Treasury Financing Requirements

($ Billions)

July - Se

 (Projected) (Actuals) (Pro

Deficit Funding (Def + / Surplus -) 22 26 

Means of Financing

Change in Cash Balance -24 -23 Net Non-Marketable Financing 6 4 Net Marketable Financing 38 31 Other* 2 14 

Net Marketable Financing 38 31 

Bills -38Nominal Notes 69TIPS 9Bonds -8

Notes:Starting Cash Balance 21 21 Ending Cash Balance 45 45 

* Includes direct loan activity, changes in accrued interest and checks outstanding and minor miscellaneous transactions.Note: Totals may not add due to roundingDepartment of the TreasuryOffice of Debt Management Office of Fiscal Projection

 April - June 2004 
TREASURY DAILY OPERATING CASH BALANCE

Daily

$ billions

FY 2002 FY 2003 FY 2004

Date Total Date Total Date Total

10/1/2001 50.7 10/1/2002 42.2 10/1/2003 21.2

10/2/2001 50.4 10/2/2002 45.6 10/2/2003 14.0

10/3/2001 31.1 10/3/2002 16.2 10/3/2003 13.3

10/4/2001 23.3 10/4/2002 16.6 10/6/2003 13.5

10/5/2001 24.5 10/7/2002 16.7 10/7/2003 8.8

10/8/2001 24.5 10/8/2002 16.5 10/8/2003 5.8

10/9/2001 26.9 10/9/2002 15.5 10/9/2003 6.1

10/10/2001 22.3 10/10/2002 12.9 10/10/2003 3.2

10/11/2001 28.8 10/11/2002 10.5 10/13/2003 3.2

10/12/2001 27.1 10/14/2002 10.5 10/14/2003 4.2

10/15/2001 35.6 10/15/2002 20.9 10/15/2003 5.7

10/16/2001 38.9 10/16/2002 22.9 10/16/2003 19.6

10/17/2001 39.9 10/17/2002 24.6 10/17/2003 19.5

10/18/2001 33.9 10/18/2002 24.5 10/20/2003 21.7

10/19/2001 37.2 10/21/2002 27.7 10/21/2003 20.1

10/22/2001 38.9 10/22/2002 25.9 10/22/2003 20.3

10/23/2001 38.0 10/23/2002 25.4 10/23/2003 28.0

10/24/2001 35.5 10/24/2002 29.3 10/24/2003 25.9

10/25/2001 35.6 10/25/2002 28.5 10/27/2003 27.6

10/26/2001 35.2 10/28/2002 31.1 10/28/2003 23.4

10/29/2001 36.3 10/29/2002 29.1 10/29/2003 26.9

10/30/2001 34.6 10/30/2002 30.3 10/30/2003 36.0

10/31/2001 27.6 10/31/2002 43.7 10/31/2003 35.0

11/1/2001 27.0 11/1/2002 10.6 11/3/2003 14.0

11/2/2001 6.4 11/4/2002 14.0 11/4/2003 10.5

11/5/2001 7.7 11/5/2002 7.5 11/5/2003 11.5

11/6/2001 4.4 11/6/2002 11.0 11/6/2003 14.3

11/7/2001 8.7 11/7/2002 13.8 11/7/2003 11.6

11/8/2001 24.3 11/8/2002 11.9 11/10/2003 11.6

11/9/2001 22.4 11/11/2002 11.9 11/11/2003 11.6

11/12/2001 22.4 11/12/2002 12.4 11/12/2003 6.0

11/13/2001 24.0 11/13/2002 10.1 11/13/2003 5.9

11/14/2001 21.1 11/14/2002 18.5 11/14/2003 5.5

11/15/2001 23.1 11/15/2002 27.1 11/17/2003 22.7

11/16/2001 29.9 11/18/2002 34.8 11/18/2003 20.2

11/19/2001 29.5 11/19/2002 32.0 11/19/2003 19.6

11/20/2001 26.7 11/20/2002 30.5 11/20/2003 18.7

11/21/2001 27.9 11/21/2002 30.4 11/21/2003 16.9

11/22/2001 27.9 11/22/2002 27.7 11/24/2003 17.2

11/23/2001 51.3 11/25/2002 29.1 11/25/2003 12.4

11/26/2001 51.8 11/26/2002 28.0 11/26/2003 12.2

11/27/2001 47.8 11/27/2002 27.4 11/27/2003 12.2

11/28/2001 45.4 11/28/2002 27.4 11/28/2003 21.4

11/29/2001 48.4 11/29/2002 30.9 12/1/2003 9.1

11/30/2001 30.5 12/2/2002 27.4 12/2/2003 6.6

12/3/2001 5.9 12/3/2002 6.0 12/3/2003 17.7

12/4/2001 5.8 12/4/2002 4.6 12/4/2003 14.9

12/5/2001 5.2 12/5/2002 5.1 12/5/2003 10.8

12/6/2001 12.1 12/6/2002 3.1 12/8/2003 12.3

12/7/2001 11.0 12/9/2002 5.0 12/9/2003 7.6

12/10/2001 13.2 12/10/2002 14.4 12/10/2003 6.2

12/11/2001 10.5 12/11/2002 14.1 12/11/2003 3.6

12/12/2001 10.9 12/12/2002 7.1 12/12/2003 5.5

12/13/2001 9.2 12/13/2002 10.3 12/15/2003 41.6

12/14/2001 13.8 12/16/2002 35.0 12/16/2003 46.4

12/17/2001 55.6 12/17/2002 35.2 12/17/2003 45.3

12/18/2001 55.8 12/18/2002 35.8 12/18/2003 30.4

12/19/2001 58.7 12/19/2002 28.3 12/19/2003 32.5

12/20/2001 49.0 12/20/2002 27.9 12/22/2003 37.5

12/21/2001 49.9 12/23/2002 32.0 12/23/2003 34.5

12/24/2001 56.5 12/24/2002 27.2 12/24/2003 32.8

12/25/2001 56.5 12/25/2002 27.2 12/25/2003 32.8

12/26/2001 54.4 12/26/2002 23.5 12/26/2003 22.1

12/27/2001 49.2 12/27/2002 25.9 12/29/2003 29.8

12/28/2001 53.3 12/30/2002 33.5 12/30/2003 32.8

12/31/2001 52.4 12/31/2002 33.0 12/31/2003 33.2

1/1/2002 52.4 1/1/2003 33.0 1/1/2004 33.2

1/2/2002 52.1 1/2/2003 33.8 1/2/2004 13.9

1/3/2002 27.8 1/3/2003 11.3 1/5/2004 15.9

1/4/2002 27.9 1/6/2003 13.4 1/6/2004 11.9

1/7/2002 30.0 1/7/2003 11.6 1/7/2004 15.8

1/8/2002 28.7 1/8/2003 10.1 1/8/2004 6.5

1/9/2002 28.8 1/9/2003 4.8 1/9/2004 7.5

1/10/2002 19.9 1/10/2003 7.1 1/12/2004 11.6

1/11/2002 20.5 1/13/2003 11.6 1/13/2004 11.3
1/14/2002 27.0 1/14/2003 14.6 1/14/2004 12.8

