Full text of Treasury Bulletin : December 2021
The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BULLETIN DECEMBER 2021 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Department of the Treasury Bureau of the Fiscal Service The Treasury Bulletin is issued quarterly in March, June, September, and December by the Bureau of the Fiscal Service, Cash Accounting and Reporting Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. The publication staff can be reached by electronic mail. treasury.bulletin@fiscal.treasury.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Bureau of the Fiscal Service’s home page. www.fiscal.treasury.gov Table of Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis—Summary of Economic Indicators........................................................................................................................ 1 FEDERAL FISCAL OPERATIONS Introduction—Federal Fiscal Operations ..............................................................................................................................13 Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 14 FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 17 FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 17 FFO-1—Summary of Fiscal Operations .............................................................................................................................. 18 FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 19 FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 21 FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 23 FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 24 FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 28 FEDERAL DEBT Introduction—Federal Debt ................................................................................................................................................. 34 FD-1—Summary of Federal Debt ....................................................................................................................................... 35 FD-2—Debt Held by the Public .......................................................................................................................................... 36 FD-3—Government Account Series .................................................................................................................................... 37 FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 38 FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 39 FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 40 FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 41 FISCAL SERVICE OPERATIONS Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 43 TREASURY FINANCING ................................................................................................................................................. 43 PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 60 PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 61 OWNERSHIP OF FEDERAL SECURITIES Introduction—Ownership of Federal Securities .................................................................................................................. 63 OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 64 OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 65 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 66 USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 66 USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 67 INTERNATIONAL STATISTICS FOREIGN CURRENCY POSITIONS IV Table of Contents Introduction—Foreign Currency Positions .......................................................................................................................... 69 SECTION I—Canadian Dollar Positions FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 70 FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 70 FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 71 SECTION II—Japanese Yen Positions FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 72 FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 73 FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 73 SECTION III—Swiss Franc Positions FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 74 FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 75 FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 75 SECTION IV—Sterling Positions FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 76 FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 77 FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 77 SECTION V—U.S. Dollar Positions FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 78 FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 79 FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 79 SECTION VI—Euro Positions FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 80 FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 81 FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 81 EXCHANGE STABILIZATION FUND Introduction—Exchange Stabilization Fund ........................................................................................................................ 82 ESF-1—Balance Sheet ........................................................................................................................................................ 83 ESF-2—Income and Expense .............................................................................................................................................. 84 SPECIAL REPORTS TRUST FUNDS Introduction—Highway Trust Fund .................................................................................................................................... 86 TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 86 GLOSSARY ........................................................................................................................................................................ 87 ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding; n.a. = Not available. VI Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State ................................................................................................. √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports..................................................................................................................... √ Special Reports Financial Report of the United States Government excerpt ............................................................................ √ Trust Fund Reports: Agriculture Disaster Relief Trust Fund ................................................................................................... √ Airport and Airway Trust Fund .............................................................................................................. √ Black Lung Disability Trust Fund........................................................................................................... √ Harbor Maintenance Trust Fund ............................................................................................................. √ Hazardous Substance Superfund ............................................................................................................. √ Highway Trust Fund ............................................................................................................................... √ Inland Waterways Trust Fund ................................................................................................................. √ Leaking Underground Storage Tank Trust Fund .................................................................................... √ Nuclear Waste Fund ................................................................................................................................ √ Oil Spill Liability Trust Fund.................................................................................................................. √ Patient Centered Outcomes Research Trust Fund ................................................................................... √ Reforestation Trust Fund ........................................................................................................................ √ Sport Fish Restoration and Boating Trust Fund ...................................................................................... √ United States Victims of State Sponsored Terrorism Fund .................................................................... √ Uranium Enrichment Decontamination and Decommissioning Fund..................................................... √ Vaccine Injury Compensation Trust Fund .............................................................................................. √ Wool Research, Development, and Promotion Trust Fund..................................................................... √ September 2019 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Fiscal Service Operations Ownership of Federal Securities U.S. Currency and Coin Outstanding and in Circulation 1 Profile of the Economy (Office of Macroeconomic Analysis) November 18, 2021 Introduction The U.S. economy has now expanded for five consecutive quarters, owing to the success of multiple stimulus programs, ongoing progress in vaccinating the population, and the reopening of economic sectors that were severely affected by the pandemic. Due to a robust pace of growth in the first half of 2021, the economy had recovered all of the activity lost during the first half of 2020 by the second quarter of 2021. Subsequently, real GDP growth slowed in the third quarter to 2.0 percent, in large part due to supply-side disruptions that have been exacerbated by the persistence of the pandemic. Nonetheless, this pace was consistent with the average 2.2 percent quarterly rate seen in the five quarters prior to the onset of the pandemic. Moreover, the outlook for economic growth remains strong. A consensus of private forecasters expects real GDP growth to accelerate to 4.9 percent at an annual rate in the fourth quarter of 2021. On a fourth quarter over fourth quarter basis, GDP growth is expected to be 3.6 percent in 2022. Economic Growth According to the advance (first) estimate, real GDP rose 2.0 percent at an annual rate in the third quarter of 2021, following very strong gains of 6.3 percent and 6.7 percent in the first and second quarters, respectively. Real private domestic final purchases (PDFP) – the sum of personal consumption, business fixed investment, and residential investment – grew 1.1 percent at an annual rate in the third quarter. The slowdown follows two consecutive quarters of double-digit growth which together marked the strongest growth of PDFP for any half-year since 1950—excluding the unprecedented rebound in the second half of 2020 after the initial lockdowns. After two consecutive quarters of very rapid growth fueled by Economic Impact Payments and other federal fiscal aid, personal consumption growth slowed to a pace more consistent with prepandemic rates. Growth in real personal consumption expenditures (PCE), which account for about two-thirds of overall GDP, rose by 1.6 percent at an annual rate in the third quarter, following a 12.0 percent increase in the second quarter and a 11.4 percent advance in the first quarter. Strong wage growth and excess household savings likely helped cushion the downward pressure on household spending from the Delta variant and the waning of federal stimulus from the first half of the year. PCE in the third quarter stood 3.5 percent above its pre-pandemic level and was close to trend; the composition, however, remains heavily skewed towards goods over services. Purchases of durable goods – a category that includes motor vehicles, household equipment and furnishings, among other items – contracted by 26.2 percent at an annual rate, following growth of 11.6 percent in the second quarter and a surge of 50.0 percent in the first quarter. The decline in spending on durable goods mainly reflects fewer purchases of motor vehicles and parts, which 2 fell by 53.9 percent as output at factories and inventories at dealerships have been strained by supply-chain disruptions. Spending on nondurable goods – such as food and beverages purchased for home, gasoline and other energy goods, clothing, footwear, and other goods – continued to expand, rising 2.6 percent in the third quarter, albeit more slowly than the rapid second quarter pace of 13.9 percent. Meanwhile, household expenditures on services – roughly two-thirds of PCE and the component most severely affected by the pandemic – grew at a rapid pace, rising 7.9 percent in the third quarter following an 11.5 percent advance the previous quarter. Consumption of services added 3.4 percentage points to GDP growth, and pandemicsensitive services (transportation, recreation, and food and accommodations) accounted for nearly half of that contribution. Notably, household spending on services was almost fully recovered as of the third quarter—just 1.5 percent below the level at the end of 2019, though still well below trend. Overall, real PCE growth added 1.1 percentage points to GDP growth in the third quarter, after contributing nearly 8 percentage points to growth in the previous quarter. Business fixed investment (BFI) growth slowed to 1.8 percent in the third quarter, following a 9.2 percent advance in the second quarter. Over the four preceding quarters, BFI growth averaged 13.3 percent, but growth in the third quarter was held back by continued weakness in structures as well as a moderate retracement in equipment investment. Investment in structures fell 7.3 percent in the third quarter, marking the seventh quarter of decline in the past eight. In late-2018 and 2019, falling oil prices initiated the downward trend in structures spending as energy companies shut down unprofitable ventures—though uncertainty over trade policy in 2019 likely also played a role. The recovery in oil prices in the last several months has boosted investment in mining structures, but investment in commercial structures remains weak, influenced by expectations of longer-term changes in telework arrangements and increased online shopping—factors which tend to reduce the need for office and retail space. Meanwhile, equipment investment declined 3.2 percent, reflecting less investment in transportation equipment (a component which reduced growth by 0.2 percentage points);yet this retracement followed four consecutive quarters of double-digit growth. Business investment in intellectual property products drove BFI growth, rising 12.2 percent in the third quarter, the fourth consecutive quarter with a double-digit pace of growth. Overall, the contribution of total BFI to GDP growth was 0.2 percentage points in the third quarter, after adding 1.2 percentage points to growth in the second quarter. The change in private inventories was the strongest contributor to real GDP growth in the third quarter, adding 2.1 percentage points. This was a significant shift from the 1.3 percentage point drag on second-quarter growth. Private inventory investment tends to be volatile, with a drawdown often followed by a rebuild shortly after. During this year’s first and second quarters, there were increasingly sizeable drawdowns in private inventories, reflecting high demand for consumer goods as production struggled to keep pace. In the third quarter, firms continued to draw down inventories, but the pace slowed markedly—leading to a large positive contribution to GDP growth. Inventories remain stretched and restocking needs are likely extend into 2022, which could boost GDP growth in coming quarters. Residential investment declined by 7.7 percent at an annual rate in the third quarter, subtracting 0.4 percentage points from GDP growth. Though less steep than the 11.7 percent drop in the second quarter, construction still was constrained in part by insufficient materials and labor. The 3 back-to-back declines in residential investment followed three consecutive quarters of robust expansion. Several related housing market indicators have also softened in recent months. Single-family housing starts have declined in each of the past four months, including a 3.9 percent drop in October. Single-family permits, which signal future starts, trended lower from April to September, though permits advanced a modest 2.7 percent in October. Meanwhile, the National Association of Home Builder’s confidence index has softened from a record high of 90 in November 2020, declining to 83 in November 2021. Still homebuilder optimism remains elevated compared with average index levels of 66 in 2019 and 70 in 2020, pointing to a positive outlook for homebuilding. Moreover, a large backlog of housing units not yet started should contribute positively to residential investment growth in coming quarters. Demand for homes surged last year, especially in the second half of 2020, but sales declined in the first half of 2021 as supply was not able to keep pace. In September, however, existing home sales – which account for 90 percent of all home sales – jumped 7.0 percent over the month, and average sales over the quarter were 3.8 percent higher in the third quarter than in the second. Similarly, new single-family home sales reached a 14-year high in January 2021 but trended lower in the first half of 2021. Although, new home sales in September advanced 14.0 percent over the month, average sales in the third quarter were little changed from the second. The downtrend of home sales through much of 2021 have largely reflected very lean inventories. At the end of September, existing home inventories were equivalent to 2.4 months of sales, a bit below the already-low 2.7 months’ supply of a year earlier, and well below the roughly 7-month supply realtors considere a balanced market. By contrast, the inventory of new single-family home sales available for sale has moved closer to a balanced market. From a supply of 3.6 months in January 2021, supply averaged 6.3 months over the third quarter of 2021, before slipping to 5.7 months in September. The supply-demand mismatch for housing has led to a sharp acceleration in the rates of house price growth, even surpassing price gains in the housing boom in the 2000s and significantly impacting affordability. The Case-Shiller national house price index – which only includes existing home sales – was up 19.8 percent over the year ending in August 2021, a sharp acceleration from the 5.8 percent and 3.1 percent rates seen in August 2020 and August 2019, respectively. The Federal Housing Finance Agency’s purchase-only house price index, which includes new homes, surged 18.5 percent over the year ending in August 2021, over twice the 8.4 percent pace a year earlier and nearly four times the 4.8 percent rate over the year through August 2019. Mortgage rates have trended up this year: the average 30-year rate stood at 2.98 percent in mid-November, about 30 basis points above the record low reached in January 2021. Although rates are still relatively low, housing affordability remains a concern given the magnitude of the increase in home prices. Total government spending rose 0.8 percent at an annual rate in the third quarter, rebounding from the second quarter’s 2.0 percent decline. Federal consumption and investment declined 4.7 percent but was more than offset by a 4.4 percent increase in state and local spending; the latter was the fastest pace since an identical increase in the first quarter of the pandemic. The decline in federal spending largely reflected less consumption of private services – particularly fees to 4 Paycheck Protection Program lenders – and nondurable goods. Meanwhile for state and local governments, the increase in expenditures was driven by higher employee compensation, particularly for workers in education. Altogether, total government spending added 0.1 percentage point to real GDP growth, after subtracting 0.4 percentage points in the second quarter. The trade deficit widened considerably in the third quarter, increasing $67.2 billion at an annual rate to $1.31 trillion. Total exports of goods and services declined 2.5 percent in the third quarter, reversing sharply from the second quarter’s 7.6 percent gain. Although service exports increased in the third quarter, this was more than offset by a decline in exports of goods. Total imports were up 6.1 percent in the third quarter, comparable to the 7.1 percent advance in the second quarter. Higher services imports drove import growth, led by travel and transport as more U.S. citizens traveled abroad. In the third quarter, the widening of the trade deficit pared 1.1 percentage points from GDP growth, significantly more drag than the 0.2 percentage point subtraction in the second quarter. Growth of Real GDP (Quarterly percent change at annual rate) 40.0 33.8 30.0 20.0 10.0 1.9 2.9 3.8 2.3 0.0 3.1 3.4 1.9 0.9 4.5 2.8 2.4 3.2 1.9 6.3 6.7 2.0 ‐5.1 ‐10.0 ‐20.0 ‐30.0 ‐31.2 ‐40.0 2017 2018 Q1 Q2 2019 Q3 Q4 2020 2021 Labor Markets and Wages As a result of the pandemic and measures taken to contain it, the economy lost about 22.4 million jobs over March and April 2020, including 21.4 million jobs in the private sector. Payroll job growth resumed in May 2020. By October 2021, labor markets had reclaimed 18.2 million jobs, or 81 percent of the total lost. Nonetheless, total employment was still 4.2 million persons lower than the level in February 2020. 5 The unemployment rate rose from a 50-year low of 3.5 percent in February 2020 to a post-World War II high of 14.8 percent in April 2020. Yet by October 2021, the unemployment rate had fallen 10.2 percentage points to 4.6 percent. The broadest measure of labor market slack, known as the U-6 unemployment rate, has also declined noticeably over the past year, yet remains above pre-pandemic levels. By October 2021, the U-6 had been cut to 8.3 percent, roughly 15 percentage points below its level in April 2020 and within 1.5 percent points of the pre-pandemic low of 6.8 percent observed in December 2019. In the past few months, notable progress has been made in reducing long-term unemployment: after climbing to a high of 2.6 percent in March 2021, the share of the labor force who were unemployed 27 weeks or more has since declined, reaching 1.4 percent in October 2021—though that is still roughly twice the 0.6 percent rate seen in April 2020. Weekly initial unemployment claims rose to multiples of their pre-pandemic levels but have continued to trend much lower over the past year. As of mid-November, initial claims are running roughly 30 percent above the average levels seen in January and February 2020, prior to the pandemic’s onset. The headline labor force participation rate (LFPR) – as well as prime-age (ages 25-54) LFPR – reached multi-year highs earlier in 2020, before declining to multi-year lows in April of that year. These measures rebounded quickly in May and June 2020 but have shown minimal to slow improvement since. As of October 2021, the headline LFPR stood at 61.6 percent, or 1.4 percentage points above April 2020’s 4½ decade low, and the prime-age LFPR was 81.7 percent, or 1.9 percentage points above April 2020’s multi-decade low. From mid-2018 to the start of the pandemic, nominal average hourly earnings for production and nonsupervisory workers grew at or above a 3 percent (year-over-year) pace—the most consistently strong wage growth since the mid-2000s. At the onset of the pandemic, wage growth was artificially elevated – rising between 4 and 8 percent year-over-year – because job losses were predominantly among lower-wage workers. Even as the economy resumed hiring, wage gains remained elevated, in part due to continued composition effects as low-wage workers were slower to return to their jobs. More recently, however, compositional effects have been less pronounced, and wage gains have been propelled by growth in lower-wage industries—such leisure and hospitality. While total private production and nonsupervisory average hourly earnings were up 5.8 percent over the year ending in October, wages in the leisure and hospitality sector have jumped by 12.4 percent over the past 12 months as employers have offered higher wages to fill their job openings. Meanwhile, growth in wages and salaries for private industry workers, as measured by the Employment Cost Index (ECI), slowed modestly over the past year. This measure of labor cost has fewer issues adjusting for compositional changes of the labor force than do other measures. The ECI for wages and salaries advanced 4.2 percent over the four quarters ending in September 2021, accelerating from the 2.5 percent gain over the four quarters through September 2020. Aside from some volatility associated with the pandemic in 2020, year-over-year growth in the Employment Cost index held around 3 percent since mid-2018. However, most industries have seen a decline in real wages due to strong paces of inflation in the second and third quarter of 2021. As of October, real average hourly earnings for production and 6 nonsupervisory workers were down 1.1 percent over the year—though leisure and hospitality workers saw real wage growth of 5.1 percent. Payroll Employment Monthly average for year shown and monthly amounts 2,000 1,583 1,500 1,000 500 716 193168 536 680 264 785 233 1,091 962 614 483 269 531 312 0 -500 -1,000 ‐306 ‐785 -1,500 -2,000 18 19 20 A S O N D J F M A M J J A S O 2020 2021 Unemployment Rate (Percent) 7 Nonfarm Productivity of Labor For the 13 quarters immediately preceding the pandemic, four-quarter nonfarm labor productivity growth rates remained at or above 1 percent, a streak not seen since 2001. With the sudden shutdown of the economy in March 2020 and attendant labor market dislocations, quarterly productivity growth rates have reflected the unusually sharp fluctuations in output and hours worked. In 2020, for example, productivity growth surged by 11.2 percent at an annual rate in the second quarter and by 4.6 percent in the third quarter. The combined 9.0 percent annualized half-year rate was the strongest increase in productivity since the fourth quarter of 1961 Although quarterly productivity declined by 3.4 percent at an annual rate in the fourth quarter of 2020, it rebounded by 4.3 percent in the first quarter of 2021 and grew 2.3 percent in the second quarter, before declining 5.0 percent in the third quarter. The latest decline in productivity reflected a moderate 1.7 percent rise in output – which constrained by supply-chain disruptions – and a 7.0 percent advance in hours worked. On a year-over-year basis, productivity growth declined by 0.5 percent through the third quarter of 2021, swinging from a 3.5 percent fourquarter increase a year earlier. This was the first year-over-year decline in labor productivity growth since the second quarter of 2016. Nominal hourly compensation costs in the nonfarm business sector rose 2.9 percent at an annual rate in the third quarter of 2021, after increasing 3.5 percent in the previous quarter. On a yearover-year basis, hourly compensation costs rose at a solid 4.3 percent over the four most recent quarters–albeit slower than the 7.1 percent, year-earlier pace. Unit labor costs, defined as the average cost of labor per unit of output, rose 8.3 percent at an annual rate in the third quarter, following a 1.1 percent rise in the second quarter. These costs were up 4.8 percent over the most recent four quarters, accelerating from the 3.4 percent pace over the four quarters ending in 2020’s third quarter. Industrial Production, Manufacturing, and Services Due to the pandemic, measures of industrial production, manufacturing, and services output began declining last year in March and fell further last April. For many industries, recovery began in May 2020 as social distancing measures and stay-at-home orders were relaxed— although over the ensuing months, growth of output in these categories fluctuated markedly, affected in part by supply chain constraints. Total industrial production has trended higher in 2021. In October, output at factories, mines, and utilities was up 1.6 percent over the month and 5.1 percent over the previous 12 months. The gain in October elevated total industrial output to be 0.3 percent above pre-pandemic levels. Manufacturing production, which accounts for about 75 percent of all industrial output, increased 1.2 percent in October and was 4.5percent higher over the past year. Relative to its prepandemic level, manufacturing output was 1.2 percent higher in October. Production of motor vehicles and parts has also fluctuated from month to month since the summer of 2020 when 8 factories were reopened after lockdown orders were rescinded. This year, auto production has been constrained by a global shortage of semiconductors, such that output of motor vehicles and parts been volatile. After two consecutive monthly declines, production of motor vehicles and parts jumped 11.0 percent in October. However, production still was 3.6 percent lower over the year through October 2021, due in part to semiconductor shortages and other supply-chain disruptions. Relative to pre-pandemic levels in February 2020, production of motor vehicles and parts was still 6.5 percent lower in October. Meanwhile, manufacturing output at select hightechnology factories increased 1.3 percent over the month, rose 11.0 percent over the past year, and was 18.2 percent above pre-pandemic levels. Excluding motor vehicles and parts and hightechnology industries, manufacturing output advanced 0.6 percent in October. This measure was 4.9 percent higher over the past year and was 1.3 percent above the level in February 2020, before the onset of the pandemic. Output at mines, which includes crude oil and natural gas extraction and accounts for 15 percent of industrial output, rose 4.1 percent in October. At the start of the pandemic, energy prices plunged, weighing on mining output; however, energy prices have been rising strongly as the global economy has reopened. Over the year through October 2021, mining output was up 11.8 percent, although it was still 8.5 percent below its pre-pandemic level. Utilities output, the remaining 10 percent of total industrial output, increased 1.2 percent in October. Weather is usually a factor contributing to swings in this sector; unseasonable weather in months often causes sharp swings in output from one month to the next. Over the 12 months through October, utilities production was up 1.9 percent. Measures of manufacturing and services business activity in the economy have recovered since summer 2020 and have signaled expansion for over a year. In March 2020 due to the pandemic, the Institute for Supply Management (ISM) manufacturing index began to signal the first multimonth contraction for the sector since early 2016. By April 2020, the index had dropped to an 11-year low, then started to rebound. In October 2021, the manufacturing index stood at 60.8, indicating expansion in this sector for the seventeenth consecutive month. Similarly, the ISM’s services index in April 2020 fell to its lowest level since March 2009. By October 2021, however, the index had risen to 66.7, an all-time high (series dates from July 1997) and signaling expansion for the seventeenth consecutive month. Prices Last year, the onset of the pandemic and consequent recession triggered deflationary pressures as domestic demand declined. Inflation resumed in May as oil prices started to recovery, the economy reopened, and consumers shifted some of their spending from services to durable goods. Toward the end of 2020, inflation readings were subdued, despite rising oil prices, as demand for good stabilized. Starting earlier this year, however, inflation rates have accelerated markedly, elevated by supply-chain disruptions, continued high demand for durable goods in general, rising food prices, elevated global demand for energy, and the reopening of sectors that had languished during the pandemic—such as travel, leisure, and hospitality. 