Full text of Treasury Bulletin : March 2022
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BULLETIN MARCH 2022 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 also 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 ............................................................................................................................. 10 Analysis—Budget Results and Financing of the U.S. Government and Fourth-Quarter Receipts by Source ..................... 11 FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 13 FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 13 FFO-1—Summary of Fiscal Operations .............................................................................................................................. 14 FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 15 FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 17 FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 19 FEDERAL DEBT Introduction—Federal Debt ................................................................................................................................................. 20 FD-1—Summary of Federal Debt ....................................................................................................................................... 21 FD-2—Debt Held by the Public .......................................................................................................................................... 22 FD-3—Government Account Series .................................................................................................................................... 23 FD-4—Interest-Bearing Securities Issued by Government Agencies.................................................................................. 24 FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 25 FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 26 FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 27 BUREAU OF THE FISCAL SERVICE OPERATIONS Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 29 TREASURY FINANCING ................................................................................................................................................. 29 PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 47 PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 49 OWNERSHIP OF FEDERAL SECURITIES Introduction—Ownership of Federal Securities .................................................................................................................. 51 OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 52 OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 53 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 54 USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 54 USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 55 INTERNATIONAL STATISTICS FOREIGN CURRENCY POSITIONS Introduction—Foreign Currency Positions .......................................................................................................................... 56 IV Table of Contents SECTION I—Canadian Dollar Positions FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 57 FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 58 FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 58 SECTION II—Japanese Yen Positions FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 59 FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 60 FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 60 SECTION III—Swiss Franc Positions FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 61 FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 62 FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 62 SECTION IV—Sterling Positions FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 63 FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 64 FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 64 SECTION V—U.S. Dollar Positions FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 65 FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 66 FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 66 SECTION VI—Euro Positions FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 67 FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 68 FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 68 EXCHANGE STABILIZATION FUND Introduction—Exchange Stabilization Fund ........................................................................................................................ 69 ESF-1—Balance Sheet ........................................................................................................................................................ 70 ESF-2—Income and Expense .............................................................................................................................................. 71 SPECIAL REPORTS TRUST FUNDS Introduction—Airport and Airway Trust Fund .................................................................................................................... 72 TF-1—Airport and Airway Trust Fund ............................................................................................................................... 73 Introduction—Uranium Enrichment Decontamination and Decommissioning Fund .......................................................... 74 TF-2—Uranium Enrichment Decontamination and Decommissioning Fund...................................................................... 75 Introduction—Black Lung Disability Trust Fund ................................................................................................................ 76 TF-3—Black Lung Disability Trust Fund ........................................................................................................................... 77 Introduction—Harbor Maintenance Trust Fund .................................................................................................................. 78 TF-4—Harbor Maintenance Trust Fund .............................................................................................................................. 79 Introduction—Hazardous Substance Superfund .................................................................................................................. 80 TF-5—Hazardous Substance Superfund.............................................................................................................................. 81 Introduction—Highway Trust Fund .................................................................................................................................... 83 TF-6—Highway Trust Fund ................................................................................................................................................ 84 V Table of Contents TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 86 Introduction—Inland Waterways Trust Fund ...................................................................................................................... 87 TF-7—Inland Waterways Trust Fund .................................................................................................................................. 87 Introduction—Leaking Underground Storage Tank Trust Fund.......................................................................................... 88 TF-8—Leaking Underground Storage Tank Trust Fund ..................................................................................................... 89 Introduction—Nuclear Waste Fund ..................................................................................................................................... 90 TF-9—Nuclear Waste Fund................................................................................................................................................. 90 TF-A—Chart: Major Trust Funds, Interest on Investments................................................................................................. 91 TF-B—Chart: Major Trust Funds, Receipts and Expenses.................................................................................................. 91 Introduction—Reforestation Trust Fund.............................................................................................................................. 92 TF-10—Reforestation Trust Fund ....................................................................................................................................... 92 Introduction— Sport Fish Restoration and Boating Safety Trust Fund ............................................................................... 93 TF-11—Sport Fish Restoration and Boating Safety Trust Fund.......................................................................................... 94 Introduction—Oil Spill Liability Trust Fund ....................................................................................................................... 95 TF-12—Oil Spill Liability Trust Fund ................................................................................................................................ 96 Introduction—Vaccine Injury Compensation Trust Fund ................................................................................................... 97 TF-13—Vaccine Injury Compensation Trust Fund ............................................................................................................. 97 Introduction—Wool Research, Development, and Promotion Trust Fund .......................................................................... 98 TF-14—Wool Research, Development, and Promotion Trust Fund ................................................................................... 99 Introduction— Agriculture Disaster Relief Trust Fund ..................................................................................................... 100 TF-15—Agricultural Disaster Relief Trust Fund............................................................................................................... 101 Introduction—Patient Centered Outcomes Research Trust Fund ...................................................................................... 102 TF-16—Patient Centered Outcomes Research Trust Fund ................................................................................................ 103 Introduction— United States Victims of State Sponsored Terrorism Fund ....................................................................... 104 TF-17—United States Victims of State Sponsored Terrorism Fund ................................................................................. 105 GLOSSARY ...................................................................................................................................................................... 106 NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding; n.a. = Not available. VI Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State ........