1/15/2002 45.9 1/15/2003 8.0 1/15/2004 21.7

1/16/2002 55.2 1/16/2003 7.3 1/16/2004 30.0

1/17/2002 43.5 1/17/2003 10.5 1/19/2004 30.0

1/18/2002 46.7 1/20/2003 10.5 1/20/2004 35.9

1/21/2002 46.7 1/21/2003 17.2 1/21/2004 51.0

1/22/2002 55.8 1/22/2003 32.1 1/22/2004 51.0

1/23/2002 70.0 1/23/2003 30.9 1/23/2004 52.0

1/24/2002 66.7 1/24/2003 29.9 1/26/2004 57.0

1/25/2002 67.2 1/27/2003 35.3 1/27/2004 55.3

1/28/2002 73.0 1/28/2003 32.8 1/28/2004 54.7

1/29/2002 72.0 1/29/2003 36.5 1/29/2004 56.1

1/30/2002 74.6 1/30/2003 35.7 1/30/2004 42.5

1/31/2002 75.4 1/31/2003 31.2 2/2/2004 45.4

2/1/2002 38.5 2/3/2003 12.9 2/3/2004 21.0

2/4/2002 41.9 2/4/2003 8.5 2/4/2004 22.7

2/5/2002 36.9 2/5/2003 9.5 2/5/2004 30.5

2/6/2002 40.6 2/6/2003 18.5 2/6/2004 18.6

2/7/2002 44.5 2/7/2003 5.2 2/9/2004 22.3

2/8/2002 33.2 2/10/2003 8.1 2/10/2004 19.1

2/11/2002 36.7 2/11/2003 5.3 2/11/2004 17.8

2/12/2002 34.5 2/12/2003 4.1 2/12/2004 29.9

2/13/2002 34.2 2/13/2003 13.1 2/13/2004 9.9

2/14/2002 45.9 2/14/2003 6.5 2/16/2004 9.9

2/15/2002 28.3 2/17/2003 6.5 2/17/2004 25.1

2/18/2002 28.3 2/18/2003 13.2 2/18/2004 20.5

2/19/2002 38.2 2/19/2003 9.5 2/19/2004 34.3

2/20/2002 35.2 2/20/2003 21.3 2/20/2004 16.9

2/21/2002 53.4 2/21/2003 6.8 2/23/2004 22.1

2/22/2002 39.3 2/24/2003 10.8 2/24/2004 18.7

2/25/2002 44.7 2/25/2003 7.3 2/25/2004 16.9

2/26/2002 41.9 2/26/2003 6.1 2/26/2004 25.1

2/27/2002 41.7 2/27/2003 18.5 2/27/2004 16.7

2/28/2002 44.6 2/28/2003 8.6 3/1/2004 9.9

3/1/2002 16.5 3/3/2003 14.8 3/2/2004 8.8

3/4/2002 18.6 3/4/2003 11.5 3/3/2004 14.9

3/5/2002 13.0 3/5/2003 11.1 3/4/2004 18.2

3/6/2002 16.5 3/6/2003 16.1 3/5/2004 9.2

3/7/2002 19.0 3/7/2003 9.2 3/8/2004 12.8

3/8/2002 13.0 3/10/2003 12.5 3/9/2004 9.6

3/11/2002 16.5 3/11/2003 9.1 3/10/2004 7.0

3/12/2002 14.0 3/12/2003 7.0 3/11/2004 13.0

3/13/2002 13.3 3/13/2003 14.3 3/12/2004 8.1

3/14/2002 18.2 3/14/2003 9.1 3/15/2004 30.1

3/15/2002 31.6 3/17/2003 10.7 3/16/2004 35.4

3/18/2002 43.6 3/18/2003 8.3 3/17/2004 32.9

3/19/2002 40.1 3/19/2003 4.4 3/18/2004 37.3

3/20/2002 40.1 3/20/2003 14.0 3/19/2004 32.4

3/21/2002 34.1 3/21/2003 8.3 3/22/2004 34.0

3/22/2002 28.6 3/24/2003 11.2 3/23/2004 30.1

3/25/2002 30.5 3/25/2003 10.0 3/24/2004 26.4

3/26/2002 25.9 3/26/2003 6.2 3/25/2004 25.7

3/27/2002 24.4 3/27/2003 7.2 3/26/2004 18.3

3/28/2002 15.6 3/28/2003 5.1 3/29/2004 21.5

3/29/2002 14.1 3/31/2003 13.3 3/30/2004 17.8

4/1/2002 4.9 4/1/2003 5.1 3/31/2004 21.3

4/2/2002 4.2 4/2/2003 6.4 4/1/2004 4.9

4/3/2002 7.5 4/3/2003 11.5 4/2/2004 5.6

4/4/2002 13.6 4/4/2003 7.5 4/5/2004 4.6

4/5/2002 7.1 4/7/2003 9.0 4/6/2004 6.8

4/8/2002 8.2 4/8/2003 6.8 4/7/2004 9.5

4/9/2002 6.0 4/9/2003 11.2 4/8/2004 14.4

4/10/2002 5.8 4/10/2003 9.1 4/9/2004 9.8

4/11/2002 8.7 4/11/2003 5.2 4/12/2004 10.7

4/12/2002 7.3 4/14/2003 11.2 4/13/2004 11.5

4/15/2002 11.3 4/15/2003 7.9 4/14/2004 15.9

4/16/2002 4.2 4/16/2003 16.2 4/15/2004 20.7

4/17/2002 8.3 4/17/2003 6.6 4/16/2004 27.3

4/18/2002 5.9 4/18/2003 12.1 4/19/2004 19.8

4/19/2002 9.6 4/21/2003 22.8 4/20/2004 30.3

4/22/2002 10.9 4/22/2003 16.6 4/21/2004 38.1

4/23/2002 21.6 4/23/2003 21.9 4/22/2004 30.5

4/24/2002 29.7 4/24/2003 15.5 4/23/2004 30.7

4/25/2002 16.6 4/25/2003 15.0 4/26/2004 42.8

4/26/2002 18.2 4/28/2003 13.6 4/27/2004 52.2

4/29/2002 26.1 4/29/2003 13.3 4/28/2004 53.8

4/30/2002 38.8 4/30/2003 28.4 4/29/2004 44.9

5/1/2002 30.5 5/1/2003 12.7 4/30/2004 40.4

5/2/2002 24.5 5/2/2003 19.2 5/3/2004 20.3

5/3/2002 13.5 5/5/2003 20.3 5/4/2004 17.2

5/6/2002 14.6 5/6/2003 22.2 5/5/2004 19.5

5/7/2002 10.6 5/7/2003 24.4 5/6/2004 19.6
5/8/2002 9.6 5/8/2003 13.3 5/7/2004 16.2