9 In October, headline inflation – as measured by the consumer price index (CPI) – was 0.9 percent, matching June’s rate as the fastest monthly pace since June 2008. Core inflation was 0.6 percent in October, reflecting an acceleration in services prices, particularly for shelter, as well as prices for vehicles and other durable goods. On a year-over-year basis, CPI inflation was 6.2 percent through October—the fastest yearly pace since November 1990. Energy and food prices remain quite elevated: the energy price index was up 30.0 percent over the year, while food price inflation was 5.3 percent over the past 12 months. Meanwhile, core inflation was 4.6 percent over the 12 months ending in October—the fifth consecutive monthly reading above 4 percent. The headline Personal Consumption Expenditures (PCE) Price Index (the preferred measure for the Federal Open Market Committee (FOMC)’s 2-percent inflation target) rose 4.4 percent over the year through September 2021, while core PCE inflation was 3.6 percent. Prior to March 2021, inflation as measured by the PCE price index had held below the FOMC’s target since November 2018, which contributed to the FOMC adopting a new inflation regime. The flexible average inflation target regime would allow for inflation to exceed 2 percent for some period, such that PCE inflation would average 2 percent over time. Consumer Prices (Percent change from a year earlier) Consumer and Business Sentiment After improving strongly through most of the first quarter in 2020, measures of consumer and business sentiment pulled back in March as social distancing and business closures took effect. The Reuters/Michigan consumer sentiment index, which at 101.0 in February 2020 was just shy of the 14-year high reached in 2018, fell by more than 29 points in March. As the economy re- 10 opened, this index trended higher for several months and reached 88.3 in April 2021. Since then, however, the sentiment index has trended lower; by early November, this index has fallen to 66.8, or 5 points below the pandemic low reached in April 2020. The ongoing decline in recent months has reflected renewed concerns among consumers about the impact of the Delta variant on the economy and about the persistence of significant inflationary pressures in many sectors of the economy. From a pre-pandemic level of 132.6 in February 2020, the Conference Board’s consumer confidence index plunged by 46.9 points to 85.7 in April 2020, reaching its lowest level since mid-2014. After fluctuating for several months, the confidence index began a noticeable uptrend in March 2021; by June 2021, it had risen to 128.9, only 3.7points below its prepandemic level. Since then, the index has trended lower, falling to 113.8 in October. On the business side, the National Federation of Independent Business’s (NFIB) small business optimism index was, as of February 2020, only 4.3 points below its all-time high reached in August 2018. But this index fell nearly 14 points over March and April of last year to its lowest level since March 2013. Small business optimism then recovered noticeably, with the index rising to 104.0 last October (only 0.5 points below its level in February), but has since trended lower, and stood at 98.2 as of October 2021. Federal Budget Deficit and Debt The federal government’s deficit and debt were trending higher before the pandemic but rose sharply following the multiple fiscal responses to combat the pandemic’s effects on the economy. At the end of fiscal year 2021, the federal government’s budget deficit was $2.78 trillion (12.4% of GDP); although down from $3.13 trillion (15.0% of GDP) at the end of fiscal year 2020, the deficit was still $1.79 trillion higher than in fiscal year 2019. Federal receipts totaled $4.05 trillion in fiscal year 2021, up $626 billion (18.3%) from fiscal year 2020. Net outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1%) from fiscal year 2020, primarily due to the extensive fiscal measures enacted in late 2020 and early 2021 to counter the pandemic’s effects on low- and middle-income households and small businesses. At the end of fiscal year 2021, gross federal debt was $28.4 trillion, up from $26.9 trillion at the end of fiscal year 2020. The Treasury’s borrowing limit was raised to $28.89 trillion in midOctober. Federal debt held by the public, which includes debt held by the Federal Reserve but excludes federal debt held by government agencies, rose from $21.0 trillion at the end of fiscal year 2020 (100.3% of GDP) to $22.3 trillion by the end of fiscal year 2021 (99.7% of GDP). Economic Policy The U.S. government has responded to the effects of the COVID-19 pandemic with a range of significant countercyclical fiscal and monetary policies, including an unprecedented level of fiscal assistance and a reduction in the key policy interest rate to near-zero. 11 On the fiscal side, Congress authorized a record-setting economic aid package of roughly $2.7 trillion in March 2020; a second, smaller package was passed in December 2020. The aid included two rounds of direct Economic Impact Payments to low- and middle-income Americans, added a temporary federal bonus to normal state unemployment insurance benefits, and broadened eligibility for unemployment benefits to the self-employed and gig workers. Tax payments were postponed in 2020, loan payments were delayed for borrowers of federally backed student loans, and a moratorium on evictions was instated. This slew of policies boosted disposable incomes and helped American households weather the pandemic. In addition, Treasury and the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) – a forgivable loan for small businesses – less than a week after its authorization at the end of March 2020. The federal government worked directly with private lenders and used their infrastructure to hasten how quickly businesses could receive funds. In less than two weeks, the PPP had exhausted its initial funding: it had processed nearly 1.7 million loans worth $342 billion. After a second appropriation, the PPP provided 5.2 million loans by the time of the program stopped accepting applications in August 2020, worth over $525 billion. A third appropriation was passed in December 2020, which allowed a second draw PPP loan. By August 15, 2021, the PPP had processed a total of 11.5 million loans to small businesses and forgiven $471.1 billion of borrowing. In 2021, President Biden signed the American Rescue Plan (ARP) into law. The ARP provides an additional $1.9 trillion in economic aid, primarily through Economic Impact Payments and direct aid to low- to middle-income families and to the economically vulnerable. It also assists state and local governments, provides additional funding for addressing COVID-19 infections and vaccinating the population, creates new loans and grants for small businesses, and extended the deadline for PPP applications. On the monetary policy side, the Federal Reserve’s Federal Open Market Committee (FOMC) resumed monetary easing in early March 2020. At the January 2020 meeting, the Federal funds rate target was at a range of 1½ to 2 percent, and in the accompanying statement, the Committee observed that at the time, “the current stance of monetary policy is appropriate to support sustained expansion of economic activity, strong labor market conditions, and inflation near the [Fed’s 2 percent target].” However, the pandemic led to an inter-meeting move. On March 3, 2020 the FOMC announced a 50-basis point cut in the target range to 1 to 1¼ percent, and on March 15, 2020 at another unscheduled meeting, the FOMC cut the target range by 100 basis points to 0 to ¼ percent. (The scheduled, March 17-18, 2020 FOMC meeting was cancelled.) At its scheduled meetings from April 2020 through November 2021, the FOMC has left the target range for the federal funds rate unchanged. In each of the accompanying statements for those meetings, the Committee noted that it expects to maintain this FFR target range until labor market conditions and the level of inflation are consistent with its maximum employment and price stability goals. 12 The Federal Reserve has also implemented large-scale purchases of Treasury securities and agency mortgage-backed securities (MBS). At the November 2021 FOMC meeting, however, the Committee announced that it will begin to taper its asset purchases by $10 billion per month for Treasury securities and $5 billion per month for MBS from the current pace of $80 billion per month for Treasury securities and $40 billion per month for MBS. Importantly, the Federal Reserve assuaged market worries by using its Section 13(3) authority to establish numerous emergency lending facilities, leveraging capital provided by Treasury. The existence of these facilities ensured that financial markets operated smoothly and mitigated the risk of the public health crisis from becoming a financial crisis, but they were only authorized on an emergency basis through December 31, 2020. Treasury extended capital for some of these lending facilities through March 31, 2021, and these have now expired. 13 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions—payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900-922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused 14 on both on- and off-budget receipts, outlays and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. Table FFO-3 details on- and off-budget outlays by agency. Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Fourth-Quarter Receipts The following capsule analysis of budget receipts, by source, for the fourth quarter of Fiscal Year 2021 supplements fiscal data reported in the September issue of the “Treasury Bulletin.” At the time of that issue’s release, not enough data were available to analyze adequately collections for the quarter. Note that due to the delay of certain tax payment deadlines under IRS Notices 2020-18 and 202023, differences between the fourth quarter of Fiscal Year 2021 and the fourth quarter of Fiscal Year 2020 may be unusually large. Individual income taxes—Individual income tax receipts, net of refunds, were $453.7 billion for the fourth quarter of Fiscal Year 2021. This is a decrease of $170.4 billion over the comparable prior year quarter. Withheld receipts increased by $88.8 billion and non-withheld receipts decreased by $251.6 billion during this period. Refunds increased by $7.6 billion over the comparable Fiscal Year 2020 quarter. There was a negligible change in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in Fiscal Year 2020. Corporate income taxes—Net corporate income tax receipts were $106.7 billion for the fourth quarter of Fiscal Year 2021. This is a decrease of $13.1 billion compared to the prior year fourth quarter. The $13.1 billion change is comprised of a decrease of $22.4 billion in estimated and final payments, and a decrease of $9.4 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the fourth quarter of Fiscal Year 2021 were $315.6 billion, an increase of $12.2 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $9.3 billion, $1.6 billion, and $4.8 billion respectively. There was a negligible accounting adjustment for prior years employment tax liabilities made in the fourth quarter of Fiscal Year 2021. There was a negligible adjustment in the fourth quarter of Fiscal Year 2020. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the fourth quarter of Fiscal Year 2021 were $16.4 billion, an increase of $7.0 billion over the comparable quarter of Fiscal Year 2020. Net State taxes deposited in the U.S. Treasury increased by $6.8 billion to $15.5 billion. Net Federal Unemployment Tax Act taxes increased by $0.2 billion to $0.9 billion. 15 Contributions for other insurance and retirement— Contributions for other retirement were $1.4 billion for the fourth quarter of Fiscal Year 2021. This was an increase of $0.1 billion from the comparable quarter of Fiscal Year 2020. Excise taxes—Net excise tax receipts for the fourth quarter of Fiscal Year 2021 were $24.9 billion, a decrease of $15.2 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $2.9 billion, a decrease of $0.7 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $5.7 billion for the fourth quarter of Fiscal Year 2021. These receipts represent a decrease of $0.8 billion over the same quarter in Fiscal Year 2020. Customs duties—Customs duties net of refunds were $22.6 billion for the fourth quarter of Fiscal Year 2021. This is an increase of $5.7 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the fourth quarter of Fiscal Year 2021 were $42.9 billion, an increase of $4.3 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $4.5 billion. 16 Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source, continued Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fourth quarter 2021 July – Sept. Total on- and off-budget results: Total receipts ............................................................... On-budget receipts .................................................. Off-budget receipts .................................................. Total outlays ................................................................. On-budget outlays.................................................... Off-budget outlays.................................................... Total surplus or deficit (-) ............................................. On-budget surplus or deficit (-) ................................ Off-budget surplus or deficit (-) ................................ Means of financing: Borrowing from the public ............................................ Reduction of operating cash ........................................ Other means ................................................................ Total on- and off-budget financing ........................... Fiscal year 2021 year to date 989,901 750,145 239,756 1,524,130 1,256,268 267,862 -534,229 -506,123 -28,107 4,045,979 3,093,657 952,322 6,818,158 5,814,310 1,003,847 -2,772,179 -2,720,654 -51,525 -40,709 636,768 -61,826 534,229 1,267,948 1,566,519 -62,285 2,772,179 Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2021 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes ..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts ....................................................... Total budget receipts ..................................................... Note.—Detail may not add to totals due to independent rounding. July 115.1 16.9 97.8 4.7 0.5 6.8 1.5 7.5 11.1 262.0 August 123.8 3.0 100.4 6.0 0.5 7.4 1.7 7.3 18.1 268.4 September 214.8 86.7 117.4 5.7 0.5 10.6 2.4 7.9 13.6 459.5 17 18 TABLE FFO-1—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Off-budget outlays (6) Total surplus deficit (-) (7) On-budget surplus deficit (-) (8) Off-budget surplus deficit (-) (9) Means of financing -net transactions Borrowing from the publicFederal securities Public debt securities (10) Total on-budget and off-budget results Fiscal year or Month 2017 ............................ 2018 ............................ 2019 ............................ 2020 ............................ 2021 ............................ Total Receipts (1) 3,314,893 3,328,745 3,462,195 3,419,955 4,045,980 2021 – Est1 .................. 3,580,777 2022 – Est1 .................. 4,174,197 2020 - Sept .................. Oct ................... Nov .................. Dec .................. 2021 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. July .................. Aug .................. Sept ................. On-budget receipts (2) Off-budget receipts (3) 2,464,275 2,473,999 254,893 2,454,528 3,093,658 Total outlays (4) On-budget outlays (5) 850,617 854,747 914,302 965,427 952,323 3,980,720 4,107,741 4,446,583 6,551,871 6,818,159 3,179,518 3,259,170 3,539,967 5,596,291 5,814,312 801,202 848,573 906,617 955,579 1,003,847 -665,826 -778,995 -984,386 -3,131,917 -2,772,178 -715,242 -785,172 -992,072 -3,141,766 -2,720,653 49,416 6,175 7,686 9,847 -51,525 666,472 1,258,348 1,208,690 4,234,396 1,484,000 2,636,645 944,132 3,141,598 1,032,599 7,249,456 6,011,148 6,231,925 4,930,558 1,017,531 1,080,590 -3,668,679 -1,836,951 -3,595,280 -1,788,960 -73,399 -47,991 3,323,340 2,219,190 373,169 237,698 219,553 346,119 384,651 248,314 267,614 439,186 463,745 449,199 262,000 268,378 459,523 287,264 168,235 144,274 264,479 295,313 173,852 185,367 336,905 383,955 391,133 186,778 191,231 372,136 85,905 69,463 75,279 81,640 89,338 74,462 82,248 102,281 79,790 58,066 75,222 77,147 87,387 497,780 521,769 364,819 489,682 547,483 559,236 927,217 664,766 595,698 623,359 564,050 439,013 521,067 407,747 439,355 274,627 412,233 487,184 466,710 835,564 577,910 503,113 561,348 482,202 345,560 428,506 90,033 82,413 90,192 77,449 60,299 92,526 91,653 86,856 92,586 62,011 81,848 93,453 92,561 -124,611 -284,071 -145,266 -143,562 -162,832 -310,922 -659,603 -225,579 -131,953 -174,161 -302,050 -170,635 -61,544 -120,483 -271,120 -130,354 -147,753 -191,871 -292,858 -650,197 -241,004 -119,158 -170,215 -295,424 -154,329 -56,370 -4,128 -12,950 -14,913 4,191 29,039 -18,064 -9,405 15,425 -12,796 -3,945 -6,626 -16,306 -5,175 217,501 190,533 310,077 302,308 36,550 116,451 224,239 37,502 25,466 333,762 -95,980 143 2,949 Fiscal year 2021 to date ... 4,045,980 3,093,658 952,323 6,818,159 5,814,312 1,003,847 -2,772,178 -2,720,653 -51,525 1,484,000 Transactions not applied to year’s surplus or deficit (19) Total Financing (20) Borrowing from the publicFederal securities, continued Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Means of financing—net transactions, continued Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) Other (18) 2017 ...................................... 2018 ...................................... 2019 ...................................... 2020 ...................................... 2021 ...................................... 3 -1,545 -1,366 -1,304 -652 168,172 172,343 155,715 16,813 215,402 498,301 1,084,458 1,051,606 4,216,280 1,211,761 -193,988 225,390 -2,230 1,399,197 -1,566,518 1,390 -527 -941 1,754 112,141 -935 -2,661 -1,210 -309 -729 1,938 3,857 7,593 8,253 1,496 -24,443 -79,242 -63,946 2,494,110 3,013,945 259 -160 -62 853 71 665,714 778,997 984,386 3,131,918 2,772,167 2021 – Est1............................ 2022 – Est1............................ -239 337 173,018 121,454 3,150,083 2,098,073 -1,031,679 - - - - -513,083 -261,122 - 3,668,679 1,836,951 2020 - Sept ........................... Oct............................. Nov ............................ Dec ............................ 2021 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... July ............................ Aug ............................ Sept ........................... -578 -57 115 -3 -80 -224 -75 -74 -72 144 -178 -73 -75 19,645 111,860 58,943 18,242 24,925 6,021 -2,055 -28,093 55,573 22,490 -55,878 30,445 -27,071 197,279 78,616 251,250 284,064 11,544 110,206 226,219 9,335 -30,179 311,416 -40,280 -30,375 29,945 75,697 -182,881 24,188 105,583 -117,217 -196,886 -292,515 -151,234 -194,017 75,229 -392,526 -103,418 -140,824 -417 150 685 374 19 -48 -811 690 324 -671 86 113,133 -1,790 -528 250 -9 112 -172 129 -1,195 205 -102 -14 226 -100 -59 -394 367 352 2,493 -468 -115 -1,572 564 117 35 26 -121 -182 -146,798 387,477 -131,614 -249,299 269,109 397,672 730,023 365,588 355,613 -211,413 734,465 191,630 174,694 -228 92 414 235 17 -36 -557 431 197 -421 53 -114 -240 124,611 284,071 145,266 143,562 162,832 310,922 659,592 225,579 131,953 174,161 302,050 170,635 61,544 Fiscal year 2021 to date ....... -652 215,402 1,211,761 -1,566,518 112,141 -729 1,496 3,013,945 71 2,772,167 Note: Detail may not add to total due to rounding. 1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. 19 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Fiscal year or month Individual Corporation Gross (5) Refunds (6) Net (7) Gross (9) Refunds (10) Net (11) Other (2) Refunds (3) 2017 .................. 2018 .................. 2019 .................. 2020 .................. 2021 .................. 1,309,265 1,325,106 1,328,271 1,245,088 1,498,655 539,528 626,555 634,339 601,920 824,141 261,678 268,126 244,755 238,346 278,436 1,587,120 1,683,536 1,717,858 1,608,663 2,044,379 338,978 263,168 277,416 263,847 419,351 41,929 58,433 47,172 52,003 47,521 297,048 204,734 230,244 211,846 371,832 1,884,168 1,888,270 1,948,102 1,820,509 2,416,211 1,109,837 1,118,641 1,195,506 1,257,205 1,254,747 3,290 3,234 3,632 7,605 1,106,547 1,115,407 1,191,874 1,257,205 1,247,142 2021 – Est1 ........ 2022 – Est1 ........ 1,704,919 2,038,575 - - 1,704,919 2,038,575 268,482 370,985 - 268,482 370,985 1,973,401 2,409,560 1,259,217 1,319,075 - 1,231,281 1,391,262 2020 - Sept ........ Oct ......... Nov ........ Dec ........ 2021 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... July ........ Aug ........ Sept ....... 84,138 87,725 91,573 127,808 117,936 133,303 179,912 124,090 103,158 173,187 112,811 127,495 119,657 82,976 32,666 10,239 22,564 113,671 11,548 22,069 117,079 242,310 116,408 15,280 13,366 106,941 5,636 11,644 8,037 5,893 39 19,023 81,671 46,525 39,013 24,755 13,012 17,014 11,810 161,478 108,748 93,775 144,481 231,569 125,827 120,314 194,650 306,460 264,840 115,080 123,847 214,788 54,031 14,914 5,147 67,776 17,355 6,589 19,102 76,057 17,903 78,570 20,531 5,957 89,450 4,371 5,762 8,339 4,855 892 2,810 3,847 3,288 4,095 4,381 3,590 2,925 2,737 49,660 9,152 -3,192 62,920 16,463 3,780 15,255 72,769 13,808 74,189 16,942 3,033 86,713 211,138 117,900 90,583 207,401 248,032 129,607 135,569 267,419 320,268 339,029 132,022 126,880 301,501 112,264 93,137 101,093 114,730 115,142 94,677 104,666 132,942 102,275 78,088 97,376 99,960 120,661 3,872 3,733 112,264 93,137 101,093 110,858 115,142 94,677 104,666 132,942 102,275 78,088 97,376 99,960 116,928 Fiscal year 2021 to date........ 1,498,655 824,141 278,436 2,044,379 419,351 47,521 371,832 2,416,211 1,254,747 7,605 1,247,142 Fiscal year or month Net (4) Net income taxes (8) Withheld (1) Social insurance and retirement receipts, continued Employment and general retirement, continued Unemployment insurance Net unNet employment Railroad retirement employment and general Gross Refunds Net insurance retirement Gross Refunds (12) (13) (14) (18) (15) (16) (17) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 2017 ............................ 2018 ............................ 2019 ............................ 2020 ............................ 2021 ............................ 5,349 5,753 5,610 4,590 4,755 1 4 90 144 38 5,349 5,749 5,519 4,445 4,717 1,111,896 1,121,156 1,197,395 1,261,650 1,251,858 45,961 45,161 41,193 43,224 56,742 154 121 259 120 140 45,810 45,041 40,934 43,103 56,602 4,158 4,471 4,730 5,172 5,604 34 31 29 29 26 4,191 4,501 4,759 5,201 5,630 2021 – Est1.................. 2022 – Est1.................. 4,575 5155 - 4,575 5,155 1,235,856 1,396,417 54,557 59,451 - 54,557 59,451 5,735 6,114 31 31 5,766 6,145 2020 - Sept ................. Oct................... Nov .................. Dec .................. 2021 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ July .................. Aug .................. Sept ................. 338 318 352 340 428 646 488 455 445 -86 460 468 441 2 9 20 7 2 - 336 318 352 330 428 646 488 455 445 -105 453 466 441 112,600 93,455 101,445 111,189 115,570 95,323 105,153 133,398 102,720 77,982 97,830 100,426 117,367 2,084 1,899 3,817 3,676 2,177 3,686 1,150 10,052 12,481 1,363 4,726 6,045 5,670 3 8 7 11 5 5 11 23 11 11 28 13 7 2,081 1,891 3,810 3,666 2,172 3,681 1,139 10,030 12,469 1,352 4,698 6,031 5,663 420 519 464 475 427 432 429 544 437 505 469 452 451 2 3 2 2 2 2 2 3 2 2 2 2 2 422 522 466 477 429 434 431 546 439 507 472 454 453 Fiscal year 2021 to date ...................... 4,755 38 4,717 1,251,858 56,742 140 56,602 5,604 26 5,630 See footnotes at end of table. 20 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Excise taxes Airport and Airway Trust Fund Gross Refunds Net (23) (24) (25) Black Lung Disability Trust Fund Gross Refunds Net (26) (27) (28) Highway Trust Fund Gross Refunds Net (29) (30) (31) Gross (32) Miscellaneous Refunds (33) Net (34) 2017 .............................. 1,161,897 2018 .............................. 1,170,699 2019 .............................. 1,243,087 2020 .............................. 1,309,954 2021 .............................. 1,314,090 14,952 15,532 15,825 9,034 10,946 15 15 14 20 13 14,936 15,516 15,811 9,015 10,935 426 394 213 300 270 - 426 394 213 300 270 41,555 42,979 44,186 43,201 40,920 431 438 440 440 442 41,126 42,541 43,746 42,763 40,488 32,495 39,650 44,773 43,997 31,578 5,162 3,116 5,629 9,298 7,995 27,334 36,535 39,144 34,701 23,581 2021 – Est1 .................... 1,296,179 2022 – Est1 .................... 1,462,013 9,348 15,293 - 9,348 15,293 356 230 - 356 230 39,812 40,915 - 39,812 40,915 24,576 27,839 - 24,576 27,839 115,103 95,868 105,721 115,332 118,171 99,438 106,723 143,974 115,628 79,841 103,000 106,911 123,483 -114 3 15 13 1,145 1,058 912 1,150 1,538 1,552 1,512 1,428 620 2 6 2 3 2 -116 3 15 13 1,140 1,058 912 1,148 1,538 1,552 1,510 1,428 618 77 8 32 28 9 26 23 -9 33 33 16 33 38 - 77 8 32 28 9 26 23 -9 33 33 16 33 38 8,499 1,001 4,086 3,508 3,377 3,285 2,832 291 3,603 3,635 2,567 4,044 8,691 64 15 29 29 30 31 31 38 44 44 44 43 64 8,435 986 4,057 3,477 3,347 3,254 2,802 253 3,559 3,591 2,523 4,012 8,627 19,008 3,882 1,694 2,070 1,216 830 2,992 5,779 2,009 2,302 4,317 2,173 2,314 1,206 131 196 254 2,233 264 294 1,282 242 378 1,544 204 973 17,802 3,751 1,497 1,816 -1,017 566 2,698 4,497 1,767 1,924 2,772 1,969 1,341 Fiscal year 2021 to date....................... 1,314,090 10,946 13 10,935 270 - 270 40,920 442 40,488 31,578 7,995 23,581 2020 - Sept .................... Oct ..................... Nov .................... Dec .................... 2021 - Jan ..................... Feb .................... Mar .................... Apr ..................... May.................... June................... July .................... Aug .................... Sept ................... Net miscellaneous receipts Excise taxes, con. Fiscal year Net excise taxes (35) or month 2017........... 2018........... 2019........... 2020........... 2021........... 83,821 94,987 98,915 86,782 77,541 Estate and gift taxes Gross (36) Refunds (37) 23,779 23,864 17,565 18,198 37,931 Customs duties Deposits of Universal earnings by service fund Federal Reserve and all other banks (43) (42) Total receipts Net (38) Gross (39) Refunds (40) Net (41) 1,012 883 894 571 1,308 22,770 22,982 16,672 17,625 27,141 36,260 43,097 73,461 75,636 86,950 1,686 1,796 2,677 7,085 6,965 34,573 41,298 70,784 68,550 79,984 81,288 70,751 52,793 81,880 100,055 46,380 39,755 31,843 34,659 33,233 127,666 110,505 84,637 116,538 133,288 2,464,275 2,473,999 2,547,893 2,454,527 3,093,658 850,617 854,747 914,302 965,427 952,323 - 17,593 20,781 84,834 57,383 - 84,834 57,383 97,241 101,604 37,437 38,579 134,678 140,183 2,636,645 3,141,598 944,132 1,032,599 6,049 6,156 5,965 6,047 5,871 6,323 6,275 7,128 6,433 7,150 7,509 7,270 7,857 9,726 7,429 7,448 8,177 5,115 4,847 8,248 7,244 9,201 11,090 9,503 10,409 11,344 2,806 3,450 2,395 1,617 2,304 2,044 1,917 2,957 2,282 2,603 1,643 7,739 2,282 12,532 10,879 9,843 9,794 7,419 6,891 10,165 10,200 11,483 13,693 11,146 18,149 13,626 287,264 168,235 144,274 264,479 295,313 173,852 185,367 336,905 383,955 391,133 186,778 191,231 372,136 85,905 69,463 75,279 81,640 89,338 74,462 82,248 102,281 79,790 58,066 75,222 77,147 87,387 79,984 100,055 33,233 133,288 3,093,658 952,323 2021 – Est1 ..... 2022 – Est1 ..... 74,092 84,277 17,593 20,781 2020 - Sept ..... Oct ...... Nov ..... Dec ..... 2021 - Jan ...... Feb ..... Mar ..... Apr ...... May ..... Jun ...... Jul ....... Aug ..... Sept ..... 26,198 4,747 5,602 5,333 5,748 4,904 6,434 5,889 6,897 7,100 6,822 7,441 10,624 2,205 4,893 5,827 5,617 1,708 1,281 2,507 4,722 3,054 2,445 1,549 1,809 2,519 56 146 225 284 28 129 59 146 17 59 46 82 87 Fiscal year 2021 to date ....... 77,541 37,931 1,308 2,149 2,149 1,839 2,212 1,680 1,152 2,448 4,576 3,036 2,385 1,503 1,728 2,433 27,141 - 6,925 6,851 6,784 6,712 6,436 6,797 6,899 7,731 6,977 7,688 7,926 7,799 8,350 875 695 819 665 566 474 624 603 544 538 417 528 492 86,950 6,965 Note: Detail may not add to total due to rounding. 1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. Total (44) On-budget (45) Off-budget (46) 21 TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency Fiscal year or month Legislative branch (1) [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Department of DepartDepart- Housing ment of Departand DepartDepartHealth ment of Urban ment of DepartDepartment of Departand Homement of ment of Human Judicial Agriculment of Defense, ment of land Developthe ment Services branch ture military Education Commerce Energy Security Interior (10) (8) (2) (3) (5) (7) (4) (6) (9) (11) Department of Justice (12) Department of Labor (13) 2017 ................ 2018 ................ 2019 ................ 2020 ................ 2021 ................ 4,499 4,670 4,955 5,365 5,265 7,565 7,780 7,958 8,251 8,310 127,563 136,713 150,120 184,221 235,194 10,303 8,561 11,326 15,918 13,135 568,905 600,705 653,979 690,420 717,585 111,703 63,706 104,365 204,415 260,381 25,794 26,479 28,936 32,047 33,695 1,116,763 1,120,503 1,213,807 1,503,953 1,466,673 50,502 68,374 56,328 91,963 91,069 55,623 54,666 29,188 33,190 31,778 12,141 13,210 13,907 16,417 15,788 30,979 34,522 35,107 39,606 39,262 40,121 39,637 35,810 477,529 404,772 2021 – Est1 ..... 2022 – Est1 ..... 6,376 6,129 8,700 9,250 288,707 230,131 16,115 26,415 712,398 729,445 231,993 202,398 35,027 50,910 1,547,354 1,662,192 122,714 76,122 55,836 64,950 17,656 21,079 45,284 41,583 552,567 109,039 2020 - Sept ..... Oct ...... Nov ..... Dec ..... 2021 - Jan ....... Feb...... Mar...... Apr ...... May ..... Jun ...... Jul ....... Aug ..... Sept ..... 486 505 468 416 449 391 442 394 402 533 410 391 464 650 810 684 656 639 648 703 819 591 745 663 662 690 16,950 31,858 19,240 20,972 14,685 14,260 16,333 22,233 16,895 21,423 18,660 20,039 18,596 1,535 1,282 1,400 2,495 985 940 995 745 748 1,252 742 811 740 63,026 76,530 51,529 67,000 50,864 50,862 66,640 67,179 49,439 61,491 63,370 48,948 63,733 52,676 7,709 7,076 6,696 9,566 9,101 11,947 10,297 8,995 53,980 11,923 14,781 108,310 3,045 3,235 2,457 3,255 2,540 2,512 3,223 3,347 2,267 2,471 2,230 2,847 3,311 125,167 157,909 75,848 122,881 119,632 115,320 126,258 157,718 82,128 127,772 167,368 87,298 126,541 32,017 13,079 7,684 6,879 5,945 5,830 7,050 8,246 6,284 8,834 5,867 6,722 8,649 2,114 3,876 3,965 3,817 3,373 4,336 2,900 2,051 3,853 4,044 -7,455 3,828 3,190 1,657 1,208 906 1,654 1,182 1,024 1,376 955 1,131 2,048 1,125 1,175 2,004 4,813 2,597 3,290 3,152 3,660 3,061 2,636 3,561 3,477 3,760 3,167 3,094 3,807 34,194 22,852 26,829 29,951 36,314 44,991 51,928 39,056 36,434 40,953 29,598 30,582 15,284 Fiscal year 2021 to date ....... 5,265 8,310 235,194 13,135 717,585 260,381 33,695 1,466,673 91,069 31,778 15,788 39,262 404,772 Other EnvironDefense, mental Executive Office of the civil Protection President programs Agency (22) (20) (21) General Services Administration (23) International Assistance Program (24) Fiscal year or month Department of State (14) Department of Transportation (15) Department of the Treasury, interest on Treasury Department debt Department of securities of the Treasury, other Veterans Affairs Corps of Engineers (gross) (16) (18) (19) (17) 2017 ................ 2018 ................ 2019 ................ 2020 ................ 2021 ................ 27,061 26,386 28,002 32,859 35,814 79,440 78,494 80,716 100,342 104,937 456,953 521,553 572,914 522,651 562,389 89,445 107,894 116,584 629,072 1,071,359 176,050 178,508 199,571 218,393 233,782 6,452 5,083 6,456 7,632 7,936 58,695 55,367 60,930 65,265 58,085 8,087 8,085 8,064 8,723 8,310 412 383 423 403 426 -664 -590 -1,100 -266 -1,269 18,925 21,628 23,578 21,677 21,668 2021 – Est1 ..... 2022 – Est1 ..... 35,771 33,575 125,747 132,207 484,698 480,403 1,197,069 454,701 235,938 290,032 7,109 10,770 68,280 72,009 7,454 22,219 473 544 2,148 2,249 25,552 24,267 2020 - Sept ..... Oct ...... Nov ..... Dec ..... 2021 - Jan ....... Feb...... Mar...... Apr ...... May ..... Jun ...... Jul ....... Aug ..... Sept ..... 4,060 3,493 2,422 2,727 2,082 1,326 4,019 2,444 2,270 2,466 5,271 3,313 3,981 12,561 7,944 7,774 9,896 6,040 8,979 6,942 9,432 7,340 9,356 8,688 9,372 13,174 38,759 20,076 32,744 79,625 27,266 32,282 36,639 45,537 45,714 99,290 47,815 57,719 37,682 -18,207 16,213 10,663 8,220 175,802 47,650 372,930 90,121 169,984 80,416 50,028 65,880 -16,548 20,724 29,924 8,848 28,049 9,457 18,695 20,093 31,255 9,393 17,920 28,448 10,501 21,199 -151 847 617 1,089 589 610 605 632 654 832 445 635 381 4,798 11,663 487 10,623 1,577 4,688 5,186 8,244 -530 4,100 9,359 -2,199 4,887 655 813 687 686 596 601 632 803 669 837 578 640 768 26 44 33 33 33 35 30 45 33 29 40 36 35 -143 56 -234 334 -411 -286 84 -62 -167 39 -240 -296 -86 1,310 1,035 2,825 1,213 -1,113 5,918 2,493 1,327 2,505 2,223 -706 1,160 2,788 Fiscal year 2021 to date ....... 35,814 104,937 562,389 1,071,359 233,782 7,936 58,085 8,310 426 -1,269 21,668 See footnotes at end of table 22 TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics National Office of and Science Personnel Space ManageFounAdminisment dation tration (27) (26) (25) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties on the Employer Outer Interest share, received Continenemployee tal Shelf by trust retirelands Other funds ment (33) (34) (32) (31) Total outlays OffOnbudget budget (36) (35) 2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 2018 .................. 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 2019 .................. 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 2020 .................. 21,524 7,278 105,626 577,411 1,153,912 17,654 -99,993 -135,215 -3,645 - 5,596,291 955,579 2021 .................. 22,249 7,353 108,553 322,721 1,197,561 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 2021 – Est1........ 23,552 8,251 107,933 372,320 1,199,226 35,010 -109,681 -124,193 -3,787 -90,141 6,231,925 1,017,531 2022 – Est1........ 24,332 10,461 111,838 9,545 1,268,754 42,921 -117,760 -124,569 -5,027 -21,027 4,930,558 1,080,590 2020 - Sept ....... 2,072 722 9,359 1,960 97,001 -2,296 -7,220 -3,677 -139 - 407,747 90,033 Oct......... 1,993 600 8,888 2,476 102,355 4,833 -26,054 11,168 -47 - 439,355 82,413 Nov ........ 1,818 565 8,743 670 92,719 2,871 -7,683 -2,848 -278 - 274,627 90,192 Dec ........ 