Full text of Treasury Bulletin : December 2024

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BULLETIN

DECEMBER 2024

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 ............................................................................................................................. 12
Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 13
FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 15
FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 15
FFO-1—Summary of Fiscal Operations .............................................................................................................................. 16
FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 17
FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 19
FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 21
FFO-5—Internal Revenue Receipts by State ....................................................................................................................... 22
FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees by Districts and Ports ............................. 26
FEDERAL DEBT
Introduction—Federal Debt ................................................................................................................................................. 32
FD-1—Summary of Federal Debt ....................................................................................................................................... 33
FD-2—Debt Held by the Public .......................................................................................................................................... 34
FD-3—Government Account Series .................................................................................................................................... 35
FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 36
FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by
Private Investors .................................................................................................................................................... 37
FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 38
FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 39
FISCAL SERVICE OPERATIONS
Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 41
TREASURY FINANCING ................................................................................................................................................. 41
PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 58
PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 59
OWNERSHIP OF FEDERAL SECURITIES
Introduction—Ownership of Federal Securities .................................................................................................................. 61
OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 62
OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 63
U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION
Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 64
USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 64
USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 65

INTERNATIONAL STATISTICS
FOREIGN CURRENCY POSITIONS

Table of Contents
Introduction—Foreign Currency Positions .......................................................................................................................... 67
SECTION I—Canadian Dollar Positions
FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 68
FCP-I-2—Monthly Report of Major Market Participants.................................................................................................... 69
FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 69
SECTION II—Japanese Yen Positions
FCP-II-1—Weekly Report of Major Market Participants.................................................................................................... 70
FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 71
FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 71
SECTION III—Swiss Franc Positions
FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 72
FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 73
FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 73
SECTION IV—Sterling Positions
FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 74
FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 75
FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 75
SECTION V—U.S. Dollar Positions
FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 76
FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 77
FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 77
SECTION VI—Euro Positions
FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 78
FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 79
FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 79
EXCHANGE STABILIZATION FUND
Introduction—Exchange Stabilization Fund ........................................................................................................................ 80
ESF-1—Balance Sheet ........................................................................................................................................................ 81
ESF-2—Statement of Net Cost ............................................................................................................................................ 82

SPECIAL REPORTS
TRUST FUNDS
Introduction—Highway Trust Fund .................................................................................................................................... 84
TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 84
GLOSSARY ........................................................................................................................................................................ 85
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.

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.....................................................................
√

OPERATIONS
Profile of the Economy
Federal Fiscal Operations
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 27, 2024
Introduction
The U.S. economy continued to demonstrate robust growth in the third quarter, with real GDP
increasing 2.8 percent, supported by strong private domestic demand. Although the pace of job
growth moderated, this partly reflected exogenous factors such as weather and labor strikes.
Meanwhile, other aspects of the labor market improved: real earnings growth was solid, the
balance between labor supply and demand continued to mend, and initial unemployment claims
remained near historically low levels.
Notably, inflationary pressures receded in the third quarter such that the Federal Reserve’s
preferred measure—the Personal Consumption Expenditure (PCE) price index—slowed to
within a tenth of a percentage point of the 2 percent inflation target as of September.
Households’ moods, however, have remained somewhat depressed amid reported concern over
persistently elevated price levels, but —after accounting for changes in survey methodology—
the outlook for the economy’s future has improved among consumers, businesses, and builders.
Economic Growth
Real GDP growth increased by 2.8 percent at an annual rate in the third quarter of this year,
according to the advance estimate, slowing modestly from the second quarter’s 3.0 percent pace.
A marked acceleration in private consumption drove much of the latest quarter’s expansion, but
growth was also supported by public expenditures and business fixed investment (BFI).
Decomposing GDP into smaller components can be helpful in explaining the economy’s
performance. The four components we consider are: (1) private domestic final purchases
(PDFP), the most persistent and stable component of output, consisting of personal consumption
expenditures (PCE), BFI, and residential investment; (2) government consumption and
investment; (3) net international purchases (U.S. exports less U.S. imports); and (4) intermediate
demand (or the change in private inventories). Examined separately, each component delivers
specific information about activity in various sectors that can also be useful in predicting the
future path of growth.
The first component, PDFP, is particularly important to analyze: it measures the private sector’s
capacity to drive self-sustaining growth and, therefore, may signal the direction of future
economic performance. In the third quarter, real PDFP growth was 3.2 percent at an annual
rate—or 0.5 percentage points above the second quarter pace—and accounted for 2.7 percentage
points of total GDP growth.
Personal consumption of goods and services accelerated sharply to 3.5 percent at an annual rate
in the third quarter, following a 2.8 percent gain in the second quarter. PCE made the largest

2

contribution to GDP growth of any component (2.4 percentage points). Purchases of goods rose
by 5.6 percent, double the second quarter’s pace, while growth of expenditures on services was
2.6 percent, just shy of the growth rate in the previous quarter.
BFI grew by 3.8 percent at an annual rate in the third quarter, near the second quarter’s 3.9
percent pace. Investment in real equipment surged by 10.6 percent in the third quarter, the
fastest rate since 2023 Q2, after a 9.8 percent advance in the second quarter. Intellectual
property products investment increased for the seventeenth consecutive quarter, but the 2.5
percent gain was the weakest pace so far in the post-pandemic recovery. By contrast, investment
in business structures declined outright for the first time since 2021’s fourth quarter, falling 4.7
percent. Amid the pull-back in structures spending, growth in business investment in
manufacturing structures—which had been robust since mid-2021—declined 3.1 percent at an
annual rate in the third quarter of 2024.
Residential investment, the final component of PDFP, dropped by 5.2 percent in the third
quarter, following a 2.8 percent decline in the second quarter. These decreases reflected a retreat
in the construction of single-family homes as well as multifamily structures. Even so, residential
investment spending only subtracted 0.2 percentage points from real GDP growth in the third
quarter.
Of the remaining major components of GDP, only government spending made a positive
contribution to economic growth in the third quarter. Government spending added 0.8 percentage
points to GDP growth, mostly reflecting a 0.5 percentage point addition from federal purchases
for national defense goods and services. The contribution from state and local governments held
steady at 0.3 percentage points. Meanwhile, the change in private inventories, which can exhibit
wide swings from quarter to quarter, subtracted 0.1 percentage points from real GDP growth,
slipping from a 1.1 percentage point contribution in the second quarter. Turning to net exports,
growth rates of both exports and imports surged in the third quarter, but the pace of import
growth still exceeded that of exports, leaving the trade deficit at its widest in over two years. Net
exports subtracted 0.6 percentage points from GDP growth in the third quarter—although this
was less than the 0.9 percentage point drag in the second quarter.

3

Growth of Real GDP
(Quarterly percent change at annual rate)

Labor Markets and Wages
Labor data suggest that labor markets have largely returned to a normal supply-demand balance
thus far in 2024. Payroll job growth has gradually slowed from the rapid rates that dominated
2021 and 2022—roughly 600,000 and 375,000 jobs on average per month, respectively—to an
average of 148,000 in the third quarter of 2024. Although the latest labor report indicated that
payrolls were barely changed over the month, up by just 12,000 jobs in October, job growth was
likely constrained by labor strikes as well as the impact of severe hurricanes in late-September
and early-October. So far in 2024, job growth has averaged 170,000 per month, near estimates
of the break-even rates needed to maintain a steady unemployment rate given population growth.
Recent studies suggest that elevated population growth in the past few years contributed to a
higher base level of job growth needed to maintain a stable unemployment rate. According to
the Federal Reserve Bank of Dallas, the upper end of estimates of breakeven job growth was
around 200,000 jobs, roughly double the estimated breakeven pace before the pandemic. Given
the recent easing of immigration—a key driver of population growth—the breakeven pace of job
growth may have decreased and the current average pace of job growth this year may be
sufficient to maintain a stable unemployment rate.
Meanwhile, the unemployment rate has crept lower in recent months after reaching a peak of 4.3
percent in July. In September and October, the unemployment rate stood at 4.1 percent—or only
0.4 percentage points above the year-end rate in 2023. A broader measure, which captures
underemployment of the workforce, has risen 0.6 percentage points to 7.7 percent from
December 2023 to October 2024. Both the unemployment and underemployment rates remain
relatively low by historical standards. More timely data also suggest that unemployment remains
low. As of the latest releases for mid-November, the level of initial unemployment insurance

4

claims has increased by about 8 percent from the end of December 2023, while continuing
unemployment claims have drifted up by about 9 percent. Even after recent hurricane-related
increases, these readings are only marginally above those in February 2020, just before the start
of the COVID-19 pandemic in the United States.
The labor force participation rate (LFPR) was stable during the third quarter, helping to maintain
the supply of workers. From July to September, the overall LFPR held steady at 62.7 percent
before ticking down to 62.6 percent in October. Prime-age (ages 25-54) worker participation
continues to underpin overall participation: after reaching a 23-year high of 84.0 percent in July,
the prime-age LFPR drifted somewhat lower, standing at 83.5 percent in October. Despite the
recent easing, the prime-age LFPR is up 0.2 percentages points over the year and is 0.4
percentage points above the peak just before the pandemic.
In addition to resilient labor supply, more moderate labor demand has helped to restore balance
in the labor market. The number of job openings (or vacancies) has declined by roughly 20
percent over the year ending September (latest data available), extending a downward trend
which began in March 2022. The ratio of job vacancies to unemployed workers also has
gradually declined since the spring of 2022; as of September, there were 1.1 job openings per
unemployed worker, down from the pandemic-high of 2.0 vacancies but slightly below the prepandemic peak. The combination of stable labor supply at high levels (mainly due to elevated
participation) and a more pronounced downtrend in job openings continues to foster an ongoing
rebalancing of labor supply and demand.
Measures of wage growth in the private sector have been stable to slower during the first three
quarters of 2024. Looking at quarterly averages of twelve-month growth rates, earnings grew
4.3 percent in the first quarter of 2024, then slowed to 3.9 percent in the second quarter and grew
3.8 percent in the most recent quarter. Nonetheless, earnings grew 4.0 percent in October, the
fastest pace since April 2024. These annual rates are considerably below the post-pandemic
peak of 5.9 percent in March 2022, but higher than the 3.0 percent rate over 2019. Importantly,
growth of earnings in real terms has shown a strongly upward trend in recent months. Real
average hourly earnings were up 1.4 percent over the year through October, double the 0.7
percent gain over the year through July. In fact, twelve-month gains have averaged 1.4 percent
over the most recent three months through October, attesting to the improvement in real wage
gains. An alternative measure of wage growth, the Employment Cost Index (ECI), suggests that
wage pressures have receded further in recent quarters. (The ECI controls for employment
shares among industries and occupations, making it a better reference for wage growth.) Over
the four quarters through September 2024, the ECI for private sector wages and salaries grew 3.8
percent, after rising 4.1 percent in the second quarter. ECI growth has gradually slowed since
reaching a 38-year high of 5.2 percent in March 2022.

5

Payroll Employment
(Monthly average for year shown and monthly amounts, in thousands)

Unemployment Rate
(Percent)

Prices
Over the past two years, inflation has cooled significantly. After peaking in June 2022 at 9.1
percent, headline inflation as measured by the consumer price index (CPI) was 2.4 percent over
the twelve months through September, the slowest pace since February 2021, before picking up
slightly to 2.6 percent over the year through October. On a monthly basis, inflation readings
have stabilized at low levels: in October, CPI inflation was 0.2 percent, matching the pace in the
previous three months.

6

Energy price inflation was negative in the second and third quarters on an average monthly basis
before leveling off in October. Over the year through October, energy price deflation was 4.9
percent. The downtrend reflected some de-escalation of geopolitical tensions, prospects for
increased production among OPEC+ members, and concerns about prospects for future growth
in the United States and China.
Meanwhile, food price inflation has remained relatively stable and close to rates observed prior
to the pandemic: monthly food inflation has averaged 0.2 percent over the past four months.
Over the year through October, food price inflation was 2.1 percent, less than one-third the peak
rate in the autumn of 2022 and just above the pace of inflation seen before the pandemic.
Core inflation, which excludes energy and food, has fluctuated this year in a range of 0.2 percent
to 0.4 percent. Core inflation slowed over the summer to the low end of this range but averaged
0.3 percent in over the past three months. Core goods prices had been on a declining trend since
mid-2023 but flattened out on average over the past three months. In October 2024, core goods
inflation was unchanged, reflecting offsetting deflation for nondurable goods and inflation for
durable goods. Nonetheless, core goods prices were 1.0 percent lower on a twelve-month basis
through October.
Core services inflation remains the driving force behind core CPI inflation, averaging 0.3 percent
per month over the past four months. Among core services, rent of housing services (rent of
primary residential and owners’ equivalent rent) contributes the largest share of core inflation.
Rent of housing inflation averaged 0.4 percent per month in the third quarter, matching the
second quarter’s average pace. Although these rates are still above those consistent with a 2.0
percent target rate for total inflation, they are well down from the 0.7 percent to 0.8 percent
monthly rates seen in the latter half of 2022. Prices are now hovering at the bottom of the 0.4
percent to 0.5 percent range that has largely persisted—save for two months—since May 2023.
Over the twelve months through October 2024, this component rose 5.1 percent, tied for the
slowest rate since the spring of 2022.
Inflation for non-housing core services has also been an integral driver of elevated core inflation.
In the third quarter and October, non-housing core services inflation averaged 0.3 percent growth
per month, picking up from an average of 0.1 percent in the second quarter. The faster pace of
core non-housing services inflation largely reflected an upturn in airfares, which switched from a
modest drag on inflation in the second quarter to a moderate boost in the third quarter. Core nonhousing services inflation also reflected somewhat stronger growth in prices for motor vehicle
insurance and repairs.
Inflation as measured by the PCE price index is the Federal Reserve’s preferred measure of
inflation, and the FOMC’s 2 percent inflation target is expressed in terms of headline PCE,
although core PCE inflation is also taken into consideration. There are notable differences in
weights and methodologies between the CPI and the PCE measures. Historically, twelve-month
CPI inflation has exceeded PCE inflation by about 0.4 percentage points on average. This year,
however, the wedge has widened, reaching 0.8 percentage points in April and averaging 0.6
percentage points in the first half of this year. With the recent slowing in OER, the wedge has
narrowed, averaging 0.3 percentage points over the past four months. Headline PCE inflation

7

was 2.3 percent over the twelve months through October—or 0.3 percentage point above the
FOMC inflation target—while core PCE inflation was 2.7 percent.

Consumer Prices
(Percent change from a year earlier)

Nonfarm Productivity of Labor
Reflecting continued strong growth in real GDP, productivity growth accelerated in the third
quarter of 2024. Nonfarm productivity growth was 2.2 percent, somewhat faster than the 2.1
percent pace during the second quarter and more than three times faster than the first quarter’s
0.7 percent pace. Productivity growth reflected a 3.5 percent advance in real output, which more
than offset a 1.2 percent increase in worker hours. Over the four quarters through Q3,
productivity was up 2.0 percent, slowing from the year-earlier 2.7 percent four-quarter increase.
Nonetheless, this marked the sixth consecutive quarter of positive annual growth.
Even with faster productivity growth in the third quarter, worker compensation slow moderately
on a quarterly basis. Nominal hourly compensation costs in the nonfarm business sector rose 4.2
percent at an annual rate in the third quarter, after a 4.6 percent increase in the second quarter—
although both rates were less than half the first quarter’s 9.3 percent gain. On a year-over-year
basis, worker compensation was up 5.5 percent through 2024 Q3, up from the 3.9 percent pace a
year earlier. Combined with slowing inflation, compensation saw solid real gains in the third

8

quarter. Real compensation per hour rose 3.0 percent at an annual rate, almost double the second
quarter’s 1.7 percent pace and returning to the first quarter’s pace. Over the most recent four
quarters, real compensation growth picked up to 2.8 percent, up significantly from the 0.3
percent pace over the year-earlier period.
After surging in the first quarter, unit labor costs have since slowed markedly on a quarterly
basis. Unit labor costs, defined as the average cost of labor per unit of output, slowed to 1.9
percent at an annual rate in the third quarter, following a 2.4 percent increase in the second
quarter and a 8.5 percent jump in the first quarter. Over the four quarters through Q3, growth of
unit labor costs was 3.4 percent, nearly three times the 1.2 percent growth over the four quarters
through the third quarter of 2023.
Industrial Production, Manufacturing, and Services
Industrial production—that is, the output of manufacturing businesses, mining, and utilities—has
been relatively flat for more than two years. In the third quarter of 2024, output at factories,
mines, and utilities increased 0.2 percent on average each month, fully offsetting the 0.2 percent
average gain during the second quarter. In October, industrial production decreased another 0.3
percent in October, owing in part to strikes (such as the now-resolved strike at Boeing) and
impacts from hurricanes in late-September and early-October. Over the twelve months through
October, though, output was down 0.3 percent.
Manufacturing production, which accounts for about three-quarters of all industrial output, has
trended lower since autumn of 2022. This year on an average monthly basis, output ticked up by
0.1 percent in the first quarter, was flat in the second quarter, and declined by 0.1 percent in the
third quarter. Partly owing to hurricanes and the strike, factory output fell by another 0.5 percent
in October. Despite persistent growth in output among high-tech manufacturers, automotive
production has declined on balance since March 2024 and other manufacturing has trended lower
since April 2022.
Mining output (14 percent of industrial production) tends to fluctuate from month to month but,
nonetheless, has trended down since autumn of 2023. Over the third quarter, mining output
declined by 0.3 percent on average. In October, though, mining output rebounded 0.3 percent,
reflecting a partial recovery from September’s hurricane-induced declines in oil and gas
extraction. The final component of industrial output is utilities production, which tends to
fluctuate due to weather; unseasonable weather in months often causes sharp swings in output
from one month to the next. In October, utilities production increased by 0.7 percent,
rebounding from September’s hurricane-related decrease.
National surveys of manufacturing businesses continue to signal weak activity, while national
surveys for services indicate modest but strengthening expansion. The Institute for Supply
Management’s (ISM) manufacturing index rose above the 50-point growth threshold in March
2024 for the first time since late 2022, but the improvement was short-lived. Since March, the
index has trended lower and, as of October, stood at 46.5, marking a fifteen-month low and
signaling moderate business contraction. For the services sector, the ISM’s index dipped below
the growth threshold of 50 in both April and June but has since trended higher, reaching 56.0 in

9

October, the highest level since July 2022. This index has signaled growth in the national
services sector in 20 of the last 22 months.
Housing Markets
After an overall slowing during the first half of 2024, housing activity has been mixed in recent
months.
Net single-family planned and new construction improved over the third quarter, while multifamily construction has decreased on net. But activity for October weakened on balance, likely
reflecting recent hurricanes. In the third quarter, single-family permits increased an average of
0.6 percent per month, while single-family starts have risen by 1.5 percent on average. October,
however, saw a divergence between single-family permits and starts, with the former increasing
another 0.8 percent while the latter fell 6.9 percent. Moreover, planned and new home
construction levels were lower over the past year.
By contrast, levels of planned and new construction for multi-family units (condominiums, coops, and apartment buildings) decreased over the third quarter. Permits decreased 2.7 percent on
average from July to September and fell another 3.0 percent in October, portending future
weakness in this segment of the market. Meanwhile, starts were lower over the quarter (down
2.6 percent on average each month) but rebounded 9.6 percent in October.
Continuing and completed construction activity worsened on balance over the past four months.
The inventory of total homes under construction ticked down by an average of 1.2 percent per
month in the third quarter, owing to less construction of both single- and multi-family homes.
Construction inventories fell another 1.9 percent in October to 1.465 million, well down from the
record high of 1.710 million reached in October 2022 (data series begins in 1970). However,
builder confidence, as measured by the National Association of Home Builder’s Housing Market
Index, has turned up recently; after dropping to an eight-month low in August 2024, home
builder sentiment has risen in the three subsequent months, including November’s increase to 48.
Meanwhile, home sales remain near lows last seen in the aftermath of the global financial crisis.
Existing home sales—which account for a supermajority of all home sales—declined an average
of 0.5 percent per month in the third quarter and annual sales were persistently negative from
August 2021 to September 2024. In October 2024, however, existing home sales rebounded
modestly and annual growth turned slightly positive at 2.9 percent growth over the year. Since
July 2022, by contrast, new single-family home sales have been roughly in line with sales levels
during 2018 and2019. New home sales currently account for only about 15 percent of total
home sales. Due to hurricane-related disruptions, sales dropped 17.3 percent in October and
were 9.4 percent lower over the year.
After showing solid improvement during the first half of this year, inventories of existing homes
available for sale have stabilized at higher levels in recent months. Months’ supply of existing
homes for sale stood at 4.2 months in October, just slightly higher than the inventory-sales ratio
at the end of the third quarter. Nonetheless, the level of inventories remains historically low as
current homeowners are locked into low, pandemic-era rates. The new homes market does not

10

suffer from the same lock-in effect, and inventories are well above pre-pandemic levels.
Inventories of new homes on the market have risen by an average of 0.7 percent per month since
June and, as of October, were equivalent to 9.5 months of sales. Before the pandemic, a supply
of roughly 6 months was typical for the new home market.
Movements of home price growth rates have been mixed from month to month as well as on a
twelve-month basis, but relative to peaks, home price growth has slowed considerably. The
Case-Shiller 20-city house price index—which measures sales prices of existing homes—has
risen somewhat slowly this year; during the third quarter, this index increased by an average 0.2
percent per month, modestly slower than the second’s quarter’s 0.3 percent advance. Over the
year ending September 2024, the 20-city index was up 4.6 percent, faster than the 4.0 percent,
year-earlier decline (but well down from the 21.3 percent recent twelve-month peak rate posted
in April 2022). On the other hand, the FHFA purchase-only house price index showed
accelerating price growth in the third quarter: on average, prices rose 0.3 percent per month,
thrice the average rate observed in the second quarter. However, over the year through
September 2024, the FHFA measure was up 4.4 percent, slowing from the 6.2 percent pace over
the year through September 2023 (and roughly one-fifth of the peak rate of 18.9 percent posted
over the year through July 2021).
Consumer and Business Sentiment
The flagging of business and consumer mood observed in the second quarter has given way to a
limited improvement in more recent months. Early in the third quarter, the Reuters/Michigan
consumer sentiment index declined to 66.4 in July. However, recent analysis has indicated that a
change in survey methodology—a transition from phone interviews to a fully online survey—can
explain a significant share of the decline in Michigan Index of Consumer Sentiment since early
2024. The survey transition was fully complete by July, and the sentiment index has since
moved modestly higher, reaching 71.8 in November and up 10.5 points over the year. The latest
survey registered consumers’ more positive outlook about the economy’s future in the resolution
of the presidential election. Meanwhile, views about current economic conditions held steady,
and views about the future path of inflation were mixed: year-ahead inflation expectations
declined further, but five-year inflation expectations increased.
The Conference Board’s alternative household sentiment survey has not had a similar
methodological change, making interpretation of sentiment changes relative to earlier in 2024
simpler. The headline consumer confidence has trended higher—albeit inconsistently—since the
spring. By October (latest available data), the index had reached 108.7, the highest level this
year. The expectations component has largely driven the increase in the headline index, while
the present situation index has been relatively flat. The consumer confidence index remains well
above the January 2021 low of 87.1 but significantly lower than the June 2021 post-pandemic high of
128.9.
Turning to private firms, the National Federation of Independent Business’s (NFIB) small
business optimism index has also improved on balance since the spring of this year. In July, the
optimism index rose to the highest level in over two years and, while subsequent surveys saw
optimism drift lower, the reading in October had fully returned to July’s level. Nonetheless, the

11

headline small business index has not recovered fully from the pandemic and even remains
almost 5 percent below the 50-year average. Among component indices, small business owners
had mixed views: expectations of improved sales six months ahead fell to the lowest since July
2020, but expectations about economic performance six months ahead jumped to a four-year
high.
Federal Budget Deficit and Debt
In FY 2024, the deficit increased $138 billion to $1.83 trillion (6.4% of GDP) as an increase in
outlays more than offset rising receipts. Outlays rose by $617 billion to $6.75 trillion (23.4% of
GDP) in FY 2024, partly reflecting increased net interest payments on the federal debt, a sharp drop
in proprietary receipts by the Department of Education, and higher spending on Social Security and
Medicare due to demographic aging. Meanwhile, total federal receipts jumped by $479 billion to
$4.92 trillion (17.1% of GDP) in FY 2024. The rise in receipts was partly due to strong labor
markets (which pushed up individual income tax withholdings and social insurance receipts),
capital gains realizations, and the payment of some delayed taxes from FY 2023 (such as from
households impacted by natural disasters).

In June 2023, the Treasury’s borrowing limit was suspended until early 2025. At the end of FY
2024, gross federal debt held by the public stood at $35.5 trillion, while debt held by the public
was $28.3 trillion.
Monetary Policy
The Federal Open Markets Committee (FOMC) began raising its policy rate at its meeting in
March 2022 to address inflationary pressures in the economy. From March 2022 to July 2023,
the FOMC increased the short-term policy rate target range from 0.00-0.25 percent to 5.25–5.50
percent. More than a year later—at the meeting in September 2024—the Committee initiated the
current monetary easing cycle with a 50 basis point cut, followed by another cut of 25 basis
points at the early-November meeting. Currently, the target range stands at 4.50-4.75 percent.
In the accompanying statement, the FOMC repeated the previous observation that “economic
activity has continued to expand at a solid pace” but added in new language, noting that “labor
market conditions have generally eased” since earlier in the year. During the post-FOMC
meeting press conference on November 7, Chair Powell said, “[t]his further recalibration of our
policy stance will help maintain the strength of the economy and the labor market and will
continue to enable further progress on inflation as we move toward a more neutral stance over
time.”

12

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

13

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 2024
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.

Individual income taxes—Individual income tax
receipts, net of refunds, were $540.3 billion for the fourth
quarter of Fiscal Year 2024. This is an increase of $57.4
billion over the comparable prior year quarter. Withheld
receipts increased by $32.7 billion and non-withheld receipts
increased by $2.3 billion during this period. Note that nonwithheld receipts includes a -$8.5 billion reclassification of
prior year amounts that is offset in excise tax refunds. Refunds
decreased by $22.3 billion over the comparable Fiscal Year
2023 quarter. There was a change of $0.3 billion in accounting
adjustments between individual income tax receipts and the
Social Security and Medicare trust funds over the comparable
quarter in Fiscal Year 2023.
Corporate income taxes—Net corporate income tax
receipts were $137.2 billion for the fourth quarter of Fiscal
Year 2024. This is an increase of $23.5 billion compared to the
prior year fourth quarter. The $23.5 billion change is
comprised of an increase of $22.1 billion in estimated and final
payments, and a decrease of $1.4 billion in corporate refunds.

Employment taxes and contributions—Employment
taxes and contributions receipts for the fourth quarter of Fiscal
Year 2024 were $389.8 billion, an increase of $29.2 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 $18.6
billion, $3.2 billion, and $6.2 billion respectively. There was a
$0.3 billion accounting adjustment for prior years employment
tax liabilities made in the fourth quarter of Fiscal Year 2024.
There was a negligible adjustment in the fourth quarter of
Fiscal Year 2023.
Unemployment insurance—Unemployment insurance
receipts, net of refunds, for the fourth quarter of Fiscal Year
2024 were $9.1 billion, an increase of $0.7 billion over the
comparable quarter of Fiscal Year 2023. Net State taxes
deposited in the U.S. Treasury increased by $0.8 billion to $8.3
billion. Net Federal Unemployment Tax Act taxes decreased
$0.1 billion over the comparable prior year quarter.
Contributions for other insurance and retirement—
Contributions for other retirement were $2.2 billion for the
fourth quarter of Fiscal Year 2024. This was an increase of
$0.3 billion from the comparable quarter of Fiscal Year 2023.
Excise taxes—Net excise tax receipts for the fourth
quarter of Fiscal Year 2024 were $37.2 billion, an increase of
$20.8 billion over the comparable prior year quarter. Total

14
excise tax refunds for the quarter were -$6.7 billion, a decrease
of $19.8 billion over the comparable prior year quarter. Note
that excise tax refunds includes a -$8.5 billion reclassification
of prior year amounts that is offset in individual non-withheld
receipts.

Estate and gift taxes—Net estate and gift tax receipts
were $7.1 billion for the fourth quarter of Fiscal Year 2024.
These receipts represent an increase of $1.2 billion over the
same quarter in Fiscal Year 2023.

Customs duties—Customs duties net of refunds were
$21.4 billion for the fourth quarter of Fiscal Year 2024. This is
an increase of $1.5 billion over the comparable prior year
quarter.
Miscellaneous receipts—Net miscellaneous receipts for
the fourth quarter of Fiscal Year 2024 were $20.3 billion, an
increase of $3.1 billion over the comparable prior year quarter.
This change is due in part to deposits of earnings by Federal
Reserve banks increasing by $0.9 billion.

