Treasury Financing Requirements

($ Billions)

 (Projected) (Actuals) 

Deficit Funding (Def + / Surplus -) 178 177 

Means of Financing

Change in Cash Balance 15 2 Net Non-Marketable Financing 5 17 Net Marketable Financing 147 144 Other* 11 14 

Net Marketable Financing 147 144 

Bills 56Nominal Notes 70TIPS 21Bonds -2

Notes:Starting Cash Balance 25 25 Ending Cash Balance 10 22 

* Includes direct loan activity, changes in accrued interest and checks outstanding and minor miscellaneous transactions.Note: Totals may not add due to rounding

 January - March 2005 
FY 2003 FY 2004 FY 2005

Date Total Date Total Date Total

10/1/2002 42.2 10/1/2003 21.2 10/1/2004 18.3

10/2/2002 45.6 10/2/2003 14.0 10/4/2004 21.5

10/3/2002 16.2 10/3/2003 13.3 10/5/2004 17.4

10/4/2002 16.6 10/6/2003 13.5 10/6/2004 20.5

10/7/2002 16.7 10/7/2003 8.8 10/7/2004 14.2

10/8/2002 16.5 10/8/2003 5.8 10/8/2004 10.9

10/9/2002 15.5 10/9/2003 6.1 10/11/2004 10.9

10/10/2002 12.9 10/10/2003 3.2 10/12/2004 10.9

10/11/2002 10.5 10/13/2003 3.2 10/13/2004 12.9

10/14/2002 10.5 10/14/2003 4.2 10/14/2004 20.4

10/15/2002 20.9 10/15/2003 5.7 10/15/2004 25.9

10/16/2002 22.9 10/16/2003 19.6 10/18/2004 34.5

10/17/2002 24.6 10/17/2003 19.5 10/19/2004 32.4

10/18/2002 24.5 10/20/2003 21.7 10/20/2004 30.9

10/21/2002 27.7 10/21/2003 20.1 10/21/2004 35.4

10/22/2002 25.9 10/22/2003 20.3 10/22/2004 32.0

10/23/2002 25.4 10/23/2003 28.0 10/25/2004 33.7

10/24/2002 29.3 10/24/2003 25.9 10/26/2004 27.8

10/25/2002 28.5 10/27/2003 27.6 10/27/2004 25.7

10/28/2002 31.1 10/28/2003 23.4 10/28/2004 31.4

10/29/2002 29.1 10/29/2003 26.9 10/29/2004 48.1

10/30/2002 30.3 10/30/2003 36.0 11/1/2004 35.1

10/31/2002 43.7 10/31/2003 35.0 11/2/2004 34.1

11/1/2002 10.6 11/3/2003 14.0 11/3/2004 14.9

11/4/2002 14.0 11/4/2003 10.5 11/4/2004 23.3

11/5/2002 7.5 11/5/2003 11.5 11/5/2004 19.9

11/6/2002 11.0 11/6/2003 14.3 11/8/2004 21.1

11/7/2002 13.8 11/7/2003 11.6 11/9/2004 16.4

11/8/2002 11.9 11/10/2003 11.6 11/10/2004 12.9

11/11/2002 11.9 11/11/2003 11.6 11/11/2004 12.9

11/12/2002 12.4 11/12/2003 6.0 11/12/2004 28.9

11/13/2002 10.1 11/13/2003 5.9 11/15/2004 10.5

11/14/2002 18.5 11/14/2003 5.5 11/16/2004 13.4

11/15/2002 27.1 11/17/2003 22.7 11/17/2004 10.5

11/18/2002 34.8 11/18/2003 20.2 11/18/2004 6.3

11/19/2002 32.0 11/19/2003 19.6 11/19/2004 5.1

11/20/2002 30.5 11/20/2003 18.7 11/22/2004 6.0

11/21/2002 30.4 11/21/2003 16.9 11/23/2004 18.1

11/22/2002 27.7 11/24/2003 17.2 11/24/2004 14.1

11/25/2002 29.1 11/25/2003 12.4 11/25/2004 14.1

11/26/2002 28.0 11/26/2003 12.2 11/26/2004 20.6

11/27/2002 27.4 11/27/2003 12.2 11/29/2004 24.3

11/28/2002 27.4 11/28/2003 21.4 11/30/2004 18.0

11/29/2002 30.9 12/1/2003 9.1 12/1/2004 7.6

12/2/2002 27.4 12/2/2003 6.6 12/2/2004 8.5

12/3/2002 6.0 12/3/2003 17.7 12/3/2004 7.4

12/4/2002 4.6 12/4/2003 14.9 12/6/2004 7.0

12/5/2002 5.1 12/5/2003 10.8 12/7/2004 15.5

12/6/2002 3.1 12/8/2003 12.3 12/8/2004 12.3

12/9/2002 5.0 12/9/2003 7.6 12/9/2004 5.4

12/10/2002 14.4 12/10/2003 6.2 12/10/2004 6.4

12/11/2002 14.1 12/11/2003 3.6 12/13/2004 11.4

12/12/2002 7.1 12/12/2003 5.5 12/14/2004 13.7

12/13/2002 10.3 12/15/2003 41.6 12/15/2004 39.8

12/16/2002 35.0 12/16/2003 46.4 12/16/2004 33.6

12/17/2002 35.2 12/17/2003 45.3 12/17/2004 32.8

12/18/2002 35.8 12/18/2003 30.4 12/20/2004 36.2

12/19/2002 28.3 12/19/2003 32.5 12/21/2004 35.1

12/20/2002 27.9 12/22/2003 37.5 12/22/2004 34.6
12/23/2002 32.0 12/23/2003 34.5 12/23/2004 24.5

12/24/2002 27.2 12/24/2003 32.8 12/24/2004 26.9

12/25/2002 27.2 12/25/2003 32.8 12/27/2004 31.9

12/26/2002 23.5 12/26/2003 22.1 12/28/2004 30.5

12/27/2002 25.9 12/29/2003 29.8 12/29/2004 34.8

12/30/2002 33.5 12/30/2003 32.8 12/30/2004 20.0

12/31/2002 33.0 12/31/2003 33.2 12/31/2004 24.7

1/1/2003 33.0 1/1/2004 33.2 1/3/2005 20.5

1/2/2003 33.8 1/2/2004 13.9 1/4/2005 16.8

1/3/2003 11.3 1/5/2004 15.9 1/5/2005 21.0

1/6/2003 13.4 1/6/2004 11.9 1/6/2005 10.2

1/7/2003 11.6 1/7/2004 15.8 1/7/2005 8.4

1/8/2003 10.1 1/8/2004 6.5 1/10/2005 13.7

1/9/2003 4.8 1/9/2004 7.5 1/11/2005 12.4

1/10/2003 7.1 1/12/2004 11.6 1/12/2005 10.6

1/13/2003 11.6 1/13/2004 11.3 1/13/2005 10.8

1/14/2003 14.6 1/14/2004 12.8 1/14/2005 10.9

1/15/2003 8.0 1/15/2004 21.7 1/17/2005 10.9

1/16/2003 7.3 1/16/2004 30.0 1/18/2005 28.1

1/17/2003 10.5 1/19/2004 30.0 1/19/2005 38.3

1/20/2003 10.5 1/20/2004 35.9 1/20/2005 36.3

1/21/2003 17.2 1/21/2004 51.0 1/21/2005 42.8

1/22/2003 32.1 1/22/2004 51.0 1/24/2005 52.2

1/23/2003 30.9 1/23/2004 52.0 1/25/2005 52.8

1/24/2003 29.9 1/26/2004 57.0 1/26/2005 54.8

1/27/2003 35.3 1/27/2004 55.3 1/27/2005 50.0

1/28/2003 32.8 1/28/2004 54.7 1/28/2005 44.8

1/29/2003 36.5 1/29/2004 56.1 1/31/2005 61.3

1/30/2003 35.7 1/30/2004 42.5 2/1/2005 49.3

1/31/2003 31.2 2/2/2004 45.4 2/2/2005 53.0

2/3/2003 12.9 2/3/2004 21.0 2/3/2005 29.7

2/4/2003 8.5 2/4/2004 22.7 2/4/2005 20.5

2/5/2003 9.5 2/5/2004 30.5 2/7/2005 23.0

2/6/2003 18.5 2/6/2004 18.6 2/8/2005 19.2

2/7/2003 5.2 2/9/2004 22.3 2/9/2005 15.8

2/10/2003 8.1 2/10/2004 19.1 2/10/2005 24.6

2/11/2003 5.3 2/11/2004 17.8 2/11/2005 5.0

2/12/2003 4.1 2/12/2004 29.9 2/14/2005 4.5

2/13/2003 13.1 2/13/2004 9.9 2/15/2005 14.7

2/14/2003 6.5 2/16/2004 9.9 2/16/2005 20.6

2/17/2003 6.5 2/17/2004 25.1 2/17/2005 29.0

2/18/2003 13.2 2/18/2004 20.5 2/18/2005 12.7

2/19/2003 9.5 2/19/2004 34.3 2/21/2005 12.7

2/20/2003 21.3 2/20/2004 16.9 2/22/2005 18.5

2/21/2003 6.8 2/23/2004 22.1 2/23/2005 13.5

2/24/2003 10.8 2/24/2004 18.7 2/24/2005 30.7

2/25/2003 7.3 2/25/2004 16.9 2/25/2005 17.2

2/26/2003 6.1 2/26/2004 25.1 2/28/2005 19.6

2/27/2003 18.5 2/27/2004 16.7 3/1/2005 7.0

2/28/2003 8.6 3/1/2004 9.9 3/2/2005 10.1

3/3/2003 14.8 3/2/2004 8.8 3/3/2005 11.8

3/4/2003 11.5 3/3/2004 14.9 3/4/2005 3.4

3/5/2003 11.1 3/4/2004 18.2 3/7/2005 6.6

3/6/2003 16.1 3/5/2004 9.2 3/8/2005 15.4

3/7/2003 9.2 3/8/2004 12.8 3/9/2005 10.8

3/10/2003 12.5 3/9/2004 9.6 3/10/2005 15.4

3/11/2003 9.1 3/10/2004 7.0 3/11/2005 6.2

3/12/2003 7.0 3/11/2004 13.0 3/14/2005 14.8

3/13/2003 14.3 3/12/2004 8.1 3/15/2005 35.2

3/14/2003 9.1 3/15/2004 30.1 3/16/2005 43.6

3/17/2003 10.7 3/16/2004 35.4 3/17/2005 48.9

3/18/2003 8.3 3/17/2004 32.9 3/18/2005 43.0

3/19/2003 4.4 3/18/2004 37.3 3/21/2005 47.5

3/20/2003 14.0 3/19/2004 32.4 3/22/2005 44.8
3/21/2003 8.3 3/22/2004 34.0 3/23/2005 42.0

