.07

29 13-WEEK 4/01/02 5.98 124 2-YEAR 9/25/02 4.73

30 26-WEEK 4/01/02 5.98 125 13-WEEK 9/30/02 5.37

31 4-WEEK 4/02/02 5.77 126 26-WEEK 9/30/02 5.37

32 19-DAY 4/02/02 5.77 127 4-WEEK 10/01/02 4.07

33 12-DAY 4/03/02 5.00 128 13-WEEK 10/07/02 4.18

34 13-WEEK 4/08/02 5.77 129 26-WEEK 10/07/02 4.18

35 26-WEEK 4/08/02 5.77 130 4-WEEK 10/08/02 4.48

36 4-WEEK 4/09/02 5.10 131 9-YR 9-MO IIN 10/09/02 4.28

37 4-DAY 4/10/02 5.98 132 13-WEEK 10/15/02 4.42

38 13-WEEK 4/15/02 6.67 133 26-WEEK 10/15/02 4.42

39 26-WEEK 4/15/02 6.67 134 4-WEEK 10/16/02 4.48

40 4-WEEK 4/16/02 5.03 135 13-WEEK 10/21/02 4.77

41 13-WEEK 4/22/02 5.07 136 26-WEEK 10/21/02 4.77

42 26-WEEK 4/22/02 5.07 137 4-WEEK 10/22/02 4.12

43 4-WEEK 4/23/02 5.00 138 2-YEAR 10/23/02 4.00

44 2-YEAR 4/24/02 5.00 139 13-WEEK 10/28/02 7.82 1/

45 13-WEEK 4/29/02 5.17 140 26-WEEK 10/28/02 7.82 1/

46 26-WEEK 4/29/02 5.17 141 4-WEEK 10/29/02 4.07

47 4-WEEK 4/30/02 5.02 142 13-WEEK 11/04/02 5.07

48 13-WEEK 5/06/02 8.57 143 26-WEEK 11/04/02 5.07

49 26-WEEK 5/06/02 8.57 144 4-WEEK 11/05/02 4.05

50 4-WEEK 5/07/02 4.28 145 5-YEAR 11/05/02 5.02

51 5-YEAR 5/07/02 4.92 146 10-YEAR 11/06/02 4.12

52 10-YEAR 5/08/02 5.03 147 13-WEEK 11/12/02 4.80

53 7-DAY 5/09/02 4.08 148 26-WEEK 11/12/02 4.80

54 13-WEEK 5/13/02 4.83 149 4-WEEK 11/13/02 4.75

Auction Release Times
55 26-WEEK 5/13/02 4.83 150 13-WEEK 11/18/02 4.27

56 4-WEEK 5/14/02 5.18 151 26-WEEK 11/18/02 4.27

57 13-WEEK 5/20/02 4.43 152 4-WEEK 11/19/02 4.15

58 26-WEEK 5/20/02 4.43 153 13-WEEK 11/25/02 5.32

59 4-WEEK 5/21/02 4.03 154 26-WEEK 11/25/02 5.32

60 13-WEEK 5/28/02 4.78 155 4-WEEK 11/26/02 4.05

61 26-WEEK 5/28/02 4.78 156 2-YEAR 11/27/02 4.37

62 4-WEEK 5/29/02 4.00 157 13-WEEK 12/02/02 3.72

63 2-YEAR 5/29/02 11.38 158 26-WEEK 12/02/02 3.72

64 9-DAY 5/31/02 8.30 159 4-WEEK 12/03/02 4.12

65 13-WEEK 6/03/02 4.47 160 6-DAY 12/09/02 4.03

66 26-WEEK 6/03/02 4.47 161 13-WEEK 12/09/02 4.08

67 4-WEEK 6/04/02 4.30 162 26-WEEK 12/09/02 4.08

68 13-WEEK 6/10/02 5.52 163 4-WEEK 12/10/02 4.05

69 26-WEEK 6/10/02 5.52 164 13-WEEK 12/16/02 4.07

70 6-DAY 6/11/02 4.15 165 26-WEEK 12/16/03 4.07

71 4-WEEK 6/11/02 4.03 166 4-WEEK 12/17/02 4.03

72 13-WEEK 6/17/02 4.08 167 2-YEAR 12/23/02 5.22

73 26-WEEK 6/17/02 4.08 168 13-WEEK 12/23/02 4.30

74 4-WEEK 6/18/02 4.02 169 26-WEEK 12/23/03 4.30

75 13-WEEK 6/24/02 9.63 170 4-WEEK 12/24/02 4.22