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 2024
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 2024
year to date

1,164,537
867,081
297,455
1,724,096
1,368,750
355,344
-559,558
-501,670
-57,889

4,918,737
3,658,853
1,259,882
6,751,553
5,431,239
1,320,312
-1,832,816
-1,772,389
-60,429

699,379
-107,928
-31,892
559,558

1,959,809
-228,836
101,843
1,832,816

Fourth-Quarter Net Budget Receipts by Source, Fiscal Year 2024
[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
153.6
19.8
122.7
4.4
0.6
17.0
1.4
7.1
3.7
330.4

August
136.6
8.8
126.0
3.8
0.8
7.9
3.5
7.0
12.0
306.5

September
250.1
108.6
141.1
0.9
0.7
12.3
2.2
7.2
4.6
527.6

FEDERAL FISCAL OPERATIONS

15

16

TABLE FFO-1—Summary of Fiscal Operations
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]

Total on-budget and off-budget results

Fiscal year
or Month

Total
Receipts
(1)

On-budget
receipts
(2)

Off-budget
receipts
(3)

Total
outlays
(4)

On-budget
outlays
(5)

Off-budget
outlays
(6)

Total
surplus
deficit (-)
(7)

On-budget
surplus
deficit (-)
(8)

Means of
financing
-net transactions
Borrowing from
the publicOff-budget Federal securities
surplus
Public debt
deficit (-)
securities
(9)
(10)

2020 ................................3,419,955
2021 ................................4,045,980
2022 ................................4,896,119
2023 ................................4,439,283
2024 ................................4,918,737

2,454,528 965,427
3,093,658 952,323
3,830,145 1,065,975
3,245,528 1,193,755
3,658,853 1,259,882

6,551,871
6,818,159
6,271,508
6,134,433
6,751,553

5,596,291
5,814,312
5,190,351
4,913,690
5,431,239

955,579
1,003,847
1,081,158
1,220,742
1,320,312

-3,131,917
-2,772,178
-1,375,389
-1,695,147
-1,832,816

-3,141,766
-2,720,653
-1,360,206
-1,668,161
-1,772,389

9,847
-51,525
-15,183
-26,987
-60,429

4,234,396
1,484,000
2,453,245
2,150,233
2,241,060

2024 – Est1 ................................
5,001,091
2025 – Est1 ................................
5,561,646

3,742,033 1,259,058
4,255,251 1,306,395

6,874,608
7,439,295

5,559,018
6,035,465

1,315,590
1,403,830

-1,873,517
-1,877,649

-1,816,985
-1,780,214

-56,532
-97,435

2,175,636
2,102,614

96,928
81,586
87,837
102,203
116,999
97,783
107,929
128,881
99,998
139,211
94,418
96,840
106,197

638,455
469,997
588,842
558,665
499,250
567,401
568,635
566,669
670,778
537,220
574,119
686,620
463,357

523,172
366,984
475,132
475,059
395,230
448,054
447,103
461,779
551,111
442,037
464,572
563,817
340,361

115,283
103,013
113,710
83,606
104,020
119,347
121,532
104,890
119,667
95,183
109,546
122,803
122,995

-170,982
-66,564
-314,012
-129,354
-21,930
-296,275
-236,556
209,529
-347,131
-70,965
-243,741
-380,080
64,263

-152,627
-45,137
-288,139
-147,952
-34,910
-274,711
-222,953
185,538
-327,462
-114,993
-228,613
-354,118
81,061

-18,355
-21,427
-25,873
18,598
12,979
-21,564
-13,603
23,991
-19,669
44,028
-15,128
-25,963
-16,798

252,213
474,269
172,532
128,533
194,039
274,074
118,509
26,191
46,615
167,893
273,879
149,668
214,858

Fiscal year 2024 to date ................................
4,918,737 3,658,853 1,259,882

6,751,553

5,431,239

1,320,312

-1,832,816

-1,772,389

-60,429

2,241,060

Transactions
not applied
to year’s
surplus or
deficit
(19)

Total
Financing
(20)

2023 - Sept................................
467,473
Oct ................................
403,434
Nov ................................
274,830
Dec ................................
429,311
2024 - Jan ................................
477,320
Feb ................................
271,126
Mar ................................
332,079
Apr ................................
776,198
May................................
323,647
June................................
466,255
July ................................
330,377
Aug ................................
306,540
Sept ................................
527,620

370,545
321,848
186,993
327,107
360,321
173,343
224,150
647,317
223,649
327,044
235,959
209,700
421,422

Borrowing from the publicFederal securities, continued

Fiscal year
or month

Agency
securities
(11)

Investments
Total
of Government
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
(deduct)
cash
rights
Other
(14)
(15)
(16)
(17)

Other
(18)

2020 ................................................................
-1,304
16,813
2021 ................................................................
-652
215,402
2022 ................................................................
-150
483,278
2023 ................................................................
215
167,776
2024 ................................................................
698
281,950

4,216,280
1,267,947

1,969,817
1,982,672
1,959,809

1,399,197
-1,566,518

1,754
112,141

-10,700
8,883
5,837

-467
1,538
-1,522

-6,792
637
-3,237

-192,082
-254,617
98,328

576
-956
4,411

1,375,388
1,695,147
1,832,816

2024 – Est1................................ 1,617
2025 – Est1................................ 2,845

211,580
204,331

1,965,673
1,901,128

193,111
-

*
*

*
*

*
*

100,955
-23,479

*
*

1,873,517
1,877,649

2023 - Sept ................................ -86
Oct................................
28
Nov ................................
355
Dec ................................
228
2024 - Jan ................................
63
Feb ................................ -145
Mar ................................ -149
Apr................................
150
May ................................ 183
June ................................ -60
July ................................
91
Aug ................................ -141
Sept ................................
95

-31,805
248,250
-88,173
28,483
56,421
-28,437
-16,442
60,351
-75,298
157,723
-45,393
-86,779
71,246

283,932
226,047
261,060
100,278
137,681
302,366
134,802
-34,010
122,096
10,110
319,363
236,306
143,707

115,046
175,523
-73,561
9,739
96,891
-28,382
-61,831
187,160
-243,503
58,872
76,203
-144,488
176,213

-1,844
385
2,793
1,262
-972
133
610
-770
1,527
-816
2,184
3,256
1,244

60
-55
146
28
-103
-293
19
-204
-64
362
-297
-170
-817

-148
-248
-1,173
-551
699
66
-407
-756
-515
394
-197
-2,040
1,490

164
16,122
-18,843
39,565
-19,847
-34,509
40,225
9,943
-17,753
114,060
1,416
665
-32,716

611
-58
-80
-32
233
607
855
-333
2,876

170,982
66,564
314,012
129,365
21,930
296,275
236,556
-209,529
347,131
65,965
243,741
380,080
-64,263

Fiscal year 2024 to date ................................
698

281,950

1,959,809

228,836

5,837

-1,522

-3,237

98,328

4,411

1,832,816

420,833
20,894
228,836

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2025 Mid-Session Review, released by the Office of
Management and Budget on July 19, 2024.

-309
-729

8,253
1,496

323,680
50,539

* These are not separately estimated. They are included in "other."

853
71

3,131,918
2,772,167

17

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

Other
(2)

2020 ................................
1,245,088
2021 ................................
1,498,655
2022 ................................
1,731,530
2023 ................................
1,694,520
2024 ................................
1,766,401

601,920
824,141
1,146,929
855,277
959,091

238,346
278,436
246,315
373,321
299,427

1,608,663
2,044,379
2,632,146
2,176,482
2,426,065

263,847
419,351
476,189
457,366
565,035

52,003
47,521
51,324
37,785
35,169

211,846
371,832
424,866
419,584
529,868

1,820,509
2,416,211
3,057,012
2,596,066
2,955,933

1,257,205
1,254,747
1,410,324
1,557,830
1,652,010

7,605
5,203
6,312
5,271

1,257,205
1,247,142
1,405,121
1,551,518
1,646,740

2024 – Est1 ................................
2,417,353
2025 – Est1 ................................
2,686,312

-

-

2,417,353
2,686,312

609,500
702,522

-

609,500
702,522

3,026,853
3,388,834

1,673,560
1,852,290

-

1,673,560
1,852,290

2023 - Sept................................
123,465
Oct ................................
151,281
Nov ................................
129,625
Dec ................................
166,634
2024 - Jan ................................
162,493
Feb ................................
161,970
Mar ................................
194,733
Apr ................................
171,027
May................................
121,899
June................................
85,499
July ................................
152,715
Aug ................................
129,602
Sept ................................
138,923

105,251
85,105
21,009
17,013
122,156
16,586
27,399
385,480
33,696
108,923
9,188
13,817
118,719

7,696
16,478
23,741
5,439
2,070
57,672
61,302
74,581
25,976
9,512
8,296
6,775
7,585

221,021
219,908
126,893
178,208
282,579
120,884
160,829
481,927
129,618
184,910
153,607
136,645
250,057

95,494
51,339
11,904
96,233
23,594
9,187
17,930
94,750
31,923
84,562
23,915
9,676
110,022

366
3,131
4,103
2,308
3,951
4,299
3,118
2,842
1,792
3,208
4,081
869
1,467

95,128
48,208
7,801
93,925
19,643
4,888
14,812
91,908
30,132
81,354
19,834
8,808
108,555

316,149
268,116
134,694
272,133
302,222
125,772
175,641
573,835
159,750
266,264
173,441
145,453
358,612

135,206
109,623
118,225
139,483
151,452
124,778
137,807
168,253
128,690
180,445
122,139
125,393
145,722

6,312
5,271

128,894
109,623
118,225
139,483
151,452
124,778
137,807
168,253
128,690
180,445
122,139
125,393
140,452

Fiscal year
2024 to date................................
1,766,401

959,091

299,427

2,426,065

565,035

35,169

529,868

2,955,933

1,652,010

5,271

1,646,740

Fiscal year
or month

Refunds
(3)

Net
(4)

Gross
(5)

Refunds
(6)

Net
(7)

Net income
taxes
(8)

Withheld
(1)

Social insurance and retirement receipts, continued
Employment and general retirement, continued
Unemployment insurance
Net employment
Net unRailroad retirement
and general
employment
Refunds
Net
Gross
retirement
Gross
Refunds
insurance
(12)
(13)
(14)
(15)
(16)
(17)
(18)

Gross
(9)

Refunds
(10)

Net
(11)

Net for other insurance and retirement
Federal
employees
Other
retirement
retirement
Total
(19)
(20)
(21)

2020 ................................ 4,590
2021 ................................ 4,755
2022 ................................ 5,644
2023 ................................ 6,643
2024 ................................ 6,284

144
38
27
15
27

4,445
4,717
5,616
6,630
6,258

1,261,650
1,251,858
1,410,737
1,558,148
1,652,998

43,224
56,742
66,616
49,553
48,732

120
140
119
150
124

43,103
56,602
66,498
49,403
48,607

5,172
5,604
6,271
6,883
7,931

29
26
23
21
23

5,201
5,630
6,294
6,904
7,954

2024 – Est1................................
6,093
2025 – Est1................................
6,259

-

6,093
6,259

1,679,653
1,858,549

49,428
52,876

-

49,428
52,876

7,589
8,152

30
30

7,619
8,182

-2
4
-2
2
10
4
6
-

525
532
455
498
556
741
598
601
588
-103
597
569
626

129,419
110,154
118,679
139,982
152,008
125,519
138,405
168,854
129,278
180,341
122,737
125,962
141,078

255
3,411
2,766
368
3,939
3,081
363
11,723
13,398
541
4,431
3,833
878

7
5
-3
7
2
17
16
15
15
24
13
13

248
3,411
2,762
371
3,932
3,078
346
11,707
13,383
526
4,406
3,820
865

717
644
605
579
580
611
788
700
656
622
631
809
706

2
1
1
2
3
2
1
2
2
2
2
2
3

719
645
606
580
583
612
789
702
658
625
633
811
710

24

6,258

1,652,998

48,732

124

48,607

7,931

23

7,954

2023 - Sept ................................
523
Oct................................
532
Nov ................................
455
Dec ................................
503
2024 - Jan ................................
556
Feb ................................
741
Mar ................................
598
Apr................................
599
May ................................
590
June ................................
-92
July ................................
602
Aug ................................
575
Sept ................................
627
Fiscal year
2024 to date ................................
6,284
See footnotes at end of table.

18

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
Black Lung Disability
Trust Fund
Gross Refunds Net
(26)
(27)
(28)

Airport and Airway Trust Fund
Gross Refunds
Net
(23)
(24)
(25)

Highway Trust Fund
Gross Refunds
Net
(29)
(30)
(31)

Gross
(32)

Miscellaneous
Refunds
(33)

Net
(34)

2020 ................................1,309,954
2021 ................................1,314,090
2022 ................................1,483,529
2023 ................................1,614,455
2024 ................................1,709,558

9,034
10,946
11,403
22,741
17,384

20
13
27
256
-166

9,015
10,935
11,376
22,485
17,550

300
270
180
308
271

-

300
270
180
308
271

43,201
40,920
47,076
42,603
42,529

440
442
444
448
445

42,763
40,488
46,632
42,154
42,086

43,997
31,578
36,610
31,876
39,598

9,298
7,995
7,070
21,021
-1,935

34,701
23,581
29,537
10,854
41,527

2024 – Est1 ................................
1,736,700
2025 – Est1 ................................
1,919,607

19,583
19,988

-

19,583
19,988

296
281

-

296
281

44,950
44,692

-

44,950
44,692

24,404
50,989

-

24,404
50,989

2023 - Sept................................
130,386
Oct ................................
114,210
Nov ................................
122,047
Dec ................................
140,933
2024 - Jan ................................
156,523
Feb ................................
129,209
Mar ................................
139,540
Apr ................................
181,263
May................................
143,319
June................................
181,492
July ................................
127,776
Aug ................................
130,593
Sept ................................
142,653

2,540
382
2,015
1,726
1,651
1,311
1,324
1,346
1,789
3,183
-1,192
1,969
1,880

119
-185
19

2,421
382
2,015
1,726
1,651
1,311
1,324
1,346
1,789
3,368
-1,192
1,969
1,861

47
7
29
25
24
29
29
30
26
14
11
24
23

-

47
7
29
25
24
29
29
30
26
14
11
24
23

7,158
1,077
4,161
3,564
3,408
3,733
3,771
3,834
4,205
4,684
1,511
4,390
4,191

65
15
30
30
30
31
31
38
44
44
44
43
65

7,093
1,063
4,132
3,534
3,378
3,702
3,740
3,796
4,160
4,640
1,467
4,347
4,127

1,963
6,257
1,855
2,155
2,016
2,281
2,341
3,153
2,213
-307
8,816
2,032
6,786

4,327
445
340
468
462
648
604
849
552
618
-7,863
442
500

-2,364
5,811
1,514
1,687
1,553
1,633
1,737
2,304
1,660
-925
16,678
1,590
6,285

Fiscal year
2024 to date................................
1,709,558

17,384

-166

17,550

271

-

271

42,529

445

42,086

39,598

-1,935

41,527

Net miscellaneous receipts
Excise
taxes, con.
Fiscal year Net excise taxes
or month
(35)

Gross
(36)

2020....... ................................
86,782
2021 ................................
75,271
2022 ................................
87,727
2023 ................................
75,802
2024 ................................
101,435

18,198
28,046
33,355
35,434
32,868

Estate and gift taxes

Net
(38)

Gross
(39)

17,625
27,141
32,550
33,670
31,615

-

1,927
4,494
2,459
1,765
3,123
1,770
1,899
4,157
3,629
2,077
1,468
3,577
2,450

Fiscal year
2024 to date ................................
101,435
32,868

2024 – Est1 ................................
89,233
32,478
2025 – Est1 ................................
115,950
37,018
2023 - Sept ................................
7,197
Oct ................................
7,263
Nov................................
7,691
Dec................................
6,972
2024 - Jan ................................
6,606
Feb ................................
6,675
Mar ................................
6,831
Apr ................................
7,476
May ................................
7,635
Jun ................................
7,097
Jul ................................
16,964
Aug................................
7,929
Sept ................................
12,296

Refunds
(37)

Customs duties

Deposits of
Universal
earnings by service fund
Federal Reserve and all
banks
other
(42)
(43)

Refunds
(40)

Net
(41)

75,636
86,950
106,092
86,639
83,772

7,085
6,965
6,186
6,302
6,734

68,550
79,984
99,908
80,336
77,036

81,880
100,055
106,676
581
3,130

32,478
37,018

76,805
63,276

-

76,805
63,276

1,763
-

97
34
138
111
50
220
138
-19
68
89
94
84
246

1,830
4,460
2,321
1,654
3,073
1,550
1,761
4,175
3,561
1,989
1,374
3,493
2,204

7,106
7,309
6,700
6,395
6,987
6,752
6,643
7,090
6,161
6,763
7,628
7,615
7,729

428
407
404
650
511
543
578
723
936
440
494
568
480

6,678
6,903
6,296
5,744
6,477
6,208
6,064
6,367
5,225
6,323
7,133
7,047
7,249

1,253

31,615

83,772

6,734

77,036

571
906
805
1,765
1,253

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2025 Mid-Session Review, released by the Office of
Management and Budget on July 19, 2024.

Total receipts

Total
(44)

On-budget
(45)

Off-budget
(46)

34,659
33,233
28,723
38,376
40,024

116,538
133,288
135,397
38,957
43,155

2,454,527
3,093,658
3,830,145
3,245,528
3,658,853

965,427
952,323
1,065,975
1,193,755
1,259,882

37,259
36,961

39,022
36,961

3,742,033
4,255,251

1,259,058
1,306,395

134
279
130
121
150
345
604
399
421
292
255

5,232
2,347
1,503
1,743
2,297
1,712
2,103
2,737
3,553
2,690
3,267
11,733
4,351

5,232
2,481
1,781
1,874
2,418
1,712
2,253
3,082
4,157
3,089
3,688
12,026
4,606

370,545
321,848
186,993
327,107
360,321
173,343
224,150
647,317
223,649
327,044
235,959
209,700
421,422

96,928
81,586
87,837
102,203
116,999
97,783
107,929
128,881
99,998
139,211
94,418
96,840
106,197

3,130

40,024

43,155

3,658,853

1,259,882

19

TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency
[In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”]
DepartDepartment of
Department of
Housing
ment of
DepartDepartHealth
and
DepartHomement of
Department of
DepartDepartand
Urban
ment of
Judicial
AgriculDefense,
land
ment of
Human
Developthe
ment of ment of
military Education Energy
Security
branch
ture
Commerce
Services
ment
Interior
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
(10)
(11)

Department of
Justice
(12)

8,251
8,310
8,720
8,996
9,480

184,221
235,194
245,218
228,887
203,402

15,918
13,135
11,734
12,045
14,831

690,420
717,585
726,571
775,872
826,277

204,415
260,452
639,367
-41,109
268,353

32,047
33,695
22,439
34,422
49,315

1,503,953
1,466,673
1,642,892
1,708,521
1,720,621

91,963
91,069
80,864
89,031
89,290

33,190
31,779
29,309
55,196
51,976

16,417
15,788
13,916
15,865
17,088

39,606
39,262
39,603
44,323
43,995

477,529
404,772
51,734
87,532
65,672

2024 – Est1................................
7,553
9,783
2025 – Est1................................
7,636 10,348

237,078
228,347

20,174
33,523

817,778
879,758

257,676
157,959

47,564
63,466

1,727,400
1,868,528

121,943
88,192

52,142
77,742

18,115
22,757

44,075
50,967

63,974
62,477

880
790
745
737
766
720
894
768
832
679
781
889
879

14,985
22,219
18,111
20,867
19,007
16,819
15,372
15,035
17,187
15,323
17,169
14,989
11,304

1,030
759
1,115
1,483
1,015
804
1,385
1,633
878
1,187
1,119
1,434
2,019

80,434
83,381
66,327
77,063
56,007
61,335
66,268
60,559
74,272
63,358
66,646
78,749
72,312

23,265
18,947
11,696
11,328
15,337
13,696
9,840
25,108
9,710
86,835
9,149
38,894
17,814

4,470
4,152
4,013
4,083
3,760
3,872
4,089
3,997
4,716
4,058
3,933
4,545
4,097

189,997
89,786
151,726
135,475
145,885
144,219
144,379
143,721
212,826
89,573
158,486
201,788
102,759

8,022
8,327
6,481
7,533
6,370
7,070
7,855
8,700
6,920
6,455
7,441
6,890
9,248

4,839
5,742
5,524
6,167
4,160
5,406
8,622
2,989
-8,840
6,125
5,457
6,134
4,491

1,853
1,829
1,176
1,225
1,748
1,261
1,049
648
1,809
1,854
1,498
359
2,632

3,989
3,839
3,641
3,100
3,754
3,523
2,824
4,322
3,789
3,379
3,707
3,661
4,457

1,959
-1,555
4,558
5,249
5,651
5,278
10,058
4,796
925
4,258
11,184
11,438
3,835

Fiscal year
2024 to date ................................
6,835
9,480

203,402

14,831

826,277

268,353

49,315

1,720,621

89,290

51,976

17088

43,995

65,672

Fiscal year
or month

Legislative
branch
(1)

2020 ................................
5,365
2021 ................................
5,265
2022 ................................
5,752
2023 ................................
6,514
2024 ................................
6,835

2023 - Sept ................................
578
Oct................................
702
Nov ................................
533
Dec ................................
508
2024 - Jan ................................
539
Feb ................................
524
Mar ................................
527
Apr ................................
608
May ................................
492
Jun ................................
553
Jul ................................
575
Aug ................................
593
Sept................................
682

Department
of the
Treasury,
interest on
Treasury
Departdebt
ment
Departsecurities of the Treasury,
ment of
(gross)
other
Veterans Affairs
(16)
(17)
(18)

Department of
State
(14)

Department of
Transportation
(15)

2020 ................................
32,859
2021 ................................
35,814
2022 ................................
33,232
2023 ................................
32,997
2024 ................................
37,017

100,342
104,937
113,770
109,787
117,390

522,651
562,389
717,612
879,305
1,133,037

629,072
1,071,359
444,610
227,643
183,816

2024 – Est1................................
37,704
2025 – Est1................................
37,623

117,238
130,604

1,157,762
1,218,526

2023 - Sept ................................
5,789
Oct................................
2,945
Nov ................................
2,365
Dec ................................
2,428
2024 - Jan ................................
3,477
Feb ................................
2,979
Mar ................................
2,721
Apr ................................
3,239
May ................................
2,215
Jun ................................
2,271
Jul ................................
3,130
Aug ................................
3,425
Sept................................
5,824

12,937
9,195
9,455
8,475
7,301
8,127
7,601
8,039
9,916
11,083
10,002
11,242
16,954
117,390

Fiscal year
or month

Fiscal year
2024 to date ................................
37,017
See footnotes at end of table

Department of
Labor
(13)

Corps of
Engineers
(19)

Other
Defense,
civil
programs
(20)

Environmental
Protection
Agency
(21)

Executive
InterOffice
national
of the
General Services Assistance
President Administration
Program
(22)
(23)
(24)

218,393
233,782
273,868
301,025
325,005

7,632
7,936
8,181
7,806
11,345

65,265
58,085
56,868
68,928
66,220

8,723
8,310
9,278
12,587
13,699

403
426
458
543
607

-266
-1,269
-1,204
-700
-244

21,677
20,047
35,813
36,052
35,793

189,610
417,012

341,112
388,623

7,899
7,812

69,262
79,245

11,888
39,669

727
603

8
2,434

42,195
45,189

71,470
88,926
79,923
119,161
69,196
76,162
88,654
102,440
103,045
140,238
88,549
92,293
84,448

-22,677
10,502
10,575
12,940
9,888
53,616
33,470
20,459
13,834
12,201
14,788
15,423
-23,881

42,876
14,035
26,449
40,159
14,215
27,217
29,164
31,623
38,534
13,888
28,687
45,267
15,767

-829
1,014
1,353
1,031
611
702
807
732
971
908
1,047
1,058
1,110

12,186
-1,564
6,029
13,366
2,030
6,178
5,901
3,612
11,077
219
6,753
11,865
755

1,169
1,000
926
1,316
903
994
1,071
992
1,126
1,245
936
1,342
1,848

54
48
46
46
45
53
59
50
55
50
49
74
33

-407
59
-39
650
-799
-300
193
-62
245
-95
22
234
-350

2,026
2,846
4,677
1,929
1,579
865
1,452
3,422
3,584
2,470
5,654
1,770
5,545

1,133,037

183,816

325,005

11,345

66,220

13,699

607

-244

35,793

20

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
and
National Office of
Space
Science Personnel
AdminisFoun- Managetration
dation
ment
(25)
(26)
(27)

Small
Business
Administration
(28)

Social
Security
Administration
(29)

Independent
agencies
(30)

Allowance
-s
(31)

Undistributed offsetting receipts
Rents
and
royalties
on the
Employer
Outer
share,
Interest
employee
received Continental Shelf
retireby trust
lands
Other
ment
funds
(32)
(33)
(34)
(35)

Total outlays
OffOnbudget
budget
(36)
(37)

2020 ................................
21,524

7,278

105,626

577,411

1,153,912

17,654

-

-99,993

-135,215

-3,645

-2,725

5,596,291

955,579

2021 ................................
22,249

7,353

108,553

322,721

1,192,451

13,556

-

-110,687

-149,578

-4,231

-8,942

5,814,310

1,003,847

2022 ................................
23,080

8,133

113,072

23,199

1,282,055

29,831

-

-119,129

-183,966

-11,831

-103,508

5,190,351

1,081,158

2023 ................................
25,318

8,951

122,509

26,072

1,416,328

134,260

-

-124,993

-169,144

-6,934

-8

4,913,690

1,220,742

2024 ................................
25,015

9,392

126,173

33,197

1,519,734

77,795

-

-139,718

-183,823

-7,020

-11

5,431,240

1,320,311

2024 – Est1 ................................
25,826
9,987

128,803

33,157

1,520,079

91,387

-1,901

-138,211

-187,500

-7,260

-419

5,559,018

1,315,590

2025 – Est1 ................................
24,707
10,658

132,456

1,610

1,628,325

3,437

38,752

-142,678

-169,803

-7,206

-3

6,035,465

1,403,830

2023 - Sept ................................
2,844

998

9,553

205

126,177

51,877

-

-9,595

-4,277

-222

-1

523,172

115,283

Oct ................................
1,976

721

10,913

191

117,574

21,550

-

-40,093

-9,917

-839

-

366,984

103,013

Nov ................................
2,251

655

10,819

134

121,565

51,592

-

-8,147

-6,755

-674

-1

475,132

113,710

Dec ................................
2,633

669

10,209

143

127,197

-348

-

-7,921

-50,010

-222

-1

475,059

83,606

2024 - Jan ................................
1,677

700

11,287

193

121,081

1,580

-

-8,394

-617

-699

-1

395,230

104,020

Feb................................
1,779

727

9,674

72

126,327

4,023

-

-8,488

-7,234

-597

-1

448,054

119,347

Mar................................
2,075

693

9,555

228

127,753

1,140

-

-9,539

-7,134

-389

-2

447,103

121,532

Apr ................................
2,105

727

10,682

103

128,016

1,117

-

-9,732

-12,863

-915

-1

461,779

104,890

May ................................
1,978

715

11,200

31,315

133,416

3,949

-

-8,943

-12,207

-761

-1

551,111

119,667

Jun ................................
2,234

764

10,010

176

129,200

-7,611

-

-8,658

-56,919

-90

-1

442,037

95,183

Jul ................................
2,058

949

11,758

215

128,653

-513

-

-8,893

-5,957

-916

-1

464,572

109,546

Aug ................................
2,155
1,058

9,686

222

134,486

4,420

-

-9,929

-9,527

-307

-1

563,817

122,803

Sept ................................
2,093
1,015

10,378

205

124,465

-3,105

-

-10,980

-4,682

-611

-1

340,361

122,995

Fiscal year
25,015
9,392
2024 to date ................................

126,173

33,197

1,519,734

77,795

-139,718

-183,823

-7,020

-11

5,431,240

1,320,311

Note: Detail may not add to total due to rounding.
1 These estimates are based on the President's FY 2024 Mid-Session Review, released by the Office of
Management and Budget on July 19, 2024.

