$Bil

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing

TREASURY FINANCING REQUIREMENTS

July—September 1978

Uses

Gov't Acc't Investment^

Coupon

Maturities

^Increase in Cash Balance

^Cash Deficit

33% •

Sources

^^B4Special Issues

Coupon

Refundings

State and Local Series }

Savings Bonds and Other^V*

Net Market ±

Borrowing^

October 24, 1978-39
$Bil

40

30

20

10

0

Office of the Secretary of the Treasury

Office of Government Financing

TREASURY FINANCING REQUIREMENTS

October—December 19781/

Uses Sources

38V4

Coupon Maturities^ ^Coupon Refunding

4Cash Deficit

Savings Bonds and Other

Net Market ^^

Borrowing ^

Decrease in

Cash Balance

-^Assumes $12 Billion December 31, 1978 cash balance

I Done

^To be

"Done

October24. 1978-8
$Bil

20

10

0

-10

Of fice of the Secretary of the Treasury

Office of Government Financing

TREASURY NET MARKET BORROWING^

Calendar Year Quarters

24.7

8.3

IV I

COUPONS

H Over 10 yrs.

^} 0-10 yrs.

BILLS

4.2 4.8

-3.9

III IV I

3.3

n

9.4

IV I

I

-0.3

$Bil

To Be _

Done

0.8 11

i—i

8

20

10

0

—10

iii \v%

1975 1976 1977 1978

i-/ Excludes Federal Reserve and Government Account Transactions.

U Issued or announced through October 20, 1978 October 24, 1978-34
NET NEW MONEY FROM FOREIGNERS AND FROM

NONMARKETABLE ISSUES TO PRIVATE INVESTORS

$Bil

8

7.6 7.8 8T

0

-2.8

jForeign y

I: ; iState &Local Series

HISavings Bonds and Other

6.0

6.7

5.4 5.4 5.2

'////, *

2.4.4 £*2,5 2.3 «* •- Y//A -

-w 1-9 W\ W w\ "&> Wa 10 Wk m ^ ^

••••••••••••••-

-2 — -0.4

Office of the Secretary of the Treasury Office of Government Financing

ii hi iv I II III IV I II III IV I

1975 1976 1977

1/ Includes nonmarketables and add-ons to 52-week bills and coupons.

Ill IV

1978

October 24, 1978-40
QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL

HOLDINGS OF PUBLIC DEBT SECURITIES

$ Bil

16

12

8

o

-4

-8

ilill Nonmarketable

Marketable:

E23 Add-ons v

HH Other Transactions

1.0

1.0

-0.5

III IV

1975

3.5

1.6 1.6

III IV

1976

14.1

4.9

-4.9

III IV I II lll^ IV

1977 1978

Office of the Secretary of the Treasury

Office of Government Financing

1/ F.R.B. Purchases of marketable issues as agents for foreign and

international monetary authorities for new cash

u Partly estimated October 24,1978-6
$Mil

STATE AND LOCAL NONMARKETABLE OBLIGATIONS

MATURING IN FISCAL YEAR 1979

3001—

200 —

100

Office of the Secretary of the Treasury Office of Government Financing October 24,1978-32
$Bil.

20

10

0

•10

TREASURY OPERATING CASH BALANCE, C.Y. 1978

Semi-Monthly

Total A

Operating 4/ \

* Balance / \

- /A f/^- /' x\ A /'

Tax and ~--^ V/xvV' VV —JJ

Loan Accounts\/ ^ *-*"'

Balance

A

A / *

--Ov/' y\ /AVA/'h

Federal

Reserve

Account

„ lAfitliniit > * wnnoui *

New Borrowing

i

t

\

i

i

i

t #

% i

i »

t i

i t

i i

t i

t #

i t

% #

I I I I I I I I I

i #

i i

\ i

t i \ i

i i

i t

i t

i i

i «

« i

t i

u

t

1 1

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

Office of the Secretary of the Treasury

Office of Government Financing October 24, 1978-36
TREASURY OPERATING CASH BALANCE—QUARTERLY

$Bil

20

16

12

0

Office of the Secretary of the Treasury Office of Government Financing

1974

Tax and

Loan

Accounts

Balance .

J I

Total

Operating

Balance

Federal M

Reserve

Account

I I I I

IV I II III IV I II III IV I

1975 1976

I I

III IV

1977

V

I

I II I I

1978

October 24, 1978-38
%

SHORT TERM INTEREST RATES

Monthly Averages

Federal Funds

12

10-

8

6-

4 -

i i i i i I I I I I I

Prime Rate

.•»•••x i 1—, /&£**%\ Commercial

"•••M.N-/*" n^AIPaper ,*%

£>**••*«*•• 3 Month

Treasury Bill

i i i i I i

Through

Week Ending

Oct. 18, 1978

I I I I I

J SNJMMJSNJMMJSNJMMJSNJMMJS

1974 1975 1976 1977 1978

%

12

10

8

Office of the Secretary of the Treasury

Office of Government Financing October 24,1978-11
%

10

9

8

SHORT TERM INTEREST RATES

Weekly Averages

Prime Rate

_ Commercial Paper

y—-~~.

3 Month Treasury Bill

Week Ending

Oct 18, 1978

%

10

9

8

M I Ml I I I ll I I I ill I I ill I I I I I I I ill I I I I I I ill I I I I I U

Jan Feb

Office of the Secretary of the Treasury Office of Government Financing

Mar Apr May

1978

Jun Jul Aug Sept Oct

October 24,1978-12
%

10

8

4> •

LONG MARKET RATES

Monthly Averages

New Aa Corporates

♦♦«";> / % J? \ ^ New Conventional J? * iA / \/ ^ l Mortgages •

^v-^ •;•—?-:; y v

\/ New 20 Year

Municipal Bonds

Through

Week Ending

Oct 20, 1978

,-v••••...

••••••.**•—••••-•^..•-••. ..•• ••••** 

I l I l I I I I I I I I I I I I I I I I I I I i I l l l II l l I

JSNJMMJSNJMMJSNJMMJSNJMMJ S

1974 1975 1976 1977 1978

%

10

8

Office of the Secretary of the Treasury

Office of Government Financing October 24,1978-13
%

11

10-

INTERMEDIATE AND LONG MARKET RATES

Weekly Averages

Week Ending

Oct 20, 1978

New Conventional

Mortgages i/ ,.„..«..-•••••• |liatftl|H»* #••••••«•••!• HUM ••••••••••mill lltfllllllMIIIMM

8

„.....••••••"

• • v1: •«>•»•""•"'"" - New Aa Corporates

. <TTreasury 20- Year

Treasury 10-Year Treasury 7 - Year

7 -

6 -

New 20- Year

Municipal Bonds

%

11

10

8

-7

-6

J l i I h i i i 11 I I I i i i il i i i i li i i j i i i 11 i i i u i i i i 11 i i i

Jan

Office of the Secretary of the Treasury

Office of Government Financing

Feb Mar Apr May

1978

1/ Monthly, weekly data not available.

Jun Jul Aug Sept Oct

October 24,1978-14
%

101-

8

6

Office of the Secretary of the Treasury

Office of Government Financing

MARKET YIELDS ON GOVERNMENTS

Bid Yields

October 20, 1978

/' July 21, 1978

%

m i r

%

-110

-9

-8

71 I I I I I I I I • i i

10 12 14 16 18 20 22 24 26 28 30

4 5 6

Years to Maturity

1_L

8 9

6

10

October 24,1978-15
8

INTEREST RATES ON 6-MONTH TREASURY BILLS

AND MONEY MARKET CERTIFICATES

Thrifts Ceiling

Rate^

•^

-•'' ^«* >

^

"

—Com'lBank Ceiling

Rate-^

J I I L

Treasury

Bill Coupon

Equivalent

.••'.' „'

-<:^>>"' *-«

,*-•- --

Rate ...".' \^'

..•:>,'

6-Month Treasury Bill

Discount Rate

± _L

June July

1978

August September October

Office of the Secretary of the Treasury

Office of Government Financing

'Rate shown is on Treasury coupon equivalent basis, i.e.

annualized return (based on 365 days per year) on the

amount of money invested for a 6-month period. The coupon

equivalent rate was calculated assuming that the institution

compounded daily at the applicable ceiling rate.

October 24, 1978-35
NET INVESTMENTS MONEY MARKET CERTIFICATES

TIED TO THE 6-MONTH TREASURY BILL RATE

%

8

$ Bil

8

4-

Office of the Secretary of the Treasury Olfice of Government Financing

6- Month Treasury

Bill Discount Rate

J U L

I ICommercial Banks

ISavings &Loans

I Mutuals

6.6

June

8.2

1978

p-Preliminary

5.0 5.2

August September.

%

8

$ Bil

— 8

— 6

— 2

October 24. 1978-37
CUMULATIVE NET SAVINGS INFLOWS

(LESS INTEREST) TO THRIFT INSTITUTIONS*

D

Office of the Secretary of the Treasury

Office ot Government Financing

M A M J J

Month of Year

* Savings & Loan Assns. & Mutual Savings Banks.

October 24. 1978-16
fice of

fice of

NEW MONEY FROM NONCOMPETITIVE BIDS IN

TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

%

9 |~ AVERAGE AUCTION YElLDSi;

8 — 6 Month Bill

3 Month Bill

7-s.;; _ _ _ -~__ ^—S

«•=*

. *--tr^

Jan Feb

NEW MONEY!/

HI 6 Months

H 3 Months

mm.

|IIIM|IH||

Mar Apr May Jun

1978 Auction Dates

1/ Discount basis

2/ New money is the difference between noncompetitive bids on the

new issues and maturing bills previously bid noncompetitively

Jul

I I I III

Aug

I

Sep Oct

%

9

8

7

6

5

$ Mil

180

150

120

90

60

30

0

-30

-60

-90

-120

the Secretary of the Treasury

Government Financing October 24, 1978 /
om

LL>-

1-2

Eg<

DC

LUH<m

HI 

Dl

CC

LUOQzo

0)

fig

o

o

lOo

CO co CM

lOo

CMoo

lOO

OO

lOo
Years

AVERAGE LENGTH OF THE MARKETABLE DEBT

Privately Held

June 1967

5 Years

1 Month

Months •<Sep 78

3 Years

3 Months

Sep 1978

3 Years

3 Months

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978

Office of the Secretary of the Treasury

Office of Government Financing October 24,1978-3
OWNERSHIP OF THE MATURING ISSUES

November 1978—October 1979*

(In Millions of Dollars)

Total

Privately

Held

Commercial

Banks

Savings Institutions State &

Local

General

Funds

Corpora

tions Maturing Issues Foreign Longterm 1/

Investors

Intermediateterm

Investors ZJ

Other

Private

Holders

6% Nt. 11-15-1978

5 3/4% Nt 11-30-1978

5 1/4% Nt. 12-31-1978

8 1/8% Nt. 12-31-1978

5 7/8% Nt. 1-31-1979

7 % Nt. 2-15-1979

5 7/8% Nt. 2-28-1979

6 % Nt. 3-31-1979

5 7/8% Nt. 4-30-1979

7 7/8% Nt. 5-15-1979

6 1/8% Nt. 5-31-1979

7 3/4% Nt. 6-30-1979

6 1/8% Nt. 6-30-1979

6 1/4% Nt. 7-31-1979

6 1/4% Nt. 8-15-1979

6 7/8% Nt. 8-15-1979

6 5/8% Nt. 8-31-1979

8 1/2% Nt. 9-30-1979

6 5/8% Nt. 9-30-1979

7 1/4% Nt. 10-31-1979

4,585

2,676

2,727

2,270

2,675

2,912

2,452

2,874

1,839

1,667

1,838

1,624

2,025

2,988

2,740

2,104

3,035

1,847

3,472

3,930

1,618

890

564

1,071

1,104

1,319

885

1,124

638

972

627

912

496

931

819

1,014

1,020

759

1,142

1,454

88

8

9

14

7

86

5

20

1

5

5

21

3

4

31

10

13

61

11

38

421

280

357

270

244

277

229

233

168

145

168

272

328

339

168

257

408

286

257

291

500

292

226

41

400

123

237

341

197

101

122

52

128

328

123

100

150

48

415

245

62

106

599

61

151

12

217

63

113

1 5

159

23

210

341

46

306

354

12

150

300

732

540

549

328

619

616

488

745

613

133

663

111

797

976

794

334

1,010

106

1,334

1,354

1,164

560

423

485

150

479

391

348

109

296

94

233

63

69

759

83

80

575

163

248

Total 52,280 19,359 440 5,398 4,169 3,300 12,842 6,772

* Amounts for investor classes are based on the August 1978 Treasury Ownership Survey.

1/ Includes State and local pension funds and life insurance companies.

U Includes casualty and liability insurance companies, mutual savings banks, savings and loan associations, and

corporate pension trust funds.

Office of the Secretary of the Treasury

Office of Government Financing October 24, 1978
$Bil.

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

6

4

2

0

TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

-

1978 i

4.6 5X>

111

1979 4.8 5- m

2.72.92.5 %? 3£ 3.0 i 3.0

1.81 71.8

111

4.7

3.5

5.0

4.3

5.3

2

¥ I 21X72

2.6

2.6

1980

5.4i

2,9 ft 3.5g33.3

1981

4.7 I

i 2J

1982

3.9

5.5

I

5^3 5.0

3.3

2.9

5.0

I

4.7

^ 1.8 2«4

2.7

3.3

J FMAMJJASOND

• Securities issued prior to 1976

6-

4

2

0

6

4

2

0

2

0

8

6

4

2

2 -

ol—

2h

0

5.8

4.5

2.8

1983

2.5

1.0

1984

1.2

1985

1986

41

1987

2a 1988

2.2

3.4

.3.2

7.5

.3

1.7

JFMAM JJASOND

New issues calendar year 1977

HI New issues calendar year 1976 33 Issued or announced through October 20, 1978

Office of the Secretary of the Treasury

Office of Government Financing October 24,1978-18
TREASURY MARKETABLE MATURITIES

Privately Held, Excluding Bills and Exchange Notes

-

1939

_ 1.8

1

19

.8

90

1991

—

1992

3.1

1.9 1993 2.3

I 2 1.5

-

1994

.6 |

.4

1995

-

1996

-

1997

-

1998

.4 | 1.2

•

$Bil.

2

0

4

2

0

0

6

4

2

0

2

0

2

0

2

0

2

0

2

0

2

0

MAM A S N

$Bil.

2 -

0

2-

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

0

2

2.2

1

^2.7

.8

1999

2000 2.6

2001 .8

2002

2003

2004

21 2005

a i

2006

2007

2008 14

I E9

2009

2010

MAM

1.2

O N D

Office of the Secretary of the Treasury

Office of Government Financing

M Securities issued prior to 1976 E3 New issues calendar year 1977

m New issues calendar year 1976 B9 Issued or announced through October 20, 1978 October 24,1978-19
COINCIDENT MATURITIES OF END OF QUARTER 2 AND 4 YEAR

CYCLE NOTES—DECEMBER 1978 TO SEPTEMBER 1980

Privately Held $Bil

5.0

Office of the Secretary of the Treasury

Office of Government Financing

V///A 2-year Cycle Notes 5 3

HH 4-year Cycle Notes

2.9

Mar. June Sept.

1979

Dec. Mar. June

1980

Sept.

October 24, 1978-31
NET NEW MONEY IN AGENCY FINANCE, QUARTERLY

Privately Held

$Bil

0

Mil i In

FCA

III • I.. I.I

•

FHLB

III ..iIII

I •r

r- •

1-

0

-1

$Bil

0

1

2-

IIII

FNMA

I .1

I

I GNMA I

Mortgage Backed

Securities

I

-2

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

0

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

1974 1975 1976 1977

Office of the Secretary of the Treasury

Office of Government Financing

1978 1974

* Less than $50 million

1975 1976 1977

II III IV

1978

October 24,1976-24
$Bil

9

8

7

6

5

4

3

2

1

0

AGENCY MATURITIES^

Privately Held

$Bil

1978 1979 1980 1981

7.4

6.6

5.2 • 5.2 5.0

II 4'1 4.11

• •3.63.5 3.2

• 2.62.6

• I • • 1-8

Mil

1

mi

1984

1.7

111

1985

1.9

iill

1986

-£ .8

l-l.

1990

.4

1987

III!

1991

.3 ±

1988

1.0 1^

I.I

1992

.2 * .1

1989

.4

1993

- 1994 1995 1996 1997

1

0

.1 j_

.6 !-_•

1998 1999 2000 2001

_L- £_L .1

2002 2003 2004 2005

• - .2 .2

2006 2007

.1 .2

2008 2009

.8

il 01

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

Calendar Years Quarterly

1/ Issued or announced through October 17, 1978

* Less than $50 million

Office of the Secretary of the Treasury

Office of Government Financing October 24, 1978-23