76 26-WEEK 6/24/02 9.63 171 13-WEEK 12/30/02 4.33

77 4-WEEK 6/25/02 4.00 172 26-WEEK 12/30/02 4.33

78 2-YEAR 6/28/02 5.93 173 4-WEEK 12/31/02 4.03

79 13-WEEK 7/01/02 4.28 174 13-WEEK 1/06/03 4.33

80 26-WEEK 7/01/02 4.28 175 26-WEEK 1/06/03 4.33

81 4-WEEK 7/02/02 4.15 176 4-WEEK 1/07/03 4.42

82 13-WEEK 7/08/02 4.28 177 9-YR 6-MO IIN 1/08/03 4.60

83 26-WEEK 7/08/02 4.28 178 13-WEEK 1/13/03 4.05

84 4-WEEK 7/09/02 3.67 179 26-WEEK 1/13/03 4.05

85 10-YEAR IIN 7/10/02 4.63 180 4-WEEK 1/14/03 4.07

86 13-WEEK 7/15/02 4.92 181 13-WEEK 1/21/03 4.05

87 26-WEEK 7/15/02 4.92 182 26-WEEK 1/21/03 4.03

88 4-WEEK 7/16/02 4.48 183 4-WEEK 1/22/03 4.07

89 13-WEEK 7/22/02 5.58 184 13-WEEK 1/27/03 4.05

90 26-WEEK 7/22/02 5.58 185 26-WEEK 1/27/03 4.05

91 4-WEEK 7/23/02 4.03 186 4-WEEK 1/28/03 4.03

92 2-YEAR 7/24/02 4.47 187 2-YEAR 1/29/03 4.05

93 13-WEEK 7/29/02 6.50

94 26-WEEK 7/29/02 6.50

95 4-WEEK 7/30/02 15.15

10/28/02 – 13- and 26-Week Bills Release time: 1:07:49

The press release was delayed due to an operator error. A submitter sent in a timely competitive bid for the 13-week bill auction. 

An OF operator inadvertently rejected the bid. Failure to notice this error resulted in OF not being able to close and calculate the auction timely.
 Direct Indirect Total

Jan-02 25 15 40

Feb-02 26 18 44

Mar-02 26 17 43

Apr-02 24 14 39

May-02 24 14 38

Jun-02 24 13 37

Jul-02 25 16 41

Aug-02 24 17 41

Sep-02 24 15 40

Oct-02 25 17 42

Nov-02 25 16 41

Dec-02 24 16 40

Jan-03 25 16 41

Note:

Indirect bidders submit competitive bids through a direct bidder.

Direct bidders submit competitive bids for their own account.

(Average Number of Bidders)

Competitive Bidder Participation by Month

Treasury Bill Auctions

Monthly Averages
Nominal--Fixed rate

 Direct Indirect Total

Jan-02 27 36 63

Feb-02 27 27 53

Mar-02 26 28 54

Apr-02 25 33 58

May-02 25 27 53

Jun-02 27 21 48

Jul-02 26 26 52

Aug-02 28 26 54

Sep-02 27 32 59

Oct-02 27 26 53

Nov-02 26 30 57

Dec-02 26 36 62

Jan-03 26 27 53

TIIS--Treasury Inflation Indexed Securities

 Direct Indirect Total

Jan-02 27 42 69

Feb-02

Mar-02

Apr-02

May-02

Jun-02

Jul-02 23 60 83

Aug-02

Sep-02

Oct-02 23 26 49

Nov-02

Dec-02

Jan-03 22 50 72

Note:

Indirect bidders submit competitive bids through a direct bidder.

Direct bidders submit competitive bids for their own account.