21

TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency,
September 2024 and Other Periods
[In millions of dollars. Source: Bureau of the Fiscal Service]

Classification

General
funds
(1)

Budget receipts:
Individual income taxes ................................................................2,426,034
Corporation income taxes ............................................................... 529,867
Social insurance and retirement receipts:
Employment and general retirement (off-budget) ......................
Employment and general retirement (on-budget) ......................
Unemployment insurance ...........................................................
Other retirement..........................................................................
Excise taxes .................................................................................... 32,672
Estate and gift taxes........................................................................ 31,616
Customs duties................................................................................ 50,330
Miscellaneous receipts ................................................................
10,153
Total receipts ..........................................................................
3,080,671
(On-budget) ................................................................ 3,080,671
(Off-budget) ................................................................
Budget outlays:
Legislative branch ........................................................................... 6,873
Judicial branch ................................................................................ 9,459
Department of Agriculture ............................................................... 187,451
Department of Commerce ............................................................... 14,621
Department of Defense-military ...................................................... 825,650
Department of Education ................................................................ 267,654
Department of Energy ................................................................
49,595
Department of Health and Human Services ................................1,355,287
Department of Homeland Security ................................................. 95,292
Department of Housing and Urban Development .......................... 51,508
Department of the Interior ............................................................... 19,286
Department of Justice ................................................................
41,054
Department of Labor ................................................................
8,213
Department of State ........................................................................ 37,503
Department of Transportation ......................................................... 28,737
Department of the Treasury:
Interest on Treasury Debt Securities (Gross) ............................
1,133,037
Other ........................................................................................... 184,132
Department of Veterans Affairs ...................................................... 329,211
Corps of Engineers ......................................................................... 8,833
Other defense civil programs .......................................................... 161,377
Environmental Protection Agency................................................... 12,218
Executive Office of the President....................................................
599
General Services Administration ....................................................
145
International Assistance Program ................................................... 38,929
National Aeronautics and Space Administration ............................ 25,003
National Science Foundation .......................................................... 9,257
Office of Personnel Management ................................................... 68,511
Small Business Administration ....................................................... 33,250
Social Security Administration ........................................................ 112,582
Independent Agencies ................................................................
21,567
Undistributed offsetting receipts:
Interest ........................................................................................
Other ........................................................................................... -5,337

Total Outlays
(On-Budget)
(Off-Budget)
Surplus (+) or Deficit (-)
(On-Budget)
(Off-Budget)
-No Transactions
* Less than $500,000

5,131,496
5,131,225
271
-2,050,825
-2,050,554
-271

This fiscal year to date
Management,
consolidated,
Trust
revolving and
funds
special funds
(2)
(3)

Total
funds
(4)

General
funds
(5)

Prior fiscal year to date
Management,
consolidated,
Trust
revolving and
funds
special funds
(6)
(7)

Total
funds
(8)

33
-

-

2,426,067
529,867

2,173,453
419,584

3,028
-

-

2,176,481
419,584

1,486
24,577
32,049
58,145
58,145
-

1,259,883
393,115
47,975
7,954
67,278
2,129
954
1,779,288
519,405
1,259,883

1,259,883
393,115
47,975
7,954
101,435
31,616
77,037
43,155
4,918,104
3,658,221
1,259,883

*
-2
3,681
33,668
52,711
7,791
2,690,886
2,690,886
-

1,500
25,540
29,819
59,887
59,887
-

1,193,755
364,392
49,404
6,904
70,622
2,087
1,348
1,688,513
494,758
1,193,755

1,193,755
364,392
49,402
6,904
75,804
33,668
80,337
38,959
4,439,286
3,245,531
1,193,755

-32
71
15,787
210
47
265
-280
10,492
-6,263
188
-2,293
2,968
12,220
-1,062
-37

-5
-49
164
*
580
*
*
354,843
262
280
96
-27
44,607
576
88,690

6,835
9,480
203,402
14,831
826,277
267,918
49,315
1,720,621
89,290
51,976
17,088
43,995
65,040
37,017
117,389

6,580
9,007
203,718
11,756
775,241
-40,896
35,551
1,333,449
89,240
55,113
17,096
38,027
11,600
33,550
31,689

-64
68
25,165
288
199
-212
-1,128
7,523
-429
97
-2,068
6,294
40,342
-1,163
-187

-4
-79
5
1
432
1
*
367,550
221
-16
837
6
35,590
609
78,021

6,512
8,995
228,887
12,045
775,872
-41,108
34,423
1,708,521
89,032
55,194
15,865
44,327
87,531
32,997
109,523

-808
-4,481
-197
-15,951
-91
*
-389
242
11
151
3,229
-54
6
51,441

491
274
2,709
-79,206
1,572
7
-3,377
1
-16
54,433
1,407,146
4,785

1,133,037
183,816
325,004
11,345
66,220
13,699
607
-244
35,794
25,015
9,392
126,173
33,197
1,519,734
77,793

879,307
224,928
305,423
6,956
130,753
12,323
534
173
48,864
25,279
8,824
64,513
26,094
112,822
22,166

2,667
-4,686
-159
-16,161
-48
-1
-873
197
37
149
3,779
-23
-12
106,317

48
289
1,008
-45,664
311
10
-13,010
3
-22
54,216
1,303,517
6,137

879,307
227,644
301,026
7,806
68,928
12,586
543
-700
36,050
25,319
8,951
122,508
26,072
1,416,328
134,620

-12,522
52,865
49,252
3,613
5,280
8,893
-3,613

-183,823
-128,891
1,566,124
249,697
1,316,427
213,164
269,709
-56,545

-183,823
-146,749
6,750,485
5,430,174
1,320,311
-1,832,381
-1,771,952
-60,429

-5,993
4,473,686
4,473,415
272
-1,782,800
-1,782,529
-272

-10,974
154,934
149,437
5,497
-95,047
-89,550
-5,497

-169,144
-114,967
1,505,905
290,573
1,215,332
182,608
204,184
-21,577

-169,144
-131,934
6,134,526
4,913,425
1,221,100
-1,695,240
-1,667,895
-27,345

Note.—Detail may not add to totals due to rounding

22

TABLE FFO-5—Internal Revenue Receipts by State, 2024
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income tax, employment taxes, and estate and trust income tax

State or area

Total
Internal
Revenue
collections 1
(1)

United States, total................................

5,100,489,478
Alabama ................................................................ 37,658,414
Alaska................................................................
7,275,928

Business
income
taxes 2
(2)

Individual
income tax
withheld and
FICA tax 3
(4)

Total
(3)

Individual
income tax
payments
and SECA
tax 3
(5)

565,085,519

4,424,588,345

3,350,927,585

999,781,367

2,081,718

34,947,660

25,952,146

8,475,467

156,252

7,021,516

5,093,069

1,651,215

78,552,869

7,451,650

68,924,696

50,737,180

17,558,534

Arkansas ................................................................ 42,184,263
California ................................................................805,650,731

4,450,221

36,862,036

30,407,132

6,128,497

153,995,601

637,416,159

448,065,860

182,865,107

5,804,163

79,832,194

59,315,612

19,763,062

10,294,537

58,186,374

40,347,346

16,807,484

Arizona ................................................................

Colorado ................................................................ 86,744,001
Connecticut ................................................................
69,406,258
Delaware ................................................................ 20,531,131
District of Columbia ................................
45,243,625

4,048,194

15,897,983

11,530,600

2,078,132

4,088,603

41,029,984

35,910,218

4,195,964

Florida ................................................................ 325,423,855
Georgia................................................................ 144,811,636

17,905,271

301,381,282

198,054,714

97,506,105

23,478,229

115,418,267

89,349,953

24,211,807
3,100,299

Hawaii................................................................

11,402,789

542,670

10,549,188

7,303,806

Idaho ................................................................

17,919,350

879,264

16,933,383

12,164,830

4,629,835

Illinois ................................................................

222,034,635

25,886,622

190,160,722

148,766,026

36,087,502

Indiana................................................................

83,926,517

10,035,074

72,735,147

60,028,456

12,208,749

Iowa ................................................................

35,596,231

1,949,030

33,168,691

26,400,307

6,574,731

Kansas ................................................................

31,359,032

1,722,320

28,482,215

21,460,083

6,458,827

Kentucky................................................................ 50,185,720
Louisiana ................................................................ 41,884,661

3,427,402

46,328,775

39,489,917

6,427,352
8,453,902

1,315,313

40,121,635

31,297,439

12,168,858

848,421

11,204,958

8,251,359

2,839,858

Maryland................................................................ 107,444,691

4,386,680

102,578,057

84,779,510

16,833,049

Massachusetts ................................
156,520,223
Michigan ................................................................ 108,565,033

12,377,907

142,838,974

112,478,184

28,737,417

8,652,149

99,111,383

78,581,982

18,935,176

Minnesota ................................................................122,269,773
Mississippi ................................................................15,189,910

13,313,453

107,662,979

92,900,224

14,075,107

808,678

14,076,644

10,284,705

3,657,506

Missouri ................................................................ 93,231,884
Montana ................................................................ 10,688,526

6,614,427

85,756,790

71,597,330

12,686,664

250,642

10,377,718

6,959,985

3,290,241

Nebraska ................................................................ 43,963,441
Nevada ................................................................ 38,034,564

20,323,913

23,391,705

17,423,705

4,607,999

1,781,376

35,379,215

19,028,015

11,804,562

608,318

15,844,484

10,688,371

4,499,167

28,514,672

151,115,815

117,945,149

31,323,647

Maine................................................................

New Hampshire................................

17,032,034
New Jersey ................................................................
183,225,841

New Mexico................................................................
12,851,255

233,919

12,479,874

9,106,526

3,253,053

New York ................................................................384,447,300

37,420,654

341,601,296

258,494,864

78,198,978

North Carolina ................................

125,034,536
North Dakota ................................................................9,748,917

11,262,992

112,417,994

89,773,634

21,696,420

630,325

8,995,083

6,293,717

2,608,718

Ohio ................................................................

18,271,798

181,448,480

158,335,715

21,384,238

4,167,769

31,059,278

22,868,344

7,144,520

207,340,271
Oklahoma ................................................................ 39,273,941
See footnotes at end of table.

23

FEDERAL FISCAL OPERATIONS

TABLE FFO-5—Internal Revenue Receipts by State, 2024, continued
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income tax, employment taxes, and estate and trust income tax

State or area

Total
Internal
Revenue
collections 1
(1)

Oregon ................................................................

41,976,824
Pennsylvania ................................................................
179,329,991

Business
income
taxes 2
(2)

Individual
income tax
withheld and
FICA tax 3
(4)

Total
(3)

Individual
income tax
payments
and SECA
tax 3
(5)

2,634,258

38,787,346

28,999,747

9,520,696

17,960,332

158,041,380

126,019,924

29,704,273

Rhode Island ................................................................
18,933,872

2,544,213

16,334,751

13,680,706

2,510,718

South Carolina ................................

39,877,104

1,706,150

37,684,195

25,854,814

11,445,219

South Dakota ................................
12,770,286
Tennessee ................................................................
100,928,664

341,392

12,348,693

6,438,623

2,921,766

8,481,506

89,798,314

69,190,650

19,428,088

Texas................................................................

417,434,723

30,703,191

361,705,477

266,237,864

86,471,408

Utah ................................................................

38,295,614

1,874,470

35,938,699

27,017,942

8,648,759

6,048,626
Virginia ................................................................ 122,266,290
Washington ................................................................
161,329,983

409,883

5,597,685

3,976,134

1,552,315

13,964,484

107,493,007

82,838,493

23,727,758

23,158,631

135,728,710

110,784,866

23,896,552

West Virginia ................................................................8,694,057

281,894

8,351,751

6,486,250

1,787,490

Wisconsin ................................................................ 71,776,847

5,671,812

65,215,376

50,602,006

12,973,623

Wyoming ................................................................ 7,669,217
U.S. Armed Service members
overseas and Territories
other than Puerto Rico ................................
897,380
Puerto Rico ................................................................5,373,602

205,279

7,195,177

3,025,619

3,223,982

International ................................................................
17,199,324

Vermont ................................................................

Undistributed 6 ................................
See footnotes at end of table.

4,864,430

44,091

852,075

666,300

175,592

58,682

5,307,057

4,255,981

1,017,647

4,193,604

12,082,718

6,309,224

5,726,399

871,422

3,387,299

1,076,428

2,290,192

24

FEDERAL FISCAL OPERATIONS

TABLE FFO-5—Internal Revenue Receipts by State, 2024, continued
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income tax, employment taxes, and estate and trust
income tax -continued

State or area

Unemployment
insurance
tax
(6)

United States, total................................

Estate
and trust
income
tax 4
(8)

Railroad
retirement
tax
(7)

Estate
tax
(9)

Gift
tax
(10)

Excise
taxes 5
(11)

8,130,484

6,929,086

58,819,824

29,416,540

3,451,349

77,947,724

Alabama ................................................................

73,722

3,904

442,421

343,286

3,601

282,148

Alaska................................................................

12,514

3,038

261,680

36,493

25

61,642

159,422
Arkansas ................................................................ 145,846
California ................................................................ 1,348,645

1,753

467,807

318,033

5,700

1,852,789

3,769

176,793

266,918

6,724

598,365

10,209

5,126,339

8,267,843

1,449,882

4,521,246

Colorado ................................................................

23,298

618,299

390,907

11,475

705,263

5,280

958,277

413,439

114,999

396,909

Arizona ................................................................

111,923
Connecticut ................................................................ 67,988
Delaware ................................................................ 21,817

1,375

2,266,059

124,828

762

459,364

18,141

803,865

101,796

75,342

16

49,680

Florida ................................................................

533,592

823,193

4,463,677

3,854,300

214,342

2,068,660

Georgia................................................................

256,659

735,512

864,337

373,342

16,669

5,525,129

Hawaii................................................................

19,955

0

125,128

74,129

4,161

232,641

District of Columbia ................................

Idaho ................................................................

48,671

186

89,861

40,020

6,134

60,548

Illinois ................................................................

307,972

424,451

4,574,772

820,731

41,624

5,124,936

Indiana................................................................

113,064

21,586

363,292

203,833

9,576

942,887

Iowa ................................................................

54,277

13,635

125,741

97,100

1,993

379,417

Kansas ................................................................

68,488

154,297

340,520

229,616

10,584

914,298

Kentucky................................................................

74,566

20,633

316,307

174,930

10,445

244,168

Louisiana ................................................................

69,466

6,053

294,775

109,491

5,274

332,948

Maine................................................................

21,550

3,032

89,159

71,289

12,462

31,728

117,913
Massachusetts ................................................................
185,046

27,521

820,064

280,886

35,945

163,123

92,056

1,346,271

404,432

50,876

848,033
410,613

Maryland................................................................
Michigan ................................................................

203,687
Minnesota ................................................................ 196,974
Mississippi ................................................................ 32,023

13,200

1,377,337

371,808

19,079

107,691

382,984

245,269

169,866

878,205

2,161

100,249

117,632

5,684

181,273

Missouri ................................................................

149,777

1,164,246

207,719

21,454

631,494

158,771

Montana ................................................................

20,373

20,679

86,440

34,251

1,216

24,699

Nebraska ................................................................

40,945

1,133,470

185,587

99,421

15,815

132,587

53,617
New Hampshire................................................................
22,624

210

4,492,811

526,143

95,757

252,073

31

634,291

144,658

2,366

432,209

New Jersey ................................................................ 219,497

220,157

1,407,364

510,763

78,031

3,006,560

New Mexico................................................................ 23,822
New York ................................................................ 635,912
North Carolina ................................................................
225,134

421

96,052

85,595

28,389

23,478

640,629

3,630,913

2,552,804

276,749

2,595,796

21,786

701,019

1,018,114

4,637

330,799

North Dakota ................................................................ 14,961

11,870

65,818

77,395

688

45,427

Ohio ................................................................

276,573

31,888

1,420,067

540,112

67,154

7,012,727

70,579

3,364

972,471

177,494

9,347

3,860,053

Nevada ................................................................

Oklahoma ................................................................
See footnotes at end of table.

25

FEDERAL FISCAL OPERATIONS

TABLE FFO-5—Internal Revenue Receipts by State, 2024, continued
[In thousands of dollars. Source: Chief Financial Officer, Financial Management]

Individual income tax, employment taxes, and estate and
trust income tax -continued

State or area

Unemployment
insurance
tax
(6)

Oregon ................................................................

Estate
and trust
income
tax 4
(8)

Railroad
retirement
tax
(7)

Estate
tax
(9)

Gift
tax
(10)

Excise
taxes 5
(11)

57,513
Pennsylvania ................................................................
290,066

3,147

206,243

367,314

14,573

173,333

89,997

1,937,120

852,017

86,012

2,390,250

Rhode Island ................................................................35,181

-

108,146

29,062

6,450

19,397

South Carolina ................................................................
69,673

1,999

312,490

194,342

5,092

287,326

South Dakota ................................................................
14,143

1,685

2,972,475

28,068

6,744

45,388

Tennessee ................................................................211,184

2,607

965,785

458,231

7,607

2,183,006

Texas................................................................

639,941

1,253,070

7,103,194

1,945,021

164,503

22,916,532

Utah ................................................................

84,756

2,875

184,367

98,055

2,342

382,049

Vermont ................................................................

9,690

3,182

56,364

16,270

25

24,763

187,996
Washington ................................................................281,578

8,272

730,488

565,096

14,595

229,107

16,625

749,088

260,952

154,148

2,027,542

Virginia ................................................................

West Virginia ................................................................14,179

894

62,939

13,374

3

47,035

Wisconsin ................................................................ 132,695

4,796

1,502,256

134,903

63,702

691,054

9,454

575

935,546

210,811

7,162

50,789

7,029
Puerto Rico ................................................................31,556

-

3,154

-

124

1,091

-

1,871

1,964

44

5,856

International ................................................................6,623

3,202

37,271

167,000

62,531

693,470

Undistributed 6 ................................................................
20,498

181

-

393,696

46,191

165,822

Wyoming ................................................................
U.S. Armed Service members
overseas and Territories other
than Puerto Rico ................................

1

Gross collections include penalties and interest in addition to taxes.
Includes 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 individual income tax
payments along with taxes on self-employment 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.
4
Includes 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.
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.
2

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.

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 2024 may result in
negative amounts when such adjustments exceed current-year collections. See
Table 7 and 8 for refund data by state.
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: Office of Chief Financial Officer, Financial Management, Corporate
Accounting

26

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 ................................

Collection
Fiscal Year
2024
$6,269,614,888.35

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 .............................................................

522,010.20
1,096,852.71

Collection
District and Port
Port
Fiscal Year
of Collection
Code
2024
71,918.99
Richford, VT ....................................... 10203 ................................
Beecher Falls, VT............................... 10206 ................................ 618,801.35
Burlington INTL Airport, VT ................ 10207 ................................ 476,166.24
Derby Line, VT ................................... 10209 ................................11,891,588.23
Norton, VT .......................................... 10211 ................................ 3,572,502.24
Highgate Springs, VT ......................... 10212 ................................38,332,973.78
1,000.00
Newport Border Patrol, VT...........
10253..........
2,000.00
Breecher Falls Border Patrol, VT ....... 10254..........
Total District .............................................................
$55,748,716.90

1,540,857.65
456,948.22
990,429.55
2,479,198.50
118,164.68
96,960.88
38,602.00
46,364.60
141,997.82
21,255.16
19,689.50
263,953.92
287,131.35
349,107.67
26,241.00
$8,495,765.41

Portland, Maine:
Portland, ME ...................................... 10101 ................................25,174,616.46
Bangor, ME ........................................ 10102 ................................ 1,006,458.90
40,831.96
Eastport, ME ...................................... 10103 ................................
Jackman, ME ..................................... 10104 ................................ 8,019,179.21
Vanceboro, ME ................................ 10105 ................................ 4,018,942.66
Houlton, ME ....................................... 10106 ................................11,202,558.18
16,499.29
Fort Fairfield, ME................................ 10107 ................................
Van Buren, ME ................................... 10108 ................................ 5,032,217.38
59,748.04
Madawaska, ME................................ 10109 ................................
186,763.58
Fort Kent, ME.............................
10110..........
0.00
Bath, ME............................................. 10111 ................................
31.95
Bar Harbor, ME ................................ 10112 ................................
Calais, ME .......................................... 10115 ................................ 3,820,141.73
2,469.16
Limestone, ME ................................... 10118 ................................
20,265.46
Bridgewater, ME................................ 10127 ................................
Portsmouth, NH................................ 10131 ................................ 1,660,292.70
Belfast, ME ......................................... 10132 ................................
0.00
Searsport, ME .................................... 10152 ................................
56,178.91
Manchester-Boston Reg. Airport, NH ............ 10182 ................................ 121,238.51
Total District .............................................................
$60,438,434.08
St. Albans, Vermont:
St. Albans, VT .................................... 10201 ................................

781,766.07

Boston, Massachusetts:
439,822,886.33
Boston, MA......................................... 10401 ................................
Springfield, MA ................................... 10402 ................................ 1,766,402.37
Worcester, MA ................................... 10403 ................................27,356,007.05
11,369.12
Gloucester, MA ................................ 10404 ................................
New Bedford, MA ............................... 10405 ................................27,445,240.30
Plymouth, MA ..................................... 10406 ................................ 386,752.88
10407 ................................ 258,036.26
Fall River, MA................................................................
Salem, MA .......................................... 10408 ................................37,502,523.14
Bridgeport, CT .................................... 10410 ................................ 745,469.84
Hartford, CT ....................................... 10411 ................................ 6,766,270.51
New Haven, CT ................................ 10412 ................................27,418,812.70
New London, CT ................................ 10413 ................................ 5,557,428.70
204.48
Lawrence, MA .................................... 10416 ................................
121,389,809.10
Boston Logan INTL Airport, MA ......... 10417 ................................
Hanscom Field Civil Air Terminal, MA ........ 10481 ................................ 318,293.15
15,532.30
10482 ................................
Waterbury-Oxford Airport, CT..............
Total District .............................................................
$696,761,038.23

Providence, Rhode Island:
Newport, RI ........................................ 10501 ................................ 1,390,455.52
120,583,077.56
Providence, RI.................................... 10502 ................................
18,595.66
Mellville, RI ......................................... 10503 ................................
$121,992,128.74
Total District .............................................................
Ogdensburg, New York:
Ogdensburg, NY ................................ 10701 ................................ 8,160,863.40
3,344,769.07
Massena, NY...................................... 10704 .........................
Alexandria Bay, NY ............................ 10708 ................................42,600,260.71
204,936,861.14
Champlain, NY ................................... 10712 ................................
Trout River, NY ................................ 10715 ................................12,947,587.85
20,368.52
Plattsburgh INTL Airport, NY........ 10781..........
Total District .............................................................
$272,010,710.69
Buffalo, New York:
448,588,023.57
Buffalo, NY ......................................... 10901 ................................
Rochester, NY .................................... 10903 ................................ 7,232,676.18
Oswego, NY ....................................... 10904 ................................ 213,405.59
Syracuse, NY ..................................... 10906 ................................17,297,018.62
6,038.34
Greater Binghamton Airport, NY ........ 10981 ................................
0.00
Griffiss International Airport, NY ........ 10982 ................................
3,589.02
Ithaca Tompkins INTL Airport, NY 10983..........
$473,340,751.32
Total District ................................................................
Philadelphia, Pennsylvania:
551,199,778.88
Philadelphia, PA ................................ 11101 ................................
232,416,243.30
Chester, PA ........................................ 11102 ................................
Wilmington, DE ................................ 11103 ................................43,760,304.39
128,913,927.77
Pittsburgh, PA .................................... 11104 ................................
Wilkes-Barre/Scranton, PA ................ 11106 ................................49,848,014.37
Philadelphia International
Airport, PA ....................................... 11108 ................................48,335,622.72

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued

27

[Source: U.S. Customs and Border Protection]

District and Port
of Collection

Port
Code

Collection
Fiscal Year
2024

Philadelphia, Pennsylvania, continued:
Harrisburg, PA................................ 11109 ................................ 70,479,941.08
Allentown, PA…………………... 11119………
49,792,737.04
Atlantic City INTL Airport, NJ .............11182 ................................
17,597.78
Trenton-Mercer Airport, PA ................11183 ................................
99,421.30
UPS, Philadelphia, PA .......................11195 ................................ 54,621,051.26
Total District ............................................................... $1,229,484,639.89
Baltimore, Maryland:
Annapolis, MD ................................................................
11301 ................................
85,124.41
Cambridge, MD................................ 11302 ................................
3,174.44
Baltimore, MD ................................ 11303 ................................
1,358,051,432.41
Crisfield, MD……………………..........11304…………… ................................80.16
22,771,508.70
Balt./Wash. INTL Airport, MD.............11305 .........................
Total District ............................................................... $1,380,911,320.12

New York, New York:
New York, NY.....................................21001 ................................ 298,718,618.62
Albany, NY .........................................21002 ................................ 8,354,858.93
Fishkill, NY (ICE) ................................21006 ................................
0.00
New York, NY/Newark, NJ .................24601 ................................
9,605,157,850.67
Perth Amboy, NJ ................................24602 .........................
6,331,820.73
UPS, Newark, NJ ...............................24670 ................................ 34,943,729.31
FedEx Newark, NJ .............................24671 ................................ 52,993,555.70
Morristown Airport, NJ .......................24681 ................................
157,644.70
New York Stewart International
Airport, NY ................................................................
24682 ................................
293,695.80
John F. Kennedy International
Airport, NY ................................................................
24701 ................................
1,478,577,534.47
NYACC JFK INTL Airport, NY................................
24771 ................................ 4,099,351.36
DHL JFK INTL Airport, NY ................................
24772 ................................ 112,525,698.24
Micom JFK INTL Airport, NY................................
24773 ................................
71,441.20
IBC JFK INTL Airport NY ................................
24774 ................................
154,718.44
FedEx JFK INTL Airport, NY ................................
24778 ................................
17,574.94
Total District ............................................................... $11,602,398,093.11
Great Falls, Montana:
Raymond, MT.....................................33301 .........................
Eastport, ID ........................................33302 .........................
Salt Lake City, UT ..............................33303 .........................
Great Falls INTL Airport, MT ..............33304 .........................
Butte Airport, MT ................................33305 .........................
Turner, MT..........................................33306 .........................
Denver, CO ........................................33307 .........................
Porthill, ID ...........................................33308 .........................
Scobey, MT ........................................33309 .........................
Sweetgrass, MT ................................33310 .........................
Piegan, MT .........................................33316 .........................
Opheim, MT .......................................33317 .........................
Roosville, MT .....................................33318 .........................
Morgan, MT ........................................33319 .........................
Del Bonita, MT ................................ 33322 .........................
Wild Horse, MT ................................ 33323 .........................
Kalispell Airport, MT ...........................33324 .........................
Willow Creek, MT ...............................33325 .........................
Billings, MT (ICE) ...................... 33326 .................
Rocky Mtn Metro Airport, CO .............33383 .........................
Centennial Airport, CO .......................33384 .........................
Eagle County Regional
Airport, CO ......................................33385 .........................
Bozeman Yellowstone INTL Airport,
MT...............................................................33386 .........................

Total District ................................................................

Pembina, North Dakota:
Pembina, ND ......................................33401 .........................

2,086,715.09
13,095,555.11
322,821,284.37
2,447,319.56
89,415.88
20,200.99
207,938,661.41
18,168.59
17,211.22
44,088,440.39
121,377.85
618.40
4,799,061.55
57,546.98
13,942.97
9,057.53
1,453.86
21,400.24
0.00
71,734.21
85,397.65
75,893.40
28,200.22
$597,908,657.47

66,320,570.80

District and Port
Port
of Collection
Code
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 ...............................................................

Collection
Fiscal Year
2024
71,975,651.36
17,914.53
3,104.63
35,638.13
19,238.51
127.44
0.00
3,019,699.48
505.44
12,682.59
5,657.38
3,083.39
6,946.60
2,056.84
3,177.16
2,817.26
1,237,846.44
152,940.73
22,278.58
0.00
125,513.39
16,979,108.77
165,706.36
0.00
1,390.39
$160,113,656.20

Minneapolis, Minnesota:
Minneapolis, MN ................................33501 .........................
Sioux Falls Regional Airport, SD .......33502 .........................
St Paul Downtown Airport, SD ...........33504 .........................
Duluth, MN/Superior, WI ....................33510 .........................
Ashland, WI................................ 33511..................
Omaha, NE .......................................33512 .........................
Des Moines, IA ................................ 33513 .........................
Rochester, MN ................................ 33581 .........................
Total District ...............................................................

574,443,297.55
3,813,052.16
0.00
1,001,772.75
0.00
143,961,521.90
8,307,935.26
65,716.33
$731,593,295.95

International Falls, Minnesota:
International Falls, MN .......................33604 .........................
Grand Portage, MN ............................33613 .........................
Total District ...............................................................

113,463,936.38
1,140,780.01
$114,604,716.39

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 ...............................................................

40,427,895.12
12,945.20
2,825,887.07
4,924.08
99,715.75
20,440.03
10,284.67
$43,402,091.92

Detroit, Michigan:
Detroit, MI ...........................................33801 ......................... 1,599,670,784.75
Port Huron, MI ................................ 33802 .........................
362,334,804.37
Sault Sainte Marie, MI........................33803 .........................
7,029,213.80
108,044.33
Saginaw/Bay City/Flint, MI .................33804 .........................
Battle Creek, MI ................................33805 .........................
12,150,124.28
Grand Rapids, MI ...............................33806 .........................
18,524,461.57
Detroit Metropolitan Airport, MI ..........33807 .........................
182,916,575.43
55,677.75
Marquette, MI .....................................33809 .........................
1,544.24
Algonac, MI ........................................33814 .........................

TABLE FFO-6—Customs and Border Protection Collection of Duties, Taxes, and Fees
by Districts and Ports, continued

28

[Source: U.S. Customs and Border Protection]

Collection
District and Port
Port
Fiscal Year
of Collection
Code
2024
Detroit, MI continued:
Muskegon, MI.....................................33815.........................
4,480.53
Grand Haven, MI ................................33816.........................
0.00
Rogers City, MI ................................ 33818.........................
59.07
DeTour Village, MI ................................ 33819.........................
0.00
Oakland County Intl Airport, MI ..............33881.........................
54,497.19
Willow Run Airport, MI .......................33882.........................
29,615.69
Capital Region Intl Airport, MI ............33883.........................
371,589.55
Total District .............................................................
$2,183,251,472.55
Chicago, Illinois
Chicago, IL .........................................33901......................... 6,131,848,223.70
Peoria, IL ............................................33902.........................
26,514,273.12
Gary/Chicago INTL Airport, IN ...........33905.........................
2,255,794.12
Davenport, IA/Moline-Rock
Island, IL................................................33908.........................
180,912.08
63,161,754.89
Chicago Rockford INTL Airport, IL .............33909.........................
Midway International Airport, IL .........33910.........................
163,579.53
IBC Chicago, IL ................................ 33972.........................
1,591.70
Waukegan National Airport, IL ...........33981.........................
26,426.84
Chicago Executive Airport, IL.............33983.........................
101,322.99
Dupage County Airport, IL .................33984.........................
55,831.87
Decatur Airport, IL ..............................33985.........................
0.00
South Bend International
Airport, IN ...........................................33986.........................
27,802.16
Williard Airport, IL.......................
33987...............
6,386.18
DHL Chicago, IL ................................33991.........................
11,070,660.74
Total District ................................................................ $6,235,414,559.92
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............................
London, KY (ICE) ................................ 34130............................
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 ..............................................................

546,537,246.52
605,794,098.14
1,097,253,869.89
23,713,125.16
38,239,326.52
15,246,744.97
144,300.00
457,028,322.45
586,871,460.30
72,561,794.43
257,937.17
1,763.68
797,685.25
33,121.03
673,147,527.89
547,063,343.02
170,309,563.95
$4,835,001,230.37

St. Louis, Missouri:
Kansas City, MO ................................34501.........................
773,393,791.73
St. Joseph, MO ................................ 34502.........................
0.00
St. Louis, MO .....................................34503.........................
360,179,944.33
Wichita, KS.........................................34504.........................
2,790,110.76
Springfield, MO ................................ 34505.........................
12,000,580.42
Spirit of St Louis Airport, MO .............34506.........................
1,917.07
0.00
MidAmerica St Louis Airport, MO..........34581.........................
Total District ................................................................ $1,148,366,344.31
San Juan, Puerto Rico:
Aguadilla, PR .....................................44901.........................
Fajardo, PR ........................................44904.........................
Mayaguez, PR................................ 44907.........................
Ponce, PR ..........................................44908.........................
San Juan, PR .....................................44909.........................

