1970 '71 '72 '73 '74 '75 '76 '77 '78 '79 '80 '81 '82 '83 '84e '85e

Fiscal Years

J/Adjusted for Federal and sponsored agency purchases of guaranteed obligations.

2/Consists largely of Federal Financing Bank borrowings from Treasury.

3/Adjusted for changes in cash balance and other means of financing. e estimate Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

FEDERAL AND FEDERALLY-ASSISTED

BORROWING FROM THE PUBLIC

May 1, 1984 14
$Bil.

500-

400

300

200

100

FEDERAL AND FEDERALLY-ASSISTED BORROWING

RELATIVE TO TOTAL BORROWING

[~~1 Private borrowing^

Federally-assisted borrowing^

Federal borrowing

(left scale)

Federal Share

(right scale) M

%

50

40

30

20

10

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984e

Fiscal Years

e estimate

^ Funds raised by private non-financial sectors.

3/ Net sponsored agency and guaranteed borrowing. Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1, 1984-24
$Bil.

80

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January - March 1984-1/

Uses Sources

— Coupon Maturities}^H

72V2

^•^ Coupon Refunding

_ Foreign wmL

NonmarketablesHB

i/2 IH

Bfl Savings Bonds

H %

•

VA

State

and Local

^^H^lCash Deficit Net Market ,k

Borrowing w

Increase ^^H

_Cash Balance^^^l

21/4 ^^B

1/ Includes the 2 and 4 year notes which settled January 3, 1984;

excludes the 2 and 4 year notes which settled April 2, 1984.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1, 1984-15
$Bil.

70

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

April-June 1984^

Increase

in Cash

Balance -2/

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Uses Sources

Coupon Maturities Coupon Refunding

Foreign Nonmarketables

1/4 TM>

Savings Bonds

3/4

State & Local

4Cash Deficit

Net Market ,

Borrowing S

313/4 \

-J/Includes the 2 and 4 year notes which settled April 2, 1984;

excludes the 2 and 4 year notes settling July 2, 1984.

-2/lssued or announced through April 27, 1984.

-^Assumes a $15 billion cash balance June 30, 1984.

\

93/4

Done

$Bil.

70

60

50

40

30

20

10

0

May 1, 198420
$Bil.

30

20

10

0

-10

-20

-30

TREASURY OPERATING CASH BALANCE

Semi-Monthly

Tax and Loan

Accounts Balance!'

•^ 'x.*'"""-../ 'v / v,,,'''\!^— -'..,/ x"*-«-",mr'--.,.„.

Federal Reserve Account

-Without New-*

• Borrowing _l/

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun

1983 1984

_l/ Assumes refunding of maturing issues

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1. 1984-22
TREASURY NET MARKET BORROWING^

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

III IV I II III IV I II III IV

1980 1981 1982 1983

•J/Excludes Federal Reserve and Government Account Transactions.

1984

May 1. 1984 19
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES

$Bil. | 1$Bil.

6

4

Savings Bonds

State & Local Series

Foreign Nonmarketables

-6.6

I II III IV

1980

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysts

II III IV I II III IV

1981 1982

e estimate

5.9

II III IV

1983

I ll(

1984

6

-8

May 1, 1984-18
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$Bil. i —— l$Bil.

-10

Nonmarketable Marketable

S Add-ons^

•Other Transactions

-5.8

1

8.7 10

-5

II III IV

1980

II III IV I II III IV

1981 1982

II III IV 127

1983 1984

-10

J/ F.R.B. purchases of marketable issues as agents for foreign and international

monetary authorities which are added to the announced amount of the issue.

2/ Partly estimated.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1, 1984-8
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

$Mil.

400

300

200

100

0

-100

-200

-300

-400

-500

-600

New Money-V

(left scale)

1116 Months

WM 3 Months

Average Auction Yields ^ (right scale)

6 Month Bill

— 3 Month Bill

Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr

1982 Auction Dates 1983

%

15

-14

13

12

11

10

9

8

7

-i^New money is the difference between noncompetitive bids on the new

office of the secretary of the Treasury issues and maturing bills previously bid noncompetitively.

Office ofGovernment Finance &Market Analysis ^yDiQrniint hfl^lQ April 26, 1983-16
NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDSr

$Mil

Apr May

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar

1983 Auction Dates 1984

J/ New money is the difference between noncompetitive bids on the new

issues and maturing bills previously bid noncompetitively.

-^ Discount basis. * Noncompetitive bid ceiling raised from $500,000 to $1,000,000.