Competitive Bidder Participation by Month

Treasury Note Auctions

Monthly Averages

(Average Number Of Bidders)
Treasury Quarterly Net Market Borrowing 

$ billions

Bills 2-under 5 years 5-10 years over 10 years Buybacks Totals

Calendar Year Quarters

1998 1Q 4.7 -14.1 16.9 2.8 10.3

2Q -79.0 -18.6 -8.7 8.4 -97.9

3Q -3.5 -9.3 -37.1 11.1 -38.8

4Q 53.3 -5.9 -26.5 3.1 24.0

1999 1Q 34.5 -1.8 -29.4 2.5 5.8

2Q -77.7 -0.1 -43.4 7.4 -113.8

3Q 5.3 3.4 -27.4 2.8 -15.9

4Q 83.9 0.6 -44.9 7.4 47.0

2000 1Q 16.2 -1.6 -34.7 2.0 -2.0 -20.1

2Q -123.4 -5.5 -49.5 -2.7 -11.0 -192.1

3Q -13.8 -26.6 -4.8 5.8 -8.3 -47.7

4Q 30.7 -30.9 -22.1 5.0 -8.8 -26.1

2001 1Q 65.2 -29.2 -19.5 9.4 -8.0 17.8

2Q -92.0 -34.1 -26.4 -1.8 -9.3 -163.4

3Q 114.8 -10.3 -26.1 3.8 -7.8 74.4

4Q 76.4 65.7 -84.7 3.3 -8.5 52.1

2002 1Q 23.2 26.6 8.7 -6.0 0.0 52.5

2Q -11.9 49.3 -18.3 0.0 -4.0 15.1

3Q 45.8 76.9 -38.5 0 0.0 84.2

4Q 20.5 68.6 -2.3 -4.2 0.0 82.6
Treasury Quarterly Net Borrowing From NonMarketable Issues 

$ billions

Calendar Year Savings Bonds Foreign Series State and Local Government Series Total

I -2.7 -0.7 3.5 0.1 1997

II -2.4 -0.8 3.1 -0.1

III -2.4 -0.5 3.9 1.0

IV -1.9 1.2 12.3 11.6

I -2.7 0.2 15.1 12.6 1998

II -2.5 -0.3 15.8 13.0

III -2.4 -0.9 9.5 6.2

IV -1.5 0.7 0.7 -0.1

I -2.4 -0.8 2.3 -0.9 1999

II -2.2 -1.3 5.1 1.6

III -2.4 0.1 -4.5 -6.9

IV -1.9 0.7 -2.4 -3.6

I -3.3 -0.9 -3.8 -8.0 2000

II -2.7 -0.6 -1.7 -5.0

III -2.4 -0.4 -7.3 -10.1

IV -1.7 1.7 -2.3 -2.2

I -2.2 -1.1 1.9 -1.4 2001

II -1.4 -0.7 0.4 -1.7

III -1.4 -2.4 -6.8 -10.6

IV 1.9 -1.0 -0.1 0.8

I -0.4 0.2 -5.2 -5.5 2002

II -1.1 -0.7 1.7 -0.1

III -1.4 -0.8 1.5 -0.7

IV -0.2 -1.3 9.1 7.6

Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury securities from May 15, 2002--July 8, 2002.
Calendar Estimated foreign holdingsForeign and International Institutional Holdings at FRBNY

 Quarter as % of private 2/ as % of private 3/

1993 1Q 20% 10%

2Q 20% 11%

3Q 21% 11%

4Q 21% 11%

1994 1Q 21% 12%

2Q 21% 12%

3Q 22% 13%

4Q 21% 13%

1995 1Q 22% 13%

2Q 23% 14%

3Q 25% 15%

4Q 25% 15%

1996 1Q 27% 16%

2Q 28% 16%

3Q 29% 17%

4Q 32% 18%

1997 1Q 34% 19%

2Q 35% 19%

3Q 36% 19%

4Q 36% 18%

1998 1Q 36% 18%

2Q 38% 18%

3Q 37% 17%

4Q 38% 18%

1999 1Q 38% 18%

2Q 39% 19%

3Q 40% 19%

4Q 39% 20%

2000 1Q 35% 20%

2Q 36% 21%

3Q 36% 21%

4Q 36% 20%

2001 1Q 36% 21%

. 2Q 37% 21%

3Q 36% 22%

4Q 37% 21%

2002 1Q 37% 21%

2Q 37% 22%

3Q 39% 22%

4Q * 38% 23%

1/ Privately held debt excludes holdings of the Federal Reserve.