3/24/2003 11.2 3/23/2004 30.1 3/24/2005 41.2

3/25/2003 10.0 3/24/2004 26.4 3/25/2005 34.2

3/26/2003 6.2 3/25/2004 25.7 3/28/2005 36.1

3/27/2003 7.2 3/26/2004 18.3 3/29/2005 34.4

3/28/2003 5.1 3/29/2004 21.5 3/30/2005 34.2

3/31/2003 13.3 3/30/2004 17.8 3/31/2005 22.4

4/1/2003 5.1 3/31/2004 21.3 4/1/2005 10.2

4/2/2003 6.4 4/1/2004 4.9 4/4/2005 14.6

4/3/2003 11.5 4/2/2004 5.6 4/5/2005 9.7

4/4/2003 7.5 4/5/2004 4.6 4/6/2005 12.4

4/7/2003 9.0 4/6/2004 6.8 4/7/2005 12.8

4/8/2003 6.8 4/7/2004 9.5 4/8/2005 6.3

4/9/2003 11.2 4/8/2004 14.4 4/11/2005 10.1

4/10/2003 9.1 4/9/2004 9.8 4/12/2005 13.0

4/11/2003 5.2 4/12/2004 10.7 4/13/2005 12.5

4/14/2003 11.2 4/13/2004 11.5 4/14/2005 5.4

4/15/2003 7.9 4/14/2004 15.9 4/15/2005 18.4

4/16/2003 16.2 4/15/2004 20.7 4/18/2005 27.7

4/17/2003 6.6 4/16/2004 27.3 4/19/2005 46.9

4/18/2003 12.1 4/19/2004 19.8 4/20/2005 55.6

4/21/2003 22.8 4/20/2004 30.3 4/21/2005 41.9

4/22/2003 16.6 4/21/2004 38.1 4/22/2005 45.0

4/23/2003 21.9 4/22/2004 30.5 4/25/2005 59.5

4/24/2003 15.5 4/23/2004 30.7 4/26/2005 80.3

4/25/2003 15.0 4/26/2004 42.8 4/27/2005 84.6

4/28/2003 13.6 4/27/2004 52.2 4/28/2005 72.8

4/29/2003 13.3 4/28/2004 53.8

4/30/2003 28.4 4/29/2004 44.9

5/1/2003 12.7 4/30/2004 40.4

5/2/2003 19.2 5/3/2004 20.3

5/5/2003 20.3 5/4/2004 17.2

5/6/2003 22.2 5/5/2004 19.5

5/7/2003 24.4 5/6/2004 19.6

5/8/2003 13.3 5/7/2004 16.2

5/9/2003 9.6 5/10/2004 17.1

5/12/2003 11.0 5/11/2004 13.2

5/13/2003 10.5 5/12/2004 11.3

5/14/2003 9.1 5/13/2004 15.0

5/15/2003 9.1 5/14/2004 13.7

5/16/2003 12.4 5/17/2004 23.3

5/19/2003 12.5 5/18/2004 20.7

5/20/2003 6.9 5/19/2004 18.2

5/21/2003 9.7 5/20/2004 22.8

5/22/2003 15.4 5/21/2004 20.5

5/23/2003 11.5 5/24/2004 21.7

5/26/2003 11.5 5/25/2004 16.6

5/27/2003 8.2 5/26/2004 13.4

5/28/2003 4.9 5/27/2004 15.2

5/29/2003 16.8 5/28/2004 15.9

5/30/2003 7.5 5/31/2004 15.9

6/2/2003 9.0 6/1/2004 3.5

6/3/2003 6.9 6/2/2004 1.6

6/4/2003 6.8 6/3/2004 12.1

6/5/2003 12.7 6/4/2004 8.2

6/6/2003 9.0 6/7/2004 8.1

6/9/2003 10.6 6/8/2004 3.7

6/10/2003 8.3 6/9/2004 5.9

6/11/2003 7.6 6/10/2004 8.8

6/12/2003 25.7 6/11/2004 7.2

6/13/2003 7.1 6/14/2004 10.9

6/16/2003 25.6 6/15/2004 41.6

6/17/2003 30.4 6/16/2004 47.1

6/18/2003 33.0 6/17/2004 39.6
6/19/2003 27.7 6/18/2004 42.8

6/20/2003 31.4 6/21/2004 49.8

6/23/2003 37.3 6/22/2004 53.4

6/24/2003 34.2 6/23/2004 53.1

6/25/2003 34.2 6/24/2004 37.9

6/26/2003 21.0 6/25/2004 38.6

6/27/2003 21.5 6/28/2004 43.8

6/30/2003 30.0 6/29/2004 43.3

7/1/2003 13.5 6/30/2004 44.6

7/2/2003 15.2 7/1/2004 9.5

7/3/2003 13.1 7/2/2004 8.4

7/7/2003 17.6 7/5/2004 8.4

7/8/2003 12.7 7/6/2004 7.3

7/9/2003 13.0 7/7/2004 3.5

7/10/2003 10.2 7/8/2004 5.8

7/11/2003 9.8 7/9/2004 5.0

7/14/2003 16.3 7/12/2004 8.1

7/15/2003 24.9 7/13/2004 4.7

7/16/2003 29.0 7/14/2004 5.6

7/17/2003 26.4 7/15/2004 10.2

7/18/2003 26.2 7/16/2004 14.4

7/21/2003 27.8 7/19/2004 16.6

7/22/2003 24.1 7/20/2004 13.2

7/23/2003 22.9 7/21/2004 12.6

7/24/2003 20.2 7/22/2004 24.4

7/25/2003 20.4 7/23/2004 24.7

7/28/2003 24.0 7/26/2004 27.9

7/29/2003 21.6 7/27/2004 25.2

7/30/2003 24.4 7/28/2004 22.3

7/31/2003 45.1 7/29/2004 33.4

8/1/2003 9.5 7/30/2004 34.6

8/4/2003 10.7 8/2/2004 30.4

8/5/2003 13.2 8/3/2004 6.2

8/6/2003 15.8 8/4/2004 8.1

8/7/2003 14.3 8/5/2004 6.3

8/8/2003 14.7 8/6/2004 5.5

8/11/2003 16.9 8/9/2004 8.7

8/12/2003 12.5 8/10/2004 6.2

8/13/2003 10.4 8/11/2004 4.7

8/14/2003 17.7 8/12/2004 6.6

8/15/2003 5.5 8/13/2004 4.1

8/18/2003 12.3 8/16/2004 9.1

8/19/2003 9.3 8/17/2004 6.7

8/20/2003 10.3 8/18/2004 5.8

8/21/2003 16.1 8/19/2004 5.8

8/22/2003 15.6 8/20/2004 5.9

8/25/2003 18.1 8/23/2004 9.2

8/26/2003 14.9 8/24/2004 5.4

8/27/2003 13.1 8/25/2004 3.7

8/28/2003 14.7 8/26/2004 7.4

8/29/2003 5.4 8/27/2004 7.1

9/1/2003 5.4 8/30/2004 8.6

9/2/2003 13.5 8/31/2004 2.5

9/3/2003 12.1 9/1/2004 6.7

9/4/2003 9.9 9/2/2004 11.0

9/5/2003 7.7 9/3/2004 5.9

9/8/2003 9.8 9/6/2004 5.9

9/9/2003 7.2 9/7/2004 6.6

9/10/2003 6.1 9/8/2004 8.7

9/11/2003 6.9 9/9/2004 7.1

9/12/2003 9.0 9/10/2004 4.8

9/15/2003 37.4 9/13/2004 8.2

9/16/2003 48.4 9/14/2004 12.5

9/17/2003 50.7 9/15/2004 33.3
9/18/2003 36.5 9/16/2004 28.1

9/19/2003 44.0 9/17/2004 30.9

9/22/2003 50.4 9/20/2004 38.0

9/23/2003 49.5 9/21/2004 49.7

9/24/2003 47.3 9/22/2004 49.3

9/25/2003 26.1 9/23/2004 35.5

9/26/2003 23.4 9/24/2004 33.5

9/29/2003 27.0 9/27/2004 35.4

9/30/2003 35.0 9/28/2004 32.2

9/29/2004 38.5

9/30/2004 36.3
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 0.0 84.2

4Q 20.5 68.6 -2.3 -4.2 0.0 82.6

2003 1Q 66.3 59.6 -11.5 -3.0 0.0 111.3

2Q -27.3 78.1 12.8 -3.2 0.0 60.3

3Q -9.6 62.7 34.0 -5.6 0.0 81.5

4Q 10.6 44.1 71.2 -12.5 0.0 113.4

2004 1Q 56.2 30.9 58.7 0.0 0.0 145.9

2Q -38.2 25.8 52.0 -8.4 0.0 31.3

3Q 14.7 16.7 50.6 7.0 0.0 89.0

4Q 41.7 20.4 48.2 -12.5 0.0 97.8

2005 1Q 55.9 12.5 67.0 8.7 0.0 144.2

2Q

3Q

4Q
Treasury Quarterly Net Borrowing From NonMarketable Issues 

Calendar Year $ billions

Quarter Savings Bonds Foreign Series State and Local Govt. Series Total Calendar Year

I 00 -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 01 -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 02 -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

I 03 0.1 -1.5 -1.0 -2.4 2003

II 0.5 -0.6 -8.3 -8.4

III 0.4 -0.7 7.9 7.6

IV 0.5 -0.5 0.8 0.8

I 04 -1.2 -0.8 6.5 4.5 2004

II -1.5 -0.3 5.8 3.9

III -2.1 -0.6 -3.3 -6.0

IV -1.4 0.0 2.5 1.1

I 05 -1.9 0.2 18.3 16.6
Year Outlays Revenue GDP Growth Net Interest

1960 17.8 17.8 5.9 1.3

1961 18.4 17.8 2.1 1.3

1962 18.8 17.6 7.2 1.2

1963 18.6 17.8 5.5 1.3

1964 18.5 17.6 7.0 1.3

1965 17.2 17.0 7.2 1.2

1966 17.8 17.3 9.9 1.2

1967 19.4 18.4 7.2 1.3

1968 20.5 17.6 7.2 1.3

1969 19.4 19.7 9.2 1.3

1970 19.3 19.0 6.8 1.4

1971 19.5 17.3 6.7 1.4

1972 19.6 17.6 8.9 1.3

1973 18.7 17.6 11.4 1.3

1974 18.7 18.3 9.8 1.5

1975 21.3 17.9 8.5 1.5

1976 21.4 17.1 11.4 1.5

1976.5 20.9 17.7 13.5 1.5

1977 20.7 18.0 13.5 1.5

1978 20.7 18.0 12.4 1.6

1979 20.1 18.5 12.8 1.7

1980 21.7 19.0 8.9 1.9

1981 22.2 19.6 12.2 2.2

1982 23.1 19.2 5.5 2.6

1983 23.5 17.4 6.7 2.6

1984 22.1 17.3 11.7 2.9

1985 22.9 17.7 7.8 3.1

1986 22.4 17.4 6.5 3.1

1987 21.6 18.4 5.3 3.0

1988 21.3 18.2 7.8 3.0

1989 21.2 18.4 7.8 3.1

1990 21.8 18.0 6.2 3.2

1991 22.3 17.8 3.5 3.3

1992 22.1 17.5 5.1 3.2

1993 21.4 17.6 5.4 3.0

1994 21.0 18.1 5.9 2.9

1995 20.7 18.5 5.2 3.2

1996 20.3 18.9 5.0 3.1

1997 19.6 19.3 6.3 3.0

1998 19.2 20.0 5.4 2.8

1999 18.7 20.0 5.8 2.5

2000 18.4 20.9 6.4 2.3

2001 18.5 19.8 3.6 2.0

2002 19.4 17.8 3.3 1.6

2003 19.9 16.4 4.3 1.4

2004 19.8 16.3 6.6 1.4

2005 20.3 16.8 5.8 1.5

2006 19.9 16.9 5.6 1.6

2007 19.5 17.2 5.5 1.8

2008 19.2 17.5 5.4 1.9

2009 19.1 17.5 5.3 1.9

2010 19.0 17.7 5.3 2.0

Estimate

Source: OMB MSR FY 2006

Drivers of Financing Needs

Percentage of GDP 
2005 2006 2007 2008 2009 2010

4-WEEK 18 19 21 22 25 27

13-WEEK 21 23 24 26 29 32

26-WEEK 25 27 29 31 34 37

Note: Auction sizes are hypothetical if coupon sizes were held at current levels

$ Billions 2005 2006 2007 2008 2009 2010

BILLS 19 18 18 18 18 18

2-YEAR 24 27 27 27 29 28

3-YEAR 22 27 27 27 30 29

5-YEAR 15 17 17 17 19 18

10-YEAR 12 14 14 14 16 15

5-YEAR TIPS 11 17 18 18 22 20

10-YEAR TIPS 10 13 14 14 16 15

TIPS BONDS 10 16 17 17 21 19

Note: Auction sizes are hypothetical if bill issuance held constant at FY 2005 level

AVERAGE AUCTION SIZE (ANNOUNCED)

AVERAGE AUCTION SIZE (ANNOUNCED)
$ Billions 2005 2006 2007 2008 2009 2010

BILLS 23 23 23 23 23 23

2-YEAR 31 34 35 35 37 36

3-YEAR 26 31 31 31 34 33

5-YEAR 16 18 18 18 20 19

10-YEAR 13 15 15 15 17 16

5-YEAR TIPS 11 18 19 19 23 21

10-YEAR TIPS 9 13 14 14 16 15

TIPS BONDS 10 16 17 17 21 19

Note: Auction sizes are hypothetical if bill issuance held constant at FY 2005 level

$ Billions 2005 2006 2007 2008 2009 2010

BILLS 19 18 18 18 18 18

2-YEAR 24 27 27 27 29 28

3-YEAR 22 27 27 27 30 29

5-YEAR 15 17 17 17 19 18

10-YEAR 12 14 14 14 16 15

5-YEAR TIPS 11 17 18 18 22 20

10-YEAR TIPS 10 13 14 14 16 15

TIPS BONDS 10 16 17 17 21 19

Note: Auction sizes are hypothetical if bill issuance held constant at FY 2005 level

AVERAGE AUCTION SIZE (INCLUDING SOMA)

AVERAGE AUCTION SIZE (ANNOUNCED)
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND 

A 1-YEAR MOVING AVERAGE OF THE AVERAGE MATURITY OF ISSUANCE

CIM Average Maturity 

1-Yr Moving Average Total Outstanding

(months) (months)

