Daily

$ billions

FY 2002 FY 2003

Date Total Date Total

10/1/2001 50.7 10/1/2002 42.2

10/2/2001 50.4 10/2/2002 45.6

10/3/2001 31.1 10/3/2002 16.2

10/4/2001 23.3 10/4/2002 16.6

10/5/2001 24.5 10/7/2002 16.7

10/8/2001 24.5 10/8/2002 16.5

10/9/2001 26.9 10/9/2002 15.5

10/10/2001 22.3 10/10/2002 12.9

10/11/2001 28.8 10/11/2002 10.5

10/12/2001 27.1 10/14/2002 10.5

10/15/2001 35.6 10/15/2002 20.9

10/16/2001 38.9 10/16/2002 22.9

10/17/2001 39.9 10/17/2002 24.6

10/18/2001 33.9 10/18/2002 24.5

10/19/2001 37.2 10/21/2002 27.7

10/22/2001 38.9 10/22/2002 25.9

10/23/2001 38.0 10/23/2002 25.4

10/24/2001 35.5 10/24/2002 29.3

10/25/2001 35.6 10/25/2002 28.5

10/26/2001 35.2 10/28/2002 31.1

10/29/2001 36.3 10/29/2002 29.1

10/30/2001 34.6 10/30/2002 30.3

10/31/2001 27.6 10/31/2002 43.7

11/1/2001 27.0 11/1/2002 10.6

11/2/2001 6.4 11/4/2002 14.0

11/5/2001 7.7 11/5/2002 7.5

11/6/2001 4.4 11/6/2002 11.0

11/7/2001 8.7 11/7/2002 13.8

11/8/2001 24.3 11/8/2002 11.9

11/9/2001 22.4 11/11/2002 11.9

11/12/2001 22.4 11/12/2002 12.4

11/13/2001 24.0 11/13/2002 10.1

11/14/2001 21.1 11/14/2002 18.5

11/15/2001 23.1 11/15/2002 27.1

11/16/2001 29.9 11/18/2002 34.8

11/19/2001 29.5 11/19/2002 32.0

11/20/2001 26.7 11/20/2002 30.5

11/21/2001 27.9 11/21/2002 30.4

11/22/2001 27.9 11/22/2002 27.7

11/23/2001 51.3 11/25/2002 29.1

11/26/2001 51.8 11/26/2002 28.0

11/27/2001 47.8 11/27/2002 27.4

11/28/2001 45.4 11/28/2002 27.4

11/29/2001 48.4 11/29/2002 30.9

11/30/2001 30.5 12/2/2002 27.4

12/3/2001 5.9 12/3/2002 6.0

12/4/2001 5.8 12/4/2002 4.6

12/5/2001 5.2 12/5/2002 5.1

12/6/2001 12.1 12/6/2002 3.1

12/7/2001 11.0 12/9/2002 5.0

12/10/2001 13.2 12/10/2002 14.4

12/11/2001 10.5 12/11/2002 14.1

12/12/2001 10.9 12/12/2002 7.1

12/13/2001 9.2 12/13/2002 10.3

12/14/2001 13.8 12/16/2002 35.0

12/17/2001 55.6 12/17/2002 35.2

12/18/2001 55.8 12/18/2002 35.8

12/19/2001 58.7 12/19/2002 28.3

12/20/2001 49.0 12/20/2002 27.9

12/21/2001 49.9 12/23/2002 32.0

12/24/2001 56.5 12/24/2002 27.2

12/25/2001 56.5 12/25/2002 27.2

12/26/2001 54.4 12/26/2002 23.5

12/27/2001 49.2 12/27/2002 25.9

12/28/2001 53.3 12/30/2002 33.5

12/31/2001 52.4 12/31/2002 33.0

1/1/2002 52.4 1/1/2003 33.0

1/2/2002 52.1 1/2/2003 33.8

1/3/2002 27.8 1/3/2003 11.3

1/4/2002 27.9 1/6/2003 13.4

1/7/2002 30.0 1/7/2003 11.6

1/8/2002 28.7 1/8/2003 10.1

1/9/2002 28.8 1/9/2003 4.8

1/10/2002 19.9 1/10/2003 7.1

1/11/2002 20.5 1/13/2003 11.6

TREASURY DAILY OPERATING CASH BALANCE
1/14/2002 27.0 1/14/2003 14.6

1/15/2002 45.9 1/15/2003 8.0

1/16/2002 55.2 1/16/2003 7.3

1/17/2002 43.5 1/17/2003 10.5

1/18/2002 46.7 1/20/2003 10.5

1/21/2002 46.7 1/21/2003 17.2

1/22/2002 55.8 1/22/2003 32.1

1/23/2002 70.0 1/23/2003 30.9

1/24/2002 66.7 1/24/2003 29.9

1/25/2002 67.2 1/27/2003 35.3

1/28/2002 73.0 1/28/2003 32.8

1/29/2002 72.0 1/29/2003 36.5

1/30/2002 74.6 1/30/2003 35.7

1/31/2002 75.4 1/31/2003 31.2

2/1/2002 38.5 2/3/2003 12.9

2/4/2002 41.9 2/4/2003 8.5

2/5/2002 36.9 2/5/2003 9.5

2/6/2002 40.6 2/6/2003 18.5

2/7/2002 44.5 2/7/2003 5.2

2/8/2002 33.2 2/10/2003 8.1

2/11/2002 36.7 2/11/2003 5.3

2/12/2002 34.5 2/12/2003 4.1

2/13/2002 34.2 2/13/2003 13.1

2/14/2002 45.9 2/14/2003 6.5

2/15/2002 28.3 2/17/2003 6.5

2/18/2002 28.3 2/18/2003 13.2

2/19/2002 38.2 2/19/2003 9.5