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports 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 Account of the U.S. Treasury Federal Debt Fiscal Service Operations Ownership of Federal Securities U.S. Currency and Coin Outstanding and in Circulation 1 Profile of the Economy (Office of Macroeconomic Analysis) February 17, 2022 Introduction The U.S. economy ended 2021 on a very strong note; real GDP growth accelerated sharply to 6.9 percent at an annual rate in the final quarter of 2021, supported by inventory investment, strong export growth, and robust consumer spending on services (as the economy continued to reopen). Given the pace of GDP growth in the fourth quarter, 2021 ended on a historic note with real GDP growing 5.5 percent over the four quarters of the year, the fastest annual pace in 37 years. It also now appears that the labor market approached full employment over the course of 2021. Over the twelve months ending December 2021, the economy enjoyed the greatest number of job gains on record as well as the fastest calendar-year drop in the unemployment rate. Labor force participation began to rise again in the fourth quarter, which should alleviate some of the labor market tightness that dominated 2021. Meanwhile, a mismatch between supply and demand led inflation to rise substantially last year and into this year. Yet a receding pandemic, weaker demand for goods, and easing supply bottlenecks may ease inflationary pressure in 2022. Following the very strong showing in the final quarter of 2021, a consensus of private forecasters expects real GDP growth to decelerate to 1.8 percent at an annual rate in the first quarter of 2022. On a fourth quarter over fourth quarter basis, GDP growth is expected to be 2.9 percent in 2022. Economic Growth According to the advance (first) estimate, real GDP growth accelerated sharply to 6.9 percent at an annual rate in the final quarter of 2021, following a 2.3 percent gain in the third quarter. Given the robust pace of growth in the fourth quarter, GDP at the end of 2021 was 5.5 percent higher on a year-over-year basis, the strongest annual pace of growth since 1984. Real private domestic final purchases (PDFP)—the sum of personal consumption, business fixed investment, and residential investment—grew 2.8 percent at an annual rate in the fourth quarter, after increasing 1.4 percent in the third quarter. PDFP growth in the second half of 2021 was slower than in the first half—in the first quarter, PDFP surged by 11.8 percent and by 10.1 percent in the second. By this measure, demand has returned to pre-pandemic trend. Real personal consumption expenditures (PCE)—the largest component of PDFP and roughly two-thirds of real GDP—rose by 3.3 percent in the fourth quarter on an annualized basis, accelerating from the 2.0 percent gain in the third quarter. The fourth-quarter print reflected continued rotation of consumption from goods to services. Real purchases of durable goods increased just 1.6 percent in the fourth quarter—held down by reduced purchases of motor vehicles and household durable items – while nondurable goods PCE ticked down by 0.1 2 percent. Expenditures on services increased by 4.7 percent in the fourth quarter, propelled by higher spending on health care and strong recovery in pandemic-sensitive sectors, such as recreation and transportation services. Despite the rotation toward pre-pandemic consumption patterns, the composition of PCE remains weighted more heavily toward goods than services— as of the fourth quarter of 2021, PCE goods was still 15.4 percent higher than just before the pandemic while PCE services was 0.4 percent lower. Business fixed investment (BFI) increased by 2.0 percent at an annual rate in the fourth quarter, following a 1.6 percent gain in the third quarter. Investment in structures continued to be a drag on BFI growth, dropping by 11.4 percent in the third quarter. Investment in mining-related structures, including oil and gas wells, rose in the fourth quarter as rising oil prices made domestic rigs more profitable. Meanwhile, both equipment investment and investment in intellectual property products increased in the fourth quarter—by 0.8 percent and 10.6 percent, respectively. Real residential investment—the third and final component of PDFP—slipped by 0.8 percent at an annual rate in the fourth quarter, the third consecutive quarterly decrease. Rising construction prices were partly responsible for the decrease in real investment. Although nominal residential spending rose 8.6 percent on an annualized basis, the price index for residential construction jumped by 9.5 percent. Higher construction costs have been driven in part by shortages of materials and labor. However, residential investment remains well above pre-pandemic trend. The change in private inventories (CIPI) was the strongest contributor to real GDP growth in the fourth quarter, adding 4.9 percentage points. Unlike in the third quarter, the impetus to GDP growth from CIPI was due to inventory build-up, rather than slower inventory draw down. During the pandemic, inventories have been depleted to historically low levels. Between the first quarter of 2020 and the third quarter of 2021, total real private inventories were drawn down by over $81 billion (not annualized). The increase in the fourth quarter recovered only about half of the loss. However, inventories for some industries remain very lean despite buildup in the fourth quarter, such as retail motor vehicle inventories which recovered only 7 percent of the net drawdown since the beginning of the pandemic. That is, inventories are stretched and restocking needs have extended into the current year. The trade deficit widened by $21.4 billion to $1338.0 billion in the fourth quarter; a change that neither added nor subtracted from GDP growth. Total imports of goods and services jumped 17.7 percent at an annualized rate, while total exports of goods and services jumped 24.5 percent. Over 60 percent of the increase in services exports was due to the return of international travel to the United States. Total government spending declined 2.9 percent at an annual rate in the fourth quarter, after rising 0.9 percent in the third quarter. A 4.0 percent decline in federal spending drove the overall pull-back, largely reflecting fewer purchases of defense-related intermediate goods. State and local government consumption was down 2.2 percent at an annual rate in the fourth quarter; the decrease reflected lower real spending on compensation for state and local government salaries as well as less real investment in structures—which was significantly affected by rising construction costs. 3 In sum, real GDP accelerated to 6.9 percent in the fourth quarter on an annualized basis. The acceleration primarily reflected sizeable contributions from a private inventory build (4.9 percentage points) as well as increased consumer spending (2.3 percentage points) and business fixed investment (0.3 percentage points). Government consumption and investment was the sole significant drag on fourth quarter growth (-0.5 percentage points). Growth of Real GDP (Quarterly percent change at annual rate) Labor Markets and Wages Labor markets recovered markedly in 2021 and appear to be near full employment. The economy added a net 6.67 million jobs in 2021, the largest number on record for a single year. Growth continued at a strong pace in January 2022 as firms added 467,000 to payrolls. As a result labor markets had reclaimed 87 percent of the total number of jobs lost in the first two months of the pandemic. As of January 2022, the unemployment rate was 4.0 percent, down 10.7 percentage points from the pandemic high and just 0.5 percentage points above the half-century low achieved before the pandemic. The broadest measure of labor market slack, known as the U-6 unemployment rate, has also declined noticeably over the past several months; at 7.1 percent as of January 2022, the U-6 is now roughly in line with pre-pandemic levels – just 0.3 percentage points above the prepandemic low of 6.8 percent observed in December 2019. Notable progress has also been made over the past six months or so in reducing long-term unemployment: after climbing to a high of 2.6 percent in March 2021, the share of the labor force who were unemployed 27 weeks or more 4 has since declined, reaching 1.0 percent in January 2022—or 0.4 percentage points above the 0.6 percent rate seen in April 2020. Throughout much of 2021, the headline labor force participation rate (LFPR) – as well as primeage (ages 25-54) LFPR – showed minimal to slow improvement, contributing to labor market tightness. However, LFPR began to rise in the fourth quarter of 2021: in January, the headline LFPR rose 0.3 percentage points to 62.2 percent, the highest level since March 2020, while the prime-age LFPR was 82.0 percent, its highest level since March 2020. Higher wages may be helping to draw workers back into the labor force. Over the past few months, wage gains have been propelled by growth in lower-wage industries—such leisure and hospitality. While total private production and nonsupervisory average hourly earnings were up 6.9 percent over the year ending in January, wages in the leisure and hospitality sector have jumped by 13.0 percent over the past twelve months as employers have offered higher wages to fill their job openings. The Employment Cost Index (ECI), which has is better at adjusting for compositional changes of the labor force, tells a similar story. The ECI for private wages and salaries advanced 5.0 percent over the four quarters ending in December 2021—almost double the 2.8 percent gain over the four quarters through December 2020— and the ECI for leisure and hospitality was up 8.9 percent over the year. Due to strong paces of inflation in 2021, however, most industries have seen a decline in real wages. As of January 2022, real average hourly earnings for production and nonsupervisory workers were down 1.3 percent over the year. Even so, lower-wage industries have seen growth in real wages: leisure and hospitality workers saw wage growth of 5.1 percent over the same period after adjusting for inflation. Payroll Employment (Monthly average for year shown and monthly amounts) 5 Unemployment Rate (Percent) Nonfarm Productivity of Labor Quarterly productivity growth rates have fluctuated markedly in recent quarters. After dropping 5.0 percent in the third quarter, productivity grew 6.6 percent in the final quarter of 2021, reflecting a 9.2 percent surge in output, which more than offset a 2.4 percent increase in worker hours. On a year-over-year basis, productivity growth rose 2.0 percent through the fourth quarter of 2021, slowing somewhat from the 2.5 percent, four-quarter increase a year earlier. Nominal hourly compensation costs in the nonfarm business sector rose 6.9 percent at an annual rate in the fourth quarter of 2021, after increasing 3.9 percent in the previous quarter. On a yearover-year basis, hourly compensation costs rose at a solid 5.1 percent over the four most recent quarters–albeit slower than the 8.5 percent, year-earlier pace. Unit labor costs, defined as the average cost of labor per unit of output, were up 0.3 percent at an annual rate in the fourth quarter, following a 9.3 percent surge in the third quarter. These costs were up 3.1 percent over the most recent four quarters, decelerating from the 5.8 percent pace over the four quarters ending in 2020’s fourth quarter. Industrial Production, Manufacturing, and Services Total industrial production trended higher in 2021 and into this year but production in key industries was hindered by supply-chain disruptions — though recently, there have been some signs that supply-chain problems may be easing. In January, output at factories, mines, and utilities was up 1.4 percent over the month and 4.1 percent over the previous 12 months. The gain in January elevated total industrial output to be 2.1 percent above pre-pandemic levels. 