2,403 517 8,868 595 126,674 -2,229 -7,677 -51,432 -353 - 412,233 77,449 2021 - Jan ......... 1,355 497 9,271 2,426 69,570 1,420 -7,379 -1,300 -129 - 487,184 60,299 Feb ........ 1,606 559 8,119 90,968 98,942 2,688 -7,455 -5,196 -292 -4,476 466,710 92,526 Mar ........ 2,178 571 9,362 86,532 99,121 -1,151 -7,329 -3,513 -639 - 835,564 91,653 Apr ......... 1,818 564 9,074 56,920 104,072 2,439 -8,275 -7,816 -406 - 577,910 86,856 May ....... 1,622 543 9,126 53,161 95,041 1,394 -7,614 -6,387 -74 - 503,113 92,586 Jun ........ 1,925 575 8,773 31,095 104,446 -3,815 -7,985 -57,860 -607 - 561,348 62,011 Jul ......... 1,601 761 9,581 13,061 107,323 3,216 -7,505 -7,956 -210 - 482,202 81,848 Aug ........ 2,131 837 9,068 -17,950 98,101 2,376 -8,066 -12,242 -806 - 345,560 93,453 Sept ........ 1,799 764 9,680 2,767 99,197 -486 -7,665 -4,196 -390 -4,466 428,506 92,561 Fiscal year 2021 to date ...... 22,249 7,353 108,553 322,721 1,197,561 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 Note: Detail may not add to total due to rounding. 1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. 23 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, September 2021 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] Classification Budget receipts: Individual income taxes ......................................................... Corporation income taxes ...................................................... Social insurance and retirement receipts: Employment and general retirement (off-budget) .............. Employment and general retirement (on-budget) .............. Unemployment insurance.................................................. Other retirement ................................................................ Excise taxes .......................................................................... Estate and gift taxes .............................................................. Customs duties ...................................................................... Miscellaneous receipts .......................................................... Total receipts ................................................................ (On-budget) .............................................................. (Off-budget) .............................................................. Budget outlays: Legislative branch .................................................................. Judicial branch....................................................................... Department of Agriculture ...................................................... Department of Commerce ..................................................... Department of Defense-military ............................................. Department of Education ....................................................... Department of Energy............................................................ Department of Health and Human Services........................... Department of Homeland Security ......................................... Department of Housing and Urban Development .................. Department of the Interior ...................................................... Department of Justice ............................................................ Department of Labor .............................................................. Department of State .............................................................. Department of Transportation ................................................ Department of the Treasury: Interest on the public debt ................................................. Other ................................................................................. Department of Veterans Affairs.............................................. Corps of Engineers ................................................................ Other defense civil programs ................................................. Environmental Protection Agency .......................................... Executive Office of the President ........................................... General Services Administration............................................ International Assistance Program .......................................... National Aeronautics and Space Administration .................... National Science Foundation ................................................. Office of Personnel Management .......................................... Small Business Administration............................................... Social Security Administration ............................................... Other independent agencies .................................................. Undistributed offsetting receipts: Interest .............................................................................. Other ................................................................................. Total Outlays (On-Budget) (Off-Budget) Surplus (+) or Deficit (-) (On-Budget) (Off-Budget) -No Transactions * Less than $500,000 General funds (1) This fiscal year to date Management, consolidated, Trust revolving and funds special funds (3) (2) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, Trust revolving and funds special funds (7) (6) Total funds (8) 2,044,131 371,831 246 - - 2,044,377 371,831 1,608,487 211,845 177 - - 1,608,664 211,845 * 16,668 27,140 52,558 108,578 2,620,906 2,620,906 - 1,718 25,754 23,261 50,979 50,979 - 952,322 299,536 56,602 5,629 56,885 1,674 1,447 1,374,094 421,772 952,322 952,322 299,536 56,602 5,629 75,271 27,140 79,985 133,285 4,045,979 3,093,657 952,322 28,296 17,624 44,831 94,213 2,005,296 2,005,296 1,283 22,323 20,464 44,247 44,247 - 965,428 296,222 43,104 5,201 57,203 1,397 1,860 1,370,414 404,986 965,428 965,428 296,222 43,104 5,201 86,782 17,624 68,550 116,538 3,419,957 2,454,529 965,428 5,358 8,161 216,246 11,730 714,491 260,498 35,191 1,203,776 95,900 32,233 15,746 34,021 354,699 34,590 58,745 -78 246 18,977 1,398 2,634 -45 -1,496 5,848 -5,032 51 -400 5,263 -3,550 669 175 -17 -96 -29 6 460 -1 * 257,049 201 -504 442 -22 53,622 556 46,016 5,263 8,310 235,193 13,134 717,585 260,452 33,694 1,466,673 91,069 31,779 15,788 39,261 404,771 35,814 104,936 5,317 8,045 152,653 14,563 687,905 204,393 33,081 1,111,157 94,767 33,366 16,008 32,828 370,223 31,652 32,052 54 289 31,582 1,303 2,144 22 -1,035 4,842 -2,914 -13 64 6,786 -8,736 964 115 -4 -83 -12 51 370 * * 387,954 110 -162 344 -7 116,043 243 68,176 5,367 8,251 184,223 15,918 690,419 204,415 32,046 1,503,953 91,963 33,190 16,416 39,607 477,530 32,859 100,342 562,388 1,083,382 237,250 6,669 105,384 8,312 425 168 22,106 22,283 7,220 59,897 322,775 92,728 14,649 -11,957 -3,988 -118 -12,359 -71 * -1,437 -619 -35 122 2,321 -54 * -1,763 -67 520 1,385 -34,940 68 2 -1,440 1 12 46,333 1,099,724 668 562,388 1,071,358 233,781 7,936 58,085 8,309 427 -1,269 20,047 22,249 7,354 108,552 322,721 1,192,453 13,554 522,652 618,577 221,968 6,230 98,747 8,432 440 131 24,459 21,547 7,170 59,216 577,415 97,991 12,538 10,364 -4,172 -258 -3,955 12 * -396 -462 -24 126 1,130 -3 * -891 133 598 1,659 -29,528 279 -38 -2,319 1 -18 45,278 1,055,923 6,003 522,652 629,074 218,394 7,631 65,264 8,723 402 -265 21,678 21,524 7,278 105,625 577,412 1,153,914 17,650 -2,204 5,624,816 5,624,549 267 -3,003,910 -3,003,643 -267 -15,115 20,417 17,416 3,001 71,395 68,394 3,001 -149,579 -106,541 1,213,829 207,248 1,006,581 160,265 214,524 -54,259 -149,579 -123,861 6,818,229 5,814,381 1,003,847 -2,772,250 -2,720,725 -51,525 -5,242 5,100,280 5,100,014 267 -3,094,984 -3,094,718 -267 - -135,215 -91,942 1,423,837 465,852 957,985 -53,423 -60,866 7,443 -135,215 -106,363 6,551,874 5,596,293 955,581 -3,131,917 -3,141,764 9,846 - Note.—Detail may not add to totals due to rounding -9,179 27,757 30,427 2,670 16,490 13,820 2,670 24 TABLE FFO-5—Internal Revenue Receipts by State, 2021 [In thousands of dollars. Source: Chief Financial Officer, Financial Management] Individual income taxes, employment taxes, and estate and trust income taxes State Total Internal Revenue collections 1 (1) Business income taxes 2 (2) Individual Income taxes withheld and FICA taxes 3 (4) Total (3) Individual income taxes not withheld and SECA taxes 3 (5) United States, total...................... 4,111,569,512 419,008,841 3,606,225,111 2,706,298,354 834,340,953 Alabama ........................................ 30,414,043 1,789,113 28,274,112 21,344,407 6,458,156 Alaska............................................ 5,750,254 110,764 5,586,675 4,136,457 1,221,779 Arizona .......................................... 57,665,724 4,432,494 52,501,743 37,834,324 14,139,212 Arkansas ....................................... 35,972,165 4,927,594 30,264,467 25,473,942 4,391,033 California ....................................... 587,616,657 65,066,736 514,225,414 371,599,766 137,607,076 Colorado ........................................ 68,472,777 4,868,635 62,443,561 45,618,384 16,173,538 Connecticut ................................... 60,261,678 8,257,986 51,150,585 34,855,159 14,960,466 Delaware ....................................... 32,381,553 14,457,765 17,742,178 12,704,425 1,768,298 District of Columbia ....................... 34,603,494 9,681,512 24,759,137 20,022,307 4,113,481 Florida ........................................... 252,326,047 13,405,263 235,308,576 155,129,112 74,895,369 Georgia.......................................... 107,277,935 13,578,019 90,770,973 70,617,128 18,997,889 Hawaii............................................ 9,494,260 601,545 8,729,103 6,046,869 2,563,458 Idaho ............................................. 14,060,403 783,783 13,074,503 9,139,651 3,840,042 Illinois ............................................ 183,723,676 20,425,855 160,056,372 121,183,267 33,660,594 Indiana........................................... 65,173,208 5,212,457 59,048,268 49,227,806 9,386,398 Iowa ............................................... 28,294,030 1,888,858 26,005,740 20,721,892 5,121,878 Kansas .......................................... 29,153,251 2,155,461 25,275,953 19,087,758 5,867,922 Kentucky........................................ 36,700,830 3,052,297 33,175,948 27,726,600 5,045,792 Louisiana ....................................... 39,377,708 790,192 38,127,686 31,659,564 6,148,234 Maine............................................. 9,817,142 561,919 9,083,043 6,690,827 2,236,941 Maryland........................................ 88,931,955 3,663,308 84,541,288 68,382,902 14,981,988 Massachusetts .............................. 144,305,270 10,495,896 131,977,531 101,472,890 28,710,993 Michigan ........................................ 94,064,899 7,851,833 85,202,411 66,163,343 17,918,380 Minnesota ...................................... 108,280,490 14,868,515 92,336,158 79,274,386 12,449,851 Mississippi ..................................... 12,651,646 615,839 11,683,251 8,814,220 2,742,148 Missouri ......................................... 74,537,986 7,833,967 65,783,626 54,096,970 10,670,524 Montana ........................................ 7,844,890 401,440 7,373,470 4,835,017 2,441,013 Nebraska ....................................... 28,527,699 7,124,615 21,114,724 16,150,115 3,888,133 Nevada .......................................... 28,819,160 1,194,925 27,242,290 13,712,389 9,714,420 New Hampshire............................. 14,463,648 453,066 13,461,082 9,082,992 3,809,216 New Jersey ................................... 156,156,339 25,125,133 128,036,155 99,236,908 27,108,061 New Mexico ................................... 10,300,315 234,252 9,921,459 7,070,768 2,763,772 New York ....................................... 330,143,910 34,875,229 289,779,883 204,436,834 80,709,260 North Carolina ............................... 107,138,440 11,999,849 94,321,564 76,126,825 17,399,121 North Dakota ................................. 7,589,067 543,507 6,988,456 5,094,477 1,847,019 Ohio ............................................... 163,091,560 15,279,818 140,836,335 121,513,224 17,819,899 Oklahoma ...................................... 28,563,746 999,036 23,986,618 18,150,968 4,800,417 See footnotes at end of table. FEDERAL FISCAL OPERATIONS 25 TABLE FFO-5—Internal Revenue Receipts by State, 2021, continued [In thousands of dollars. Source: Chief Financial Officer, Financial Management] Individual income taxes, employment taxes, and estate and trust income taxes State Total Internal Revenue collections 1 (1) Business income taxes 2 (2) Individual Income taxes withheld and FICA taxes 3 (4) Total (3) Individual income taxes not withheld and SECA taxes 3 (5) Oregon .......................................... 40,067,022 2,390,821 37,031,079 28,167,959 8,546,726 Pennsylvania ................................. 154,308,909 15,473,529 135,405,433 107,610,300 25,389,980 Rhode Island ................................. 16,491,561 3,807,910 12,550,328 10,272,657 2,068,800 South Carolina .............................. 31,110,135 1,524,268 29,139,683 20,659,148 8,193,445 South Dakota ................................ 11,525,074 305,260 11,098,890 5,558,579 2,285,640 Tennessee .................................... 82,362,552 8,873,150 71,574,197 57,381,302 13,405,006 Texas............................................. 312,071,886 27,143,965 265,528,807 195,608,052 63,921,566 Utah ............................................... 31,536,915 1,587,041 29,258,588 21,301,494 7,647,818 Vermont ......................................... 5,001,910 200,988 4,754,993 3,498,300 1,174,403 Virginia .......................................... 108,067,359 15,945,150 91,460,782 70,120,960 20,044,052 Washington ................................... 119,862,452 12,672,565 105,826,738 81,227,528 23,620,739 West Virginia ................................. 7,143,579 246,126 6,835,618 5,370,363 1,407,132 Wisconsin ...................................... 61,583,211 6,451,803 54,221,067 42,029,599 10,682,741 Wyoming ....................................... 6,089,795 177,625 5,670,216 2,467,247 2,596,619 U.S. Armed Services overseas and Territories other than Puerto Rico ............................... 690,853 4,757 682,529 534,758 141,363 Puerto Rico ................................... 4,007,519 22,477 3,979,869 3,220,998 725,930 International .................................. 13,941,163 2,967,012 10,719,392 5,002,489 5,673,582 Undistributed 6 ............................... 11,759,761 -394,081 10,296,565 1,831,752 8,443,640 See footnotes at end of table. 26 FEDERAL FISCAL OPERATIONS TABLE FFO-5—Internal Revenue Receipts by State, 2021, continued [In thousands of dollars. Source: Chief Financial Officer, Financial Management] Individual income and employment taxes-continued State United States, total........................... Unemployment insurance taxes (6) Estate and trust income taxes 4 (8) Railroad retirement taxes (7) Excise taxes 5 (11) Gift taxes (10) Estate taxes (9) 6,275,547 5,306,607 54,003,650 23,425,026 4,620,713 58,289,822 Alabama ............................................. 68,231 3,420 399,899 84,615 4,399 261,804 Alaska................................................. 11,257 794 216,389 3,324 226 49,264 Arizona ............................................... 110,045 1,377 416,786 129,204 45,055 557,229 Arkansas ............................................ 130,855 3,601 265,035 64,677 83,606 631,822 California ............................................ 737,964 9,575 4,271,034 4,044,190 520,281 3,760,036 20,506 542,053 315,989 66,606 777,986 Colorado ............................................. 89,081 Connecticut ........................................ 59,246 5,852 1,269,862 508,551 60,363 284,194 Delaware ............................................ 26,660 49,403 3,193,392 50,767 9,096 121,747 District of Columbia ............................ 14,952 438,374 170,024 116,071 3,440 43,333 Florida ................................................ 422,879 553,374 4,307,842 2,130,259 490,842 991,106 Georgia............................................... 226,700 50,549 878,706 448,201 38,795 2,441,947 Hawaii................................................. 14,960 0 103,815 29,286 1,352 132,974 Idaho .................................................. 35,523 171 59,116 116,108 18,999 67,010 Illinois ................................................. 263,382 351,989 4,597,140 804,290 90,501 2,346,657 Indiana................................................ 102,149 30,241 301,674 276,091 15,992 620,401 Iowa .................................................... 50,359 12,191 99,421 110,383 3,242 285,807 Kansas ............................................... 62,504 109,091 148,677 235,833 14,711 1,471,293 Kentucky............................................. 63,437 15,471 324,648 94,465 144,064 234,056 Louisiana ............................................ 62,186 5,263 252,440 156,850 537 302,443 31,730 Maine.................................................. 18,657 3,849 132,770 120,700 19,751 Maryland............................................. 100,455 15,755 1,060,187 260,651 350,150 116,558 Massachusetts ................................... 163,571 38,722 1,591,354 547,714 196,393 1,087,735 Michigan ............................................. 192,398 11,572 916,716 628,546 67,985 314,124 Minnesota ........................................... 173,317 90,123 348,482 220,678 5,859 849,280 Mississippi .......................................... 30,741 1,819 94,322 186,785 6,522 159,250 Missouri .............................................. 140,307 110,022 765,803 208,747 25,959 685,687 Montana ............................................. 15,906 30,764 50,770 33,068 14,133 22,779 Nebraska ............................................ 36,797 917,069 122,610 139,759 39,734 108,868 Nevada ............................................... 42,808 65 3,772,608 216,479 18,520 146,946 New Hampshire.................................. 20,532 85 548,258 150,573 5,283 393,645 New Jersey ........................................ 188,068 176,448 1,326,671 948,443 94,263 1,952,345 New Mexico ........................................ 19,710 134 67,075 64,808 17,565 62,232 New York ............................................ 304,320 582,298 3,747,172 2,673,615 966,573 1,848,610 North Carolina .................................... 182,325 12,937 600,356 523,605 71,295 222,127 North Dakota ...................................... 12,882 8,254 25,824 11,020 1 46,084 Ohio .................................................... 236,864 25,630 1,240,718 539,625 73,226 6,362,557 Oklahoma ........................................... 62,781 3,083 969,369 134,158 14,907 3,429,027 See footnotes at end of table. 27 FEDERAL FISCAL OPERATIONS TABLE FFO-5—Internal Revenue Receipts by State, 2021, continued [In thousands of dollars. Source: Chief Financial Officer, Financial Management] Individual income and employment taxes-continued State Unemployment insurance taxes (6) Estate and trust income taxes 4 (8) Railroad retirement taxes (7) Excise taxes 5 (11) Gift taxes (10) Estate taxes (9) Oregon ............................................... 69,248 2,636 244,510 163,501 62,857 418,764 Pennsylvania ...................................... 255,163 72,808 2,077,182 918,963 71,260 2,439,724 Rhode Island ...................................... 27,949 22 180,900 22,445 6,776 104,101 South Carolina ................................... 51,198 2,012 233,880 118,896 8,728 318,561 South Dakota ..................................... 14,926 721 3,239,024 50,781 18,678 51,466 Tennessee ......................................... 176,021 2,355 609,513 286,707 18,736 1,609,762 Texas.................................................. 513,398 1,004,275 4,481,516 1,996,227 259,352 17,143,535 Utah .................................................... 64,866 3,687 240,724 50,303 4,498 636,485 Vermont .............................................. 8,824 3,009 70,457 15,678 4,747 25,504 Virginia ............................................... 160,275 501,865 633,629 452,704 67,436 141,288 Washington ........................................ 235,691 14,823 727,956 235,308 93,732 1,034,107 West Virginia ...................................... 13,512 723 43,888 14,096 1,764 45,975 Wisconsin ........................................... 120,521 2,796 1,385,410 230,742 69,369 610,229 Wyoming ............................................ 7,543 625 598,182 121,708 40,857 79,390 U.S. Armed Services overseas and Territories other than Puerto Rico .................................... 5,559 0 849 100 1,967 1,500 Puerto Rico ....................................... 31,404 0 1,538 632 1,035 3,506 International ...................................... 5,484 2,363 35,474 95,357 27,781 131,621 Undistributed 6 ................................... 19,154 2,018 0 1,322,751 260,918 273,609 1 Gross collections include penalties and interest in addition to taxes. taxes on corporation income (Form 1120 series) and unrelated business income from tax-exempt organizations (Form 990–T). 3 Collections of withheld individual income tax are not reported by taxpayers separately from Old-Age, Survivors, Disability, and Hospital Insurance (OASDHI) taxes on salaries and wages (under the Federal Insurance Contributions Act or FICA) and taxes on selfemployment income (under the Self-Employment Insurance Contributions Act or SECA). Thus, while Table 1 shows these amounts separately for the United States total, separate amounts are not available by State. 4Includes collections of estimated estate and trust income taxes and payments made in conjunction with estate and trust tax return filings. 5 Excludes excise taxes collected by U.S. Customs and Border Protection and the Alcohol and Tobacco Tax and Trade Bureau. The Internal Revenue Service collected taxes on alcohol and tobacco until Fiscal Year 1988, and taxes on firearms until Fiscal Year 1991. 6 Includes tax and excess withholding payments not classified by State as of the end of the fiscal year because they had not been applied to taxpayer accounts. Undistributed amounts may be negative when adjustments to taxpayer accounts have not been completed. Note—Partnership, S corporation, regulated investment company, and real estate investment trust data are not shown in this table since these entities generally do not have a tax liability. Instead, they pass through any profits or losses to the underlying owners, who include these profits or losses on their income tax returns. 2 Includes Note—This table shows gross collections. Gross collections less refunds equal net collections. See Table 1 for refunds and net collections. Note— Collection and refund data may not be comparable for a given fiscal year because payments made in prior years may be refunded in the current fiscal year. Adjustments to prior-year refunds made in Fiscal Year 2020 may result in negative amounts when such adjustments exceed current-year collections. See Table 8 for refund data. Note— Classification by State is based on the individual’s address (or, in the case of businesses, the location of the principal office or place of business). However, some individuals may use the address of a tax attorney or accountant. Sole proprietors may use their business addresses. Such addresses could have been located in a State other than the State in which the individual resided. Similarly, taxes withheld and reported by employers located near a State boundary might include substantial amounts withheld from salaries of employees who reside in a neighboring State. Also, while taxes of corporations may be paid from the principal office, the operations of these corporations may be located in one or more other State(s). Detail may not add to totals because of rounding. SOURCE: Chief Financial Officer, Financial Management 28 TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports [Source: U.S. Customs and Border Protection] District and Port Port of Collection Code Headquarters: Revenue Division, Indianapolis, IN ............................. Preclearance, Washington, DC: USCBP Abu Dhabi, Preclearance, Washington, DC ............................. 07543 ............. USCBP Vancouver, Preclearance, Washington, DC ............................. 37922 ............. USCBP Calgary, Preclearance, Washington, DC ............................ 37923 ............. USCBP Edmonton, Preclearance, Washington, DC ..... 37924 ............. USCBP Montreal, Preclearance, Washington, DC ............................ 37925 ............. USCBP Toronto, Preclearance, Washington, DC ............................ 37926 ............. USCBP Winnipeg, Preclearance, Washington, DC ............................ 37928 ............. USCBP Ottawa, Preclearance, Washington, DC ............................ 37929 ............. USCBP Victoria, Preclearance, Washington, DC ............................ 37930 ............. USCBP Halifax Preclearance, Washington, DC ............................... 37931 ............. USCBP St. Thomas, Preclearance, Wash. D.C ............ 47401 ............. USCBP St. Croix, Preclearance, Wash. D.C ............. 47404 ............. USCBP Bermuda, Preclearance, Washington, DC ............................ 47421 ............. USCBP Nassau, Preclearance, Washington, DC ............................ 47423 ............. USCBP Aruba, Preclearance, Washington, DC ............................ 47424 ............. USCBP Dublin Preclearance, Washington, DC ............................ 57541 ............. USCBP Shannon Preclearance, Washington, DC ............................ 57542 ............. Total District .......................................................... Portland, Maine: Portland, ME .................................... Bangor, ME ...................................... Eastport, ME .................................... Jackman, ME ................................... Vanceboro, ME ................................ Houlton, ME ..................................... Fort Fairfield, ME.............................. Van Buren, ME ................................. Madawaska, ME............................... Fort Kent, ME............................. Bath, ME........................................... Calais, ME ........................................ Limestone, ME ................................. Bridgewater, ME............................... Portsmouth, NH................................ Belfast, ME ....................................... Searsport, ME .................................. 10101 ............. 10102 ............. 10103 ............. 10104 ............. 10105 ............. 10106 ............. 10107 ............. 10108 ............. 10109 ............. 10110.......... 10111 ............. 10115 ............. 10118 ............. 10127 ............. 10131 ............. 10132 ............. 10152 ............. Manchester-Boston Reg. Airport, NH ......... 10182 ............. Total District .......................................................... Collection Fiscal Year 2021 $3,034,280,687.07 82,247.65 345,474.01 861,509.02 2,079.50 333,541.54 737,001.68 1,429.46 0.00 0.00 0.00 150,766.31 13,499.73 11,112.55 117,898.43 168,467.19 30,872.06 0.00 2,855,899.13 28,496,605.45 7,258,601.05 56,611.95 8,255,301.04 4,409,506.34 17,278,398.20 13,203.96 7,779,829.54 22,009.43 248,933.25 654.15 4,326,156.03 105.88 11,001.80 2,070,870.79 0.00 0.00 105,330.61 80,333,119.47 District and Port Port of Collection Code St. Albans, Vermont: St. Albans, VT .................................. 10201 ............. Richford, VT ..................................... 10203 ............. Beecher Falls, VT............................. 10206 ............. Burlington INTL Airport, VT .............. 10207 ............. Derby Line, VT ................................. 10209 ............. Norton, VT ........................................ 10211 ............. Highgate Springs, VT ....................... 10212 ............. Newport Border Patrol, VT........... 10253.......... Total District .......................................................... Boston, Massachusetts: Boston, MA ....................................... Springfield, MA ................................. Worcester, MA ................................. Gloucester, MA ................................ New Bedford, MA ............................. Plymouth, MA ................................... Fall River, MA ................................... Salem, MA ........................................ Bridgeport, CT .................................. Hartford, CT ..................................... New Haven, CT ................................ New London, CT .............................. Lawrence, MA .................................. Boston Logan INTL Airport, MA ....... Collection Fiscal Year 2021 522,188.10 31,153.02 120,317.24 448,957.55 19,389,364.49 10,727,067.98 60,167,469.15 250.00 91,406,767.53 10401 ............. 10402 ............. 10403 ............. 10404 ............. 10405 ............. 10406 ............. 10407 ............. 10408 ............. 10410 ............. 10411 ............. 10412 ............. 10413 ............. 10416 ............. 10417 ............. Hanscom Field Civil Air Terminal, MA ...... 10481 ............. Total District .......................................................... 404,024,897.72 124,437.34 46,249,831.32 4,186.10 27,266,727.91 0.00 769,662.43 42,476,069.03 1,339,693.65 8,381,110.36 23,428,431.55 0.00 96,370.56 119,242,946.69 139,820.03 673,544,184.69 Providence, Rhode Island: Newport, RI ...................................... 10501 ............. Providence, RI.................................. 10502 ............. Total District .......................................................... 411,518.47 105,483,932.03 105,895,450.50 Ogdensburg, New York: Ogdensburg, NY .............................. 10701 ............. Massena, NY.................................... 10704 ............. Alexandria Bay, NY .......................... 10708 ............. Champlain, NY ................................. 10712 ............. Trout River, NY ................................ 10715 ............. Plattsburgh INTL Airport, NY........ 10781.......... Total District .......................................................... 13,347,929.56 3,835,514.29 44,299,318.44 224,989,873.46 45,940,448.83 4,227.68 332,417,312.26 Buffalo, New York: Buffalo, NY ....................................... 10901 ............. Rochester, NY .................................. 10903 ............. Oswego, NY ..................................... 10904 ............. Syracuse, NY ................................... 10906 ............. Greater Binghamton Airport, NY ...... 10981 ............. Griffiss International Airport, NY ...... 10982 ............. Ithaca Tompkins INTL Airport, NY 10983.......... Total District .......................................................... 522,521,871.08 9,374,017.09 1,557,801.32 14,681,868.22 1,479.97 0.00 3,337.31 548,140,374.99 Philadelphia, Pennsylvania: Philadelphia, PA ............................... Chester, PA ...................................... Wilmington, DE ................................ Pittsburgh, PA .................................. Wilkes-Barre/Scranton, PA .............. Philadelphia International Airport, PA ..................................... 11101 ............. 11102 ............. 11103 ............. 11104 ............. 11106 ............. 531,517,385.31 172,662,109.61 28,914,912.91 100,959,558.03 66,037,449.03 11108 ............. 53,890,219.83 TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, continued 29 [Source: U.S. Customs and Border Protection] District and Port of Collection Port Code Collection Fiscal Year 2021 Philadelphia, Pennsylvania, continued: Harrisburg, PA............................... 11109 ..................... Allentown, PA…………………... 11119……… Atlantic City INTL Airport, NJ ........ 11182 ..................... Trenton/Mercer Airport, PA ........... 11183 ..................... UPS, Philadelphia, PA .................. 11195 ..................... Total District ............................................................... 207,359,628.76 43,266,526.11 5,806.65 47,250.64 59,677,508.73 1,264,338,355.61 Baltimore, Maryland: Annapolis, MD .................................. 11301 ..................... Cambridge, MD .............................. 11302 ..................... Baltimore, MD ............................... 11303 ..................... Crisfield, MD……………………. ... 11304…………… ... BWI Airport, MD ............................ 11305 ..................... Total District ............................................................... 841,421.62 15,099.60 1,464,132,512.17 0.00 17,758,522.54 1,482,747,555.93 New York, New York: New York, NY ................................ 21001 ..................... Albany, NY .................................... 21002 ..................... New York, NY/Newark, NJ ............ 24601 ..................... Perth Amboy, NJ ........................... 24602 ..................... UPS, Newark, NJ .......................... 24670 ..................... FedEx Newark, NJ ........................ 24671 ..................... Morristown Airport, NJ .................. 