12/31/80 73.92 48.39

3/31/81 73.21 48.10

6/30/81 73.59 49.97

9/30/81 76.38 50.54

12/31/81 77.34 50.18

3/31/82 77.28 50.09

6/30/82 63.57 49.69

9/30/82 56.92 48.80

12/31/82 54.85 47.06

3/31/83 55.57 47.48

6/30/83 69.27 48.45

9/30/83 77.91 49.70

12/31/83 82.90 50.98

3/31/84 84.39 51.91

6/30/84 85.78 53.34

9/30/84 85.93 53.90

12/31/84 85.62 55.33

3/31/85 87.02 55.77

6/30/85 87.55 57.00

9/30/85 88.83 58.19

12/31/85 89.54 58.71

3/31/86 89.30 60.10

6/30/86 89.51 61.13

9/30/86 88.80 61.74

12/31/86 88.55 62.15

3/31/87 87.85 63.85

6/30/87 87.60 65.14

9/30/87 88.28 66.17

12/31/87 82.59 65.63

3/31/88 82.48 66.01

6/30/88 82.30 67.15

9/30/88 66.77 65.97

12/31/88 73.57 66.51

3/31/89 73.17 66.78

6/30/89 73.64 68.19

9/30/89 89.63 69.07

12/31/89 89.12 68.95

3/31/90 89.85 68.89

6/30/90 89.27 69.44

9/30/90 87.40 69.07

12/31/90 85.68 67.91

3/31/91 85.05 68.46

6/30/91 84.66 69.40

9/30/91 84.21 68.31

12/31/91 84.66 67.94

3/31/92 82.20 67.27

6/30/92 79.70 67.50

9/30/92 77.38 67.22

12/31/92 75.29 66.78
3/31/93 74.43 66.77

6/30/93 72.52 66.58

9/30/93 73.37 66.80

12/31/93 60.98 64.68

3/31/94 62.11 64.55

6/30/94 51.37 64.18

9/30/94 51.43 64.27

12/31/94 51.28 62.81

3/31/95 51.26 62.05

6/30/95 51.18 61.27

9/30/95 51.76 61.72

12/31/95 51.87 60.36

3/31/96 52.37 60.09

6/30/96 52.44 60.36

9/30/96 50.34 60.58

12/31/96 62.21 60.93

3/31/97 60.32 60.93

6/30/97 61.29 61.96

9/30/97 62.09 62.39

12/31/97 63.28 62.52

3/31/98 64.64 63.11

6/30/98 74.90 65.14

9/30/98 83.89 66.84

12/31/98 85.12 65.11

3/31/99 87.44 65.28

6/30/99 87.65 67.39

9/30/99 80.96 68.19

12/31/99 78.40 66.88

3/31/00 78.73 67.43

6/30/00 67.32 69.39

9/30/00 63.90 70.06

12/31/00 61.73 69.42

3/31/01 62.06 68.81

6/30/01 62.07 70.90

9/30/01 60.14 68.33

12/31/01 57.78 66.01

3/31/02 41.76 64.94

6/30/02 40.66 63.82

9/30/02 32.27 62.09

12/31/02 25.48 60.47

3/31/03 25.89 58.59

6/30/03 26.62 57.63

9/30/03 27.49 57.21

12/31/03 28.42 56.30

3/31/04 29.38 54.94

6/30/04 30.93 55.13

9/30/04 33.83 55.08

12/31/04 33.41 54.31

3/31/05 36.81 53.34

9/30/05 36 53

9/30/06 36 50

9/30/07 35 47

9/30/08 34 46

9/30/09 33 44

9/30/10 32 42

Projected
Percentage Breakdown of Annual Issuance

ISSUANCE

Date Bills 2-3 yrs 4-7 yrs 10 yrs Bonds TIPS

12/31/80 61.2% 20.5% 10.8% 2.9% 4.6% 0.0%

3/31/81 61.6% 20.0% 10.7% 3.5% 4.3% 0.0%

6/30/81 61.2% 19.6% 11.7% 3.2% 4.2% 0.0%

9/30/81 61.0% 19.2% 12.6% 2.9% 4.3% 0.0%

12/31/81 62.7% 19.3% 11.3% 2.7% 4.0% 0.0%

3/31/82 61.3% 21.4% 10.5% 2.6% 4.1% 0.0%

6/30/82 61.2% 22.8% 9.7% 3.3% 3.0% 0.0%

9/30/82 61.0% 21.6% 11.5% 3.5% 2.4% 0.0%

12/31/82 61.3% 22.1% 11.0% 3.6% 2.1% 0.0%

3/31/83 60.0% 22.4% 11.4% 3.8% 2.4% 0.0%

6/30/83 58.0% 22.5% 12.4% 3.6% 3.5% 0.0%

9/30/83 58.1% 23.0% 10.8% 3.6% 4.4% 0.0%

12/31/83 57.0% 23.3% 10.7% 3.8% 5.2% 0.0%

3/31/84 57.0% 23.1% 10.5% 4.0% 5.4% 0.0%

6/30/84 55.4% 23.9% 10.9% 4.1% 5.7% 0.0%

9/30/84 56.4% 23.3% 10.7% 3.9% 5.6% 0.0%

12/31/84 55.7% 22.4% 12.6% 3.8% 5.6% 0.0%

3/31/85 56.4% 22.4% 11.6% 3.8% 5.7% 0.0%

6/30/85 55.7% 22.7% 11.8% 3.9% 5.9% 0.0%

9/30/85 54.9% 22.9% 11.9% 4.1% 6.1% 0.0%

12/31/85 55.1% 22.8% 11.8% 4.1% 6.2% 0.0%

3/31/86 53.9% 22.7% 12.8% 4.2% 6.3% 0.0%

6/30/86 53.7% 22.9% 12.9% 4.5% 6.0% 0.0%

9/30/86 54.0% 23.0% 12.7% 4.7% 5.6% 0.0%

12/31/86 54.6% 23.3% 11.9% 5.0% 5.2% 0.0%

3/31/87 53.0% 24.5% 12.3% 5.3% 4.9% 0.0%

6/30/87 51.8% 25.2% 12.7% 5.4% 5.0% 0.0%

9/30/87 53.5% 24.7% 11.7% 5.2% 4.9% 0.0%

12/31/87 54.4% 24.0% 12.3% 5.1% 4.2% 0.0%

3/31/88 53.8% 24.2% 12.7% 5.1% 4.3% 0.0%

6/30/88 52.8% 24.8% 12.8% 5.2% 4.4% 0.0%

9/30/88 53.9% 24.3% 13.4% 5.3% 3.0% 0.0%

12/31/88 55.4% 24.3% 11.3% 5.4% 3.6% 0.0%

3/31/89 54.6% 24.0% 12.4% 5.3% 3.6% 0.0%

6/30/89 53.5% 24.4% 12.8% 5.5% 3.8% 0.0%

9/30/89 52.9% 24.6% 12.0% 5.4% 5.2% 0.0%

12/31/89 53.1% 24.1% 12.6% 5.2% 5.0% 0.0%

3/31/90 53.9% 24.4% 11.4% 5.3% 5.1% 0.0%

6/30/90 54.4% 24.3% 11.2% 5.1% 4.9% 0.0%

9/30/90 54.9% 23.8% 11.7% 4.9% 4.7% 0.0%

12/31/90 56.6% 22.6% 11.9% 4.6% 4.4% 0.0%

3/31/91 55.7% 23.2% 12.1% 4.6% 4.4% 0.0%

6/30/91 53.2% 24.1% 13.2% 4.8% 4.6% 0.0%

9/30/91 54.1% 23.1% 13.7% 4.6% 4.5% 0.0%

12/31/91 54.3% 23.1% 13.5% 4.6% 4.5% 0.0%

3/31/92 53.7% 23.2% 14.3% 4.5% 4.3% 0.0%

6/30/92 54.5% 22.9% 14.4% 4.3% 4.0% 0.0%

9/30/92 54.6% 23.1% 14.5% 4.1% 3.7% 0.0%
12/31/92 55.3% 22.7% 14.6% 3.9% 3.5% 0.0%

3/31/93 53.8% 23.3% 15.4% 4.0% 3.5% 0.0%

6/30/93 53.4% 23.6% 15.7% 4.0% 3.3% 0.0%

9/30/93 55.3% 23.0% 14.4% 3.9% 3.3% 0.0%

12/31/93 56.7% 23.3% 13.5% 4.1% 2.4% 0.0%

3/31/94 56.5% 24.0% 12.8% 4.2% 2.5% 0.0%

6/30/94 57.1% 24.6% 12.0% 4.4% 1.8% 0.0%

9/30/94 56.3% 25.2% 12.1% 4.5% 1.8% 0.0%

12/31/94 57.5% 24.6% 11.7% 4.3% 1.8% 0.0%

3/31/95 57.9% 24.4% 11.6% 4.3% 1.8% 0.0%

6/30/95 57.9% 24.3% 11.6% 4.4% 1.8% 0.0%

9/30/95 57.6% 24.5% 11.5% 4.5% 1.9% 0.0%

12/31/95 58.0% 24.1% 11.5% 4.5% 1.9% 0.0%

3/31/96 58.4% 23.7% 11.4% 4.6% 1.9% 0.0%

6/30/96 57.7% 24.2% 11.6% 4.6% 1.9% 0.0%

9/30/96 56.5% 24.6% 12.0% 5.2% 1.8% 0.0%

12/31/96 55.7% 24.4% 12.0% 5.5% 2.5% 0.0%

3/31/97 55.0% 24.6% 12.2% 5.4% 2.4% 0.5%

6/30/97 53.3% 24.9% 12.7% 5.5% 2.5% 1.2%

9/30/97 54.2% 24.0% 12.6% 4.8% 2.5% 1.9%

12/31/97 55.0% 23.3% 12.4% 4.2% 2.6% 2.6%

3/31/98 54.8% 22.8% 12.6% 4.3% 2.7% 2.7%

6/30/98 54.4% 22.4% 13.0% 4.6% 2.8% 2.9%

9/30/98 55.6% 22.0% 11.8% 4.7% 3.0% 2.9%

12/31/98 58.7% 20.9% 10.1% 4.6% 2.9% 2.9%

3/31/99 58.6% 21.8% 8.7% 4.8% 3.1% 3.1%

6/30/99 59.5% 22.3% 7.0% 4.9% 3.2% 3.1%

9/30/99 60.9% 21.7% 6.6% 4.9% 3.0% 2.9%

12/31/99 62.6% 21.2% 6.6% 4.8% 2.0% 2.8%

3/31/00 62.6% 21.2% 6.5% 5.1% 2.1% 2.6%

6/30/00 62.7% 21.4% 6.6% 5.0% 2.2% 2.1%

9/30/00 64.0% 20.9% 6.4% 5.0% 1.8% 1.9%

12/31/00 66.4% 19.5% 6.0% 4.7% 1.7% 1.7%

3/31/01 67.0% 18.9% 5.9% 4.7% 1.7% 1.7%

6/30/01 66.5% 18.9% 6.2% 4.9% 1.8% 1.7%

9/30/01 69.5% 17.8% 5.3% 4.3% 1.6% 1.5%

12/31/01 68.9% 19.1% 5.0% 4.3% 1.4% 1.4%

3/31/02 67.0% 22.1% 5.1% 4.1% 0.4% 1.3%

6/30/02 63.2% 25.7% 5.5% 4.0% 0.4% 1.2%

9/30/02 61.5% 26.8% 6.0% 4.2% 0.0% 1.5%

12/31/02 60.9% 27.1% 6.1% 4.3% 0.0% 1.6%

3/31/03 61.5% 26.1% 6.5% 4.4% 0.0% 1.5%

6/30/03 59.4% 27.2% 7.0% 4.8% 0.0% 1.5%

9/30/03 57.6% 27.7% 7.6% 5.6% 0.0% 1.5%

12/31/03 55.5% 28.0% 8.9% 6.1% 0.0% 1.6%

3/31/04 55.1% 27.4% 9.5% 6.2% 0.0% 1.8%

9/30/2004 53.0% 27.2% 11.0% 6.0% 0.0% 2.8%

9/30/2005 54.5% 25.7% 10.2% 5.4% 0.0% 4.2%

9/30/2006 58.2% 23.1% 9.8% 5.0% 0.0% 3.9%

9/30/2007 59.8% 22.7% 9.2% 4.5% 0.0% 3.7%

9/30/2008 60.6% 22.9% 8.7% 4.3% 0.0% 3.4%

9/30/2009 64.0% 20.2% 8.4% 4.1% 0.0% 3.3%

9/30/2010 65.8% 19.4% 7.8% 3.9% 0.00% 3.1%
Distribution of Marketable Debt Outstanding

