$Bil.

60

50

40

30

20

10

0

TREASURY FINANCING REQUIREMENTS

January-June, 1976^

_ Uses

Gov't Acc't'

Investment

Adjustments

To Cash -**

r633/4" — V4J

Increase in

Operating

Cash

'Maturities

Off Budget

Deficit

Budget Deficit

Sources

* Special Issues

^_*— Savings Bonds, Etc

2% "~

YIVz

343/4 |

Net New Cash

Refundings'

- Bills |

[Done

"Coupons)

' To Be Done

* Includes $2 billion (net) CMB's and $1.5 billion 1/31/76 bills in 2-year cycle slot.

±1 Assumes $9 billion June 30 cash balance.

Office of the Secretary of the Treasury

Office of Debt Analysis

January 26, 197615
TREASURY FINANCING REQUIREMENTS

January - June, 1975

$Bil.

60

50

40

30

20

10

0

Uses

Increase in OperatingCash^ \i/A

G.A Investment"* ^^m " ^

VA

Maturities

15%

|3/* June Agency &Other

33/4*May

21/4*-Apr.

!£44**Mar.

Off Budget

Agency Deficit

Budget Deficit

Otdce of the Secretary of the Treasury

Oftice of Debt Analysis

Sources

2y4 ^ Adjustments to Cash

a-Special Issues

23/4

Savings Bonds, /

Foreign, etc

Refunding'

New Cash'*

January 26.1976-18
ANNUAL RATES OF CHANGE, REAL AND NOMINAL GNP^

Quarterly, Seasonally Adjusted

1972

Office of the Secretary of the Treasury

Office of Debt Analysis

1973 1974 1975

-1/Shaded areas represent private forecasts.

1976

January 26,1976-9
$Bil.

50

40

30

20

10

0

-10

TREASURY NET NEW MONEY BORROWING

Fiscal Year Halves 1972 to Date

Coupons:

Over 7 years

3 • 7 years

Under 3 years

Bills

15.1

•1.1

.5

9.8

-1.2

j_

1972

II I II I II

1973 1974 1975

* Less than $5Q million.

48.5

1976

Office of the Secretary of the Treasury Office of Debt Analysis January 26,1976-25
MARKET YIELDS ON GOVERNMENTS

1975

Office of the Secretary of the Treasury

Office of Debt Analysis

10 Years to Maturity

1976*

* Yield curves represent the 15th of each month.

Yield to

Maturity

(PerCent)

January 26,1976-6
%

TREASURY YIELD CURVE SPREADS

Weekly Averages

K / *•••<\ /""-w--\/

/n / V* v \

20 Year Less

\*" 3 Month Bill^

3 Year Less

3 Month BilU

20 Year Less 3 Year

V

Week Ending

January 16, 1976

S

0

Jan Feb Mar Apr May Jun Jul

1975

Aug Sep Oct Nov Dec Jan

1976

Office of the Secretary of the Treasury

Office of Debt Analysis

y3 Month billon coupon equivalent basis. January 26, 1976-3
INTERMEDIATE AND LONG MARKET RATES

Monthly Averages

J SNJMMJSNJMMJSNJMMJSN J

1972 1973 1974 1975

Office of the Secretary of the Treasury

Office of Oebt Analysis

January 26,1976-2
i i i i i

1972

Office of the Secretary of the Treasury

Office of Debt Analysis

SHORT TERM INTEREST RATES

Weekly Averages

1973 1974

Calendar Years

1975

January 26,1976-11
$Bil.

30

20

10-

0

$Bil.

30

20-

10-

MUNICIPAL AND CORPORATE BOND SALES

Cumulative

Munidpal

Corporate** 1975^

* Public offerings, over1 yearto maturity.

** Publicofferings, including foreign.

Source: Daily Bond Buyer.

Ollle*el Hwlamtani ol tin Hrwwoi OWm of OvM AMlyfta JmayaMWU
SHORT-TERM CREDIT DEMANDS

Weekly Data

Business Loans ($Mil.) Commercial Paper ($Bil.)

130

125

120

115

110

105

100

M

Office of the Secretary of the Treasury

Office of Debt Analysis

aA,/

M J

1974

Business Loans

v^v/"-\

Commercial Paper Dealer (Ex Bank) + Non - Fin.

N J M M J

1975

N M M

1976

20

15

10

January 26, 1976-4
%

9

8-

6-

5

$Bil.

COVERAGE OF TREASURY COUPON ISSUES

IN CALENDAR YEAR 1975

Average Yield

Coverage

S R

Accepted Tenders! Total Tenders

r • i',v

N

llllllll

<OI>*2tVQlOrviO00C^

Gto>oioo*&0icn&OT

N 16 Is Ol N 00 N ^ is. ^ r*. iv rv oo Oi d o oi o> ci c* is.iv

0> 0* <J> 01 O) Ot

S CO 00 N N

rv 15- rv £• 00

rv

IV

o>

6? &e 6? B? 69 6?

s? °° ^" £ £ s? iv tv. i** iv m

B? 6?„^^e^6e^Bee9&?69696e69&9&96969696?6969SS6969&96e

* °° N N p. OOtOCb^lvlvj^ooOOOOOOOO CO Is- rv 00 rs

Office of th« Secretary of the Treasury January 26,1976-10

Office of Debt Analysis
COVERAGE OF 13 AND 26 WEEK BILLS

IN CALENDAR YEAR 1975

Ottict of tht S«cr«tary of tha Treasury

Oflict of Debt Analysis

20 25 30

Weeks

January 26,1976-20
%

12

8

4

0

-4

16

12

8

4

VA

TWO MONTH AVERAGE ANNUAL RATES

OF CHANGE IN iV^ AND M2

(With FOMC Policy Ranges)

M,

777* r777i mm

M,

vw lAVl

l

(553

HllillH

V7.