24681 ..................... New York Stewart International 24682 ..................... Airport, NY ..................................... John F. Kennedy INTL Airport, 24701 ..................... NY ................................................. NYACC JFK INTL Airport, NY....... 24771 ..................... DHL JFK INTL Airport, NY ............ 24772 ..................... Micom JFK INTL Airport, NY......... 24773 ..................... IBC JFK INTL Airport NY .............. 24774 ..................... FedEx JFK INTL Airport, NY ........... 24778 ..................... Total District ............................................................... Great Falls, Montana: Raymond, MT................................ Eastport, ID ................................... Salt Lake City, UT ......................... Great Falls INTL Airport, MT ......... Butte Airport, MT ........................... Turner, MT .................................... Denver, CO ................................... Porthill, ID ...................................... Scobey, MT ................................... Sweetgrass, MT ............................ Piegan, MT .................................... Opheim, MT .................................. Roosville, MT ................................ Morgan, MT ................................... Del Bonita, MT .............................. Wild Horse, MT ............................. Kalispell Airport, MT ...................... Willow Creek, MT .......................... Billings, MT (ICE) ...................... Rocky Mtn Metro Airport, CO ........ Centennial Airport, CO .................. Eagle County Regional Airport, CO ................................. 577,060,888.45 3,315,136.66 9,649,152,510.47 3,288,472.59 33,758,074.11 30,187,471.02 56,778.58 37,185.70 1,463,573,214.23 2,667,703.65 98,373,486.07 363,182.80 244,902.49 146,362.54 11,862,225,369.36 33301 ..................... 33302 ..................... 33303 ..................... 33304 ..................... 33305 ..................... 33306 ..................... 33307 ..................... 33308 ..................... 33309 ..................... 33310 ..................... 33316 ..................... 33317 ..................... 33318 ..................... 33319 ..................... 33322 ..................... 33323 ..................... 33324 ..................... 33325 ..................... 33326 ................. 33383 ..................... 33384 ..................... 2,687,410.17 35,542,088.35 330,867,660.24 2,759,051.22 43,118.22 13,000.38 227,841,987.98 283,754.99 3,439.24 46,977,902.79 44,564.99 5,917.54 7,308,366.54 364,429.60 20,806.50 3,914.56 77.94 354.90 9,080.00 41,498.44 86,805.33 33385 ..................... 70,560.19 18,188.21 Total District ............................................................... 654,993,978.32 Bozeman Yellowstone INTL Airport, MT ........................................................ 33386 ..................... District and Port of Collection Port Code Collection Fiscal Year 2021 Pembina, North Dakota: Pembina, ND .................................. 33401 ..................... Portal, ND ....................................... 33403 ..................... Neche, ND ...................................... 33404 ..................... St. John, ND ................................... 33405 ..................... Northgate, ND ................................ 33406 ..................... Walhalla, ND .................................. 33407 ..................... Hannah, ND .................................. 33408 ..................... Sarles, ND ..................................... 33409 ..................... Hector International Airport, ND .... 33411 ..................... Antler, ND ...................................... 33413 ..................... Sherwood, ND ............................... 33414 ..................... Hansboro, ND ............................... 33415 ..................... Maida, ND ..................................... 33416 ..................... Fortuna, ND ................................... 33417 ..................... Westhope, ND ............................... 33419 ..................... Noonan, ND .................................. 33420 ..................... Carbury, ND .................................. 33421 ..................... Dunseith, ND ................................. 33422 ..................... Warroad, MN ................................. 33423 ..................... Baudette, MN ................................ 33424 ..................... Pinecreek, MN............................... 33425 ..................... Roseau, MN .................................. 33426 ..................... Mark Andrews INTL Airport, ND ... 33427 ..................... Lancaster, MN ............................... 33430 ..................... Williston Basin INTL Airport, ND ... 33433 ..................... Minot INTL Airport, ND............... 33434.................. Total District ............................................................... 86,644,661.77 131,719,531.27 17,787.61 505.50 276,338.21 15,653.50 0.00 1,056.40 2,638,956.38 2,142.70 408,067.49 4,285.20 734.40 1,491.90 2,663.81 3,392.10 962.70 1,833,466.77 234,345.42 339.45 121.20 57,926.66 9,922,231.96 411,719.30 183.59 646.11 234,199,211.40 Minneapolis, Minnesota: Minneapolis, MN ........................... 33501 ..................... Sioux Falls Regional Airport, SD .. 33502 ..................... Duluth, MN/Superior, WI ............... 33510 ..................... Ashland, WI................................ 33511.................. Omaha, NE .................................. 33512 ..................... Des Moines, IA .............................. 33513 ..................... Rochester, MN .............................. 33581 ..................... Total District ............................................................... 608,695,844.33 4,761,895.73 1,837,931.60 23,971.68 148,879,231.38 8,108,090.28 58,139.45 772,365,104.45 International Falls, Minnesota: International Falls, MN .................. 33604 ..................... Grand Portage, MN ....................... 33613 ..................... Total District ............................................................... 369,561,449.08 2,494,684.93 372,056,134.01 Milwaukee, Wisconsin: General Mitchell INTL Airport, WI .................................................. 33701 ..................... Marinette, WI ................................. 33702 ..................... Green Bay Austin Straubel INTL Airport, WI ..................................... 33703 ..................... Manitowoc, WI............................... 33706 ..................... Racine, WI ..................................... 33708 ..................... Appleton INTL Airport, WI ............. 33781 ..................... Sheyboygan County Memorial Airport, WI ......................................... 33782 ..................... Total District ............................................................... Detroit, Michigan: Detroit, MI ...................................... Port Huron, MI ............................... Sault Sainte Marie, MI ................... Saginaw/Bay City/Flint, MI ............ Battle Creek, MI ............................ Grand Rapids, MI .......................... Detroit Metropolitan Airport, MI ..... Marquette, MI ................................ 33801 ..................... 33802 ..................... 33803 ..................... 33804 ..................... 33805 ..................... 33806 ..................... 33807 ..................... 33809 ..................... 68,162,792.84 867.88 2,543,953.67 0.00 263,842.55 6,368.81 834.07 70,978,659.82 1,490,817,973.93 393,044,174.03 14,535,662.95 894,915.44 5,773,625.44 21,550,487.49 124,818,222.18 0.00 30 TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, continued [Source: U.S. Customs and Border Protection] District and Port of Collection Port Code Detroit, MI continued: Algonac, MI .................................... 33814................... Muskegon, MI................................. 33815................... Grand Haven, MI ............................ 33816................... Oakland County Intl Airport, MI .......... 33881................... Willow Run Airport, MI ................... 33882................... Capital Region Intl Airport, MI ........ 33883................... Total District ............................................................. Chicago, Illinois Chicago, IL ..................................... Peoria, IL ........................................ Gary/Chicago INTL Airport, IN ....... Davenport, IA/Moline-Rock Island, IL............................................. 0.00 875.78 0.00 74,936.94 28,448.76 55,368.80 2,051,594,691.74 33901................... 33902................... 33905................... 7,101,120,162.09 32,597,936.00 268,717.55 33908................... 77,968.17 67,395,781.21 284,552.61 1,790.70 12,142.99 61,682.59 17,687.29 0.00 Chicago Rockford INTL Airport, IL ........ 33909................... Midway International Airport, IL ..... 33910................... IBC Chicago, IL .............................. 33972................... Waukegan National Airport, IL ....... 33981................... Chicago Executive Airport, IL......... 33983................... Dupage County Airport, IL ............. 33984................... Decatur Airport, IL .......................... 33985................... South Bend International Airport, IN ....................................... 33986................... Williard Airport, IL....................... 33987............... DHL Chicago, IL ............................. 33991................... Total District ............................................................. Cleveland, Ohio: Cleveland, OH ................................ 34101................... Cincinnati, OH/Erlanger, KY ............. 34102................... Columbus, OH................................ 34103................... Dayton, OH .................................... 34104................... Toledo-Sandusky-Port Clinton, OH .................................................. 34105................... Erie, PA .......................................... 34106................... Northern Kentucky, KY (ICE) ......... 34107................... Indianapolis, IN .............................. 34110................... Louisville, KY .................................. 34115................... Evansville, IN ................................. 34116................... Ashtabula/Conneaut, OH ............... 34122................... Fort Wayne INTL Airport, IN .......... 34183................... Blue Grass Airport, KY ................... 34184................... UPS Louisville, KY ......................... 34196................... DHL Cincinnati, OH ........................ 34197................... FedEx Indianapolis, IN ................... 34198................... Total District ......................................................... St. Louis, Missouri: Kansas City, MO ............................ 34501................... St. Joseph, MO .............................. 34502................... St. Louis, MO ................................. 34503................... Wichita, KS ..................................... 34504................... Springfield, MO .............................. 34505................... MidAmerica St Louis Airport, MO .................................................. 34581................... Total District ............................................................. San Juan, Puerto Rico: Aguadilla, PR ................................. Fajardo, PR .................................... Mayaguez, PR................................ Ponce, PR ...................................... San Juan, PR ................................. Collection Fiscal Year 2021 44901................... 44904................... 44907................... 44908................... 44909................... 12,332.45 2,055.93 1,897,433.62 7,203,750,243.20 607,595,142.84 556,046,042.76 1,167,176,772.25 30,371,467.90 60,441,535.25 13,476,195.06 1,047,847.00 416,814,628.88 375,065,689.95 59,053,942.07 656,529.51 2,627,693.68 17,788.51 787,129,579.65 501,741,111.09 166,138,677.80 4,745,400,644.20 825,829,128.98 5,546.84 387,015,095.67 2,413,043.81 29,732,363.94 0.00 1,244,995,179.24 448,825.64 4,906,702.20 138,982.26 6,093,481.07 302,755,348.40 District and Port Port of Collection Code Luis Munoz International Airport, PR ........................................................ 44913................... Total District ............................................................. Virgin Islands of the United States: Charlotte Amalie, VI ....................... 45101................... Cruz Bay, VI ................................... 45102................... Christiansted, VI ............................. 45104................... Total District ............................................................. Collection Fiscal Year 2021 16,747,638.79 331,090,978.36 10,583,486.31 188,782.05 5,081,259.74 15,853,528.10 Miami, Florida: Miami Seaport, FL .......................... 45201................... Key West, FL .................................. 45202................... Port Everglades/Fort Lauderdale, FL .... 45203................... West Palm Beach, FL .................... 45204................... Fort Pierce, FL ............................... 45205................... Miami International Airport, FL ....... 45206................... Fort Lauderdale International Airport, FL ................................... 45210................... West Palm Beach Border Patrol, FL............................................... 45252............... UPS Miami International Airport, FL (Inactive) ................................ 45273................... Marathon International Airport, FL ..... 45281................... Boca Raton Airport, FL ....................... 45282................... Witham Field, FL 45283................... UPS Miami International Airport, FL ................................... 45295................... DHL Miami INTL Airport, FL........... 45296................... FedEx Miami INTL Airport, FL ....... 45297................... IBC Miami INTL Airport, FL ............ 45298................... Miami Seaport, FL (Alternate) ........ 45299................... Total District ............................................................. 1,569,379.92 22,403,318.87 8,392,013.97 21,883.61 2,325,524.88 1,929,070,179.10 Washington, DC: Washington-Dulles, VA .................. 45401................... R. Regan Wash. Nat. Airport, VA .......... 45402................... Total District ............................................................. 90,040,990.48 0.00 90,040,990.48 Norfolk, Virginia: Norfolk-Newport News, VA ............ 41401................... Richmond-Petersburg, VA ............. 41404................... Charleston, WV .............................. 41409................... Front Royal, VA .............................. 41410................... New River Valley Airport, VA ......... 41412................... Total District ............................................................. 2,250,594,751.88 36,410,591.21 7,847,127.93 372,952.09 16,771.87 2,295,242,194.98 Charlotte, North Carolina: Wilmington, NC .............................. Greensboro/Winston-Salem, NC ... Raleigh-Durham, NC ...................... Morehead City-Beaufort, NC.......... Charlotte, NC ................................. 41501................... 41502................... 41503................... 41511................... 41512................... Charlotte-Monroe Exec. Airport, NC ..... 41581................... Total District ............................................................. Charleston, South Carolina: Charleston, SC ............................... 41601................... Georgetown, SC............................. 41602................... Greenville-Spartanburg, SC ............. 41603................... Columbia, SC ................................. 41604................... Myrtle Beach International Airport, SC ...................................... 41681................... Total District ............................................................. 1,360,426,137.84 32,589.27 314,207,888.02 8,426,445.37 14,053.10 210,200,292.87 860,738.66 7,371.07 10,420.86 2,072.87 111,169.67 58,878.25 342,657,968.58 113,332,127.40 35,722,687.03 5,164,249.48 203,959,576.31 1,039.82 700,837,648.62 2,291,562,751.50 25,641.28 322,691,750.86 12,947,535.62 2,862.26 2,627,230,541.52 TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, continued 31 [Source: U.S. Customs and Border Protection] District and Port of Collection Port Code Savannah, Georgia: Brunswick, GA................................ 41701........................ Savannah, GA ................................ 41703........................ Atlanta, GA ..................................... 41704........................ Albany, GA (ICE)............................ 41705........................ Dalton, GA (ICE) ............................ 41706........................ Cobb County International Airport, GA .................................. 41781........................ Total District .................................................................. Tampa, Florida: Tampa, FL ...................................... Jacksonville, FL.............................. Fernandina Beach, FL ................... Orlando INTL Airport, FL................ Orlando Sanford INTL Airport, FL ................................................... Sarasota/Bradenton, FL (ICE).... St. Petersburg, FL .......................... Cape Canaveral, FL ....................... Panama City, FL ............................ Pensacola, FL ................................ Port Manatee, FL ........................... Ft. Myers, FL .................................. Naples Airport, FL .......................... Lakeland Linder Airport, FL............ 41801........................ 41803........................ 41805........................ 41808........................ Collection Fiscal Year 2021 246,432,239.89 5,508,944,205.57 1,329,993,142.50 0.00 227.87 0.00 7,085,369,815.83 261,250,516.72 763,508,054.37 206,300.96 26,672,885.23 41809........................ 41811.................... 41814........................ 41816........................ 41818........................ 41819........................ 41821........................ 41822........................ 41880........................ 41881........................ Sarasota Bradenton INTL Airport, FL .... 41883........................ Daytona Beach International Airport, FL ................................. 41884........................ Melbourne INTL Airport, FL ........... 41885........................ Leesburg INTL Airport, FL ............. 41887........................ Orlando Executive Airport, FL ........ 41888........................ St. Augustine, FL............................ 41889........................ Total District .................................................................. 22,856.82 63,829.25 3,421.21 4,816.47 24,412.62 1,108,895,745.21 Mobile, Alabama: Mobile, AL ...................................... 51901........................ Gulfport, MS ................................... 51902........................ Pascagoula, MS ............................. 51903........................ Birmingham, AL.............................. 51904........................ Huntsville, AL ................................. 51910........................ Total District .................................................................. 613,627,312.74 23,661,195.37 4,647,014.90 110,646,421.22 61,895,908.49 814,477,852.72 New Orleans, Louisiana: Morgan City, LA ............................. 52001........................ New Orleans, LA ............................ 52002........................ Little Rock, AR ............................... 52003........................ Baton Rouge, LA ............................ 52004........................ Memphis, TN .................................. 52006........................ Nashville, TN .................................. 52007........................ Chattanooga, TN ............................ 52008........................ Gramercy, LA ................................. 52010........................ Greenville, MS ................................ 52011........................ Vicksburg, MS ................................ 52015........................ Knoxville, TN .................................. 52016........................ Lake Charles, LA............................ 52017........................ Shreveport/Bossier City, LA ........... 52018........................ Tri-Cities Airport, TN ........................... 52027........................ Rogers Municipal Airport, AR......... 52084........................ FedEx Memphis, TN........................... 52095........................ Total District .................................................................. 798,878.71 129.50 9,113,959.05 6,654,625.57 8,693,526.95 5,493,748.44 26,101,937.73 209,542.13 36,435.74 0.00 35,867.74 3,704,901.03 513,659,252.00 11,881,236.62 16,509,661.89 1,526,495,879.75 332,907,203.35 23,562,635.71 24,798,754.50 33,792.20 34,551,506.99 62,098,349.53 5,190,856.97 2,775,240.50 314.01 11,313.29 819,334,220.55 3,377,515,118.89 District and Port Port of Collection Code Port Arthur, Texas: Port Arthur, TX ............................... 62101........................ Sabine, TX ..................................... 62102........................ Orange, TX ..................................... 62103........................ Beaumont, TX ................................ 62104........................ Border Patrol Sector HQ, AZ...... 62150.................... Blythe Border Patrol, CA ................ 62151........................ Yuma Border Patrol, AZ ................. 62152........................ Wellton Border Patrol, AZ .............. 62153........................ Total District .................................................................. Laredo, Texas: Border Patrol Sector HQ, TX ................................................... 62250........................ Laredo Del Mar Border Patrol, TX..... 62251........................ Collection Fiscal Year 2021 29,359,920.97 46,874.48 4,465.01 1,149,053.76 11,673.60 12,430.50 14,677.99 4,120.00 30,603,216.31 118,454.38 62252........................ 62253........................ 62254........................ 62256........................ 62258........................ 62259........................ 62301........................ 62302........................ 62303........................ 62304........................ 62305........................ 62307........................ 62309........................ 62310........................ 62350.................... 62351........................ 378,237.95 24,900.00 50,050.00 24,080.00 35,050.00 23,500.00 23,043.00 62,327,170.01 9,040,606.42 452,319,948.56 1,205,985,775.15 176,070,581.05 2,741,476.51 1,283,310.90 1,766,678.62 178,617.94 11,175.15 62352........................ 62353........................ 62354........................ 62355........................ 62356........................ 62357........................ 62361........................ 69,585.44 88,489.98 9,742.88 162,014.24 73,323.47 5,500.00 147,173.19 South Texas INTL Airport at Edinburg, TX ......................................... 62381........................ 184.74 Valley International Airport, TX ............................................... 62383........................ Total District .................................................................. 277,044.98 1,913,235,714.56 El Paso, Texas: Ysleta, TX ....................................... 62401........................ El Paso, TX .................................... 62402........................ Presidio, TX .................................... 62403........................ Tornillo, TX ..................................... 62404........................ Columbus, NM ............................... 62406........................ Albuquerque, NM ........................... 62407........................ Santa Teresa, NM .......................... 62408........................ Fort Hancock, TX........................ 62409.................... Santa Teresa Airport, NM........... 62481.................... Total District .................................................................. 241,296,963.48 100,453,166.15 1,225,935.83 135,068.33 271,640.43 1,386,359.92 82,545,047.48 24,938.41 1,859.24 427,340,979.27 Nogales, Arizona: Douglas, AZ ................................... Lukeville, AZ ................................... Naco, AZ ........................................ Nogales, AZ ................................... Phoenix, AZ .................................... Sasabe, AZ .................................... San Luis, AZ ................................... Tucson, AZ ..................................... 1,724,173.38 106,765.83 55,118.34 171,417,383.02 133,835,715.11 32,464.40 4,981,780.42 7,295,097.81 Cotulla Border Patrol, TX ............... Hebbronville Border Patrol, TX ...... Laredo South Border Patrol, TX .... Freer Border Patrol, TX.................. Zapata Border Patrol, TX ............... Laredo West Border Patrol, TX ...... Brownsville, TX .............................. Del Rio, TX ..................................... Eagle Pass, TX .............................. Laredo, TX ..................................... Hidalgo, TX .................................... Rio Grande City, TX ....................... Progreso, TX .................................. Roma, TX ....................................... Border Patrol Sector HQ, TX...... Comstock Border Patrol, TX .......... Carrizo Springs Border Patrol, TX .................................... Del Rio Border Patrol, TX .............. Eagle Pass Border Patrol, TX ........ Brackettville Border Patrol, TX ....... Uvalde Border Patrol, TX ............... Rocksprings Border Patrol, TX Border Patrol Sector HQ, TX ......... 62601........................ 62602........................ 62603........................ 62604........................ 62605........................ 62606........................ 62608........................ 62609........................ 32 TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, continued [Source: U.S. Customs and Border Protection] District and Port Port of Collection Code Nogales, AZ - continued Border Patrol Sector HQ, AZ ............ 62650...................... Casa Grande Border Patrol, AZ ....... 62651...................... Tucson Border Patrol, AZ ................. 62652...................... Nogales Border Patrol, AZ ............... 62653...................... Willcox Border Patrol, AZ ................. 62654...................... Douglas Border Patrol, AZ ............... 62655...................... Ajo Border Patrol, AZ........................ 62656...................... Naco Border Patrol, AZ .................... 62657...................... Sonoita Border Patrol, AZ ................ 62658...................... Scottsdale Airport, AZ....................... 62681...................... Phoenix-Mesa Gateway Airport, AZ ..................................................... 62682...................... Total District…………………………………………….. Houston, Texas: Houston, TX ...................................... Texas City, TX .................................. George Bush Intercontinental Airport, TX ............ Galveston, TX ................................... Freeport, TX...................................... Corpus Christi, TX ............................ Port Lavaca, TX ................................ William P Hobby Airport, TX ............. Border Patrol Sector HQ, TX ............ Mercedes Border Patrol, TX ....................................... Falfurrias Border Patrol, TX .............. Rio Grande City Border Patrol, TX ... McAllen Border Patrol, TX ................ Brownsville Border Patrol, TX .......... Harlingen Border Patrol, TX ............. Kingsville Border Patrol, TX ............. Fort Brown Border Patrol, TX ........... Collection Fiscal Year 2021 16,370.90 130,196.83 118,609.25 92,121.51 68,533.00 42,757.04 40,882.57 84,794.94 123,331.00 46,345.23 19,844.51 320,232,285.09 Collection Fiscal Year 2021 0.00 289,526.03 District and Port Port of Collection Code Kelly Field, TX................................... 65587...................... Dallas Love Field Airport, TX ............ 65588...................... Fort Worth Meacham INTL Airport, TX......................................... 65589...................... Total District ................................................................... 46,605.33 2,674,364,886.18 San Diego, California: San Diego, CA .................................. 72501...................... Andrade, CA ..................................... 72502...................... Calexico, CA ..................................... 72503...................... San Ysidro, CA ................................. 72504...................... Tecate, CA ........................................ 72505...................... Otay Mesa, CA ................................. 72506...................... Calexico East, CA ............................. 72507...................... Indio Border Patrol, CA..................... 72551...................... McClellan-Palomar Airport, CA ....... 72581...................... Brown Field Border Patrol, CA ......... 75653...................... Total District ................................................................... 141,813,360.12 247,900.82 17,746.00 3,322,107.28 3,126,999.45 229,977,352.65 43,044,467.19 500.00 79,638.58 0.00 421,630,072.09 65301...................... 65306...................... 3,279,471,752.71 8,306,666.72 65309...................... 65310...................... 65311...................... 65312...................... 65313...................... 65314...................... 65350...................... 141,941,138.93 35,060,765.25 53,143,420.78 36,534,080.21 20,433,343.38 28,767.72 10,148.00 65351...................... 65352...................... 65353...................... 65354...................... 65355...................... 65356...................... 65357...................... 65358...................... 235,564.00 358,471.00 24,761.11 66,162.18 7,100.00 3,750.00 188,449.50 4,787.00 Corpus Christi Border Patrol, TX ...... 65359...................... Sugar Land Regional Airport, TX ..... 65381...................... Conroe-North Houston Reg Airport, TX ... 65382...................... Total District ................................................................... 8,233.00 87,221.24 69,158.27 3,575,983,741.00 Los Angeles, California: Los Angeles, CA ............................... 72704...................... 22,351,115,181.73 0.00 Port San Luis Harbor, CA ................. 72707...................... 280,710,949.45 Long Beach, CA ............................... 72709...................... 137.18 Ventura, CA.................................. 72712...................... 129,623,451.91 Port Hueneme, CA ........................... 72713...................... 0.00 Morro Bay, CA ........................................... 72719...................... Los Angeles INTL Airport, CA.................. 72720...................... 1,672,905,678.32 581,924.71 Ontario International Airport, CA.............. 72721...................... 34,015,419.56 Las Vegas, NV .................................. 72722...................... 252,602.88 FedEx Los Angeles, CA ................... 72775...................... 82,405.77 IBC Los Angeles, CA ........................... 72776...................... Micom Inglewood, CA....................... 72777...................... 57,151.05 Palm Springs, CA ............................. 72781...................... 70,047.24 San Bernardino INTL Airport, CA ............ 72782...................... 61,245.34 S. California Logistics Airport, CA....... 72783...................... 12,064,687.99 John Wayne Airport, CA ................... 72787...................... 146,360.16 Van Nuys, CA ................................... 72788...................... 91,675.87 DHL Los Angeles, CA....................... 72791...................... 201,665,419.95 UPS Ontario, CA .............................. 72795...................... 95,398,749.59 Total District ............................................................. 24,778,843,088.70 2,564,137,097.46 3,990.21 721,494.29 34,567,414.14 17,396,099.68 33,194,147.37 16,774,312.99 22,091.00 39,119.00 49,424.64 4,883.00 10,500.00 42,024.17 76,908.00 24,626.00 0.00 44,140.41 6,811,023.65 90,809.94 18,648.87 San Francisco, California: San Francisco International Airport, CA .................................... 72801...................... Eureka, CA ....................................... 72802...................... Fresno, CA........................................ 72803...................... Monterey, CA .................................... 72805...................... San Francisco, CA............................ 72809...................... Stockton, CA ..................................... 72810...................... Oakland International Airport, CA..... 72811...................... Richmond, CA................................... 72812...................... Crockett, CA ..................................... 