Date Bills 2-3 yrs 4-7 yrs 10 yrs Bonds TIPS

9/30/1980 32.7% 20.3% 25.7% 7.6% 13.7% 0.0%

9/30/1981 32.4% 20.7% 26.3% 6.6% 14.0% 0.0%

9/30/1982 33.5% 21.3% 24.3% 8.4% 12.5% 0.0%

9/30/1983 33.1% 23.6% 22.2% 8.9% 12.2% 0.0%

9/30/1984 30.2% 25.5% 21.2% 9.8% 13.4% 0.0%

9/30/1985 28.1% 24.6% 22.1% 10.6% 14.6% 0.0%

9/30/1986 26.2% 23.4% 24.4% 10.6% 15.4% 0.0%

9/30/1987 22.6% 23.9% 25.1% 11.9% 16.6% 0.0%

9/30/1988 22.3% 22.2% 25.7% 13.0% 16.8% 0.0%

9/30/1989 21.6% 20.7% 25.6% 14.2% 18.0% 0.0%

9/30/1990 23.1% 20.1% 24.2% 14.4% 18.2% 0.0%

9/30/1991 23.8% 20.9% 23.3% 14.2% 17.8% 0.0%

9/30/1992 23.8% 21.2% 23.8% 13.8% 17.3% 0.0%

9/30/1993 22.8% 21.5% 24.8% 13.7% 17.2% 0.0%

9/30/1994 22.7% 21.7% 25.1% 13.9% 16.6% 0.0%

9/30/1995 22.7% 21.5% 25.9% 13.9% 16.0% 0.0%

9/30/1996 22.4% 21.5% 25.8% 14.4% 16.0% 0.0%

9/30/1997 20.5% 21.4% 25.7% 15.0% 16.8% 0.7%

9/30/1998 19.2% 19.7% 25.1% 15.9% 18.4% 1.8%

9/30/1999 20.3% 17.9% 22.2% 16.8% 20.0% 2.9%

9/30/2000 20.6% 16.2% 19.9% 18.2% 21.2% 3.8%

9/30/2001 25.2% 13.3% 16.8% 19.1% 21.0% 4.6%

9/30/2002 27.8% 18.2% 13.2% 17.4% 19.0% 4.4%

9/30/2003 26.5% 23.7% 11.5% 16.8% 16.7% 4.8%

9/30/2004 25.1% 24.3% 13.6% 16.9% 14.4% 5.7%

9/30/2005 24.0% 24.3% 15.5% 16.5% 12.4% 7.3%

9/30/2006 24.8% 23.1% 17.1% 15.6% 11.0% 8.4%

9/30/2007 25.9% 21.7% 18.1% 15.0% 10.2% 9.2%

9/30/2008 26.4% 20.6% 18.6% 15.2% 9.2% 10.0%

9/30/2009 28.0% 19.7% 17.8% 15.0% 8.5% 10.8%

9/30/2010 29.0% 19.0% 17.3% 15.3% 8.1% 11.3%
Percentage of Debt Maturing in Next 12 to 36 Months

Date

maturing in 

12 months

maturing in 

24 months

maturing in 

36 months

12/31/80 47.7% 63.0% 70.3%

3/31/81 48.2% 63.5% 70.5%

6/30/81 47.1% 62.1% 69.7%

9/30/81 46.7% 62.0% 70.4%

12/31/81 47.2% 62.2% 70.8%

3/31/82 47.4% 62.1% 70.7%

6/30/82 46.5% 62.1% 70.8%

9/30/82 46.4% 61.5% 69.5%

12/31/82 47.6% 63.1% 70.4%

3/31/83 47.2% 62.8% 69.8%

6/30/83 46.3% 62.4% 69.4%

9/30/83 45.5% 61.9% 69.1%

12/31/83 45.7% 61.0% 68.8%

3/31/84 45.3% 60.2% 68.6%

6/30/84 44.4% 59.5% 67.6%

9/30/84 44.6% 59.7% 66.9%

12/31/84 43.6% 59.5% 66.4%

3/31/85 43.5% 59.2% 65.8%

6/30/85 42.8% 58.2% 65.4%

9/30/85 42.0% 57.3% 64.9%

12/31/85 42.0% 56.8% 64.5%

3/31/86 41.4% 55.7% 63.5%

6/30/86 40.7% 55.5% 63.1%

9/30/86 39.9% 55.1% 62.7%

12/31/86 39.7% 55.0% 62.7%

3/31/87 38.0% 53.5% 61.7%

6/30/87 37.3% 52.7% 60.9%

9/30/87 36.9% 52.3% 60.8%

12/31/87 37.1% 52.3% 60.8%

3/31/88 37.0% 52.2% 60.4%

6/30/88 36.2% 51.4% 59.7%

9/30/88 36.5% 51.7% 59.9%

12/31/88 37.3% 51.9% 59.9%

3/31/89 36.8% 51.5% 59.6%

6/30/89 35.6% 50.6% 59.1%

9/30/89 36.1% 50.4% 58.9%

12/31/89 36.6% 50.5% 59.0%

3/31/90 36.7% 50.6% 59.3%

6/30/90 36.4% 50.7% 59.1%

9/30/90 36.7% 51.1% 59.6%

12/31/90 37.1% 51.8% 60.5%

3/31/91 37.1% 51.6% 60.0%

6/30/91 36.5% 50.8% 59.5%

9/30/91 36.9% 51.5% 59.8%

12/31/91 37.1% 52.0% 59.9%

3/31/92 37.5% 52.1% 59.7%

6/30/92 36.9% 51.7% 59.0%
9/30/92 36.9% 51.7% 58.6%

12/31/92 37.4% 51.7% 58.2%

3/31/93 36.9% 51.0% 58.4%

6/30/93 36.7% 50.4% 58.8%

9/30/93 36.4% 49.9% 58.7%

12/31/93 37.2% 50.3% 60.6%

3/31/94 36.8% 50.9% 60.6%

6/30/94 35.9% 51.1% 60.6%

9/30/94 35.4% 51.0% 60.9%

12/31/94 36.2% 52.2% 61.2%

3/31/95 36.8% 52.5% 62.4%

6/30/95 37.4% 52.9% 62.7%

9/30/95 37.7% 53.5% 63.6%

12/31/95 38.8% 53.7% 63.7%

3/31/96 39.2% 54.2% 63.6%

6/30/96 38.2% 53.7% 63.4%

9/30/96 37.4% 53.7% 63.1%

12/31/96 37.3% 53.7% 63.0%

3/31/97 37.7% 53.9% 63.1%

6/30/97 36.4% 52.9% 62.3%

9/30/97 36.7% 52.7% 61.7%

12/31/97 37.2% 52.8% 61.4%

3/31/98 37.3% 52.7% 60.9%

6/30/98 35.9% 51.6% 59.5%

9/30/98 35.8% 51.4% 59.2%

12/31/98 36.8% 52.1% 61.1%

3/31/99 37.6% 52.8% 61.1%

6/30/99 36.3% 51.9% 60.1%

9/30/99 36.4% 51.9% 60.8%

12/31/99 38.2% 53.5% 60.7%

3/31/00 38.9% 53.3% 61.2%

6/30/00 37.2% 51.6% 59.6%

9/30/00 37.4% 52.6% 59.8%

12/31/00 38.8% 52.7% 59.0%

3/31/01 39.4% 53.4% 58.4%

6/30/01 37.3% 51.7% 56.8%

9/30/01 40.6% 54.0% 58.4%

12/31/01 41.2% 55.0% 60.4%

3/31/02 41.6% 55.7% 60.4%

6/30/02 40.5% 56.2% 61.2%

9/30/02 40.3% 56.6% 61.1%

12/31/02 40.9% 58.4% 62.7%

3/31/03 41.9% 58.7% 63.0%

6/30/03 42.0% 58.7% 63.4%

9/30/03 41.5% 57.2% 62.6%

12/31/03 41.8% 56.6% 63.0%

3/31/04 41.5% 55.7% 62.9%

9/30/2004 39.1% 53.4% 61.0%

9/30/2005 37.0% 52.8% 61.6%

9/30/2006 39.1% 54.7% 63.3%

9/30/2007 40.3% 56.0% 63.2%

9/30/2008 41.1% 55.8% 63.2%

9/30/2009 41.9% 55.9% 63.4%

9/30/2010 42.4% 56.2% 64.2%
Treasury Annual Net Market Borrowing

<5

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

$ billions Total

1998 -64.3 -44.1 -25.9 24.9 0.0 -45.1 -109.4

1999 15.4 -4.4 -126.7 15.8 0.0 -115.3 -99.9

2000 -37.1 -33.1 -133.9 12.5 -21.3 -175.8 -212.9

2001 118.7 -104.5 -94.1 16.4 -33.9 -216.1 -97.4

2002 133.4 218.5 -132.7 -2.7 -12.5 70.5 203.9

2003 50.0 269.0 32.9 -16.1 0.0 285.8 335.7

2004 43.3 117.6 232.5 -13.9 0.0 336.2 379.5

2005 47 83 229 -14 0 298 345

2006 136 43 222 7 0 272 408

2007 143 12 176 16 0 204 347

2008 106 11 174 -2 0 183 289

2009 164 7 82 11 0 100 264

2010 126 6 86 15 0 107 233

Estimates
Primary Dealers CBO OMB

Current: 382 365 427

Range based on average absolute error 329-435 264-466 342-512

Estimates as of: April 28, 05 March 05 February 05

Note: Ranges based on Errors from 1997-2004 

FY 05 Deficit Estimates 

($ Billions)
Financing Residuals Given Current Issuance Pattern

Note: FY 2005 Net Financing amount is an internal Treasury estimate 

$ billions, Fiscal Year

Budget estimates 2005 2006 2007 2008 2009 2010

line Plus average absolute error in OMB estimate 403 539 556 509 562 620

OMB FY2006 Budget--- Net Financing 350 400 333 273 255 230

Minus average absolute error in OMB estimate 291 261 110 37 -52 -160

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus average absolute error in OMB estimate 94 268 351 322 457 504

OMB FY2006 Budget--- Net Financing 38 129 128 86 150 114

Minus average absolute error in OMB estimate -18 -10 -95 -150 -157 -276

note: (-) implies less financing required

 (+) implies more financing required 

Assumes current coupon issuance pattern and issuance amount--Weekly bill issuance at levels required to maintain outstanding

FY$ amounts nearly equal to September 30, 2004 total outstanding.

Potential errors were estimated with a linear least-squares regression using OMB’s budget forecasts since the 

1989 Budget and OMB’s Mid-Sessions Reviews since the MSR for the 1998 Budget. 
Calendar Estimated foreign holdings Foreign 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 40% 22%

3Q 41% 22%

4Q 41% 23%

2003 1Q 42% 23%

2Q 44% 24%

3Q 45% 24%

4Q 45% 26%

2004 1Q 48% 27%

2Q 52% 28%

3Q 52% 29%

4Q 53% 29%

2005 1Q* 53% 28%

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 February 28, 2005.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
SHARE OF NON-RESIDENT PARTICIPATION 

IN G-7 GOVERNMENT BOND MARKETS

Canada UK U.S. France Germany Japan Italy

1993 28.2% 21.0%

1994 27.3% 21.0%

1995 25.5% 25.0% 24.8%

1996 25.8% 19.0% 32.0% 18.4%

1997 24.9% 18.2% 36.0% 20.0%

1998 24.4% 19.7% 38.0% 22.6% 6.1% 30.2%

1999 22.9% 17.3% 39.0% 28.0% 8.1% 37.0%

2000 21.8% 17.7% 36.0% 33.7% 5.1% 42.0%

2001 20.9% 18.6% 37.0% 38.4% 34.0% 6.1% 42.4%

2002 18.3% 18.5% 41.0% 41.9% 37.9% 3.5% 43.0%

2003 20.2% 20.1% 45.0% 47.3% 40.3% 3.0% 46.8%

2004 15.0% 18.9% 53.0% 49.0% 39.2% 4.0% 45.4%
U.S. Debt Comapared to the G-7

US Median Average

1997 55 35 50

1998 53 52 64

1999 45 54 64

2000 39 56 61

2001 38 57 61

2002 41 56 61

2003 44 56 64

2004 45 58 65

2005 47 60 66

2006 48 60 66

2007 48 60 66

2008 48 60 66

2009 48 60 66

2010 48 60 67

Estimate

Percentage of GDP 
End of Qtr Treasuries Muni's Corporates Residential Mortgages Other Mortgages Consumer Credit Other