** Ban on when issued trading imposed. May 1, 1984-13
%

SHORT TERM INTEREST RATES

Monthly Averages

8 'Commercial

Paper

1980

Office of the Secretary of the Treasury

Offtce of Government Finance & Market Analysis

1981

•••••

1982 1983

Through

April 27

1984

%

20

18

16

14

12

10

8

6

May 1, 1984-10
%

12

11

8

SHORT TERM INTEREST RATES

Weekly Averages

.♦•7...../

Federal

Funds

*•—••../

Jul Aug Sep Oct

1983

Prime Rate

Commercial

Paper

••••

Through week ending

April 25

..••••••'• ••

3 Month

Treasury Bill

Nov Dec Jan Feb Mar

1984

Apr

%

12

11

10

8

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysts May 1, 1984-9
%

19

17-

15

13

11

LONG MARKET RATES

Monthly Averages

i i

New Conventional

—

Mortgages —

/ *A_J*v New Aa _S / \ ~ | '*-v/\

* Corpo

7 \ A

// \\ //

rates/ / \

/ /\

>•. \ ^

/-v —

*/ V * / x s /V V • \ "v"

7 \\ / x # \ •« .♦* .x •

•

•

• \

• % /\x^r i v x ^"^ 1

\x .••••••

.••••* -^^ \\-^^^-/Treasury 20-Year

1

^ / V 20-Year — .«. ..•** Municipal Bonds

••"..

t _

Through

• * •* April 27

V*

I I II I I I II I I I II I I I I I Il I II 111111II 1 11 1II11111 1 1 1 1 1 1

19

17

— 15

13

•11

— 7

1980 1981 1982 1983 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1, 1984 12
14

13

12

11

10

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

New Aa

Corporates

Treasury

5-Year

Municipal Bonds

20-Year

Through week ending

April 27

Treasury

10J£ear

Jul Aug Sep Oct

1983

Nov Dec Jan Feb Mar Apr

1984

%

14

13

11

10

Office of the Secretary of the Treasury

Office of Government Finance fit Market Analysis May 1, 1984 11
MARKET YIELDS ON GOVERNMENTS

Bid Yields

%

13

12

%

13

12

10

•• 10 12 14 16 18 20 22 24 26 28 30

0

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

4 5 6

Years to Maturity

8 9 10

May 1, 1984-23
$Bil.

1000

PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

1973 1974 1975 1976

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

1977 1978 1979 1980 1981

As of December 31

1982 1983

May 1, 1984-5
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT

BY MATURITY

Coupons Hover 10 yrs

H2-10 yrs

1-2 yrs Bills

1 yr & under

100%

90

80

70

60

50

40

30

20

10

0

1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 Mar'84

As of December 31

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1, 1984-1
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

1945

June 1947

10 Years

5 Months

53 55 57 59

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

Months

March 31, 1984

4 Years, 4 Months

451 I I I I I l__l i i i i_

JFMAMJJASOND
MATURING COUPON ISSUES

May — September 1984

(In millions of dollars)

Maturing Issues

Outstanding March 31, 1984

Total

Held By

Federal Reserve

& Government

Accounts

Private

Investors

Foreign

Investors!/

9 1/4% Nt. 5/15/84

13 1/4% Nt. 5/15/84

15 3/4% Nt. 5/15/84

13 3/4% Nt. 5/31/84

8 7/8% Nt. 6/30/84

14 3/8% Nt. 6/30/84

13 1/8% Nt. 7/31/84

7 1/4% Nt. 8/15/84

13 1/4% Nt. 8/15/84

6 3/8% Bd. 8/ 15/84

11 5/8% Nt. 8/31/84

12 1/8% Nt. 9/30/84

2,587

4,315

3,775

6,018

3,726

6,232

7,177

2,863

4,662

2,171

7,492

11,012

69

511

776

450

544

859

1,183

384

887

1,205

606

919

2,518

3,804

2,999

5,568

3,182

5,373

5,994

2,479

3,775

966

6,886

10,093

130

679

565

789

139

722

672

559

100

887

2,162

Total 62,030 8,393 53,637 7,404

\] F.R.B. custody accounts for foreign official institutions;

included in Private Investors.

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis May 1, 1984-17
$Bil.

12

10

8

6

4

2

0

14

12

10

8

6

4

2

0

16

14

12

10

8

6

4

2

0

20

18

16

14

12

10

8

6

4

2

0

7.7827.8

1

10.0

8.77/38.5

150

I

11.9

12.4

6.2

i

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

9.3

I

I

1984

8.6

10.1 9.7

TMB7.i

I 5.6

7.26.9 6.0

II

1985

10.9

8.2K3 8.1

11.4

^ rZ VA 9-5 8.4 Eg8.4 'Z 8 2M8.4 1

12.5 I

12.0

n B11B IB *

10.7

11.8

ill •

14.2

1 8.3%

1986 14.3

13.2

I 1 y | y 1

• II I 1

1987

5.5 6.1

4.0

6.2

1

7.0

5.6

6.2

$Bil.