5/9/2002 7.4 5/9/2003 9.6 5/10/2004 17.1

5/10/2002 9.8 5/12/2003 11.0 5/11/2004 13.2

5/13/2002 10.9 5/13/2003 10.5 5/12/2004 11.3

5/14/2002 9.0 5/14/2003 9.1 5/13/2004 15.0

5/15/2002 10.9 5/15/2003 9.1 5/14/2004 13.7

5/16/2002 25.1 5/16/2003 12.4 5/17/2004 23.3

5/17/2002 11.1 5/19/2003 12.5 5/18/2004 20.7

5/20/2002 12.5 5/20/2003 6.9 5/19/2004 18.2

5/21/2002 9.1 5/21/2003 9.7 5/20/2004 22.8

5/22/2002 7.5 5/22/2003 15.4 5/21/2004 20.5

5/23/2002 14.0 5/23/2003 11.5 5/24/2004 21.7

5/24/2002 11.0 5/26/2003 11.5 5/25/2004 16.6

5/27/2002 11.0 5/27/2003 8.2 5/26/2004 13.4

5/28/2002 12.7 5/28/2003 4.9 5/27/2004 15.2

5/29/2002 10.7 5/29/2003 16.8 5/28/2004 15.9

5/30/2002 14.5 5/30/2003 7.5 5/31/2004 15.9

5/31/2002 8.3 6/2/2003 9.0 6/1/2004 3.5

6/3/2002 24.4 6/3/2003 6.9 6/2/2004 1.6

6/4/2002 19.7 6/4/2003 6.8 6/3/2004 12.1

6/5/2002 20.4 6/5/2003 12.7 6/4/2004 8.2

6/6/2002 16.9 6/6/2003 9.0 6/7/2004 8.1

6/7/2002 14.6 6/9/2003 10.6 6/8/2004 3.7

6/10/2002 16.6 6/10/2003 8.3 6/9/2004 5.9

6/11/2002 14.6 6/11/2003 7.6 6/10/2004 8.8

6/12/2002 16.1 6/12/2003 25.7 6/11/2004 7.2

6/13/2002 9.7 6/13/2003 7.1 6/14/2004 10.9

6/14/2002 14.6 6/16/2003 25.6 6/15/2004 41.6

6/17/2002 35.5 6/17/2003 30.4 6/16/2004 47.1

6/18/2002 16.4 6/18/2003 33.0 6/17/2004 39.6

6/19/2002 21.0 6/19/2003 27.7 6/18/2004 42.8

6/20/2002 25.9 6/20/2003 31.4 6/21/2004 49.8

6/21/2002 26.7 6/23/2003 37.3 6/22/2004 53.4

6/24/2002 32.7 6/24/2003 34.2 6/23/2004 53.1

6/25/2002 31.6 6/25/2003 34.2 6/24/2004 37.9

6/26/2002 32.1 6/26/2003 21.0 6/25/2004 38.6

6/27/2002 35.6 6/27/2003 21.5 6/28/2004 43.8

6/28/2002 39.6 6/30/2003 30.0 6/29/2004 43.3

7/1/2002 27.8 7/1/2003 13.5 6/30/2004 44.6

7/2/2002 26.8 7/2/2003 15.2 7/1/2004 9.5

7/3/2002 8.5 7/3/2003 13.1 7/2/2004 8.4

7/4/2002 8.5 7/7/2003 17.6 7/5/2004 8.4

7/5/2002 9.4 7/8/2003 12.7 7/6/2004 7.3

7/8/2002 9.5 7/9/2003 13.0 7/7/2004 3.5

7/9/2002 6.9 7/10/2003 10.2 7/8/2004 5.8

7/10/2002 6.9 7/11/2003 9.8 7/9/2004 5.0

7/11/2002 9.5 7/14/2003 16.3 7/12/2004 8.1

7/12/2002 11.6 7/15/2003 24.9 7/13/2004 4.7

7/15/2002 3.8 7/16/2003 29.0 7/14/2004 5.6

7/16/2002 8.0 7/17/2003 26.4 7/15/2004 10.2

7/17/2002 8.0 7/18/2003 26.2 7/16/2004 14.4

7/18/2002 18.2 7/21/2003 27.8 7/19/2004 16.6

7/19/2002 19.1 7/22/2003 24.1 7/20/2004 13.2

7/22/2002 20.9 7/23/2003 22.9 7/21/2004 12.6

7/23/2002 17.7 7/24/2003 20.2 7/22/2004 24.4

7/24/2002 17.2 7/25/2003 20.4 7/23/2004 24.7

7/25/2002 27.4 7/28/2003 24.0 7/26/2004 27.9

7/26/2002 27.3 7/29/2003 21.6 7/27/2004 25.2

7/29/2002 31.6 7/30/2003 24.4 7/28/2004 22.3

7/30/2002 29.8 7/31/2003 45.1

7/31/2002 39.8 8/1/2003 9.5

8/1/2002 35.6 8/4/2003 10.7

8/2/2002 13.8 8/5/2003 13.2

8/5/2002 13.1 8/6/2003 15.8

8/6/2002 9.6 8/7/2003 14.3

8/7/2002 14.2 8/8/2003 14.7

8/8/2002 17.1 8/11/2003 16.9

8/9/2002 18.6 8/12/2003 12.5

8/12/2002 22.6 8/13/2003 10.4

8/13/2002 20.4 8/14/2003 17.7

8/14/2002 21.2 8/15/2003 5.5

8/15/2002 21.5 8/18/2003 12.3

8/16/2002 24.1 8/19/2003 9.3

8/19/2002 26.1 8/20/2003 10.3

8/20/2002 24.1 8/21/2003 16.1

8/21/2002 26.3 8/22/2003 15.6

8/22/2002 28.6 8/25/2003 18.1

8/23/2002 29.3 8/26/2003 14.9

8/26/2002 33.1 8/27/2003 13.1

8/27/2002 31.5 8/28/2003 14.7

8/28/2002 32.1 8/29/2003 5.4

8/29/2002 35.6 9/1/2003 5.4
8/30/2002 26.5 9/2/2003 13.5

9/2/2002 26.5 9/3/2003 12.1

9/3/2002 9.6 9/4/2003 9.9

9/4/2002 8.3 9/5/2003 7.7

9/5/2002 8.2 9/8/2003 9.8

9/6/2002 7.3 9/9/2003 7.2

9/9/2002 10.4 9/10/2003 6.1

9/10/2002 9.6 9/11/2003 6.9

9/11/2002 18.1 9/12/2003 9.0

9/12/2002 9.5 9/15/2003 37.4

9/13/2002 11.9 9/16/2003 48.4

9/16/2002 49.7 9/17/2003 50.7

9/17/2002 52.4 9/18/2003 36.5

9/18/2002 56.7 9/19/2003 44.0

9/19/2002 49.2 9/22/2003 50.4

9/20/2002 54.7 9/23/2003 49.5

9/23/2002 62.7 9/24/2003 47.3

9/24/2002 61.3 9/25/2003 26.1

9/25/2002 61.1 9/26/2003 23.4

9/26/2002 51.5 9/29/2003 27.0

9/27/2002 50.8 9/30/2003 35.0

9/30/2002 60.9
THE AVERAGE MATURITY OF TOTAL OUTSTANDING MARKETABLE DEBT AND 

A 1-YEAR MOVING AVERAGE OF THE AVERAGE MATURITY OF ISSUANCE

CIM Avg Mat

12/31/80 73.92 48.39

3/31/81 73.21 48.10

6/30/81 73.59 49.97

9/30/81 76.38 50.54

12/31/81 77.34 50.18

3/31/82 77.28 50.09

6/30/82 63.57 49.69

9/30/82 56.92 48.80

12/31/82 54.85 47.06

3/31/83 55.57 47.48

6/30/83 69.27 48.45

9/30/83 77.91 49.70

12/31/83 82.90 50.98

3/31/84 84.39 51.91

6/30/84 85.78 53.34

9/30/84 85.93 53.90

12/31/84 85.62 55.33

3/31/85 87.02 55.77

6/30/85 87.55 57.00

9/30/85 88.83 58.19

12/31/85 89.54 58.71

3/31/86 89.30 60.10

6/30/86 89.51 61.13

9/30/86 88.80 61.74

12/31/86 88.55 62.15

3/31/87 87.85 63.85

6/30/87 87.60 65.14

9/30/87 88.28 66.17

12/31/87 82.59 65.63

3/31/88 82.48 66.01

6/30/88 82.30 67.15

9/30/88 66.77 65.97

12/31/88 73.57 66.51

3/31/89 73.17 66.78

6/30/89 73.64 68.19

9/30/89 89.63 69.07

12/31/89 89.12 68.95

3/31/90 89.85 68.89

6/30/90 89.27 69.44

9/30/90 87.40 69.07

12/31/90 85.68 67.91

3/31/91 85.05 68.46

6/30/91 84.66 69.40

9/30/91 84.21 68.31

12/31/91 84.66 67.94

3/31/92 82.20 67.27

6/30/92 79.70 67.50

9/30/92 77.38 67.22

12/31/92 75.29 66.78
3/31/93 74.43 66.77

6/30/93 72.52 66.58

9/30/93 73.37 66.80

12/31/93 60.98 64.68

3/31/94 62.11 64.55

6/30/94 51.37 64.18

9/30/94 51.43 64.27

12/31/94 51.28 62.81

3/31/95 51.26 62.05

6/30/95 51.18 61.27

9/30/95 51.76 61.72

12/31/95 51.87 60.36

3/31/96 52.37 60.09

6/30/96 52.44 60.36

9/30/96 50.34 60.58

12/31/96 62.21 60.93

3/31/97 60.32 60.93

6/30/97 61.29 61.96

9/30/97 62.09 62.39

12/31/97 63.28 62.52

3/31/98 64.64 63.11

6/30/98 74.90 65.14

9/30/98 83.89 66.84

12/31/98 85.12 65.11

3/31/99 87.44 65.28

6/30/99 87.65 67.39

9/30/99 80.96 68.19

12/31/99 78.40 66.88

3/31/00 78.73 67.43

6/30/00 67.32 69.39

9/30/00 63.90 70.06

12/31/00 61.73 69.42

3/31/01 62.06 68.81

6/30/01 62.07 70.90

9/30/01 60.14 68.33

12/31/01 57.78 66.01

3/31/02 41.76 64.94

6/30/02 40.66 63.82

9/30/02 32.27 62.09

12/31/02 25.48 60.47

3/31/03 25.89 58.59

6/30/03 26.62 57.63

9/30/03 27.49 57.21

12/31/03 28.42 56.30

3/31/04 29.38 54.94

6/30/04 30.93 55.13

9/30/04 34.20 54.97

9/30/05 37.79 53.64

9/30/06 38.12 52.36

9/30/07 37.61 50.96

9/30/08 36.96 49.43

9/30/09 36.91 47.78
MATURITY PROFILE--TREASURY MARKETABLE COUPON SECURITIES 2004-2014

ACTUAL MATURING--solid pattern

$ billions

Calendar Year I-Q II-Q III-Q IV-Q Total

2004 126 142 138 125 531

2005 154 148 116 112 530

2006 155 168 81 88 492

2007 57 66 51 33 208

2008 61 61 49 75 246

2009 68 68 47 5 188

2010 36 0 22 0 58

2011 35 0 27 0 62

2012 31 0 44 18 93

2013 19 18 54 31 122

2014 50 27 10 0 87

Issued or announced through July 30, 2004.