6 Manufacturing production, which accounts for about 74 percent of all industrial output, increased 0.2 percent in January and was 2.5 percent higher over the past year. Manufacturing output has been hindered by shortages of input goods, particularly in the automotive sector. For several months, production of motor vehicles and parts has been volatile, constrained in part by a global shortage of semiconductors. For example, after a combined, nearly 13 percent increase in output over October and November 2021, production declined in 0.4 percent in December and 0.9 percent in January. Over the year through January, automotive production was 6.2 percent lower. Meanwhile, manufacturing output at select high-technology factories was unchanged over the latest month but was up 5.3 percent over the past year. Excluding motor vehicles and parts and high-technology industries, manufacturing output advanced 0.3 percent in January. This measure was 3.2 percent higher over the past year. Output at mines, which includes crude oil and natural gas extraction and accounts for 14 percent of industrial output, rose 1.0 percent in January, largely due to increased activity in drilling and mining support. Mining activity is sensitive to energy prices, and the increase in energy prices in 2021 has contributed to strong mining output growth. Over the year through January 2021, mining output was up 8.2 percent. Utilities output, the remaining 12 percent of total industrial output, jumped 9.9 percent in January, due in part to increased heating demand from unusually cold temperatures. Weather is usually a factor contributing to swings in this sector; unseasonable weather in months often causes sharp swings in output from one month to the next. Over the 12 months through January, utilities production was up 9.3 percent. Measures of manufacturing and services business activity in the economy have recovered since summer 2020 and have signaled expansion for over a year. In January 2022, the manufacturing index stood at 57.6, indicating expansion in this sector for the twentieth consecutive month, although this index has begun to decline in the past three months. Similarly, the ISM’s services index rose to 68.4 in November 2021, an all-time high (series dates from July 1997), but declined over the next two months to 59.9 in January 2022. The services index has signaled expansion for twenty consecutive months. Housing Markets Throughout 2021, housing markets were marked by an imbalance between supply and demand, driving rapid home price growth and eroding affordability. The Case-Shiller national house price index—which measures sales prices of existing homes—was up 18.8 percent over the year ending in November 2021, a sharp acceleration from the 9.5 percent and 3.4 percent rates seen in November 2020 and November 2019, respectively. Moreover, in each of the past seven months, year-over-year increases in both of these indices have run between 17 percent and 20 percent. In the fourth quarter, however, there were positive signs for housing supply in coming quarters. Single-family housing starts rose by a combined 9.8 percent from September to December 2021, and single-family permits, which signal future starts, have increased by 8.4 percent over the same period. In 2019 and 2020, construction of a new single-family home took about eight months from authorization to completion (the estimated time-to-completion is not yet available 7 from the Census Bureau), suggesting fresh supply will come on to the market in 2022 and ease some house price pressures. Indeed, the number of homes under construction at the end of 2021 is the highest since 2007. Moreover, surveys of homebuilders reflect optimism about the state of the housing market. The National Association of Home Builder’s confidence index rose for the fourth consecutive month in December, ending the year at 84, just 6 points shy of record high reached in November 2020, before ticking down one point to 83 in January 2022. Meanwhile, sales of homes trended lower at the end of 2021. In December, existing home sales—which account for 90 percent of all home sales—declined 4.6 percent over the month and were down 7.1 percent over the year. Although new single-family home sales rose by 11.9 percent in December, the level of sales was still down by 14.0 percent over the year. On net, existing and new home sales were lower by around 600,000 over the year ending December 2021. The downtrend of existing home sales reflected in part very lean inventories. At the end of December 2021, existing home inventories dropped to an all-time low of 910,000, dropping by 14.7 percent over the year and equivalent to 1.8 months of sales. (Realtors consider a sevenmonth supply to be a balanced market.) By contrast, the inventory of new single-family homes available for sale has moved closer to a balanced market. Inventories of new homes rose by 34.8 percent over the year to 403,000, equivalent to a 6.0-month supply. Prices Starting in early 2021, inflation rates began accelerating markedly, elevated by supply-chain disruptions, persistently high demand for durable goods, rising food prices, a global energy shortage, and (to a lesser extent) the reopening of sectors that had languished during the pandemic—such as travel, leisure, and hospitality. In January 2022, headline inflation – as measured by the consumer price index (CPI) – was 0.6 percent. Though still elevated, this was slower than the 0.9 percent rate seen last year in June and October, which marked the fastest monthly pace since June 2008. Core inflation was also 0.6 percent in January, reflecting an acceleration in services prices, particularly for shelter, as well as prices for new and used vehicles and other durable goods. On a year-over-year basis, headline and core inflation readings were at four-decade highs in January: CPI inflation was 7.5 percent, and core inflation was 6.0 percent. Twelve-month core inflation has remained above 4.0 percent for eight consecutive months. Energy and food prices remain quite elevated: the energy price index was up 27.0 percent over the year through January, while food price inflation was 7.0 percent over the past 12 months. The headline Personal Consumption Expenditures (PCE) Price Index (the preferred measure for the Federal Open Market Committee (FOMC)’s 2-percent inflation target) rose 5.8 percent over the year through December 2021 (fastest pace since June 1982), while core PCE inflation was 4.9 percent (fastest since September 1983). Prior to March 2021, inflation as measured by the PCE price index had held below the FOMC’s target since November 2018, which contributed to the FOMC adopting a new inflation regime. The flexible average inflation target regime would allow for inflation to exceed 2 percent for some period, such that PCE inflation would average 2 percent over time. 8 Consumer Prices (Percent change from a year earlier) Consumer and Business Sentiment The Reuters/Michigan consumer sentiment index has trended much lower since April 2021, falling to 61.7 by the early-February survey—that is, it is now 10.1 points below the pandemic low reached in April 2020. The ongoing decline in the last several months has reflected renewed concerns among consumers about the impact of the Delta and the Omicron variants on the economy and about the persistence of significant inflationary pressures in many sectors of the economy, as well as recently-emerged concerns about geopolitical challenges and their implications for oil prices. The Conference Board’s consumer confidence index has followed a different path. The confidence index began a noticeable uptrend in March 2021; by June 2021, it had risen to 128.9, only 3.7 points below its pre-pandemic level. Since then, the index has stabilized at a lower level: it averaged 112.9 over the past six months, and stood at 113.8 in January, or 28.1 points above the pandemic low. On the business side, the National Federation of Independent Business’s (NFIB) small business optimism index has recovered noticeably since the initial months of the pandemic, with the index rising to 104.0 last October (or only 0.5 points below its level in February 2020). Since October, however, it has since trended lower and, as of January 2022, had fallen to 97.1, its lowest reading since early 2021. 9 Federal Budget Deficit and Debt The federal government’s deficit and debt were trending higher before the pandemic but rose sharply following the multiple fiscal responses to combat the pandemic’s effects on the economy. At the end of fiscal year 2021, the federal government’s budget deficit was $2.78 trillion (12.4% of GDP); although down from $3.13 trillion (15.0% of GDP) at the end of fiscal year 2020, the deficit was still $1.79 trillion higher than in fiscal year 2019. Federal receipts totaled $4.05 trillion in fiscal year 2021, up $626 billion (18.3%) from fiscal year 2020. Net outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1%) from fiscal year 2020, primarily due to the extensive fiscal measures enacted in late 2020 and early 2021 to counter the pandemic’s effects on low- and middle-income households and small businesses. At the end of fiscal year 2021, gross federal debt was $28.4 trillion, up from $26.9 trillion at the end of fiscal year 2020. The Treasury’s borrowing limit was raised to $28.89 trillion in midOctober 2021. Federal debt held by the public, which includes debt held by the Federal Reserve but excludes federal debt held by government agencies, rose from $21.0 trillion at the end of fiscal year 2020 (100.3% of GDP) to $22.3 trillion by the end of fiscal year 2021 (99.7% of GDP). 10 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 11 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 First-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] The following capsule analysis of budget receipts, by source, for the first quarter of Fiscal Year 2022 supplements fiscal data reported in the December 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 $535.4 billion for the first quarter of Fiscal Year 2022. This is an increase of $188.4 billion over the comparable prior year quarter. Withheld receipts increased by $184.7 billion and non-withheld receipts increased by $8.2 billion during this period. Refunds increased by $4.4 billion over the comparable Fiscal Year 2021 quarter. There was a decrease of $1.6 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in Fiscal Year 2021. Corporate income taxes—Net corporate income tax receipts were $98.7 billion for the first quarter of Fiscal Year 2022. This is an increase of $29.8 billion compared to the prior year first quarter. The $29.8 billion change is comprised of an increase of $25.2 billion in estimated and final payments, and a decrease of $4.6 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the first quarter of Fiscal Year 2022 were $318.1 billion, an increase of $12.0 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 $3.6 billion, $0.6 billion, and $3.4 billion respectively. There was a $4.5 billion accounting adjustment for prior years employment tax liabilities made in the first quarter of Fiscal Year 2022. There was a $6.1 billion adjustment in the first quarter of Fiscal Year 2021. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the first quarter of Fiscal Year 2022 were $15.5 billion, an increase of $6.2 billion over the comparable quarter of Fiscal Year 2021. Net State taxes deposited in the U.S. Treasury increased by $5.9 billion to $14.7 billion. Net Federal Unemployment Tax Act taxes increased by $0.2 billion to $0.8 billion. Contributions for other insurance and retirement— Contributions for other retirement were $1.6 billion for the first quarter of Fiscal Year 2022. This was an increase of $0.1 billion from the comparable quarter of Fiscal Year 2021. 12 Excise taxes—Net excise tax receipts for the first quarter of Fiscal Year 2022 were $20.5 billion, an increase of $4.8 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.6 billion, not a significant change over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.6 billion for the first quarter of Fiscal Year 2022. These receipts represent an increase of $0.4 billion over the same quarter in Fiscal Year 2021. Customs duties—Customs duties net of refunds were $23.8 billion for the first quarter of Fiscal Year 2022. This is an increase of $5.6 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the first quarter of Fiscal Year 2022 were $31.7 billion, an increase of $1.2 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $3.7 billion. 