VA

m

1 llllll

J ASONDJ FMAMJJASOND

1974 1975

Office of the Secretary of the Treasury

Office of Debt Analysis

January 26, 1976-7
MONEY SUPPLY

270

J FMAMJ J ASONDJ FMAMJJASOND

1974 1975

Officeof the Secretary of the Treasury

Office of Debt Analysis January 26, 1976-8
$Bil.

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

l$Bil.

1.6

Li

1.7

1.7

1

2j0

1.4

Ji

1980

1.7

L

1981

1982

1.9

1983

\2

1984

1.0

-ft.

1.1

2.7

I

2.4

JFMAMJJASOND JFMAMJJASOND

Office of the Secretary of the Treasury Office of Debt Analysis

B9 New issues calendar year 1975.

EH3 Issued or announced through January 15,1976.

January 26,197612
$Bil.

2

0

2

0

2

0

2

0

2

0

4

2

0

2

0

4

2

0

2

0

2

0

2.5

I

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

i4 1985

• I

i.i

z

1986

1987

1988

1989

1990

1991

1992

2.1

I

1993

1994

$Bil

2f0

2h

0

2h

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

.6

.6

rm

.9

1995

19%

1997

1998

1999

2000

2001

2002

2003

2004

2005

1.8

JFMAMJJASOND

SS New issues calendar year 1975,

JFMAMJJASOND

Office of the Secretary of the Treasury

Office of debt Analysis January 26,1976-13
TREASURY MARKETABLE MATURITIES-ACTUAL AND HYPOTHETICAL

Privately Held, Excluding Bills and Exchange Notes

$Bil.

4

2

0

4

2

0

4

2

0

2

0

2

0

2

0

2

0

Actual—December 1975

1976

4bI

J 4.1 I | 4.0

'I a I15 • I1-6 " J1 al 1 Isa I la • sale

i* 1977

I i| y 3.1

2.0

•* i Ji i J |2.4 25

I I 5.0

I

1.6

2.8

1.7

I

610 1978 4,

1979 2a

]i 1.7 • J* II

a a I a I

17 1980 L7

• I •

1981

1982 1S

£

4.6

I

2.3

i.i

2.7

1

2.4

24

JFMAMJJASOND

E2S9 Actual securities issued during calendar year 1975.

ilil] Securities issued orannounced through January 15,1976.

^N Hypothetical securities to be issued during calendar year 1976.

• Treasury bills (in 2 year cycle slot).

Office of the Secretary of the Treasury

Office of Debt Analysis

$Bil.

4

2

0

4

2

0

4

2

0

2

0

4

2

0

2

0

2

0

Hypothetical—December 1976

5.0

ill 1

jj 1977

Ya aall i g|g 60

1978 4.5

1:2.0

1^

21 PS 2*1 tea 83.0 3J.

4.6

1 3.4

3.6 [

1.6

2.8

g

1.7

I

2.9

40

197948

g

25 1980 20 1.7 ,r 1.7 20

43

1.9 M 2-0

•

17 1?w 17 2.0 2.0

11 i I § • I

8 1981 %

1.4 1982 ,,

1.9 1983

1.2 1.3

2.7

1

2.5

2.0

JFMAMJJASOND

January 26,1976-21
AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1966

5 years

4 months

1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976

Office of the Secretary of the Treasury

Officii of Debt Analysis

*Estimated January 26, 1976-23
OWNERSHIP OF THE FEBRUARY 15,1976 MATURITIES

(In millions of dollars)

Total outstanding

Federal Reserve Banks and Government Accounts

Total privately held

State and local pension funds and life insurance companies.

Fire, casualty, and marine ins., mutual savings banks,

savings and loan, and corporate pension funds

Commercial banks

New York reserve city banks

Chicago reserve city banks

Other reserve city banks :

Country member banks

Nonmember banks

State and local general funds

Corporations

Other private holders

*less than 500,000 or Vz of one percent.

Office of the Secretary of the Treasury

Office of Debt Analysis

5 7/8 %

Note

4945

1436

3509

5

303

1984

51

14

410

880

629

118

224

875

%

100

56

1

*

12

25

18

3

6

25

6V4%

Note

3739

2859

880

5

51

410

1

*

20

197

192

55

12

347

0//o

100

1

47

2

23

22

6

1

39

Total

8684

4295

4389

10

354

2394

52

14

430

1077

821

173

236

1222

100

8

55

1

*

10

25

19

4

5

28

January 26, 1976-24
$Bil.

AGENCY MATURITIES v

Privately Held

$Bi

1

0

1

0

1984

.7

1988

.4 .4

1.5

I

1992

1985

.6 .6 £

• ll

1989

1993

1986 1987

* .i A

1990 1991

.2

1994 1995

1 -

0

1

0

.2 2 .i .i .i

1996 1997 1998 1999

±m

A i .5

• ££• AJLiLA. .i

2000 2001 2002 2003

lh

0

1

0

2004 2005 2006 2007

^1 2

1234 1234 1234 1234 1234 1234 1234 1234

Office of the Secretary of the Treasury

Office of Debt Analysis

Calendar Years Quarterly

-1/ Issued and announced through January 15, 1976.

* Less than $50 million. January 26, 1976-1