Note: Where applicable, maturities represent first call date.

PROJECTED--BASED ON CURRENT ISSUANCE PATTERNS--shaded

$ billions

Calendar Year I-Q II-Q III-Q IV-Q Total

2004

2005

2006 64 92 156

2007 96 96 119 154 464

2008 125 124 123 123 495

2009 124 125 163 190 602

2010 172 187 172 155 686

2011 205 187 179 159 731

2012 171 189 183 220 762

2013 145 191 217 190 742

2014 182 191 213 225 812

Issued or announced through July 30, 2004.

Note: Where applicable, maturities represent first call date.
Financing Residuals Given Current Issuance Pattern

$ billions, Fiscal Year

Budget estimates 2004 2005 2006 2007 2008 2009

line Plus potential error in OMB estimate 406 416 419 456 513 555

OMB MSR FY2005 Budget--- Net Financing 385 334 275 251 246 247

Minus potential error in OMB estimate 364 252 131 46 -21 -61

Note: (+) Deficit, (-) Surplus

Estimated financing changes from current pattern

bar Plus potential error in OMB estimate 34 77 122 229 310 441

OMB MSR FY2005 Budget--- Net Financing 13 -5 -22 24 43 133

Minus potential error in OMB estimate -8 -87 -166 -181 -224 -175

note: (-) implies less financing required

 (+) implies more financing required 

Assumes current coupon issuance pattern and issuance amount--Bill issuance at levels required to maintain outstanding

FY$ amounts nearly equal to June 30, 2004 total outstanding.

Potential errors were estimated with a linear least-squares regression using OMB’s budget forecasts since the 

1989 Budget and OMB’s Mid-Sessions Reviews since the MSR for the 1998 Budget. 
FY 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 9137.7 125.5 3632.9 1.4% 39.8%

2000 9718.8 236.4 3410.1 2.4% 35.1%

2001 10021.5 127.1 3320.0 1.3% 33.1%

2002 10336.6 -157.8 3540.0 -1.5% 34.2%

2003 10828.0 -375 3913.6 -3.5% 36.1%

2004 est 11550 -445 4330 -3.9% 37.5%

2005 est 12221 -331 4665 -2.7% 38.2%

2006 est 12916 -261 4939 -2.0% 38.2%

2007 est 13623 -233 5190 -1.7% 38.1%

2008 est 14364 -228 5436 -1.6% 37.8%

2009 est 15128 -229 5683 -1.5% 37.6%

SOURCE: 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 2004-09 estimates from OMB MSR Budget of the United States Government FY 2005.
$ 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

1974 Q2 1981.0 333.8

1974 Q3 2026.6 338.3

Domestic Nonfinancial Credit Market and Treasury Debt
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 10358.1 2278.4

1990 Q2 10518.6 2314.4

1990 Q3 10683.6 2377.8

1990 Q4 10849.6 2465.8

1991 Q1 10909.3 2522.4

1991 Q2 11043.0 2567.1

1991 Q3 11173.5 2669.6

1991 Q4 11311.9 2757.8

1992 Q1 11427.1 2844.0

1992 Q2 11542.3 2907.4

1992 Q3 11682.7 2980.7

1992 Q4 11830.2 3061.6

1993 Q1 11903.3 3120.6

1993 Q2 12076.0 3180.6

1993 Q3 12219.8 3222.6

1993 Q4 12411.6 3309.9

1994 Q1 12537.2 3361.4

1994 Q2 12654.4 3368.0

1994 Q3 12802.6 3404.1

1994 Q4 12989.5 3465.6

1995 Q1 13158.3 3531.5

1995 Q2 13356.1 3556.7

1995 Q3 13502.0 3576.5

1995 Q4 13673.8 3608.5

1996 Q1 13868.9 3689.6

1996 Q2 14025.3 3665.5

1996 Q3 14196.2 3705.6

1996 Q4 14390.2 3755.1

1997 Q1 14554.8 3803.5

1997 Q2 14682.9 3734.2

1997 Q3 14886.2 3745.0

1997 Q4 15150.5 3778.3

1998 Q1 15406.9 3804.8

1998 Q2 15638.2 3723.3

1998 Q3 15843.8 3694.6

1998 Q4 16184.3 3723.7

1999 Q1 16474.4 3731.5

1999 Q2 16634.4 3623.4

1999 Q3 16946.0 3605.0

1999 Q4 17243.5 3652.7

2000 Q1 17467.1 3625.7

2000 Q2 17630.3 3435.7

2000 Q3 17825.4 3382.5

2000 Q4 18098.8 3357.8

2001 Q1 18353.0 3382.0

2001 Q2 18535.9 3224.3

2001 Q3 18858.8 3293.0

2001 Q4 19228.0 3352.7

2002 Q1 19470.9 3404.0

2002 Q2 19778.2 3424.6

2002 Q3 20103.6 3513.6

2002 Q4 20567.4 3609.8

2003 Q1 20877.5 3673.7

2003 Q2 21416.6 3779.9

2003 Q3 21828.5 3887.5

2003 Q4 22299.2 4008.2

2004 Q1 22725.5 4143.8

SOURCE = Federal Reserve, Flow of Funds, Table L.2
End of Qtr Treasuries Muni's Corporates Residential Mortgages Other Mortgages Consumer Credit Other