4,571,696.72
2,361,264.67
37,995.38
6,780,115.02
276,631,052.23

Collection
Fiscal Year
2024

District and Port
Port
of Collection
Code
Luis Munoz Marin International
Airport, PR..................................................44913.........................
Total District .............................................................

17,351,193.93
$307,733,317.95

Virgin Islands of the United States:
Charlotte Amalie, VI ...........................45101.........................
Cruz Bay, VI .......................................45102.........................
Christiansted, VI ................................45104.........................
Total District .............................................................

9,407,318.94
143,234.20
5,156,612.33
$14,707,165.47

Miami, Florida:
Miami Seaport, FL ..............................45201......................... 1,254,797,304.30
Key West, FL......................................45202.........................
9,587.52
357,240,114.61
Port Everglades/Fort Lauderdale, FL .........45203.........................
West Palm Beach, FL ........................45204.........................
14,233,691.49
Fort Pierce, FL ................................ 45205.........................
17,502.20
Miami International Airport, FL ...........45206.........................
276,084,516.97
Fort Lauderdale INTL Airport, FL .......45210.........................
4,538,189.78
Border Patrol Sector HQ, FL ..............45250.........................
1,493.32
West Palm Beach Border Patrol,
FL...............................................
45252...............
1,500.00
UPS Miami INTL Airport, FL
(Inactive).............................................45273.........................
0.00
Marathon INTL Airport, FL .......................45281.........................
8,197.66
Boca Raton Airport, FL.............................45282.........................
158,198.33
Witham Field, FL
45283.........................
110,436.19
UPS Miami INTL Airport, FL ..............45295.........................
1,491,387.65
DHL Miami INTL Airport, FL...............45296.........................
32,270,032.83
FedEx Miami INTL Airport, FL ...........45297.........................
16,441,680.00
IBC Miami INTL Airport, FL ................45298.........................
43,284.18
Miami Seaport, FL (Alternate) ............45299.........................
2,212,433.67
Total District ................................................................ $1,959,659,550.70

Washington, DC:
Washington-Dulles, VA ......................45401.........................
R. Regan Wash. Nat. Airport, VA ...............45402.........................
Total District ................................................................

99,127,241.67
0.00
$99,127,241.67

Norfolk, Virginia:
Norfolk-Newport News, VA ................41401......................... 2,105,727,172.36
Richmond-Petersburg, VA .................41404.........................
25,233,570.86
Charleston, WV ................................ 41409.........................
164,194.20
Front Royal, VA ................................ 41410.........................
3,781,848.35
New River Valley Airport, VA .............41412.........................
0.00
Total District ................................................................ $2,134,906,785.77
Charlotte, North Carolina:
Wilmington, NC ................................ 41501.........................
Greensboro/Winston-Salem, NC .......41502.........................
Raleigh-Durham, NC ..........................41503.........................
Morehead City-Beaufort, NC..............41511.........................
Charlotte, NC .....................................41512.........................
Charlotte-Monroe Exec. Airport, NC ...........41581.........................
Total District ................................................................

277,347,999.29
130,807,250.04
43,131,073.80
16,106,230.41
214,539,400.06
0.00
$681,931,953.60

Charleston, South Carolina:
Charleston, SC ................................ 41601......................... 2,469,821,166.47
Georgetown, SC................................41602.........................
12,235.00
Greenville-Spartanburg, SC .................41603.........................
331,223,402.47
Columbia, SC .....................................41604.........................
26,126,381.84
Greer, SC (ICE)................................ 41608.........................
0.00
Myrtle Beach International
Airport, SC ..........................................41681.........................
8,566.25
Total District ................................................................ $2,827,191,752.03

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]

Collection
District and Port
Port
Fiscal Year
of Collection
Code
2024
Savannah, Georgia:
Brunswick, GA................................ 41701.........................
378,279,943.83
Savannah, GA ................................ 41703......................... 4,885,864,109.37
Atlanta, GA .........................................41704......................... 1,291,086,745.66
Albany, GA (ICE)................................41705.........................
40.58
Dalton, GA (ICE) ................................41706.........................
0.00
Cobb County International
Airport, GA ......................................41781.........................
0.00
DHL Atlanta, GA................................41791.........................
23,653,589.82
Total District ..................................................................... $6,578,884,429.26
Tampa, Florida:
Tampa, FL .............................................41801................................ 372,835,385.44
755,017,572.22
Jacksonville, FL .....................................41803............................
0.00
Tallahassee, FL (ICE) ...........................41804............................
521,228.24
Fernandina Beach, FL...........................41805............................
1,000.00
Boca Grande, FL ................................ 41807............................
43,903,775.36
Orlando INTL Airport, FL .......................41808............................
56,605.22
Orlando Sanford INTL Airport, FL .........41809............................
0.00
Sarasota/Bradenton, FL (ICE)....
41811............................
12,797,335.33
St. Petersburg, FL ................................ 41814............................
11,625,529.88
Cape Canaveral, FL ..............................41816............................
12,171,661.73
Panama City, FL....................................41818............................
5,069,250.54
Pensacola, FL .......................................41819................................
53,697,585.91
Port Manatee, FL................................ 41821............................
350,037.61
Ft. Myers, FL .........................................41822............................
26,332.66
Naples Airport, FL ................................ 41880............................
17,085.42
Lakeland Linder Airport, FL ...................41881............................
Sarasota Bradenton INTL Airport,
56,238.32
FL...........................................................41883............................
Daytona Beach International
22,152.95
Airport, FL ........................................41884............................
772,574.59
Melbourne INTL Airport, FL...................41885............................
7,096.85
Leesburg INTL Airport, FL.....................41887............................
69,305.47
Orlando Executive Airport, FL ...............41888............................
23,828.32
St. Augustine, FL ................................ 41889............................
Total District ........................................................................... $1,269,041,582.06

Mobile, Alabama:
Mobile, AL ..........................................51901.........................
Gulfport, MS .......................................51902.........................
Pascagoula, MS ................................51903.........................
Birmingham, AL................................ 51904.........................
Huntsville, AL .....................................51910.........................
Total District .....................................................................

605,423,107.69
17,647,528.74
4,055,689.01
184,316,076.49
75,162,623.30
$886,605,025.23

New Orleans, Louisiana:
Morgan City, LA ................................52001.........................
6,626,163.91
New Orleans, LA ................................52002.........................
620,193,154.69
Little Rock, AR ................................ 52003.........................
7,174,105.27
Baton Rouge, LA ................................52004.........................
75,804,540.39
Memphis, TN ......................................52006......................... 1,353,138,167.22
Nashville, TN ......................................52007.........................
367,371,835.77
Chattanooga, TN ................................52008.........................
20,646,889.33
Gramercy, LA .....................................52010.........................
59,110,927.28
Greenville, MS................................ 52011.........................
5,841.66
Vicksburg, MS ................................ 52015.........................
21,869,335.49
Knoxville, TN ......................................52016.........................
60,484,439.22
Lake Charles, LA................................52017.........................
5,522,314.16
Shreveport/Bossier City, LA ...............52018.........................
3,197,585.45
Fort Smith, AR (ICE) ..........................52024.........................
8,520.00
Tri-Cities Airport, TN ................................52027.........................
180,962.10
Rogers Municipal Airport, AR.............52084.........................
32,506.41
FedEx Memphis, TN................................52095.........................
858,941,238.14
Total District ..................................................................... $3,460,308,526.49
Port Arthur, Texas:
Port Arthur, TX ................................ 62101.........................
34,605,348.11
Sabine, TX................................................................
62102................................
55,923.59
Orange, TX................................................................
62103................................
0.00
Beaumont, TX ................................ 62104................................
997,970.80

District and Port
Port
of Collection
Code
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.........................
Cotulla Border Patrol, TX ...................62252.........................
Hebbronville Border Patrol, TX ..........62253.........................
Laredo South Border Patrol, TX ........62254.........................
Freer Border Patrol, TX ......................62256.........................
Zapata Border Patrol, TX ...................62258.........................
Laredo West Border Patrol, TX..........62259.........................
Brownsville, TX ................................ 62301.........................
Del Rio, TX .........................................62302.........................
Eagle Pass, TX ................................ 62303.........................
Laredo, TX..........................................62304.........................
Hidalgo, TX ........................................62305.........................
Rio Grande City, TX ...........................62307.........................
Progreso, TX ......................................62309.........................
Roma, TX ...........................................62310.........................
Harlingen, TX (ICE) ............................62330.........................
Border Patrol Sector HQ, TX...... 62350....................
Comstock Border Patrol, TX ..............62351.........................
Carrizo Springs Border
Patrol, TX ........................................62352.........................
Del Rio Border Patrol, TX ..................62353.........................
Eagle Pass Border Patrol, TX ............62354.........................
Brackettville Border Patrol, TX ...........62355.........................
Uvalde Border Patrol, TX ...................62356.........................
Rocksprings Border Patrol, TX
62357.........................
Llano Border Patrol, TX .....................62358.........................
Border Patrol Sector HQ, TX .............62361.........................
Mercedes Border Patrol, TX ..............62362.........................
McAllen Border Patrol, TX .................62365.........................

Collection
Fiscal Year
2024
6,387.92
262,498.50
(122,612.39)
4,201.00
$35,809,717.53

(182,344.63)
377,157.00
0.00
22,988.00
21,296.00
9,000.00
30,824.00
18,409.00
86,582,570.90
13,568,755.29
490,503,416.18
1,771,337,168.59
233,158,987.50
4,287,814.91
1,658,819.33
752,985.03
100,010.89
(369,789.86)
(37.69)
42,696.07
25,549.00
15,760.16
27,014.21
6,651.25
0.00
0.00
57,338.23
0.00
(1,000.00)

South Texas INTL Airport at
Edinburg, TX ...............................................62381.........................

0.00
Valley International Airport,
TX ...................................................62383.........................
258,650.20
Total District ..................................................................... $2,602,310,689.56

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....................
Las Cruces Border Patrol,
NM.............................................. 62453....................
El Paso Border Patrol, NM.........
62454....................
Silver City Border Patrol, NM.....
62460....................
Ysleta Border Patrol, NM............ 62461....................
Santa Teresa Airport, NM........... 62481....................
Total District .....................................................................

168.00
17,491.97
10,986.00
0.00
$493,558,662.35

Nogales, Arizona:
Douglas, AZ .......................................62601.........................
Lukeville, AZ.......................................62602.........................
Naco, AZ ............................................62603.........................
Nogales, AZ .......................................62604.........................
Phoenix, AZ........................................62605.........................
Sasabe, AZ ........................................62606.........................
San Luis, AZ.......................................62608.........................
Tucson, AZ .........................................62609.........................

5,459,089.04
192,923.86
85,424.37
307,407,650.87
155,473,934.11
12,083.86
5,196,890.65
8,579,073.92

301,111,975.46
109,493,006.92
824,187.19
6,640,547.97
486,002.28
1,909,949.86
73,051,137.70
0.00
13,209.00

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]

Collection
District and Port
Port
Fiscal Year
of Collection
Code
2024
Nogales, AZ - continued
0.00
Yuma, AZ (ICE) ................................ 62611.........................
(432,642.15)
Border Patrol Sector HQ, AZ ............. 62650.........................
47,748.14
Casa Grande Border Patrol, AZ ........ 62651.........................
71,004.80
Tucson Border Patrol, AZ .................. 62652.........................
29,627.96
Nogales Border Patrol, AZ................. 62653.........................
36,524.00
Willcox Border Patrol, AZ .................. 62654.........................
16,229.79
Douglas Border Patrol, AZ................. 62655.........................
35,096.15
Ajo Border Patrol, AZ......................... 62656.........................
60,456.00
Naco Border Patrol, AZ ..................... 62657.........................
20,887.85
Sonoita Border Patrol, AZ.................. 62658.........................
45,705.37
Scottsdale Airport, AZ........................ 62681.........................
131,340.77
Phoenix-Mesa Gateway Airport, AZ ...... 62682.........................
Total District……………………………………………..
$482,469,049.36
Houston, Texas:
Houston, TX ....................................... 65301......................... 4,448,137,431.56
Texas City, TX ................................... 65306.........................
13,624,799.99
George Bush
Intercontinental Airport, TX............. 65309.........................
194,584,664.48
Galveston, TX .................................... 65310.........................
28,446,543.35
Freeport, TX....................................... 65311.........................
89,110,710.59
Corpus Christi, TX ............................. 65312.........................
27,735,137.67
Port Lavaca, TX ................................ 65313.........................
243,933.83
William P Hobby Airport, TX .............. 65314.........................
291,040.93
Border Patrol Sector HQ, TX ............. 65350.........................
(24,453.00)
Mercedes Border
Patrol, TX ........................................ 65351.........................
3,485.00
Falfurrias Border Patrol, TX ............... 65352.........................
232,288.00
Rio Grande City Border Patrol, TX .... 65353.........................
750.00
McAllen Border Patrol, TX ................. 65354.........................
0.00
Brownsville Border Patrol, TX ........... 65355.........................
0.00
Harlingen Border Patrol, TX .............. 65356.........................
0.00
Kingsville Border Patrol, TX .............. 65357.........................
43,811.00
Fort Brown Border Patrol, TX ............ 65358.........................
750.00
Corpus Christi Border Patrol, TX ....... 65359.........................
0.00
Sugar Land Regional Airport, TX ...... 65381.........................
89,709.26
Conroe-North Houston Reg Airport, TX .... 65382.........................
64,533.67
Total District ..................................................................... $4,802,585,136.33

Dallas-Ft. Worth, Texas:
Dallas/Ft. Worth, TX ..........................
Amarillo, TX .......................................
Lubbock, TX.......................................
Oklahoma City, OK ............................
Tulsa, OK ...........................................
Austin, TX ..........................................
San Antonio, TX................................
Wiley Post Airport, OK .......................
Border Patrol Sector HQ, TX .............
Presidio Border Patrol, TX .................
Marfa Border Patrol, TX.....................
Pecos 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 .............
Kelly Field, TX....................................
Dallas Love Field Airport, TX.............

65501......................... 2,108,185,742.91
9,358.75
65502.........................
1,434,656.65
65503.........................
19,212,357.51
65504.........................
13,925,555.55
65505.........................
20,568,099.61
65506.........................
21,244,007.42
65507.........................
0.00
65509.........................
(201,596.80)
65550.........................
4,500.00
65553.........................
6,100.00
65554.........................
0.00
65555.........................
(500.00)
65556..................
0.00
65557.........................
6,250.00
65558.........................
5,660.00
65560.........................
0.00
65561.........................
0.00
65562.........................
76,865.86
65582.........................
3,003,773.22
65583.........................
84,387.94
65584.........................
65585.........................
21,066.43
65587.........................
0.00
65588.........................
498,391.82

Collection
Port
Fiscal Year
Code
2024
69,139.29
Fort Worth Meacham INTL Airport, TX ...... 65589.........................
Total District ..................................................................... $2,188,153,816.16
District and Port
of Collection

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 ...........................
Oceanside, CA (ICE) ............................. 72520 ...........................
Indio Border Patrol, CA.......................... 72551 ...........................
McClellan-Palomar Airport, CA ............ 72581 ...........................
Brown Field Border Patrol, CA .............. 75653 ...........................
Total District............................................................................

296,453,221.97
210,997.59
13,737.09
3,155,418.38
16,577,611.84
327,219,765.13
54,661,160.67
102,000.00
0.00
135,733.90
3,147.77
$698,532,794.34

Los Angeles, California:
Los Angeles, CA .................................... 72704 ........................... 19,082,525,508.25
29,175.00
Santa Ana/Orange, CA (ICE) ................ 72705 ...........................
0.00
Port San Luis Harbor, CA ...................... 72707 ...........................
Long Beach, CA..................................... 72709 ........................... 567,244,752.34
0.00
Ventura, CA..................................
72712 ...........................
Port Hueneme, CA................................ 72713 ........................... 145,867,322.22
440,172.17
San Bernardino, CA (ICE) ..................... 72714 ...........................
(10,000.00)
Morro Bay, CA...................................................... 72719 ...........................
Los Angeles INTL Airport, CA .......................... 72720 ........................... 1,311,274,921.58
3,082,992.90
Ontario International Airport, CA ...................... 72721 ...........................
62,256,638.67
Las Vegas, NV ....................................... 72722 ...........................
182,573.38
FedEx Los Angeles, CA ........................ 72775 ...........................
63,051.33
IBC Los Angeles, CA ................................ 72776 ...........................
0.00
Micom Inglewood, CA ............................ 72777 ...........................
75,546.23
Palm Springs, CA .................................. 72781 ...........................
30,833.24
San Bernardino INTL Airport, CA .................... 72782 ...........................
6,082,187.90
S. California Logistics Airport, CA............. 72783 ...........................
0.00
Meadows Field Airport, CA ....................... 72786 ...........................
440,925.62
John Wayne Airport, CA ........................ 72787 ...........................
102,626.04
Van Nuys, CA ........................................ 72788 ...........................
DHL Los Angeles, CA ............................ 72791 ........................... 183,130,266.63
82,989,874.66
UPS Ontario, CA.................................... 72795 ...........................
Total District...................................................................
$21,445,809,368.16
San Francisco, California:
San Francisco International Airport,
CA .......................................................... 72801 ........................... 330,671,858.35
0.00
Eureka, CA............................................. 72802 ...........................
Fresno, CA ............................................. 72803 ........................... 114,716,002.61
0.00
Monterey, CA ......................................... 72805 ...........................
San Francisco, CA ................................ 72809 ........................... 2,184,107,232.61
7,067,437.93
Stockton, CA .......................................... 72810 ...........................
Oakland International Airport, CA.......... 72811 ........................... 280,151,052.49
838,707.78
Richmond, CA ........................................ 72812 ...........................
31.73
Crockett, CA........................................... 72815 ...........................
0.00
Sacramento, CA .................................... 72816 ...........................
161,053.91
Martinez, CA .......................................... 72820 ...........................
0.00
Redwood City, CA ................................ 72821 ...........................
37,450.00
St. George, UT (ICE) ............................. 72823 ...........................
7,087,263.90
San Juaquin River, CA .......................... 72828 ...........................
9,726.82
San Pablo Bay, CA ................................ 72829 ...........................
Carquinez Strait, CA .............................. 72830 ........................... 127,008,126.87
13,263,903.11
Reno, NV ............................................... 72833 ...........................
25,130,283.42
San Jose International Airport, CA ........ 72834 ...........................
5,668,623.60
Sacramento International Airport, CA ............. 72835 ...........................
81,711.13
Fresno Yosemite INTL Airport, CA ........ 72882 ...........................
FedEx Oakland, CA ............................... 72895 ........................... 130,393,069.57
Total District............................................................................ $3,226,393,535.83

30

31

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

[Source: U.S. Customs and Border Protection]
Collection
Fiscal Year
District and Port
2024
of Collection

Portland, Oregon:
Astoria, OR ........................................ 72901 .........................
739,464.73
Newport, OR ...................................... 72902 .........................
43.00
Coos Bay, OR .................................... 72903 .........................
187,147.92
Portland, OR ...................................... 72904 ......................... 730,511,361.22
Longview, WA .................................... 72905 .........................
1,182,866.15
Boise, ID ............................................ 72907 .........................
641,883.90
Vancouver, WA .................................. 72908 .........................
28,053,276.38
Kalama, WA ....................................... 72909 .........................
66,989.76
Portland International Airport, OR ..... 72910 .........................
4,777,705.03
Brush, CO (ICE) ................................ 72919 .........................
0.00
Medford, OR ...................................... 72982 .........................
(575,836.74)
Hillsboro Airport, OR .......................... 72983 .........................
0.00
Coeur d’Alene Airport, ID................... 72987 .........................
21,453.24
Total District ................................................................
$765,606,354.59
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 ...................................
Seattle-Tacoma International
Airport, WA .....................................

73001 ......................... 1,227,361,728.49
73002 ......................... 1,251,726,113.04
73003 .........................
25,825,690.89
73004 ......................... 216,322,753.19
73005 .........................
12,298,212.05
73006 .........................
46,423,761.18
73007 ................................ 242,468.48
73008 ................................
0.00
73009 ................................ 47,713,552.45
73010 ................................ 11,687,817.13
73011 .........................
5,419.96
73012 .........................
30,024.29
73013 .........................
826.72
73014 .........................
509,305.33
73015 .........................
1,863,230.61
73016 .........................
4,045,502.69
73017 .........................
240,794.99
73019 .........................
12,474,181.35
73020 .........................
764,508.38
73022 .........................
21,750,509.63

73023 .........................
73025 .........................
73026 .........................
73027 .........................

434,929.16
342,344.17
136,476.12
0.00

73029 .........................

98,131,744.21

Port
Code

Collection
Fiscal Year
2024

Blaine Border Patrol, WA................... 73051 .........................
8,743.30
UPS Seattle, WA ............................... 73071 .........................
6,002,744.39
Airborne Express Southeast, WA.
73074................
0.00
Grant County Airport, WA .................. 73082 .........................
5,471,313.21
UPS SeaTac HUB ............................. 73095 .........................
38.39
Total District ................................................................ $2,991,814,733.80
Anchorage, Alaska:
Juneau, AK ........................................ 73101 .........................
160,743.94
Ketchikan, AK .................................... 73102 .........................
245,462.26
Skagway, AK ..................................... 73103 .........................
27,199.50
Alcan, AK ........................................... 73104 .........................
2,971,871.24
Wrangell, AK ...................................... 73105 .........................
5,870.81
Dalton Cache, AK .............................. 73106 .........................
42,400.42
Fairbanks, AK .................................... 73111 .........................
4,513,572.14
Sitka, AK ............................................ 73115 .........................
81,769.81
Anchorage, AK................................... 73126 .........................
17,257,113.12
FedEx Anchorage, AK ....................... 73195 ......................... 152,988,100.11
UPS Anchorage, AK .......................... 73196 .........................
4,905,215.57
Total District ................................................................
$183,199,318.92
Honolulu, Hawaii:
Honolulu, HI ....................................... 73201 .........................
85,459,183.95
Hilo, HI ............................................... 73202 .........................
159,271.00
Kahului, HI ......................................... 73203 .........................
164,002.88
Nawiliwili-Port Allen, HI...................... 73204 .........................
48,115.07
Honolulu Airport, HI ........................... 73205 .........................
5,644,172.58
Kona, HI ............................................. 73206 .........................
12,192.49
FedEx Honolulu, HI....................... 73279 .........................
24,543,047.18
Total District ................................................................
$116,029,985.15
Guam
Guam ................................................. 73207 .........................
American Samoa, GU (ICE) .............. 73209 .........................
Saipan, GU ........................................ 73211 .........................
Total District ................................................................

69,160.00
0.00
16,600.00
$85,760.00

Total Customs and Border Protection Collections
for Fiscal Year 2024 ................................................................
$98,473,308,764.23

32

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.

33

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
2020 ................................
2021 ................................
2022 ................................
2023 ................................
2024 ................................

Total
(1)

Amount outstanding
Public debt
securities
(2)

Agency
securities
(3)

Securities held by
Government accounts
Public debt
Agency
Total
securities
securities
Total
(4)
(5)
(6)
(7)

The public
Public debt
securities
(8)

Agency
securities
(9)

26,965,542
28,448,421
30,948,265
33,186,902
35,484,939

26,945,391
28,428,919
30,928,912
33,167,334
35,464,674

20,151
19,502
19,353
19,568
20,265

5,907,764
6,123,040
6,608,706
6,817,835
7,138,959

5,907,764
6,123,040
6,608,706
6,817,835
7,138,959

-

21,057,778
22,325,381
24,339,559
26,369,067
28,345,980

21,037,627
22,305,879
24,320,206
26,349,499
28,325,715

20,151
19,502
19,353
19,568
20,265

2023 - Sept ............................
33,186,902
Oct .............................
33,719,176
Nov.............................
33,898,630
Dec.............................
34,021,672
2024 - Jan ..............................
34,211,392
Feb .............................
34,491,179
Mar .............................
34,606,480
Apr .............................
34,637,091
May ............................
34,687,395
June ...........................
34,851,854
July ............................
35,125,082
Aug.............................
35,276,227
Sept............................
35,484,939

33,167,334
33,699,580
33,878,679
34,001,494
34,191,150
34,471,083
34,586,533
34,616,994
34,667,115
34,831,634
35,104,771
35,256,057
35,464,674

19,568
19,596
19,951
20,178
20,242
20,096
19,947
20,097
20,280
20,220
20,311
20,170
20,265

6,817,835
7,101,369
7,012,660
7,041,267
7,097,613
7,069,859
7,053,111
7,113,622
7,039,304
7,197,526
7,152,853
7,067,135
7,138,959

6,817,835
7,101,369
7,012,660
7,041,267
7,097,613
7,069,859
7,053,111
7,113,622
7,039,304
7,197,526
7,152,853
7,067,135
7,138,959

-

26,369,067
26,617,807
26,885,970
26,980,405
27,113,779
27,421,320
27,553,369
27,523,469
27,648,091
27,654,328
27,972,229
28,209,092
28,345,980

26,349,499
26,598,211
26,866,019
26,960,227
27,093,537
27,401,224
27,533,422
27,503,372
27,627,811
27,634,108
27,951,918
28,188,922
28,325,715

19,568
19,596
19,951
20,178
20,242
20,096
19,947
20,097
20,280
20,220
20,311
20,170
20,265

Federal debt securities
Net
Amount
unamortized
Accrual
outstanding
premium
amount
face value
and discount
(10)
(11)
(12)

Securities held by Government accounts
Net
Amount
unamortized
Accrual
outstanding
premium
amount
face value
and discount
(13)
(14)
(15)

Securities held by the public
Net
Amount
unamortized
Accrual
outstanding
premium
face value
and discount amount
(16)
(17)
(18)

26,965,542
28,448,421
30,948,265
33,186,902
35,484,939

64,433
63,962
110,711
198,903
255,180

26,901,109
28,384,458
30,837,552
32,987,998
35,229,758

5,907,764
6,123,040
6,608,706
6,817,835
7,138,959

25,727
25,601
27,988
69,341
108,514

5,882,037
6,097,438
6,580,718
6,748,494
7,030,445

21,057,778
22,325,381
24,339,559
26,369,067
28,345,980

38,706
38,361
82,723
129,562
146,666

21,019,071
22,287,019
24,256,835
26,239,504
28,199,313

2023 - Sept ............................
33,186,902
Oct..............................
33,719,176
Nov .............................
33,898,630
Dec .............................
34,021,672
2024 - Jan ..............................
34,211,392
Feb .............................
34,491,179
Mar .............................
34,606,480
Apr .............................
34,637,091
May ............................
34,687,395
June ...........................
34,851,854
July .............................
35,125,082
Aug .............................
35,276,227
Sept ............................
35,484,939

198,903
256,879
263,446
257,728
253,345
259,204
256,146
260,415
263,921
260,547
259,803
261,422
255,180

32,987,998
33,462,296
33,635,183
33,763,944
33,958,046
34,231,975
34,350,335
34,376,675
34,423,474
34,591,307
34,865,277
35,014,805
35,229,758

6,817,835
7,101,369
7,012,660
7,041,267
7,097,613
7,069,859
7,053,111
7,113,622
7,039,304
7,197,526
7,152,853
7,067,135
7,138,959

69,341
104,625
104,088
104,213
104,137
104,821
104,515
104,675
105,655
106,155
106,874
107,936
108,514

6,748,494
6,996,745
6,908,572
6,937,054
6,993,475
6,965,038
6,948,596
7,008,947
6,933,649
7,091,372
7,045,979
6,959,199
7,030,445

26,369,067
26,617,807
26,885,970
26,980,405
27,113,779
27,421,320
27,553,369
27,523,469
27,648,091
27,654,328
27,972,229
28,209,092
28,345,980

129,562
152,254
159,358
153,515
149,208
154,383
151,631
155,740
158,266
154,392
152,929
153,486
146,666

26,239,504
26,465,551
26,726,612
26,826,889
26,964,570
27,266,936
27,401,739
27,367,728
27,489,825
27,499,935
27,819,298
28,055,606
28,199,313

End of fiscal
year or month
2020 ................................
2021 ................................
2022 ................................
2023 ................................
2024 ................................

34

TABLE FD-2—Debt Held by the Public
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Marketable

End of fiscal
year or month

Total public
debt securities
outstanding
(1)

Treasury
inflationprotected
securities
(6)

Floating
rate
notes
(7)

Nonmarketable
Total
(8)

Total
(2)

Bills
(3)

Notes
(4)

Bonds
(5)

2020 ................................21,018,952
2021 ................................22,282,900
2022 ................................24,299,193
2023 ................................26,330,142
2024 ................................28,307,312

20,352,950
21,855,465
23,673,574
25,734,881
27,710,179

5,028,127
3,712,952
3,643,675
5,259,329
6,004,141

10,655,969
12,570,463
13,696,488
13,724,904
14,338,035

2,668,116
3,340,760
3,867,672
4,240,162
4,701,364

1,522,418
1,651,998
1,839,843
1,934,947
2,051,110

478,320
579,292
625,897
575,539
615,530

666,002
427,435
625,618
595,261
597,133

2023 - Sept ............................
26,330,142
Oct..............................
26,576,222
Nov .............................
26,843,822
Dec .............................
26,938,518
2024 - Jan ..............................
27,071,862
Feb .............................
27,380,290
Mar .............................
27,511,455
Apr .............................
27,480,960
May ............................
27,606,807
June ...........................
27,612,897
July .............................
27,930,512
Aug .............................
28,168,005
Sept ............................
28,307,312

25,734,881
25,984,399
26,252,540
26,352,885
26,491,075
26,800,186
26,932,780
26,898,858
27,023,018
27,031,804
27,344,157
27,577,834
27,710,179

5,259,329
5,455,835
5,670,155
5,674,825
5,779,021
6,010,137
6,061,736
5,865,412
5,865,793
5,764,902
5,914,852
6,120,981
6,004,141

13,724,904
13,757,647
13,724,679
13,753,526
13,826,190
13,825,171
13,858,607
13,989,124
14,008,400
14,041,377
14,221,623
14,186,936
14,338,035

4,240,162
4,286,041
4,326,515
4,347,388
4,394,498
4,438,167
4,460,169
4,508,909
4,553,641
4,574,270
4,625,032
4,650,816
4,701,364

1,934,947
1,965,435
1,985,764
2,005,719
1,965,831
1,973,185
1,998,753
1,995,110
2,025,208
2,053,277
2,023,107
2,031,564
2,051,110

575,539
519,442
545,426
571,425
525,535
553,527
553,515
540,303
569,977
597,978
559,544
587,537
615,530

595,261
591,823
591,282
585,633
580,787
580,104
578,675
582,103
583,789
581,093
586,355
590,171
597,133

Nonmarketable, continued

End of fiscal
year or month
2020 ................................
2021 ................................
2022 ................................
2023 ................................
2024 ................................