2/20/2002 35.2 2/20/2003 21.3

2/21/2002 53.4 2/21/2003 6.8

2/22/2002 39.3 2/24/2003 10.8

2/25/2002 44.7 2/25/2003 7.3

2/26/2002 41.9 2/26/2003 6.1

2/27/2002 41.7 2/27/2003 18.5

2/28/2002 44.6 2/28/2003 8.6

3/1/2002 16.5 3/3/2003 14.8

3/4/2002 18.6 3/4/2003 11.5

3/5/2002 13.0 3/5/2003 11.1

3/6/2002 16.5 3/6/2003 16.1

3/7/2002 19.0 3/7/2003 9.2

3/8/2002 13.0 3/10/2003 12.5

3/11/2002 16.5 3/11/2003 9.1

3/12/2002 14.0 3/12/2003 7.0

3/13/2002 13.3 3/13/2003 14.3

3/14/2002 18.2 3/14/2003 9.1

3/15/2002 31.6 3/17/2003 10.7

3/18/2002 43.6 3/18/2003 8.3

3/19/2002 40.1 3/19/2003 4.4

3/20/2002 40.1 3/20/2003 14.0

3/21/2002 34.1 3/21/2003 8.3

3/22/2002 28.6 3/24/2003 11.2

3/25/2002 30.5 3/25/2003 10.0

3/26/2002 25.9 3/26/2003 6.2

3/27/2002 24.4 3/27/2003 7.2

3/28/2002 15.6 3/28/2003 5.1

3/29/2002 14.1 3/31/2003 13.3

4/1/2002 4.9 4/1/2003 5.1

4/2/2002 4.2 4/2/2003 6.4

4/3/2002 7.5 4/3/2003 11.5

4/4/2002 13.6 4/4/2003 7.5

4/5/2002 7.1 4/7/2003 9.0

4/8/2002 8.2 4/8/2003 6.8

4/9/2002 6.0 4/9/2003 11.2

4/10/2002 5.8 4/10/2003 9.1

4/11/2002 8.7 4/11/2003 5.2

4/12/2002 7.3 4/14/2003 11.2

4/15/2002 11.3 4/15/2003 7.9

4/16/2002 4.2 4/16/2003 16.2

4/17/2002 8.3 4/17/2003 6.6

4/18/2002 5.9 4/18/2003 12.1

4/19/2002 9.6 4/21/2003 22.8

4/22/2002 10.9 4/22/2003 16.6

4/23/2002 21.6 4/23/2003 21.9

4/24/2002 29.7 4/24/2003 15.5

4/25/2002 16.6 4/25/2003 15.0

4/26/2002 18.2 4/28/2003 13.6

4/29/2002 26.1 4/29/2003 13.3

4/30/2002 38.8 4/30/2003 28.4

5/1/2002 30.5 5/1/2003 12.7

5/2/2002 24.5 5/2/2003 19.2

5/3/2002 13.5 5/5/2003 20.3

5/6/2002 14.6 5/6/2003 22.2

5/7/2002 10.6 5/7/2003 24.4
5/8/2002 9.6 5/8/2003 13.3

5/9/2002 7.4 5/9/2003 9.6

5/10/2002 9.8 5/12/2003 11.0

5/13/2002 10.9 5/13/2003 10.5

5/14/2002 9.0 5/14/2003 9.1

5/15/2002 10.9 5/15/2003 9.1

5/16/2002 25.1 5/16/2003 12.4

5/17/2002 11.1 5/19/2003 12.5

5/20/2002 12.5 5/20/2003 6.9

5/21/2002 9.1 5/21/2003 9.7

5/22/2002 7.5 5/22/2003 15.4

5/23/2002 14.0 5/23/2003 11.5

5/24/2002 11.0 5/26/2003 11.5

5/27/2002 11.0 5/27/2003 8.2

5/28/2002 12.7 5/28/2003 4.9

5/29/2002 10.7 5/29/2003 16.8

5/30/2002 14.5 5/30/2003 7.5

5/31/2002 8.3 6/2/2003 9.0

6/3/2002 24.4 6/3/2003 6.9

6/4/2002 19.7 6/4/2003 6.8

6/5/2002 20.4 6/5/2003 12.7

6/6/2002 16.9 6/6/2003 9.0

6/7/2002 14.6 6/9/2003 10.6

6/10/2002 16.6 6/10/2003 8.3

6/11/2002 14.6 6/11/2003 7.6

6/12/2002 16.1 6/12/2003 25.7

6/13/2002 9.7 6/13/2003 7.1

6/14/2002 14.6 6/16/2003 25.6

6/17/2002 35.5 6/17/2003 30.4

6/18/2002 16.4 6/18/2003 33.0

6/19/2002 21.0 6/19/2003 27.7

6/20/2002 25.9 6/20/2003 31.4

6/21/2002 26.7 6/23/2003 37.3

6/24/2002 32.7 6/24/2003 34.2

6/25/2002 31.6 6/25/2003 34.2

6/26/2002 32.1 6/26/2003 21.0

6/27/2002 35.6 6/27/2003 21.5

6/28/2002 39.6 6/30/2003 30.0

7/1/2002 27.8 7/1/2003 13.5

7/2/2002 26.8 7/2/2003 15.2

7/3/2002 8.5 7/3/2003 13.1

7/4/2002 8.5 7/7/2003 17.6

7/5/2002 9.4 7/8/2003 12.7

7/8/2002 9.5 7/9/2003 13.0

7/9/2002 6.9 7/10/2003 10.2

7/10/2002 6.9 7/11/2003 9.8

7/11/2002 9.5 7/14/2003 16.3

7/12/2002 11.6 7/15/2003 24.9

7/15/2002 3.8 7/16/2003 29.0

7/16/2002 8.0 7/17/2003 26.4

7/17/2002 8.0 7/18/2003 26.2

7/18/2002 18.2 7/21/2003 27.8

7/19/2002 19.1 7/22/2003 24.1

7/22/2002 20.9 7/23/2003 22.9

7/23/2002 17.7 7/24/2003 20.2

7/24/2002 17.2 7/25/2003 n.a.