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”] First quarter 2022 October – December 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 2022 year to date 1,051,873 817,397 234,476 1,429,567 1,191,820 237,747 -377,693 -374,424 -3,270 1,051,873 817,397 234,476 1,429,567 1,191,820 237,747 -377,693 -374,424 -3,270 862,453 -190,948 -293,812 377,693 862,453 -190,948 -293,812 377,693 First-Quarter Net Budget Receipts by Source, Fiscal Year 2022 [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. October 143.9 15.7 96.6 2.4 0.6 5.6 2.5 7.8 8.9 283.9 November 138.2 -0.3 104.6 11.6 0.6 7.8 1.8 7.8 9.3 281.2 December 253.3 83.3 116.9 1.6 0.5 7.2 2.4 8.2 13.5 486.7 13 CHART FFO-B.— Budget Receipts by Source, Fiscal Year to Date, 2021-2022 550 500 450 400 350 300 250 200 150 100 50 ‐ Individual income taxes Social Corporate insurance income and taxes retirement receipts Misc. Receipts 2021 2022 Excise taxes Custom duties Estate/gift taxes 14 TABLE FFO-1—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Off-budget outlays (6) Total surplus deficit (-) (7) On-budget surplus deficit (-) (8) Off-budget surplus deficit (-) (9) Means of financing -net transactions Borrowing from the publicFederal securities Public debt securities (10) Total on-budget and off-budget results Fiscal year or Month Total Receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) 2017 ............................... 3,314,893 2018 ............................... 3,328,745 2019 ............................... 3,462,195 2020 ............................... 3,419,955 2021 ............................... 4,045,980 2,464,275 2,473,999 2,547,893 2,454,528 3,093,658 850,617 854,747 914,302 965,427 952,323 3,980,720 4,107,741 4,446,583 6,551,871 6,818,159 3,179,518 3,259,170 3,539,967 5,596,291 5,814,312 801,202 848,573 906,617 955,579 1,003,847 -665,826 -778,995 -984,386 -3,131,917 -2,772,178 -715,242 -785,172 -992,072 -3,141,766 -2,720,653 49,416 6,175 7,686 9,847 -51,525 666,472 1,258,348 1,208,690 4,234,396 1,484,000 2022 – Est1 ..................... 4,174,197 2023 – Est1 ..................... 4,641,026 3,141,598 1,032,599 3,569,434 1,071,592 6,011,148 6,012,960 4,930,558 4,870,518 1,080,590 1,142,442 -1,836,951 -1,371,934 -1,788,960 -1,301,084 -47,991 -70,850 2,219,190 1,581,138 2020 – Dec. .................... 2021 – Jan ..................... Feb ..................... Mar ..................... Apr ...................... May..................... June.................... July ..................... Aug ..................... Sept .................... Oct ...................... Nov. .................... Dec. .................... 346,119 384,651 248,314 267,614 439,186 463,745 449,199 262,000 268,378 459,523 283,927 281,208 486,738 264,479 295,313 173,852 185,367 336,905 383,955 391,133 186,778 191,231 372,136 212,635 204,153 400,609 81,640 89,338 74,462 82,248 102,281 79,790 58,066 75,222 77,147 87,387 71,292 77,055 86,129 489,682 547,483 559,236 927,217 664,766 595,698 623,359 564,050 439,013 521,067 448,983 472,543 508,041 412,233 487,184 466,710 835,564 577,910 503,113 561,348 482,202 345,560 428,506 365,312 379,420 447,088 77,449 60,299 92,526 91,653 86,856 92,586 62,011 81,848 93,453 92,561 83,671 93,123 60,953 -143,562 -162,832 -310,922 -659,603 -225,579 -131,953 -174,161 -302,050 -170,635 -61,544 -165,055 -191,335 -21,303 -147,753 -191,871 -292,858 -650,197 -241,004 -119,158 -170,215 -295,424 -154,329 -56,370 -152,677 -175,267 -46,480 4,191 29,039 -18,064 -9,405 15,425 -12,796 -3,945 -6,626 -16,306 -5,175 -12,379 -16,068 25,177 302,308 36,550 116,451 224,239 37,502 25,466 333,762 -95,980 143 2,949 480,630 -2,490 710,023 Fiscal year 2022 to date... 1,051,873 817,397 234,476 1,429,567 1,191,820 237,747 -377,693 -374,424 -3,270 1,188,163 Borrowing from the publicFederal securities, continued Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Means of financing—net transactions, continued Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2017 ...................................... 2018 ...................................... 2019 ...................................... 2020 ...................................... 2021 ...................................... 3 -1,545 -1,366 -1,304 -652 168,172 172,343 155,715 16,813 215,402 498,301 1,084,458 1,051,606 4,216,280 1,211,761 -193,988 225,390 -2,230 1,399,197 -1,566,518 1,390 -527 -941 1,754 112,141 -935 -2,661 -1,210 -309 -729 1,938 3,857 7,593 8,253 1,496 -24,443 -79,242 -432,023 323,680 106,725 259 -160 -62 853 71 665,714 778,997 616,309 3,131,918 2,772,167 2022 – Est1............................ 2023 – Est1............................ 337 124 121,454 162,964 2,098,073 1,418,298 - - - - -261,122 -46,364 - 1,836,951 1,371,934 2020 – Dec. ........................... 2021 – Jan ............................ Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov. ........................... Dec. ........................... -3 -80 -224 -75 -74 -72 144 -178 -73 -75 396 350 -460 18,242 24,925 6,021 -2,055 -28,093 55,573 22,490 -55,878 30,445 -27,071 124,424 -9,651 211,223 284,064 11,544 110,206 226,219 9,335 -30,179 311,416 -40,280 -30,375 29,945 356,602 7,511 498,340 105,583 -117,217 -196,886 -292,515 -151,234 -194,017 75,229 -392,526 -103,418 -140,824 62,863 -64,870 192,955 374 19 -48 -811 690 324 -671 86 113,133 -1,790 757 -1,421 419 112 -172 129 -1,195 205 -102 -14 226 -100 -59 288 50 -152 2,493 -468 -115 -1,572 564 117 35 26 -121 -182 1,610 -299 669 -32,175 33,433 3,832 137,837 66,038 -31,743 -62,255 -49,911 210,618 -111,016 -126,181 117,284 -283,146 235 17 -36 -557 431 197 -421 53 -114 -240 152 - 143,562 162,832 310,922 659,592 225,579 131,953 174,161 302,050 170,635 61,544 165,055 191,335 21,303 55 189,045 613,930 -53,110 106,418 353 3,212 -98,645 741 572,899 Fiscal year 2022 to date… 1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. Note: Detail may not add to total due to rounding. 15 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Fiscal year or month Individual Corporation Gross (5) Net (11) 1,309,265 1,325,106 1,328,271 1,245,088 1,498,655 539,528 626,555 634,339 601,920 824,141 261,678 268,126 244,755 238,346 278,436 1,587,120 1,683,536 1,717,858 1,608,663 2,044,379 338,978 263,168 277,416 263,847 419,351 41,929 58,433 47,172 52,003 47,521 297,048 204,734 230,244 211,846 371,832 1,884,168 1,888,270 1,948,102 1,820,509 2,416,211 1,109,837 1,118,641 1,195,506 1,257,205 1,254,747 3,290 3,234 3,632 7,605 1,106,547 1,115,407 1,191,874 1,257,205 1,247,142 2022 – Est1 ........... 2,038,575 2023 – Est1 ........... 2,242,112 - - 2,038,575 2,242,112 370,985 576,675 - 370,985 576,675 2,409,560 2,818,787 1,391,262 1,454,112 - 1,396,417 1,459,415 4,855 892 2,810 3,847 3,288 4,095 4,381 3,590 2,925 2,737 5,014 5,271 4,054 62,920 16,463 3,780 15,255 72,769 13,808 74,189 16,942 3,033 86,713 15,707 -321 83,285 207,401 248,032 129,607 135,569 267,419 320,268 339,029 132,022 126,880 301,501 159,615 137,865 336,589 114,730 115,142 94,677 104,666 132,942 102,275 78,088 97,376 99,960 120,661 96,166 104,120 116,254 3,872 3,733 - 110,858 115,142 94,677 104,666 132,942 102,275 78,088 97,376 99,960 116,928 96,166 104,120 116,254 14,339 98,671 634,069 316,540 - 316,540 127,808 117,936 133,303 179,912 124,090 103,158 173,187 112,811 127,495 119,657 117,897 140,109 233,750 22,564 113,671 11,548 22,069 117,079 242,310 116,408 15,280 13,366 106,941 36,171 12,373 25,087 5,893 39 19,023 81,671 46,525 39,013 24,755 13,012 17,014 11,810 10,160 14,296 5,534 144,481 231,569 125,827 120,314 194,650 306,460 264,840 115,080 123,847 214,788 143,908 138,186 253,304 67,776 17,355 6,589 19,102 76,057 17,903 78,570 20,531 5,957 89,450 20,720 4,950 87,339 Fiscal year 2022 to date...... 491,756 73,631 29,990 535,398 113,009 Fiscal year or month Net (7) Refunds (10) Refunds (3) 2020 – Dec. .......... 2021 – Jan ........... Feb ........... Mar ........... Apr ............ May........... June.......... July ........... Aug ........... Sept .......... Oct ............ Nov. .......... Dec. .......... Refunds (6) Gross (9) Other (2) 2017 ..................... 2018 ..................... 2019 ..................... 2020 ..................... 2021 ..................... Net (4) Net income taxes (8) Withheld (1) Social insurance and retirement receipts, continued Unemployment insurance Employment and general retirement, continued Net employment Net unRailroad retirement and general employment retirement insurance Gross Refunds Net Gross Refunds (12) (13) (14) (15) (16) (17) (18) - Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2017 ............................ 2018 ............................ 2019 ............................ 2020 ............................ 2021 ............................ 5,349 5,753 5,610 4,590 4,755 1 4 90 144 38 5,349 5,749 5,519 4,445 4,717 1,111,896 1,121,156 1,197,395 1,261,650 1,251,858 45,961 45,161 41,193 43,224 56,742 154 121 259 120 140 45,810 45,041 40,934 43,103 56,602 4,158 4,471 4,730 5,172 5,604 34 31 29 29 26 4,191 4,501 4,759 5,201 5,630 2022 – Est1.................. 2023 – Est1.................. 5,155 5,303 - 5,155 5,303 1,396,417 1,459,415 59,451 61,144 - 59,451 61,144 6,114 6,544 31 30 6,145 6,574 2020 – Dec.................. 2021 – Jan .................. Feb .................. Mar .................. Apr................... May ................. June ................ July .................. Aug .................. Sept ................. Oct................... Nov. ................. Dec. ................. 340 428 646 488 455 445 -86 460 468 441 423 443 645 9 20 7 2 - 330 428 646 488 455 445 -105 453 466 441 423 443 645 111,189 115,570 95,323 105,153 133,398 102,720 77,982 97,830 100,426 117,367 96,588 104,563 116,900 3,676 2,177 3,686 1,150 10,052 12,481 1,363 4,726 6,045 5,670 2,433 11,562 1,557 11 5 5 11 23 11 11 28 13 7 8 6 3,666 2,172 3,681 1,139 10,030 12,469 1,352 4,698 6,031 5,663 2,433 11,555 1,551 475 427 432 429 544 437 505 469 452 451 569 561 483 2 2 2 2 3 2 2 2 2 2 2 2 2 477 429 434 431 546 439 507 472 454 453 571 563 485 Fiscal year 2022 to date 1,511 - 1,511 318,051 15,552 14 15,539 1,613 6 1,619 See footnotes at end of table 16 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Excise taxes Airport and Airway Trust Fund Gross Refunds Net (23) (24) (25) Black Lung Disability Trust Fund Gross Refunds Net (26) (27) (28) Highway Trust Fund Gross Refunds Net (29) (30) (31) Gross (32) Miscellaneous Refunds (33) Net (34) 2017……………… 2018……………… 2019……………… 2020……………… 2021……………… 1,161,897 1,170,699 1,243,087 1,309,954 1,314,090 14,952 15,532 15,825 9,034 10,946 15 15 14 20 13 14,936 15,516 15,811 9,015 10,935 426 394 213 300 270 - 426 394 213 300 270 41,555 42,979 44,186 43,201 40,920 431 438 440 440 442 41,126 42,541 43,746 42,763 40,488 32,495 39,650 44,773 43,997 31,578 5,162 3,116 5,629 9,298 7,995 27,334 36,535 39,144 34,701 23,581 2022 – Est1 ……... 2023 – Est1 ……... 1,462,013 1,527,133 15,293 17,826 - 15,293 17,826 230 167 - 230 167 40,915 41,270 - 40,915 41,270 27,839 29,433 - 27,839 29,433 2020 – Dec.……... 2021 – Jan……… Feb……… Mar……… Apr……… May……... June……... July……… Aug……… Sept……... Oct………. Nov.……... Dec.……... 