U.S. savings
securities
(9)
148,677
143,662
166,292
175,702
161,139

2023 - Sept ............................
175,702
Oct..............................
174,128
Nov .............................
172,988
Dec .............................
171,964
2024 - Jan ..............................
169,339
Feb .............................
168,008
Mar .............................
166,875
Apr .............................
165,976
May ............................
164,811
June ...........................
163,910
July .............................
162,842
Aug .............................
161,845
Sept ............................
161,139

Depositary
compensation
securities
(10)

Government
account series
(12)

State and local
government
series
(13)

Domestic
series
(14)

Other
(15)

264
264
264
-

291,831
120,537
320,634
298,893
305,312

106,607
127,047
109,236
94,169
110,928

116,100
32,781
25,894
22,418
15,136

2,523
3,144
3,298
4,079
4,618

-

298,893
298,123
299,617
300,581
300,092
301,953
298,899
300,600
299,368
299,239
299,021
302,452
305,312

94,169
93,001
94,663
91,536
89,936
88,705
91,428
93,944
100,059
98,277
104,852
106,178
110,928

22,418
22,461
19,871
17,293
17,192
17,213
17,235
17,259
15,175
15,190
15,156
15,171
15,136

4,079
4,110
4,144
4,260
4,229
4,225
4,239
4,323
4,375
4,477
4,484
4,525
4,618

Foreign
series
(11)
`
-

35

TABLE FD-3—Government Account Series
[In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”]

Airport and
Airway
Trust Fund
(2)

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)

2020 ................................
6,174,279
2021 ................................
6,243,318
2022 ................................
6,929,803
2023 ................................
7,117,284
2024 ................................
7,444,516

7,900
15,902
10,818
16,601
16,677

108,949
115,527
125,471
84,298
88,950

49,129
50,151
50,990
52,526
55,035

11,170
22,837
18,401
14,698
15,377

97,209
98,032
114,679
142,906
177,775

974,802
940,140
1,027,513
1,052,199
1,089,415

133,735
136,168
177,397
194,362
234,960

67,937
94,132
119,950
132,186
155,941

2023 - Sept ............................
7,117,284
Oct..............................
7,402,413
Nov .............................
7,315,088
Dec .............................
7,344,733
2024 - Jan ..............................
7,400,118
Feb .............................
7,374,082
Mar .............................
7,355,249
Apr .............................
7,417,127
May ............................
7,340,529
June ...........................
7,499,787
July .............................
7,455,060
Aug .............................
7,372,483
Sept ............................
7,444,516

16,601
16,244
16,502
16,861
17,451
17,409
16,885
17,026
18,083
19,363
16,164
15,841
16,677

84,298
69,403
20,976
23,916
67,729
67,767
68,533
74,324
74,481
78,431
83,283
83,503
88,950

52,526
52,585
52,636
52,730
52,795
53,736
53,775
53,793
53,840
53,883
53,929
54,944
55,035

14,698
14,280
14,034
13,873
13,447
13,209
12,216
12,275
11,646
16,475
16,025
15,310
15,377

142,906
142,451
142,892
146,892
151,451
153,145
155,827
161,929
163,730
173,471
174,212
175,179
177,775

1,052,199
1,048,376
1,044,441
1,053,339
1,048,561
1,044,321
1,041,349
1,037,614
1,034,770
1,045,189
1,040,614
1,037,821
1,089,415

194,362
203,630
199,153
208,556
212,913
205,058
208,348
233,454
206,243
241,577
229,690
208,172
234,960

132,186
133,517
133,837
78,477
135,935
136,493
130,753
137,714
134,098
152,591
154,469
155,253
155,941

Railroad
Retirement
Account
(16)

Unemployment
Trust
Fund
(17)

Other
(18)

End of fiscal
year or month

Total
(1)

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)

2020 ................................
2,811,213
2021 ................................
2,755,785
2022 ................................
2,723,601
2023 ................................
2,673,749
2024 ................................
2,582,205

881
882
888
931
983

87,477
170,677
167,964
159,537
164,412

12,081
12,043
127,547
115,673
96,549

1,946
1,476
1,096
832
586

14,991
24,655
20,924
18,415
15,734

307
862
772
1,097
760

50,515
53,135
73,587
81,846
88,030

1,744,037
1,750,914
2,168,205
2,375,428
2,661,127

2023 - Sept ............................
2,673,749
Oct..............................
2,654,210
Nov .............................
2,627,723
Dec .............................
2,641,388
2024 - Jan ..............................
2,649,305
Feb .............................
2,626,307
Mar .............................
2,611,463
Apr .............................
2,629,447
May ............................
2,608,002
June ...........................
2,642,521
July .............................
2,626,122
Aug .............................
2,600,324
Sept ............................
2,582,205

931
935
939
944
948
953
957
961
966
970
974
979
983

159,537
191,380
182,457
187,471
186,111
185,719
185,248
187,551
143,368
178,652
168,598
133,844
164,412

115,673
114,765
114,468
112,879
112,816
113,486
114,131
112,743
112,278
109,920
106,630
103,463
96,549

832
804
790
788
764
725
704
676
653
643
626
607
586

18,415
17,043
17,618
17,428
17,806
18,202
17,233
17,092
17,147
17,374
18,013
16,714
15,734

1,097
1,002
748
486
688
736
722
813
817
627
815
652
760

81,846
81,402
82,749
80,430
78,188
79,648
76,527
77,467
95,005
93,261
92,209
94,802
88,030

2,375,428
2,660,386
2,663,125
2,708,275
2,653,210
2,657,168
2,660,578
2,662,248
2,665,402
2,674,839
2,672,687
2,675,075
2,661,127

End of fiscal
year or month

Federal
Old-Age and
Survivors
Insurance
Trust Fund
(10)

Note—Detail may not add to totals due to rounding.

36

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)

2020 ................................

20,151

19

58

20,075

*

*

2021 ................................

19,502

19

45

19,438

*

*

2022 ................................

19,353

19

31

19,303

*

*

2023 ................................

19,568

19

16

19,533

*

*

2024 ................................

20,265

19

-

20,247

*

*

2023 - Sept ............................

19,568

19

16

19,533

*

*

Oct..............................

19,596

19

16

19,561

*

*

Nov .............................

19,951

19

17

19,916

*

*

Dec .............................

20,178

19

17

20,143

*

*

2024 - Jan ..............................

20,242

19

17

20,206

*

*

Feb .............................

20,096

19

8

20,069

*

*

Mar .............................

19,947

19

8

19,920

*

*

April .............................

20,097

19

8

20,070

*

*

May ............................

20,280

19

8

20,253

*

*

June ...........................

20,220

19

8

20,193

*

*

July .............................

20,311

19

9

20,284

*

*

Aug .............................

20,170

19

-

20,152

*

*

Sept ............................

20,265

19

-

20,247

*

*

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

* Less than $500,000.

National Archives
and Records
Administration
(5)

Other/Federal
Communications
Commission
(6)

37

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)

2020 ................................

15,922,190

6,374,061

5,567,746

2021 ................................

16,439,495

5,237,754

2022 ................................

18,054,269

2023 ................................
2024 ................................

Maturity classes
5-10
years
(4)

10-20
years
(5)

20 years
or more
(6)

Average length
(months)
(7)

2,332,037

242,437

1,405,908

56

6,270,122

2,855,223

537,059

1,539,338

66

5,493,907

6,774,603

3,274,691

796,145

1,714,922

68

20,682,916

7,427,667

7,215,836

3,128,067

1,051,528

1,859,818

65

23,359,421

8,301,531

8,311,093

3,370,477

1,348,099

2,028,222

65

2023 - Sept............................. 20,682,916

7,427,667

7,215,836

3,128,067

1,051,528

1,859,818

65

Oct .............................. 21,125,416

7,672,077

7,312,617

3,182,483

1,077,739

1,880,500

65

Nov ............................. 21,452,696

7,894,209

7,407,087

3,152,636

1,115,980

1,882,784

64

Dec ............................. 21,476,199

7,916,559

7,406,444

3,133,502

1,115,963

1,903,730

64

2024 - Jan .............................. 21,812,030

8,038,685

7,533,921

3,173,175

1,141,846

1,924,404

64

Feb ............................. 22,181,028

8,273,460

7,649,136

3,142,479

1,203,305

1,912,648

64

Mar ............................. 22,239,895

8,338,011

7,610,138

3,152,659

1,203,697

1,935,390

64

Apr .............................. 22,395,094

8,153,946

7,834,268

3,218,810

1,230,052

1,958,019

65

May............................. 22,575,776

8,161,140

7,951,354

3,232,716

1,268,413

1,962,152

65

June............................ 22,490,575

8,055,697

7,951,697

3,231,688

1,268,759

1,982,734

65

July ............................. 22,944,209

8,214,691

8,124,863

3,306,846

1,292,854

2,004,955

65

Aug ............................. 23,093,454

8,420,884

8,083,078

3,262,364

1,319,015

2,008,113

64

Sept ............................ 23,359,421

8,301,531

8,311,093

3,370,477

1,348,099

2,028,222

65

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

38

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
(4)

Public debt
(5)

Other debt
(6)

Securities
not subject
to limit
(7)

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

2022 .......................................

31,381,463

30,869,259

30,869,259

-

30,928,912

-

59,653

2023 .......................................

-

33,070,476

33,070,476

-

33,167,334

-

96,858

2024 .......................................

-

35,354,856

35,354,856

-

35,464,674

-

109,818

2023 – Sept ............................

-

33,070,476

33,070,476

-

33,167,334

-

96,858

Oct ..............................

-

33,583,500

33,583,500

-

33,699,580

-

116,080

Nov .............................

-

33,761,055

33,761,055

-

33,878,679

-

117,625

Dec .............................

-

33,890,366

33,890,366

-

34,001,494

-

111,128

2024 – Jan .............................

-

34,078,736

34,078,736

-

34,191,150

-

112,414

Feb .............................

-

34,352,645

34,352,645

-

34,471,083

-

118,439

Mar .............................

-

34,471,715

34,471,715

-

34,586,533

-

114,818

Apr ..............................

-

34,499,121

34,499,121

-

34,616,994

-

117,873

May.............................

-

34,547,690

34,547,690

-

34,667,115

-

119,424

June............................

-

34,717,851

34,717,851

-

34,831,634

-

113,783

July .............................

-

34,990,821

34,990,821

-

35,104,771

-

113,950

Aug .............................

-

35,142,543

35,142,543

-

35,256,057

-

113,514

Sept ............................

-

35,354,856

35,354,856

-

35,464,674

-

109,818

(1)Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was permanently
increased effective December 16, 2021, to $31,381,462,788,891.71.

(2)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.

(3) Pursuant to 31 U.S.C. 3101(b). By the Fiscal Responsibility Act of 2023, Public
Law 118-5, the Statutory Debt Limit was suspended through January 1, 2025.

39

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)

Farm-Service
Agency
(2)

Rural Utilities
Service
(3)

Department of Agriculture
Rural Housing
Rural Business
and Community
and Cooperative
Development
Development
Service
Service
(4)
(5)

Foreign
Agricultural
Service
(6)

2020 .......................................
2021 .......................................
2022 .......................................
2023 .......................................
2024 .......................................

1,813,390
1,809,674
1,623,412
1,959,775
1,924,971

43,575
31,592
32,772
37,718
34,969

21,396
21,196
21,918
23,167
26,856

30,483
30,286
31,785
32,390
34,344

637
658
601
804
970

363
317
266
226
199

2023 - Sept ............................
Oct..............................
Nov .............................
Dec .............................
2024 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July .............................
Aug .............................
Sept ............................

1,959,775
2,011,211
1,990,887
2,009,949
2,065,661
2,077,864
2,082,728
2,104,678
2,117,362
2,061,954
2,086,238
1,990,895
1,924,971

37,718
45,577
30,952
32,923
34,036
34,378
31,979
32,072
33,075
32,912
32,568
32,943
34,969

23,167
23,367
23,606
23,823
24,305
24,589
24,009
24,646
25,172
25,523
25,297
25,704
26,856

32,390
32,673
32,934
33,143
33,354
33,475
32,592
32,722
32,897
33,064
33,344
34,133
34,344

804
805
810
820
827
833
693
701
709
806
824
940
970

226
226
226
226
226
226
226
226
226
226
226
199
199

End of fiscal
year or month

Department of
Education
(7)

Department
of Energy
Bonneville Power
Administration
(8)

Department of Housing
and Urban Development
Federal Housing
Other Housing
Administration
programs
(9)
(10)

Department
of the Treasury
Federal
Financing Bank
(11)

2020 .......................................
2021 .......................................
2022 .......................................
2023 .......................................
2024 .......................................

1,249,871
1,221,381
905,071
1,188,590
1,165,227

5,649
5,629
5,679
5,784
5,961

44,722
66,271
93,564
106,967
127,298

30
10
13
124
304

71,373
70,500
73,447
130,324
177,292

2023 - Sept ............................
Oct .............................
Nov.............................
Dec.............................
2024 - Jan ..............................
Feb .............................
Mar .............................
Apr .............................
May ............................
June ...........................
July ............................
Aug.............................
Sept ............................

1,188,590
1,227,551
1,227,541
1,241,205
1,253,464
1,261,791
1,268,337
1,271,355
1,279,511
1,226,482
1,244,713
1,219,460
1,165,227

5,784
5,764
5,744
5,744
5,740
5,740
5,715
5,715
5,715
5,715
5,926
5,749
5,961

106,967
106,967
106,967
106,967
106,967
106,967
106,967
124,248
124,498
124,498
124,498
124,618
127,298

124
138
125
125
138
139
139
139
143
303
293
304
304

130,324
130,292
131,181
131,348
174,518
175,438
176,246
176,182
176,458
177,187
176,986
177,293
177,292

40

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)

2020 .......................................

15,388

4,384

176,174

149,345

2021 .......................................

14,531

4,567

262,655

80,081

2022 .......................................

13,501

4,417

362,802

77,576

2023 .......................................

12,804

4,627

334,320

81,930

2024 .......................................

11,200

4,605

264,662

71,084

2023 - Sept ............................

12,804

4,627

334,320

81,930

Oct..............................

12,804

5,085

335,299

84,663

Nov .............................

12,804

5,456

330,112

82,429

Dec .............................

12,959

5,918

331,672

83,076

2024 - Jan ..............................

12,959

6,377

331,727

81,023

Feb .............................

12,969

6,709

333,203

81,407

Mar .............................

12,973

7,139

333,321

82,392

Apr .............................

12,973

7,565

333,322

82,812

May ............................

12,973

7,913

334,194

83,878

June ...........................

12,975

3,295

334,194

84,774

July .............................

12,975

3,763

334,194

90,631

Aug .............................

11,153

4,137

264,611

89,651

Sept ............................

11,200

4,605

264,662

71,084

End of fiscal
year or month

Note—Detail may not add to totals due to rounding.

Small Business
Administration
(14)

Other
(15)

41

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 19-Year 11-Month 4-5/8 Percent Bonds
On June 13, 2024, Treasury announced it would auction $13,000 million of 19-year 11-month 4-5/8
percent bonds. The issue was to refund $101,452 million of securities maturing June 30 and to raise new
cash of approximately $94,548 million.
The 19-year 11-month 4-5/8 percent bonds of May 2044 were dated May 15 and issued July 1. They are
due May 15, 2044, with interest payable on November 15 and May 15 until maturity.
Treasury received tenders for the bonds before 12:00 noon Eastern Time (ET) for noncompetitive tenders
and before 1:00 p.m. ET for competitive tenders on June 18. Tenders totaled $35,561 million; Treasury
accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities
at the high yield of 4.452 percent with an equivalent price of $102.256474. Treasury accepted in full all
competitive tenders at yields lower than 4.452 percent. Tenders at the high yield were allotted 97.08
percent. The median yield was 4.395 percent, and the low yield was 3.880 percent. Noncompetitive
tenders totaled $45 million. Competitive tenders accepted from private investors totaled $12,955 million.
Accrued interest of $5.90693 per $1,000 must be paid for the period from May 15 to July 1.
In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $453
million from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required
for Separate Trading of Registered Interest and Principal Securities (STRIPS) of bonds of May 2044 is
$100.

42

Auction of 2-Year Notes
On June 20, 2024, Treasury announced it would auction $69,000 million of 2-year notes. The issue was to
refund $101,452 million of securities maturing June 30 and to raise new cash of approximately $94,548
million.
The 2-year notes of Series BD-2026 were dated June 30 and issued July 1. They are due June 30, 2026,
with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 4-5/8
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 June 25. Tenders totaled $189,789 million; Treasury accepted $69,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.706 percent with an equivalent price of $99.847007. Treasury accepted in full all competitive tenders
at yields lower than 4.706 percent. Tenders at the high yield were allotted 53.94 percent. The median yield
was 4.658 percent, and the low yield was 4.500 percent. Noncompetitive tenders totaled $630 million.
Competitive tenders accepted from private investors totaled $68,070 million. Accrued interest of
$0.12568 per $1,000 must be paid for the period from June 30 to July 1.
In addition to the $69,000 million of tenders accepted in the auction process, Treasury accepted $2,403
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series BD-2026 is $100.
Auction of 5-Year Notes
On June 20, 2024, Treasury announced it would auction $70,000 million of 5-year notes. The issue was to
refund $101,452 million of securities maturing June 30 and to raise new cash of approximately $94,548
million.
The 5-year notes of Series AA-2029 were dated June 30 and issued July 1. They are due June 30, 2029,
with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 4-1/4
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 June 26. Tenders totaled $164,830 million; Treasury accepted $70,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.331 percent with an equivalent price of $99.639266. Treasury accepted in full all competitive tenders
at yields lower than 4.331 percent. Tenders at the high yield were allotted 5.63 percent. The median yield
was 4.271 percent, and the low yield was 4.200 percent. Noncompetitive tenders totaled $165 million.
Competitive tenders accepted from private investors totaled $69,735 million. Accrued interest of
$0.11549 per $1,000 must be paid for the period from June 30 to July 1.
In addition to the $70,000 million of tenders accepted in the auction process, Treasury accepted $2,438
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AA-2029 is $100.
Auction of 7-Year Notes
On June 20, 2024, Treasury announced it would auction $44,000 million of 7-year notes. The issue was to
refund $101,452 million of securities maturing June 30 and to raise new cash of approximately $94,548
million.

43

TREASURY FINANCING: JULY-SEPTEMBER, continued
The 7-year notes of Series M-2031 were dated June 30 and issued July 1. They are due June 30, 2031,
with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 4-1/4
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 June 27. Tenders totaled $113,577 million; Treasury accepted $44,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.276 percent with an equivalent price of $99.843947. Treasury accepted in full all competitive tenders
at yields lower than 4.276 percent. Tenders at the high yield were allotted 87.68 percent. The median yield
was 4.219 percent, and the low yield was 4.100 percent. Noncompetitive tenders totaled $74 million.
Competitive tenders accepted from private investors totaled $43,926 million. Accrued interest of
$0.11549 per $1,000 must be paid for the period from June 30 to July 1.
In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $1,532
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series M-2031 is $100.
Auction of 41-Day Cash Management Bills
On June 27, 2024, Treasury announced it would auction $65,000 million of 41-day bills. They were
issued July 5 and matured August 15. The issue was to refund $213,003 million of all maturing bills and
to pay down approximately $5,003 million. Treasury auctioned the bills on July 2. Tenders totaled
$203,442 million; Treasury accepted $65,001 million, including $252 million of noncompetitive tenders
from the public. The high bank discount rate was 5.270 percent.
Auction of 42-Day Cash Management Bills
On July 3, 2024, Treasury announced it would auction $70,000 million of 42-day bills. They were issued
July 11 and matured August 22. The issue was to refund $240,989 million of all maturing bills and to
raise new cash of approximately $21,011 million. Treasury auctioned the bills on July 9. Tenders totaled
$204,403 million; Treasury accepted $70,000 million, including $344 million of noncompetitive tenders
from the public. The high bank discount rate was 5.270 percent.
Auction of 52-Week Bills
On July 3, 2024, Treasury announced it would auction $46,000 million of 364-day Treasury bills. They
were issued July 11 and will mature July 10, 2025. The issue was to refund $240,989 million of all
maturing bills and to raise new cash of approximately $21,011 million. Treasury auctioned the bills on
July 9. Tenders totaled $131,068 million; Treasury accepted $46,000 million, including $1,585 million of
noncompetitive tenders from the public. The high bank discount rate was 4.775 percent.
In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $2,591
million from FRBs for their own accounts.
Auction of 3-Year Notes
On July 3, 2024, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to
refund $87,684 million of securities maturing July 15 and to raise new cash of approximately $31,316
million.

44

The 3-year notes of Series AQ-2027 were dated and issued July 15. They are due July 15, 2027, with
interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 4-3/8 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 July 9. Tenders totaled $154,696 million; Treasury accepted $58,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.399 percent with an equivalent price of $99.933233. Treasury accepted in full all competitive tenders
at yields lower than 4.399 percent. Tenders at the high yield were allotted 78.35 percent. The median yield
was 4.350 percent, and the low yield was 4.300 percent. Noncompetitive tenders totaled $260 million.
Competitive tenders accepted from private investors totaled $57,490 million.
In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $9,423
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AQ-2027 is $100.
Auction of 9-Year 10-Month 4-3/8 Percent Notes
On July 3, 2024, Treasury announced it would auction $39,000 million of 9-year 10-month 4-3/8 percent
notes. The issue was to refund $87,684 million of securities maturing July 15 and to raise new cash of
approximately $31,316 million.
The 9-year 10-month 4-3/8 percent notes of Series C-2034 were dated May 15 and issued July 15. They
are due May 15, 2034, 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 10. Tenders totaled $100,425 million; Treasury accepted $39,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.276 percent with an equivalent price of $100.777903. Treasury accepted in full all competitive
tenders at yields lower than 4.276 percent. Tenders at the high yield were allotted 1.16 percent. The
median yield was 4.218 percent, and the low yield was 4.177 percent. Noncompetitive tenders totaled $67
million. Competitive tenders accepted from private investors totaled $38,933 million. Accrued interest of
$7.25204 per $1,000 must be paid for the period from May 15 to July 15.
In addition to the $39,000 million of tenders accepted in the auction process, Treasury accepted $6,336
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series C-2034 is $100.
Auction of 29-Year 10-Month 4-5/8 Percent Bonds
On July 3, 2024, Treasury announced it would auction $22,000 million of 29-year 10-month 4-5/8 percent
bonds. The issue was to refund $87,684 million of securities maturing July 15 and to raise new cash of
approximately $31,316 million.
The 29-year 10-month 4-5/8 percent bonds of May 2054 were dated May 15 and issued July 15. They are
due May 15, 2054, 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 11. Tenders totaled $50,584 million; Treasury accepted $22,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.405 percent with an equivalent price of $103.622071. Treasury accepted in full all competitive
tenders at yields lower than 4.405 percent. Tenders at the high yield were allotted 88.80 percent. The

45

TREASURY FINANCING: JULY-SEPTEMBER, continued
median yield was 4.327 percent, and the low yield was 4.250 percent. Noncompetitive tenders totaled $33
million. Competitive tenders accepted from private investors totaled $21,967 million. Accrued interest of
$7.66644 per $1,000 must be paid for the period from May 15 to July 15.
In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $3,574
million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of
May 2054 is $100.
Auction of 42-Day Cash Management Bills
On July 11, 2024, Treasury announced it would auction $70,000 million of 42-day bills. They were issued
July 18 and matured August 29. The issue was to refund $197,964 million of all maturing bills and to
raise new cash of approximately $18,036 million. Treasury auctioned the bills on July 16. Tenders totaled
$204,299 million; Treasury accepted $70,001 million, including $257 million of noncompetitive tenders
from the public. The high bank discount rate was 5.265 percent.
Auction of 42-Day Cash Management Bills
On July 18, 2024, Treasury announced it would auction $70,000 million of 42-day bills. They were issued
July 25 and matured September 5. The issue was to refund $199,995 million of all maturing bills and to
raise new cash of approximately $16,005 million. Treasury auctioned the bills on July 23. Tenders totaled
$193,009 million; Treasury accepted $70,001 million, including $327 million of noncompetitive tenders
from the public. The high bank discount rate was 5.270 percent.
Auction of 19-Year 10-Month 4-5/8 Percent Bonds
On July 11, 2024, Treasury announced it would auction $13,000 million of 19-year 10-month 4-5/8
percent bonds. The issue was to refund $168,568 million of securities maturing July 31 and to raise new
cash of approximately $76,432 million.
The 19-year 10-month 4-5/8 percent bonds of May 2044 were dated May 15 and issued July 31. They are
due May 15, 2044, 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 17. Tenders totaled $34,899 million; Treasury accepted $13,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.466 percent with an equivalent price of $102.062500. Treasury accepted in full all competitive
tenders at yields lower than 4.466 percent. Tenders at the high yield were allotted 92.56 percent. The
median yield was 4.406 percent, and the low yield was 3.880 percent. Noncompetitive tenders totaled $49
million. Competitive tenders accepted from private investors totaled $12,951 million. Accrued interest of
$9.67731 per $1,000 must be paid for the period from May 15 to July 31.
In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $717
million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of
May 2044 is $100.
Auction of 10-Year Treasury Inflation Protected Security (TIPS)

46

On July 11, 2024, Treasury announced it would auction $19,000 million of 10-year TIPS. The issue was
to refund $168,568 million of securities maturing July 31 and to raise new cash of approximately $76,432
million.
The 10-year TIPS of Series D-2034 were dated July 15 and issued July 31. They are due July 15, 2034,
with interest payable on January 15 and July 15 until maturity. Treasury set an interest rate of 1-7/8
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 18. Tenders totaled $45,137 million; Treasury accepted $19,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 1.883 percent with an equivalent adjusted price of $100.012919. Treasury accepted in full all
competitive tenders at yields lower than 1.883 percent. Tenders at the high yield were allotted 69.87
percent. The median yield was 1.793 percent, and the low yield was 1.740 percent. Noncompetitive
tenders totaled $96 million. Competitive tenders accepted from private investors totaled $18,904 million.
Adjusted accrued interest of $0.81592 per $1,000 must be paid for the period from July 15 to July 31.
Both the unadjusted price of $99.926982 and the unadjusted accrued interest of $0.81522 were adjusted
by an index ratio of 1.00086, for the period from July 15 to July 31.
In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $1,048
million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of
Series D-2034 is $100.
Auction of 2-Year Notes
On July 18, 2024, Treasury announced it would auction $69,000 million of 2-year notes. The issue was to
refund $168,568 million of securities maturing July 31 and to raise new cash of approximately $76,432
million.
The 2-year notes of Series BE-2026 were dated and issued July 31. They are due July 31, 2026, with
interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 4-3/8 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 July 23. Tenders totaled $194,156 million; Treasury accepted $69,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.434 percent with an equivalent price of $99.888261. Treasury accepted in full all competitive tenders
at yields lower than 4.434 percent. Tenders at the high yield were allotted 37.33 percent. The median yield
was 4.393 percent, and the low yield was 4.000 percent. Noncompetitive tenders totaled $673 million.
Competitive tenders accepted from private investors totaled $68,227 million.
In addition to the $69,000 million of tenders accepted in the auction process, Treasury accepted $3,804
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series BE-2026 is $100.
Auction of 2-Year Floating Rate Notes (FRNs)
On July 18, 2024, Treasury announced it would auction $30,000 million of 2-year FRNs. The issue was to
refund $168,568 million of securities maturing July 31 and to raise new cash of approximately $76,432
million.