72815...................... Martinez, CA ..................................... 72820...................... Redwood City, CA ............................ 72821...................... San Pablo Bay, CA ........................... 72829...................... Carquinez Strait, CA ......................... 72830...................... Reno, NV .......................................... 72833...................... San Jose International Airport, CA ... 72834...................... Sacramento International Airport, CA ..... 72835...................... Fresno Yosemite INTL Airport, CA ... 72882...................... FedEx Oakland, CA .......................... 72895...................... Total District ................................................................... Dallas-Ft. Worth, Texas: Dallas/Ft. Worth, TX ......................... Amarillo, TX ...................................... Lubbock, TX...................................... Oklahoma City, OK ........................... Tulsa, OK .......................................... Austin, TX ......................................... San Antonio, TX ............................... Border Patrol Sector HQ, TX ............ Presidio Border Patrol, TX ................ Marfa Border Patrol, TX.................... Fort Stockton Border Patrol, TX.... Sanderson Border Patrol, TX ........... Alpine Border Patrol, TX ................... Sierra Blanca Border Patrol, TX ....... Van Horn Border Patrol, TX ............. Midland Border Patrol, TX ................ Midland International Airport, TX ...... Fort Worth Alliance Airport, TX......... Addison Airport, TX .......................... McKinney National Airport, TX ............ 65501...................... 65502...................... 65503...................... 65504...................... 65505...................... 65506...................... 65507...................... 65550...................... 65553...................... 65554...................... 65556.................. 65557...................... 65558...................... 65560...................... 65561...................... 65562...................... 65582...................... 65583...................... 65584...................... 65585...................... 357,857,601.49 15,667.27 58,618,417.87 263.98 2,125,724,771.54 3,562,694.66 221,873,858.47 820,245.22 0.00 37,717.75 3,427.75 0.00 6,535,435.77 12,457,877.53 387,648.91 7,245,945.20 106,588.83 159,728,594.02 2,954,976,756.26 33 TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports, continued District and Port of Collection Port Code Portland, Oregon: Astoria, OR ....................................... 72901 ................... Newport, OR ..................................... 72902 ................... Coos Bay, OR ................................... 72903 ................... Portland, OR ..................................... 72904 ................... Longview, WA ................................... 72905 ................... Boise, ID ........................................... 72907 ................... Vancouver, WA ................................. 72908 ................... Kalama, WA ...................................... 72909 ................... Portland International Airport, OR .... 72910 ................... Brush, CO (ICE) .............................. 72919 ................... Medford, OR ..................................... 72982 ................... Hillsboro Airport, OR......................... 72983 ................... Total District ................................................................ Seattle, Washington: Seattle, WA ....................................... Tacoma, WA ..................................... Aberdeen, WA .................................. Blaine, WA ........................................ Bellingham, WA ................................ Everett, WA....................................... Port Angeles, WA ............................. Port Townsend, WA.......................... Sumas, WA ....................................... Anacortes, WA .................................. Nighthawk, WA ................................. Danville, WA ..................................... Ferry, WA .......................................... Friday Harbor, WA ............................ Boundary, WA................................... Laurier, WA ....................................... Point Roberts, WA ............................ Oroville, WA ...................................... Frontier, WA...................................... Spokane, WA .................................... Kenneth G Ward Memorial Lynden, WA ...................................... Metaline Falls, WA ............................ Olympia, WA ..................................... Neah Bay, WA .................................. [Source: U.S. Customs and Border Protection] Collection Fiscal Year District and Port 2021 of Collection 1,093,408.51 0.00 190,815.28 494,742,640.85 42,022,469.32 925,563.03 8,707,099.87 5,691,373.30 4,364,488.70 (52,000.00) 2,663,046.31 1,288.16 560,350,193.33 73001 ................... 73002 ................... 73003 ................... 73004 ................... 73005 ................... 73006 ................... 73007 ................... 73008 ................... 73009 ................... 73010 ................... 73011 ................... 73012 ................... 73013 ................... 73014 ................... 73015 ................... 73016 ................... 73017 ................... 73019 ................... 73020 ................... 73022 ................... 1,445,699,328.40 1,407,704,576.10 256,894.76 355,116,209.05 5,925,503.43 21,272,935.04 98,031.99 6,813.67 97,301,058.49 4,773,673.10 1,862.90 216,081.62 187.30 531,009.19 4,781,426.81 18,917,099.04 314,466.63 21,960,279.22 1,722,276.04 12,819,976.22 73023 ................... 73025 ................... 73026 ................... 73027 ................... 157,136.67 606,332.01 122,798.77 0.00 Port Code Collection Fiscal Year 2021 Seattle-Tacoma International Airport, WA .................................... 73029 ................... UPS, Seattle, WA ............................. 73071 ................... Airborne Express Southeast, WA. 73074................ 78,064,895.30 4,276,865.04 144.29 Grant County Airport, WA ................. 73082 ................... Total District ................................................................ 3,789,947.10 3,486,437,808.18 Anchorage, Alaska: Juneau, AK ....................................... 73101 ................... Ketchikan, AK ................................... 73102 ................... Skagway, AK .................................... 73103 ................... Alcan, AK .......................................... 73104 ................... Wrangell, AK ..................................... 73105 ................... Dalton Cache, AK ............................. 73106 ................... Fairbanks, AK ................................... 73111 ................... Sitka, AK ........................................... 73115 ................... Anchorage, AK.................................. 73126 ................... FedEx Anchorage, AK ...................... 73195 ................... UPS Anchorage, AK ......................... 73196 ................... Total District ................................................................ 54,407.55 242,382.38 8,642.42 806,864.82 1,034.80 32,161.69 70,091.29 3,685.06 9,515,934.35 364,785,143.88 1,499,338.56 377,019,686.80 Honolulu, Hawaii: Honolulu, HI ...................................... 73201 ................... Hilo, HI .............................................. 73202 ................... Kahului, HI ........................................ 73203 ................... Nawiliwili-Port Allen, HI..................... 73204 ................... Honolulu Airport, HI .......................... 73205 ................... Kona, HI ............................................ 73206 ................... FedEx Honolulu, HI....................... 73279 ................... Total District ................................................................ 63,917,846.97 87,533.31 110,444.60 38,102.46 4,701,732.33 10,332.00 47,940,665.01 116,806,656.68 Guam Guam ................................................ 73207 ................... Total District ................................................................ 85,105.00 85,105.00 Total Customs and Border Protection Collections for fiscal year 2021 ..................................................... 98,842,053,706.18 34 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 35 TABLE FD-1—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Agency Public debt securities Total securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2017 ............................... 2018 ............................... 2019 ............................... 2020 ............................... 2021 ............................... 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 20,244,900 21,516,058 22,719,402 26,945,391 28,426,919 24,369 22,822 21,455 20,151 19,502 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 5,563,073 5,737,252 5,893,424 5,907,764 6,123,040 1 - 14,706,195 15,801,628 16,847,433 21,057,778 22,325,381 14,681,827 15,778,806 16,825,978 21,037,627 22,303,879 24,368 22,822 21,455 20,151 19,502 2020 - Sept .................... Oct ..................... Nov..................... Dec..................... 2021 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... July .................... Aug..................... Sept.................... 26,965,542 27,155,572 27,466,498 27,768,006 27,804,680 27,922,267 28,152,398 28,194,469 28,218,691 28,549,263 28,447,372 28,446,893 28,448,421 26,945,391 27,135,477 27,446,288 27,747,798 27,784,553 27,902,364 28,132,570 28,174,714 28,199,008 28,529,436 28,427,722 28,427,317 28,426,919 20,151 20,095 20,210 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 5,907,764 6,019,517 6,078,238 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 5,907,764 6,019,517 6,078,238 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 - 21,057,778 21,136,055 21,388,260 21,671,624 21,683,320 21,794,746 22,026,691 22,096,397 22,065,100 22,373,359 22,327,437 22,296,656 22,325,381 21,037,627 21,115,960 21,368,050 21,651,416 21,663,193 21,774,843 22,006,863 22,076,642 22,045,417 22,353,532 22,307,787 22,277,080 22,303,879 20,151 20,095 20,210 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 Federal debt securities Net unamortized Amount Accrual premium outstanding amount and discount face value (12) (11) (10) Securities held by Government accounts Net unamortized Amount Accrual premium outstanding amount and discount face value (15) (14) (13) Securities held by the public Net unamortized Amount Accrual premium outstanding amount and discount face value (18) (17) (16) 2017 ............................... 2018 ............................... 2019 ............................... 2020 ............................... 2021 ............................... 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 65,378 78,187 72,840 64,433 64,433 20,203,891 21,460,692 22,668,015 26,901,109 28,384,458 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 25,909 27,744 28,201 25,727 25,601 5,537,165 5,709,509 5,865,224 5,882,037 6,097,438 14,706,195 15,801,628 16,847,433 21,057,778 22,325,381 39,469 50,443 44,639 38,706 38,832 14,666,725 15,751,183 16,802,792 21,019,071 22,287,019 2020 - Sept .................... Oct ...................... Nov ..................... Dec ..................... 2021 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... July ..................... Aug ..................... Sept .................... 26,965,542 27,155,572 27,466,498 27,768,006 27,804,680 27,922,267 28,152,398 28,194,469 28,218,691 28,549,263 28,447,372 28,446,893 28,448,421 64,433 63,986 64,720 63,921 64,127 65,487 71,455 76,097 74,925 71,591 65,857 65,310 64,433 26,901,109 27,071,490 27,401,777 27,704,083 27,740,552 27,856,779 28,080,943 28,118,371 28,143,765 28,477,671 28,381,513 28,381,583 28,384,458 5,907,764 6,019,517 6,078,238 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 25,727 25,619 25,398 25,301 25,354 25,494 25,735 26,193 26,139 25,962 25,871 25,728 25,601 5,882,037 5,993,898 6,052,840 6,071,082 6,096,007 6,102,027 6,099,972 6,071,879 6,127,452 6,149,943 6,094,064 6,124,509 6,097,438 21,057,778 21,136,055 21,388,260 21,671,624 21,683,320 21,794,746 22,026,691 22,096,397 22,065,100 22,373,359 22,327,437 22,296,656 22,325,381 38,706 38,367 39,322 38,620 38,773 39,993 45,720 49,904 48,786 45,629 39,986 39,582 38,832 21,019,071 21,097,687 21,348,937 21,633,001 21,644,545 21,754,751 21,980,970 22,046,492 22,016,313 22,327,728 22,287,449 22,257,074 22,287,019 End of fiscal year or month 36 TABLE FD-2—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Treasury inflationprotected securities (6) Floating rate notes (7) Nonmarketable Total (8) Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) 2017 .......................... 2018 .......................... 2019 .......................... 2020 .......................... 2021 .......................... 14,673,429 15,761,155 16,809,092 21,018,952 22,282,900 14,175,677 15,250,078 16,322,637 20,352,950 21,855,465 1,799,570 2,239,473 2,376,370 5,028,127 3,712,952 8,798,940 9,150,301 9,755,985 10,655,969 12,570,463 1,948,414 2,114,982 2,311,517 2,668,116 3,340,760 1,286,124 1,376,180 1,454,698 1,522,418 1,651,998 342,630 369,142 424,067 478,320 579,292 497,752 511,077 486,455 666,002 427,435 2020 - Sept ............... Oct................. Nov ................ Dec ................ 2021 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. July ................ Aug ................ Sept ............... 21,018,952 21,633,001 21,349,472 21,632,419 21,643,915 21,755,737 21,986,939 22,056,055 22,020,939 22,329,823 22,284,628 22,254,544 22,282,900 20,352,950 20,420,124 20,670,657 20,958,523 21,027,007 21,136,544 21,365,900 21,434,152 21,396,096 21,714,913 21,675,033 21,908,889 21,855,465 5,028,127 4,984,441 4,942,664 4,963,056 4,953,849 4,857,868 4,667,846 4,538,683 4,375,781 4,273,670 4,140,792 4,036,835 3,712,952 10,655,969 10,721,511 10,911,912 11,084,744 11,165,664 11,305,192 11,590,088 11,776,025 11,821,157 12,097,216 12,176,507 12,403,488 12,570,463 2,668,116 2,691,618 2,781,069 2,833,625 2,859,903 2,913,929 3,000,423 3,056,509 3,087,149 3,173,226 3,201,102 3,287,357 3,340,760 1,522,418 1,544,239 1,560,512 1,578,599 1,549,101 1,559,328 1,581,333 1,561,548 1,584,621 1,617,396 1,603,247 1,627,920 1,651,998 478,320 478,315 474,500 498,499 498,490 500,226 526,210 501,387 527,387 553,405 553,383 553,288 579,292 666,002 676,850 678,814 673,896 616,908 619,194 621,038 621,903 624,843 614,910 609,595 345,654 427,435 End of fiscal year or month Nonmarketable, continued End of fiscal year or month U.S. savings securities (9) Depositary compensation securities (10) Foreign series (11) Government account series (12) State and local government series (13) Domestic series (14) Other (15) 2017 .......................... 2018 .......................... 2019 .......................... 2020 .......................... 2021 .......................... 161,705 156,809 152,355 148,677 143,662 - 264 264 264 264 264 223,787 250,680 248,052 291,831 120,537 80,359 71,753 53,809 106,607 127,047 29,995 29,995 29,995 116,100 32,781 1,641 1,575 1,981 2,523 3,144 2020 - Sept ............... Oct................. Nov ................ Dec ................ 2021 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. July ................ Aug ................ Sept ............... 148,677 148,286 147,882 147,130 146,655 146,320 145,793 145,269 144,915 144,693 144,382 144,020 143,662 - 264 264 264 264 264 264 264 264 264 264 264 264 264 291,831 297,682 300,591 296,812 299,532 299,601 297,423 296,675 298,295 299,575 281,874 24,175 120,537 106,607 116,844 116,269 115,786 114,583 117,109 121,684 123,708 125,339 122,755 135,428 129,562 127,047 116,100 111,102 111,108 111,112 53,074 53,074 53,075 53,075 53,075 44,571 44,572 44,573 32,781 2,523 2,672 2,700 2,793 2,800 2,826 2,799 2,911 2,955 3,052 3,075 3,060 3,144 37 TABLE FD-3—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) 2017 .................. 2018 .................. 2019 .................. 2020 .................. 2021 .................. 5,771,144 5,977,617 6,133,658 6,174,279 6,243,318 13,404 14,212 15,018 7,900 15,902 78,486 94,431 104,015 108,949 115,527 45,680 46,616 48,199 49,129 50,151 22,090 22,311 22,622 11,170 22,837 69,669 93,401 96,520 97,209 98,032 912,438 931,838 950,211 974,802 940,140 197,835 202,805 198,625 133,735 136,168 30,879 26,975 50,601 67,937 94,132 2020 - Sept ....... Oct......... Nov ........ Dec ........ 2021 - Jan ......... Feb ........ Mar ........ Apr ........ May ....... June ...... July ........ Aug ........ Sept ....... 6,174,279 6,314,081 6,375,655 6,390,322 6,418,212 6,424,251 6,420,855 6,392,633 6,451,133 6,475,076 6,401,459 6,173,650 6,243,318 7,900 20,552 19,789 18,205 17,420 17,426 17,082 17,020 17,283 17,441 17,619 17,661 15,902 108,949 106,072 108,864 110,403 108,611 109,660 112,485 112,291 111,133 114,403 111,127 114,408 115,527 49,129 49,176 49,217 49,253 49,306 49,858 49,759 49,722 49,692 49,028 49,697 50,187 50,151 11,170 11,171 11,165 11,166 11,166 11,159 11,159 12,793 12,789 22,838 22,839 22,836 22,837 97,209 95,802 95,138 90,703 97,789 96,888 97,106 99,862 99,752 97,756 97,420 97,068 98,032 974,802 971,125 967,720 976,112 971,807 967,819 963,956 960,504 956,515 966,224 962,098 947,947 940,140 133,735 119,479 130,884 134,505 137,918 127,692 120,954 118,615 136,163 133,123 116,012 127,759 136,168 67,937 69,527 68,563 70,735 52,763 71,990 73,230 75,088 78,093 79,600 92,261 93,199 94,132 End of fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund (10) Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplementary Medical Insurance Trust Fund (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Unemployment Trust Fund (17) Other (18) 2017 ..................... 2018 ..................... 2019 ..................... 2020 ..................... 2021 ..................... 2,820,200 2,801,254 2,804,396 2,811,213 2,755,785 839 852 872 881 882 70,589 98,197 104,716 87,477 170,677 52,332 41,212 28,192 12,081 12,043 3,604 3,015 2,456 1,946 1,476 10,965 10,493 9,341 14,991 24,655 419 612 698 307 862 60,711 72,576 84,361 50,515 53,135 1,381,004 1,516,817 1,612,815 1,744,037 1,750,914 2020 - Sept .......... Oct............ Nov ........... Dec ........... 2021 - Jan ............ Feb ........... Mar ........... Apr ........... May .......... June ......... July ........... Aug ........... Sept .......... 2,811,213 2,786,189 2,800,868 2,793,146 2,814,839 2,797,938 2,787,279 2,800,686 2,787,919 2,785,928 2,779,001 2,763,094 2,755,785 881 882 882 882 882 882 882 882 882 882 882 882 882 87,477 131,420 71,036 142,775 139,117 172,681 177,660 153,709 180,596 177,726 149,550 173,498 170,677 12,081 24,465 24,576 24,029 22,927 23,056 22,403 18,439 18,523 17,560 14,703 13,671 12,043 1,946 1,869 1,906 1,851 1,800 1,753 1,697 1,650 1,615 1,607 1,560 1,519 1,476 14,991 14,050 13,677 16,052 16,182 16,009 25,770 22,004 22,494 23,179 24,149 24,281 24,655 307 363 476 654 571 604 667 726 485 502 628 740 862 50,515 62,097 57,707 59,468 56,126 55,326 55,152 42,160 56,028 62,576 52,365 60,183 53,135 1,744,037 1,849,842 1,953,187 1,890,383 1,918,988 1,903,510 1,903,614 1,906,482 1,921,171 1,924,703 1,909,548 1,664,717 1,750,914 Note—Detail may not add to totals due to rounding. 38 TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Architect of the Capitol (3) Other independent Tennessee Valley Authority (4) National Archives and Records Administration (5) 2017 ............................ 24,369 19 89 24,209 52 * 2018 ............................ 22,822 19 80 22,696 27 * 2019 ............................ 21,455 19 69 21,367 * * 2020 ............................ 20,151 19 58 20,075 * * 2021 ............................ 19,502 19 45 19,438 * * 2020 - Sept ................. 20,151 19 58 20,075 * * Oct................... 20,095 19 58 20,018 * * Nov .................. 20,210 19 58 20,133 * * Dec .................. 20,208 19 59 20,130 * * 2021 - Jan ................... 20,127 19 59 20,049 * * Feb .................. 19,903 19 51 19,833 * * Mar .................. 19,828 19 51 19,758 * * April .................. 19,755 19 52 19,684 * * May ................. 19,683 19 52 19,612 * * June ................ 19,827 19 52 19,756 * * July .................. 19,650 19 53 19,578 * * Aug .................. 19,576 19 45 19,513 * * Sept ................. 19,502 19 45 19,438 * * End of fiscal year or month Note—Detail may not add to totals due to rounding. * Less than $500,000. Other/Federal Communications Commission (6) 39 TABLE FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 2017 ............................... 11,642,870 3,263,065 4,746,209 2018 ............................... 12,880,947 3,794,461 2019 ............................... 14,225,142 2020 ............................... Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 2,320,739 151,686 1,161,170 66 5,181,488 2,444,652 121,319 1,339,027 65 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 2020 - Sept ..................... 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 Oct ...................... 15,769,769 6,342,837 5,443,753 2,325,158 242,348 1,415,673 57 Nov ..................... 16,078,428 6,330,355 5,635,499 2,389,470 301,145 1,421,959 58 Dec ..................... 16,284,139 6,361,468 5,716,708 2,454,885 317,935 1,433,143 58 2021 - Jan ...................... 16,144,933 6,367,936 5,599,900 2,415,636 315,069 1,446,391 58 Feb ..................... 16,230,397 6,281,711 5,728,953 2,422,721 351,910 1,445,103 59 Mar ..................... 16,438,546 6,102,024 5,923,038 2,560,765 395,746 1,456,974 60 Apr ...................... 16,432,951 6,000,621 5,919,098 2,631,745 412,677 1,468,811 61 May..................... 16,241,507 5,853,774 5,896,838 2,595,751 420,066 1,475,078 62 June.................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62 July ..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63 Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64 Sept .................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 End of fiscal year or month Note—Detail may not add to totals due to rounding. 40 TABLE FD-6—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Statutory debt limit (1) Debt subject to limit Total (2) Public debt (3) Securities outstanding Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481 2020 – Sept2........................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 Oct2............................. - 27,420,529 27,420,529 - 27,446,288 - 25,759 Nov2 ............................ - 27,109,188 27,109,188 - 27,135,477 - 26,288 Dec3 ............................ - 27,721,341 27,721,341 - 27,747,798 - 26,457 2021 – Jan3 ............................ - 27,757,191 27,757,191 - 27,784,553 - 27,362 Feb4 ............................ - 27,871,301 27,871,301 - 27,902,364 - 31,063 Mar4 ............................ - 28,100,561 28,100,561 - 28,132,570 - 32,009 Apr4 ............................ - 28,143,582 28,143,582 - 28,174,714 - 31,132 May4 ........................... - 28,168,249 28,168,249 - 28,199,008 - 30,759 June4 .......................... - 28,501,528 28,501,528 - 28,529,436 - 27,907 July4............................ - 28,401,438 28,401,438 - 28,427,722 - 26,284 Aug4 ............................ 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879 Sept4 ........................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481 (1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. (2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. (3) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective December 9, 2017, to $20,455,999,906,400.12. (4) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was suspended through March 1, 2019. 41 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Rural Utilities Service (3) Farm-Service Agency (2) Department of Agriculture Rural Business Rural Housing and Cooperative and Community Development Development Service Service (5) (4) Foreign Agricultural Service (6) 2017 ....................................... 2018 ....................................... 2019 ....................................... 2020 ....................................... 2021 ....................................... 1,442,633 1,512,469 1,570,919 1,813,390 1,809,674 19,810 23,005 39,017 43,575 31,592 21,940 19,325 21,473 21,396 21,196 26,992 26,797 29,605 30,483 30,286 645 583 660 637 658 601 453 432 363 317 2020 - Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2021 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... July ............................. Aug ............................. Sept ............................ 1,813,390 1,843,219 1,862,833 1,859,398 1,817,313 1,823,065 1,840,824 1,838,936 1,840,653 1,798,723 1,869,619 1,918,353 1,809,674 43,575 28,117 34,099 28,781 29,585 29,428 27,661 27,823 27,637 27,746 27,596 28,636 31,592 21,396 21,504 21,598 21,756 21,881 21,698 20,095 20,171 20,280 20,425 20,425 21,182 21,196 30,483 30,668 30,963 31,298 31,417 31,569 28,819 28,940 29,093 29,317 29,319 30,141 30,286 637 636 642 648 651 653 571 578 582 585 585 656 658 363 363 363 363 363 363 363 363 363 363 363 317 317 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Other Housing Federal Housing programs Administration (10) (9) Department of the Treasury Federal Financing Bank (11) 2017 ....................................... 2018 ....................................... 2019 ....................................... 2020 ....................................... 2021 ....................................... 1,178,495 1,258,499 1,287,510 1,249,871 1,221,381 5,009 5,531 5,280 5,649 5,629 27,954 24,709 30,386 44,722 66,271 128 134 24 30 10 61,270 61,584 63,751 71,373 70,500 2020 - Sept ............................ Oct ............................. Nov............................. Dec............................. 2021 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... July ............................ Aug............................. Sept ............................ 1,249,871 1,292,454 1,292,456 1,292,020 1,310,294 1,310,294 1,326,753 1,326,766 1,326,766 1,291,837 1,326,667 1,325,568 1,221,381 5,649 5,649 5,640 5,643 5,580 5,530 5,552 5,510 5,628 5,762 5,870 5,867 5,629 44,722 51,817 51,817 51,817 51,817 51,817 51,817 51,817 51,817 51,817 70,044 70,044 66,271 30 30 30 30 36 36 36 30 30 30 30 10 10 71,373 71,974 72,681 72,366 72,547 72,875 71,477 68,686 69,467 69,963 70,223 70,624 70,500 42 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2017 ...................................... 24,645 3,712 7,693 63,739 2018 ...................................... 20,213 3,725 11,212 56,699 2019 ...................................... 16,946 3,934 11,810 60,091 2020 ...................................... 15,388 4,384 176,174 149,345 2021 ...................................... 14,531 4,567 262,655 80,081 2020 - Sept ........................... 15,388 4,384 176,174 149,345 Oct............................. 15,389 4,852 176,174 143,592 Nov ............................ 15,390 5,745 188,096 143,313 Dec ............................ 15,389 5,271 188,096 145,920 2021 - Jan ............................. 15,390 6,222 188,096 83,434 Feb ............................ 15,390 6,611 192,965 83,836 Mar ............................ 15,390 7,001 192,965 92,324 Apr ............................ 15,390 7,399 192,982 92,481 May ........................... 15,390 7,776 192,982 92,842 June .......................... 15,391 3,375 197,982 84,130 July ............................ 15,391 3,790 214,982 84,334 Aug ............................ 14,431 4,145 264,070 82,662 Sept ........................... 14,531 4,567 262,655 80,081 End of fiscal year or month Note—Detail may not add to totals due to rounding. 43 INTRODUCTION: Bureau of the Fiscal Service Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. The Bureau of the Fiscal Service is a new bureau within the Treasury Department, formed on October 7, 2012, from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Our mission is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. As one bureau, the organization is better positioned to help transform financial management and the delivery of shared services in the federal government. The bureau will be a valued partner for agencies as they work to strengthen their own financial management or as they look for a quality service provider who can allow them to focus on their missions. Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. High rates on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million in each auction of securities. Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: On July 31, 2013, Treasury published amendments to its marketable securities auction rules to accommodate the auction and issuance of Floating Rate Notes (FRNs). An FRN is a security that has an interest payment that can change over time. Treasury FRNs will be indexed to the most recent 13week Treasury bill auction High Rate, which is the highest accepted discount rate in a Treasury bill auction. FRNs will pay interest quarterly. TREASURY FINANCING: JULY-SEPTEMBER [Source: Bureau of the Fiscal Service, Division of Financing Operations] JULY Auction of 42-Day Cash Management Bills On June 24, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued July 1 and matured August 12. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on June 29. Tenders totaled $137,062 million; Treasury accepted $40,002 million, including $11 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 119-Day Cash Management Bills On June 29, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued July 6 and will mature November 2. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on June 30. Tenders totaled $145,754 million; Treasury accepted $35,002 million, including $8 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 42-Day Cash Management Bills On July 1, 2021, Treasury announced it would auction $40,000 million of 42-day bills. They were issued July 8 and matured August 19. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on July 6. Tenders totaled $147,926 million; Treasury accepted $40,002 44 million, including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 119-Day Cash Management Bills On July 6, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued July 13 and will mature November 9. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on July 7. Tenders totaled $133,497 million; Treasury accepted $35,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 42-Day Cash Management Bills On July 8, 2021, Treasury announced it would auction $35,000 million of 42-day bills. They were issued July 15 and matured August 26. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on July 13. Tenders totaled $136,195 million; Treasury accepted $35,001 million, including $21 million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 52-Week Bills On July 8, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued July 15 and will mature July 14, 2022. The issue was to refund $181,995 million of all maturing bills and to pay down approximately $7,995 million. Treasury auctioned the bills on July 13. Tenders totaled $117,594 million; Treasury accepted $34,000 million, including $207 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,166 million from Federal Reserve Banks (FRBs) for their own accounts. Auction of 3-Year Notes On July 8, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund $55,992 million of securities maturing July 15 and to raise new cash of approximately $64,008 million. The 3-year notes of Series AQ-2024 were dated and issued July 15. They are due July 15, 2024, with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. Eastern Time (ET) for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on July 12. Tenders totaled $139,844 million; Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.426 percent with an equivalent price of $99.848134. Treasury accepted in full all competitive tenders at yields lower than 0.426 percent. Tenders at the high yield were allotted 52.23 percent. The median yield was 0.380 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors totaled $57,962 million. In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $9,548 million from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AQ-2024 is $100. 