115,332 118,171 99,438 106,723 143,974 115,628 79,841 103,000 106,911 123,483 99,592 116,681 118,936 13 1,145 1,058 912 1,150 1,538 1,552 1,512 1,428 620 322 1,645 1,433 6 2 3 2 - 13 1,140 1,058 912 1,148 1,538 1,552 1,510 1,428 618 322 1,645 1,433 28 9 26 23 -9 33 33 16 33 38 7 35 30 - 28 9 26 23 -9 33 33 16 33 38 7 35 30 3,508 3,377 3,285 2,832 291 3,603 3,635 2,567 4,044 8,691 917 4,373 3,809 29 30 31 31 38 44 44 44 43 64 15 29 29 3,477 3,347 3,254 2,802 253 3,559 3,591 2,523 4,012 8,627 902 4,344 3,779 2,070 1,216 830 2,992 5,779 2,009 2,302 4,317 2,173 2,314 4,447 1,997 2,139 254 2,233 264 294 1,282 242 378 1,544 204 973 93 246 226 1,816 -1,017 566 2,698 4,497 1,767 1,924 2,772 1,969 1,341 4,354 1,751 1,912 335,209 3,400 - 3,400 72 - 72 9,099 73 9,025 8,583 565 8,017 Fiscal year 2022 to date ………. Fiscal year or month 2017……………… 2018……………… 2019……………… 2020……………… 2021……………… Excise taxes, con. Net excise taxes (35) Gross (36) Estate and gift taxes Refunds Net (37) (38) Gross (39) Customs duties Refunds (40) Net (41) Net miscellaneous receipts Deposits of earnings by Universal Federal service fund Reserve and all banks other Total (42) (43) (44) Total receipts On-budget Off-budget (45) (46) 83,821 94,987 98,915 86,782 77,541 23,779 23,864 17,565 18,198 37,931 1,012 883 894 571 1,308 22,770 22,982 16,672 17,625 27,141 36,260 43,097 73,461 75,636 86,950 1,686 1,796 2,677 7,085 6,965 34,573 41,298 70,784 68,550 79,984 81,288 70,751 52,793 81,880 100,055 46,380 39,755 31,843 34,659 33,233 127,666 110,505 84,637 116,538 133,288 2,464,275 2,473,999 2,547,893 2,454,527 3,093,658 850,617 854,747 914,302 965,427 952,323 2022 – Est1 2023 – Est1 84,277 88,696 20,781 18,231 - 20,781 18,231 57,383 45,158 - 57,383 45,158 101,604 102,770 38,579 140,183 40,281 143,051 3,141,598 3,569,434 1,032,599 1,071,592 2020– Dec.……... 2021 – Jan……… Feb……… Mar……… Apr……… May……... June……... July……… Aug……… Sept……... Oct………. Nov.……... Dec.……... 5,333 5,748 4,904 6,434 5,889 6,897 7,100 6,822 7,441 10,624 5,586 7,775 7,155 5,617 1,708 1,281 2,507 4,722 3,054 2,445 1,549 1,809 2,519 2,533 1,864 2,367 284 28 129 59 146 17 59 46 82 87 75 60 14 2,212 1,680 1,152 2,448 4,576 3,036 2,385 1,503 1,728 2,433 2,458 1,804 2,353 6,712 6,436 6,797 6,899 7,731 6,977 7,688 7,926 7,799 8,350 8,381 8,434 8,633 665 566 474 624 603 544 538 417 528 492 611 618 447 6,047 5,871 6,323 6,275 7,128 6,433 7,150 7,509 7,270 7,857 7,770 7,816 8,187 8,177 5,115 4,847 8,248 7,244 9,201 11,090 9,503 10,409 11,344 6,851 7,945 11,918 1,617 2,304 2,044 1,917 2,957 2,282 2,603 1,643 7,739 2,282 2,057 1,322 1,600 9,794 7,419 6,891 10,165 10,200 11,483 13,693 11,146 18,149 13,626 8,908 9,267 13,519 264,479 295,313 173,852 185,367 336,905 383,955 391,133 186,778 191,231 372,136 212,635 204,153 400,609 81,640 89,338 74,462 82,248 102,281 79,790 58,066 75,222 77,147 87,387 71,292 77,055 86,129 20,516 6,764 149 6,615 25,448 1,676 23,773 26,714 4,979 31,694 817,397 234,476 Fiscal year 2022 to date...... Note: Detail may not add to total due to rounding. 1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021. 17 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”] Fiscal year or month Legislative branch (1) Judicial branch (2) Department of Agriculture (3) Department of Commerce (4) Department of Depart- DepartDefense, ment of ment of military Education Energy (5) (6) (7) Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 2017 ................................. 2018 ................................. 2019 ................................. 2020 ................................. 2021 ................................. 4,499 4,670 4,955 5,365 5,265 7,565 7,780 7,958 8,251 8,310 127,563 136,713 150,120 184,221 235,194 10,303 8,561 11,326 15,918 13,135 568,905 600,705 653,979 690,420 717,585 111,703 63,706 104,365 204,415 260,381 25,794 26,479 28,936 32,047 33,695 1,116,763 1,120,503 1,213,807 1,503,953 1,466,673 50,502 68,374 56,328 91,963 91,069 55,623 54,666 29,188 33,190 31,778 12,141 13,210 13,907 16,417 15,788 30,979 34,522 35,107 39,606 39,262 40,121 39,637 35,810 477,529 404,772 2022 – Est1 ....................... 2023 – Est1 ....................... 6,130 6,232 9,250 9,450 230,131 187,373 26,415 32,278 729,445 731,288 202,398 233,310 50,910 63,599 1,662,192 1,723,195 76,122 72,356 64,950 78,645 21,079 23,593 41,583 41,340 109,039 67,108 2020 – Dec. ...................... 2021 – Jan ....................... Feb ....................... Mar ....................... Apr ........................ May....................... June...................... July ....................... Aug ....................... Sept ...................... Oct ........................ Nov. ...................... Dec. ...................... 416 449 391 442 394 402 533 410 391 464 508 548 427 656 639 648 703 819 591 745 663 662 690 815 738 647 20,972 14,685 14,260 16,333 22,233 16,895 21,423 18,660 20,039 18,596 25,867 23,629 24,959 2,495 985 940 995 745 748 1,252 742 811 740 801 1,978 977 67,000 50,864 50,862 66,640 67,179 49,439 61,491 63,370 48,948 63,733 65,482 60,817 70,927 6,696 9,566 9,101 11,947 10,297 8,995 53,980 11,923 14,781 108,310 14,669 11,543 12,947 3,255 2,540 2,512 3,223 3,347 2,267 2,471 2,230 2,847 3,311 3,434 2,251 2,909 122,881 119,632 115,320 126,258 157,718 82,128 127,772 167,368 87,298 126,541 120,506 134,199 134,866 6,879 5,945 5,830 7,050 8,246 6,284 8,834 5,867 6,722 8,649 6,339 8,079 6,950 3,817 3,373 4,336 2,900 2,051 3,853 4,044 -7,455 3,828 3,190 4,689 4,386 3,651 1,654 1,182 1,024 1,376 955 1,131 2,048 1,125 1,175 2,004 1,275 1,242 1,307 3,152 3,660 3,061 2,636 3,561 3,477 3,760 3,167 3,094 3,807 2,760 3,546 3,007 29,951 36,314 44,991 51,928 39,056 36,434 40,953 29,598 30,582 15,284 2,094 5,481 5,706 Fiscal year 2022 to date ........................ 1,483 2,200 74,455 3,756 197,226 39,159 8,594 389,571 21,368 12,726 3,824 9,313 13,281 Department of State (14) Department of the Treasury, interest on Treasury Departdebt ment of Transpor- securities (gross) tation (15) (16) Department of the Treasury, other (17) Department of Veterans Affairs (18) 2017 ................................. 2018 ................................. 2019 ................................. 2020 ................................. 2021 ................................. 27,061 26,386 28,002 32,859 35,814 79,440 78,494 80,716 100,342 104,937 456,953 521,553 572,914 522,651 562,389 89,445 107,894 116,584 629,072 1,071,359 176,050 178,508 199,571 218,393 233,782 2022 – Est1 ....................... 2023 – Est1 ....................... 33,575 32,993 132,207 136,245 480,403 494,723 454,701 273,457 2020 – Dec. ...................... 2021 – Jan ....................... Feb ....................... Mar ....................... Apr ........................ May....................... June...................... July ....................... Aug ....................... Sept ...................... Oct ........................ Nov. ...................... Dec. ...................... 2,727 2,082 1,326 4,019 2,444 2,270 2,466 5,271 3,313 3,981 2,184 4,044 2,078 9,896 6,040 8,979 6,942 9,432 7,340 9,356 8,688 9,372 13,174 7,645 8,276 9,195 79,625 27,266 32,282 36,639 45,537 45,714 99,290 47,815 57,719 37,682 18,939 36,029 97,969 Fiscal year 2022 to date ........................ 8,306 25,116 152,937 Fiscal year or month See footnotes at end of table Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) General Services Administration (23) 6,452 5,083 6,456 7,632 7,936 58,695 55,367 60,930 65,265 58,085 8,087 8,085 8,064 8,723 8,310 412 383 423 403 426 -664 -590 -1,100 -266 -1,269 18,925 21,628 23,578 21,677 21,668 290,032 291,843 10,770 11,225 72,009 68,818 22,219 31,055 544 581 2,249 3,408 24,267 27,241 8,220 175,802 47,650 372,930 90,121 169,984 80,416 50,028 65,880 -16,548 34,430 30,701 30,451 28,049 9,457 18,695 20,093 31,255 9,393 17,920 28,448 10,501 21,199 21,933 20,207 30,647 1,089 589 610 605 632 654 832 445 635 381 649 812 915 10,623 1,577 4,688 5,186 8,244 -530 4,100 9,359 -2,199 4,887 6,895 5,037 9,222 686 596 601 632 803 669 837 578 640 768 786 758 990 33 33 35 30 45 33 29 40 36 35 48 35 32 334 -411 -286 84 -62 -167 39 -240 -296 -86 -67 -53 135 1,213 -1,113 5,918 2,493 1,327 2,505 2,223 -706 1,160 2,788 2,088 3,178 -916 95,582 72,787 2,376 21,154 2,534 115 15 4,350 Corps of Engineers (19) International Assistance Program (24) 18 TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics National Office of and Science Personnel Space ManageFounAdminisment dation tration (27) (26) (25) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties on the Employer Outer Interest share, received Continenemployee tal Shelf by trust retirelands Other funds ment (33) (34) (32) (31) Total outlays OffOnbudget budget (36) (35) 2017 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 2018 .................. 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 2019 .................. 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 2020 .................. 21,524 7,278 105,626 577,411 1,153,912 17,654 -99,993 -135,215 -3,645 - 5,596,291 955,579 2021 .................. 22,249 7,353 108,553 322,721 1,192,451 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 2022 – Est1........ 24,332 10,461 111,838 9,545 1,268,754 42,921 -117,760 -124,570 -5,027 -21,027 4,930,558 1,080,590 2023 – Est1........ 24,822 14,040 116,596 1,014 1,338,676 39,499 -116,543 -119,839 -4,626 -62 4,870,518 1,142,442 2020 - Dec ....... 2,403 517 8,868 595 126,674 -2,229 -7,677 -51,432 -353 - 412,233 77,449 2021 - Jan ......... 1,355 497 9,271 2,426 69,570 1,420 -7,379 -1,300 -129 - 487,184 60,299 Feb ........ 1,606 559 8,119 90,968 98,942 2,688 -7,455 -5,196 -292 -4,476 466,710 92,526 Mar ........ 2,178 571 9,362 86,532 99,121 -1,151 -7,329 -3,513 -639 - 835,564 91,653 Apr ........ 1,818 564 9,074 56,920 104,069 2,439 -8,275 -7,816 -406 - 577,910 86,856 May ....... 1,622 543 9,126 53,161 95,041 1,394 -7,614 -6,387 -74 - 503,113 92,586 June ...... 1,925 575 8,773 31,095 104,446 -3,815 -7,985 -57,860 -607 - 561,348 62,011 July ........ 1,601 761 9,581 13,061 104,106 3,216 -7,505 -7,956 -210 - 482,202 81,848 Aug ........ 2,131 837 9,068 -17,950 95,726 2,376 -8,066 -12,242 -806 - 345,560 93,453 Sept ....... 1,799 764 9,680 2,767 99,682 -486 -7,665 -4,196 -390 -4,466 428,506 92,561 Oct. ........ 1,765 644 9,365 2,333 101,055 6,337 -27,176 9,958 -67 - 365,312 83,671 Nov. ....... 2,332 575 9,127 5,277 100,431 1,282 -9,099 -4,122 -720 - 379,420 93,123 Dec. ....... 2,232 636 9,242 3,226 105,261 1,604 -8,416 -55,165 -574 - 447,088 60,953 Fiscal year 2022 to date ....... 6,329 1,855 27,734 10,836 306,747 9,223 -44,691 -49,329 -1,361 - 1,191,820 237,747 Note: Detail may not add to total due to rounding. 1 These estimates are based on the President's FY 2022 Budget, released by the Office of Management and Budget on May 28, 2021.. 19 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, December 2021 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 535,366 Corporation income taxes ........................................... 98,671 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... 64 Unemployment insurance ....................................... 3 Other retirement ...................................................... Excise taxes ................................................................ 7,199 Estate and gift taxes ................................................... 6,615 Customs duties ........................................................... 15,773 Miscellaneous receipts ................................................ 27,467 Total receipts ....................................................... 691,157 (On-budget) ..................................................... 691,157 (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... 1,450 Judicial branch ............................................................ 2,151 Department of Agriculture ........................................... 62,709 Department of Commerce........................................... 2,647 Department of Defense-military .................................. 196,710 Department of Education ............................................ 39,336 Department of Energy ................................................. 8,652 Department of Health and Human Services ............... 322,548 Department of Homeland Security.............................. 21,271 Department of Housing and Urban Development....... 