1960 Q1 33.6% 9.7% 10.6% 21.7% 6.2% 8.1% 10.0%

1960 Q2 32.8% 9.7% 10.6% 21.9% 6.3% 8.4% 10.3%

1960 Q3 32.6% 9.8% 10.6% 22.1% 6.4% 8.4% 10.1%

1960 Q4 32.3% 9.8% 10.6% 22.1% 6.4% 8.5% 10.3%

1961 Q1 31.9% 10.0% 10.6% 22.5% 6.5% 8.2% 10.3%

1961 Q2 31.5% 9.9% 10.8% 22.6% 6.6% 8.2% 10.3%

1961 Q3 31.7% 10.0% 10.7% 22.8% 6.6% 8.1% 10.1%

1961 Q4 31.4% 9.9% 10.6% 22.9% 6.7% 8.3% 10.3%

1962 Q1 31.1% 10.1% 10.7% 23.0% 6.8% 8.0% 10.3%

1962 Q2 30.5% 10.0% 10.7% 23.2% 6.9% 8.3% 10.4%

1962 Q3 30.2% 10.1% 10.6% 23.5% 7.0% 8.3% 10.3%

1962 Q4 30.1% 10.0% 10.5% 23.5% 7.0% 8.5% 10.6%

1963 Q1 29.9% 10.0% 10.5% 23.7% 7.1% 8.3% 10.6%

1963 Q2 29.3% 10.0% 10.4% 23.9% 7.2% 8.6% 10.7%

1963 Q3 28.9% 10.0% 10.3% 24.2% 7.3% 8.7% 10.5%

1963 Q4 28.6% 9.9% 10.2% 24.2% 7.3% 8.9% 10.8%

1964 Q1 28.4% 10.0% 10.2% 24.5% 7.4% 8.8% 10.8%

1964 Q2 27.7% 10.0% 10.1% 24.7% 7.4% 9.1% 11.0%

1964 Q3 27.5% 10.0% 10.0% 24.9% 7.5% 9.2% 10.9%

1964 Q4 27.2% 9.9% 10.0% 24.9% 7.5% 9.3% 11.3%

1965 Q1 26.9% 10.0% 9.9% 25.1% 7.5% 9.2% 11.5%

1965 Q2 26.1% 10.0% 9.9% 25.2% 7.6% 9.5% 11.8%

1965 Q3 25.6% 10.1% 9.9% 25.4% 7.7% 9.6% 11.7%

1965 Q4 25.5% 10.0% 9.7% 25.3% 7.6% 9.7% 12.2%

1966 Q1 25.2% 10.0% 9.9% 25.4% 7.7% 9.5% 12.3%

1966 Q2 24.2% 10.0% 10.0% 25.4% 7.8% 9.6% 13.0%

1966 Q3 24.1% 10.0% 10.1% 25.5% 7.9% 9.6% 12.8%

1966 Q4 24.1% 9.9% 10.2% 25.3% 7.9% 9.6% 13.1%

1967 Q1 24.0% 9.9% 10.4% 25.2% 7.9% 9.3% 13.2%

1967 Q2 22.9% 10.0% 10.7% 25.3% 8.0% 9.5% 13.6%

1967 Q3 23.2% 10.0% 10.9% 25.3% 8.0% 9.4% 13.1%

1967 Q4 23.3% 9.9% 10.9% 25.0% 7.9% 9.4% 13.7%

1968 Q1 23.4% 9.9% 11.0% 25.1% 8.0% 9.2% 13.4%

1968 Q2 22.7% 9.9% 11.1% 25.1% 8.0% 9.4% 13.9%

1968 Q3 22.7% 9.8% 11.3% 25.0% 8.1% 9.4% 13.7%

1968 Q4 22.3% 9.8% 11.2% 24.8% 8.1% 9.6% 14.1%

1969 Q1 22.0% 10.0% 11.4% 24.9% 8.1% 9.4% 14.1%

1969 Q2 20.8% 10.1% 11.5% 25.0% 8.1% 9.7% 14.8%

1969 Q3 20.9% 10.1% 11.5% 25.0% 8.1% 9.7% 14.6%

1969 Q4 20.8% 10.0% 11.4% 24.9% 8.1% 9.7% 15.1%

1970 Q1 20.8% 10.1% 11.7% 25.0% 8.1% 9.4% 14.9%

1970 Q2 20.1% 10.2% 11.9% 24.9% 8.1% 9.5% 15.3%

1970 Q3 20.2% 10.2% 12.1% 24.9% 8.2% 9.5% 14.9%

1970 Q4 20.4% 10.2% 12.2% 24.8% 8.2% 9.4% 14.8%

1971 Q1 20.3% 10.4% 12.5% 24.9% 8.2% 9.3% 14.4%

1971 Q2 19.9% 10.4% 12.5% 25.0% 8.2% 9.4% 14.6%

1971 Q3 20.1% 10.4% 12.5% 25.1% 8.3% 9.5% 14.3%

1971 Q4 20.3% 10.4% 12.3% 25.0% 8.3% 9.6% 14.2%

1972 Q1 20.2% 10.5% 12.4% 25.2% 8.4% 9.4% 14.1%

1972 Q2 19.4% 10.4% 12.4% 25.5% 8.5% 9.6% 14.2%

1972 Q3 19.2% 10.4% 12.2% 25.8% 8.6% 9.7% 14.0%

1972 Q4 19.3% 10.3% 11.9% 25.7% 8.7% 9.8% 14.3%

1973 Q1 19.2% 10.2% 11.6% 25.6% 8.7% 9.7% 14.8%

1973 Q2 18.4% 10.2% 11.5% 25.8% 8.9% 10.0% 15.2%

1973 Q3 17.9% 10.2% 11.4% 26.0% 9.0% 10.1% 15.4%

1973 Q4 17.7% 10.2% 11.3% 26.0% 9.1% 10.2% 15.5%

1974 Q1 17.6% 10.2% 11.4% 26.1% 9.2% 9.9% 15.7%

1974 Q2 16.8% 10.2% 11.4% 26.1% 9.3% 9.9% 16.3%

1974 Q3 16.7% 10.2% 11.5% 26.1% 9.3% 9.9% 16.4%

1974 Q4 16.8% 10.0% 11.5% 25.9% 9.3% 9.7% 16.7%

1975 Q1 17.5% 10.0% 11.9% 25.8% 9.3% 9.3% 16.1%

1975 Q2 17.9% 10.0% 11.9% 25.7% 9.3% 9.1% 16.0%

1975 Q3 18.6% 9.9% 11.8% 25.7% 9.3% 9.1% 15.6%

1975 Q4 19.2% 9.8% 11.6% 25.4% 9.3% 9.1% 15.5%

1976 Q1 19.8% 9.8% 11.7% 25.5% 9.2% 8.9% 15.1%

1976 Q2 19.7% 10.0% 11.7% 25.5% 9.2% 9.0% 15.0%

1976 Q3 19.9% 9.9% 11.6% 25.6% 9.1% 9.1% 14.8%

Percentage Breakdown of Domestic Nonfinancial Credit Market Debt
1976 Q4 20.1% 9.7% 11.5% 25.6% 9.1% 9.1% 14.9%