45 TREASURY FINANCING: JULY-SEPTEMBER, continued Auction of 9-Year 10-Month 1-5/8 Percent Notes On July 8, 2021, Treasury announced it would auction $38,000 million of 9-year 10-month 1-5/8 percent notes. The issue was to refund $55,992 million of securities maturing July 15 and to raise new cash of approximately $64,008 million. The 9-year 10-month 1-5/8 percent notes of Series C-2031 were dated May 15 and issued July 15. They are due May 15, 2031, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 12. Tenders totaled $90,719 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.371 percent with an equivalent price of $102.328230. Treasury accepted in full all competitive tenders at yields lower than 1.371 percent. Tenders at the high yield were allotted 52.61 percent. The median yield was 1.314 percent, and the low yield was 1.243 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $37,990 million. Accrued interest of $2.69361 per $1,000 must be paid for the period from May 15 to July 15. In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $6,256 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2031 is $100. Auction of 29-Year 10-Month 2-3/8 Percent Bonds On July 8, 2021, Treasury announced it would auction $24,000 million of 29-year 10-month 2-3/8 percent bonds. The issue was to refund $55,992 million of securities maturing July 15 and to raise new cash of approximately $64,008 million. The 29-year 10-month 2-3/8 percent bonds of May 2051 were dated May 15 and issued July 15. They are due May 15, 2051, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 13. Tenders totaled $52,633 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.000 percent with an equivalent price of $108.392467. Treasury accepted in full all competitive tenders at yields lower than 2.000 percent. Tenders at the high yield were allotted 62.83 percent. The median yield was 1.900 percent, and the low yield was 1.870 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $23,999 million. Accrued interest of $3.93682 per $1,000 must be paid for the period from May 15 to July 15. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,951 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2051 is $100. Auction of 119-Day Cash Management Bills On July 13, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued July 20 and will mature November 16. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on July 14. Tenders totaled $119,970 million; Treasury accepted 46 $30,003 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 42-Day Cash Management Bills On July 15, 2021, Treasury announced it would auction $35,000 million of 42-day bills. They were issued July 22 and matured September 2. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on July 20. Tenders totaled $138,869 million; Treasury accepted $35,001 million, including $16 million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 119-Day Cash Management Bills On July 20, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued July 27 and will mature November 23. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on July 21. Tenders totaled $125,424 million; Treasury accepted $30,001 million, including $6 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 42-Day Cash Management Bills On July 22, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were issued July 29 and matured September 9. The issue was to raise new cash of approximately $20,000 million. Treasury auctioned the bills on July 27. Tenders totaled $88,130 million; Treasury accepted $20,001 million, including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.040 percent. Auction of 10-Year Treasury Inflation Protected Security (TIPS) On July 15, 2021, Treasury announced it would auction $16,000 million of 10-year TIPS. The issue was to raise new cash of approximately $16,000 million. The 10-year TIPS of Series D-2031 were dated July 15 and issued July 30. They are due July 15, 2031, with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 22. Tenders totaled $39,942 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.016 percent with an equivalent adjusted price of $112.423650. Treasury accepted in full all competitive tenders at yields lower than -1.016 percent. Tenders at the high yield were allotted 11.24 percent. The median yield was -1.077 percent, and the low yield was -1.880 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $15,970 million. Adjusted accrued interest of $0.05115 per $1,000 must be paid for the period from July 15 to July 30. Both the unadjusted price of $111.990248 and the unadjusted accrued interest of $0.05095 were adjusted by an index ratio of 1.00387, for the period from July 15 to July 30. The minimum par amount required for STRIPS of TIPS of Series D-2031 is $100. AUGUST Auction of 19-Year 10-Month 2-1/4 Percent Bonds 47 TREASURY FINANCING: JULY-SEPTEMBER, continued On July 15, 2021, Treasury announced it would auction $24,000 million of 19-year 10-month 2-1/4 percent bonds. The issue was to refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 million. The 19-year 10-month 2-1/4 percent bonds of May 2041 were dated May 15 and issued August 2. They are due May 15, 2041, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 21. Tenders totaled $55,895 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.890 percent with an equivalent price of $105.917067. Treasury accepted in full all competitive tenders at yields lower than 1.890 percent. Tenders at the high yield were allotted 22.24 percent. The median yield was 1.800 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $23,999 million. Accrued interest of $4.83016 per $1,000 must be paid for the period from May 15 to August 2. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,298 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2041 is $100. Auction of 2-Year Notes On July 22, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 million. The 2-year notes of Series BD-2023 were dated July 31 and issued August 2. They are due July 31, 2023, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 26. Tenders totaled $148,278 million; Treasury accepted $60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.213 percent with an equivalent price of $99.824943. Treasury accepted in full all competitive tenders at yields lower than 0.213 percent. Tenders at the high yield were allotted 93.81 percent. The median yield was 0.180 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $117 million. Competitive tenders accepted from private investors totaled $59,683 million. Accrued interest of $0.00679 per $1,000 must be paid for the period from July 31 to August 2. In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $5,746 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BD-2023 is $100. Auction of 5-Year Notes On July 22, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 million. 48 The 5-year notes of Series AB-2026 were dated July 31 and issued August 2. They are due July 31, 2026, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 27. Tenders totaled $143,934 million; Treasury accepted $61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.710 percent with an equivalent price of $99.583614. Treasury accepted in full all competitive tenders at yields lower than 0.710 percent. Tenders at the high yield were allotted 1.38 percent. The median yield was 0.660 percent, and the low yield was 0.599 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled $60,929 million. Accrued interest of $0.03397 per $1,000 must be paid for the period from July 31 to August 2. In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $5,842 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AB-2026 is $100. Auction of 2-Year Floating Rate Notes (FRNs) On July 22, 2021, Treasury announced it would auction $28,000 million of 2-year FRNs. The issue was to refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 million. The 2-year FRNs of Series BE-2023 were dated July 31 and issued August 2. They are due July 31, 2023, with interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury set a spread of 0.029 percent after determining which tenders were accepted on a discount margin basis. Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on July 28. Tenders totaled $85,170 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.029 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower than 0.029 percent. Tenders at the high discount margin were allotted 61.87 percent. The median discount margin was 0.023 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled $27,980 million. Accrued interest of $0.000438924 per $100 must be paid for the period from July 31 to August 2. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $2,681 million from FRBs for their own accounts. Auction of 7-Year Notes On July 22, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund $141,252 million of securities maturing July 31 and to raise new cash of approximately $93,748 million. The 7-year notes of Series N-2028 were dated July 31 and issued August 2. They are due July 31, 2028, with interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 1 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on July 29. Tenders totaled $138,316 million; Treasury accepted $62,000 49 TREASURY FINANCING: JULY-SEPTEMBER, continued million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.050 percent with an equivalent price of $99.663627. Treasury accepted in full all competitive tenders at yields lower than 1.050 percent. Tenders at the high yield were allotted 39.56 percent. The median yield was 0.985 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $61,991 million. Accrued interest of $0.05435 per $1,000 must be paid for the period from July 31 to August 2. In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $5,937 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series N-2028 is $100. Auction of 119-Day Cash Management Bills On July 27, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued August 3 and will mature November 30. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on July 28. Tenders totaled $104,882 million; Treasury accepted $30,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 42-Day Cash Management Bills On July 29, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were issued August 5 and matured September 16. The issue was to raise new cash of approximately $20,000 million. Treasury auctioned the bills on August 3. Tenders totaled $87,041 million; Treasury accepted $20,001 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.040 percent. Auction of 119-Day Cash Management Bills On August 3, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued August 10 and will mature December 7. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on August 4. Tenders totaled $123,279 million; Treasury accepted $30,001 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 42-Day Cash Management Bills On August 5, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were issued August 12 and matured September 23. The issue was to raise new cash of approximately $20,000 million. Treasury auctioned the bills on August 10. Tenders totaled $80,018 million; Treasury accepted $20,000 million, including $12 million of noncompetitive tenders from the public. The high bank discount rate was 0.040 percent. Auction of 52-Week Bills On August 5, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued August 12 and will mature August 11, 2022. The issue was to refund $181,997 million of all maturing bills and to pay down approximately $22,997 million. Treasury auctioned the bills on August 10. Tenders totaled $123,032 million; Treasury accepted $34,000 million, including $211 million of noncompetitive tenders from the public. The high bank discount rate was 0.080 percent. 50 In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,847 million from FRBs for their own accounts. August Quarterly Financing On Aug 4, 2021, Treasury announced it would auction $58,000 million of 3-year notes, $41,000 million of 10-year notes, and $27,000 million of 30-year bonds to refund $58,598 million of securities maturing August 15, 2021 and to raise new cash of approximately $67,402 million. The 3-year notes of Series AR-2024 were dated August 15 and issued August 16. They are due August 15, 2024, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 10. Tenders totaled $147,365 million; Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.465 percent with an equivalent price of $99.732422. Treasury accepted in full all competitive tenders at yields lower than 0.465 percent. Tenders at the high yield were allotted 14.81 percent. The median yield was 0.420 percent, and the low yield was 0.303 percent. Noncompetitive tenders totaled $43 million. Competitive tenders accepted from private investors totaled $57,952 million. Accrued interest of $0.01019 per $1,000 must be paid for the period from August 15 to August 16. In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $25,876 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AR-2024 is $100. The 10-year notes of Series E-2031 were dated August 15 and issued August 16. They are due August 15, 2031, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 1-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 11. Tenders totaled $108,526 million; Treasury accepted $41,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.340 percent with an equivalent price of $99.160510. Treasury accepted in full all competitive tenders at yields lower than 1.340 percent. Tenders at the high yield were allotted 90.39 percent. The median yield was 1.315 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $15 million. Competitive tenders accepted from private investors totaled $40,985 million. Accrued interest of $0.03397 per $1,000 must be paid for the period from August 15 to August 16. In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $18,292 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2031 is $100. The 30-year bonds of August 2051 were dated August 15 and issued August 16. They are due August 15, 2051, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 12. Tenders totaled $59,626 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.040 percent with an equivalent price of $99.105786. Treasury accepted in full all 51 TREASURY FINANCING: JULY-SEPTEMBER, continued competitive tenders at yields lower than 2.040 percent. Tenders at the high yield were allotted 50.59 percent. The median yield was 1.959 percent, and the low yield was 1.900 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $26,997 million. Accrued interest of $0.05435 per $1,000 must be paid for the period from August 15 to August 16. In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $12,046 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2051 is $100. Auction of 119-Day Cash Management Bills On August 10, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued August 17 and will mature December 14. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on August 11. Tenders totaled $133,478 million; Treasury accepted $30,002 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 42-Day Cash Management Bills On August 12, 2021, Treasury announced it would auction $20,000 million of 42-day bills. They were issued August 19 and matured September 30. The issue was to raise new cash of approximately $20,000 million. Treasury auctioned the bills on August 17. Tenders totaled $84,743 million; Treasury accepted $20,001 million, including $14 million of noncompetitive tenders from the public. The high bank discount rate was 0.040 percent. Auction of 57-Day Cash Management Bills On August 12, 2021, Treasury announced it would auction $50,000 million of 57-day bills. They were issued August 19 and will mature October 15. The issue was to raise new cash of approximately $50,000 million. Treasury auctioned the bills on August 17. Tenders totaled $135,928 million; Treasury accepted $50,000 million, including $18 million of noncompetitive tenders from the public. The high bank discount rate was 0.065 percent. Auction of 119-Day Cash Management Bills On August 17, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued August 24 and will mature December 21. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on August 18. Tenders totaled $117,941 million; Treasury accepted $30,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 67-Day Cash Management Bills On August 19, 2021, Treasury announced it would auction $40,000 million of 67-day bills. They were issued August 26 and will mature November 1. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on August 24. Tenders totaled $114,771 million; Treasury accepted $40,000 million, including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.060 percent. Auction of 1-Year 11-Month 0.029 Percent FRNs 52 On August 19, 2021, Treasury announced it would auction $26,000 million of 1-year 11-month 0.029 percent FRNs. The issue was to raise new cash of approximately $26,000 million. The 1-year 11-month 0.029 percent FRNs of Series BE-2023 were dated July 31 and issued August 27. They are due July 31, 2023, with interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on August 25. Tenders totaled $82,311 million; Treasury accepted $26,001 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.026 percent with an equivalent price of $100.005852. Treasury accepted in full all competitive tenders at discount margins lower than 0.026 percent. Tenders at the high discount margin were allotted 91.04 percent. The median discount margin was 0.024 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $25,987 million. Accrued interest of $0.006356157 per $100 must be paid for the period from July 31 to August 27. Auction of 119-Day Cash Management Bills On August 24, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued August 31 and will mature December 28. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on August 25. Tenders totaled $116,379 million; Treasury accepted $30,003 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 20-Year Bonds On August 12, 2021, Treasury announced it would auction $27,000 million of 20-year bonds. The issue was to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately $134,868 million. The 20-year bonds of August 2041 were dated August 15 and issued August 31. They are due August 15, 2041, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 18. Tenders totaled $65,748 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.850 percent with an equivalent price of $98.336995. Treasury accepted in full all competitive tenders at yields lower than 1.850 percent. Tenders at the high yield were allotted 31.99 percent. The median yield was 1.781 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $26,999 million. Accrued interest of $0.76087 per $1,000 must be paid for the period from August 15 to August 31. In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $3,392 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2041 is $100. Auction of 29-Year 6-Month 0-1/8 Percent TIPS 53 TREASURY FINANCING: JULY-SEPTEMBER, continued On August 12, 2021, Treasury announced it would auction $8,000 million of 29-year 6-month 0-1/8 percent TIPS. The issue was to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately $134,868 million. The 29-year 6-month 0-1/8 percent TIPS of February 2051 were dated August 15 and issued August 31. They are due February 15, 2051, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 19. Tenders totaled $18,734 million; Treasury accepted $8,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.292 percent with an equivalent adjusted price of $117.718212. Treasury accepted in full all competitive tenders at yields lower than -0.292 percent. Tenders at the high yield were allotted 90.35 percent. The median yield was -0.360 percent, and the low yield was -0.880 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $7,994 million. Adjusted accrued interest of $0.05670 per $1,000 must be paid for the period from August 15 to August 31. Both the unadjusted price of $112.836888 and the unadjusted accrued interest of $0.05435 were adjusted by an index ratio of 1.04326, for the period from August 15 to August 31. In addition to the $8,000 million of tenders accepted in the auction process, Treasury accepted $1,005 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of February 2051 is $100. Auction of 2-Year Notes On August 19, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately $134,868 million. The 2-year notes of Series BF-2023 were dated and issued August 31. They are due August 31, 2023, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 24. Tenders totaled $158,967 million; Treasury accepted $60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.242 percent with an equivalent price of $99.766706. Treasury accepted in full all competitive tenders at yields lower than 0.242 percent. Tenders at the high yield were allotted 17.47 percent. The median yield was 0.210 percent, and the low yield was 0.088 percent. Noncompetitive tenders totaled $88 million. Competitive tenders accepted from private investors totaled $59,912 million. In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $7,539 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BF-2023 is $100. Auction of 5-Year Notes On August 19, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately $134,868 million. 54 The 5-year notes of Series AC-2026 were dated and issued August 31. They are due August 31, 2026, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 0-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 25. Tenders totaled $143,311 million; Treasury accepted $61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.831 percent with an equivalent price of $99.604103. Treasury accepted in full all competitive tenders at yields lower than 0.831 percent. Tenders at the high yield were allotted 75.87 percent. The median yield was 0.775 percent, and the low yield was 0.710 percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors totaled $60,963 million. In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $7,664 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AC-2026 is $100. Auction of 7-Year Notes On August 19, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund $83,132 million of securities maturing August 31 and to raise new cash of approximately $134,868 million. The 7-year notes of Series P-2028 were dated and issued August 31. They are due August 31, 2028, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on August 26. Tenders totaled $144,831 million; Treasury accepted $62,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.155 percent with an equivalent price of $99.798822. Treasury accepted in full all competitive tenders at yields lower than 1.155 percent. Tenders at the high yield were allotted 43.03 percent. The median yield was 1.099 percent, and the low yield was 0.990 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $61,986 million. In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $7,790 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series P-2028 is $100. SEPTEMBER Auction of 21-Day Cash Management Bills On August 26, 2021, Treasury announced it would auction $45,000 million of 21-day bills. They were issued September 2 and matured September 23. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned the bills on August 31. Tenders totaled $129,798 million; Treasury accepted $45,000 million, including $3 million of noncompetitive tenders from the public. The high bank discount rate was 0.040 percent. Auction of 119-Day Cash Management Bills On August 31, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued September 7 and will mature January 4, 2022. The issue was to raise new cash of approximately 55 TREASURY FINANCING: JULY-SEPTEMBER, continued $30,000 million. Treasury auctioned the bills on September 1. Tenders totaled $149,779 million; Treasury accepted $30,001 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 21-Day Cash Management Bills On September 2, 2021, Treasury announced it would auction $45,000 million of 21-day bills. They were issued September 9 and matured September 30. The issue was to raise new cash of approximately $45,000 million. Treasury auctioned the bills on September 7. Tenders totaled $152,546 million; Treasury accepted $45,002 million, including $11 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 52-Week Bills On September 2, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued September 9 and will mature September 8, 2022. The issue was to refund $162,006 million of all maturing bills and to raise new cash of approximately $15,994 million. Treasury auctioned the bills on September 7. Tenders totaled $127,482 million; Treasury accepted $34,001 million, including $162 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $3,419 million from FRBs for their own accounts. Auction of 119-Day Cash Management Bills On September 7, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued September 14 and will mature January 11, 2022. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on September 8. Tenders totaled $131,353 million; Treasury accepted $30,002 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 3-Year Notes On September 2, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund $22,222 million of securities maturing September 15 and to raise new cash of approximately $97,778 million. The 3-year notes of Series AS-2024 were dated and issued September 15. They are due September 15, 2024, with interest payable on March 15 and September 15 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 7. Tenders totaled $141,869 million; Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.447 percent with an equivalent price of $99.785680. Treasury accepted in full all competitive tenders at yields lower than 0.447 percent. Tenders at the high yield were allotted 57.12 percent. The median yield was 0.400 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $37 million. Competitive tenders accepted from private investors totaled $57,956 million. 56 In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $6,176 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AS-2024 is $100. Auction of 9-Year 11-Month 1-1/4 Percent Notes On September 2, 2021, Treasury announced it would auction $38,000 million of 9-year 11-month 1-1/4 percent notes. The issue was to refund $22,222 million of securities maturing September 15 and to raise new cash of approximately $97,778 million. The 9-year 11-month 1-1/4 percent notes of Series E-2031 were dated August 15 and issued September 15. They are due August 15, 2031, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 8. Tenders totaled $98,573 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.338 percent with an equivalent price of $99.184765. Treasury accepted in full all competitive tenders at yields lower than 1.338 percent. Tenders at the high yield were allotted 77.78 percent. The median yield was 1.288 percent, and the low yield was 1.230 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $37,991 million. Accrued interest of $1.05299 per $1,000 must be paid for the period from August 15 to September 15. In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $4,046 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2031 is $100. Auction of 29-Year 11-Month 2 Percent Bonds On September 2, 2021, Treasury announced it would auction $24,000 million of 29-year 11-month 2 percent bonds. The issue was to refund $22,222 million of securities maturing September 15 and to raise new cash of approximately $97,778 million. The 29-year 11-month 2 percent bonds of August 2051 were dated August 15 and issued September 15. They are due August 15, 2051, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 9. Tenders totaled $59,660 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.910 percent with an equivalent price of $102.042432. Treasury accepted in full all competitive tenders at yields lower than 1.910 percent. Tenders at the high yield were allotted 17.79 percent. The median yield was 1.860 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $23,998 million. Accrued interest of $1.68478 per $1,000 must be paid for the period from August 15 to September 15. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,556 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2051 is $100. Auction of 119-Day Cash Management Bills On September 14, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued September 21 and will mature January 18, 2022. The issue was to raise new cash of 57 TREASURY FINANCING: JULY-SEPTEMBER, continued approximately $30,000 million. Treasury auctioned the bills on September 15. Tenders totaled $130,577 million; Treasury accepted $30,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.045 percent. Auction of 1-Year 10-Month 0.029 Percent FRNs On September 16, 2021, Treasury announced it would auction $26,000 million of 1-year 10-month 0.029 percent FRNs. The issue was to raise new cash of approximately $26,000 million. The 1-year 10-month 0.029 percent FRNs of Series BE-2023 were dated July 31 and issued September 24. They are due July 31, 2023, with interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on September 22. Tenders totaled $73,902 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.026 percent with an equivalent price of $100.005620. Treasury accepted in full all competitive tenders at discount margins lower than 0.026 percent. Tenders at the high discount margin were allotted 78.99 percent. The median discount margin was 0.022 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $25,983 million. Accrued interest of $0.012042661 per $100 must be paid for the period from July 31 to September 24. Auction of 119-Day Cash Management Bills On September 21, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued September 28 and will mature January 25, 2022. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on September 22. Tenders totaled $101,218 million; Treasury accepted $30,001 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.035 percent. Auction of 19-Year 11-Month 1-3/4 Percent Bonds On September 16, 2021, Treasury announced it would auction $24,000 million of 19-year 11-month 1-3/4 percent bonds. The issue was to refund $82,611 million of securities maturing September 30 and to raise new cash of approximately $138,389 million. The 19-year 11-month 1-3/4 percent bonds of August 2041 were dated August 15 and issued September 30. They are due August 15, 2041, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 21. Tenders totaled $56,568 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.795 percent with an equivalent price of $99.249087. Treasury accepted in full all competitive tenders at yields lower than 1.795 percent. Tenders at the high yield were allotted 88.91 percent. The median yield was 1.740 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $1 million. Competitive tenders accepted from private investors totaled $23,999 million. Accrued interest of $2.18750 per $1,000 must be paid for the period from August 15 to September 30. 58 In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,890 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2041 is $100. Auction of 9-Year 10-Month 0-1/8 Percent TIPS On September 16, 2021, Treasury announced it would auction $14,000 million of 9-year 10-month 0-1/8 percent TIPS. The issue was to refund $82,611 million of securities maturing September 30 and to raise new cash of approximately $138,389 million. The 9-year 10-month 0-1/8 percent TIPS of Series D-2031 were dated July 15 and issued September 30. They are due July 15, 2031, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 23. Tenders totaled $35,749 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.939 percent with an equivalent adjusted price of $112.982468. Treasury accepted in full all competitive tenders at yields lower than -0.939 percent. Tenders at the high yield were allotted 24.95 percent. The median yield was -1.000 percent, and the low yield was -1.080 percent. Noncompetitive tenders totaled $13 million. Competitive tenders accepted from private investors totaled $13,987 million. Adjusted accrued interest of $0.26637 per $1,000 must be paid for the period from July 15 to September 30. Both the unadjusted price of $110.937883 and the unadjusted accrued interest of $0.26155 were adjusted by an index ratio of 1.01843, for the period from July 15 to September 30. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,686 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2031 is $100. Auction of 2-Year Notes On September 23, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund $82,611 million of securities maturing September 30 and to raise new cash of approximately $138,389 million. The 2-year notes of Series BG-2023 were dated and issued September 30. They are due September 30, 2023, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 0-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on September 27. Tenders totaled $136,826 million; Treasury accepted $60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.310 percent with an equivalent price of $99.880464. Treasury accepted in full all competitive tenders at yields lower than 0.310 percent. Tenders at the high yield were allotted 15.68 percent. The median yield was 0.280 percent, and the low yield was 0.200 percent. Noncompetitive tenders totaled $94 million. Competitive tenders accepted from private investors totaled $59,906 million. In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $7,226 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BG-2023 is $100. Auction of 5-Year Notes 59 TREASURY FINANCING: JULY-SEPTEMBER, continued On September 23, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund $82,611 million of securities maturing September 30 and to raise new cash of approximately $138,389 million. The 5-year notes of Series AD-2026 were dated and issued September 30. They are due September 30, 2026, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 27. Tenders totaled $144,330 million; Treasury accepted $61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.990 percent with an equivalent price of $99.440349. Treasury accepted in full all competitive tenders at yields lower than 0.990 percent. Tenders at the high yield were allotted 20.36 percent. The median yield was 0.936 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $39 million. Competitive tenders accepted from private investors totaled $60,956 million. In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $7,346 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AD-2026 is $100. Auction of 7-Year Notes On September 23, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund $82,611 million of securities maturing September 30 and to raise new cash of approximately $138,389 million. The 7-year notes of Series Q-2028 were dated and issued September 30. They are due September 30, 2028, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of 1-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on September 28. Tenders totaled $139,177 million; Treasury accepted $62,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.332 percent with an equivalent price of $99.453681. Treasury accepted in full all competitive tenders at yields lower than 1.332 percent. Tenders at the high yield were allotted 68.26 percent. The median yield was 1.270 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors totaled $61,977 million. In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $7,467 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Q-2028 is $100. 60 TABLE PDO-1—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] On total competitive bids accepted Issue date Description of new issue Number Amount of days to of bids Maturity maturity 1 tendered date (1) (2) (3) Amounts of bids accepted On nonOn competitive competitive Total basis 3 basis amount 2 (5) (4) (6) High price per hundred (7) High discount High investrate ment rate (percent) (percent) 4 (8) (9) Regular weekly: (4 week, 13 week, and 26 week) 2021-July 01.................................................. July 06........................................................... July 08........................................................... July 13........................................................... July 15........................................................... July 20........................................................... July 22........................................................... July 27........................................................... July 29........................................................... Aug. 03.......................................................... Aug. 05.......................................................... Aug. 10.......................................................... Aug. 12.......................................................... Aug. 17.......................................................... Aug. 19.......................................................... Aug. 24.......................................................... Aug. 26.......................................................... Aug. 31.......................................................... Sep. 02.......................................................... Sep. 07.......................................................... Sep. 09.......................................................... Sep. 14.......................................................... 2021-Sep. 30 Dec. 30 Aug. 03 Aug. 31 Oct. 07 2022-Jan. 06 2021-Aug. 10 Sep. 07 Oct. 14 2022-Jan. 13 2021-Aug. 17 Sep. 14 Oct. 21 2022-Jan. 20 2021-Aug. 24 Sep. 21 Oct. 28 2022-Jan. 27 2021-Aug. 31 Sep. 28 Nov. 04 2022-Feb. 03 2021-Sep. 07 Oct. 05 Nov. 12 2022-Feb. 10 2021-Sep. 14 Oct. 12 Nov. 18 2022-Feb. 17 2021-Sep. 21 Oct. 19 Nov. 26 2022-Feb. 24 2021-Sep. 28 Oct. 26 Dec. 02 2022-Mar. 03 2021-Oct. 05 Nov. 02 Dec. 09 2022-Mar. 10 2021-Oct. 12 Nov. 09 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 92 182 28 56 91 182 28 56 92 182 28 56 91 182 28 56 91 182 28 56 214,199.3 201,866.7 141,744.3 181,462.5 173,786.4 200,626.4 138,215.9 169,394.0 171,063.1 196,956.0 152,117.3 130,147.4 193,190.6 185,038.0 139,698.6 148,896.4 188,568.0 168,727.8 141,299.9 125,978.1 170,985.0 172,747.8 137,132.6 122,606.1 176,933.2 188,784.6 134,901.4 115,725.1 139,323.3 144,595.3 124,732.8 111,320.1 173,793.8 150,238.9 118,111.3 106,904.6 200,437.5 158,782.6 99,285.2 94,220.0 201,098.6 186,752.2 87,934.1 99,456.3 64,936.5 61,517.7 43,164.2 43,162.8 64,236.0 60,854.7 43,259.0 43,256.6 60,620.2 57,249.3 42,861.7 37,505.6 61,159.1 57,762.5 43,431.4 38,003.9 60,739.2 57,365.4 43,357.8 37,938.4 61,590.2 58,167.6 43,482.1 38,046.1 60,110.3 56,773.2 42,964.6 37,593.9 58,141.8 54,722.2 38,588.5 33,076.6 56,643.7 53,311.1 33,259.9 33,260.8 58,423.0 54,986.8 28,063.9 33,676.1 56,129.8 52,828.9 22,187.5 33,281.4 56,577.3 53,470.5 39,234.2 39,718.7 56,432.4 53,587.5 39,263.1 39,785.8 53,312.8 50,317.1 39,218.1 34,794.4 53,230.7 50,531.1 39,352.2 34,829.3 53,339.0 50,374.8 39,333.9 34,849.3 53,267.2 50,366.7 39,306.0 34,831.5 53,234.9 50,372.9 39,312.0 34,813.9 50,228.0 47,289.2 34,369.3 29,714.4 50,235.1 47,318.7 29,343.9 29,717.3 50,278.2 47,400.0 24,343.9 29,724.5 50,367.6 47,520.5 19,336.1 28,804.6 424.3 401.5 667.8 181.9 568.5 412.9 640.0 164.9 590.6 482.9 681.9 157.2 670.2 470.9 648.5 172.8 562.7 427.5 666.7 151.6 536.8 436.2 694.9 168.7 565.2 449.6 688.8 186.7 572.1 511.5 631.9 187.4 566.5 482.2 656.3 183.7 524.5 402.9 657.7 176.8 533.3 381.3 664.3 196.1 99.987361 99.972194 99.996111 99.993000 99.987361 99.974722 99.996111 99.993000 99.987361 99.974722 99.996500 99.992222 99.987361 99.974722 99.996500 99.993000 99.987361 99.974722 99.996500 99.993000 99.987361 99.972194 99.996889 99.992222 99.987222 99.974722 99.996500 99.991444 99.982306 99.974722 99.996889 99.991444 99.985944 99.974722 99.997278 99.990667 99.988625 99.972194 99.997278 99.989889 99.988625 99.974722 99.995333 99.989889 0.050 0.055 0.050 0.045 0.050 0.050 0.050 0.045 0.050 0.050 0.045 0.050 0.050 0.050 0.045 0.045 0.050 0.050 0.045 0.045 0.050 0.055 0.040 0.050 0.050 0.050 0.045 0.055 0.070 0.050 0.040 0.055 0.055 0.050 0.035 0.060 0.045 0.055 0.035 0.065 0.045 0.050 0.060 0.065 0.051 0.056 0.051 0.046 0.051 0.051 0.051 0.046 0.051 0.051 0.046 0.051 0.051 0.051 0.046 0.046 0.051 0.051 0.046 0.046 0.051 0.056 0.041 0.051 0.051 0.051 0.046 0.056 0.071 0.051 0.041 0.056 0.056 0.051 0.035 0.061 0.046 0.056 0.035 0.066 0.046 0.051 0.061 0.066 Continued from PDO-1 Sep. 16........................................................... Sep. 21........................................................... Sep. 23........................................................... Sep. 28........................................................... Sep. 30........................................................... 61 Dec. 16 2022-Mar. 17 2021-Oct. 19 Nov. 16 Dec. 23 2022-Mar. 24 2021-Oct. 26 Nov. 23 Dec. 30 2022-Mar. 31 91 182 28 56 91 182 28 56 91 182 175,694.1 175,211.6 61,589.9 107,929.9 170,388.7 165,096.9 49,176.6 101,916.5 148,421.4 143,238.0 1 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. 53,293.8 49,965.4 17,196.5 34,393.6 46,990.3 46,990.6 11,770.9 29,427.1 49,215.2 49,217.0 47,313.2 44,398.1 14,263.6 29,674.4 44,398.5 44,344.8 9,212.5 24,852.9 41,590.8 41,443.9 566.9 404.3 636.5 226.4 451.9 455.8 687.8 147.6 409.6 358.3 99.989889 99.974722 99.995722 99.991444 99.991153 99.977250 99.996111 99.994556 99.991153 99.974722 0.040 0.050 0.055 0.055 0.035 0.045 0.050 0.035 0.035 0.050 0.041 0.051 0.056 0.056 0.035 0.046 0.051 0.035 0.035 0.051 3 Tenders for $5 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. All Treasury Marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. TABLE PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Auction date Issue date (1) Description of securities 1 (2) Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 06/29/21 07/01/21 0.050% CMB—08/12/21 42d 137,062 40,002 06/30/21 07/06/21 0.050% CMB—11/02/21 119d 145,754 35,002 07/06/21 07/08/21 0.045% CMB—08/19/21 42d 147,926 40,002 07/07/21 07/13/21 0.050% CMB—11/09/21 119d 133,497 35,001 07/13/21 07/15/21 0.045% CMB—08/26/21 42d 136,195 35,001 07/13/21 07/15/21 0.075% bill—07/14/22 364d 121,760 38,166 07/12/21 07/15/21 0.375% note—07/15/24-AQ 3y 149,392 67,548 0.426 - 99.848134 07/12/21 07/15/21 1.625% note—05/15/31-C 9y 10m 96,975 44,256 1.371 - 102.328230 29y 10m 2.000 - 108.392467 07/13/21 07/15/21 2.375% bond—05/15/51 56,584 27,951 07/14/21 07/20/21 0.050% CMB—11/16/21 119d 119,970 30,003 07/20/21 07/22/21 0.045% CMB—09/02/21 42d 138,869 35,001 07/21/21 07/27/21 0.050% CMB—11/23/21 119d 125,424 30,001 07/27/21 07/29/21 0.040% CMB—09/09/21 42d 88,130 20,001 07/22/21 07/30/21 0.125% TIPS—07/15/31-D 10y 39,942 16,000 -1.016 - 112.423650 07/21/21 08/02/21 2.250% bond—05/15/41 19y 58,193 26,298 1.890 - 105.917067 07/26/21 08/02/21 0.125% note—07/31/23-BD 2y 154,024 65,746 0.213 - 99.824943 07/27/21 08/02/21 0.625% note—07/31/26-AB 5y 149,776 66,842 0.710 - 99.583614 07/28/21 08/02/21 0.029% FRN—07/31/23-BE 2y 87,851 30,682 0.029 - 100.000000 07/29/21 08/02/21 1.000% note—07/31/28-N 7y 144,253 67,937 1.050 - 99.663627 07/28/21 08/03/21 0.050% CMB—11/30/21 104,882 30,001 10m 119d 08/03/21 08/05/21 0.040% CMB—09/16/21 42d 87,041 20,001 08/04/21 08/10/21 0.050% CMB—12/07/21 119d 123,279 30,001 08/10/21 08/12/21 0.040% CMB—09/23/21 42d 80,018 20,000 08/10/21 08/12/21 0.080% bill—08/11/22 364d 126,879 37,847 62 Continued from PDO-2 08/10/21 08/16/21 0.375% note—08/15/24-AR 3y 173,242 83,876 0.465 - 99.732422 08/11/21 08/16/21 1.250% note—08/15/31-E 10y 126,818 59,292 1.340 - 99.160510 08/12/21 08/16/21 2.000% bond—08/15/51 30y 71,672 39,046 2.040 - 99.105786 08/11/21 08/17/21 0.045% CMB—12/14/21 119d 133,478 30,002 08/17/21 08/19/21 0.040% CMB—09/30/21 42d 84,743 20,001 08/17/21 08/19/21 0.065% CMB—10/15/21 57d 135,928 50,000 08/18/21 08/24/21 0.045% CMB—12/21/21 119d 117,941 30,000 08/24/21 08/26/21 0.060% CMB—11/01/21 67d 114,771 40,000 08/25/21 08/27/21 0.029% FRN—07/31/23-BE 82,311 26,001 08/25/21 08/31/21 0.050% CMB—12/28/21 116,379 30,003 08/18/21 08/31/21 1.750% bond—08/15/41 20y 69,140 30,392 1.850 - 98.336995 08/19/21 08/31/21 0.125% TIPS—02/15/51 29y 19,739 9,005 -0.292 - 117.718212 08/24/21 08/31/21 0.125% note—08/31/23-BF 2y 166,505 67,539 0.242 - 99.766706 08/25/21 08/31/21 0.750% note—08/31/26-AC 5y 150,975 68,664 0.831 - 99.604103 08/26/21 08/31/21 1.125% note—08/31/28-P 7y 152,621 69,790 1.155 - 99.798822 08/31/21 09/02/21 0.040% CMB—09/23/21 21d 129,798 45,000 09/01/21 09/07/21 0.045% CMB—01/04/22 119d 149,779 30,001 09/07/21 09/09/21 0.050% CMB—09/30/21 21d 152,546 45,002 1y 11m 119d 6m 0.026 - 100.005852 09/07/21 09/09/21 0.075% bill—09/08/22 364d 130,901 37,420 09/08/21 09/14/21 0.045% CMB—01/11/22 119d 131,353 30,002 09/07/21 09/15/21 0.375% note—09/15/24-AS 3y 148,045 64,176 0.447 - 99.785680 09/08/21 09/15/21 1.250% note—08/15/31-E 9y 11m 102,620 42,046 1.338 - 99.184765 09/09/21 09/15/21 2.000% bond—08/15/51 29y 11m 62,216 26,556 1.910 - 102.042432 09/15/21 09/21/21 0.045% CMB—01/18/22 130,577 30,001 09/22/21 09/24/21 0.029% FRN—07/31/23-BE 73,902 26,000 09/22/21 09/28/21 0.035% CMB—01/25/22 09/21/21 09/30/21 09/23/21 119d 1y 10m 101,218 30,001 1.750% bond—08/15/41 19y 11m 59,458 26,890 1.795 - 99.249087 09/30/21 0.125% TIPS—07/15/31-D 9y 10m 37,435 15,686 -0.939 - 112.982468 09/27/21 09/30/21 0.250% note—09/30/23-BG 2y 144,053 67,226 0.310 - 99.880464 09/27/21 09/30/21 0.875% note—09/30/26-AD 5y 151,676 68,347 0.990 - 99.440349 09/28/21 09/30/21 1.250% note—09/30/28-Q 7y 146,644 69,467 1.332 - 99.453681 1 119d Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. 0.026 - 100.005620 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. 63 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Fiscal Service revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, Bureau of the Fiscal Service revised procedures and categories in this table to agree with the Bureau of the Fiscal Service’s publication changes. Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) 64 TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Bureau of the Fiscal Service] Public debt securities Held by U.S. Government accounts Total Federal securities outstanding (1) Total outstanding (2) 2017 ................................................ 2018 ................................................ 2019 ................................................ 2020 ................................................ 2021 ................................................ 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 20,244,900 21,516,058 22,719,402 26,945,391 28,428,919 2020 - Sept ...................................... Oct ....................................... Nov ...................................... Dec ...................................... 2021 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 26,965,542 27,155,572 27,466,498 27,768,006 27,804,680 27,922,267 28,152,398 28,194,469 28,218,691 28,549,263 28,447,372 28,446,893 28,448,421 26,945,391 27,135,477 27,446,288 27,747,798 27,784,553 27,902,364 28,132,570 28,174,714 28,199,008 28,529,436 28,427,722 28,427,317 28,428,919 End of fiscal year or month Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 - 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 2,867,555 2,697,860 2,436,438 4,872,973 5,911,599 5,907,764 6,019,517 6,078,238 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 - 5,907,764 6,019,517 6,078,238 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 4,872,973 4,958,328 5,039,121 5,127,835 5,208,587 5,299,299 5,401,362 5,469,955 5,555,127 5,644,351 5,736,573 5,837,254 5,911,599 Total (3) Public debt securities, continued Agency securities1 Held by private investors End of fiscal year or month Total outstanding (10) Held by Government accounts (12) Total (7) Marketable (8) 2017 ................................................ 2018 ................................................ 2019 ................................................ 2020 ................................................ 2021 ................................................ 11,347,631 11,814,271 13,080,946 22,719,402 16,394,280 10,830,489 11,332,237 12,580,185 16,347,340 15,967,103 517,142 482,034 500,761 478,637 427,176 24,367 24,369 22,822 21,455 19,502 24,363 24,368 22,822 21,455 19,502 4 1 - 2020 - Sept ...................................... Oct ....................................... Nov ...................................... Dec ...................................... 2021 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... 16,164,654 13,996,327 14,628,901 15,253,024 16,454,606 16,475,544 16,605,501 16,606,687 16,490,290 16,709,181 16,571,214 16,439,826 16,394,280 15,501,967 14,273,711 14,866,844 14,104,204 15,840,378 15,859,221 15,986,738 15,986,899 15,866,200 16,094,674 15,961,969 16,094,934 15,967,103 662,687 504,547 360,330 417,839 614,228 616,323 618,763 619,789 624,090 614,507 609,245 344,892 427,176 20,151 20,095 20,210 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 20,151 20,095 20,210 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 - Note—Public issues held by the Federal Reserve banks have been revised to include Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank System. Nonmarketable (9) Held by private investors (11) 65 TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month 2021 - Sept ........ June ....... Mar ......... 2020 - Dec ......... Sept ........ June ....... Mar ......... 2019 - Dec ......... Sept ........ June ....... Mar ......... 2018 - Dec ......... Sept ........ June ....... Mar ......... 2017 - Dec ......... Sept ........ June ....... Mar ......... 2016 - Dec ......... Sept ........ June ....... Mar ......... 2015 - Dec ......... Sept ........ June ....... Mar ......... 2014 - Dec ......... Sept ........ June ....... Mar ......... 2013 - Dec ......... Sept ........ June ....... Mar ......... 2012 - Dec ......... Sept ........ June ....... Mar ......... 2011 - Dec ......... Sept ........ June ....... Mar ......... 1 Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) Total privately held (3) 28,428.9 28,529.4 28,132.6 27,747.8 26,945.4 26,477.4 23,686.9 23,201.4 22,719.4 22,023.5 22,028.0 21,974.1 21,516.1 21,195.3 21,089.9 20,492.7 20,244.9 19,844.6 19,846.4 19,976.9 19,573.4 19,381.6 19,264.9 18,922.2 18,150.6 18,152.0 18,152.1 18,141.4 17,824.1 17,632.6 17,601.2 17,352.0 16,738.2 16,738.2 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 11,579.1 11,382.9 11,095.5 10,809.2 10,371.9 10,157.7 9,279.7 8,359.9 8,023.6 7,945.2 7,999.1 8,095.0 8,068.1 8,106.9 8,086.6 8,132.1 8,036.9 7,943.4 7,941.1 8,005.6 7,863.5 7,911.2 7,801.4 7,711.2 7,488.7 7,536.5 7,521.3 7,578.9 7,490.8 7,461.0 7,301.5 7,205.3 6,834.2 6,773.3 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 16,849.8 17,146.5 17,037.1 16,938.6 16,573.5 16,319.6 14,407.2 14,841.5 14,695.8 14,078.4 14,028.9 13,879.1 13,447.9 13,088.5 13,003.3 12,360.6 12,208.0 11,901.1 11,905.3 11,971.3 11,709.9 11,470.4 11,463.6 11,211.0 10,661.9 10,615.5 10,630.8 10,562.6 10,333.2 10,171.6 10,299.7 10,146.6 9,904.0 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 Depository institutions 3, 4 (4) 1,435.4 1,339.8 1,264.9 1,240.9 1,157.9 947.6 935.1 909.4 808.2 769.5 769.7 682.0 663.1 637.8 636.7 610.5 620.5 657.4 663.1 626.8 580.6 562.9 547.4 519.1 518.5 518.1 516.8 471.1 409.5 368.4 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 279.7 293.8 279.4 321.0 U.S. savings bonds 5 (5) Private 6 (6) 143.6 144.6 145.7 147.1 148.6 149.8 150.0 151.3 152.3 153.4 154.5 155.7 156.8 157.8 159.0 160.4 161.7 162.8 164.2 165.8 167.5 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 869.3 841.0 864.4 846.0 818.1 787.5 705.3 691.1 470.4 443.6 637.3 615.3 605.0 589.7 432.1 570.8 425.9 444.2 538.0 545.6 537.9 524.4 504.7 305.3 373.8 447.8 507.1 490.7 482.6 474.3 464.9 347.8 444.5 463.4 468.0 453.9 427.4 406.6 391.9 373.6 251.8 215.8 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U.S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. As of February 2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. From December 2014 to September 2018, includes savings bonds issued to myRA accounts. Current accrual value. 2 State and Insurance local compagovernments nies *,3 (7) (8) 6 Includes 400.7 374.6 354.2 327.0 306.3 336.8 344.2 346.4 382.0 357.6 367.9 301.7 307.3 300.1 289.4 266.5 262.8 239.5 218.8 203.8 185.0 170.4 174.5 171.0 185.7 176.7 199.2 198.7 198.3 184.3 181.3 187.5 187.7 193.4 183.6 181.7 171.2 169.4 160.7 155.7 158.0 157.9 416.2 388.1 398.2 413.3 402.6 396.3 368.7 366.5 363.4 361.0 360.5 361.3 360.2 366.9 377.9 364.3 352.8 342.6 334.2 345.2 333.7 319.1 310.1 310.0 307.7 308.5 310.5 301.4 291.0 280.1 274.5 276.6 281.3 284.3 292.7 292.6 293.6 298.1 297.3 259.6 254.8 253.5 Mutual funds 3, 7 (9) 3,440.0 3,665.1 3,552.9 3,531.8 3,559.4 2,384.6 2,350.6 2,217.3 1,951.2 2,058.3 2,023.3 1,898.2 1,843.4 1,977.1 1,797.5 1,697.8 1,608.5 1,669.1 1,705.4 1,600.4 1,434.2 1,404.1 1,318.3 1,195.1 1,139.8 1,170.4 1,121.8 1,075.8 986.2 1,060.4 983.3 986.1 1,000.1 1,066.7 1,031.8 1,080.7 997.8 1,015.4 927.9 788.7 753.7 749.4 State and Foreign local govern- and international 8 ments 3 (10) (11) 1,326.2 1,112.1 1,111.9 1,057.7 1,032.8 862.1 793.1 766.8 751.4 752.7 713.2 730.7 726.8 715.8 735.0 704.0 710.1 724.6 717.3 710.9 712.6 694.9 680.9 646.0 652.8 663.3 654.5 628.7 638.8 632.0 633.6 624.3 612.6 615.6 599.6 596.9 585.4 567.4 562.2 557.9 572.2 585.3 7,497.2 7,028.4 7,070.8 7,069.2 7,052.1 6,949.5 6,844.2 6,923.5 6,625.9 6,474.0 6,270.1 6,225.9 6,225.0 6,223.4 6,211.3 6,301.9 6,151.9 6,075.3 6,006.3 6,155.9 6,279.1 6,284.4 6,146.2 6,105.9 6,163.1 6,172.6 6,157.7 6,069.2 6,018.7 5,948.3 5,792.6 5,652.8 5,595.0 5,725.0 5,573.8 5,476.1 5,310.9 5,145.1 5,006.9 4,912.1 4,690.6 4,481.4 Other investors 9 (12) 1,616.8 2,142.2 2,174.1 1,939.0 1,840.6 1,592.8 2,349.0 2,322.4 2,572.6 2,657.7 2,581.5 2,476.0 2,199.9 2,033.6 1,720.4 1,530.5 1,605.8 1,588.4 1,622.4 1,353.8 1,238.3 1,333.0 1,357.1 1,236.8 1,100.1 998.4 919.0 920.8 968.8 1,173.7 1,316.2 1,355.7 1,362.6 1,245.7 1,229.4 1,015.4 1,105.4 1,081.2 971.4 935.8 976.1 1,360.1 U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 7Includes money market mutual funds, mutual funds, and closed-end investment companies. 8Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. For additional information, see: http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. *The “Insurance companies” data presented in Treasury Bulletin issues from December 2018 through June 2021 have been revised. Beginning with the December 2018 TB issue and June 2018 data, ownership data for property-casualty insurance companies was not included in the total, nor were updates to historical data captured due to a change in the FRB Flow of Funds Z.1 release series reporting this data. This new series is now being captured and “Insurance companies” data have been revised back to June 2013. 66 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1—Amounts Outstanding and in Circulation, Sept. 30, 2021 [Source: Bureau of the Fiscal Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $2,446,206,098,839 $2,396,007,176,031 $2,395,532,392,391 $238,941,666 $235,841,974 The Treasury ....................................... 116,347,724 62,291,724 62,067,429 42,307 181,988 FRBs ................................................... 249,135,589,099 247,921,061,867 247,921,060,076 100 1,691 Amounts in circulation ............................. $2,196,954,162,016 $2,148,023,822,440 $2,147,549,264,886 $238,899,259 $235,658,295 Less amounts held by: Coins 2 Amounts outstanding .............................. Total (1) Dollars 2, 3 (2) Fractional coins (3) $50,198,922,808 6,547,064,108 43,651,858,700 The Treasury ....................................... 54,056,000 48,770,000 5,286,000 FRBs ................................................... 1,214,527,232 992,516,292 222,010,940 $48,930,339,576 $5,505,777,816 $ 43,424,561,760 Less amounts held by: Amounts in circulation ............................. See footnotes following table USCC-2. 67 TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2021 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $13,754,293,207 $143,471 $139,472,751 Federal Reserve notes 1 (2) $13,893,909,429 $2 ................................................................................ 2,797,974,216 2,666,548,124 131,413,518 12,574 $5 ................................................................................ 16,795,750,805 16,666,084,935 107,355,370 22,310,500 $10 .............................................................................. 22,870,000,880 22,850,277,870 5,110 19,717,900 $20 .............................................................................. 239,058,451,360 239,038,347,200 600 20,103,560 $50 .............................................................................. 120,023,011,650 120,011,520,450 -8,500 11,499,700 $100 ............................................................................ 1,732,272,645,000 1,732,250,676,600 -19,400 21,987,800 $500 ............................................................................ 141,734,500 141,540,500 4,000 190,000 $1,000 ......................................................................... 165,139,000 164,926,000 5,000 208,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,440,000 3,340,000 - 100,000 Fractional notes 5 ........................................................ 600 - 90 510 Total currency ......................................................... $ 2,148,023,822,440 $2,147,549,264,886 $ 238,899,259 $ 235,658,295 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Sept. 30, 2021 ...................................................................................... 1 6,600 Aug. 31, 2021....................................................................................... 2,190,901 6,588 July 31, 2021........................................................................................ 2,186,316 6,574 Sept. 30, 2020 ...................................................................................... 2,032,424 6,150 Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 Sept. 30, 2010 ...................................................................................... 954,719 3,074 Sept. 30, 2005 ...................................................................................... 766,487 2,578 Sept. 30, 2000 ...................................................................................... 568,614 2,061 Sept. 30, 1995 ...................................................................................... 409,272 1,553 Sept. 30, 1990 ...................................................................................... 278,903 1,105 Sept. 30, 1985 ...................................................................................... 187,337 782 June 30, 1980 ...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30, 1970 ...................................................................................... 54,351 265 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. 2 2,196,954 Per capita 4 (2) 4 Based on Bureau of the Census estimates of population. value of certain partial denominations not presented for redemption. current FRB adjustment. 5 Represents 6 Represents Foreign Currency Positions Exchange Stabilization Fund 69 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, September, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. The information in the tables referenced above is based on the reports referenced in this Introduction: Foreign Currency Positions and is not audited by the Federal Reserve banks or the Treasury Department. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. The data reported herein may occasionally differ with respect to time periods noted in prior issues of this Bulletin due to revisions from reporting market participants that arise from quality assurance controls. 70 SECTION I—Canadian Dollar Positions TABLE FCP-I-1—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 04/07/21 ................................................................. 2,206,026 2,233,724 -172 1.2614 04/14/21 ................................................................. 1,976,262 2,012,820 -142 1.2515 04/21/21 ................................................................. 1,931,636 1,942,170 -133 1.2484 04/28/21 ................................................................. 1,904,661 1,921,978 -77 1.2354 05/05/21 ................................................................. 1,952,734 1,975,917 -42 1.2262 05/12/21 ................................................................. 2,043,804 2,048,616 -92 1.2104 05/19/21 ................................................................. 1,963,558 1,967,299 -68 1.2089 05/26/21 ................................................................. 2,008,269 2,008,884 -89 1.2111 06/02/21 ................................................................. 2,036,221 2,044,142 -20 1.2047 06/09/21 ................................................................. 2,059,601 2,069,381 -106 1.2102 06/16/21 ................................................................. 1,860,322 1,872,765 -103 1.2165 06/23/21 ................................................................. 1,882,840 1,889,141 -224 1.2286 06/30/21 ............................................................ 1,972,051 1,977,487 -223 1.2404 07/07/21 ................................................................. 1,906,421 1,915,016 -337 1.2506 07/14/21 ................................................................. 1,961,933 1,964,053 -153 1.2521 07/21/21 ................................................................. 1,912,177 1,919,448 -248 1.2538 07/28/21 ................................................................. 1,973,060 1,976,917 -228 1.2563 08/04/21 ................................................................. 1,960,900 1,960,127 -222 1.2551 08/11/21 ................................................................. 1,999,366 2,005,360 -78 1.2513 08/18/21 ................................................................. 1,928,048 1,934,813 -336 1.2638 08/25/21 ................................................................. 1,984,044 1,983,457 -259 1.2624 09/01/21 ................................................................. 2,162,144 2,171,959 -342 1.2615 09/08/21 ................................................................. 2,189,671 2,200,996 -287 1.2681 09/15/21 ................................................................. 1,903,390 1,918,899 -284 1.2653 09/22/21 ................................................................. 1,871,803 1,896,386 -288 1.2733 09/29/21 ................................................................. 1,823,900 1,841,059 -325 1.2750 71 SECTION I—Canadian Dollar Positions, continued TABLE FCP-I-2—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian dollars per Net delta U.S. dollar) equivalent (10) (9) 2018 - Dec ................... 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 2019 - Dec ................... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 2020 - Oct. .................. 1,703,429 1,758,534 224,685 n.a. 48,430 45,795 81,609 77,280 -190 1.3332 Nov .................. 1,792,131 1,833,180 273,359 195,891 55,702 54,430 91,951 84,834 -225 1.2982 Dec .................. 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 2021 – Jan. ................. 1,770,713 1,800,577 237,343 166,597 60,229 58,558 94,655 84,992 -116 1.2776 Feb .................. 2,002,996 2,047,366 254,560 179,784 67,565 66,850 98,878 85,596 -117 1.2698 Mar .................. 2,282,462 2,302,400 299,885 244,667 64,889 64,901 95,349 89,904 -107 1.2571 Apr. .................. 2,041,923 2,057,465 223,148 153,300 54,871 57,489 93,507 84,248 -27 1.2291 May.................. 2,048,784 2,075,557 218,449 156,807 64,082 63,840 109,543 111,552 -29 1.2087 June................. 2,006,475 2,007,476 171,759 159,735 77,145 73,809 134,924 137,377 -183 1.2404 July. ................. 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 Aug .................. 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 Sept ................. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 TABLE FCP-I-3—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 2018 - Dec ................... 29,734 61,026 139,329 98,110 696 346 3,017 1,941 18 1.3644 2019 - Mar ................... 44,154 77,412 136,922 n.a. 326 276 4,592 n.a. 4 1.336 June ................. 61,181 92,673 141,337 n.a. 1,612 922 n.a. 427 n.a. 1.3091 Sept .................. 65,325 98,507 135,411 n.a. 527 393 n.a. 653 -2 1.3243 Dec ................... 45,259 78,619 130,707 n.a. 449 352 n.a. 463 -5 1.2962 2020 - Mar ................... 37,877 79,185 123,492 n.a. 284 541 4,177 1,611 n.a. 1.4123 June ................. 35,105 75,424 120,966 n.a. 531 414 n.a. 755 26 1.3614 Sept .................. 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 Dec ................... 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 2021 - Mar ................... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 June ................. 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 72 SECTION II—Japanese Yen Positions TABLE FCP-II-1—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 04/07/21 .................................................................. 566,318 573,363 -57 109.67 04/14/21 .................................................................. 558,349 554,556 -65 108.93 04/21/21 .................................................................. 552,682 556,597 -59 108.09 04/28/21 .................................................................. 550,717 555,706 -64 108.81 05/05/21 .................................................................. 592,821 597,834 n.a. 109.27 05/12/21 .................................................................. 551,507 559,805 n.a. 109.53 05/19/21 .................................................................. 545,088 554,235 -72 108.76 05/26/21 .................................................................. 559,939 566,121 n.a. 109.1 06/02/21 .................................................................. 580,334 586,286 n.a. 109.59 06/09/21 .................................................................. 575,373 580,033 n.a. 109.61 06/16/21 .................................................................. 543,616 545,517 -79 109.88 06/23/21 .................................................................. 554,379 557,378 -85 110.86 06/30/21.............................................................. 559,243 562,363 -73 111.05 07/07/21 .................................................................. 540,084 542,091 -71 110.62 07/14/21 .................................................................. 540,591 545,008 -64 110.03 07/21/21 .................................................................. 