12,753 Department of the Interior ........................................... 3,394 Department of Justice ................................................. 7,892 Department of Labor ................................................... 5,666 Department of State .................................................... 7,518 Department of Transportation ..................................... 125,268 Department of the Treasury: Interest on Treasury Debt Securities (Gross) ............. 152,937 Other ....................................................................... 95,788 Department of Veterans Affairs .................................. 73,710 Corps of Engineers ..................................................... 2,081 Other defense civil programs ...................................... 122,017 Environmental Protection Agency............................... 6,087 Executive Office of the President................................ 111 General Services Administration ................................ 46 International Assistance Program ............................... 6,237 National Aeronautics and Space Administration ........ 6,299 National Science Foundation ...................................... 1,778 Office of Personnel Management ............................... 3,589 Small Business Administration ................................... 11,009 Social Security Administration .................................... 31,925 Other independent agencies ....................................... 5,023 Undistributed offsetting receipts: Interest ........................................................................ Other ....................................................................... -1,087 Total outlays ............................................................ 1,337,515 (On-budget) ......................................................... 1,337,412 (Off-budget) ..................................................... 103 Surplus or deficit (-) ......................................... -646,358 (On-budget) ......................................................... -646,255 (Off-budget) ..................................................... -103 -No Transactions * Less than $500,000 This fiscal year to date Management, consolidated, Trust revolving and funds special funds (3) (2) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, Trust revolving and funds special funds (7) (6) Total funds (8) 32 - - 535,398 98,671 346,949 68,880 55 - - 347,003 68,880 454 7,492 3,900 11,878 11,878 - 234,476 83,510 15,536 1,619 12,862 508 327 348,838 114,362 234,476 234,476 83,574 15,539 1,619 20,515 6,615 23,773 31,694 1,051,873 817,397 234,476 22 * 6,332 6,199 11,724 25,584 465,691 465,691 - 384 6,039 4,745 11,222 11,222 - 226,382 79,685 9,367 1,465 8,966 405 186 326,456 100,074 226,382 226,382 79,707 9,367 1,465 15,682 6,199 18,168 30,515 803,369 576,987 226,382 40 69 11,763 1,107 412 -177 -58 2,786 85 -75 335 1,478 -2,037 528 73 -7 -21 -17 1 104 * * 64,240 13 48 95 -56 9,652 261 -100,227 1,483 2,199 74,455 3,755 197,226 39,159 8,594 389,573 21,368 12,725 3,825 9,313 13,280 8,306 25,115 1,397 1,928 56,500 3,593 191,991 21,495 9,133 286,995 28,033 11,601 3,285 7,988 75,954 7,334 32,889 6 238 15,571 1,582 2,986 -14 -186 3,392 -422 * 392 1,108 -2,884 1,047 148 -15 -16 -1 2 82 * * 66,252 30 58 90 -57 6,562 260 -7,423 1,388 2,150 72,069 5,177 195,059 21,481 8,947 356,639 27,641 11,658 3,768 9,040 79,632 8,641 25,613 -233 -1,035 261 -7,407 -4 * -31 13 30 28 1,009 -173 * 1,127 27 111 33 -93,455 -3,548 3 -1,900 48 23,135 274,823 3,074 152,937 95,582 72,787 2,376 21,154 2,535 114 15 4,349 6,329 1,854 27,733 10,836 306,748 9,224 132,444 34,983 67,785 2,453 105,146 2,059 107 55 5,306 6,182 1,632 3,380 3,741 29,352 3,937 70 -1,090 232 -4,737 -28 * 100 -81 32 29 322 * * -92 42 125 -132 -77,636 155 4 -151 * 22 22,797 292,395 1,629 132,444 35,095 66,820 2,554 22,773 2,186 111 155 5,074 6,214 1,682 26,499 3,741 321,748 5,474 -9,883 28 -1,192 1,220 11,850 13,071 -1,220 -49,330 -35,082 92,023 -144,399 236,423 256,814 258,761 -1,946 -49,330 -46,052 1,429,567 1,191,821 237,746 -377,694 -374,424 -3,270 -470 1,138,209 1,138,151 58 -672,518 -672,461 -58 -8,829 8,891 9,992 -1,101 2,332 1,230 1,101 -43,112 -32,793 229,169 -21,929 251,097 97,288 122,003 -24,715 -43,112 -42,092 1,376,268 1,126,214 250,054 -572,899 -549,227 -23,672 Note.—Detail may not add to totals due to rounding 20 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. 21 TABLE FD-1—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Agency Public debt securities Total securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2017 ............................... 2018 ............................... 2019 ............................... 2020 ............................... 2021 ............................... 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 20,244,900 21,516,058 22,719,402 26,945,391 28,426,919 24,369 22,822 21,455 20,151 19,502 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 5,563,073 5,737,252 5,893,424 5,907,764 6,123,040 1 - 14,706,195 15,801,628 16,847,433 21,057,778 22,325,381 14,681,827 15,778,806 16,825,978 21,037,627 22,303,879 24,368 22,822 21,455 20,151 19,502 2020 - Dec. .................... 2021 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... July .................... Aug..................... Sept.................... Oct. .................... Nov..................... Dec..................... 27,768,006 27,804,680 27,922,267 28,152,398 28,194,469 28,218,691 28,549,263 28,447,372 28,446,893 28,448,421 28,928,663 28,928,235 29,637,003 27,747,798 27,784,553 27,902,364 28,132,570 28,174,714 28,199,008 28,529,436 28,427,722 28,427,317 28,428,919 28,908,765 28,907,987 29,617,215 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 19,898 20,248 19,788 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 - 21,671,624 21,683,320 21,794,746 22,026,691 22,096,397 22,065,100 22,373,359 22,327,437 22,296,656 22,325,381 22,681,264 22,690,510 23,188,117 21,651,416 21,663,193 21,774,843 22,006,863 22,076,642 22,045,417 22,353,532 22,307,787 22,277,080 22,305,879 22,661,366 22,670,262 23,168,329 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 19,898 20,248 19,788 Federal debt securities Net unamortized Amount Accrual premium outstanding amount and discount face value (12) (11) (10) Securities held by Government accounts Net unamortized Amount Accrual premium outstanding amount and discount face value (15) (14) (13) Securities held by the public Net unamortized Amount Accrual premium outstanding amount and discount face value (18) (17) (16) 2017 ............................... 2018 ............................... 2019 ............................... 2020 ............................... 2021 ............................... 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 65,378 78,187 72,840 64,433 64,433 20,203,891 21,460,692 22,668,015 26,901,109 28,384,458 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 25,909 27,744 28,201 25,727 25,601 5,537,165 5,709,509 5,865,224 5,882,037 6,097,438 14,706,195 15,801,628 16,847,433 21,057,778 22,325,381 39,469 50,443 44,639 38,706 38,832 14,666,725 15,751,183 16,802,792 21,019,071 22,287,019 2020 - Dec. .................... 2021 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... July ..................... Aug ..................... Sept .................... Oct. ..................... Nov. .................... Dec. .................... 27,768,006 27,804,680 27,922,267 28,152,398 28,194,469 28,218,691 28,549,263 28,447,372 28,446,893 28,448,421 28,928,663 28,928,235 29,637,003 63,921 64,127 65,487 71,455 76,097 74,925 71,591 65,857 65,310 63,962 63,178 64,889 64,095 27,704,083 27,740,552 27,856,779 28,080,943 28,118,371 28,143,765 28,477,671 28,381,513 28,381,583 28,384,458 28,865,484 28,863,345 29,572,907 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 25,301 25,354 25,494 25,735 26,193 26,139 25,962 25,871 25,728 25,601 25,536 25,513 25,451 6,071,082 6,096,007 6,102,027 6,099,972 6,071,879 6,127,452 6,149,943 6,094,064 6,124,509 6,097,438 6,221,863 6,212,212 6,423,435 21,671,624 21,683,320 21,794,746 22,026,691 22,096,397 22,065,100 22,373,359 22,327,437 22,296,656 22,325,381 22,681,264 22,690,510 23,188,117 38,620 38,773 39,993 45,720 49,904 48,786 45,629 39,986 39,582 38,361 37,642 39,376 38,644 21,633,001 21,644,545 21,754,751 21,980,970 22,046,492 22,016,313 22,327,728 22,287,449 22,257,074 22,287,019 22,643,622 22,651,133 23,149,472 End of fiscal year or month 22 TABLE FD-2—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Treasury inflationprotected securities (6) Floating rate notes (7) Nonmarketable Total (8) Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) 2017 .......................... 2018 .......................... 2019 .......................... 2020 .......................... 2021 .......................... 14,673,429 15,761,155 16,809,092 21,018,952 22,282,900 14,175,677 15,250,078 16,322,637 20,352,950 21,855,465 1,799,570 2,239,473 2,376,370 5,028,127 3,712,952 8,798,940 9,150,301 9,755,985 10,655,969 12,570,463 1,948,414 2,114,982 2,311,517 2,668,116 3,340,760 1,286,124 1,376,180 1,454,698 1,522,418 1,651,998 342,630 369,142 424,067 478,320 579,292 497,752 511,077 486,455 666,002 427,435 2020 - Dec................. 2021 - Jan ................. Feb ................ Mar ................ Apr................. May ............... June .............. July ................ Aug ................ Sept ............... Oct. ................ Nov. ............... Dec. ............... 21,632,419 21,643,915 21,755,737 21,986,939 22,056,055 22,020,939 22,329,823 22,284,628 22,254,544 22,282,900 22,637,090 22,645,912 23,143,747 20,958,523 21,027,007 21,136,544 21,365,900 21,434,152 21,396,096 21,714,913 21,675,033 21,908,889 21,855,465 22,107,637 22,327,321 22,565,547 4,963,056 4,953,849 4,857,868 4,667,846 4,538,683 4,375,781 4,273,670 4,140,792 4,036,835 3,712,952 3,850,718 3,784,677 3,767,964 11,084,744 11,165,664 11,305,192 11,590,088 11,776,025 11,821,157 12,097,216 12,176,507 12,403,488 12,570,463 12,637,484 12,845,781 12,992,160 2,833,625 2,859,903 2,913,929 3,000,423 3,056,509 3,087,149 3,173,226 3,201,102 3,287,357 3,340,760 3,365,745 3,426,188 3,474,153 1,578,599 1,549,101 1,559,328 1,581,333 1,561,548 1,584,621 1,617,396 1,603,247 1,627,920 1,651,998 1,674,398 1,694,646 1,727,968 498,499 498,490 500,226 526,210 501,387 527,387 553,405 553,383 553,288 579,292 579,291 576,028 603,302 673,896 616,908 619,194 621,038 621,903 624,843 614,910 609,595 345,654 427,435 529,453 318,591 578,200 End of fiscal year or month Nonmarketable, continued End of fiscal year or month U.S. savings securities (9) Depositary compensation securities (10) Foreign series (11) Government account series (12) State and local government series (13) Domestic series (14) Other (15) 2017 .......................... 2018 .......................... 2019 .......................... 2020 .......................... 2021 .......................... 161,705 156,809 152,355 148,677 143,662 - 264 264 264 264 264 223,787 250,680 248,052 291,831 120,537 80,359 71,753 53,809 106,607 127,047 29,995 29,995 29,995 116,100 32,781 1,641 1,575 1,981 2,523 3,144 2020 - Dec. ............... 2021 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. July ................ Aug ................ Sept ............... Oct. ................ Nov. ............... Dec. ............... 147,130 146,655 146,320 145,793 145,269 144,915 144,693 144,382 144,020 143,662 143,515 144,171 146,201 - 264 264 264 264 264 264 264 264 264 264 264 264 264 296,812 299,532 299,601 297,423 296,675 298,295 299,575 281,874 24,175 120,537 229,416 28,462 290,177 115,786 114,583 117,109 121,684 123,708 125,339 122,755 135,428 129,562 127,047 120,298 113,852 109,703 111,112 53,074 53,074 53,075 53,075 53,075 44,571 44,572 44,573 32,781 32,782 28,592 28,592 2,793 2,800 2,826 2,799 2,911 2,955 3,052 3,075 3,060 3,144 3,178 3,250 3,263 23 TABLE FD-3—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) 2017 .................. 