1960 Q1 33.6% 9.7% 10.6% 21.7% 6.2% 8.1% 10.0%

1960 Q2 32.8% 9.7% 10.6% 21.9% 6.3% 8.4% 10.3%

1960 Q3 32.6% 9.8% 10.6% 22.1% 6.4% 8.4% 10.1%

1960 Q4 32.3% 9.8% 10.6% 22.1% 6.4% 8.5% 10.3%

1961 Q1 31.9% 10.0% 10.6% 22.5% 6.5% 8.2% 10.3%

1961 Q2 31.5% 9.9% 10.8% 22.6% 6.6% 8.2% 10.3%

1961 Q3 31.7% 10.0% 10.7% 22.8% 6.6% 8.1% 10.1%

1961 Q4 31.4% 9.9% 10.6% 22.9% 6.7% 8.3% 10.3%

1962 Q1 31.1% 10.1% 10.7% 23.0% 6.8% 8.0% 10.3%

1962 Q2 30.5% 10.0% 10.7% 23.2% 6.9% 8.3% 10.4%

1962 Q3 30.2% 10.1% 10.6% 23.5% 7.0% 8.3% 10.3%

1962 Q4 30.1% 10.0% 10.5% 23.5% 7.0% 8.5% 10.6%

1963 Q1 29.9% 10.0% 10.5% 23.7% 7.1% 8.3% 10.6%

1963 Q2 29.3% 10.0% 10.4% 23.9% 7.2% 8.6% 10.7%

1963 Q3 28.9% 10.0% 10.3% 24.2% 7.3% 8.7% 10.5%

1963 Q4 28.6% 9.9% 10.2% 24.2% 7.3% 8.9% 10.8%

1964 Q1 28.4% 10.0% 10.2% 24.5% 7.4% 8.8% 10.8%

1964 Q2 27.7% 10.0% 10.1% 24.7% 7.4% 9.1% 11.0%

1964 Q3 27.5% 10.0% 10.0% 24.9% 7.5% 9.2% 10.9%

1964 Q4 27.2% 9.9% 10.0% 24.9% 7.5% 9.3% 11.3%

1965 Q1 26.9% 10.0% 9.9% 25.1% 7.5% 9.2% 11.5%

1965 Q2 26.1% 10.0% 9.9% 25.2% 7.6% 9.5% 11.8%

1965 Q3 25.6% 10.1% 9.9% 25.4% 7.7% 9.6% 11.7%

1965 Q4 25.5% 10.0% 9.7% 25.3% 7.6% 9.7% 12.2%

1966 Q1 25.2% 10.0% 9.9% 25.4% 7.7% 9.5% 12.3%

1966 Q2 24.2% 10.0% 10.0% 25.4% 7.8% 9.6% 13.0%

1966 Q3 24.1% 10.0% 10.1% 25.5% 7.9% 9.6% 12.8%

1966 Q4 24.1% 9.9% 10.2% 25.3% 7.9% 9.6% 13.1%

1967 Q1 24.0% 9.9% 10.4% 25.2% 7.9% 9.3% 13.2%

1967 Q2 22.9% 10.0% 10.7% 25.3% 8.0% 9.5% 13.6%

1967 Q3 23.2% 10.0% 10.9% 25.3% 8.0% 9.4% 13.1%

1967 Q4 23.3% 9.9% 10.9% 25.0% 7.9% 9.4% 13.7%

1968 Q1 23.4% 9.9% 11.0% 25.1% 8.0% 9.2% 13.4%

1968 Q2 22.7% 9.9% 11.1% 25.1% 8.0% 9.4% 13.9%

1968 Q3 22.7% 9.8% 11.3% 25.0% 8.1% 9.4% 13.7%

1968 Q4 22.3% 9.8% 11.2% 24.8% 8.1% 9.6% 14.1%

1969 Q1 22.0% 10.0% 11.4% 24.9% 8.1% 9.4% 14.1%

1969 Q2 20.8% 10.1% 11.5% 25.0% 8.1% 9.7% 14.8%

1969 Q3 20.9% 10.1% 11.5% 25.0% 8.1% 9.7% 14.6%

1969 Q4 20.8% 10.0% 11.4% 24.9% 8.1% 9.7% 15.1%

1970 Q1 20.8% 10.1% 11.7% 25.0% 8.1% 9.4% 14.9%

1970 Q2 20.1% 10.2% 11.9% 24.9% 8.1% 9.5% 15.3%

1970 Q3 20.2% 10.2% 12.1% 24.9% 8.2% 9.5% 14.9%

1970 Q4 20.4% 10.2% 12.2% 24.8% 8.2% 9.4% 14.8%

1971 Q1 20.3% 10.4% 12.5% 24.9% 8.2% 9.3% 14.4%

1971 Q2 19.9% 10.4% 12.5% 25.0% 8.2% 9.4% 14.6%

1971 Q3 20.1% 10.4% 12.5% 25.1% 8.3% 9.5% 14.3%

1971 Q4 20.3% 10.4% 12.3% 25.0% 8.3% 9.6% 14.2%

1972 Q1 20.2% 10.5% 12.4% 25.2% 8.4% 9.4% 14.1%

1972 Q2 19.4% 10.4% 12.4% 25.5% 8.5% 9.6% 14.2%

1972 Q3 19.2% 10.4% 12.2% 25.8% 8.6% 9.7% 14.0%

1972 Q4 19.3% 10.3% 11.9% 25.7% 8.7% 9.8% 14.3%

1973 Q1 19.2% 10.2% 11.6% 25.6% 8.7% 9.7% 14.8%

1973 Q2 18.4% 10.2% 11.5% 25.8% 8.9% 10.0% 15.2%

1973 Q3 17.9% 10.2% 11.4% 26.0% 9.0% 10.1% 15.4%

1973 Q4 17.7% 10.2% 11.3% 26.0% 9.1% 10.2% 15.5%

1974 Q1 17.6% 10.2% 11.4% 26.1% 9.2% 9.9% 15.7%

1974 Q2 16.8% 10.2% 11.4% 26.1% 9.3% 9.9% 16.3%

1974 Q3 16.7% 10.2% 11.5% 26.1% 9.3% 9.9% 16.4%

1974 Q4 16.8% 10.0% 11.5% 25.9% 9.3% 9.7% 16.7%

1975 Q1 17.5% 10.0% 11.9% 25.8% 9.3% 9.3% 16.1%

1975 Q2 17.9% 10.0% 11.9% 25.7% 9.3% 9.1% 16.0%

1975 Q3 18.6% 9.9% 11.8% 25.7% 9.3% 9.1% 15.6%

1975 Q4 19.2% 9.8% 11.6% 25.4% 9.3% 9.1% 15.5%

1976 Q1 19.8% 9.8% 11.7% 25.5% 9.2% 8.9% 15.1%

1976 Q2 19.7% 10.0% 11.7% 25.5% 9.2% 9.0% 15.0%

1976 Q3 19.9% 9.9% 11.6% 25.6% 9.1% 9.1% 14.8%

Percentage Breakdown of Domestic Nonfinancial Credit Market Debt
1976 Q4 20.1% 9.7% 11.5% 25.6% 9.1% 9.1% 14.9%