2/ Series for estimated foreign holdings. See www.treas.gov/tic/index.html for source data.

3/ Source: Federal Reserve Bank of New York statistical release H4.1.

Estimated foreign holdings data through November 30, 2002.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
November 30, 2002 December 31, 2001 December 31, 2000

$ billions As a percent of As a percent of $ billions As a percent of As a percent of $ billions As a percent of As a percent of

Total Foreign Total Private Total Foreign Total Private Total Foreign Total Private

Japan $361.9 31.3% 12.0% $317.9 30.2% 11.3% $317.7 30.7% 11.0%

China 96.8 8.4% 3.2% 78.6 7.5% 2.8% 60.3 5.8% 2.1%

United Kingdom 69.5 6.0% 2.3% 45.0 4.3% 1.6% 50.2 4.9% 1.7%

Caribbean Banking Centers 66.9 5.8% 2.2% 45.4 4.3% 1.6% 43.8 4.2% 1.5%

Hong Kong 49.6 4.3% 1.6% 47.7 4.5% 1.7% 38.6 3.7% 1.3%

Oil Exporters 47.3 4.1% 1.6% 48.9 4.6% 1.7% 49.9 4.8% 1.7%

Korea 42.8 3.7% 1.4% 32.8 3.1% 1.2% 29.6 2.9% 1.0%

Germany 40.0 3.5% 1.3% 47.8 4.5% 1.7% 49.0 4.7% 1.7%

Taiwan 34.7 3.0% 1.1% 35.3 3.4% 1.3% 33.4 3.2% 1.2%

Mexico 27.5 2.4% 0.9% 24.8 2.4% 0.9% 27.2 2.6% 0.9%

Belgium-Luxembourg 24.3 2.1% 0.8% 22.4 2.1% 0.8% 29.6 2.9% 1.0%

Switzerland 22.1 1.9% 0.7% 18.7 1.8% 0.7% 16.4 1.6% 0.6%

Italy 18.7 1.6% 0.6% 18.9 1.8% 0.7% 20.8 2.0% 0.7%

Singapore 18.1 1.6% 0.6% 20.0 1.9% 0.7% 27.9 2.7% 1.0%

Thailand 17.5 1.5% 0.6% 15.7 1.5% 0.6% 13.8 1.3% 0.5%

France 16.3 1.4% 0.5% 20.6 2.0% 0.7% 25.1 2.4% 0.9%

Spain 15.7 1.4% 0.5% 15.6 1.5% 0.6% 19.0 1.8% 0.7%

Canada 13.2 1.1% 0.4% 15.4 1.5% 0.5% 14.2 1.4% 0.5%

Other 172.9 15.0% 5.7% 181.6 17.2% 6.4% 167.7 16.2% 5.8%

Estimated Foreign Total

1155.8 100% 38.3% 1053.1 100% 37.4% 1034.2 100% 35.9%

Source: Treasury Foreign Portfolio Investment Survey and monthly data collected under the Treasury International Capital reporting system.

Major Foreign Holders of Treasury Securities
Privately Held Treasury Marketable Debt 1/

Percent Distribution By Maturity

As of Bills Under 1 yr 1-2 yrs 2-10 yrs Over 10 yrs Total

December 31

1993 21 13 13 37 16 100

1994 20 13 17 35 15 100

1995 20 16 16 33 15 100

1996 19 16 17 33 15 100

1997 17 17 17 34 15 100

1998 17 17 16 34 16 100

1999 20 16 16 31 17 100

2000 18 18 14 31 19 100

2001 25 13 14 29 19 100

2002 26 12 17 28 17 100

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

non-interest-bearing matured debt.