2018 .................. 2019 .................. 2020 .................. 2021 .................. 5,771,144 5,977,617 6,133,658 6,174,279 6,243,318 13,404 14,212 15,018 7,900 15,902 78,486 94,431 104,015 108,949 115,527 45,680 46,616 48,199 49,129 50,151 22,090 22,311 22,622 11,170 22,837 69,669 93,401 96,520 97,209 98,032 912,438 931,838 950,211 974,802 940,140 197,835 202,805 198,625 133,735 136,168 30,879 26,975 50,601 67,937 94,132 2020 - Dec. ....... 2021 - Jan ......... Feb ........ Mar ........ Apr ........ May ....... June ...... July ........ Aug ........ Sept ....... Oct. ........ Nov. ....... Dec. ....... 6,390,322 6,418,212 6,424,251 6,420,855 6,392,633 6,451,133 6,475,076 6,401,459 6,173,650 6,243,318 6,476,647 6,266,251 6,738,100 18,205 17,420 17,426 17,082 17,020 17,283 17,441 17,619 17,661 15,902 12,878 13,966 13,284 110,403 108,611 109,660 112,485 112,291 111,133 114,403 111,127 114,408 115,527 113,982 116,043 116,180 49,253 49,306 49,858 49,759 49,722 49,692 49,028 49,697 50,187 50,151 50,184 50,194 50,163 11,166 11,166 11,159 11,159 12,793 12,789 22,838 22,839 22,836 22,837 22,838 22,563 22,004 90,703 97,789 96,888 97,106 99,862 99,752 97,756 97,420 97,068 98,032 97,231 97,125 99,438 976,112 971,807 967,819 963,956 960,504 956,515 966,224 962,098 947,947 940,140 925,520 925,469 1,002,182 134,505 137,918 127,692 120,954 118,615 136,163 133,123 116,012 127,759 136,168 136,252 137,026 142,338 70,735 52,763 71,990 73,230 75,088 78,093 79,600 92,261 93,199 94,132 94,346 92,393 63,261 End of fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund (10) Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplementary Medical Insurance Trust Fund (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Unemployment Trust Fund (17) Other (18) 2017 ..................... 2018 ..................... 2019 ..................... 2020 ..................... 2021 ..................... 2,820,200 2,801,254 2,804,396 2,811,213 2,755,785 839 852 872 881 882 70,589 98,197 104,716 87,477 170,677 52,332 41,212 28,192 12,081 12,043 3,604 3,015 2,456 1,946 1,476 10,965 10,493 9,341 14,991 24,655 419 612 698 307 862 60,711 72,576 84,361 50,515 53,135 1,381,004 1,516,817 1,612,815 1,744,037 1,750,914 2020 - Dec. .......... 2021 - Jan ............ Feb ........... Mar ........... Apr ........... May .......... June ......... July ........... Aug ........... Sept .......... Oct. ........... Nov. .......... Dec. .......... 2,793,146 2,814,839 2,797,938 2,787,279 2,800,686 2,787,919 2,785,928 2,779,001 2,763,094 2,755,785 2,746,390 2,729,698 2,752,688 882 882 882 882 882 882 882 882 882 882 882 882 882 142,775 139,117 172,681 177,660 153,709 180,596 177,726 149,550 173,498 170,677 171,181 167,147 181,774 24,029 22,927 23,056 22,403 18,439 18,523 17,560 14,703 13,671 12,043 14,076 14,392 132,390 1,851 1,800 1,753 1,697 1,650 1,615 1,607 1,560 1,519 1,476 1,447 1,412 1,392 16,052 16,182 16,009 25,770 22,004 22,494 23,179 24,149 24,281 24,655 22,559 23,362 23,373 654 571 604 667 726 485 502 628 740 862 701 459 506 59,468 56,126 55,326 55,152 42,160 56,028 62,576 52,365 60,183 53,135 52,264 61,984 60,145 1,890,383 1,918,988 1,903,510 1,903,614 1,906,482 1,921,171 1,924,703 1,909,548 1,664,717 1,750,914 2,013,916 1,812,136 2,076,100 Note—Detail may not add to totals due to rounding. 24 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”] End of fiscal year or month Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Other independent Tennessee Valley Authority (4) Architect of the Capitol (3) National Archives and Records Administration (5) Other/Federal Communications Commission (6) 2017 ........................... 24,369 19 89 24,209 52 * 2018 ........................... 22,822 19 80 22,696 27 * 2019 ........................... 21,455 19 69 21,367 * * 2020 ........................... 20,151 19 58 20,075 * * 2021 ........................... 19,502 19 45 19,438 * * 2020 - Dec. ................ 20,208 19 59 20,130 * * 2021 - Jan .................. 20,127 19 59 20,049 * * Feb ................. 19,903 19 51 19,833 * * Mar ................. 19,828 19 51 19,758 * * Apr ................. 19,755 19 52 19,684 * * May ................ 19,683 19 52 19,612 * * June ............... 19,827 19 52 19,756 * * July ................. 19,650 19 53 19,578 * * Aug ................. 19,576 19 45 19,513 * * Sept ................ 19,502 19 45 19,438 * * Oct. ................. 19,898 19 45 19,834 * * Nov. ................ 20,248 19 46 20,184 * * Dec. ................ 19,788 19 46 19,724 * * Note—Detail may not add to totals due to rounding. * Less than $500,000. 25 TABLE FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 2017 ............................... 11,642,870 3,263,065 4,746,209 2018 ............................... 12,880,947 3,794,461 2019 ............................... 14,225,142 2020 ............................... Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 2,320,739 151,686 1,161,170 66 5,181,488 2,444,652 121,319 1,339,027 65 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 2020 - Dec. ..................... 16,284,139 6,361,468 5,716,708 2,454,885 317,935 1,433,143 58 2021 - Jan ...................... 16,144,933 6,367,936 5,599,900 2,415,636 315,069 1,446,391 58 Feb ..................... 16,230,397 6,281,711 5,728,953 2,422,721 351,910 1,445,103 59 Mar ..................... 16,438,546 6,102,024 5,923,038 2,560,765 395,746 1,456,974 60 Apr ...................... 16,432,951 6,000,621 5,919,098 2,631,745 412,677 1,468,811 61 May..................... 16,241,507 5,853,774 5,896,838 2,595,751 420,066 1,475,078 62 June.................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62 July ..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63 Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64 Sept .................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 Oct. ..................... 16,455,433 5,390,259 6,120,690 2,858,166 531,506 1,554,811 65 Nov. .................... 16,757,903 5,309,420 6,356,333 2,945,703 586,315 1,560,131 66 Dec. .................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66 End of fiscal year or month Note—Detail may not add to totals due to rounding. 26 TABLE FD-6—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Statutory debt limit (1) Debt subject to limit Total (2) Public debt (3) Securities outstanding Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481 2020 - Dec. ............................. - 27,721,341 27,721,341 - 27,747,798 - 26,457 2021 - Jan .............................. - 27,757,191 27,757,191 - 27,784,553 - 27,362 Feb ............................. - 27,871,301 27,871,301 - 27,902,364 - 31,063 Mar ............................. - 28,100,561 28,100,561 - 28,132,570 - 32,009 Apr .............................. - 28,143,582 28,143,582 - 28,174,714 - 31,132 May............................. - 28,168,249 28,168,249 - 28,199,008 - 30,759 June............................ - 28,501,528 28,501,528 - 28,529,436 - 27,907 July…………………… - 28,401,438 28,401,438 - 28,427,722 - 26,284 Aug ............................ 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879 Sept ............................ 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481 Oct. ............................ 28,881,463 28,881,438 28,881,438 - 28,908,765 - 27,328 Nov. ............................ 28,881,463 28,881,438 28,881,438 - 28,907,987 - 26,549 Dec. ............................ 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214 (1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. (2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. (3) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective December 9, 2017, to $20,455,999,906,400.12 (4)Pursuant to 31 U.S.C. 3101(b). By the The Continuing Appropriations Act, 2018 and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was suspended through March 1, 2019. 27 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Rural Utilities Service (3) Farm-Service Agency (2) Department of Agriculture Rural Business Rural Housing and Cooperative and Community Development Development Service Service (5) (4) Foreign Agricultural Service (6) 2017 ...................................... 2018 ...................................... 2019 ...................................... 2020 ...................................... 2021 ...................................... 1,442,633 1,512,469 1,570,919 1,813,390 1,809,674 19,810 23,005 39,017 43,575 31,592 21,940 19,325 21,473 21,396 21,196 26,992 26,797 29,605 30,483 30,286 645 583 660 637 658 601 453 432 363 317 2020 - Dec. ........................... 2021 - Jan ............................. Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ............................ Aug ............................ Sept ........................... Oct. ............................ Nov. ........................... Dec. ........................... 1,859,398 1,817,313 1,823,065 1,840,824 1,838,936 1,840,653 1,798,723 1,869,619 1,918,353 1,809,674 1,869,279 1,887,822 1,911,421 28,781 29,585 29,428 27,661 27,823 27,637 27,746 27,596 28,636 31,592 39,986 42,593 30,333 21,756 21,881 21,698 20,095 20,171 20,280 20,425 20,425 21,182 21,196 21,364 21,494 21,629 31,298 31,417 31,569 28,819 28,940 29,093 29,317 29,319 30,141 30,286 30,439 30,550 31,039 648 651 653 571 578 582 585 585 656 658 660 663 665 363 363 363 363 363 363 363 363 317 317 317 317 317 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Other Housing Federal Housing programs Administration (10) (9) Department of the Treasury Federal Financing Bank (11) 2017 ...................................... 2018 ...................................... 2019 ...................................... 2020 ...................................... 2021 ...................................... 1,178,495 1,258,499 1,287,510 1,249,871 1,221,381 5,009 5,531 5,280 5,649 5,629 27,954 24,709 30,386 44,722 66,271 128 134 24 30 10 61,270 61,584 63,751 71,373 70,500 2020 - Dec. ........................... 2021 - Jan ............................. Feb ............................ Mar ............................ Apr ............................ May ........................... June .......................... July ........................... Aug............................ Sept ........................... Oct............................. Nov. ........................... Dec. ........................... 1,292,020 1,310,294 1,310,294 1,326,753 1,326,766 1,326,766 1,291,837 1,326,667 1,325,568 1,221,381 1,258,486 1,258,479 1,277,348 5,643 5,580 5,530 5,552 5,510 5,628 5,762 5,870 5,867 5,629 5,621 5,621 5,615 51,817 51,817 51,817 51,817 51,817 51,817 51,817 70,044 70,044 66,271 66,271 66,271 66,271 30 36 36 36 30 30 30 30 10 10 10 10 10 72,366 72,547 72,875 71,477 68,686 69,467 69,963 70,223 70,624 70,500 70,668 71,302 71,819 28 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2017 ...................................... 24,645 3,712 7,693 63,739 2018 ...................................... 20,213 3,725 11,212 56,699 2019 ...................................... 16,946 3,934 11,810 60,091 2020 ...................................... 15,388 4,384 176,174 149,345 2021 ...................................... 14,531 4,567 262,655 80,081 2020 - Dec. ........................... 15,389 5,271 188,096 145,920 2021 - Jan ............................. 15,390 6,222 188,096 83,434 Feb ............................ 15,390 6,611 192,965 83,836 Mar ............................ 15,390 7,001 192,965 92,324 Apr ............................ 15,390 7,399 192,982 92,481 May ........................... 