47

TREASURY FINANCING: JULY-SEPTEMBER, continued
The 2-year FRNs of Series BF-2026 were dated and issued July 31. They are due July 31, 2026, with
interest payable on October 31, January 31, April 30, and July 31 until maturity. Treasury set a spread of
0.182 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 24. Tenders totaled $97,638 million; Treasury accepted $30,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high
discount margin of 0.182 percent with an equivalent price of $100.000000. Treasury accepted in full all
competitive tenders at discount margins lower than 0.182 percent. Tenders at the high discount margin
were allotted 89.90 percent. The median discount margin was 0.173 percent, and the low discount margin
was 0.130 percent. Noncompetitive tenders totaled $53 million. Competitive tenders accepted from
private investors totaled $29,947 million.
In addition to the $30,000 million of tenders accepted in the auction process, Treasury accepted $1,654
million from FRBs for their own accounts.
Auction of 5-Year Notes
On July 18, 2024, Treasury announced it would auction $70,000 million of 5-year notes. The issue was to
refund $168,568 million of securities maturing July 31 and to raise new cash of approximately $76,432
million.
The 5-year notes of Series AB-2029 were dated and issued July 31. They are due July 31, 2029, with
interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 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 July 24. Tenders totaled $167,970 million; Treasury accepted $70,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.121 percent with an equivalent price of $99.458270. Treasury accepted in full all competitive tenders
at yields lower than 4.121 percent. Tenders at the high yield were allotted 96.28 percent. The median yield
was 4.050 percent, and the low yield was 3.980 percent. Noncompetitive tenders totaled $200 million.
Competitive tenders accepted from private investors totaled $69,796 million.
In addition to the $70,000 million of tenders accepted in the auction process, Treasury accepted $3,860
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AB-2029 is $100.
Auction of 7-Year Notes
On July 18, 2024, Treasury announced it would auction $44,000 million of 7-year notes. The issue was to
refund $168,568 million of securities maturing July 31 and to raise new cash of approximately $76,432
million.
The 7-year notes of Series N-2031 were dated and issued July 31. They are due July 31, 2031, with
interest payable on January 31 and July 31 until maturity. Treasury set an interest rate of 4-1/8 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 25. Tenders totaled $116,044 million; Treasury accepted $44,000

48

million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.162 percent with an equivalent price of $99.777306. Treasury accepted in full all competitive tenders
at yields lower than 4.162 percent. Tenders at the high yield were allotted 68.69 percent. The median yield
was 4.111 percent, and the low yield was 4.040 percent. Noncompetitive tenders totaled $81 million.
Competitive tenders accepted from private investors totaled $43,919 million.
In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $2,426
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series N-2031 is $100.
AUGUST
Auction of 42-Day Cash Management Bills
On July 25, 2024, Treasury announced it would auction $70,000 million of 42-day bills. They were issued
August 1 and matured September 12. The issue was to refund $199,995 million of all maturing bills and
to raise new cash of approximately $16,005 million. Treasury auctioned the bills on July 30. Tenders
totaled $205,344 million; Treasury accepted $70,002 million, including $324 million of noncompetitive
tenders from the public. The high bank discount rate was 5.280 percent.
Auction of 42-Day Cash Management Bills
On August 1, 2024, Treasury announced it would auction $75,000 million of 42-day bills. They were
issued August 8 and matured September 19. The issue was to refund $239,981 million of all maturing
bills and to raise new cash of approximately $27,019 million. Treasury auctioned the bills on August 6.
Tenders totaled $207,214 million; Treasury accepted $75,001 million, including $276 million of
noncompetitive tenders from the public. The high bank discount rate was 5.270 percent.
Auction of 52-Week Bills
On August 1, 2024, Treasury announced it would auction $46,000 million of 364-day Treasury bills. They
were issued August 8 and will mature August 7, 2025. The issue was to refund $239,981 million of all
maturing bills and to raise new cash of approximately $27,019 million. Treasury auctioned the bills on
August 6. Tenders totaled $134,990 million; Treasury accepted $46,000 million, including $1,411 million
of noncompetitive tenders from the public. The high bank discount rate was 4.255 percent.
In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $3,690
million from FRBs for their own accounts.
Auction of 42-Day Cash Management Bills
On August 8, 2024, Treasury announced it would auction $75,000 million of 42-day bills. They were
issued August 15 and matured September 26. The issue was to refund $204,992 million of all maturing
bills and to raise new cash of approximately $16,008 million. Treasury auctioned the bills on August 13.
Tenders totaled $211,115 million; Treasury accepted $75,000 million, including $274 million of
noncompetitive tenders from the public. The high bank discount rate was 5.230 percent.
August Quarterly Financing
On Jul 31, 2024, Treasury announced it would auction $58,000 million of 3-year notes, $42,000 million
of 10-year notes, and $25,000 million of 30-year bonds to refund $111,013 million of securities maturing
August 15, 2024, and to raise new cash of approximately $13,987 million.

49

TREASURY FINANCING: JULY-SEPTEMBER, continued
The 3-year notes of Series AR-2027 were dated and issued August 15. They are due August 15, 2027,
with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 3-3/4
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 6. Tenders totaled $147,973 million; Treasury accepted
$58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.810 percent with an equivalent price of $99.831417. Treasury accepted in full all
competitive tenders at yields lower than 3.810 percent. Tenders at the high yield were allotted 92.12
percent. The median yield was 3.750 percent, and the low yield was 2.880 percent. Noncompetitive
tenders totaled $254 million. Competitive tenders accepted from private investors totaled $57,746 million.
In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $11,030
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AR-2027 is $100.
The 10-year notes of Series E-2034 were dated and issued August 15. They are due August 15, 2034, with
interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 3-7/8 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 August 7. Tenders totaled $97,303 million; Treasury accepted $42,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 3.960 percent with an equivalent price of $99.303721. Treasury accepted in full all competitive tenders
at yields lower than 3.960 percent. Tenders at the high yield were allotted 91.61 percent. The median yield
was 3.888 percent, and the low yield was 3.600 percent. Noncompetitive tenders totaled $125 million.
Competitive tenders accepted from private investors totaled $41,875 million.
In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $7,987
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series E-2034 is $100.
The 30-year bonds of August 2054 were dated and issued August 15. They are due August 15, 2054, with
interest payable on February 15 and August 15 until maturity. Treasury set an interest rate of 4-1/4 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 8. Tenders totaled $57,625 million; Treasury accepted $25,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 4.314 percent with an equivalent price of $98.928757. Treasury accepted in full all competitive tenders
at yields lower than 4.314 percent. Tenders at the high yield were allotted 14.97 percent. The median yield
was 4.225 percent, and the low yield was 3.880 percent. Noncompetitive tenders totaled $59 million.
Competitive tenders accepted from private investors totaled $24,941 million.
In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $4,754
million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of
August 2054 is $100.
Auction of 42-Day Cash Management Bills

50

On August 15, 2024, Treasury announced it would auction $75,000 million of 42-day bills. They were
issued August 22 and will mature October 3. The issue was to refund $209,984 million of all maturing
bills and to raise new cash of approximately $11,016 million. Treasury auctioned the bills on August 20.
Tenders totaled $204,028 million; Treasury accepted $75,000 million, including $353 million of
noncompetitive tenders from the public. The high bank discount rate was 5.185 percent.
Auction of 16-Day Cash Management Bills
On August 20, 2024, Treasury announced it would auction $35,000 million of 16-day bills. They were
issued August 27 and matured September 12. The issue was to raise new cash of $35,000 million.
Treasury auctioned the bills on August 21. Tenders totaled $108,666 million; Treasury accepted $35,000
million, including $60 million of noncompetitive tenders from the public. The high bank discount rate
was 5.260 percent.
Auction of 42-Day Cash Management Bills
On August 22, 2024, Treasury announced it would auction $75,000 million of 42-day bills. They were
issued August 29 and will mature October 10. The issue was to refund $209,991 million of all maturing
bills and to raise new cash of approximately $11,009 million. Treasury auctioned the bills on August 27.
Tenders totaled $199,900 million; Treasury accepted $75,001 million, including $365 million of
noncompetitive tenders from the public. The high bank discount rate was 5.150 percent.
Auction of 29-Year 6-Month 2-1/8 Percent TIPS
On August 15, 2024, Treasury announced it would auction $8,000 million of 29-year 6-month 2-1/8
percent TIPS. The issue was to raise new cash of approximately $36,000 million.
The 29-year 6-month 2-1/8 percent TIPS of February 2054 were dated August 15 and issued August 30.
They are due February 15, 2054, 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 22. Tenders totaled $20,892 million; Treasury accepted $8,000
million. All noncompetitive and successful competitive bidders were allotted securities at the high yield
of 2.055 percent with an equivalent adjusted price of $103.943845. Treasury accepted in full all
competitive tenders at yields lower than 2.055 percent. Tenders at the high yield were allotted 95.35
percent. The median yield was 1.975 percent, and the low yield was 0.888 percent. Noncompetitive
tenders totaled $35 million. Competitive tenders accepted from private investors totaled $7,965 million.
Adjusted accrued interest of $0.88667 per $1,000 must be paid for the period from August 15 to August
30. Both the unadjusted price of $101.540384 and the unadjusted accrued interest of $0.86617 were
adjusted by an index ratio of 1.02367, for the period from August 15 to August 30. The minimum par
amount required for STRIPS of TIPS of February 2054 is $100.
Auction of 1-Year 11-Month 0.182 Percent FRNs
On August 22, 2024, Treasury announced it would auction $28,000 million of 1-year 11-month 0.182
percent FRNs. The issue was to raise new cash of approximately $36,000 million.
The 1-year 11-month 0.182 percent FRNs of Series BF-2026 were dated July 31 and issued August 30.
They are due July 31, 2026, with interest payable on October 31, January 31, April 30, and July 31 until
maturity.

51

TREASURY FINANCING: JULY-SEPTEMBER, continued
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 28. Tenders totaled $74,251 million; Treasury accepted
$28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high discount margin of 0.235 percent with an equivalent price of $99.898660. Treasury accepted in full
all competitive tenders at discount margins lower than 0.235 percent. Tenders at the high discount margin
were allotted 34.31 percent. The median discount margin was 0.199 percent, and the low discount margin
was 0.150 percent. Noncompetitive tenders totaled $28 million. Competitive tenders accepted from
private investors totaled $27,972 million. Accrued interest of $0.443599852 per $100 must be paid for the
period from July 31 to August 30.
SEPTEMBER
Auction of 20-Year Bonds
On August 15, 2024, Treasury announced it would auction $16,000 million of 20-year bonds. The issue
was to refund $99,114 million of securities maturing August 31 and to raise new cash of approximately
$99,886 million.
The 20-year bonds of August 2044 were dated August 15 and issued September 3. They are due August
15, 2044, with interest payable on February 15 and August 15 until maturity. Treasury set an interest rate
of 4-1/8 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 21. Tenders totaled $40,685 million; Treasury accepted
$16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 4.160 percent with an equivalent price of $99.524806. Treasury accepted in full all
competitive tenders at yields lower than 4.160 percent. Tenders at the high yield were allotted 63.33
percent. The median yield was 4.095 percent, and the low yield was 2.888 percent. Noncompetitive
tenders totaled $85 million. Competitive tenders accepted from private investors totaled $15,915 million.
Accrued interest of $2.12976 per $1,000 must be paid for the period from August 15 to September 3.
In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $1,272
million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of
August 2044 is $100.
Auction of 2-Year Notes
On August 22, 2024, Treasury announced it would auction $69,000 million of 2-year notes. The issue was
to refund $99,114 million of securities maturing August 31 and to raise new cash of approximately
$99,886 million.
The 2-year notes of Series BG-2026 were dated August 31 and issued September 3. They are due August
31, 2026, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate
of 3-3/4 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 27. Tenders totaled $184,790 million; Treasury accepted
$69,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.874 percent with an equivalent price of $99.763913. Treasury accepted in full all

52

competitive tenders at yields lower than 3.874 percent. Tenders at the high yield were allotted 51.01
percent. The median yield was 3.830 percent, and the low yield was 3.500 percent. Noncompetitive
tenders totaled $624 million. Competitive tenders accepted from private investors totaled $68,121 million.
Accrued interest of $0.31077 per $1,000 must be paid for the period from August 31 to September 3.
In addition to the $69,000 million of tenders accepted in the auction process, Treasury accepted $5,487
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series BG-2026 is $100.
Auction of 5-Year Notes
On August 22, 2024, Treasury announced it would auction $70,000 million of 5-year notes. The issue was
to refund $99,114 million of securities maturing August 31 and to raise new cash of approximately
$99,886 million.
The 5-year notes of Series AC-2029 were dated August 31 and issued September 3. They are due August
31, 2029, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate
of 3-5/8 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 August 28. Tenders totaled $168,773 million; Treasury accepted
$70,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.645 percent with an equivalent price of $99.908942. Treasury accepted in full all
competitive tenders at yields lower than 3.645 percent. Tenders at the high yield were allotted 21.29
percent. The median yield was 3.590 percent, and the low yield was 2.618 percent. Noncompetitive
tenders totaled $167 million. Competitive tenders accepted from private investors totaled $69,728 million.
Accrued interest of $0.30041 per $1,000 must be paid for the period from August 31 to September 3.
In addition to the $70,000 million of tenders accepted in the auction process, Treasury accepted $5,566
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AC-2029 is $100.
Auction of 7-Year Notes
On August 22, 2024, Treasury announced it would auction $44,000 million of 7-year notes. The issue was
to refund $99,114 million of securities maturing August 31 and to raise new cash of approximately
$99,886 million.
The 7-year notes of Series P-2031 were dated August 31 and issued September 3. They are due August
31, 2031, with interest payable on February 28 and August 31 until maturity. Treasury set an interest rate
of 3-3/4 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 29. Tenders totaled $110,004 million; Treasury accepted
$44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.770 percent with an equivalent price of $99.877512. Treasury accepted in full all
competitive tenders at yields lower than 3.770 percent. Tenders at the high yield were allotted 89.55
percent. The median yield was 3.710 percent, and the low yield was 3.650 percent. Noncompetitive
tenders totaled $81 million. Competitive tenders accepted from private investors totaled $43,819 million.
Accrued interest of $0.31077 per $1,000 must be paid for the period from August 31 to September 3.

53

TREASURY FINANCING: JULY-SEPTEMBER, continued
In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $3,499
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series P-2031 is $100.
Auction of 42-Day Cash Management Bills
On August 29, 2024, Treasury announced it would auction $65,000 million of 42-day bills. They were
issued September 5 and will mature October 17. The issue was to refund $251,988 million of all maturing
bills and to raise new cash of approximately $5,012 million. Treasury auctioned the bills on September 3.
Tenders totaled $195,431 million; Treasury accepted $65,001 million, including $279 million of
noncompetitive tenders from the public. The high bank discount rate was 5.120 percent.
Auction of 52-Week Bills
On August 29, 2024, Treasury announced it would auction $46,000 million of 364-day Treasury bills.
They were issued September 5 and will mature September 4, 2025. The issue was to refund $251,988
million of all maturing bills and to raise new cash of approximately $5,012 million. Treasury auctioned
the bills on September 3. Tenders totaled $138,102 million; Treasury accepted $46,000 million, including
$1,309 million of noncompetitive tenders from the public. The high bank discount rate was 4.150 percent.
In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $525
million from FRBs for their own accounts.
Auction of 42-Day Cash Management Bills
On September 5, 2024, Treasury announced it would auction $60,000 million of 42-day bills. They were
issued September 12 and will mature October 24. The issue was to refund $245,002 million of all
maturing bills and to pay down approximately $39,002 million. Treasury auctioned the bills on September
10. Tenders totaled $178,299 million; Treasury accepted $60,000 million, including $322 million of
noncompetitive tenders from the public. The high bank discount rate was 4.980 percent.
Auction of 3-Year Notes
On September 5, 2024, Treasury announced it would auction $58,000 million of 3-year notes. The issue
was to refund $57,902 million of securities maturing September 15 and to raise new cash of
approximately $61,098 million.
The 3-year notes of Series AS-2027 were dated September 15 and issued September 16. They are due
September 15, 2027, with interest payable on March 15 and September 15 until maturity. Treasury set an
interest rate of 3-3/8 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 10. Tenders totaled $154,413 million; Treasury accepted
$58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.440 percent with an equivalent price of $99.816223. Treasury accepted in full all
competitive tenders at yields lower than 3.440 percent. Tenders at the high yield were allotted 41.38
percent. The median yield was 3.403 percent, and the low yield was 2.880 percent. Noncompetitive
tenders totaled $189 million. Competitive tenders accepted from private investors totaled $57,711 million.
Accrued interest of $0.09323 per $1,000 must be paid for the period from September 15 to September 16.

54

In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $554
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AS-2027 is $100.
Auction of 9-Year 11-Month 3-7/8 Percent Notes
On September 5, 2024, Treasury announced it would auction $39,000 million of 9-year 11-month 3-7/8
percent notes. The issue was to refund $57,902 million of securities maturing September 15 and to raise
new cash of approximately $61,098 million.
The 9-year 11-month 3-7/8 percent notes of Series E-2034 were dated August 15 and issued September
16. They are due August 15, 2034, 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 11. Tenders totaled $102,826 million; Treasury accepted
$39,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.648 percent with an equivalent price of $101.869250. Treasury accepted in full all
competitive tenders at yields lower than 3.648 percent. Tenders at the high yield were allotted 74.43
percent. The median yield was 3.605 percent, and the low yield was 3.450 percent. Noncompetitive
tenders totaled $67 million. Competitive tenders accepted from private investors totaled $38,933 million.
Accrued interest of $3.36957 per $1,000 must be paid for the period from August 15 to September 16.
In addition to the $39,000 million of tenders accepted in the auction process, Treasury accepted $373
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series E-2034 is $100.
Auction of 29-Year 11-Month 4-1/4 Percent Bonds
On September 5, 2024, Treasury announced it would auction $22,000 million of 29-year 11-month 4-1/4
percent bonds. The issue was to refund $57,902 million of securities maturing September 15 and to raise
new cash of approximately $61,098 million.
The 29-year 11-month 4-1/4 percent bonds of August 2054 were dated August 15 and issued September
16. They are due August 15, 2054, 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 12. Tenders totaled $52,268 million; Treasury accepted
$22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 4.015 percent with an equivalent price of $104.064869. Treasury accepted in full all
competitive tenders at yields lower than 4.015 percent. Tenders at the high yield were allotted 55.44
percent. The median yield was 3.950 percent, and the low yield was 3.880 percent. Noncompetitive
tenders totaled $31 million. Competitive tenders accepted from private investors totaled $21,969 million.
Accrued interest of $3.69565 per $1,000 must be paid for the period from August 15 to September 16.
In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $210
million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of
August 2054 is $100.
Auction of 42-Day Cash Management Bills
On September 12, 2024, Treasury announced it would auction $60,000 million of 42-day bills. They were
issued September 19 and will mature October 31. The issue was to refund $214,995 million of all

55

TREASURY FINANCING: JULY-SEPTEMBER, continued
maturing bills and to pay down approximately $8,995 million. Treasury auctioned the bills on September
17. Tenders totaled $159,486 million; Treasury accepted $60,000 million, including $290 million of
noncompetitive tenders from the public. The high bank discount rate was 4.920 percent.
Auction of 42-Day Cash Management Bills
On September 19, 2024, Treasury announced it would auction $60,000 million of 42-day bills. They were
issued September 26 and will mature November 7. The issue was to refund $214,992 million of all
maturing bills and to pay down approximately $8,992 million. Treasury auctioned the bills on September
24. Tenders totaled $195,313 million; Treasury accepted $60,001 million, including $241 million of
noncompetitive tenders from the public. The high bank discount rate was 4.620 percent.
Auction of 1-Year 10-Month 0.182 Percent FRNs
On September 19, 2024, Treasury announced it would auction $28,000 million of 1-year 10-month 0.182
percent FRNs. The issue was to raise new cash of approximately $28,000 million.
The 1-year 10-month 0.182 percent FRNs of Series BF-2026 were dated July 31 and issued September
27. They are due July 31, 2026, 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 25. Tenders totaled $80,109 million; Treasury accepted
$28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high discount margin of 0.261 percent with an equivalent price of $99.855979. Treasury accepted in full
all competitive tenders at discount margins lower than 0.261 percent. Tenders at the high discount margin
were allotted 16.37 percent. The median discount margin was 0.225 percent, and the low discount margin
was 0.180 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private
investors totaled $27,995 million. Accrued interest of $0.839830034 per $100 must be paid for the period
from July 31 to September 27.
Auction of 19-Year 11-Month 4-1/8 Percent Bonds
On September 12, 2024, Treasury announced it would auction $13,000 million of 19-year 11-month 4-1/8
percent bonds. The issue was to refund $94,901 million of securities maturing September 30 and to raise
new cash of approximately $118,099 million.
The 19-year 11-month 4-1/8 percent bonds of August 2044 were dated August 15 and issued September
30. They are due August 15, 2044, 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 17. Tenders totaled $32,668 million; Treasury accepted
$13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 4.039 percent with an equivalent price of $101.159820. Treasury accepted in full all
competitive tenders at yields lower than 4.039 percent. Tenders at the high yield were allotted 52.07
percent. The median yield was 3.970 percent, and the low yield was 2.880 percent. Noncompetitive
tenders totaled $47 million. Competitive tenders accepted from private investors totaled $12,953 million.
Accrued interest of $5.15625 per $1,000 must be paid for the period from August 15 to September 30.

56

In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $268
million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of
August 2044 is $100.
Auction of 9-Year 10-Month 1-7/8 Percent TIPS
On September 12, 2024, Treasury announced it would auction $17,000 million of 9-year 10-month 1-7/8
percent TIPS. The issue was to refund $94,901 million of securities maturing September 30 and to raise
new cash of approximately $118,099 million.
The 9-year 10-month 1-7/8 percent TIPS of Series D-2034 were dated July 15 and issued September 30.
They are due July 15, 2034, 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 19. Tenders totaled $41,411 million; Treasury accepted
$17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 1.592 percent with an equivalent adjusted price of $102.797615. Treasury accepted in full all
competitive tenders at yields lower than 1.592 percent. Tenders at the high yield were allotted 31.87
percent. The median yield was 1.530 percent, and the low yield was 1.489 percent. Noncompetitive
tenders totaled $33 million. Competitive tenders accepted from private investors totaled $16,967 million.
Adjusted accrued interest of $3.93253 per $1,000 must be paid for the period from July 15 to September
30. Both the unadjusted price of $102.554561 and the unadjusted accrued interest of $3.92323 were
adjusted by an index ratio of 1.00237, for the period from July 15 to September 30.
In addition to the $17,000 million of tenders accepted in the auction process, Treasury accepted $351
million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of
Series D-2034 is $100.
Auction of 2-Year Notes
On September 19, 2024, Treasury announced it would auction $69,000 million of 2-year notes. The issue
was to refund $94,901 million of securities maturing September 30 and to raise new cash of
approximately $118,099 million.
The 2-year notes of Series BH-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
3-1/2 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 24. Tenders totaled $178,564 million; Treasury accepted
$69,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.520 percent with an equivalent price of $99.961700. Treasury accepted in full all
competitive tenders at yields lower than 3.520 percent. Tenders at the high yield were allotted 94.51
percent. The median yield was 3.470 percent, and the low yield was 3.400 percent. Noncompetitive
tenders totaled $365 million. Competitive tenders accepted from private investors totaled $68,280 million.
In addition to the $69,000 million of tenders accepted in the auction process, Treasury accepted $1,424
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series BH-2026 is $100.
Auction of 5-Year Notes

57

TREASURY FINANCING: JULY-SEPTEMBER, continued
On September 19, 2024, Treasury announced it would auction $70,000 million of 5-year notes. The issue
was to refund $94,901 million of securities maturing September 30 and to raise new cash of
approximately $118,099 million.
The 5-year notes of Series AD-2029 were dated and issued September 30. They are due September 30,
2029, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of
3-1/2 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 25. Tenders totaled $166,939 million; Treasury accepted
$70,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.519 percent with an equivalent price of $99.913582. Treasury accepted in full all
competitive tenders at yields lower than 3.519 percent. Tenders at the high yield were allotted 17.56
percent. The median yield was 3.463 percent, and the low yield was 3.408 percent. Noncompetitive
tenders totaled $101 million. Competitive tenders accepted from private investors totaled $69,794 million.
In addition to the $70,000 million of tenders accepted in the auction process, Treasury accepted $1,445
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series AD-2029 is $100.
Auction of 7-Year Notes
On September 19, 2024, Treasury announced it would auction $44,000 million of 7-year notes. The issue
was to refund $94,901 million of securities maturing September 30 and to raise new cash of
approximately $118,099 million.
The 7-year notes of Series Q-2031 were dated and issued September 30. They are due September 30,
2031, with interest payable on March 31 and September 30 until maturity. Treasury set an interest rate of
3-5/8 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 September 26. Tenders totaled $115,650 million; Treasury accepted
$44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the
high yield of 3.668 percent with an equivalent price of $99.736649. Treasury accepted in full all
competitive tenders at yields lower than 3.668 percent. Tenders at the high yield were allotted 30.80
percent. The median yield was 3.608 percent, and the low yield was 3.500 percent. Noncompetitive
tenders totaled $58 million. Competitive tenders accepted from private investors totaled $43,842 million.
In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $908
million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of
Series Q-2031 is $100.

58

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
Maturity
of days to of bids
date
maturity 1 tendered
(1)
(2)
(3)

Amounts of bids accepted
On
On nonTotal
competitive competitive
amount 2
basis
basis 3
(4)
(5)
(6)

High
price per
hundred
(7)

High
discount High investrate
ment rate
(percent) (percent) 4
(8)
(9)

Regular weekly:
(4 week, 8 week, 13 week, and 26 week)
2024-July 02..................................................

July 05...........................................................
July 09...........................................................

July 11...........................................................
July 16...........................................................

July 18...........................................................
July 23...........................................................

July 25...........................................................
July 30...........................................................

Aug 01...........................................................
Aug 06...........................................................

Aug 08...........................................................
Aug 13...........................................................

Aug 15...........................................................
Aug 20...........................................................

Aug 22...........................................................
Aug 27...........................................................
Aug 29...........................................................
Sep 03...........................................................
Sep 05...........................................................

2024-July 30
Aug. 27
Oct. 29
Oct. 03
2025-Jan. 02
2024-Aug. 06
Sep. 03
Nov. 05
Oct. 10
2025-Jan. 09
2024-Aug. 13
Sep. 10
Nov. 12
Oct. 17
2025-Jan. 16
2024-Aug. 20
Sep. 17
Nov. 19
Oct. 24
2025-Jan. 23
2024-Aug. 27
Sep. 24
Nov. 26
Oct. 31
2025-Jan. 30
2024-Sep. 03
Oct. 01
Dec. 03
Nov. 07
2025-Feb. 06
2024-Sep. 10
Oct. 08
Dec. 10
Nov. 14
2025-Feb. 13
2024-Sep. 17
Oct. 15
Dec. 17
Nov. 21
2025-Feb. 20
2024-Sep. 24
Oct. 22
Dec. 24
Nov. 29
2025-Feb. 27
2024-Oct. 01
Oct. 29
Dec. 31
Dec. 05
2025-Mar. 06

28
56
119
90
181
28
56
119
91
182
28
56
119
91
182
28
56
119
91
182
28
56
119
91
182
28
56
119
91
182
28
56
119
91
182
28
56
119
91
182
28
56
119
92
182
28
56
119
91
182

204,489.0
213,008.9
165,124.9
206,013.6
213,746.7
238,990.1
220,843.0
188,887.5
220,097.9
210,599.9
241,979.1
224,087.9
189,882.3
208,635.4
203,593.2
233,376.0
228,197.7
187,357.3
238,193.5
203,344.0
249,303.8
245,561.7
180,163.6
236,391.2
213,873.2
258,709.0
233,557.9
194,568.3
204,987.6
192,536.1
263,151.0
246,797.3
173,640.0
231,020.0
197,600.6
275,537.7
249,552.4
200,587.7
242,890.3
218,583.8
254,315.9
254,595.9
196,981.9
235,881.0
218,587.9
240,680.4
208,140.5
195,202.2
199,736.8
216,481.8

80,216.5
75,202.5
60,163.5
77,506.7
74,320.3
85,221.3
80,208.7
60,157.5
80,281.6
73,943.5
90,230.2
85,217.0
60,153.3
80,477.9
74,124.0
90,251.5
85,237.1
60,168.4
80,309.9
73,969.6
90,277.9
85,263.8
60,185.7
83,814.4
77,197.6
90,284.0
85,266.3
60,189.0
82,096.0
75,615.4
95,294.2
90,278.1
60,185.7
82,953.7
76,404.6
95,301.2
90,285.8
60,191.1
81,600.6
75,157.9
95,261.7
90,247.7
60,164.8
81,298.4
74,879.5
85,256.6
80,241.8
60,182.3
76,868.0
70,799.4

74,014.6
73,237.2
59,344.6
70,755.3
67,513.7
79,486.6
78,516.9
59,259.8
73,533.8
67,839.9
83,530.9
83,101.6
59,327.1
73,313.4
67,435.6
84,037.6
83,267.2
59,285.1
73,239.1
67,615.9
84,023.1
83,167.5
59,296.3
73,632.5
67,647.1
83,625.8
83,294.1
59,451.7
73,387.8
67,831.1
88,633.9
88,360.5
59,384.1
73,407.4
67,602.6
88,690.4
88,413.2
59,323.1
73,645.8
67,542.0
88,693.1
88,424.8
59,315.7
73,674.1
67,830.5
78,643.8
78,396.7
59,418.6
73,568.8
67,925.3

5,986.0
1,763.0
657.0
2,231.4
2,486.8
5,515.1
1,485.1
742.8
2,366.4
2,060.2
6,469.8
1,848.7
673.3
2,587.2
2,564.5
5,938.8
1,733.8
716.6
2,560.6
2,184.6
5,978.0
1,735.0
604.9
2,367.8
2,253.3
6,375.5
1,706.2
549.5
2,612.4
2,089.7
6,367.0
1,639.8
616.5
2,493.4
2,298.0
6,309.9
1,587.5
677.9
2,255.1
2,358.2
6,231.7
1,575.7
584.3
2,226.9
2,169.9
6,356.5
1,553.9
582.7
2,431.2
1,874.7

99.590111
99.181778
98.274500
98.690000
97.428292
99.589333
99.179444
98.279458
98.677972
97.431778
99.590111
99.181778
98.282764
98.686819
97.479806
99.590111
99.181778
98.302597
98.688083
97.477278
99.588944
99.181778
98.309208
98.699458
97.507611
99.588944
99.186444
98.317472
98.717153
97.623889
99.588944
99.192667
98.350528
98.718417
97.575861
99.590889
99.195000
98.353833
98.722208
97.588500
99.592444
99.202778
98.373667
98.727333
97.631472
99.597889
99.206667
98.390194
98.743694
97.651694

5.270
5.260
5.220
5.240
5.115
5.280
5.275
5.205
5.230
5.080
5.270
5.260
5.195
5.195
4.985
5.270
5.260
5.135
5.190
4.990
5.285
5.260
5.115
5.145
4.930
5.285
5.230
5.090
5.075
4.700
5.285
5.190
4.990
5.070
4.795
5.260
5.175
4.980
5.055
4.770
5.240
5.125
4.920
4.980
4.685
5.170
5.100
4.870
4.970
4.645

5.365
5.377
5.385
5.383
5.323
5.375
5.393
5.370
5.374
5.286
5.365
5.377
5.359
5.337
5.185
5.365
5.377
5.296
5.332
5.190
5.381
5.377
5.275
5.285
5.126
5.381
5.346
5.249
5.212
4.881
5.381
5.305
5.144
5.207
4.982
5.355
5.289
5.134
5.192
4.956
5.335
5.238
5.071
5.114
4.865
5.263
5.212
5.018
5.103
4.823

59
Continued from PDO-1
Sep 10...........................................................

Sep 12...........................................................
Sep 17...........................................................
Sep 19...........................................................
Sep 24...........................................................