8

6

4

2

0

8

6

4

2

0

8

6

4

2

0

4

2

0

8

6

4

2

0

12

10

8

6

4

2

0

8

6

4

2

0

5.0

-2.7

-3.4

5.5

2.6

8

63

2.9

6.2 I 1988

I 2.8 ^

• 1

5.8

3.4 //,

I 1 8.2

3.3

5.0

1 * 5.4

ill 1.8

8.8

4.7

1989

4.6

1990

4.9

1991

1992

1993

1994

2.6

2.4

2.2

7.5

1

1.5

3.2

IS 3.8

5.0 5.1

I

2.3

4.1

12.1

I

1.5

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

• Securities issued prior to 1982

J F M A M J J

New issues calendar year 1983

A S O N D

off,ce Office ofof Government the secretaryFinance of the ^aju^^^ 8 ggg New issues ca|endar year i982 f||| issued or announced through April 27, 1984 May 1, 1984-3
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

$Bil.

2

0

0

0

0

0

2

0

2

0

2

0

6

4

2

0

4

2

0

2

0

_ 1.6

26 1995 1.4

—

1996

—

1997

r 5 1998 5

2.1

1.5

1.7

E3

3.0

2.7

e 1999

2000 U

1.7 2001 2.4

2002

2003

3.2 3.5

37 2004

2.1 2005

2006

2007

1.6

2.7

7.2

1.2

J FMAMJJ ASON

•1 Securities issued prior to 1982

Office of the Secretary of the Treasury wwm li -i 4 n.ft Office ofGovernment Finance &Market Analysis OoO NeW ISSUeS Calendar year 1982

bll.

2

0

2

0

4

-

2008

I 14

3.6

1

-

3.9

1

2009

1

3.4

•

2010 4.2

1 2

0

4

2

0

10

8

6

4

1.8

•

1.9

•

3.8

1

2011 4.4

I

2012 10.3

2

0

12

2

2013 1£j

10

8 —

6 —

4 —

2

0

6

—

— 2014

4 -

2

r>

—

JFMAMJJASOND

^3 New issues calendar year 1983

Issued or announced through April 27, 1984 May i, 1984 *
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil.r

FCA

In. ill

GNMA

Mortgage-Backed

Secur ties

i

llhlill I II III IV

1980

I II III IV

1981

I II III IV

1982

I II III IV le II III IV

1983 1984

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

1980 1981 1982

I II III IV le II III IV

1983 1984

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

*Lessthan $50 million. e Partly estimated.

1/ Includes FHLB discount notes, bonds, and FHLMC discount notes, debentures,

certificates, mortgage-backed bonds, and mortgage participation certificates. May 1, 1984-6
I II III IV I II

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

AGENCY MATURITIES *

Privately Held

$Bil.

IV l II III IV

_ 1992

2-

ol—

14 1.3

1996

.1 .5

2000

2004

1993

3.2

IliU

1997

11 „ 9 • -3 .2 H

2001

.1

2005

.1 .1

1994

.3

1998

.1 .2 .2 .1

2002

.2

2006

.1 .1

1995

.4

1999

2003

.1

2007

•2 .1

2008

_2 _£

2009

•3 .2

2010 2011

i 2012 2013 2014 2015

I A .4 .4 .2 .2 .2

- 2016 2017 2018 2019

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

Calendar Years Quarterly

y Securities issued through March 31,1984.

* Less than $50 million.
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN MAY 1984^

Monday Tuesday Wednesday Thursday Friday

1 2 3 4

Announce

52 Week

7 8

Auction

3Year^

9

Auction

10 Year*

10

Auction

30 Year*

11

14 15

Auction

52 Week*

16

Announce

2 Year*

17 18

21 22

Announce

5 Year

23

Auction

2 Year

24 25

28

Holiday

29 30

Auction

5 Year^

31

Office of the Secretaryof the Treasury

Office of Government Finance& MarketAnalysis

J/ Does not include weekly bills

it For settlement May 15

.» For settlement May 17

n For settlement May 31

a For settlement in early June May 1, 1984-21
SCHEDULE OF ISSUES TO BE ANNOUNCED

AND AUCTIONED IN JUNE 1984^

Monday Tuesday Wednesday Thursday Friday

1 Announce

52 week

4 5 6 7 Auction

52 week &

8

11 12 13 Announce

2 year

14 15

18 19 Announce

4 year

7 year

20 year

20 Auction

2 year^

21 22

25 26 Auction

4 year-5/

27 Auction

7 year ±J

28 Auction

20 year*/

29

Office of the Secretary of the Treasury

Office of Government Finance & Market Analysis

-!/Does not include weekly bills

-2/For settlement June 14

-2/For settlement July 2

-*/For settlement in early July

May 1. 1984 16