1977 Q1 20.3% 9.7% 11.4% 25.6% 9.1% 8.9% 15.0%

1977 Q2 19.7% 9.9% 11.3% 26.0% 9.0% 9.1% 15.0%

1977 Q3 19.8% 9.8% 11.2% 26.2% 9.0% 9.3% 14.7%

1977 Q4 19.8% 9.7% 11.0% 26.3% 9.0% 9.4% 14.8%

1978 Q1 20.0% 9.7% 10.9% 26.3% 9.0% 9.2% 14.8%

1978 Q2 19.4% 9.9% 10.8% 26.5% 9.0% 9.5% 14.9%

1978 Q3 19.3% 10.0% 10.6% 26.8% 9.0% 9.6% 14.7%

1978 Q4 19.1% 10.1% 10.5% 26.9% 8.9% 9.7% 14.8%

1979 Q1 19.0% 10.1% 10.4% 27.1% 8.9% 9.5% 14.9%

1979 Q2 18.3% 10.2% 10.3% 27.3% 9.0% 9.6% 15.3%

1979 Q3 18.1% 10.2% 10.2% 27.5% 9.0% 9.8% 15.2%

1979 Q4 18.1% 10.1% 10.0% 27.5% 9.0% 9.8% 15.4%

1980 Q1 18.1% 10.0% 10.1% 27.7% 9.0% 9.5% 15.5%

1980 Q2 18.0% 10.1% 10.4% 27.8% 9.1% 9.2% 15.3%

1980 Q3 18.3% 10.2% 10.3% 27.9% 9.1% 9.1% 15.2%

1980 Q4 18.4% 10.1% 9.9% 27.9% 9.0% 9.0% 15.6%

1981 Q1 18.9% 10.1% 10.0% 27.7% 9.1% 8.7% 15.5%

1981 Q2 18.4% 10.1% 10.1% 27.6% 9.2% 8.7% 15.9%

1981 Q3 18.3% 10.2% 10.1% 27.4% 9.2% 8.7% 16.1%

1981 Q4 18.7% 10.2% 9.9% 26.9% 9.3% 8.7% 16.4%

1982 Q1 19.1% 10.3% 10.1% 26.7% 9.3% 8.4% 16.3%

1982 Q2 18.9% 10.4% 10.0% 26.5% 9.3% 8.4% 16.6%

1982 Q3 19.6% 10.5% 9.9% 25.8% 9.3% 8.3% 16.6%

1982 Q4 20.4% 10.6% 9.6% 25.5% 9.3% 8.3% 16.4%

1983 Q1 21.1% 10.6% 9.6% 25.3% 9.3% 8.0% 16.0%

1983 Q2 21.4% 10.8% 9.5% 25.2% 9.3% 8.0% 15.8%

1983 Q3 21.7% 10.8% 9.3% 25.3% 9.3% 8.1% 15.5%

1983 Q4 21.7% 10.7% 9.0% 25.2% 9.4% 8.3% 15.7%

1984 Q1 22.0% 10.7% 9.0% 25.1% 9.4% 8.2% 15.6%

1984 Q2 21.7% 10.7% 9.0% 25.1% 9.5% 8.4% 15.7%

1984 Q3 21.9% 10.7% 9.1% 24.9% 9.5% 8.5% 15.4%

1984 Q4 22.1% 10.6% 9.0% 24.6% 9.5% 8.6% 15.7%

1985 Q1 22.1% 10.7% 9.1% 24.8% 9.4% 8.5% 15.5%

1985 Q2 22.1% 10.8% 9.2% 24.7% 9.4% 8.5% 15.3%

1985 Q3 22.1% 10.9% 9.2% 24.8% 9.3% 8.7% 15.0%

1985 Q4 22.2% 12.1% 9.1% 24.2% 9.1% 8.6% 14.7%

1986 Q1 22.4% 11.8% 9.4% 24.3% 9.1% 8.4% 14.6%

1986 Q2 22.4% 11.8% 9.6% 24.5% 8.9% 8.4% 14.4%

1986 Q3 22.5% 11.7% 9.8% 24.8% 8.8% 8.4% 14.1%

1986 Q4 22.6% 11.5% 9.6% 24.6% 8.7% 8.4% 14.5%

1987 Q1 22.6% 11.7% 9.8% 24.9% 9.0% 8.0% 14.1%

1987 Q2 22.4% 11.6% 9.8% 25.2% 9.0% 8.0% 14.0%

1987 Q3 22.2% 11.7% 9.9% 25.4% 8.9% 8.0% 13.9%

1987 Q4 22.4% 11.6% 9.9% 25.1% 9.0% 8.1% 13.9%

1988 Q1 22.5% 11.5% 10.0% 25.3% 8.9% 7.8% 13.9%

1988 Q2 22.2% 11.4% 10.2% 25.5% 9.0% 7.9% 13.9%

1988 Q3 22.1% 11.5% 10.2% 25.7% 8.9% 7.9% 13.8%

1988 Q4 22.0% 11.4% 10.3% 25.7% 8.9% 7.9% 13.7%

1989 Q1 22.0% 11.3% 10.4% 25.7% 9.0% 7.8% 13.7%

1989 Q2 21.7% 11.2% 10.6% 25.9% 8.9% 7.9% 13.8%

1989 Q3 21.8% 11.2% 10.6% 26.1% 8.8% 7.9% 13.6%

1989 Q4 21.9% 11.2% 10.5% 26.3% 8.6% 8.0% 13.6%

1990 Q1 22.0% 11.1% 10.6% 26.6% 8.6% 7.6% 13.5%

1990 Q2 22.0% 11.1% 10.6% 26.8% 8.5% 7.6% 13.5%

1990 Q3 22.3% 11.0% 10.5% 26.8% 8.4% 7.6% 13.4%

1990 Q4 22.7% 10.9% 10.4% 26.8% 8.3% 7.6% 13.3%

1991 Q1 23.1% 11.0% 10.5% 27.0% 8.3% 7.4% 12.8%

1991 Q2 23.2% 11.0% 10.6% 27.2% 8.2% 7.3% 12.5%

1991 Q3 23.9% 11.2% 10.5% 27.0% 8.0% 7.2% 12.2%

1991 Q4 24.4% 11.2% 10.5% 27.2% 7.8% 7.2% 11.7%

1992 Q1 24.9% 11.2% 10.6% 27.2% 7.6% 6.9% 11.5%

1992 Q2 25.2% 11.2% 10.7% 27.2% 7.5% 6.9% 11.4%

1992 Q3 25.5% 11.1% 10.7% 27.3% 7.3% 6.9% 11.2%

1992 Q4 25.9% 10.9% 10.7% 27.3% 7.1% 7.0% 11.2%

1993 Q1 26.2% 11.0% 10.8% 27.2% 7.0% 6.8% 11.0%

1993 Q2 26.3% 11.1% 10.9% 27.2% 6.8% 6.8% 10.8%

1993 Q3 26.4% 11.1% 10.9% 27.3% 6.7% 6.9% 10.7%

1993 Q4 26.7% 11.0% 10.9% 27.3% 6.6% 7.1% 10.5%

1994 Q1 26.8% 10.9% 10.9% 27.3% 6.4% 7.0% 10.7%
1994 Q2 26.6% 10.7% 10.9% 27.4% 6.4% 7.3% 10.8%

1994 Q3 26.6% 10.5% 10.9% 27.5% 6.3% 7.5% 10.9%

1994 Q4 26.7% 10.2% 10.7% 27.4% 6.1% 7.9% 11.0%

1995 Q1 26.8% 10.0% 10.8% 27.3% 6.1% 7.8% 11.3%

1995 Q2 26.6% 9.8% 10.9% 27.3% 6.0% 8.0% 11.4%

1995 Q3 26.5% 9.5% 11.0% 27.4% 6.0% 8.2% 11.4%

1995 Q4 26.4% 9.3% 11.0% 27.4% 5.9% 8.5% 11.6%

1996 Q1 26.6% 9.1% 11.2% 27.4% 5.9% 8.4% 11.5%

1996 Q2 26.1% 9.0% 11.3% 27.5% 5.9% 8.5% 11.6%

1996 Q3 26.1% 8.8% 11.2% 27.7% 5.8% 8.6% 11.7%

1996 Q4 26.1% 8.8% 11.2% 27.7% 5.8% 8.8% 11.6%

1997 Q1 26.1% 8.7% 11.4% 27.8% 5.8% 8.6% 11.8%

1997 Q2 25.4% 8.7% 11.6% 27.9% 5.8% 8.7% 11.9%

1997 Q3 25.1% 8.7% 11.7% 28.2% 5.8% 8.7% 11.7%

1997 Q4 24.9% 8.7% 11.7% 28.0% 5.9% 8.8% 12.0%

1998 Q1 24.6% 8.7% 12.2% 28.1% 5.9% 8.5% 12.0%

1998 Q2 23.7% 8.8% 12.5% 28.4% 5.9% 8.6% 12.1%

1998 Q3 23.2% 8.7% 12.6% 28.7% 5.9% 8.7% 12.2%

1998 Q4 22.9% 8.6% 12.6% 28.8% 6.0% 8.8% 12.3%

1999 Q1 22.6% 8.6% 12.9% 28.9% 6.0% 8.6% 12.4%

1999 Q2 21.7% 8.6% 13.3% 29.3% 6.1% 8.7% 12.3%

1999 Q3 21.2% 8.5% 13.4% 29.6% 6.3% 8.8% 12.2%

1999 Q4 21.1% 8.4% 13.3% 29.6% 6.4% 9.0% 12.2%

2000 Q1 20.7% 8.3% 13.6% 29.8% 6.5% 8.8% 12.4%

2000 Q2 19.4% 8.3% 13.8% 30.2% 6.6% 8.9% 12.7%

2000 Q3 18.9% 8.2% 14.0% 30.6% 6.7% 9.2% 12.5%

2000 Q4 18.5% 8.2% 13.8% 30.7% 6.7% 9.5% 12.7%

2001 Q1 18.4% 8.2% 14.0% 30.9% 6.8% 9.3% 12.4%

2001 Q2 17.3% 8.3% 14.3% 31.5% 6.8% 9.4% 12.3%

2001 Q3 17.4% 8.2% 14.2% 31.7% 6.9% 9.4% 12.1%

2001 Q4 17.4% 8.3% 14.3% 31.9% 6.9% 9.6% 11.5%

2002 Q1 17.4% 8.3% 14.4% 32.2% 7.0% 9.4% 11.3%

2002 Q2 17.2% 8.5% 14.3% 32.7% 7.0% 9.4% 10.9%

2002 Q3 17.4% 8.5% 14.0% 33.1% 7.0% 9.4% 10.6%

2002 Q4 17.5% 8.5% 13.7% 33.5% 7.0% 9.4% 10.4%

2003 Q1 17.6% 8.6% 13.8% 33.6% 7.1% 9.2% 10.2%

2003 Q2 17.6% 8.6% 13.7% 33.9% 7.1% 9.1% 9.9%

2003 Q3 17.8% 8.5% 13.6% 34.4% 7.1% 9.1% 9.5%

2003 Q4 18.0% 8.5% 13.3% 34.5% 7.1% 9.1% 9.5%

2004 Q1 18.3% 8.5% 13.2% 34.7% 7.2% 8.8% 9.3%

2004 Q2 18.1% 8.6% 13.0% 35.1% 7.3% 8.7% 9.3%

2004 Q3 18.1% 8.4% 12.8% 35.6% 7.1% 8.8% 9.0%

2004 Q4 18.1% 8.4% 12.6% 35.8% 7.2% 8.9% 9.1%

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 Short-term Treasuries Commercial paper + open market paper Money Market Short-term Treasuries % of total

Mar-85 552.1 317.9 869.9 63%

Jun-85 561.3 326.9 888.2 63%

Sep-85 571.2 343.5 914.6 62%

Dec-85 597.5 358.5 956.0 62%

Mar-86 603.6 359.8 963.4 63%

Jun-86 609.3 374.3 983.7 62%

Sep-86 618.6 388.9 1007.4 61%

Dec-86 637.2 384.9 1022.1 62%

Mar-87 615.8 396.2 1012.0 61%

Jun-87 612.7 414.6 1027.3 60%

Sep-87 613.5 421.2 1034.6 59%

Dec-87 634.4 437.9 1072.3 59%

Mar-88 644.6 447.5 1092.1 59%

Jun-88 635.2 474.8 1110.0 57%

Sep-88 653.4 484.7 1138.0 57%

Dec-88 673.3 513.4 1186.7 57%

Mar-89 682.6 543.0 1225.7 56%

Jun-89 663.7 562.2 1225.9 54%

Sep-89 677.2 569.6 1246.8 54%

Dec-89 705.8 579.2 1285.0 55%

Mar-90 727.5 594.4 1321.9 55%

Jun-90 732.3 594.0 1326.3 55%

Sep-90 762.5 612.9 1375.3 55%

Dec-90 808.2 609.9 1418.1 57%

Mar-91 820.7 607.8 1428.5 57%

Jun-91 823.4 583.6 1407.0 59%

Sep-91 876.0 572.0 1448.0 60%

Dec-91 911.8 565.9 1477.7 62%

Mar-92 951.2 574.1 1525.3 62%

Jun-92 954.9 579.9 1534.8 62%

Sep-92 981.5 583.6 1565.0 63%

Dec-92 1024.0 579.0 1603.0 64%

Mar-93 1029.6 565.5 1595.1 65%

Jun-93 1044.3 572.0 1616.3 65%

Sep-93 1052.7 568.2 1620.9 65%

Dec-93 1105.7 580.0 1685.7 66%

Mar-94 1115.7 582.1 1697.8 66%

Jun-94 1089.3 588.0 1677.3 65%

Sep-94 1087.9 599.2 1687.1 64%

Dec-94 1125.4 623.5 1748.9 64%

Mar-95 1182.5 654.7 1837.3 64%

Jun-95 1210.9 673.8 1884.7 64%

Sep-95 1224.1 692.7 1916.9 64%

Dec-95 1278.7 700.4 1979.0 65%

Mar-96 1315.8 717.6 2033.4 65%

Jun-96 1273.9 753.6 2027.4 63%

Sep-96 1274.3 777.4 2051.7 62%

Dec-96 1285.1 803.0 2088.0 62%

Mar-97 1314.2 861.1 2175.3 60%

Jun-97 1243.7 893.1 2136.8 58%

Sep-97 1256.4 925.7 2182.1 58%

Dec-97 1279.5 979.4 2259.0 57%

Mar-98 1286.7 1074.8 2361.5 54%

Jun-98 1204.0 1112.7 2316.7 52%

Sep-98 1186.8 1165.1 2351.9 50%

Dec-98 1230.4 1172.6 2403.0 51%

Mar-99 1257.5 1227.6 2485.1 51%

Jun-99 1173.5 1243.3 2416.9 49%

Sep-99 1170.2 1284.5 2454.6 48%

Dec-99 1247.8 1402.4 2650.3 47%

 as a Percentage of the Money Market

Treasury Securities with 1 Year or Less Remaining to Maturity or Call 
$ billions

End of Month Short-term Treasuries Commercial paper + open market paper Money Market Short-term Treasuries % of total

 as a Percentage of the Money Market

Mar-00 1261.4 1478.1 2739.6 46%

Jun-00 1136.0 1534.3 2670.2 43%

Sep-00 1115.0 1570.8 2685.9 42%

Dec-00 1145.2 1614.0 2759.2 42%

Mar-01 1182.2 1558.8 2741.0 43%

Jun-01 1060.8 1490.9 2551.8 42%

Sep-01 1185.0 1437.5 2622.5 45%

Dec-01 1221.8 1466.2 2688.0 45%

Mar-02 1256.5 1407.0 2663.6 47%

Jun-02 1228.9 1351.0 2579.9 48%

Sep-02 1259.7 1351.2 2610.9 48%

Dec-02 1307.4 1374.7 2682.1 49%

Mar-03 1387.6 1359.2 2746.8 51%

Jun-03 1418.6 1317.1 2735.7 52%

Sep-03 1436.1 1294.5 2730.6 53%

Dec-03 1492.6 1293.1 2785.7 54%

Mar-04 1543.2 1340.4 2883.6 54%

Jun-04 1510.8 1314.2 2825.0 53%

Sep-04 1504.0 1320.5 2824.5 53%

Dec-04 1533.6 1406.7 2940.3 52%

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

SOURCE = Federal Reserve, Flow of Funds Z.1 57%
Net Primary Dealer Positions in Treasuries Data

Primary Dealer 

Net Outright 

Position: U.S. 

Government 

Securities(Mil.$

)

Dealer Net Outright 

Position: Treas 

Inflation Indexed 

Securities (Mil.$)