Sep 26...........................................................

2024-Oct. 08
Nov. 05
2025-Jan. 07
2024-Dec. 12
2025-Mar. 13
2024-Oct. 15
Nov. 12
2025-Jan. 14
2024-Dec. 19
2025-Mar. 20
2024-Oct. 22
Nov. 19
2025-Jan. 21
2024-Dec. 26
2025-Mar. 27

28
56
119
91
182
28
56
119
91
182
28
56
119
91
182

242,886.2
222,525.8
192,943.0
246,028.4
209,699.6
233,607.2
195,910.4
164,600.8
198,859.1
209,105.3
229,556.2
224,476.2
182,941.6
216,462.5
240,317.7

1

All 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. All 4-week bills represent additional issues of bills with an original maturity of 8
weeks.
2
Includes amount awarded to the Federal Reserve System.

80,250.7
80,250.4
60,188.0
76,933.2
70,858.6
80,262.4
80,262.3
60,196.9
76,259.5
70,239.8
80,270.2
80,270.1
60,203.3
76,986.2
70,908.4

73,510.9
78,259.0
59,381.0
73,310.6
67,864.4
73,960.9
78,198.1
59,380.9
73,419.0
68,029.9
73,911.9
78,176.6
59,307.7
73,761.0
68,445.7

6,489.8
1,741.4
619.6
2,490.8
2,036.0
6,039.4
1,802.0
619.4
2,481.1
1,920.9
6,062.3
1,823.5
593.0
2,214.2
1,554.6

99.604889
99.216000
98.410028
98.762653
97.709833
99.613833
99.223778
98.433167
98.799306
97.770500
99.634444
99.270444
98.459611
98.852389
97.841278

5.080
5.040
4.810
4.895
4.530
4.965
4.990
4.740
4.750
4.410
4.700
4.690
4.660
4.540
4.270

5.171
5.150
4.956
5.025
4.701
5.053
5.099
4.882
4.874
4.573
4.783
4.790
4.799
4.656
4.425

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]

Period to final maturity
(years, months, days) 2
(3)
19y
11m

Amount
accepted 3, 4
(5)
13,453

Accepted
yield/discount
margin and
equivalent price
for notes and
bonds
(6)
4.452 - 102.256474

192,192

71,403

4.706 - 99.847007

167,268

72,438

4.331 - 99.639266

115,109

45,532

4.276 - 99.843947

203,442

65,001

Amount
tendered
(4)
36,014

Auction date
06/18/24

Issue date
(1)
07/01/24

Description of securities 1
(2)
4.625% bond—05/15/44

06/25/24

07/01/24

4.625% note—06/30/26-BD

2y

06/26/24

07/01/24

4.250% note—06/30/29-AA

5y

06/27/24

07/01/24

4.250% note—06/30/31-M

7y

07/02/24

07/05/24

5.270% CMB—08/15/24

41d

07/09/24

07/11/24

5.270% CMB—08/22/24

42d

204,403

70,000

07/09/24

07/11/24

4.775% bill—07/10/25

364d

133,660

48,592

07/09/24

07/15/24

4.375% note—07/15/27-AQ

164,119

67,424

4.399 - 99.933233

07/10/24

07/15/24

4.375% note—05/15/34-C

9y

10m

106,762

45,337

4.276 - 100.777903

07/11/24

07/15/24

4.625% bond—05/15/54

29y

10m

54,158

25,574

4.405 - 103.622071

07/16/24

07/18/24

5.265% CMB—08/29/24

42d

204,299

70,001

07/23/24

07/25/24

5.270% CMB—09/05/24

42d

193,009

70,001

07/17/24

07/31/24

4.625% bond—05/15/44

19y

35,616

13,717

4.466 - 102.062500

07/18/24

07/31/24

1.875% TIPS—07/15/34-D

10y

46,185

20,048

1.883 - 100.012919

07/23/24

07/31/24

4.375% note—07/31/26-BE

2y

197,961

72,805

4.434 - 99.888261

07/24/24

07/31/24

0.182% FRN—07/31/26-BF

2y

99,292

31,654

0.182 - 100.000000

07/24/24

07/31/24

4.000% note—07/31/29-AB

5y

171,830

73,860

4.121 - 99.458270

07/25/24

07/31/24

4.125% note—07/31/31-N

7y

4.162 - 99.777306

07/30/24

08/01/24

5.280% CMB—09/12/24

08/06/24

08/08/24

08/06/24

08/08/24

08/13/24

3y

10m

118,470

46,426

42d

205,344

70,002

5.270% CMB—09/19/24

42d

207,214

75,001

4.255% bill—08/07/25

364d

138,679

49,690

08/15/24

5.230% CMB—09/26/24

42d

211,115

75,000

08/06/24

08/15/24

3.750% note—08/15/27-AR

3y

159,003

69,030

3.810 - 99.831417

08/07/24

08/15/24

3.875% note—08/15/34-E

10y

105,291

49,987

3.960 - 99.303721

60

Continued from PDO-2

08/08/24

08/15/24

4.250% bond—08/15/54

08/20/24

08/22/24

5.185% CMB—10/03/24

08/21/24

08/27/24

08/27/24

62,380

29,754

42d

204,028

75,000

5.260% CMB—09/12/24

16d

108,666

35,000

08/29/24

5.150% CMB—10/10/24

42d

199,900

75,001

08/22/24

08/30/24

2.125% TIPS—02/15/54

29y

6m

20,892

8,000

2.055 - 103.943845

08/28/24

08/30/24

0.182% FRN—07/31/26-BF

1y

11m

74,251

28,000

0.235 - 99.898660

08/21/24

09/03/24

4.125% bond—08/15/44

20y

41,957

17,272

4.160 - 99.524806

08/27/24

09/03/24

3.750% note—08/31/26-BG

2y

190,277

74,487

3.874 - 99.763913

08/28/24

09/03/24

3.625% note—08/31/29-AC

5y

174,339

75,566

3.645 - 99.908942

08/29/24

09/03/24

3.750% note—08/31/31-P

7y

113,503

47,499

3.770 - 99.877512

09/03/24

09/05/24

5.120% CMB—10/17/24

42d

195,431

65,001

09/03/24

09/05/24

4.150% bill—09/04/25

364d

138,627

46,525

09/10/24

09/12/24

4.980% CMB—10/24/24

42d

178,299

60,000

09/10/24

09/16/24

3.375% note—09/15/27-AS

3y

154,967

58,554

3.440 - 99.816223

09/11/24

09/16/24

3.875% note—08/15/34-E

9y

11m

103,199

39,373

3.648 - 101.869250

09/12/24

09/16/24

4.250% bond—08/15/54

29y

11m

52,478

22,210

4.015 - 104.064869

09/17/24

09/19/24

4.920% CMB—10/31/24

42d

159,486

60,000

09/24/24

09/26/24

4.620% CMB—11/07/24

42d

195,313

60,001

09/25/24

09/27/24

0.182% FRN—07/31/26-BF

1y

10m

80,109

28,000

0.261 - 99.855979

09/17/24

09/30/24

4.125% bond—08/15/44

19y

11m

32,936

13,268

4.039 - 101.159820

09/19/24

09/30/24

1.875% TIPS—07/15/34-D

9y

10m

41,762

17,351

1.592 - 102.797615

09/24/24

09/30/24

3.500% note—09/30/26-BH

2y

179,988

70,425

3.520 - 99.961700

09/25/24

09/30/24

3.500% note—09/30/29-AD

5y

168,384

71,445

3.519 - 99.913582

09/26/24

09/30/24

3.625% note—09/30/31-Q

7y

116,558

44,908

3.668 - 99.736649

1

30y

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.

4.314 - 98.928757

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.

61

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.)

62

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]

Total
Federal
securities
outstanding
(1)

Total
outstanding
(2)

2020 ................................................................26,965,542
2021 ................................................................28,448,421
2022 ................................................................30,948,265
2023 ................................................................33,186,902
2024 ................................................................35,484,939

26,945,391
28,428,919
30,928,912
33,167,334
35,464,674

2023 - Sept...............................................................
33,186,902
Oct ................................................................
33,719,176
Nov ................................................................
33,898,630
Dec ................................................................
34,021,672
2024 - Jan ................................................................
34,211,392
Feb ................................................................
34,491,179
Mar ................................................................
34,606,480
Apr ................................................................
34,637,091
May................................................................
34,687,395
34,851,854
June................................................................
July ...............................................................
35,125,082
Aug ................................................................
35,276,227
Sept ................................................................
35,484,939

33,167,334
33,699,580
33,878,679
34,001,494
34,191,150
34,471,083
34,586,533
34,616,994
34,667,115
34,831,634
35,104,771
35,256,057
35,464,674

End of
fiscal year
or month

Public debt securities
Held by U.S. Government accounts
Marketable
(4)

Nonmarketable
(5)

Public issues
held by Federal
Reserve banks
(6)

5,907,764
6,123,040
6,608,706
6,817,835
7,138,959

-

5,907,764
6,123,040
6,608,706
6,817,835
7,138,959

4,872,973
5,911,599
6,097,085
5,352,361
4,713,975

6,817,835
7,101,369
7,012,660
7,041,267
7,097,613
7,069,859
7,053,111
7,113,622
7,039,304
7,197,526
7,152,853
7,067,135
7,138,959

-

6,817,835
7,101,369
7,012,660
7,041,267
7,097,613
7,069,859
7,053,111
7,113,622
7,039,304
7,197,526
7,152,853
7,067,135
7,138,959

5,352,361
5,266,127
4,780,828
5,238,936
5,077,990
5,014,987
4,991,260
4,890,649
4,826,943
4,813,840
4,771,703
4,752,708
4,713,975

Total
(3)

Public debt securities, continued

Agency securities1

Held by private investors
End of
fiscal year
or month

Total
(7)

Marketable
(8)

Nonmarketable
(9)

Total
outstanding
(10)

Held by
private
investors
(11)

Held by
Government
accounts
(12)

2020 ................................................................
16,164,654
2021 ................................................................
16,394,280
2022 ................................................................
18,223,121
2023 ................................................................
20,997,138
2024 ................................................................
23,611,740

15,501,967
15,967,103
17,597,039
20,401,322
23,014,362

662,687
427,176
626,082
595,816
597,377

20,151
19,502
19,353
19,568
20,265

20,151
19,502
19,353
19,568
20,265

-

2023 - Sept................................................................
20,997,138
Oct ................................................................
21,332,084
Nov ................................................................
22,085,191
Dec ................................................................
21,721,291
2024 - Jan ................................................................
22,015,547
Feb ................................................................
22,386,237
Mar ................................................................
22,542,162
Apr ................................................................
22,612,723
May ................................................................
22,800,868
June ................................................................
22,820,268
July ................................................................
23,180,215
Aug ................................................................
23,436,214
Sept ................................................................
23,611,740

20,401,322
20,737,340
21,491,098
21,132,772
21,432,348
21,803,863
21,960,248
22,027,716
22,215,223
22,236,154
22,590,674
22,843,148
23,014,362

595,816
594,744
594,093
588,519
583,199
582,374
581,916
585,006
585,646
584,114
589,541
593,066
597,377

19,568
19,596
19,951
20,178
20,242
20,096
19,947
20,097
20,280
20,220
20,311
20,170
20,265

19,568
19,596
19,951
20,178
20,242
20,096
19,947
20,097
20,280
20,220
20,311
20,170
20,265

-

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.

63

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

Total
public
debt 1
(1)

Federal
Reserve and
Government
accounts 2
(2)

2024 - Sept................................
35,464.7
11,521.7
June ................................
34,831.9
11,672.4
Mar ................................
34,592.4
11,689.3
2023 - Dec ................................
34,001.5
11,848.1
Sept ................................
33,167.4
11,790.1
June ................................
32,332.3
11,976.9
Mar ................................
31,458.4
12,044.6
2022 - Dec ................................
31,419.9
12,401.4
Sept ................................
30,928.9
12,264.7
June ................................
30,568.6
12,399.7
Mar ................................
30,401.0
12,281.3
2021 - Dec ................................
29,617.2
12,125.9
Sept ................................
28,428.9
11,579.1
June ................................
28,529.4
11,382.9
Mar ................................
28,132.6
11,095.5
2020 - Dec ................................
27,747.8
10,809.2
Sept ................................
26,945.4
10,371.9
June ................................
26,477.4
10,157.7
Mar ................................
23,686.9
9,279.7
2019 - Dec ................................
23,201.4
8,359.9
Sept ................................
22,719.4
8,023.6
June ................................
22,023.5
7,945.2
Mar ................................
22,028.0
7,999.1
2018 - Dec ................................
21,974.1
8,095.0
Sept ................................
21,516.1
8,068.1
June ................................
21,195.3
8,106.9
Mar ................................
21,089.9
8,086.6
2017 - Dec ................................
20,492.7
8,132.1
Sept ................................
20,244.9
8,036.9
June ................................
19,844.6
7,943.4
Mar ................................
19,846.4
7,941.1
2016 - Dec ................................
19,976.9
8,005.6
Sept ................................
19,573.4
7,863.5
June ................................
19,381.6
7,911.2
Mar ................................
19,264.9
7,801.4
2015 - Dec ................................
18,922.2
7,711.2
Sept ................................
18,150.6
7,488.7
June ................................
18,152.0
7,536.5
Mar ................................
18,152.1
7,521.3
2014 - Dec ................................
18,141.4
7,578.9
Sept ................................
17,824.1
7,490.8
June ................................
17,632.6
7,461.0
Mar ................................
17,601.2
7,301.5
1

Total
U.S.
privately Depository savings
held
institutions 3, 4 bonds 5
(3)
(4)
(5)
23,943.0
23,159.5
22,903.1
22,153.4
21,377.4
20,355.4
19,413.8
19,018.5
18,664.2
18,168.9
18,119.7
17,491.3
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

N/A
1,726.3
1,738.3
1,646.8
1,555.2
1,556.3
1,615.9
1,713.9
1,736.8
1,807.7
1,754.1
1,734.0
1,540.3
1,433.1
1,347.9
1,265.2
1,241.1
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

161.1
163.9
166.8
171.9
175.7
178.2
177.8
173.5
166.2
160.4
149.7
146.2
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

Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value.
Sources: Federal Reserve Board of Governors, Factors Affecting Reserve Balances –
H.4.1, 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.
6
Includes U.S. Treasury securities held by the Federal Employees Retirement System
Thrift Savings Plan "G Fund."
2

Private 6
(6)
N/A
459.8
454.6
452.9
734.6
747.2
476.0
733.6
756.0
785.3
803.4
809.6
622.7
787.5
761.2
770.6
772.6
766.9
758.9
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
7

State and Insurance
local
compagovernments
nies *,3
(7)
(8)
N/A
429.7
415.9
402.8
365.1
349.6
356.2
321.4
336.2
368.5
381.9
413.6
390.5
395.5
345.8
354.4
318.0
290.1
330.4
333.4
343.3
386.5
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

N/A
549.2
469.9
444.1
427.7
409.3
407.7
396.0
371.7
371.1
379.8
425.0
429.7
427.0
397.7
404.1
420.3
408.9
402.6
374.8
372.7
369.3
366.8
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

Mutual
funds 3, 7
(9)
N/A
3,841.9
3,956.0
3,647.8
3,086.9
2,591.9
2,412.7
2,408.7
2,604.3
2,890.3
3,290.7
3,411.7
3,238.0
3,778.5
3,951.4
3,784.6
3,724.9
3,695.4
2,501.7
2,412.8
2,319.7
2,037.0
2,189.2
2,094.9
1,957.2
1,902.9
2,048.2
1,850.8
1,739.6
1,645.8
1,715.2
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

State and
local
Foreign
govern- and interments 3
national 8
(10)
(11)
N/A
1,621.4
1,589.9
1,566.7
1,493.6
1,510.1
1,499.6
1,427.2
1,403.8
1,401.7
1,366.7
1,379.1
1,344.2
1,301.7
990.5
992.1
940.0
880.6
715.2
718.6
701.8
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

N/A
N/A
N/A
7,933.2
7,515.1
7,559.0
7,471.4
7,197.8
7,251.5
7,416.9
7,604.2
7,740.4
7,570.9
7,518.9
7,038.3
7,070.7
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

Other
investors 9
(12)
N/A
N/A
N/A
5,887.1
6,023.6
5,453.8
4,996.6
4,646.6
4,037.6
2,967.1
2,389.2
1,431.7
1,569.8
1,359.6
2,058.6
2,149.8
1,938.8
1,917.9
1,651.2
2,366.0
2,281.9
2,476.3
2,521.0
2,509.9
2,417.0
2,140.4
1,962.5
1,667.1
1,488.7
1,568.5
1,542.3
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

Includes money market mutual funds, mutual funds, and closed-end investment
companies.
8
Source: Treasury International Capital Survey https://ticdata.treasury.gov/resourcecenter/data-chart-center/tic/Documents/mfhhis01.txt. 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: https://home.treasury.gov/data/treasury-internationalcapital-tic-system.
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.

64

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, 2024
[Source: Bureau of the Fiscal Service]

Total
currency
and coin
(1)

Currency
Amounts outstanding ................................

Total currency
(2)

Federal Reserve notes 1
(3)

U.S. notes
(4)

Currency no
longer issued
(5)

$2,832,489,897,427

$2,780,504,739,828

$2,780,030,138,835

$238,901,766

$235,699,227

The Treasury ................................................................
435,997,238

74,719,238

74,408,617

119,194

191,427

FRBs ................................................................ 481,599,034,516

480,089,807,156

480,089,805,166

100

1,890

$2,300,340,213,434

$2,299,865,925,052

$238,782,472

$235,505,910

Less amounts held by:

Amounts in circulation ................................

$2,350,454,865,673

Coins 2

Amounts outstanding ................................

Total
(1)

Dollars 2, 3
(2)

Fractional
coins
(3)

$51,985,157,599

6,548,044,185

45,437,113,414

361,278,000

48,770,000

312,508,000

1,509,227,360

801,312,043

707,915,317

$50,114,652,239

$5,697,962,142

$44,416,690,097

Less amounts held by:

The Treasury ................................................................
FRBs ................................................................

Amounts in circulation ................................

See footnotes following table USCC-2.

65

TABLE USCC-2—Amounts Outstanding and in Circulation, Sept. 30, 2024
[Source: Bureau of the Fiscal Service]

Currency in circulation by denomination

$1 .......................................................................................

Total
(1)

Federal Reserve notes 1
(2)

U.S. notes
(3)

Currency no
longer issued
(4)

$14,738,329,478

$14,598,756,584

$143,468

$139,429,426

$2 .......................................................................................

3,301,987,636

3,170,576,528

131,398,544

12,564

$5 .......................................................................................

17,861,347,730

17,731,788,180

107,329,420

22,230,130

$10 .....................................................................................

23,456,151,540

23,436,453,540

1,320

19,696,680

$20 .....................................................................................

214,760,187,100

214,740,092,920

-7,820

20,102,000

$50 .....................................................................................

121,547,913,950

121,536,441,900

-26,350

11,498,400
21,985,700

1,904,340,363,900

-61,7006

$100 ................................................................................... 1,904,362,287,900

$500 ...................................................................................

141,704,500

141,514,500

2,500

187,500

$1,000 ................................................................................

165,108,000

164,897,000

3,000

208,000

$5,000 ................................................................................

1,765,000

1,710,000

-

55,000

$10,000 ..............................................................................

3,430,000

3,330,000

-

100,000

600

-

90

510

Total currency ................................................................ $2,300,340,213,434

$2,299,865,925,052

$238,782,472

$235,505,910

Partial notes 5 ................................................................

Amounts (in millions)
(1)

Comparative totals of currency and coins in circulation—selected dates

Sept. 30, 2024 ......................................................................................

2,350,455

Per capita 4
(2)
6,968

Aug. 31, 2024.......................................................................................

2,353,342

6,980

July 31, 2024........................................................................................

2,348,088

6,967

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

1

4

2

5

Issued on or after July 1, 1929.
Excludes coins sold to collectors at premium prices.
3
Includes $481,781,898 in standard silver dollars.

6

Based on Bureau of the Census estimates of population.
Represents value of certain partial denominations not presented for redemption.
Represents current FRB adjustment.

Foreign Currency Positions
Exchange Stabilization Fund

67

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, June, 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.

68

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)

04/03/24 .............................................................................

2,548,531

2,686,335

-205

1.3521

04/10/24 .............................................................................

2,714,823

2,866,593

-199

1.3688

04/17/24 .............................................................................

2,737,283

2,906,862

-156

1.3804

04/24/24 .............................................................................

2,686,263

2,856,826

-195

1.3721

05/01/24 .............................................................................

2,822,749

3,007,522

-196

1.3760

05/08/24 .............................................................................

2,801,197

2,989,588

-201

1.3719

05/15/24 .............................................................................

2,882,458

3,077,364

-155

1.3612

05/22/24 .............................................................................

2,290,861

2,487,773

-234

1.3667

05/29/24 .............................................................................

2,329,207

2,524,280

-251

1.3702

06/05/24 .............................................................................

2,404,751

2,599,592

-231

1.3705

06/12/24 .............................................................................

2,589,423

2,775,096

-185

1.3690

06/19/24 .............................................................................

2,595,021

2,812,804

-185

1.3723

06/26/24 .............................................................................

2,357,305

2,554,884

-184

1.3697

07/03/24 .............................................................................

2,247,536

2,440,489

-186

1.3624

07/10/24 .............................................................................

2,225,504

2,406,850

-188

1.3608

07/17/24 .............................................................................

2,230,135

2,427,279

-217

1.3683

07/24/24 .............................................................................

2,371,050

2,580,088

-235

1.3783

07/31/24 .............................................................................

2,489,411

2,706,257

-226

1.3806

08/07/24 .............................................................................

2,476,098

2,689,213

-247

1.3729

08/14/24 .............................................................................

2,577,043

2,777,078

-224

1.3696

08/21/24 .............................................................................

2,697,738

2,877,983

-215

1.3583

08/28/24 .............................................................................

2,739,623

2,929,165

-178

1.3462

09/04/24 .............................................................................

2,810,397

3,010,208

-203

1.3519

09/11/24 .............................................................................

2,953,092

3,180,455

-180

1.3595

09/18/24 .............................................................................

2,816,659

3,033,840

-206

1.3607

09/25/24 .............................................................................

2,774,639

2,998,183

-176

1.3466

69

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
Net delta
dollars per
equivalent
U.S. dollar)
(9)
(10)

1,827,403
2021 - Dec ................................

1,817,039

170,694

142,950

64,273

63,388

115,552

124,009

-224

1.2653

2,044,174
2022 - Dec ................................

2,084,594

299,322

250,111

66,431

65,312

98,984

87,735

-58

1.3532

2,354,191
2023 - Oct. ................................

2,449,420

246,633

250,770

72,562

101,268

127,257

85,600

-131

1.3878

2,555,434
Nov ................................

2,655,565

238,585

200,621

61,953

90,894

131,974

89,078

-160

1.3587

2,125,578
Dec ................................

2,209,191

266,921

192,669

54,600

79,035

113,980

81,264

-58

1.3202

2,370,196
2024 – Jan. ................................

2,482,532

256,259

177,348

54,337

79,642

114,185

76,629

-115

1.3384

2,799,989
Feb ................................

2,921,128

261,775

169,433

52,928

80,177

119,280

83,561

-231

1.3568

2,722,936
Mar ................................

2,850,615

225,553

180,741

47,993

71,712

112,179

76,328

39

1.3540

2,811,599
Apr. ................................

3,006,249

257,573

205,740

57,942

91,846

145,549

106,515

-158

1.3748

2,422,405
May................................

2,577,515

249,087

164,985

64,682

97,020

151,517

112,676

-210

1.3646

2,271,066
June................................

2,442,298

251,520

162,969

66,505

96,260

146,543

111,300

-158

1.3684

2,483,161
July. ................................

2,683,093

271,104

181,721

77,453

107,344

166,709

137,670

-206

1.3806

2,754,756
Aug ................................

2,928,245

255,405

172,500

86,296

110,134

163,901

130,852

-121

1.3493

2,670,067
Sept ................................

2,882,497

263,021

179,963

79,732

101,544

153,695

124,981

-76

1.3511

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)

41,988
2021 - Dec ................................

82,818

120,476

79,180

379

148

810

431

26

1.2653

53,414
2022 - Mar ................................

91,283

125,248

83,562

1,046

311

1,000

542

42

1.2482

51,018
June ................................

92,298

118,012

80,053

554

790

1,265

619

26

1.2871

41,270
Sept ................................

81,478

117,059

80,272

380

540

2,867

2,238

-101

1.3752

48,320
Dec ................................

90,564

118,998

83,340

541

587

2,105

1,597

-205

1.3532

34,128
2023 - Mar ................................

85,156

116,437

78,419

427

426

1,724

1,094

-1

1.3525

48,147
June ................................

95,718

111,554

73,779

494

1,041

1,693

702

18

1.3232

40,051
Sept ................................

91,034

121,903

80,264

588

1,819

1,442

580

3

1.3535

44,030
Dec ................................

91,506

128,002

83,598

398

563

2,039

697

5

1.3202

39,669
2024 - Mar ................................

82,857

138,443

93,107

150

1,123

2,390

540

4

1.3540

39,765
June ................................

88,176

147,955

102,628

677

1,237

1,959

724

4

1.3684

70

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)

Spot, forward and future contracts
Report date

04/03/24 .............................................................................

740,212

744,036

-174

151.67

04/10/24 .............................................................................

739,487

747,327

-167

152.90

04/17/24 .............................................................................

770,669

774,946

-180

154.61

04/24/24 .............................................................................

774,646

782,680

-162

155.11

05/01/24 .............................................................................

822,724

830,020

-159

157.65

05/08/24 .............................................................................

786,378

788,312

-162

155.42

05/15/24 .............................................................................

793,804

801,038

-182

155.02

05/22/24 .............................................................................

794,878

803,760

-184

156.49

05/29/24 .............................................................................

825,940

832,954

-177

157.62

06/05/24 .............................................................................

833,388

842,329

-191

156.21

06/12/24 .............................................................................

846,561

855,739

-169

155.88

06/19/24 .............................................................................

835,288

843,755

-174

157.81

06/26/24 .............................................................................

819,798

824,031

-145

160.68

07/03/24 .............................................................................

771,885

776,943

-77

161.48

07/10/24 .............................................................................

814,271

819,342

-60

161.73

07/17/24 .............................................................................

832,465

837,405

-107

156.56

07/24/24 .............................................................................

840,815

848,989

-114

153.39

07/31/24 .............................................................................

897,266

903,334

-154

150.38

08/07/24 .............................................................................

911,658

916,010

-214

147.42

08/14/24 .............................................................................

894,891

903,731

-183

146.86

08/21/24 .............................................................................

902,853

911,116

-218

145.19

08/28/24 .............................................................................

896,570

902,287

-212

144.47

09/04/24 .............................................................................

897,230

901,984

-229

144.31

09/11/24 .............................................................................

904,412

913,845

-228

141.72

09/18/24 .............................................................................

896,023

908,226

-253

141.93

09/25/24 .............................................................................

873,528

880,036

-204

144.41

71

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)

Options positions
Puts

Calls

Liabilities
(4)

Bought
(5)

Written
(6)

Bought
(7)

Written
(8)

Net delta
equivalent
(9)

Exchange rate
(Japanese yen
per U.S. dollar)
(10)

555,955
2021 - Dec ................................

563,499

86,747

71,664

22,950

23,843

32,370

33,780

-54

115.09

612,720
2022 - Dec ................................

614,147

150,445

139,279

31,555

32,280

42,332

44,237

-44

131.81

744,730
2023 - Oct. ................................

757,279

140,287

119,241

31,479

46,325

59,302

48,657

-91

151.46

787,672
Nov ................................

785,880

139,789

118,896

32,448

48,538

59,741

46,612

-121

147.87

665,608
Dec ................................

662,639

135,729

119,923

31,815

46,915

58,238

46,069

-123

140.92

735,331
2024 – Jan. ................................

739,749

116,708

94,719

33,607

47,354

60,674

49,345

-97

146.26

771,794
Feb ................................

771,962

118,880

97,978

34,234

47,804

61,004

50,098

-136

149.9

750,355
Mar ................................

754,542

154,974

130,565

36,869

51,599

67,242

55,012

-774

151.22

854,724
Apr. ................................

859,701

165,152

135,178

41,440

55,957

73,823

59,828

-119

157.54

845,803
May................................

853,798

163,474

136,916

40,898

55,223

73,103

58,511

-159

157.19

817,173
June................................

815,569

162,281

137,985

40,258

55,250

74,034

58,505

-90

160.88

885,198
July. ................................

884,715

157,605

140,055

44,080

59,730

78,480

62,740

-148

150.38

877,424
Aug ................................

883,915

156,644

130,197

44,721

59,414

81,640

65,697

-206

145.95

844,410
Sept ................................

848,199

147,823

121,982

44,586

57,678

76,170

62,965

-180

143.25

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)

7,060
2021 - Dec ................................

7,421

10,171

6,734

281

599

830

334

-11

115.09

8,597
2022 - Mar ................................

8,395

10,104

6,889

503

864

898

447

8

121.44

9,589
June ................................

9,172

11,312

7,832

488

1,545

1,726

407

30

135.69

10,306
Sept ................................

10,801

11,610

7,318

643

1,401

1,680

598

22

144.71

10,621
Dec ................................

10,192

13,123

8,999

739

899

917

586

25

131.81

11,968
2023 - Mar ................................