541,481 541,041 -73 110.22 07/28/21 .................................................................. 547,020 546,257 -70 110.06 08/04/21 .................................................................. 539,389 542,706 -71 109.44 08/11/21 .................................................................. 555,172 559,687 -71 110.47 08/18/21 .................................................................. 538,233 543,099 -73 109.92 08/25/21 .................................................................. 552,496 555,512 -67 110.03 09/01/21 .................................................................. 572,522 577,815 -67 110.03 09/08/21 .................................................................. 582,786 587,494 -78 110.32 09/15/21 .................................................................. 542,221 546,410 -74 109.40 09/22/21 .................................................................. 576,605 550,186 -80 109.59 09/29/21 .................................................................. 596,323 572,271 -90 111.83 Spot, forward and future contracts Report date 73 SECTION II—Japanese Yen Positions, continued TABLE FCP-II-2—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Liabilities (4) Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2018 - Dec .................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 2019 - Dec .................. 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 2020 - Oct. ................. 551,159 549,301 88,637 77,844 29,742 31,765 45,209 48,076 3 104.54 Nov ................. 583,969 582,439 86,824 76,272 30,927 32,800 45,772 48,846 11 104.38 Dec ................. 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 2021 – Jan. ................ 572,126 535,411 96,452 81,942 29,099 30,875 42,146 44,256 1 104.64 Feb ................. 614,597 574,596 97,995 80,031 26,972 28,589 40,987 43,116 21 106.64 Mar ................. 590,832 593,506 106,991 93,309 27,446 28,288 41,003 43,537 -9 110.61 Apr. ................. 567,978 571,315 80,853 68,133 24,935 26,069 38,704 40,559 -27 109.33 May................. 572,366 582,086 83,062 68,554 24,250 25,780 38,338 39,855 -27 109.83 June................ 567,818 570,584 84,812 76,766 22,729 23,922 35,724 37,547 -26 111.05 July. ................ 554,596 554,165 70,634 60,541 22,119 23,297 33,820 35,360 -5 109.70 Aug ................. 563,062 565,922 70,295 60,291 21,429 22,256 31,645 33,429 -8 110.05 Sept ................ 613,737 587,685 85,319 72,785 21,474 22,581 31,421 34,069 -33 111.50 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2018 - Dec ................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 2019 - Mar ................... 7,790 7,262 9,387 6,865 297 513 425 122 3 110.68 June ................. 7,769 6,437 9,348 6,519 499 554 665 186 -38 107.84 Sept .................. 7,691 6,782 8,470 5,769 302 445 550 135 1 108.11 Dec ................... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 2020 - Mar ................... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53 June ................. 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 Sept .................. 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58 Dec ................... n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 2021 - Mar ................... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 June ................. 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 74 SECTION III—Swiss Franc Positions TABLE FCP-III-1—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 04/07/21 .................................................................. 821,160 843,343 n.a. 0.9274 04/14/21 .................................................................. 835,342 867,332 n.a. 0.9228 04/21/21 .................................................................. 797,624 827,452 n.a. 0.9166 04/28/21 .................................................................. 797,870 832,022 n.a. 0.9124 05/05/21 .................................................................. 801,564 832,797 n.a. 0.9130 05/12/21 .................................................................. 794,937 829,083 n.a. 0.9088 05/19/21 .................................................................. 826,719 861,776 n.a. 0.9003 05/26/21 .................................................................. 826,329 852,323 159 0.8973 06/02/21 .................................................................. 873,277 897,311 n.a. 0.8980 06/09/21 .................................................................. 873,153 903,919 n.a. 0.8958 06/16/21 .................................................................. 775,000 812,851 72 0.8986 06/23/21 .................................................................. 782,796 815,409 35 0.9169 06/30/21.............................................................. 891,711 903,780 n.a. 0.9253 07/07/21 .................................................................. 838,784 858,692 64 0.9252 07/14/21 .................................................................. 866,086 887,114 28 0.9154 07/21/21 .................................................................. 843,487 855,425 68 0.9179 07/28/21 .................................................................. 854,186 872,803 103 0.9134 08/04/21 .................................................................. 808,225 832,331 137 0.9061 08/11/21 .................................................................. 836,567 860,296 85 0.9215 08/18/21 .................................................................. 858,162 883,853 65 0.9179 08/25/21 .................................................................. 897,893 924,218 62 0.9137 09/01/21 .................................................................. 968,306 992,599 41 0.9145 09/08/21 .................................................................. 932,361 962,716 13 0.9219 09/15/21 .................................................................. 863,776 895,736 13 0.9196 09/22/21 .................................................................. 875,078 905,655 26 0.9223 09/29/21 .................................................................. 880,625 909,122 21 0.9335 75 SECTION III—Swiss Franc Positions, continued TABLE FCP-III-2—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls Options positions Puts Written Bought Written (6) (7) (8) Exchange rate Net delta (Swiss francs per U.S. dollar) equivalent (10) (9) 2018 - Dec ................... 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 2019 - Dec ................... 875,026 919,323 94,699 70,094 41,629 39,815 66,118 62,231 n.a. 0.9677 2020 - Oct. .................. 957,045 972,381 82,486 59,614 36,546 33,368 50,714 49,187 n.a. 0.9165 Nov .................. 939,685 966,047 79,537 59,193 34,296 32,042 50,156 48,387 n.a. 0.9060 Dec .................. 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 2021 – Jan. ................. 849,599 881,768 79,328 60,189 31,612 29,452 45,854 45,648 n.a. 0.8905 Feb .................. 909,212 943,183 86,020 70,546 35,879 32,391 55,072 54,518 n.a. 0.9092 Mar .................. 929,721 962,928 111,825 99,888 40,799 36,826 60,746 59,553 n.a. 0.9418 Apr. .................. 886,203 919,745 66,391 53,952 41,057 37,255 62,056 61,530 n.a. 0.9127 May.................. 907,082 956,795 71,244 58,361 38,856 36,976 58,262 56,780 n.a. 0.8995 June................. 953,238 988,629 71,968 67,603 34,376 33,359 53,154 52,903 69 0.9253 July. ................. 889,817 927,598 65,244 51,437 32,520 30,130 52,157 50,280 117 0.9061 Aug .................. 1,007,233 1,047,742 67,580 58,989 35,418 32,547 57,952 59,107 66 0.9161 Sept ................. 941,447 978,529 73,713 61,402 37,392 36,565 60,400 58,162 31 0.9339 TABLE FCP-III-3—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2018 - Dec ................... 15,001 18,474 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832 2019 - Mar ................... 15,382 18,508 116,780 17,956 n.a. n.a. 1,002 n.a. n.a. 0.9962 June ................. 15,792 24,077 111,660 16,940 n.a. n.a. n.a. n.a. n.a. 0.9758 Sept .................. 15,906 20,908 109,813 16,485 82 n.a. 148 67 n.a. 0.9978 Dec ................... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. n.a. n.a. 0.9677 2020 - Mar ................... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 June ................. n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467 Sept .................. n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 Dec ................... n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841 2021 - Mar ................... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 June ................. 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 76 SECTION IV—Sterling Positions TABLE FCP-IV-1—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 04/07/21 .................................................................. 3,155,896 3,311,516 -14 1.3757 04/14/21 .................................................................. 3,078,682 3,264,588 -22 1.3790 04/21/21 .................................................................. 2,995,859 3,167,877 -121 1.3936 04/28/21 .................................................................. 3,070,441 3,250,770 -107 1.3917 05/05/21 .................................................................. 3,197,689 3,353,098 -102 1.3913 05/12/21 .................................................................. 3,124,135 3,292,699 -73 1.4081 05/19/21 .................................................................. 3,158,647 3,322,204 -26 1.4169 05/26/21 .................................................................. 3,211,367 3,380,845 45 1.4129 06/02/21 .................................................................. 3,251,370 3,436,690 67 1.4177 06/09/21 .................................................................. 3,273,368 3,465,318 -104 1.4124 06/16/21 .................................................................. 3,022,784 3,184,562 -76 1.4110 06/23/21 .................................................................. 3,098,876 3,239,900 -122 1.3977 06/30/21 ............................................................. 3,250,002 3,439,601 -97 1.3806 07/07/21 .................................................................. 3,031,552 3,195,108 -158 1.3792 07/14/21 .................................................................. 3,194,917 3,342,350 -144 1.3854 07/21/21 .................................................................. 3,103,984 3,242,935 -143 1.3695 07/28/21 .................................................................. 3,207,284 3,336,157 -179 1.3884 08/04/21 .................................................................. 3,161,398 3,276,653 -201 1.3912 08/11/21 .................................................................. 3,246,768 3,360,136 -213 1.3866 08/18/21 .................................................................. 3,191,649 3,303,971 -88 1.3749 08/25/21 .................................................................. 3,219,692 3,325,909 -153 1.3723 09/01/21 .................................................................. 3,346,077 3,489,056 -76 1.3790 09/08/21 .................................................................. 3,210,846 3,326,194 68 1.3761 09/15/21 .................................................................. 3,015,503 3,147,030 21 1.3837 09/22/21 .................................................................. 3,098,416 3,227,630 40 1.3669 09/29/21 .................................................................. 3,301,738 3,436,669 19 1.3439 77 SECTION IV—Sterling Positions, continued TABLE FCP-IV-2—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) 2018 - Dec ................... 2,689,988 2,890,865 Foreign currency denominated Assets Liabilities (3) (4) 1,007,091 949,828 Calls Bought (5) 140,974 Options positions Puts Written Bought Written (6) (7) (8) 136,398 113,570 Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 106,149 -93 1.2763 2019 - Dec ................... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 2020 - Oct. .................. 3,232,180 3,394,734 655,529 557,915 111,934 108,000 80,289 82,582 -64 1.2933 Nov .................. 3,307,523 3,477,920 700,787 585,524 98,597 94,155 83,970 88,187 69 1.3338 Dec .................. 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 2021 – Jan. ................. 3,094,238 3,272,974 741,022 595,349 90,750 87,423 88,917 81,744 77 1.3723 Feb .................. 3,427,549 3,607,808 698,107 575,176 107,650 105,462 86,953 87,450 74 1.3947 Mar .................. 3,399,267 3,583,991 678,361 629,784 101,951 98,434 74,068 70,975 -1 1.3795 Apr. .................. 3,337,230 3,527,657 505,764 456,979 98,642 94,837 70,994 69,478 -55 1.3838 May.................. 3,309,764 3,507,988 559,975 493,259 86,665 84,259 64,180 61,118 71 1.4188 June................. 3,306,543 3,494,167 565,087 504,257 76,806 75,434 69,588 67,183 -91 1.3806 July. ................. 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913 Aug .................. 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747 Sept ................. 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470 TABLE FCP-IV-3—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) 56,301 Foreign currency denominated Assets Liabilities (3) (4) 196,698 Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 2018 - Dec ................... 35,003 2019 - Mar ................... 38,710 60,551 June ................. 33,103 59,034 Sept .................. 38,175 64,162 Dec ................... 37,609 60,334 2020 - Mar ................... 39,590 June ................. 34,001 Sept .................. 31,675 58,932 211,807 78,738 1,303 1,088 Dec ................... 45,430 n.a. 222,675 80,552 1,711 1,354 2021 - Mar ................... 43,845 63,450 232,954 88,856 1,918 1,890 June ................. 50,602 66,849 225,356 87,405 1,519 1,652 2,941 2,060 Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 118 1.2763 56,905 7,323 5,123 212,555 66,770 11,947 10,874 2,508 2,109 57 1.3032 205,735 61,990 1,363 1,645 1,897 1,197 -37 1.2704 207,780 63,653 5,195 3,823 3,871 3,397 83 1.2305 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 2,281 1,968 207 1.2921 2,318 2,241 222 1.3662 1,065 669 187 1.3795 1,224 306 303 1.3806 78 SECTION V—U.S. Dollar Positions TABLE FCP-V-1—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 04/07/21 ................................................................ 27,349,454 26,569,802 -1,560 n.a. 04/14/21 ................................................................ 27,392,423 26,651,529 -1,285 n.a. 04/21/21 ................................................................ 26,609,061 25,879,058 -1,715 n.a. 04/28/21 ................................................................ 27,067,976 26,402,162 -1,854 n.a. 05/05/21 ................................................................ 27,209,916 26,423,251 -2,056 n.a. 05/12/21 ................................................................ 27,192,939 26,287,299 -1,420 n.a. 05/19/21 ................................................................ 27,201,062 26,365,505 -1,566 n.a. 05/26/21 ................................................................ 27,911,387 27,128,145 -1,868 n.a. 06/02/21 ................................................................ 28,306,374 27,511,147 -2,142 n.a. 06/09/21 ................................................................ 28,955,031 28,158,038 -2,198 n.a. 06/16/21 ................................................................ 26,399,027 25,707,702 -1,992 n.a. 06/23/21 ................................................................ 26,846,654 26,051,612 -2,393 n.a. 06/30/21 .......................................................... 27,611,626 26,720,904 -2,601 n.a. 07/07/21 ................................................................ 26,493,017 25,659,046 -2,270 n.a. 07/14/21 ................................................................ 27,155,219 26,377,445 -2,590 n.a. 07/21/21 ................................................................ 26,675,832 25,846,424 -2,860 n.a. 07/28/21 ................................................................ 27,384,297 26,646,133 -2,811 n.a. 08/04/21 ................................................................ 26,790,140 25,993,926 -2,490 n.a. 08/11/21 ................................................................ 27,664,117 26,772,316 -2,543 n.a. 08/18/21 ................................................................ 27,373,300 26,593,363 -2,117 n.a. 08/25/21 ................................................................ 28,092,408 27,356,850 -3,450 n.a. 09/01/21 ................................................................ 29,589,248 28,772,608 -3,296 n.a. 09/08/21 ................................................................ 29,282,248 28,454,856 -3,262 n.a. 09/15/21 ................................................................ 27,163,541 26,198,046 -2,698 n.a. 09/22/21 ................................................................ 27,651,796 26,620,004 -2,491 n.a. 09/29/21 ................................................................ 28,386,164 27,452,261 -2,724 n.a. 79 SECTION V—U.S. Dollar Positions, continued TABLE FCP-V-2—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Puts Bought Written (7) (8) Calls Bought (5) Written (6) Net delta equivalent (9) Exchange rate (10) 2018 - Dec .............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a. 2019 - Dec .............. 24,180,933 23,475,477 - - 1,314,653 1,305,332 1,109,429 1,106,074 -1902 n.a. 2020 - Oct. ............. 26,310,379 25,787,833 - - 1,384,975 1,374,666 1,241,723 1,249,970 117 n.a. Nov ............. 28,284,969 27,161,281 - - 1,406,692 1,388,649 1,319,213 1,339,533 -772 n.a. Dec ............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a. 2021 – Jan. ............ 27,260,519 26,568,251 - - 1,392,685 1,377,196 1,318,878 1,345,890 -1,205 n.a. Feb ............. 29,049,951 28,289,749 - - 1,386,453 1,369,219 1,292,974 1,300,441 -736 n.a. Mar ............. 28,837,712 28,080,020 - - 1,409,087 1,393,480 1,266,936 1,295,961 -509 n.a. Apr. ............. 28,153,212 27,370,680 - - 1,369,601 1,347,210 1,209,128 1,229,889 -1,721 n.a. May............. 28,477,597 27,686,519 - - 1,378,269 1,382,290 1,335,962 1,361,299 -1,587 n.a. June............ 28,371,515 27,445,636 - - 1,365,836 1,366,509 1,260,538 1,292,253 -1853 n.a. July. ............ 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a. Aug ............. 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2688 n.a. Sept ............ 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 n.a. TABLE FCP-V-3—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2018 - Dec .................. 424,656 368,534 - - 23,014 25,224 26,202 25,804 2,684 n.a. 2019 - Mar .................. 479,088 367,085 - - 24,392 24,220 27,390 26,982 1,982 n.a. June ................ 492,795 384,134 - - 22,611 19,703 22,966 20,310 2,439 n.a. Sept ................. 517,152 383,695 - - 22,698 19,505 21,249 19,635 1,960 n.a. Dec .................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a. 2020 - Mar .................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a. June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a. Sept ................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a. Dec .................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a. 2021 - Mar .................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 n.a. June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a. 80 SECTION VI—Euro Positions TABLE FCP-VI-1—Weekly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 04/07/21 ............................................................................. 7,583,591 7,771,312 192 0.8410 04/14/21 ............................................................................. 7,615,337 7,768,947 226 0.8351 04/21/21 ............................................................................. 7,378,133 7,544,922 -78 0.8311 04/28/21 ............................................................................. 7,415,555 7,588,578 184 0.8266 05/05/21 ............................................................................. 7,302,493 7,457,101 82 0.8331 05/12/21 ............................................................................. 7,343,121 7,542,800 11 0.8282 05/19/21 ............................................................................. 7,274,732 7,473,934 20 0.8186 05/26/21 ............................................................................. 7,532,517 7,701,539 -123 0.8194 06/02/21 ............................................................................. 7,588,329 7,763,163 6 0.8188 06/09/21 ............................................................................. 7,609,755 7,810,612 -64 0.8208 06/16/21 ............................................................................. 7,186,817 7,360,937 -570 0.8252 06/23/21 ............................................................................. 7,359,265 7,530,702 -659 0.8368 06/30/21 ........................................................................... 7,544,125 7,719,039 -562 0.8440 07/07/21 ............................................................................. 7,241,653 7,408,302 -489 0.8472 07/14/21 ............................................................................. 7,491,348 7,668,027 -433 0.8456 07/21/21 ............................................................................. 7,237,141 7,411,121 -145 0.8475 07/28/21 ............................................................................. 7,354,633 7,537,176 -229 0.8468 08/04/21 ............................................................................. 7,137,100 7,331,520 -294 0.8445 08/11/21 ............................................................................. 7,439,947 7,625,359 59 0.8520 08/18/21 ............................................................................. 7,360,758 7,550,351 159 0.8546 08/25/21 ............................................................................. 7,519,233 7,703,308 152 0.8505 09/01/21 ............................................................................. 8,001,894 8,206,954 159 0.8439 09/08/21 ............................................................................. 7,878,354 8,065,981 106 0.8462 09/15/21 ............................................................................. 7,547,700 7,723,668 50 0.8467 09/22/21 ............................................................................. 7,511,559 7,665,922 -15 0.8519 09/29/21 ............................................................................. 7,928,338 8,111,957 341 0.8612 81 SECTION VI—Euro Positions, continued TABLE FCP-VI-2—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2018 - Dec ................... 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 2019 - Dec ................... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 2020 - Oct. .................. 7,610,961 7,731,933 1,629,698 1,441,998 573,385 567,065 355,937 342,392 -381 0.8586 Nov .................. 7,985,834 8,129,044 1,607,199 1,540,279 581,051 575,894 345,375 332,602 -158 0.837 Dec .................. 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 2021 – Jan. ................. 7,563,421 7,695,095 1,504,154 1,340,558 559,384 555,378 352,313 342,696 252 0.8241 Feb .................. 7,836,248 7,973,948 1,556,999 1,304,954 548,195 548,795 378,481 369,348 143 0.8269 Mar .................. 8,068,820 8,224,468 1,785,930 1,656,036 516,344 527,888 390,374 384,224 -41 0.8516 Apr. .................. 7,865,156 8,031,263 1,323,093 1,181,557 539,190 545,503 366,466 364,085 -51 0.8313 May.................. 7,552,510 7,694,740 1,403,319 1,294,190 602,994 618,745 377,810 375,265 -193 0.8201 June................. 7,848,191 7,990,484 1,493,136 1,324,662 541,773 561,660 390,838 381,357 -141 0.844 July. ................. 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 Aug .................. 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 Sept ................. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 TABLE FCP-VI-3—Quarterly Report of Large Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 2018 - Dec ................... 120,635 151,502 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 2019 - Mar ................... 123,672 155,693 399,029 230,690 6,690 6,683 16,534 12,516 n.a. 0.8906 June ................. 138,570 152,753 415,773 246,478 7,578 6,376 8,135 4,478 n.a. 0.8792 Sept .................. 143,594 164,534 418,921 259,403 5,806 6,451 8,774 5,174 449 0.9170 Dec ................... 119,978 156,168 419,532 240,205 5,216 4,731 6,979 4,235 n.a. 0.8907 2020 - Mar ................... 130,902 158,097 382,290 238,619 5,922 7,220 8,181 4,094 n.a. 0.9078 June ................. 110,528 137,567 405,125 235,074 11,006 8,743 8,475 5,323 1,127 0.8899 Sept .................. 117,852 137,004 396,308 247,487 4,399 4,053 7,656 5,867 n.a. 0.8530 Dec ................... n.a. n.a. 457,474 253,720 5,629 n.a. n.a. 3,215 5 0.8177 2021 - Mar ................... 116,311 152,858 458,038 249,171 4,771 5,112 11,218 7,102 -719 0.8516 June ................. 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 82 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 codified at 31 United States Code 5302, which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Section 4027 of H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020 as Pub. Law 116-136, appropriated $500 billion to the ESF. The Consolidated Appropriations Act, 2021, subsequently rescinded $479 billion of the $500 billion appropriation provided to Treasury. Resources of the fund include (a) Fund Balance, which is available to support subsidy costs for loan modifications and expenditures for administrative expenses in support of the CARES Act, (b) U.S. Government securities (dollar balances), (c) special drawing rights -SDRs, and (d) foreign currencies. Principal sources of income -+ or loss -- for the fund are profits -+ or losses -- on SDRs and foreign exchange, and interest earned on U.S Government, foreign securities, and SDRs. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars. Amounts and transactions pertaining to foreign currencies and special drawing rights, an international reserve asset created by the International Monetary Fund (IMF) to supplement its member countries’ position in the Fund, have been converted to U.S. dollars based on current exchange rates computed according to the accrual method of accounting. Investments and loans receivable are reported at cost. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. The additional appropriated capital represents the amount appropriated under the CARES Act Sec 4027 minus transfers, expenditures for administrative and subsidy costs, and rescissions resulting from the passage of Consolidated Appropriations Act, 2021. Conversion gains and losses are reflected in the cumulative net income -+ or loss -- account. • Table ESF-2 shows the results of operations for the current quarter and year-to-date. Figures are in U.S. dollars computed according to the accrual method. “Profit -+ or loss -- on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. CARES Act related administrative costs incurred in connection with the loans, and other investments are accrued. 83 TABLE ESF-1—Balances as of June 30, 2021, and September 30, 2021 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance ................................................................... U.S. Government securities ............................................. Special drawing rights 1 ........................................................... Economic Recovery Program Investments............................. Economic Recovery Program Loans Receivable.................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable................................................................. June 30, 2021 June 30, 2021, through Sept. 30, 2021 Sept. 30, 2021 1,650,647 22,838,051 52,444,969 40,278,368 1,297,330 333,629 (1,160) 111,429,205 (13,418,549) (150,622) 1,984,276 22,836,891 163,874,174 26,859,819 1,146,708 12,721,043 8,417,306 48,934 (303,738) (34,097) 6,244 12,417,305 8,383,209 55,178 Total assets .......................................................................... 139,696,648 97,860,912 237,557,560 Liabilities and capital Current liabilities: Accounts payable................................................................. 4,718 6,423 11,141 Total current liabilities ...................................................... 4,718 6,423 11,141 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Debt, including accrued interest payable 5,200,000 50,374,993 25,832,165 111,450,476 (1,841,073) 5,200,000 161,825,469 23,991,092 Total other liabilities ......................................................... 81,407,158 109,609,403 191,016,561 Capital: Initial Appropriated Capital Account .................................... Additional Appropriated Capital Account Net income -+ or loss -- -see Table ESF-2 .......................... 200,000 19,462,510 (1,894,419) (13,109,315) 1,354,399 200,000 6,353,195 (540,020) Total capital...................................................................... 58,284,772 (11,754,914) 46,529,858 Total liabilities and capital ............................................ 139,696,648 97,860,912 237,557,560 See footnote on the following page. 84 TABLE ESF-2—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter July 1, 2021, through September 30, 2021 Fiscal year to date Oct. 1, 2020 through September 30, 2021 Income and expense Profit -+ or loss-- on: Foreign exchange ......................................................... (325,747) (626,504) Adjustment for change in valuation of SDR holdings and allocations 1 .................................... (25,528) 1,543 SDRs........................................................................... (94) 422 U.S. Government Securities........................................ 2,835 7,053 Foreign exchange........................................................ (11,781) (44,470) Appropriations Revenue.............................................. 2,186 19,086 Administrative Expense............................................... (2,067) (19,092) Facility Fees................................................................. - 15,020 Net gain (loss) on Disposition of Investments.............. 462,468 511,533 Net Interest revenue and expense............................... 1,252,127 (404,611) Income for operations.................................................. 1,354,399 (540,020) Net income (+) or loss (-) ........................................ 1,354,399 (540,020) Interest (+) or net charges (-) on: Economic Recovery Program (+) or net charges (-) on: . 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” Trust Funds 86 TABLE TF-6A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .......................................................................................................... 74 less: Cash balance (fiscal year 2023) ..................................................................................................................................................................................... 66 Unfunded authorizations (fiscal year 2023) .................................................................................................................................................................... 8 48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)........................................................................................................................ 141 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .......................................................................................................... 44 less: Cash balance (fiscal year 2023) ..................................................................................................................................................................................... 24 Unfunded authorizations (fiscal year 2023) .................................................................................................................................................................... 20 48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027)....................................................................................................................... 25 Note—Detail may not add due to rounding. Reflects extension of authorized revenue collection and funding levels prescribed in P.L. 117-58. Note— 48-month revenue estimate reflects FY 2022 Midsession Review projections. 87 Glossary With References to Applicable Sections and Tables Source: Bureau of the Fiscal Service Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was suspended through March 1, 2019. Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by 88 Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund transactions (“Exchange Stabilization Fund”, ESF-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” ESF-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. 89 Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER