October - December 2003 January - March 2004

(Projected) (Actuals) (Projected)

+ / Surplus -) 140 129 203

 Balance 0 2 13

Balances 7 7 n.a.*

able Financing 5 1 5

Financing 117 113 177

10 6 8

cing 117 113 177

11

106

9

-12

35 35 33

35 33 20

ompensating Balances were replaced with Depositary Compensation Securities, which have no cash impact.

ty, changes in accrued interest and checks outstanding and minor miscellaneous transactions.

e to rounding

TREASURY FINANCING REQUIREMENTS

February 2, 2004-1

$ Billions
01020304050

FY 2003FY 2004

REASURY DAILY OPERATING CASH BALANCE

February 2, 2004-2

$Bil.

Source: Daily Treasury Statement, data through January 28, 2004.

Dec Jan Feb Mar Apr May Jun Jul Aug Sep
2030405060708090

E AVERAGE MATURITY OF TOTAL OUTSTANDING

ABLE DEBT AND A 1-YEAR MOVING AVERAGE OF THE

AVERAGE MATURITY OF ISSUANCE

February 2, 2004-3

Months

1

Average Maturity of Issuance

rage Maturity

84 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008

As of December 31, 2003

56.3

28.4

ions: FY05 Budget and coupon issuance

maintained at current level.

of issuance is the ultimate average maturity achieved if coupon issuance in any given quarter is held constant going forward 

ncing needs are met with changes in bill issuance.
05 2006 2007 2008 2009 2010 2011 2012 2013 2014

02004006008001000

MATURITY PROFILE

Treasury Marketable Coupon Securities

$Bil.

Calendar Year

1

February 2, 2004-4

Projected

1st Quarter

2nd Quarter3rd Quarter4th Quarter

Note: Where applicable, maturities represent first call date.

1 Issued or announced through January 30, 2004.

Assumes coupon pattern and issuance amount maintained at current levels.
2005 2006 2007 2008 2009

-300-200-1000100200300400500600

G RESIDUALS GIVEN CURRENT ISSUANCE CALENDAR

$Bil.

February 2, 2004-5

Deficits plus Average Absolute Error

FY05 OMB Budget Forecast

s

olute

Estimated Additional

uired in Given Year for

t Outcomes

Note: Bars represent estimated financing changes from current pattern

Lines represent FY 05 Budget Estimates

Fiscal Years

oupon issuance pattern and issuance amount — Bill issuance at levels required to maintain outstanding FY$

amounts nearly equal to September 30, 2003 total outstanding
960 1965 1970 1975 1980 1985 1990 1995 2000 2005

Debt to GDP (%)

SURPLUS/DEFICIT AND DEBT TO GDP

February 2, 2004-6

Surplus/Deficit % of GDP

'09

Percent

Percent

1

2

0

-2-4-6-8

80

60

4020

0

Source: Budget Historical Tables 1.2 & 7.1.

1 FY 2004-09 estimates from OMB Budget of the United States Government FY 2005.
05,00010,00015,00020,000 Nonfinancial Credit Market

Treasuries

1970 1975 1980 1985 1990 1995 2000

TreasuriesMuni's

CorporatesHome Mortgages

Other MortgagesConsumer Credit

Other

February 2, 2004-7

C NONFINANCIAL CREDIT MARKET AND TREASURY DEBT

$Bil.

Source: U.S. Federal Reserve Board of Governors Flow of Funds.

Percent

3020

10

0
1977 1981 1985 1989 1993 1997 2001

URY BILLS AS A PERCENTAGE OF THE MONEY MARKET

Quarterly

February 2, 2004-8

Percent

1

Money market = Treasury bills, nonfinancial commercial paper, and financial open market paper.

25303540455055606570

Source: U.S. Federal Reserve Board of Governors Flow of Funds statistical release Z.1.
050100150200250300350400450

PRIMARY DEALER TRADING VOLUME

Outright Transactions, 3-Month Moving Average

February 2, 2004-9

BillsNotes/Bonds

Agencies

MBS

Corp

$Bil.

1

Source: Federal Reserve Bank of New York.

1 Data available beginning September 26, 2001

1996 1997 1998 1999 2000 2001 2002 2003 04
III IV I II III IV I II III IV I II III IV I II III IV

-200-160-120-80-4004080120

15.9

47.0

-20.1

-192.1

-47.7-26.1

17.8

-163.4

74.4

52.1

52.5

15.1

84.2

82.6

111.3

60.3 81.5

113.4

EASURY QUARTERLY NET MARKET BORROWING

$Bil.

February 2, 2004-10

Coupons

Bills

2 - under 5 yrs

5 - 10 yrs

Over 10 yrs

Buybacks

99 2000 2001 2002 2003

Calendar Quarter
IV I II III IV I II III IV I II III IV I II III IV 

-15-10-50510

9

-3.6

-8.0

-5.0

-10.1

-2.2

-1.4

-1.7

-10.6

0.8

-5.5

-0.1 -0.7

7.6

-2.4

-8.4

7.6

0.8

$Bil.

TREASURY QUARTERLY NET BORROWING

FROM NONMARKETABLE ISSUES

February 2, 2004-11

State and Local SeriesForeign Series

Savings Bonds

2000 2002 2001 2003
1996 1997 1998 1999 2000 2001 2002

020406080

100

VATELY HELD TREASURY MARKETABLE DEBT

Percent Distribution By Maturity

1

Coupons

Calendar Year End Data

February 2, 2004-12

15

32

15

24

14

Over 10 years

2-10 years

1-2 years1 year & under

Bills

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

non-interest-bearing matured debt.

15

33

16

19

17

Percent

 2003

17

28

1712

26
051015202530354045

FOREIGN HOLDINGS AS A PERCENT OF TOTAL

PRIVATELY HELD PUBLIC DEBT

Calendar Quarter

February 2, 2004-13

Percent

1

Estimated Foreign Holdings

Foreign and International Institutional Holdings at FRBNY 3

994 1995 1996 1997 1998 1999 2000 2001 2002 2003

Benchmark revision

of March 2000

2

Benchmark revision

of June 2003

2

25%

45%

ivately held debt excludes holdings of the Federal Reserve.

ource: Federal Reserve Bank of New York statistical release H4.1.

eries for estimated foreign holdings. Data through November 30, 2003. See http://www.treas.gov/tic/index.html.
012345678

AUCTION RELEASE TIMES

Data

Through

January 30

Target Release Range

Current Quarter

(November 3 - January 30)

February 2, 2004-14

Minutes from Closing to Release

pr May Jun Jul Aug Sep Oct Nov Dec Jan-04