1977 Q1 20.3% 9.7% 11.4% 25.6% 9.1% 8.9% 15.0%

1977 Q2 19.7% 9.9% 11.3% 26.0% 9.0% 9.1% 15.0%

1977 Q3 19.8% 9.8% 11.2% 26.2% 9.0% 9.3% 14.7%

1977 Q4 19.8% 9.7% 11.0% 26.3% 9.0% 9.4% 14.8%

1978 Q1 20.0% 9.7% 10.9% 26.3% 9.0% 9.2% 14.8%

1978 Q2 19.4% 9.9% 10.8% 26.5% 9.0% 9.5% 14.9%

1978 Q3 19.3% 10.0% 10.6% 26.8% 9.0% 9.6% 14.7%

1978 Q4 19.1% 10.1% 10.5% 26.9% 8.9% 9.7% 14.8%

1979 Q1 19.0% 10.1% 10.4% 27.1% 8.9% 9.5% 14.9%

1979 Q2 18.3% 10.2% 10.3% 27.3% 9.0% 9.6% 15.3%

1979 Q3 18.1% 10.2% 10.2% 27.5% 9.0% 9.8% 15.2%

1979 Q4 18.1% 10.1% 10.0% 27.5% 9.0% 9.8% 15.4%

1980 Q1 18.1% 10.0% 10.1% 27.7% 9.0% 9.5% 15.5%

1980 Q2 18.0% 10.1% 10.4% 27.8% 9.1% 9.2% 15.3%

1980 Q3 18.3% 10.2% 10.3% 27.9% 9.1% 9.1% 15.2%

1980 Q4 18.4% 10.1% 9.9% 27.9% 9.0% 9.0% 15.6%

1981 Q1 18.9% 10.1% 10.0% 27.7% 9.1% 8.7% 15.5%

1981 Q2 18.4% 10.1% 10.1% 27.6% 9.2% 8.7% 15.9%

1981 Q3 18.3% 10.2% 10.1% 27.4% 9.2% 8.7% 16.1%

1981 Q4 18.7% 10.2% 9.9% 26.9% 9.3% 8.7% 16.4%

1982 Q1 19.1% 10.3% 10.1% 26.7% 9.3% 8.4% 16.3%

1982 Q2 18.9% 10.4% 10.0% 26.5% 9.3% 8.4% 16.6%

1982 Q3 19.6% 10.5% 9.9% 25.8% 9.3% 8.3% 16.6%

1982 Q4 20.4% 10.6% 9.6% 25.5% 9.3% 8.3% 16.4%

1983 Q1 21.1% 10.6% 9.6% 25.3% 9.3% 8.0% 16.0%

1983 Q2 21.4% 10.8% 9.5% 25.2% 9.3% 8.0% 15.8%

1983 Q3 21.7% 10.8% 9.3% 25.3% 9.3% 8.1% 15.5%

1983 Q4 21.7% 10.7% 9.0% 25.2% 9.4% 8.3% 15.7%

1984 Q1 22.0% 10.7% 9.0% 25.1% 9.4% 8.2% 15.6%

1984 Q2 21.7% 10.7% 9.0% 25.1% 9.5% 8.4% 15.7%

1984 Q3 21.9% 10.7% 9.1% 24.9% 9.5% 8.5% 15.4%

1984 Q4 22.1% 10.6% 9.0% 24.6% 9.5% 8.6% 15.7%

1985 Q1 22.1% 10.7% 9.1% 24.8% 9.4% 8.5% 15.5%

1985 Q2 22.1% 10.8% 9.2% 24.7% 9.4% 8.5% 15.3%

1985 Q3 22.1% 10.9% 9.2% 24.8% 9.3% 8.7% 15.0%

1985 Q4 22.2% 12.1% 9.1% 24.2% 9.1% 8.6% 14.7%

1986 Q1 22.4% 11.8% 9.4% 24.3% 9.1% 8.4% 14.6%

1986 Q2 22.4% 11.8% 9.6% 24.5% 8.9% 8.4% 14.4%

1986 Q3 22.5% 11.7% 9.8% 24.8% 8.8% 8.4% 14.1%

1986 Q4 22.6% 11.5% 9.6% 24.6% 8.7% 8.4% 14.5%

1987 Q1 22.6% 11.7% 9.8% 24.9% 9.0% 8.0% 14.1%

1987 Q2 22.4% 11.6% 9.8% 25.2% 9.0% 8.0% 14.0%

1987 Q3 22.2% 11.7% 9.9% 25.4% 8.9% 8.0% 13.9%

1987 Q4 22.4% 11.6% 9.9% 25.1% 9.0% 8.1% 13.9%

1988 Q1 22.5% 11.5% 10.0% 25.3% 8.9% 7.8% 13.9%

1988 Q2 22.2% 11.4% 10.2% 25.5% 9.0% 7.9% 13.9%

1988 Q3 22.1% 11.5% 10.2% 25.7% 8.9% 7.9% 13.8%

1988 Q4 22.0% 11.4% 10.3% 25.7% 8.9% 7.9% 13.7%

1989 Q1 22.0% 11.3% 10.4% 25.7% 9.0% 7.8% 13.7%

1989 Q2 21.7% 11.2% 10.6% 25.9% 8.9% 7.9% 13.8%

1989 Q3 21.8% 11.2% 10.6% 26.1% 8.8% 7.9% 13.6%

1989 Q4 21.9% 11.2% 10.5% 26.3% 8.6% 8.0% 13.6%

1990 Q1 22.0% 11.1% 10.6% 26.6% 8.6% 7.6% 13.5%

1990 Q2 22.0% 11.1% 10.6% 26.8% 8.5% 7.6% 13.5%

1990 Q3 22.3% 11.0% 10.5% 26.8% 8.4% 7.6% 13.4%

1990 Q4 22.7% 10.9% 10.4% 26.8% 8.3% 7.6% 13.3%

1991 Q1 23.1% 11.0% 10.5% 27.0% 8.3% 7.4% 12.8%

1991 Q2 23.2% 11.0% 10.6% 27.2% 8.2% 7.3% 12.5%

1991 Q3 23.9% 11.2% 10.5% 27.0% 8.0% 7.2% 12.2%

1991 Q4 24.4% 11.2% 10.5% 27.2% 7.8% 7.2% 11.7%

1992 Q1 24.9% 11.2% 10.6% 27.2% 7.6% 6.9% 11.5%

1992 Q2 25.2% 11.2% 10.7% 27.2% 7.5% 6.9% 11.4%

1992 Q3 25.5% 11.1% 10.7% 27.3% 7.3% 6.9% 11.2%

1992 Q4 25.9% 10.9% 10.7% 27.3% 7.1% 7.0% 11.2%

1993 Q1 26.2% 11.0% 10.8% 27.2% 7.0% 6.8% 11.0%

1993 Q2 26.3% 11.1% 10.9% 27.2% 6.8% 6.8% 10.8%

1993 Q3 26.4% 11.1% 10.9% 27.3% 6.7% 6.9% 10.7%

1993 Q4 26.7% 11.0% 10.9% 27.3% 6.6% 7.1% 10.5%

1994 Q1 26.8% 10.9% 10.9% 27.3% 6.4% 7.0% 10.7%
1994 Q2 26.6% 10.7% 10.9% 27.4% 6.4% 7.3% 10.8%

1994 Q3 26.6% 10.5% 10.9% 27.5% 6.3% 7.5% 10.9%

1994 Q4 26.7% 10.2% 10.7% 27.4% 6.1% 7.9% 11.0%

1995 Q1 26.8% 10.0% 10.8% 27.3% 6.1% 7.8% 11.3%

1995 Q2 26.6% 9.8% 10.9% 27.3% 6.0% 8.0% 11.4%

1995 Q3 26.5% 9.5% 11.0% 27.4% 6.0% 8.2% 11.4%

1995 Q4 26.4% 9.3% 11.0% 27.4% 5.9% 8.5% 11.6%

1996 Q1 26.6% 9.1% 11.2% 27.4% 5.9% 8.4% 11.5%

1996 Q2 26.1% 9.0% 11.3% 27.5% 5.9% 8.5% 11.6%

1996 Q3 26.1% 8.8% 11.2% 27.7% 5.8% 8.6% 11.7%

1996 Q4 26.1% 8.8% 11.2% 27.7% 5.8% 8.8% 11.6%

1997 Q1 26.1% 8.7% 11.4% 27.8% 5.8% 8.6% 11.8%

1997 Q2 25.4% 8.7% 11.6% 27.9% 5.8% 8.7% 11.9%

1997 Q3 25.1% 8.7% 11.7% 28.2% 5.8% 8.7% 11.7%

1997 Q4 24.9% 8.7% 11.7% 28.0% 5.9% 8.8% 12.0%

1998 Q1 24.6% 8.7% 12.2% 28.1% 5.9% 8.5% 12.0%

1998 Q2 23.7% 8.8% 12.5% 28.4% 5.9% 8.6% 12.1%

1998 Q3 23.2% 8.7% 12.6% 28.7% 5.9% 8.7% 12.2%

1998 Q4 22.9% 8.6% 12.6% 28.8% 6.0% 8.8% 12.3%

1999 Q1 22.6% 8.6% 12.9% 28.9% 6.0% 8.6% 12.4%

1999 Q2 21.7% 8.6% 13.3% 29.3% 6.1% 8.7% 12.3%

1999 Q3 21.2% 8.5% 13.4% 29.6% 6.3% 8.8% 12.2%

1999 Q4 21.1% 8.4% 13.3% 29.6% 6.4% 9.0% 12.2%

2000 Q1 20.7% 8.3% 13.6% 29.8% 6.5% 8.8% 12.4%

2000 Q2 19.4% 8.3% 13.8% 30.2% 6.6% 8.9% 12.7%

2000 Q3 18.9% 8.2% 14.0% 30.6% 6.7% 9.2% 12.5%

2000 Q4 18.5% 8.2% 13.8% 30.7% 6.7% 9.5% 12.7%

2001 Q1 18.4% 8.2% 14.0% 30.9% 6.8% 9.3% 12.4%

2001 Q2 17.3% 8.3% 14.3% 31.5% 6.8% 9.4% 12.3%

2001 Q3 17.4% 8.2% 14.2% 31.7% 6.9% 9.4% 12.1%

2001 Q4 17.4% 8.3% 14.3% 31.9% 6.9% 9.6% 11.5%

2002 Q1 17.4% 8.3% 14.4% 32.2% 7.0% 9.4% 11.3%

2002 Q2 17.2% 8.5% 14.3% 32.7% 7.0% 9.4% 10.9%

2002 Q3 17.4% 8.5% 14.0% 33.1% 7.0% 9.4% 10.6%

2002 Q4 17.5% 8.5% 13.7% 33.5% 7.0% 9.4% 10.4%

2003 Q1 17.6% 8.6% 13.8% 33.6% 7.1% 9.2% 10.2%

2003 Q2 17.6% 8.6% 13.7% 33.9% 7.1% 9.1% 9.9%

2003 Q3 17.8% 8.5% 13.6% 34.4% 7.1% 9.1% 9.5%

2003 Q4 18.0% 8.5% 13.3% 34.5% 7.1% 9.1% 9.5%

2004 Q1 18.2% 8.6% 13.2% 34.7% 7.2% 8.9% 9.3%

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 1534.3 2164.2 29%

Sep-00 616.2 1570.8 2187.0 28%

Dec-00 646.9 1614.0 2260.8 29%

Mar-01 712.0 1558.8 2270.9 31%

Jun-01 620.1 1490.9 2111.0 29%

Sep-01 734.9 1437.5 2172.4 34%

Dec-01 811.2 1466.2 2277.4 36%

Mar-02 834.4 1407.0 2241.5 37%

Jun-02 822.5 1351.0 2173.5 38%

Sep-02 868.3 1351.2 2219.4 39%

Dec-02 888.8 1374.7 2263.4 39%

Mar-03 955.0 1359.2 2314.3 41%

Jun-03 927.8 1317.1 2244.9 41%

Sep-03 918.2 1294.5 2212.7 41%

Dec-03 928.8 1293.1 2221.9 42%

Mar-04 985.0 1340.4 2325.4 42%

*Money market = Treasury bills, commerical paper, and bankers acceptances. 

SOURCE = Federal Reserve, Flow of Funds Z.1
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

7/23/03 45.8 432.5 88.9 243.6 150.7

7/30/03 45.8 444.5 88.6 243.1 149.6

8/6/03 45.2 461.8 88.9 245.1 148.5

8/13/03 43.8 458.5 88.3 242.8 147.7

8/20/03 42.8 447.3 86.7 234.6 149.1

8/27/03 42.9 437.7 85.6 228.0 149.9

9/3/03 42.9 429.2 83.6 219.0 149.9

9/10/03 42.4 431.3 82.7 218.3 151.4

9/17/03 41.4 433.7 80.6 217.3 150.5

9/24/03 40.1 436.2 79.7 215.1 148.8

10/1/03 39.1 436.3 79.2 210.2 146.3

10/8/03 39.4 438.3 79.7 204.8 146.9

10/15/03 39.6 433.1 79.5 205.6 147.9

10/22/03 40.3 431.7 79.3 199.4 149.6

10/29/03 40.1 423.1 78.5 192.2 150.7

11/5/03 39.9 404.2 77.3 188.4 151.0

11/12/03 40.4 400.0 76.4 185.8 151.3

11/19/03 40.9 414.1 76.7 185.4 150.4

11/26/03 40.3 411.7 76.7 184.0 149.6

12/3/03 41.1 417.4 77.1 186.8 147.4

12/10/03 41.4 413.8 76.6 186.4 145.7

12/17/03 42.0 409.5 76.5 177.8 145.7

12/24/03 42.6 399.2 74.7 173.3 143.2

12/31/03 42.6 375.5 72.3 166.2 138.6

1/7/04 42.4 371.0 72.5 161.5 137.6

1/14/04 42.5 383.0 73.1 163.0 137.0

1/21/04 42.3 384.6 73.5 165.6 136.7

1/28/04 42.4 389.2 74.2 168.6 136.8
2/4/04 42.4 395.3 74.1 170.3 135.3

2/11/04 42.3 401.7 74.4 173.3 134.7

2/18/04 42.5 394.1 74.3 175.5 135.5

2/25/04 42.9 400.1 75.0 183.6 136.5

3/3/04 42.3 404.1 75.7 186.5 138.2

3/10/04 41.8 411.3 75.3 188.1 137.9

3/17/04 42.4 415.6 74.9 199.7 137.9

3/24/04 42.5 418.1 76.4 204.9 139.8

3/31/04 43.0 436.6 78.2 211.5 143.7

4/7/04 44.1 447.9 78.2 220.9 144.1

4/14/04 45.0 442.6 77.7 223.0 144.2

4/21/04 45.7 446.0 77.8 225.8 144.5

4/28/04 46.6 445.1 77.3 224.7 145.0

5/5/04 47.8 448.2 77.2 223.7 146.7

5/12/04 48.4 455.3 77.4 223.3 148.2

5/19/04 48.2 464.3 77.4 220.8 147.7

5/26/04 48.1 464.5 77.0 215.3 147.8

6/2/04 48.5 469.7 76.6 211.0 147.0

6/9/04 50.2 464.4 76.1 210.0 147.7

6/16/04 50.8 468.3 76.7 206.8 149.5

6/23/04 51.0 469.7 76.3 205.6 150.0

6/30/04 51.1 471.8 76.0 204.6 151.3
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

3Q -9.6 62.7 34.0 -5.6 0.0 81.5

4Q 10.6 44.1 71.2 -12.5 0.0 113.4

2004 1Q 56.2 30.9 58.7 0.0 0.0 145.9

2Q -38.2 25.8 52.0 -8.4 0.0 31.3
Treasury Quarterly Net Borrowing From NonMarketable Issues 

Calendar Year $ billions

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

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 -8.4

III 0.4 -0.7 7.9 7.6

IV 0.5 -0.5 0.8 0.8

I -1.2 -0.8 6.5 4.5 2004

II -1.5 -0.3 5.8 3.9

Treasury suspended new issuance of State and Local Government Series (SLGS) Treasury securities from May 15, 2002--July 8, 2002.
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 24 15 14 32 15 100

2004* 23 15 14 34 14 100

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

non-interest-bearing matured debt.

* Data as of June 30, 2004.
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 40% 22%

3Q 41% 22%

4Q 41% 23%

2003 1Q 42% 23%

2Q 44% 24%

3Q 45% 24%

4Q 46% 26%

2004 1Q 49% 27%

2Q* 50% 28%

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, 2004.

 FOREIGN HOLDINGS AS A PERCENT OF TOTAL PRIVATELY HELD PUBLIC DEBT 1/
*Release in minutes and fractions of a minute (I.e., a 4 minute 30 second release is 4.50)

# OF MINUTES

FROM CLOSING

TYPE OF AUCTION TO RELEASE Chart

SECURITY DATE (MINUTES & SECONDS) points

13-WEEK 08/4/03 0:01:40 1.67

26-WEEK 08/4/03 0:01:40 1.67

4-WEEK 08/5/03 0:01:31 1.52

3-YEAR 08/5/03 0:01:30 1.50

5-YEAR 08/6/03 0:01:30 1.50

10-YEAR 08/7/03 0:01:31 1.52

13-WEEK 08/11/03 0:01:22 1.37

26-WEEK 08/11/03 0:01:31 1.52

4-WEEK 08/12/03 0:01:32 1.53

13-WEEK 08/18/03 0:01:44 1.73

26-WEEK 08/18/03 0:01:53 1.88

4-WEEK 08/19/03 0:01:34 1.57

13-WEEK 08/25/03 0:01:40 1.67

26-WEEK 08/25/03 0:01:42 1.70

4-WEEK 08/26/03 0:01:30 1.50

2-YEAR 08/27/03 0:01:32 1.53

12-Day 09/02/03 0:01:31 1.52

13-WEEK 09/02/03 0:01:31 1.52

26-WEEK 09/02/03 0:01:32 1.53

4-WEEK 09/03/03 0:01:31 1.52

13-WEEK 09/08/03 0:01:34 1.57

26-WEEK 09/08/03 0:01:35 1.58

4-WEEK 09/09/03 0:01:34 1.57

4-DAY 09/10/03 0:01:36 1.60

5-YEAR 09/10/03 0:01:57 1.95

9-YEAR 11 MONTH 09/11/03 0:01:31 1.52

13-WEEK 9/15/03 0:01:45 1.75

26-WEEK 09/15/03 0:01:39 1.65

4-WEEK 09/16/03 0:01:38 1.63

13-WEEK 09/22/03 0:01:36 1.60

26-WEEK 09/22/03 0:01:31 1.52

4-WEEK 09/23/03 0:01:38 1.63

2-YEAR 09/24/03 0:01:48 1.80

13-WEEK 09/29/03 0:01:31 1.52

26-WEEK 09/29/03 0:01:37 1.62

4-WEEK 09/30/03 0:01:38 1.63

12-Day 10/02/03 0:01:32 1.53

13-WEEK 10/6/03 0:01:36 1.60

26-WEEK 10/6/03 0:01:34 1.57

4-WEEK 10/7/03 0:01:38 1.63

5-YEAR 10/08/03 0:01:32 1.53

10-Year IIN 10/09/03 0:01:32 1.53

13-WEEK 10/14/03 0:01:35 1.58

26-WEEK 10/14/03 0:01:36 1.60

4-WEEK 10/15/03 0:01:32 1.53

13-WEEK 10/20/03 0:01:39 1.65

26-WEEK 10/20/03 0:01:34 1.57

4-WEEK 10/21/03 0:02:02 2.03

2-YEAR 10/27/03 0:01:39 1.65

13-WEEK 10/27/03 0:01:35 1.58

26-WEEK 10/28/03 0:01:40 1.67

4-WEEK 10/29/03 0:01:35 1.58

13-WEEK 11/3/2003 0:01:39 1.65

Auction Release Times
26-WEEK 11/3/2003 0:01:34 1.57

4-WEEK 11/4/2003 0:01:34 1.57

13-WEEK 11/10/2003 0:01:36 1.60

26-WEEK 11/10/2003 0:01:34 1.57

3-YEAR 11/10/2003 0:01:31 1.52

4-WEEK 11/12/2003 0:01:31 1.52

5-YEAR 11/12/2003 0:01:31 1.52

10-YEAR 11/13/2003 0:01:31 1.52

13-WEEK 11/17/2003 0:01:40 1.67

26-WEEK 11/17/2003 0:01:42 1.70

4-WEEK 11/18/2003 0:01:33 1.55

13-WEEK 11/24/2003 0:01:36 1.60

26-WEEK 11/24/2003 0:01:34 1.57

4-WEEK 11/25/2003 0:01:31 1.52

2-YEAR 11/26/2003 0:01:32 1.53

13-WEEK 12/01/2003 0:01:36 1.60

26-WEEK 12/01/2003 0:01:32 1.53

12-DAY 12/02/2003 0:01:34 1.57

4-WEEK 12/02/2003 0:01:32 1.53

13-WEEK 12/08/2003 0:01:38 1.63

26-WEEK 12/08/2003 0:01:33 1.55

4-WEEK 12/09/2003 0:01:32 1.53

5-YEAR 12/10/2003 0:01:32 1.53

10-YEAR 12/11/2003 0:01:33 1.55

13-WEEK 12/15/2003 0:01:33 1.55

26-WEEK 12/15/2003 0:01:36 1.60

4-WEEK 12/16/2003 0:01:34 1.57

13-WEEK 12/22/2003 0:01:36 1.60

26-WEEK 12/22/2003 0:01:32 1.53

4-WEEK 12/23/2003 0:01:31 1.52

2-YEAR 12/23/2003 0:01:31 1.52

13-WEEK 12/29/2003 0:01:36 1.60

26-WEEK 12/29/2003 0:01:33 1.55

13-DAY 12/30/2003 0:01:30 1.50

4-WEEK 12/30/2003 0:01:32 1.53

13-WEEK 01/05/2004 0:01:36 1.60

26-WEEK 01/05/2004 0:01:32 1.53

4-WEEK 01/06/2004 0:01:32 1.53

5-YEAR 01/07/2004 0:01:32 1.53

10-YEAR IIN 01/08/2004 0:01:31 1.52

13-WEEK 01/12/2004 0:01:36 1.60

26-WEEK 01/12/2004 0:01:35 1.58

4-WEEK 01/13/2004 0:01:31 1.52

13-WEEK 01/20/2004 0:01:35 1.58

26-WEEK 01/20/2004 0:01:39 1.65

4-WEEK 01/21/2004 0:01:31 1.52

13-WEEK 01/26/2004 0:01:36 1.60

26-WEEK 01/26/2004 0:01:38 1.63

4-WEEK 01/27/2004 0:01:31 1.52

2-YEAR 01/29/2004 0:01:34 1.57

13-WEEK 02/02/2004 0:01:34 1.57

26-WEEK 02/02/2004 0:01:40 1.67

4-WEEK 02/03/2004 0:01:32 1.53

13-WEEK 02/09/2004 0:01:35 1.58

26-WEEK 02/09/2004 0:01:38 1.63

4-WEEK 02/10/2004 0:01:31 1.52

3-YEAR 02/10/2004 0:01:31 1.52

5-YEAR 02/11/2004 0:01:32 1.53

10-YEAR 02/12/2004 0:01:32 1.53
13-WEEK 02/17/2004 0:01:38 1.63

26-WEEK 02/17/2004 0:01:39 1.65

4-WEEK 02/18/2004 0:01:34 1.57

13-WEEK 02/23/2004 0:01:34 1.57

26-WEEK 02/23/2004 0:01:43 1.72

4-WEEK 02/24/2004 0:01:33 1.55

2-YEAR 02/25/2004 0:01:31 1.52

13-WEEK 03/01/2004 0:01:39 1.65

26-WEEK 03/01/2004 0:01:31 1.52

12-DAY 03/02/2004 0:01:34 1.57

4-WEEK 03/02/2004 0:01:31 1.52

13-WEEK 03/08/2004 0:01:37 1.62

26-WEEK 03/08/2004 0:01:40 1.67

4-WEEK 03/09/2004 0:01:32 1.53

5-YEAR 03/10/2004 0:01:36 1.60

9-YEAR 11 MONTH 03/11/2004 0:01:33 1.55

13-WEEK 03/15/2004 0:01:32 1.53

26-WEEK 03/15/2004 0:01:37 1.62

4-WEEK 03/16/2004 0:01:31 1.52

13-WEEK 03/22/2004 0:01:57 1.95

26-WEEK 03/22/2004 0:01:54 1.90

4-WEEK 03/23/2004 0:01:45 1.75

2-YEAR 03/24/2004 0:01:31 1.52

13-WEEK 03/29/2004 0:01:37 1.62

26-WEEK 03/29/2004 0:01:33 1.55

4-WEEK 03/30/2004 0:01:32 1.53

13-DAY 04/01/2004 0:01:34 1.57

13-WEEK 04/05/2004 0:01:38 1.63

26-WEEK 04/05/2004 0:01:31 1.52

14-DAY 04/05/2004 0:01:31 1.52

4-WEEK 04/06/2004 0:01:31 1.52

5-YEAR 04/06/2004 0:01:33 1.55

11-DAY 04/07/2004 0:01:34 1.57

9-YEAR 9-MONTH TIPS 04/07/2004 0:01:32 1.53

13-WEEK 04/12/2004 0:01:41 1.68

26-WEEK 04/12/2004 0:01:39 1.65

4-WEEK 04/13/2004 0:01:35 1.58

13-WEEK 04/19/2004 0:01:36 1.60

26-WEEK 04/19/2004 0:01:35 1.58

4-WEEK 04/20/2004 0:01:32 1.53

13-WEEK 04/26/2004 0:01:34 1.57

26-WEEK 04/26/2004 0:01:34 1.57

4-WEEK 04/27/2004 0:01:31 1.52

2-YEAR 04/28/2004 0:01:38 1.63

13-WEEK 05/03/2004 0:01:32 1.53

26-WEEK 05/03/2004 0:01:40 1.67

4-WEEK 05/04/2004 0:01:31 1.52

13-WEEK 05/10/2004 0:01:34 1.57

26-WEEK 05/10/2004 0:01:44 1.73

4-WEEK 05/11/2004 0:01:35 1.58

3-YEAR 05/11/2004 0:01:34 1.57

5-YEAR 05/12/2004 0:01:35 1.58

10-YEAR 05/13/2004 0:01:35 1.58

13-WEEK 05/17/2004 0:01:32 1.53

26-WEEK 05/17/2004 0:01:41 1.68

4-WEEK 05/18/2004 0:01:34 1.57

13-WEEK 05/24/2004 0:01:52 1.87

26-WEEK 05/24/2004 0:01:32 1.53

4-WEEK 05/25/2004 0:01:35 1.58
2-YEAR 05/26/2004 0:01:38 1.63

13-DAY 05/27/2004 0:01:34 1.57

13-WEEK 06/01/2004 0:01:34 1.57

26-WEEK 06/01/2004 0:01:43 1.72

12-DAY 06/02/2004 0:01:35 1.58

4-WEEK 06/02/2004 0:01:37 1.62

13-WEEK 06/07/2004 0:01:34 1.57

26-WEEK 06/07/2004 0:01:38 1.63

2-DAY 06/08/2004 0:01:38 1.63

4-WEEK 06/08/2004 0:01:34 1.57

5-YEAR 06/09/2004 0:01:30 1.50

9-YR 11-MO 06/10/2004 0:01:39 1.65

13-WEEK 06/14/2004 0:01:44 1.73

26-WEEK 06/14/2004 0:01:34 1.57

4-WEEK 06/15/2004 0:01:41 1.68

13-WEEK 06/21/2004 0:01:38 1.63

26-WEEK 06/21/2004 0:01:46 1.77

4-WEEK 06/22/2004 0:01:37 1.62

2-YEAR 06/23/2004 0:01:42 1.70

13-WEEK 06/28/2004 0:01:41 1.68

26-WEEK 06/28/2004 0:01:35 1.58

4-WEEK 06/29/2004 0:01:32 1.53

13-DAY 07/01/2004 0:01:33 1.55

7-DAY 07/06/2004 0:01:34 1.57

13-WEEK 07/06/2004 0:01:47 1.78

26-WEEK 07/06/2004 0:01:42 1.70

4-WEEK 07/07/2004 0:01:34 1.57

5-YEAR 07/07/2004 0:01:34 1.57

10-YEAR TIPS 07/08/2004 0:01:31 1.52

13-WEEK 07/12/2004 0:01:36 1.60

26-WEEK 07/12/2004 0:01:43 1.72

4-WEEK 07/13/2004 0:01:38 1.63

13-WEEK 07/19/2004 0:01:41 1.68

26-WEEK 07/19/2004 0:01:41 1.68

4-WEEK 07/20/2004 0:01:35 1.58

13-WEEK 07/26/2004 0:01:38 1.63

26-WEEK 07/26/2004 0:01:42 1.70

4-WEEK 07/27/2004 0:01:35 1.58

20-1/2 YEAR TIPS 07/28/2004 0:01:39 1.65

2-YEAR 07/28/2004 0:01:37 1.62