10-year 

TIP 

auction 

dates

1/28/1998 -22.52 1.79 #N/A

2/4/1998 -16.76 1.64 #N/A

2/11/1998 -23.41 1.51 #N/A

2/18/1998 -12.86 1.36 #N/A

2/25/1998 -27.57 1.46 #N/A

3/4/1998 -22.48 1.00 #N/A

3/11/1998 -28.30 0.96 #N/A

3/18/1998 -19.60 1.16 #N/A

3/25/1998 -11.37 1.23 #N/A

4/1/1998 -10.79 1.10 #N/A

4/8/1998 -9.95 2.54 2.536

4/15/1998 -18.32 2.13 #N/A

4/22/1998 -33.96 1.59 #N/A

4/29/1998 -49.75 2.09 #N/A

5/6/1998 -47.83 2.18 #N/A

5/13/1998 -46.34 2.10 #N/A

5/20/1998 -49.05 2.13 #N/A

5/27/1998 -38.05 1.78 #N/A

6/3/1998 -26.52 1.48 #N/A

6/10/1998 -30.16 1.34 #N/A

6/17/1998 -31.04 1.17 #N/A

6/24/1998 -29.74 1.18 #N/A

7/1/1998 -40.05 1.49 #N/A

7/8/1998 -40.05 1.49 1.486

7/15/1998 -43.27 3.01 #N/A

7/22/1998 -27.62 2.60 #N/A

7/29/1998 -22.53 2.53 #N/A

8/5/1998 -33.69 2.73 #N/A

8/12/1998 -37.64 2.60 #N/A

8/19/1998 -35.94 2.19 #N/A

8/26/1998 -16.13 2.20 #N/A

9/2/1998 -0.60 1.79 #N/A

9/9/1998 0.09 1.88 #N/A

9/16/1998 -10.62 1.54 #N/A

9/23/1998 -10.91 1.33 #N/A

9/30/1998 -6.30 1.40 #N/A

10/7/1998 -8.66 3.44 3.442

10/14/1998 2.66 2.40 #N/A

10/21/1998 3.66 2.23 #N/A

10/28/1998 -0.73 2.38 #N/A

11/4/1998 4.40 2.15 #N/A

11/11/1998 2.92 1.70 #N/A

11/18/1998 -6.51 1.41 #N/A

11/25/1998 5.73 1.52 #N/A

12/2/1998 5.73 1.52 #N/A
Net Primary Dealer Positions in Treasuries Data

12/9/1998 3.10 1.24 #N/A

12/16/1998 -15.65 1.09 #N/A

12/23/1998 -11.61 1.10 #N/A

12/30/1998 -7.35 1.10 #N/A

1/6/1999 -0.39 2.00 1.999

1/13/1999 -3.08 2.02 #N/A

1/20/1999 -11.01 2.02 #N/A

1/27/1999 -8.07 1.92 #N/A

2/3/1999 -10.00 1.87 #N/A

2/10/1999 0.16 1.90 #N/A

2/17/1999 -5.17 1.98 #N/A

2/24/1999 -14.85 1.81 #N/A

3/3/1999 -0.11 2.16 #N/A

3/10/1999 -2.71 2.16 #N/A

3/17/1999 -4.64 1.85 #N/A

3/24/1999 -2.55 1.75 #N/A

3/31/1999 9.85 1.49 #N/A

4/7/1999 12.28 2.53 2.527

4/14/1999 18.74 2.47 #N/A

4/21/1999 18.74 2.47 #N/A

4/28/1999 -2.02 2.77 #N/A

5/5/1999 -26.92 2.39 #N/A

5/12/1999 -35.29 2.33 #N/A

5/19/1999 -53.00 2.83 #N/A

5/26/1999 -41.11 2.68 #N/A

6/2/1999 -31.32 2.28 #N/A

6/9/1999 -40.70 2.29 #N/A

6/16/1999 -49.74 2.21 #N/A

6/23/1999 -39.73 1.87 #N/A

6/30/1999 -39.64 1.70 #N/A

7/7/1999 -41.04 3.25 3.25

7/14/1999 -34.87 3.05 #N/A

7/21/1999 -34.22 2.98 #N/A

7/28/1999 -30.25 3.57 #N/A

8/4/1999 -40.21 3.10 #N/A

8/11/1999 -38.77 3.33 #N/A

8/18/1999 -41.43 3.29 #N/A

8/25/1999 -42.58 3.31 #N/A

9/1/1999 -30.21 3.77 #N/A

9/8/1999 -36.76 3.70 #N/A

9/15/1999 -51.17 3.80 #N/A

9/22/1999 -51.09 3.94 #N/A

9/29/1999 -46.37 3.53 #N/A

10/6/1999 -50.76 4.16 4.161

10/13/1999 -48.82 4.04 #N/A

10/20/1999 -53.49 3.53 #N/A

10/27/1999 -41.67 3.62 #N/A

11/3/1999 -53.67 3.49 #N/A

11/10/1999 -35.11 3.42 #N/A

11/17/1999 -54.44 3.20 #N/A

11/24/1999 -31.89 2.85 #N/A

12/1/1999 -44.24 3.03 #N/A
Net Primary Dealer Positions in Treasuries Data

12/8/1999 -42.02 2.81 #N/A

12/15/1999 -25.38 2.58 #N/A

12/22/1999 -24.71 2.32 #N/A

12/29/1999 -36.09 2.04 #N/A

1/5/2000 -41.95 2.15 #N/A

1/12/2000 -52.98 2.74 2.739

1/19/2000 -66.11 3.30 #N/A

1/26/2000 -59.72 2.63 #N/A

2/2/2000 -64.03 3.66 #N/A

2/9/2000 -56.39 3.13 #N/A

2/16/2000 -67.32 3.05 #N/A

2/23/2000 -49.15 3.61 #N/A

3/1/2000 -54.26 2.81 #N/A

3/8/2000 -51.53 2.73 #N/A

3/15/2000 -50.24 2.80 #N/A

3/22/2000 -51.26 2.66 #N/A

3/29/2000 -12.98 2.31 #N/A

4/5/2000 -25.39 2.33 #N/A

4/12/2000 -29.93 2.45 #N/A

4/19/2000 -42.50 2.21 #N/A

4/26/2000 -45.53 1.98 #N/A

5/3/2000 -68.02 1.91 #N/A

5/10/2000 -68.99 1.82 #N/A

5/17/2000 -84.54 2.14 #N/A

5/24/2000 -69.23 1.84 #N/A

5/31/2000 -69.28 1.57 #N/A

6/7/2000 -56.80 1.33 #N/A

6/14/2000 -56.90 1.65 #N/A

6/21/2000 -57.30 1.82 #N/A

6/28/2000 -56.28 1.86 #N/A

7/5/2000 -50.65 1.75 #N/A

7/12/2000 -42.84 2.75 2.748

7/19/2000 -50.26 2.74 #N/A

7/26/2000 -45.73 2.75 #N/A

8/2/2000 -56.71 2.61 #N/A

8/9/2000 -47.75 2.63 #N/A

8/16/2000 -48.59 2.78 #N/A

8/23/2000 -43.16 2.93 #N/A

8/30/2000 -43.54 2.64 #N/A

9/6/2000 -25.29 1.98 #N/A

9/13/2000 -26.98 2.48 #N/A

9/20/2000 -41.27 2.74 #N/A

9/27/2000 -47.26 2.62 #N/A

10/4/2000 -49.99 2.26 #N/A

10/11/2000 -50.75 2.88 2.882

10/18/2000 -39.96 3.25 #N/A

10/25/2000 -37.47 3.39 #N/A

11/1/2000 -42.82 3.53 #N/A

11/8/2000 -33.75 3.08 #N/A

11/15/2000 -34.60 3.33 #N/A

11/22/2000 -34.65 3.41 #N/A

11/29/2000 -29.55 2.37 #N/A
Net Primary Dealer Positions in Treasuries Data

12/6/2000 -9.74 1.56 #N/A

12/13/2000 -11.81 1.87 #N/A

12/20/2000 -23.49 1.87 #N/A

12/27/2000 -21.43 1.71 #N/A

1/3/2001 -14.34 1.40 #N/A

1/10/2001 -8.97 4.46 4.458

1/17/2001 -16.01 3.63 #N/A

1/24/2001 -10.75 3.73 #N/A

1/31/2001 -13.58 3.40 #N/A

2/7/2001 -13.23 2.96 #N/A

2/14/2001 -17.00 3.59 #N/A

2/21/2001 -20.52 4.51 #N/A

2/28/2001 2.25 4.57 #N/A

3/7/2001 -6.76 4.19 #N/A

3/14/2001 -8.24 4.17 #N/A

3/21/2001 -6.74 3.66 #N/A

3/28/2001 8.68 4.55 #N/A

4/4/2001 22.58 4.19 #N/A

4/11/2001 17.15 4.38 #N/A

4/18/2001 31.77 4.51 #N/A

4/25/2001 -18.36 3.83 #N/A

5/2/2001 -32.91 4.03 #N/A

5/9/2001 -22.74 3.42 #N/A

5/16/2001 -32.05 3.91 #N/A

5/23/2001 -35.98 5.44 #N/A

5/30/2001 -32.03 3.76 #N/A

6/6/2001 -19.34 4.18 #N/A

6/13/2001 -26.75 3.12 #N/A

6/20/2001 -30.12 3.44 #N/A

6/27/2001 -31.39 3.77 #N/A

7/4/2001 -30.96 2.45 #N/A

7/11/2001 -36.79 1.87 1.872

7/18/2001 -39.29 2.18 #N/A

7/25/2001 -30.08 2.42 #N/A

8/1/2001 -28.04 2.75 #N/A

8/8/2001 -17.68 2.81 #N/A

8/15/2001 -11.83 3.30 #N/A

8/22/2001 -12.32 3.41 #N/A

8/29/2001 -7.48 3.34 #N/A

9/5/2001 1.58 3.27 #N/A

9/12/2001 -3.08 3.82 #N/A

9/19/2001 11.32 3.72 #N/A

9/26/2001 7.66 4.70 #N/A

10/3/2001 -6.85 3.87 #N/A

10/10/2001 -10.93 5.29 5.29

10/17/2001 -16.13 4.44 #N/A

10/24/2001 -22.22 4.33 #N/A

10/31/2001 -25.48 4.39 #N/A

11/7/2001 -41.43 5.12 #N/A

11/14/2001 -32.09 4.37 #N/A

11/21/2001 -35.48 4.15 #N/A

11/28/2001 -21.95 4.16 #N/A
Net Primary Dealer Positions in Treasuries Data

12/5/2001 -29.52 3.39 #N/A

12/12/2001 -16.96 3.26 #N/A

12/19/2001 -35.23 2.63 #N/A

12/26/2001 -22.77 2.91 #N/A

1/2/2002 -14.03 2.52 #N/A

1/9/2002 -27.05 3.82 3.821

1/16/2002 -34.67 3.59 #N/A

1/23/2002 -24.64 3.20 #N/A

1/30/2002 -39.35 3.28 #N/A

2/6/2002 -33.20 3.57 #N/A

2/13/2002 -33.80 3.43 #N/A

2/20/2002 -17.37 3.49 #N/A

2/27/2002 -16.13 3.36 #N/A

3/6/2002 -27.04 3.24 #N/A

3/13/2002 -40.46 3.98 #N/A

3/20/2002 -42.93 4.29 #N/A

3/27/2002 -52.28 3.56 #N/A

4/3/2002 -21.36 2.76 #N/A

4/10/2002 -18.09 2.52 #N/A

4/17/2002 -31.52 3.63 #N/A

4/24/2002 -39.02 4.65 #N/A

5/1/2002 -47.66 4.33 #N/A

5/8/2002 -40.78 3.96 #N/A

5/15/2002 -49.32 2.63 #N/A

5/22/2002 -38.34 1.93 #N/A

5/29/2002 -28.22 2.84 #N/A

6/5/2002 -32.55 3.26 #N/A

6/12/2002 -40.14 3.47 #N/A

6/19/2002 -47.44 3.25 #N/A

6/26/2002 -55.69 3.80 #N/A

7/3/2002 -47.10 3.91 #N/A

7/10/2002 -39.82 3.32 3.318

7/17/2002 -44.92 1.27 #N/A

7/24/2002 -33.02 1.15 #N/A

7/31/2002 -41.19 1.87 #N/A

8/7/2002 -31.86 0.43 #N/A

8/14/2002 -43.47 1.71 #N/A

8/21/2002 -51.29 1.98 #N/A

8/28/2002 -48.97 2.50 #N/A

9/4/2002 -42.06 1.24 #N/A

9/11/2002 -42.18 1.40 #N/A

9/18/2002 -56.25 1.55 #N/A

9/25/2002 -54.45 0.86 #N/A

10/2/2002 -58.46 1.11 #N/A

10/9/2002 -69.61 2.55 2.554

10/16/2002 -59.96 3.07 #N/A

10/23/2002 -44.87 3.47 #N/A

10/30/2002 -48.11 0.57 #N/A

11/6/2002 -45.72 0.23 #N/A

11/13/2002 -40.52 0.72 #N/A

11/20/2002 -50.27 0.93 #N/A

11/27/2002 -55.17 1.81 #N/A
Net Primary Dealer Positions in Treasuries Data

12/4/2002 -49.90 1.48 #N/A

12/11/2002 -39.93 1.12 #N/A

12/18/2002 -46.77 0.89 #N/A

12/25/2002 -42.96 3.58 #N/A

1/1/2003 -51.76 3.20 #N/A

1/8/2003 -33.38 0.71 0.708

1/15/2003 -43.40 0.74 #N/A

1/22/2003 -50.76 1.39 #N/A

1/29/2003 -47.93 2.03 #N/A

2/5/2003 -40.75 1.04 #N/A

2/12/2003 -23.81 2.22 #N/A

2/19/2003 -12.56 2.07 #N/A

2/26/2003 -9.49 2.58 #N/A

3/5/2003 -4.39 2.06 #N/A

3/12/2003 -20.56 2.13 #N/A

3/19/2003 -24.50 4.31 #N/A

3/26/2003 -35.89 1.94 #N/A

4/2/2003 -14.92 1.72 #N/A

4/9/2003 -19.16 1.75 #N/A

4/16/2003 -52.32 1.49 #N/A

4/23/2003 -57.64 1.76 #N/A

4/30/2003 -68.13 1.13 #N/A

5/7/2003 -52.92 0.80 #N/A

5/14/2003 -64.13 -0.88 #N/A

5/21/2003 -48.15 -0.27 #N/A

5/28/2003 -47.49 -0.30 #N/A

6/4/2003 -23.77 0.18 #N/A

6/11/2003 -47.73 0.81 #N/A

6/18/2003 -64.55 1.18 #N/A

6/25/2003 -63.94 0.97 #N/A