11,739

13,054

8,962

968

868

905

708

22

132.75

12,719
June ................................

13,036

13,875

9,475

1,384

937

1,103

778

32

144.47

11,790
Sept ................................

14,724

16,402

9,901

1,586

1,304

1,253

848

57

149.43

15,983
Dec ................................

16,204

15,994

10,676

1,312

1,451

1,206

757

26

140.92

20,364
2024 - Mar ................................

19,374

13,951

9,517

1,741

1,716

1,589

1,062

47

151.22

17,701
June ................................

17,865

13,642

8,364

1,814

2,433

2,276

1,372

55

160.88

72

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)

04/03/24 .............................................................................

1,061,851

1,096,239

-79

0.9038

04/10/24 .............................................................................

1,103,606

1,143,337

-58

0.9127

04/17/24 .............................................................................

1,208,186

1,236,441

-63

0.9121

04/24/24 .............................................................................

1,152,655

1,182,405

-65

0.9141

05/01/24 .............................................................................

1,225,917

1,246,092

-58

0.9195

05/08/24 .............................................................................

1,130,080

1,141,893

-84

0.9076

05/15/24 .............................................................................

1,166,703

1,195,660

-113

0.9041

05/22/24 .............................................................................

1,166,653

1,193,899

-114

0.9140

05/29/24 .............................................................................

1,197,501

1,233,759

-57

0.9135

06/05/24 .............................................................................

1,269,868

1,294,571

-28

0.8940

06/12/24 .............................................................................

1,339,960

1,365,174

-19

0.8918

06/19/24 .............................................................................

1,376,478

1,394,586

47

0.8842

06/26/24 .............................................................................

1,213,441

1,252,597

-2

0.8973

07/03/24 .............................................................................

1,162,626

1,201,442

-30

0.9007

07/10/24 .............................................................................

1,203,039

1,233,367

-24

0.8992

07/17/24 .............................................................................

1,196,493

1,231,487

-2

0.8846

07/24/24 .............................................................................

1,218,182

1,250,458

7

0.8838

07/31/24 .............................................................................

1,265,806

1,304,624

28

0.8797

08/07/24 .............................................................................

1,263,233

1,303,172

64

0.8652

08/14/24 .............................................................................

1,298,284

1,333,372

25

0.8638

08/21/24 .............................................................................

1,300,458

1,337,906

63

0.8515

08/28/24 .............................................................................

1,249,373

1,292,073

119

0.8420

09/04/24 .............................................................................

1,298,181

1,341,089

67

0.8482

09/11/24 .............................................................................

1,336,215

1,395,775

-6

0.8505

09/18/24 .............................................................................

1,220,417

1,262,575

13

0.8459

09/25/24 .............................................................................

1,132,421

1,193,487

-47

0.8495

73

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)

Calls
Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Exchange rate
Net delta (Swiss francs per
equivalent
U.S. dollar)
(9)
(10)

900,008
2021 - Dec ................................

933,319

72,419

57,271

33,648

29,879

45,688

44,335

3

0.9119

1,042,905
2022 - Dec ................................

1,086,303

146,410

131,016

35,889

33,335

51,408

50,623

-124

0.9241

1,253,014
2023 - Oct. ................................

1,291,493

77,382

64,009

39,922

66,400

86,566

56,396

-77

0.9100

1,260,848
Nov ................................

1,307,350

81,808

67,144

32,734

55,258

76,297

50,798

-28

0.8725

1,021,504
Dec ................................

1,054,853

79,779

66,817

28,943

50,275

68,600

50,034

14

0.8405

1,162,348
2024 – Jan. ................................

1,208,366

69,904

58,402

32,347

53,947

78,599

58,219

-37

0.8587

1,265,277
Feb ................................

1,310,567

70,351

58,210

32,341

50,952

81,467

58,971

-120

0.8833

1,150,615
Mar ................................

1,204,241

84,023

70,789

35,706

57,506

96,290

68,712

-255

0.9015

1,220,774
Apr. ................................

1,256,533

101,053

75,032

33,823

63,279

108,866

75,674

-53

0.9174

1,335,997
May................................

1,386,778

93,988

60,527

37,173

64,692

102,162

73,219

-54

0.9034

1,238,485
June................................

1,302,536

87,682

56,191

35,185

58,610

83,374

59,824

2

0.8992

1,272,093
July. ................................

1,328,228

101,750

70,007

36,122

59,094

81,226

56,013

19

0.8797

1,324,124
Aug ................................

1,389,039

89,020

57,074

44,617

68,035

94,640

69,666

51

0.8493

1,196,983
Sept ................................

1,279,877

99,683

57,561

38,820

56,652

85,553

63,560

-31

0.8444

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)

15,268
2021 - Dec ................................

43,630

79,420

12,965

16,332
2022 - Mar ................................

45,467

81,161

29,612
June ................................

58,287

78,490

34,331
Sept ................................

64,276

35,275
Dec ................................

67,444

36,992
2023 - Mar ................................

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)

n.a.

0.9119

23

129

507

162

12,144

22

130

559

264

2

0.9211

13,868

1,236

592

501

390

119

0.9550

82,319

14,897

1,945

2,127

555

866

36

0.9845

76,535

10,027

210

125

269

480

n.a.

0.9241

70,060

80,479

15,205

274

379

677

485

1

0.9129

28,959
June ................................

64,390

77,270

17,427

129

72

229

154

1

0.8947

22,687
Sept ................................

56,925

82,186

16,532

347

331

577

401

8

0.9141

14,673
Dec ................................

49,320

76,542

18,215

475

311

1,594

402

-96

0.8405

16,801
2024 - Mar ................................

55,550

76,632

21,710

179

122

1,846

447

-294

0.9015

21,952
June ................................

60,781

78,948

21,698

73

1,183

1,839

498

-14

0.8992

74

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)

04/03/24 .............................................................................

3,541,549

3,650,156

-167

1.2634

04/10/24 .............................................................................

3,596,257

3,690,468

-168

1.2544

04/17/24 .............................................................................

3,654,724

3,758,746

-123

1.2442

04/24/24 .............................................................................

3,649,236

3,786,942

-126

1.2435

05/01/24 .............................................................................

3,986,049

4,092,908

-181

1.2488

05/08/24 .............................................................................

3,801,967

3,897,624

-172

1.2503

05/15/24 .............................................................................

3,804,756

3,914,742

-190

1.2658

05/22/24 .............................................................................

3,864,867

3,953,531

-179

1.2739

05/29/24 .............................................................................

3,872,061

3,955,499

-149

1.2715

06/05/24 .............................................................................

3,859,752

3,959,232

-181

1.2771

06/12/24 .............................................................................

3,960,203

4,055,177

-178

1.2844

06/19/24 .............................................................................

3,951,895

4,068,630

-135

1.2698

06/26/24 .............................................................................

3,811,073

3,891,523

-159

1.2625

07/03/24 .............................................................................

3,678,775

3,770,096

-208

1.2767

07/10/24 .............................................................................

3,863,160

3,987,449

-204

1.2842

07/17/24 .............................................................................

3,842,739

3,986,479

-188

1.3007

07/24/24 .............................................................................

3,884,336

4,011,812

-150

1.2925

07/31/24 .............................................................................

4,037,887

4,204,367

-112

1.2840

08/07/24 .............................................................................

4,010,532

4,115,622

-127

1.2718

08/14/24 .............................................................................

3,944,787

4,075,735

-140

1.2849

08/21/24 .............................................................................

4,024,044

4,142,002

-145

1.3077

08/28/24 .............................................................................

3,971,298

4,074,366

-106

1.3201

09/04/24 .............................................................................

3,981,978

4,095,760

-152

1.3142

09/11/24 .............................................................................

3,971,693

4,083,137

-162

1.3028

09/18/24 .............................................................................

3,848,695

3,949,366

-159

1.3200

09/25/24 .............................................................................

3,627,359

3,704,934

-94

1.3339

75

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)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Bought
(5)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Calls

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

3,257,135
2021 - Dec ................................

3,430,618

579,389

488,530

64,036

62,403

81,057

64,114

-88

1.3544

3,130,374
2022 - Dec ................................

3,282,984

743,337

718,880

74,607

69,785

99,886

78,731

-141

1.2077

3,846,501
2023 - Oct. ................................

3,919,887

703,744

634,130

80,742

69,320

82,086

94,003

-150

1.2134

3,941,571
Nov ................................

4,049,658

733,369

603,283

78,006

71,679

69,898

75,687

-48

1.2641

3,536,816
Dec ................................

3,641,574

747,981

625,268

66,150

64,047

58,459

61,846

-58

1.2744

3,814,862
2024 – Jan. ................................

3,908,170

666,069

558,040

70,212

69,366

70,536

70,223

9

1.2732

3,913,003
Feb ................................

4,027,117

644,114

516,187

68,652

65,950

75,980

79,287

-23

1.2633

3,799,693
Mar ................................

3,926,157

744,754

638,998

77,272

66,411

72,215

81,647

-52

1.2637

4,059,530
Apr. ................................

4,174,475

764,534

655,477

81,317

68,241

83,055

95,510

-3

1.2514

4,094,224
May................................

4,199,331

652,427

528,451

83,642

74,012

86,553

99,447

-21

1.2737

3,974,092
June................................

4,054,832

633,367

515,710

79,691

72,466

87,798

91,152

-8

1.2641

4,094,109
July. ................................

4,255,893

674,396

554,626

83,805

77,814

86,783

92,972

92

1.2840

4,107,851
Aug ................................

4,226,231

685,508

561,318

95,627

85,943

91,414

96,742

11

1.3132

3,873,529
Sept ................................

3,958,101

686,122

563,080

79,343

73,187

85,994

82,472

-10

1.3399

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)

Foreign currency
denominated
Assets
Liabilities
(3)
(4)

Calls
Bought
(5)

53,508
2021 - Dec ................................

67,144

240,169

93,594

876

53,989
2022 - Mar ................................

66,329

233,918

87,800

47,567
June ................................

60,729

229,952

86,971

65,397
Sept ................................

77,502

233,391

89,211

65,556
Dec ................................

77,577

241,635

97,252

50,175
2023 - Mar ................................

63,342

231,199

54,652
June ................................

67,653

234,134

51,441
Sept ................................

65,235

57,676
Dec ................................

72,719

42,565
2024 - Mar ................................
49,025
June ................................

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Net delta
equivalent
(9)

Exchange rate
(U.S. dollars
per pound)
(10)

1,863

162

1.3544

787

2,165

679

780

3,151

2,222

105

1.3152

845

1,381

3,685

2,430

197

1.2162

2,710

3,369

7,469

6,066

53

1.1135

886

1,053

6,367

5,629

-75

1.2077

80,907

2,436

1,527

12,435

12,147

-23

1.2369

82,802

1,560

1,533

2,342

1,624

-43

1.2710

231,569

81,395

1,246

1,164

2,697

1,837

-84

1.2214

227,843

79,017

1,278

1,033

1,601

1,168

33

1.2744

58,099

231,245

82,253

672

1,446

1,697

477

37

1.2637

64,227

231,850

80,754

2,732

2,045

3,298

2,132

-165

1.2641

76

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)

04/03/24 ................................................................

31,050,037

30,215,884

-1,291

n.a.

04/10/24 ................................................................

31,753,880

30,796,865

-793

n.a.

04/17/24 ................................................................

32,790,169

31,963,420

-685

n.a.

04/24/24 ................................................................

32,912,829

31,991,867

-958

n.a.

05/01/24 ................................................................

33,898,072

33,091,801

-1,093

n.a.

05/08/24 ................................................................

32,790,427

32,004,852

-1,709

n.a.

05/15/24 ................................................................

33,454,580

32,588,956

-1,964

n.a.

05/22/24 ................................................................

33,064,857

32,254,635

-1,855

n.a.

05/29/24 ................................................................

33,906,358

33,180,258

-1,676

n.a.

06/05/24 ................................................................

34,403,367

33,621,822

-1,795

n.a.

06/12/24 ................................................................

35,722,852

34,979,370

-1,635

n.a.

06/19/24 ................................................................

35,362,871

34,633,870

-1,771

n.a.

06/26/24 ................................................................

33,402,536

32,591,610

-1,558

n.a.

07/03/24 ................................................................

31,928,656

31,102,526

-1,630

n.a.

07/10/24 ................................................................

32,562,699

31,705,815

-1,529

n.a.

07/17/24 ................................................................

33,012,119

32,125,998

-1,714

n.a.

07/24/24 ................................................................

33,398,026

32,558,553

-1,627

n.a.

07/31/24 ................................................................

34,888,440

33,932,125

-2,000

n.a.

08/07/24 ................................................................

35,102,983

34,189,435

-1,783

n.a.

08/14/24 ................................................................

35,346,165

34,410,333

-2,308

n.a.

08/21/24 ................................................................

36,242,138

35,425,514

-1,993

n.a.

08/28/24 ................................................................

36,302,420

35,333,387

-2,180

n.a.

09/04/24 ................................................................

36,221,569

35,275,985

-2,353

n.a.

09/11/24 ................................................................

37,499,424

36,413,928

-2,810

n.a.

09/18/24 ................................................................

36,038,541

34,945,433

-2,989

n.a.

09/25/24 ................................................................

34,222,756

33,227,386

-2,614

n.a.

77

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 Exchange
rate
equivalent
(10)
(9)

27,411,478
2021 - Dec ................................

26,601,323

-

-

1,259,241

1,276,837

1,081,782

1,087,602

-1,218

n.a.

26,784,877
2022 - Dec ................................

26,088,452

-

-

1,530,968

1,520,182

1,216,239

1,208,015

-1,924

n.a.

32,467,699
2023 - Oct. ................................

31,670,510

-

-

1,822,227

1,837,271

1,328,097

1,351,203

-1,374

n.a.

34,515,989
Nov ................................

33,718,732

-

-

1,759,111

1,731,387

1,349,613

1,408,125

-2,637

n.a.

29,657,330
Dec ................................

29,064,196

-

-

1,584,091

1,524,942

1,219,027

1,285,411

-3,389

n.a.

32,224,586
2024 – Jan. ................................

31,539,830

-

-

1,698,724

1,640,038

1,306,071

1,373,839

-1,820

n.a.

34,339,244
Feb ................................

33,436,267

-

-

1,735,617

1,725,355

1,273,812

1,344,903

-1,883

n.a.

32,708,050
Mar ................................

31,744,946

-

-

1,867,426

1,863,684

1,327,261

1,404,030

-4,621

n.a.

34,337,770
Apr. ................................

33,527,860

-

-

2,060,562

2,063,104

1,457,540

1,519,521

-1,290

n.a.

35,388,858
May................................

34,645,901

-

-

2,071,212

2,065,200

1,451,296

1,518,847

-1,664

n.a.

33,712,939
June................................

32,909,597

-

-

2,091,191

2,094,725

1,509,992

1,543,277

-1,055

n.a.

34,970,937
July. ................................

34,095,631

-

-

2,163,931

2,157,215

1,520,323

1,571,315

-2,178

n.a.

36,807,880
Aug ................................

35,787,640

-

-

2,376,533

2,318,190

1,694,329

1,748,945

-2,266

n.a.

34,943,494
Sept ................................

34,045,756

-

-

2,215,851

2,141,415

1,624,475

1,673,458

-2,485

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)

569,766
2021 - Dec ................................

412,817

-

-

22,876

21,662

16,898

14,957

2,844

n.a.

613,838
2022 - Mar ................................

445,368

-

-

28,701

26,382

23,460

23,140

2,697

n.a.

607,130
June ................................

456,683

-

-

32,596

23,484

19,169

24,909

1,840

n.a.

721,276
Sept ................................

497,326

-

-

47,856

36,665

27,509

37,382

2,071

n.a.

649,381
Dec ................................

487,468

-

-

26,799

25,667

18,936

21,969

563

n.a.

683,824
2023 - Mar ................................

520,411

-

-

37,787

34,925

30,505

27,324

953

n.a.

667,196
June ................................

484,227

-

-

29,952

27,938

28,453

26,751

1,460

n.a.

652,548
Sept ................................

452,061

-

-

31,570

27,278

23,257

23,444

1,168

n.a.

668,339
Dec ................................

485,397

-

-

28,436

23,491

31,864

21,672

955

n.a.

692,240
2024 - Mar ................................

521,122

-

-

61,603

32,997

75,575

28,886

1,650

n.a.

727,732
June ................................

542,959

-

-

73,097

44,429

25,249

49,844

2,912

n.a.

78

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)

04/03/24 .............................................................................

9,000,877

9,170,997

-314

0.9236

04/10/24 .............................................................................

9,188,821

9,351,021

-372

0.9314

04/17/24 .............................................................................

9,545,762

9,681,996

-239

0.9395

04/24/24 .............................................................................

9,368,522

9,475,062

-281

0.9357

05/01/24 .............................................................................

10,189,602

10,227,199

-307

0.9363

05/08/24 .............................................................................

9,508,567

9,597,886

-307

0.9298

05/15/24 .............................................................................

9,661,540

9,739,805

-439

0.9208

05/22/24 .............................................................................

9,607,661

9,675,402

-488

0.9228

05/29/24 .............................................................................

9,966,372

10,016,471

-415

0.9250

06/05/24 .............................................................................

9,853,876

9,946,193

-519

0.9204

06/12/24 .............................................................................

10,232,592

10,311,736

-495

0.9223

06/19/24 .............................................................................

10,294,733

10,374,785

-435

0.9312

06/26/24 .............................................................................

9,812,024

9,926,220

-337

0.9362

07/03/24 .............................................................................

9,416,557

9,522,050

-540

0.9260

07/10/24 .............................................................................

9,835,447

9,937,401

-565

0.9240

07/17/24 .............................................................................

9,791,759

9,917,751

-520

0.9147

07/24/24 .............................................................................

9,780,855

9,902,646

-495

0.9214

07/31/24 .............................................................................

10,134,592

10,264,367

-463

0.9240

08/07/24 .............................................................................

9,915,898

10,058,021

-603

0.9153

08/14/24 .............................................................................

10,020,124

10,120,355

-715

0.9071

08/21/24 .............................................................................

10,180,361

10,269,245

-616

0.8974

08/28/24 .............................................................................

10,130,468

10,247,031

-477

0.8987

09/04/24 .............................................................................

10,030,391

10,161,299

-506

0.9024

09/11/24 .............................................................................

10,369,256

10,460,568

-437

0.9081

09/18/24 .............................................................................

9,863,611

9,937,350

-462

0.8996

09/25/24 .............................................................................

9,671,441

9,773,437

-489

0.8974

79

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)

Options positions
Puts
Written
Bought
Written
(6)
(7)
(8)

Calls

Net delta
equivalent
(9)

Exchange
rate
(10)

8,038,278
2021 - Dec ................................

8,176,622

1,345,974

1,260,293

415,988

445,127

352,592

329,041

-40

0.8789

8,682,204
2022 - Dec ................................

8,813,882

2,506,186

2,364,725

584,733

608,180

454,131

405,660

417

0.9348

10,124,095
2023 - Oct. ................................

10,341,853

2,080,962

2,084,279

720,337

555,074

430,111

602,486

172

0.9463

10,381,967
Nov ................................

10,588,594

2,119,861

1,902,879

683,067

538,819

411,196

568,555

53

0.9168

9,220,952
Dec ................................

9,371,902

2,120,477

1,922,402

617,344

491,038

374,143

504,796

-505

0.9040

9,813,661
2024 – Jan. ................................

9,948,615

1,984,994

1,741,132

660,356

525,185

402,004

550,721

-266

0.9212

10,365,030
Feb ................................

10,533,313

2,020,197

1,778,637

640,406

517,404

419,844

572,707

-258

0.9253

9,751,468
Mar ................................

9,909,932

2,304,910

2,077,618

645,819

520,260

401,083

561,003

-15

0.9267

10,308,490
Apr. ................................

10,370,793

2,288,799

2,016,206

695,996

539,872

453,689

633,218

-164

0.9360

10,564,683
May................................

10,638,940

2,023,682

1,722,296

680,947

526,729

411,364

586,621

-202

0.9220

10,152,340
June................................

10,246,761

2,208,819

1,951,308

720,113

540,027

453,558

648,841

-147

0.9336

10,452,782
July. ................................

10,545,614

2,020,673

1,748,578

701,542

515,853

425,036

624,333

-305

0.9240

10,478,384
Aug ................................

10,590,140

2,278,234

2,020,573

778,492

564,516

459,373

647,611

-219

0.9042

10,161,399
Sept ................................

10,195,131

2,175,229

1,939,340

735,876

544,024

425,718

587,440

-170

0.8973

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)

138,274
2021 - Dec ................................

177,886

482,381

267,220

7,422

4,261

9,926

7,880

6

0.8789

152,198
2022 - Mar ................................

199,758

477,658

257,299

11,690

7,629

9,890

7,551

228

0.9015

157,904
June ................................

214,408

500,648

278,382

11,373

4,967

7,943

8,306

781

0.9552

173,968
Sept ................................

234,988

512,686

292,337

8,762

7,747

13,543

12,123

-841

1.0222

169,022
Dec ................................

231,327

516,338

285,429

4,273

5,076

6,140

3,254

301

0.9348

193,335
2023 - Mar ................................

246,044

515,985

269,081

12,526

9,618

8,752

7,034

-13

0.9198

164,847
June ................................

231,509

495,258

243,895

9,234

5,579

8,734

10,274

-518

0.9158

144,913
Sept ................................

209,939

502,975

248,574

7,330

5,221

8,097

7,261

101

0.9448

139,599
Dec ................................

205,043

502,791

253,161

8,933

4,802

6,451

5,699

203

0.9040

146,694
2024 - Mar ................................

205,489

529,663

266,520

8,496

3,223

7,497

6,819

-5

0.9267

147,381
June ................................

213,972

549,954

281,619

8,168

9,311

17,511

14,639

-704

0.9336

80

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 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, the Infrastructure Investment and Jobs Act, 2021 and
the Fiscal Responsibility Act, 2023, subsequently rescinded
$479 billion $1.4 billion, and $200 million, respectively, of
the $500 billion appropriation provided to Treasury.
Resources of the fund include (a) Fund Balance, which is
available to support adjustments to loan and investment
subsidy costs, repay borrowing from Treasury for loans and
investments and expenditures for administrative expenses in
support of the CARES Act, (b) U.S. Government securities
(dollar balances), (c) special drawing rights (SDRs), an
international reserve asset created by the International
Monetary Fund (IMF), (d) foreign currency holdings and (e)
Investments in Special Purposes Vehicles. Principal sources
of revenue -+ or cost -- for the fund are gains-+ or losses -on SDRs and foreign investments, and interest earned on
U.S Government, foreign securities, and SDRs.
•
Table ESF-1 presents the assets, liabilities, and net
position of the fund. The figures are in U.S. dollars.

Amounts and transactions pertaining to foreign currencies
and SDRs 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 fair value. Unexpended Appropriations Funds
from Dedicated Collections 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.
Unexpended Appropriations Funds from Other than
Dedicated Collections 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 the Consolidated
Appropriations Act, 2021, the Infrastructure Investment and
Jobs Act, 2021 and the Fiscal Responsibility Act, 2023.
Conversion gains and losses are reflected in the cumulative
net income -+ or loss -- account.
•
Table ESF-2 shows net cost from operations for the
current quarter and year-to-date. Figures are in U.S. dollars
computed according to the accrual method. “Gains-+ or loss
-- on foreign exchange” includes both realized and
unrealized gains 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. “Gains and Losses on Investments in Special
Purpose Vehicles and Loans Receivable” reflects the
revaluation of the assets approved in the federal budget.
CARES Act related administrative costs incurred in
connection with the loans, and other investments are
accrued.

81

TABLE ESF-1—Balances as of June 30, 2024, and September 30, 2024
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

June 30, 2024

June 30, 2024,
through
September 30, 2024

2,949,194
16,480,234
61,044
19,490,472

(2,554,129)
(1,103,700)
(61,044)
(3,718,873)

395,065
15,376,534
15,771,599

167,336,791
50,901
6,315,684

6,648,321
147,821
(330,771)

173,985,112
198,722
5,984,913

11,593,159
5,808,700
191,105,235

623,177
716,604
7,805,152

12,216,336
6,525,304
198,910,387

Total assets ........................................................................

210,595,707

4,086,279

214,681,986

Liabilities and capitol
Intra-Governmental
Debt, including accrued interest payable ...........................
Due to the General Fund ...................................................
Other Liabilities ..................................................................
Total Intra-Governmental ...........................................

8,223,991
48,693
1,080,858
9,353,542

(2,525,603)
(48,575)
(223,032)
(2,797,210)

5,698,388
118
857,826
6,556,332

Other Than Intra-Governmental:
SDR certificates .................................................................
SDR allocations .................................................................
Other ..................................................................................
Total Other Than Intra-Governmental ........................

10,200,000
152,107,956
26
162,307,982

4,670,269
(26)
4,670,243

10,200,000
156,778,225
166,978,225

Total Liabilities .................................................................

171,661,524

1,873,033

173,534,557

200,000

-

200,000

23,277
223,277

(376)
(376)

22,901
222,901

38,710,929

2,214,132

40,925,061

(23)
38,710,906

(510)
2,213,622

(533)
40,924,528

Total Net Position ......................................................

38,934,183

2,213,246

41,147,429

Total Liabilities and Net Position .............................

210,595,707

4,086,279

214,681,986

Assets, liabilities, and net position

Assets
U.S. dollars:
Intra-Governmental:
Fund Balance with Treasury ............................................
U.S. Government securities .............................................
Interest Receivable – Loans and Other Funds...............
Total Intra-Governmental .................................................
Other Than Intra-Governmental
Special drawing rights (SDR) Holdings 1 .........................
Economic Recovery Program Loans Receivable............
Economic Recovery Program Investments.....................
Foreign exchange and securities:
European euro ..................................................................
Japanese yen....................................................................
Total Other Than Intra-Governmental .........................

Net Position:
Funds from Dedicated Collections (Consolidated) ............
Funds from Other than Dedicated Collections
(Consolidated)....................................................................
Total Unexpended Appropriations...........................
Cumulative Results of Operations
Funds from Dedicated Collections (Consolidated) ............
Funds from Other than Dedicated Collections
(Consolidated)....................................................................
Total Cumulative Results of Operations .................

See footnote on the following page.

September 30, 2024

82

TABLE ESF-2—Statement of Net Cost
[In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management]

Current quarter
July 1, 2024,
through
Sept. 30, 2024
Exchange Stabilization (+) or net charges (-) on:
Gross Cost
Interest Expense on Special Drawing Rights and Remuneration.......................
International Monetary Fund Annual Assessment and Other…………………...
Losses on Currency Valuation and Other
Special Drawing Rights Holdings.......................................................................
Special Drawing Rights Allocations....................................................................
Foreign Currency and Foreign Currency Denominated Assets..........................
Other Investments..............................................................................................
Total Losses on Currency Valuation and Other.......................................
Total Gross Cost..........................................................................................
Less Earned Revenue
Interest Income
Nonmarketable U.S. Treasury Securities...........................................................
Foreign Currency and Foreign Currency Denominated Assets..........................
Special Drawing Rights Holdings.......................................................................
Other Investments..............................................................................................
Total Interest Income..................................................................................
Gains on Currency Valuation and Other
Special Drawing Rights Holdings.......................................................................
Special Drawing Rights Allocations....................................................................
Foreign Currency and Foreign Currency Denominated Assets..........................
Other Investment................................................................................................
Total Gains on Currency Valuation and Other...............................................
Total Earned Revenue...................................................................................
Total Net Cost (Income) of Operations – Exchange Stabilization.................
Economic Recovery Program (+) net charges (-) on:
Gross Cost
Interest Expense on Debt..................................................................................
Administrative Expenses...................................................................................
Cost of Investments and Credit Program Receivables......................................
Total Gross Cost..........................................................................................
Less: Earned Revenue
Interest Income on Uninvested Funds................................................................
Interest Income on Credit Program Receivables................................................
Gains on Investments and Credit Program Receivables....................................
Total Earned Revenue.................................................................................
Total Net Cost (Income) of Operations – Economic Recovery Program
Total Net Cost of Operations......................................................................
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.

Fiscal year to date
Oct. 1, 2023
through
Sept 30, 2024

1,488,059
494

6,179,830
826

4,734,315
3,615
1,535
4,739,465
6,228,018

4,128,398
8,550,727
1,202,974
520,732
14,402,831
20,583,487

(210,901)
(58,634)
(1,646,968)
(27,705)
(1,944,208)

(754,066)
(228,955)
(6,744,504)
(107,339)
(7,834,864)

(5,240,118)
(910,434)
(348,170)
(6,498,722)
(8,442,930)
(2,214,912)

(9,370,560)
(3,790,943)
(1,564,040)
(1,179,373)
(15,904,916)
(23,739,780)
(3,156,293)

17,850
401
153,616
171,867

98,611
3,188
147,760
249,559

33,323
(5,690)
(690,584)
(662,951)
(491,084)
(2,705,996)

(27,721)
(47,059)
45,999
(28,781)
220,778
(2,935,515)

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

84

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 estimates concerning the
Highway Trust Fund at the close of the next fiscal year.

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 2026) ..........................................................................................................

134

less:
Cash balance (fiscal year 2026) .....................................................................................................................................................................................

41

Unfunded authorizations (fiscal year 2026) ....................................................................................................................................................................

93

48-month revenue estimate (fiscal years 2027, 2028, 2029, and 2030)........................................................................................................................

146

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 2025 Midsession Review projections.

Mass Transit Account
[In billions of dollars. Source: DOT]

Commitments (unobligated balances plus unpaid obligations, fiscal year 2026) ...........................................................................................................

59

less:
Cash balance (fiscal year 2026) ......................................................................................................................................................................................

16

Unfunded authorizations (fiscal year 2026) .....................................................................................................................................................................

43

48-month revenue estimate (fiscal years 2027, 2028, 2029, and 2030)........................................................................................................................

29

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 2025 Midsession Review projections.

85

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

86

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.

87

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).