7/25/2002 27.4

7/26/2002 27.3

7/29/2002 31.6

7/30/2002 29.8

7/31/2002 39.8

8/1/2002 35.6

8/2/2002 13.8

8/5/2002 13.1

8/6/2002 9.6

8/7/2002 14.2

8/8/2002 17.1

8/9/2002 18.6

8/12/2002 22.6

8/13/2002 20.4

8/14/2002 21.2

8/15/2002 21.5

8/16/2002 24.1

8/19/2002 26.1

8/20/2002 24.1

8/21/2002 26.3

8/22/2002 28.6

8/23/2002 29.3

8/26/2002 33.1

8/27/2002 31.5

8/28/2002 32.1

8/29/2002 35.6
8/30/2002 26.5

9/2/2002 26.5

9/3/2002 9.6

9/4/2002 8.3

9/5/2002 8.2

9/6/2002 7.3

9/9/2002 10.4

9/10/2002 9.6

9/11/2002 18.1

9/12/2002 9.5

9/13/2002 11.9

9/16/2002 49.7

9/17/2002 52.4

9/18/2002 56.7

9/19/2002 49.2

9/20/2002 54.7

9/23/2002 62.7

9/24/2002 61.3

9/25/2002 61.1

9/26/2002 51.5

9/27/2002 50.8

9/30/2002 60.9
FY

Fiscal Year 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 10337.0 -157.8 3540.0 -1.5% 34.2%

2003 10746.0 -455.0 4036.0 -4.2% 37.6%

2004 11266.0 -475.0 4473.0 -4.2% 39.7%

2005 11829.0 -304.0 4789.0 -2.6% 40.5%

2006 12413.0 -238.0 5043.0 -1.9% 40.6%

2007 13024.0 -213.0 5272.0 -1.6% 40.5%

2008 13671.0 -226.0 5516.0 -1.7% 40.3%

SOURCE: OMB 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 2003-08 estimates from OMB Budget of the United States Government FY 2004 Mid-Session Review.
$ 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 11427.5 2844.0

1992 Q2 11543.6 2907.4

1992 Q3 11683.3 2980.7

1992 Q4 11832.7 3061.6

1993 Q1 11905.5 3120.6

1993 Q2 12077.4 3180.6

1993 Q3 12221.3 3222.6

1993 Q4 12418.5 3309.9

1994 Q1 12545.8 3361.4

1994 Q2 12663.5 3368.0

1994 Q3 12806.4 3404.1

1994 Q4 12985.8 3465.6

1995 Q1 13156.3 3531.5

1995 Q2 13357.1 3556.7

1995 Q3 13502.7 3576.5

1995 Q4 13681.7 3608.5

1996 Q1 13875.4 3689.6

1996 Q2 14036.4 3665.5

1996 Q3 14210.3 3705.6

1996 Q4 14405.9 3755.1

1997 Q1 14574.9 3803.5

1997 Q2 14707.5 3734.2

1997 Q3 14915.6 3745.0

1997 Q4 15194.3 3778.3

1998 Q1 15451.4 3804.8

1998 Q2 15685.7 3723.3

1998 Q3 15896.2 3694.6

1998 Q4 16238.9 3723.7

1999 Q1 16525.7 3731.5

1999 Q2 16684.6 3623.4

1999 Q3 16991.4 3605.0

1999 Q4 17305.0 3652.7

2000 Q1 17523.9 3625.7

2000 Q2 17698.0 3435.7

2000 Q3 17885.3 3382.5

2000 Q4 18164.5 3357.8

2001 Q1 18413.6 3382.0

2001 Q2 18602.6 3224.3

2001 Q3 18922.4 3293.0

2001 Q4 19299.7 3352.7

2002 Q1 19541.3 3404.0

2002 Q2 19857.5 3424.6

2002 Q3 20190.4 3513.6

2002 Q4 20685.1 3609.8

2003 Q1 21009.2 3673.7

2003 Q2 #N/A #N/A

2003 Q3

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%

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%

Percentage Breakdown of Domestic Nonfinancial Credit Market Debt
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%

2002 Q4 17.4% 8.5% 13.9% 30.9% 8.5% 20.7%

2003 Q1 17.5% 8.6% 13.7% 31.2% 8.5% 20.6%

2003 Q2 17.5% 8.6% 13.7% 31.6% 8.3% 20.3%

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 68.8 28.9 97.7 70%

Jun-69 68.4 31.7 100.1 68%

Sep-69 70.5 35.8 106.2 66%

Dec-69 71.3 38.1 109.4 65%

Mar-70 72.7 43.7 116.4 62%

Jun-70 74.4 45.0 119.4 62%

Sep-70 75.9 41.1 117.1 65%

Dec-70 80.6 40.2 120.8 67%

Mar-71 82.2 39.9 122.1 67%

Jun-71 86.7 38.6 125.3 69%

Sep-71 88.6 39.9 128.6 69%

Dec-71 90.4 40.1 130.5 69%

Mar-72 95.3 41.7 137.0 70%

Jun-72 94.6 41.5 136.2 70%

Sep-72 96.4 40.7 137.0 70%

Dec-72 99.3 41.7 141.0 70%

Mar-73 100.5 41.0 141.4 71%

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-74 109.6 65.4 175.0 63%

Dec-74 118.2 67.8 186.1 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-81 218.8 194.6 413.3 53%

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 1347.5 2236.2 40%

Mar-03 955.0 1331.1 2286.2 42%

Jun-03 927.8 #N/A #N/A #N/A

Sep-03

*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

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

Primary Dealer Trading Volumes

3-month moving average

$ billions
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 39.3 178.9 45.5 58.6 #N/A

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

2/11/98 37.9 179.1 45.1 57.8 #N/A

2/18/98 38.1 178.9 44.1 57.7 #N/A

2/25/98 37.8 181.8 44.4 58.5 #N/A

3/4/98 39.1 188.7 44.9 58.4 #N/A

3/11/98 39.0 191.5 44.9 61.2 #N/A

3/18/98 38.3 190.9 44.9 62.4 #N/A

3/25/98 38.3 194.4 45.1 63.6 #N/A

4/1/98 39.6 203.8 46.5 66.5 #N/A

4/8/98 39.3 204.3 46.8 69.1 #N/A

4/15/98 40.1 198.2 46.8 67.3 #N/A

4/22/98 39.9 195.9 46.5 66.1 #N/A

4/29/98 40.1 195.3 46.8 64.9 #N/A

5/6/98 39.6 197.2 46.6 65.0 #N/A

5/13/98 39.0 198.7 46.6 66.0 #N/A

5/20/98 38.1 197.2 46.5 64.9 #N/A

5/27/98 37.9 194.6 46.1 63.4 #N/A

6/3/98 36.8 191.7 45.9 65.1 #N/A

6/10/98 36.2 191.5 46.1 65.2 #N/A

6/17/98 36.3 196.3 46.1 66.0 #N/A

6/24/98 36.1 200.2 46.0 67.7 #N/A

7/1/98 34.9 197.1 45.4 68.0 #N/A

7/8/98 33.9 190.0 45.2 65.7 #N/A

7/15/98 31.8 187.5 44.7 66.6 #N/A

7/22/98 31.2 186.0 44.1 66.0 #N/A

7/29/98 30.1 180.6 43.6 65.2 #N/A

8/5/98 29.3 177.0 43.8 65.3 #N/A

8/12/98 29.0 174.9 44.4 65.8 #N/A

8/19/98 29.0 176.2 44.5 67.2 #N/A

8/26/98 28.8 180.8 44.6 68.6 #N/A

9/2/98 29.9 188.5 45.0 68.7 #N/A

9/9/98 30.6 190.0 45.2 70.4 #N/A

9/16/98 31.3 190.3 46.1 73.2 #N/A

9/23/98 31.4 189.6 47.1 74.3 #N/A

9/30/98 31.3 193.2 47.8 75.5 #N/A

10/7/98 31.8 203.8 49.0 79.1 #N/A

10/14/98 32.6 213.1 50.5 82.8 #N/A

10/21/98 32.7 217.5 51.7 85.5 #N/A

10/28/98 32.4 222.4 52.3 87.8 #N/A

11/4/98 33.3 223.8 53.2 87.6 #N/A

11/11/98 34.1 225.4 54.0 87.8 #N/A

11/18/98 34.8 226.1 54.6 88.2 #N/A

11/25/98 34.3 219.5 54.6 87.3 #N/A

12/2/98 33.4 208.9 54.2 86.1 #N/A

12/9/98 33.4 205.9 54.3 84.8 #N/A

12/16/98 32.7 197.6 53.5 81.5 #N/A

12/23/98 31.9 187.9 52.4 78.0 #N/A

12/30/98 31.9 177.5 50.9 74.1 #N/A

1/6/99 32.0 168.0 50.8 71.5 #N/A

1/13/99 31.8 164.2 50.1 70.9 #N/A

1/20/99 32.5 162.2 50.2 69.4 #N/A

1/27/99 32.7 158.7 50.4 69.3 #N/A

2/3/99 32.3 157.5 50.0 69.4 #N/A

2/10/99 31.6 155.9 50.0 69.6 #N/A

2/17/99 31.0 154.1 50.1 69.6 #N/A

2/24/99 31.2 154.6 50.7 70.7 #N/A

3/3/99 32.1 158.6 51.5 72.1 #N/A

3/10/99 31.5 159.8 51.6 71.7 #N/A

3/17/99 31.2 159.8 52.4 72.1 #N/A

3/24/99 31.4 163.6 52.9 73.1 #N/A

3/31/99 32.9 168.7 53.6 75.7 #N/A

4/7/99 32.2 166.5 52.0 75.0 #N/A

4/14/99 31.8 162.6 52.2 73.8 #N/A

4/21/99 31.1 161.1 51.9 73.7 #N/A

4/28/99 31.8 160.5 52.0 71.5 #N/A

5/5/99 31.5 159.0 52.1 71.4 #N/A

5/12/99 31.5 156.7 52.0 68.7 #N/A
5/19/99 31.4 160.5 52.0 69.4 #N/A

5/26/99 31.8 161.3 52.2 69.5 #N/A

6/2/99 31.2 158.8 51.6 67.4 #N/A

6/9/99 31.1 156.6 52.0 66.7 #N/A

6/16/99 31.2 159.6 52.0 69.1 #N/A

6/23/99 31.5 161.0 52.3 69.7 #N/A

6/30/99 29.9 161.7 53.0 69.4 #N/A

7/7/99 30.1 164.4 54.4 70.0 #N/A

7/14/99 29.6 164.2 53.9 69.8 #N/A

7/21/99 29.5 163.8 53.7 69.1 #N/A

7/28/99 28.4 163.7 53.9 69.4 #N/A

8/4/99 28.1 162.9 54.0 69.3 #N/A

8/11/99 27.5 165.0 54.1 71.5 #N/A

8/18/99 27.2 162.3 54.1 70.6 #N/A

8/25/99 26.5 160.2 54.2 69.6 #N/A

9/1/99 26.0 158.8 54.9 69.6 #N/A

9/8/99 26.1 157.7 54.6 69.2 #N/A

9/15/99 26.3 155.2 55.1 68.7 #N/A

9/22/99 25.9 150.9 55.2 67.5 #N/A

9/29/99 25.8 151.0 55.6 66.6 #N/A

10/6/99 25.8 152.4 55.9 66.0 #N/A

10/13/99 25.8 151.5 56.6 65.9 #N/A

10/20/99 25.7 151.5 56.9 65.6 #N/A

10/27/99 25.8 151.4 56.9 65.2 #N/A

11/3/99 25.9 152.0 57.1 63.8 #N/A

11/10/99 27.2 151.8 57.1 64.4 #N/A

11/17/99 28.0 152.0 58.0 63.3 #N/A

11/24/99 27.9 151.4 58.2 62.0 #N/A

12/1/99 28.4 151.1 57.7 60.8 #N/A

12/8/99 28.8 151.7 58.2 61.4 #N/A

12/15/99 28.5 151.2 57.7 58.0 #N/A

12/22/99 29.1 152.1 57.3 57.0 #N/A

12/29/99 29.8 144.2 56.2 54.4 #N/A

1/5/00 30.2 141.0 55.0 52.3 #N/A

1/12/00 30.6 142.9 55.7 51.9 #N/A

1/19/00 30.8 144.1 56.4 54.1 #N/A

1/26/00 30.9 148.0 57.5 54.2 #N/A

2/2/00 31.3 153.2 58.6 55.3 #N/A

2/9/00 30.4 157.3 60.1 55.4 #N/A

2/16/00 29.8 158.3 60.6 56.5 #N/A

2/23/00 30.7 160.7 60.9 57.8 #N/A

3/1/00 30.2 163.6 62.1 58.5 #N/A

3/8/00 30.4 164.9 62.8 56.7 #N/A

3/15/00 30.3 167.0 63.8 59.5 #N/A

3/22/00 29.7 168.7 65.9 61.1 #N/A

3/29/00 30.6 178.9 68.7 63.4 #N/A

4/5/00 30.9 186.4 71.1 64.9 #N/A

4/12/00 30.7 188.6 71.1 66.7 #N/A

4/19/00 30.8 190.9 72.1 65.2 #N/A

4/26/00 31.1 186.4 73.2 65.0 #N/A

5/3/00 30.7 183.3 74.4 65.8 #N/A

5/10/00 30.2 178.7 74.6 64.7 #N/A

5/17/00 29.8 177.6 76.5 64.9 #N/A

5/24/00 28.6 177.5 77.7 64.2 #N/A

5/31/00 28.1 174.6 78.0 63.4 #N/A

6/7/00 27.5 178.2 78.6 64.7 #N/A

6/14/00 26.8 177.8 78.1 66.4 #N/A

6/21/00 26.4 178.7 77.4 66.5 #N/A

6/28/00 24.2 176.8 75.5 66.0 #N/A

7/5/00 23.1 171.6 75.5 63.7 #N/A

7/12/00 22.3 169.2 76.0 63.3 #N/A

7/19/00 21.4 166.3 76.0 65.1 #N/A

7/26/00 20.5 167.1 74.6 64.7 #N/A

8/2/00 20.0 164.6 73.4 63.0 #N/A

8/9/00 19.6 163.8 72.7 62.2 #N/A

8/16/00 19.9 162.5 70.4 65.8 #N/A

8/23/00 19.6 158.8 70.1 66.2 #N/A

8/30/00 19.4 157.0 70.0 66.3 #N/A

9/6/00 19.6 153.7 69.5 65.0 #N/A

9/13/00 20.1 153.5 70.5 65.3 #N/A

9/20/00 20.4 158.7 71.1 67.6 #N/A

9/27/00 20.8 162.0 71.6 69.0 #N/A

10/4/00 21.3 165.2 71.2 71.3 #N/A

10/11/00 22.1 168.7 71.3 70.9 #N/A

10/18/00 22.7 173.7 71.1 73.5 #N/A

10/25/00 23.2 178.4 72.4 74.6 #N/A

11/1/00 24.7 182.3 72.9 75.6 #N/A

11/8/00 26.6 183.8 72.7 78.4 #N/A

11/15/00 27.1 185.3 72.6 77.2 #N/A

11/22/00 27.5 185.9 72.3 76.5 #N/A

11/29/00 28.2 189.9 72.4 79.1 #N/A

12/6/00 29.2 200.5 74.0 81.1 #N/A
12/13/00 29.5 206.9 74.5 82.0 #N/A

12/20/00 30.1 207.0 74.7 81.2 #N/A

12/27/00 30.7 202.2 75.2 79.4 #N/A

1/3/01 32.2 203.8 75.9 79.2 #N/A

1/10/01 32.6 214.3 77.0 81.9 #N/A

1/17/01 33.1 217.5 78.6 82.0 #N/A

1/24/01 33.4 222.1 79.5 86.1 #N/A

1/31/01 32.6 226.7 80.7 86.0 #N/A

2/7/01 31.7 233.3 82.9 87.0 #N/A

2/14/01 31.0 239.8 84.7 90.3 #N/A

2/21/01 31.0 247.6 86.0 93.5 #N/A

2/28/01 32.0 258.0 89.1 94.0 #N/A

3/7/01 31.2 254.8 89.2 96.6 #N/A

3/14/01 31.1 256.1 90.9 95.7 #N/A

3/21/01 30.9 258.5 92.0 99.0 #N/A

3/28/01 31.6 268.0 93.9 103.1 #N/A

4/4/01 30.9 272.0 93.6 105.0 #N/A

4/11/01 30.9 264.2 92.7 105.0 #N/A

4/18/01 32.0 265.1 92.2 105.9 #N/A

4/25/01 32.1 265.8 93.0 104.7 #N/A

5/2/01 31.6 265.7 92.7 106.1 #N/A

5/9/01 30.9 266.9 91.8 105.4 #N/A

5/16/01 30.7 269.6 91.2 104.0 #N/A

5/23/01 30.4 270.2 91.0 104.6 #N/A

5/30/01 29.3 264.6 88.3 104.1 #N/A

6/6/01 29.4 264.2 87.5 103.0 #N/A

6/13/01 28.8 260.4 85.7 105.0 #N/A

6/20/01 28.7 257.7 85.4 102.6 #N/A

6/27/01 27.6 256.0 84.7 101.5 #N/A

7/4/01 27.1 257.4 85.8 100.9 #N/A

7/11/01 26.8 255.5 85.5 101.1 #N/A

7/18/01 25.6 252.6 85.5 99.2 #N/A

7/25/01 25.3 247.7 83.9 97.9 #N/A

8/1/01 25.8 245.3 83.0 97.5 #N/A

8/8/01 26.8 239.5 82.4 98.9 #N/A

8/15/01 28.0 237.0 83.0 100.6 #N/A

8/22/01 29.1 236.9 83.3 99.4 #N/A

8/29/01 29.4 235.9 83.7 100.3 #N/A

9/5/01 30.2 239.2 84.5 99.3 #N/A

9/12/01 30.7 241.9 85.6 98.5 #N/A

9/19/01 30.6 239.5 87.6 103.7 #N/A

9/26/01 31.3 243.8 89.1 108.1 99.2

10/3/01 31.0 244.5 89.7 112.4 98.9

10/10/01 31.0 247.4 90.5 115.1 100.8

10/17/01 30.6 249.5 91.2 119.6 101.4

10/24/01 31.3 254.0 92.5 121.4 102.4

10/31/01 31.8 259.1 93.8 122.9 102.4

11/7/01 32.9 273.9 95.4 125.1 103.0

11/14/01 33.2 279.0 96.3 128.0 104.0

11/21/01 33.7 288.0 97.4 133.2 104.4

11/28/01 33.9 294.7 97.3 133.8 103.3

12/5/01 33.9 298.4 97.6 136.5 102.4

12/12/01 35.0 305.0 97.4 139.9 100.3

12/19/01 35.8 311.1 95.6 139.1 100.5

12/26/01 35.7 297.8 92.8 132.4 96.9

1/2/02 36.7 287.7 91.2 126.7 93.8

1/9/02 37.7 290.5 90.9 127.3 92.0

1/16/02 38.4 295.9 91.4 126.8 91.5

1/23/02 38.6 297.8 90.5 127.7 91.3

1/30/02 39.1 301.3 90.0 129.9 92.4

2/6/02 38.5 293.4 89.2 127.7 92.0

2/13/02 38.6 289.3 87.4 127.0 90.5

2/20/02 38.7 280.2 85.8 125.6 90.0

2/27/02 39.1 280.1 85.8 126.7 92.7

3/6/02 39.2 281.4 85.6 129.4 95.3

3/13/02 39.2 282.3 85.4 130.6 97.9

3/20/02 39.8 286.8 83.9 129.3 100.4

3/27/02 40.9 303.9 84.9 132.8 106.2

4/3/02 42.5 313.4 85.1 138.7 111.8

4/10/02 43.0 310.9 84.4 137.7 114.0

4/17/02 43.5 306.9 82.4 134.9 116.3

4/24/02 43.3 307.0 81.9 133.7 118.0

5/1/02 43.2 303.7 81.1 132.7 118.7

5/8/02 43.3 305.3 80.4 138.5 120.5

5/15/02 43.9 310.4 80.3 137.0 122.9

5/22/02 43.5 314.2 80.0 133.7 125.2

5/29/02 43.2 314.8 79.5 132.5 124.7

6/5/02 43.5 311.6 78.6 130.2 123.6

6/12/02 43.8 307.6 77.4 131.6 122.0

6/19/02 43.5 305.3 78.8 133.6 121.4

6/26/02 43.2 301.3 79.3 138.3 121.1

7/3/02 41.8 305.0 80.4 137.6 119.5
7/10/02 41.1 306.0 80.2 140.8 118.2

7/17/02 41.0 312.4 81.9 147.5 117.3

7/24/02 41.7 318.1 82.7 149.7 116.2

7/31/02 42.5 324.2 83.6 152.2 115.2

8/7/02 42.3 327.1 84.2 149.6 114.5

8/14/02 42.2 330.5 84.6 153.6 114.4

8/21/02 42.7 333.6 84.4 157.9 114.9

8/28/02 42.4 332.6 84.6 160.1 115.7

9/4/02 42.4 335.9 84.7 160.6 116.1

9/11/02 42.4 338.2 84.3 162.5 116.3

9/18/02 43.0 340.5 83.4 166.0 116.7

9/25/02 43.4 347.1 83.4 166.2 116.4

10/2/02 43.9 350.1 82.7 171.6 117.0

10/9/02 44.5 353.1 82.8 172.9 117.4

10/16/02 45.0 355.3 82.1 175.1 118.3

10/23/02 44.7 357.9 81.2 179.7 119.7

10/30/02 44.6 357.1 80.0 179.0 120.7

11/6/02 45.5 361.1 80.0 177.8 122.7

11/13/02 46.1 363.9 80.3 184.3 124.2

11/20/02 46.0 365.4 81.2 190.1 124.6

11/27/02 46.8 368.5 80.7 191.0 125.1

12/4/02 46.5 366.4 80.4 192.6 123.7

12/11/02 46.9 367.7 81.8 194.3 124.8

12/18/02 46.5 363.2 82.0 191.4 125.4

12/25/02 45.9 350.5 80.5 187.6 124.1

1/1/03 45.5 331.9 79.1 178.6 121.8

1/8/03 45.1 334.4 80.5 181.6 123.0

1/15/03 44.4 333.9 80.4 182.4 123.9

1/22/03 44.6 325.5 81.2 179.0 125.1

1/29/03 43.9 321.3 81.7 180.7 126.4

2/5/03 43.6 314.0 82.3 180.8 126.6

2/12/03 42.3 308.7 81.9 178.4 125.7

2/19/03 42.0 304.8 81.9 176.1 125.4

2/26/03 41.7 303.9 82.4 179.8 126.2

3/5/03 42.2 306.1 84.1 186.8 128.9

3/12/03 42.2 307.7 84.1 193.0 129.9

3/19/03 42.4 318.4 84.7 199.9 130.7

3/26/03 43.1 328.0 85.7 205.9 133.9

4/2/03 43.6 344.1 86.8 213.7 138.6

4/9/03 44.1 341.2 85.1 212.7 139.6

4/16/03 45.0 334.8 84.7 211.5 140.7

4/23/03 45.3 332.0 83.7 214.8 141.9

4/30/03 45.5 335.2 84.0 218.9 142.9

5/7/03 45.8 342.1 83.7 222.6 144.0

5/14/03 47.0 353.7 84.6 229.1 145.4

5/21/03 47.6 366.1 85.3 236.2 145.9

5/28/03 47.5 377.4 85.6 237.0 145.6

6/4/03 47.5 383.5 84.9 235.4 146.6

6/11/03 47.4 389.6 85.7 232.0 146.9

6/18/03 47.6 389.9 87.1 231.9 147.1

6/25/03 47.8 394.6 87.7 230.4 149.0

7/2/03 48.2 404.6 88.6 233.4 152.0

7/9/03 48.0 412.7 88.7 238.3 152.5

7/16/03 47.0 420.9 88.4 241.8 152.1

3-MONTH MOVING AVERAGE

SOURCE: New York Federal Reserve Bank

*Note: Survey of trading volume in corporates not begun until September 2001
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
Treasury Quarterly Net Borrowing From NonMarketable Issues 

$ billions

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

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

I 0.1 -1.5 -1.0 -2.4 2003

II -0.5 -0.6 -8.3 -9.4

Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury securities from May 15, 2002--July 8, 2002.
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 39% 22%

3Q 40% 22%

4Q 40% 23%

2003 1Q 41% 23%

2Q* 42% 24%

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 May 31, 2003.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
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

2003* 25 13 17 29 16 100

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

non-interest-bearing matured debt.

* Data as of June 30, 2003.
*Release in minutes and fractions of a minute (I.e., a 4 minute 30 second release is 4.50) new data

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

AUCTIONS SECURITY DATE TIME* AUCTIONS SECURITY DATE TIME* AUCTIONS SECURITY DATE TIME*

1 13-WEEK 5/06/02 8.57 94 4-WEEK 10/29/02 4.07 185 13-WEEK 4/28/03 4.05

2 26-WEEK 5/06/02 8.57 95 13-WEEK 11/04/02 5.07 186 26-WEEK 4/28/03 4.03

3 4-WEEK 5/07/02 4.28 96 26-WEEK 11/04/02 5.07 187 4-WEEK 4/29/03 4.02

4 5-YEAR 5/07/02 4.92 97 4-WEEK 11/05/02 4.05 188 13-WEEK 5/5/03 4.02

5 10-YEAR 5/08/02 5.03 98 5-YEAR 11/05/02 5.02 189 26-WEEK 5/5/03 4.04

6 7-DAY 5/09/02 4.08 99 10-YEAR 11/06/02 4.12 190 4-WEEK 5/6/03 4.01

7 13-WEEK 5/13/02 4.83 100 13-WEEK 11/12/02 4.80 191 3-YEAR 5/6/03 4.02

8 26-WEEK 5/13/02 4.83 101 26-WEEK 11/12/02 4.80 192 5-DAY 5/7/03 4.04

9 4-WEEK 5/14/02 5.18 102 4-WEEK 11/13/02 4.75 193 5-YEAR 5/7/03 4.03

10 13-WEEK 5/20/02 4.43 103 13-WEEK 11/18/02 4.27 194 10-YEAR 5/8/03 4.04

11 26-WEEK 5/20/02 4.43 104 26-WEEK 11/18/02 4.27 195 2-DAY 5/12/03 4.02

12 4-WEEK 5/21/02 4.03 105 4-WEEK 11/19/02 4.15 196 13-WEEK 5/12/03 4.03

13 13-WEEK 5/28/02 4.78 106 13-WEEK 11/25/02 5.32 197 26-WEEK 5/12/03 4.00

14 26-WEEK 5/28/02 4.78 107 26-WEEK 11/25/02 5.32 198 4-WEEK 5/13/03 4.01

15 4-WEEK 5/29/02 4.00 108 4-WEEK 11/26/02 4.05 199 6-DAY 5/20/03 4.01

16 2-YEAR 5/29/02 11.38 109 2-YEAR 11/27/02 4.37 200 13-WEEK 5/20/03 4.01

17 9-DAY 5/31/02 8.30 110 13-WEEK 12/02/02 3.72 201 26-WEEK 5/20/03 4.05

18 13-WEEK 6/03/02 4.47 111 26-WEEK 12/02/02 3.72 202 4-WEEK 5/21/03 4.00

19 26-WEEK 6/03/02 4.47 112 4-WEEK 12/03/02 4.12 203 16-DAY 5/27/03 4.00

20 4-WEEK 6/04/02 4.30 113 6-DAY 12/09/02 4.03 204 4-WEEK 5/28/03 4.01

21 13-WEEK 6/10/02 5.52 114 13-WEEK 12/09/02 4.08 205 13-WEEK 5/28/03 4.01

22 26-WEEK 6/10/02 5.52 115 26-WEEK 12/09/02 4.08 206 26-WEEK 5/28/03 4.02

23 6-DAY 6/11/02 4.15 116 4-WEEK 12/10/02 4.05 207 2-YEAR 5/29/03 4.00

24 4-WEEK 6/11/02 4.03 117 13-WEEK 12/16/02 4.07 208 2-DAY 6/02/03 4.01

25 13-WEEK 6/17/02 4.08 118 26-WEEK 12/16/03 4.07 209 13-WEEK 6/02/03 4.05

26 26-WEEK 6/17/02 4.08 119 4-WEEK 12/17/02 4.03 210 26-WEEK 6/02/03 4.02

27 4-WEEK 6/18/02 4.02 120 2-YEAR 12/23/02 5.22 211 4-WEEK 6/03/03 4.00

28 13-WEEK 6/24/02 9.63 121 13-WEEK 12/23/02 4.30 212 8-DAY 6/04/03 4.00

29 26-WEEK 6/24/02 9.63 122 26-WEEK 12/23/03 4.30 213 13-WEEK 6/09/03 4.03

30 4-WEEK 6/25/02 4.00 123 4-WEEK 12/24/02 4.22 214 26-WEEK 6/09/03 4.03

31 2-YEAR 6/28/02 5.93 124 13-WEEK 12/30/02 4.33 215 4-WEEK 6/10/03 4.00

32 13-WEEK 7/01/02 4.28 125 26-WEEK 12/30/02 4.33 216 4-YR 11-MONTH 6/11/03 4.04

33 26-WEEK 7/01/02 4.28 126 4-WEEK 12/31/02 4.03 217 13-WEEK 06/16/03 4.01

34 4-WEEK 7/02/02 4.15 127 13-WEEK 1/06/03 4.33 218 26-WEEK 06/16/03 4.03

35 13-WEEK 7/08/02 4.28 128 26-WEEK 1/06/03 4.33 219 4-WEEK 06/17/03 4.01

36 26-WEEK 7/08/02 4.28 129 4-WEEK 1/07/03 4.42 220 13-WEEK 06/23/03 4.02

37 4-WEEK 7/09/02 3.67 130 9-YR 6-MO IIN 1/08/03 4.60 221 26-WEEK 06/23/03 4.02

38 10-YEAR IIN 7/10/02 4.63 131 13-WEEK 1/13/03 4.05 222 4-WEEK 06/24/03 4.00

39 13-WEEK 7/15/02 4.92 132 26-WEEK 1/13/03 4.05 223 2-YEAR 06/25/03 4.00

40 26-WEEK 7/15/02 4.92 133 4-WEEK 1/14/03 4.07 224 13-WEEK 06/30/03 4.07

41 4-WEEK 7/16/02 4.48 134 13-WEEK 1/21/03 4.05 225 26-WEEK 06/30/03 4.06

42 13-WEEK 7/22/02 5.58 135 26-WEEK 1/21/03 4.03 226 4-WEEK 07/01/03 4.01

43 26-WEEK 7/22/02 5.58 136 4-WEEK 1/22/03 4.07 227 13-WEEK 07/07/03 4.04

44 4-WEEK 7/23/02 4.03 137 13-WEEK 1/27/03 4.05 228 26-WEEK 07/07/03 4.14

45 2-YEAR 7/24/02 4.47 138 26-WEEK 1/27/03 4.05 229 4-WEEK 07/08/03 4.02

46 13-WEEK 7/29/02 6.50 139 4-WEEK 1/28/03 4.03 230 10-YEAR 07/09/03 4.03

47 26-WEEK 7/29/02 6.50 140 2-YEAR 1/29/03 4.05 231 13-WEEK 07/14/03 4.04

48 4-WEEK 7/30/02 15.15 141 13-WEEK 2/03/03 4.07 232 26-WEEK 07/14/03 4.05

49 13-WEEK 8/05/02 5.97 142 26-WEEK 2/03/03 4.03 233 4-WEEK 07/15/03 4.01

50 26-WEEK 8/05/02 5.97 143 4-WEEK 2/04/03 4.02 234 13-WEEK 07/21/03 4.05

51 4-WEEK 8/06/02 4.0 144 13-WEEK 2/10/03 4.07 235 26-WEEK 07/21/03 4.06

52 5-YEAR 8/06/02 4.08 145 26-WEEK 2/10/03 4.07 236 4-WEEK 07/22/03 4.08

53 10-YEAR 8/07/02 4.82 146 4-WEEK 2/11/03 4.22 237 2-YEAR 07/23/03 4.02

54 13-WEEK 8/12/02 4.77 147 5-YEAR 2/11/03 4.32

55 26-WEEK 8/12/02 4.77 148 10-YEAR 2/12/03 4.02 Explanation of Auction Release Time Deviations: None

56 4-WEEK 8/13/02 4.03 149 13-WEEK 2/18/03 4.05

57 13-WEEK 8/19/02 4.42 150 26-WEEK 2/18/03 4.08

58 26-WEEK 8/19/02 4.42 151 4-WEEK 2/19/03 4.02

59 4-WEEK 8/20/02 4.03 152 13-WEEK 2/24/03 4.13

60 13-WEEK 8/26/02 4.08 153 26-WEEK 2/24/03 4.13

61 26-WEEK 8/26/02 4.08 154 4-WEEK 2/25/03 4.05

62 4-WEEK 8/27/02 4.00 155 2-YEAR 2/26/03 4.02

63 2-YEAR 8/28/02 4.02 156 14-DAY 2/27/03 28.6

64 13-WEEK 9/03/02 4.98 157 13-WEEK 3/03/03 4.07

65 26-WEEK 9/03/02 4.98 158 26-WEEK 3/03/03 4.07

66 4-WEEK 9/04/02 4.62 159 4-WEEK 3/04/03 4.02

67 13-WEEK 9/09/02 4.07 160 13-WEEK 3/10/03 4.08

68 26-WEEK 9/09/02 4.07 161 26-WEEK 3/10/03 4.07

69 5-DAY 9/10/02 4.12 162 4-WEEK 3/11/03 4.03

70 4-WEEK 9/10/02 4.03 163 13-WEEK 3/17/03 4.23

71 13-WEEK 9/16/02 4.30 164 26-WEEK 3/17/03 4.05

72 26-WEEK 9/16/02 4.30 165 4-WEEK 3/18/03 4.00

73 4-WEEK 9/17/02 4.10 166 13-WEEK 3/24/03 4.03

74 13-WEEK 9/23/02 4.42 167 26-WEEK 3/24/03 4.03

75 26-WEEK 9/23/02 4.42 168 4-WEEK 3/25/03 4.02

76 4-WEEK 9/24/02 4.07 169 2-YEAR 3/26/03 4.03

77 2-YEAR 9/25/02 4.73 170 13-WEEK 3/31/03 12.02

78 13-WEEK 9/30/02 5.37 171 26-WEEK 3/31/03 11.63

79 26-WEEK 9/30/02 5.37 172 4-WEEK 4/01/03 4.03

80 4-WEEK 10/01/02 4.07 173 12-DAY 4/02/03 4.03

81 13-WEEK 10/07/02 4.18 174 13-WEEK 4/07/03 4.07

82 26-WEEK 10/07/02 4.18 175 26-WEEK 4/07/03 4.05

83 4-WEEK 10/08/02 4.48 176 6-DAY 4/08/03 4.07

84 9-YR 9-MO IIN 10/09/02 4.28 177 4-WEEK 4/08/03 6.35

85 13-WEEK 10/15/02 4.42 178 13-WEEK 4/14/03 4.07

86 26-WEEK 10/15/02 4.42 179 26-WEEK 4/14/03 4.07

87 4-WEEK 10/16/02 4.48 180 4-WEEK 4/15/03 4.02

88 13-WEEK 10/21/02 4.77 181 13-WEEK 4/21/03 4.05

89 26-WEEK 10/21/02 4.77 182 26-WEEK 4/21/03 4.02

90 4-WEEK 10/22/02 4.12 183 4-WEEK 4/22/03 4.02

91 2-YEAR 10/23/02 4.00 184 2-YEAR 4/23/03 4.03

92 13-WEEK 10/28/02 7.82

93 26-WEEK 10/28/02 7.82

Note: Current quarter exceptions:

1.

Auction Release Times