7/2/2003 -84.63 0.85 #N/A

7/9/2003 -78.06 1.52 1.524

7/16/2003 -87.15 1.13 #N/A

7/23/2003 -68.04 -0.09 #N/A

7/30/2003 -73.73 1.09 #N/A

8/6/2003 -41.16 0.99 #N/A

8/13/2003 -38.25 0.62 #N/A

8/20/2003 -40.40 -0.03 #N/A

8/27/2003 -50.39 1.14 #N/A

9/3/2003 -40.69 0.99 #N/A

9/10/2003 -35.55 1.48 #N/A

9/17/2003 -32.97 1.82 #N/A

9/24/2003 -44.88 -0.28 #N/A

10/1/2003 -55.82 0.73 #N/A

10/8/2003 -48.03 -0.42 #N/A

10/15/2003 -50.30 1.83 1.834

10/22/2003 -55.79 2.66 #N/A

10/29/2003 -38.25 2.88 #N/A

11/5/2003 -54.23 2.80 #N/A

11/12/2003 -41.45 2.44 #N/A

11/19/2003 -50.42 2.87 #N/A

11/26/2003 -48.35 2.52 #N/A
Net Primary Dealer Positions in Treasuries Data

12/3/2003 -44.79 1.46 #N/A

12/10/2003 -51.34 1.54 #N/A

12/17/2003 -50.88 1.72 #N/A

12/24/2003 -68.26 1.15 #N/A

12/31/2003 -57.65 0.94 #N/A

1/7/2004 -59.46 -0.13 #N/A

1/14/2004 -80.65 1.13 1.129

1/21/2004 -82.33 0.56 #N/A

1/28/2004 -96.53 1.63 #N/A

2/4/2004 -88.22 2.41 #N/A

2/11/2004 -61.70 1.35 #N/A

2/18/2004 -47.24 1.27 #N/A

2/25/2004 -38.68 0.15 #N/A

3/3/2004 -42.80 1.08 #N/A

3/10/2004 -37.57 0.56 #N/A

3/17/2004 -44.01 -0.56 #N/A

3/24/2004 -58.51 -0.49 #N/A

3/31/2004 -61.86 -0.55 #N/A

4/7/2004 -43.01 0.41 0.407

4/14/2004 -67.69 0.41 #N/A

4/21/2004 -100.05 0.21 #N/A

4/28/2004 -117.73 -0.87 #N/A

5/5/2004 -129.47 -0.69 #N/A

5/12/2004 -136.91 -0.43 #N/A

5/19/2004 -128.00 -0.40 #N/A

5/26/2004 -106.08 -0.62 #N/A

6/2/2004 -76.36 -1.44 #N/A

6/9/2004 -105.82 -1.44 #N/A

6/16/2004 -126.34 -1.22 #N/A

6/23/2004 -130.54 -1.15 #N/A

6/30/2004 -147.30 -1.89 #N/A

7/7/2004 -124.43 -2.02 #N/A

7/14/2004 -134.37 -0.41 -0.407

7/21/2004 -104.94 -0.11 #N/A

7/28/2004 -115.22 -0.04 #N/A

8/4/2004 -115.26 -0.43 #N/A

8/11/2004 -101.70 0.05 #N/A

8/18/2004 -72.84 0.42 #N/A

8/25/2004 -49.45 0.27 #N/A

9/1/2004 -48.68 0.11 #N/A

9/8/2004 -30.38 -0.64 #N/A

9/15/2004 -53.52 -0.68 #N/A

9/22/2004 -60.66 -1.28 #N/A

9/29/2004 -79.29 -2.06 #N/A

10/6/2004 -74.45 -2.43 #N/A

10/13/2004 -72.98 -1.00 -0.999

10/20/2004 -77.88 -1.21 #N/A

10/27/2004 -74.68 -0.24 -0.236

11/3/2004 -71.97 -0.45 #N/A

11/10/2004 -63.31 -0.44 #N/A

11/17/2004 -79.03 0.09 #N/A

11/24/2004 -68.33 -0.35 #N/A
Net Primary Dealer Positions in Treasuries Data

12/1/2004 -55.25 -0.60 #N/A

12/8/2004 -56.33 -0.48 #N/A

12/15/2004 -85.59 -0.66 #N/A

12/22/2004 -115.54 -0.09 #N/A

12/29/2004 -116.69 -0.23 #N/A

1/5/2005 -109.66 0.42 #N/A

1/12/2005 -105.10 -0.06 -0.061

1/19/2005 -117.97 1.30 #N/A

1/26/2005 -114.47 1.56 #N/A

2/2/2005 -119.11 0.82 #N/A

2/9/2005 -113.16 -0.61 #N/A

2/16/2005 -116.96 0.50 #N/A

2/23/2005 -111.16 -0.46 #N/A

3/2/2005 -97.61 -0.91 #N/A

3/9/2005 -100.47 -0.65 #N/A

3/16/2005 -107.87 -1.33 #N/A

3/23/2005 -120.94 -1.95 #N/A

3/30/2005 -99.88 -1.99 #N/A

4/6/2005 -98.48 -1.30 #N/A

4/13/2005 -92.59 -2.13 -2.132
Treasury Auction Release Times

May 2004 - April 2005

(In Minutes and Seconds)

Auction Date Security Type Release Time Auction Date Security Type Release Time

05/03/04 13-WEEK 01:32 11/01/04 13-WEEK 01:41

05/03/04 26-WEEK 01:40 11/01/04 26-WEEK 01:37

05/04/04 4-WEEK 01:31 11/02/04 4-WEEK 01:35

05/10/04 13-WEEK 01:34 11/08/04 13-WEEK 01:36

05/10/04 26-WEEK 01:44 11/08/04 26-WEEK 01:42

05/11/04 4-WEEK 01:35 11/08/04 3-YEAR 03:33

05/11/04 3-YEAR 01:34 11/09/04 4-WEEK 01:31

05/12/04 5-YEAR 01:35 11/09/04 5-YEAR 01:39

05/13/04 10-YEAR 01:35 11/10/04 10-YEAR 02:53

05/17/04 13-WEEK 01:32 11/15/04 13-WEEK 01:31

05/17/04 26-WEEK 01:41 11/15/04 26-WEEK 01:51

05/18/04 4-WEEK 01:34 11/17/04 5-DAY 01:34

05/24/04 13-WEEK 01:52 11/19/04 4-WEEK 01:34

05/24/04 26-WEEK 01:32 11/22/04 13-WEEK 01:36

05/25/04 4-WEEK 01:35 11/22/04 26-WEEK 01:40

05/26/04 2-YEAR 01:38 11/23/04 4-WEEK 01:35

05/27/04 13-DAY 01:34 11/23/04 2-YEAR 01:35

06/01/04 13-WEEK 01:34 11/29/04 13-WEEK 28:19

06/01/04 26-WEEK 01:43 11/29/04 26-WEEK 28:24

06/02/04 12-DAY 01:35 11/30/04 14-DAY 01:35

06/02/04 4-WEEK 01:37 11/30/04 4-WEEK 01:36

06/07/04 13-WEEK 01:34 12/01/04 12-DAY 01:36

06/07/04 26-WEEK 01:38 12/03/04 8-DAY 01:36

06/08/04 2-DAY 01:38 12/06/04 13-WEEK 01:33

06/08/04 4-WEEK 01:34 12/06/04 26-WEEK 01:44

06/09/04 5-YEAR 01:30 12/07/04 4-WEEK 01:32

06/10/04 9-YEAR 11 MONTH 01:39 12/08/04 5-YEAR 01:35

06/14/04 13-WEEK 01:44 12/09/04 10-YEAR 01:37

06/14/04 26-WEEK 01:34 12/13/04 13-WEEK 01:32

06/15/04 4-WEEK 01:41 12/13/04 26-WEEK 01:40

06/21/04 13-WEEK 01:38 12/14/04 4-WEEK 01:32

06/21/04 26-WEEK 01:46 12/20/04 13-WEEK 01:33

06/22/04 4-WEEK 01:37 12/20/04 26-WEEK 01:42

06/23/04 2-YEAR 01:42 12/21/04 4-WEEK 01:33

06/28/04 13-WEEK 01:41 12/27/04 13-WEEK 01:35

06/28/04 26-WEEK 01:35 12/27/04 26-WEEK 01:44

06/29/04 4-WEEK 01:32 12/28/04 4-WEEK 01:36

07/01/04 13-DAY 01:33 12/29/04 2-YEAR 01:40

07/06/04 7-DAY 01:34 12/30/04 15-DAY 01:35

07/06/04 13-WEEK 01:47 01/03/05 13-WEEK 01:43

07/06/04 26-WEEK 01:42 01/03/05 26-WEEK 01:36

07/07/04 4-WEEK 01:34 01/04/05 4-WEEK 01:36

07/07/04 5-YEAR 01:34 01/10/05 13-WEEK 01:40

07/08/04 10-YEAR TIPS 01:31 01/10/05 26-WEEK 01:53

07/12/04 13-WEEK 01:36 01/11/05 5-DAY 01:36

07/12/04 26-WEEK 01:43 01/11/05 4-WEEK 01:35

07/13/04 4-WEEK 01:38 01/12/05 5-YEAR 01:36

07/19/04 13-WEEK 01:41 01/13/05 10-YEAR TIPS 01:35

07/19/04 26-WEEK 01:41 01/18/05 13-WEEK 01:49

07/20/04 4-WEEK 01:35 01/18/05 26-WEEK 01:35

07/26/04 13-WEEK 01:38 01/19/05 4-WEEK 01:35

07/26/04 26-WEEK 01:42 01/24/05 13-WEEK 01:42

07/27/04 4-WEEK 01:35 01/24/05 26-WEEK 01:42

07/27/04 20-YEAR TIPS 01:39 01/25/05 4-WEEK 01:33

07/28/04 2-YEAR 01:37 01/25/05 20-YEAR TIPS 01:37

08/02/04 13-WEEK 01:30 01/26/05 2-YEAR 01:34

08/02/04 26-WEEK 00:52 01/31/05 13-WEEK 01:42

08/03/04 4-WEEK 01:36 01/31/05 26-WEEK 01:35

08/09/04 13-WEEK 01:32 02/01/05 4-WEEK 01:23

08/09/04 26-WEEK 01:47 02/07/05 13-WEEK 03:00

08/09/04 3-YEAR 01:33 02/07/05 26-WEEK 01:38

08/10/04 4-WEEK 01:31 02/08/05 4-WEEK 01:39

08/11/04 5-YEAR 01:33 02/08/05 3-YEAR 01:34

08/12/04 10-YEAR 01:38 02/09/05 3-DAY 01:33

08/16/04 13-WEEK 01:37 02/09/05 5-YEAR 01:37

08/16/04 26-WEEK 01:38 02/10/05 10-YEAR 01:37

08/17/04 4-WEEK 01:35 02/14/05 13-WEEK 01:51

08/23/04 13-WEEK 01:37 02/14/05 26-WEEK 01:41

08/23/04 26-WEEK 01:42 02/15/05 4-WEEK 01:36

08/24/04 4-WEEK 01:36 02/22/05 13-WEEK 01:34

08/25/04 2-YEAR 01:35 02/22/05 26-WEEK 01:41

08/30/04 13-WEEK 01:32 02/23/05 4-WEEK 01:37

08/30/04 26-WEEK 01:47 02/24/05 2-YEAR 01:33

08/31/04 14-DAY 01:32 02/28/05 13-WEEK 01:33

08/31/04 4-WEEK 01:31 02/28/05 26-WEEK 01:41

09/02/04 12-DAY 01:37 03/01/05 4-WEEK 01:33

09/07/04 7-DAY 01:37 03/02/05 12-DAY 01:38

09/07/04 13-WEEK 01:38 03/07/05 7-DAY 01:34

09/07/04 26-WEEK 01:47 03/07/05 13-WEEK 01:31

09/08/04 4-WEEK 01:34 03/07/05 26-WEEK 01:42

09/08/04 5-YEAR 01:34 03/08/05 4-WEEK 01:50

09/09/04 9-YEAR 11 MONTH 01:35 03/09/05 5-YEAR 01:34

09/13/04 13-WEEK 01:41 03/10/05 9-YEAR 11-MONTH 01:37

09/13/04 26-WEEK 01:42 03/14/05 13-WEEK 01:38

09/14/04 4-WEEK 01:38 03/14/05 26-WEEK 01:34

09/20/04 13-WEEK 01:48 03/15/05 4-WEEK 01:06

09/20/04 26-WEEK 01:43 03/21/05 13-WEEK 01:44

09/21/04 4-WEEK 01:38 03/21/05 26-WEEK 01:32

09/27/04 13-WEEK 01:37 03/22/05 4-WEEK 01:36

09/27/04 26-WEEK 01:56 03/28/05 13-WEEK 01:42

09/28/04 4-WEEK 01:38 03/28/05 26-WEEK 01:35

09/29/04 14-DAY 01:35 03/29/05 4-WEEK 01:34

09/29/04 2-YEAR 01:41 03/30/05 14-DAY 01:36

10/04/04 13-WEEK 01:35 03/30/05 2-YEAR 01:28

10/04/04 26-WEEK 01:37 04/04/05 13-WEEK 01:35

10/05/04 4-WEEK 01:35 04/04/05 26-WEEK 01:42

10/06/04 5-YEAR 01:23 04/05/05 4-WEEK 01:35

10/07/04 9-YR 9-MO TIPS 01:40 04/06/05 8-DAY 01:38

10/12/04 2-DAY 01:34 04/11/05 13-WEEK 01:34

10/12/04 13-WEEK 01:43 04/11/05 26-WEEK 01:42

10/12/04 26-WEEK 01:37 04/12/05 4-WEEK 01:36

10/13/04 4-WEEK 01:46 04/13/05 4-DAY 01:33

10/18/04 13-WEEK 01:37 04/14/05 5-YEAR 01:37

10/18/04 26-WEEK 01:50 04/14/05 9-YEAR 9-MONTH TIPS 01:35

10/19/04 4-WEEK 01:37 04/18/05 13-WEEK 01:42

10/25/04 13-WEEK 01:43 04/18/05 26-WEEK 01:46

10/25/04 26-WEEK 02:15 04/19/05 4-WEEK 01:38

10/26/04 4-WEEK 01:37 04/25/05 13-WEEK 01:36

10/26/04 5-YR 6-MO TIPS 01:42 04/25/05 26-WEEK 01:48

10/27/04 2-YEAR 01:54 04/26/05 4-WEEK 01:34

04/26/05 5-YEAR TIPS 01:40

04/27/05 2-YEAR 01:34