15,390 7,776 192,982 92,842 June .......................... 15,391 3,375 197,982 84,130 July ............................ 15,391 3,790 214,982 84,334 Aug ............................ 14,431 4,145 264,070 82,662 14,531 4,567 262,655 80,081 14,532 4,994 275,269 80,662 14,532 5,326 294,269 76,395 14,590 5,757 309,269 76,759 End of fiscal year or month Sept ........................... Oct. ........................... Nov. ........................... Dec. ........................... Note—Detail may not add to totals due to rounding. 29 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: OCTOBER-DECEMBER [Source: Bureau of the Fiscal Service, Division of Financing Operations] OCTOBER Auction of 119-Day Cash Management Bills On September 28, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 5 and will mature February 1, 2022. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on September 29. Tenders totaled $87,712 million; Treasury accepted $30,000 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 8-Day Cash Management Bills On October 4, 2021, Treasury announced it would auction $25,000 million of 8-day bills. They were issued October 7 and matured October 15. The issue was to raise new cash of approximately $25,000 million. Treasury auctioned the bills on October 5. Tenders totaled $74,935 million; Treasury accepted $25,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.140 percent. Auction of 52-Week Bills On September 30, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued October 7 and will mature October 6, 2022. The issue was to refund $145,002 million of all maturing bills and to pay down approximately $2,002 million. Treasury auctioned the bills on 30 October 5. Tenders totaled $114,464 million; Treasury accepted $34,001 million, including $181 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. In addition to the $34,001 million of tenders accepted in the auction process, Treasury accepted $5,631 million from Federal Reserve Banks (FRBs) for their own accounts. Auction of 119-Day Cash Management Bills On October 5, 2021, Treasury announced it would auction $30,000 million of 119-day bills. They were issued October 12 and will mature February 8, 2022. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on October 6. Tenders totaled $107,939 million; Treasury accepted $30,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 64-Day Cash Management Bills On October 5, 2021, Treasury announced it would auction $40,000 million of 64-day bills. They were issued October 13 and matured December 16. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on October 6. Tenders totaled $130,429 million; Treasury accepted $40,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 3-Year Notes On October 7, 2021, Treasury announced it would auction $58,000 million of 3-year notes. The issue was to refund $26,971 million of securities maturing October 15 and to raise new cash of approximately $93,029 million. The 3-year notes of Series AT-2024 were dated and issued October 15. They are due October 15, 2024, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. Eastern Time (ET) for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on October 12. Tenders totaled $136,652 million; Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.635 percent with an equivalent price of $99.970331. Treasury accepted in full all competitive tenders at yields lower than 0.635 percent. Tenders at the high yield were allotted 7.43 percent. The median yield was 0.595 percent, and the low yield was 0.520 percent. Noncompetitive tenders totaled $43 million. Competitive tenders accepted from private investors totaled $57,752 million. In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $4,364 million from FRBs for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AT-2024 is $100. Auction of 9-Year 10-Month 1-1/4 Percent Notes On October 7, 2021, Treasury announced it would auction $38,000 million of 9-year 10-month 1-1/4 percent notes. The issue was to refund $26,971 million of securities maturing October 15 and to raise new cash of approximately $93,029 million. The 9-year 10-month 1-1/4 percent notes of Series E-2031 were dated August 15 and issued October 15. They are due August 15, 2031, with interest payable on February 15 and August 15 until maturity. 31 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 October 12. Tenders totaled $98,041 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.584 percent with an equivalent price of $96.968273. Treasury accepted in full all competitive tenders at yields lower than 1.584 percent. Tenders at the high yield were allotted 60.17 percent. The median yield was 1.540 percent, and the low yield was 1.500 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $37,983 million. Accrued interest of $2.07201 per $1,000 must be paid for the period from August 15 to October 15. In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $2,859 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series E-2031 is $100. Auction of 29-Year 10-Month 2 Percent Bonds On October 7, 2021, Treasury announced it would auction $24,000 million of 29-year 10-month 2 percent bonds. The issue was to refund $26,971 million of securities maturing October 15 and to raise new cash of approximately $93,029 million. The 29-year 10-month 2 percent bonds of August 2051 were dated August 15 and issued October 15. They are due August 15, 2051, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 13. Tenders totaled $56,628 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.049 percent with an equivalent price of $98.908044. Treasury accepted in full all competitive tenders at yields lower than 2.049 percent. Tenders at the high yield were allotted 64.54 percent. The median yield was 1.970 percent, and the low yield was 1.900 percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled $23,996 million. Accrued interest of $3.31522 per $1,000 must be paid for the period from August 15 to October 15. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $1,806 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2051 is $100. Auction of 39-Day Cash Management Bills On October 13, 2021, Treasury announced it would auction $60,000 million of 39-day bills. They were issued October 18 and matured November 26. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on October 14. Tenders totaled $180,088 million; Treasury accepted $60,000 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 119-Day Cash Management Bills On October 12, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued October 19 and will mature February 15, 2022. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on October 13. Tenders totaled $137,704 million; Treasury accepted $35,002 million, including $4 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. 32 Auction of 40-Day Cash Management Bills On October 14, 2021, Treasury announced it would auction $60,000 million of 40-day bills. They were issued October 21 and matured November 30. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on October 19. Tenders totaled $186,479 million; Treasury accepted $60,004 million, including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 27-Day Cash Management Bills On October 19, 2021, Treasury announced it would auction $60,000 million of 27-day bills. They were issued October 22 and matured November 18. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on October 20. Tenders totaled $203,623 million; Treasury accepted $60,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 119-Day Cash Management Bills On October 19, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued October 26 and will mature February 22, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on October 20. Tenders totaled $146,160 million; Treasury accepted $40,002 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 48-Day Cash Management Bills On October 21, 2021, Treasury announced it would auction $40,000 million of 48-day bills. They were issued October 28 and matured December 15. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on October 26. Tenders totaled $108,663 million; Treasury accepted $40,000 million, including $13 million of noncompetitive tenders from the public. The high bank discount rate was 0.100 percent. Auction of 5-Year Treasury Inflation Protected Security (TIPS) On October 14, 2021, Treasury announced it would auction $19,000 million of 5-year TIPS. The issue was to raise new cash of approximately $19,000 million. The 5-year TIPS of Series AE-2026 were dated October 15 and issued October 29. They are due October 15, 2026, with interest payable on April 15 and October 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 21. Tenders totaled $46,548 million; Treasury accepted $19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.685 percent with an equivalent adjusted price of $109.509314. Treasury accepted in full all competitive tenders at yields lower than -1.685 percent. Tenders at the high yield were allotted 41.49 percent. The median yield was -1.750 percent, and the low yield was -1.770 percent. Noncompetitive tenders totaled $57 million. Competitive tenders accepted from private investors totaled $18,943 million. Adjusted accrued interest of $0.04812 per $1,000 must be paid for the period from October 15 to October 29. Both the unadjusted price of $109.407565 and the unadjusted accrued interest of $0.04808 were adjusted by an index ratio of 1.00093, for the period from October 15 to October 29. The minimum par amount required for STRIPS of TIPS of Series AE-2026 is $100. 33 NOVEMBER Auction of 19-Year 10-Month 1-3/4 Percent Bonds On October 14, 2021, Treasury announced it would auction $24,000 million of 19-year 10-month 1-3/4 percent bonds. The issue was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately $91,543 million. The 19-year 10-month 1-3/4 percent bonds of August 2041 were dated August 15 and issued November 1. They are due August 15, 2041, with interest payable on February 15 and August 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 20. Tenders totaled $54,091 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.100 percent with an equivalent price of $94.354444. Treasury accepted in full all competitive tenders at yields lower than 2.100 percent. Tenders at the high yield were allotted 97.19 percent. The median yield was 2.007 percent, and the low yield was 1.880 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $23,994 million. Accrued interest of $3.70924 per $1,000 must be paid for the period from August 15 to November 1. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $2,440 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of August 2041 is $100. Auction of 2-Year Notes On October 21, 2021, Treasury announced it would auction $60,000 million of 2-year notes. The issue was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately $91,543 million. The 2-year notes of Series BH-2023 were dated October 31 and issued November 1. They are due October 31, 2023, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 0-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 26. Tenders totaled $161,160 million; Treasury accepted $60,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.481 percent with an equivalent price of $99.789555. Treasury accepted in full all competitive tenders at yields lower than 0.481 percent. Tenders at the high yield were allotted 31.04 percent. The median yield was 0.440 percent, and the low yield was 0.350 percent. Noncompetitive tenders totaled $92 million. Competitive tenders accepted from private investors totaled $59,803 million. Accrued interest of $0.01036 per $1,000 must be paid for the period from October 31 to November 1. In addition to the $60,000 million of tenders accepted in the auction process, Treasury accepted $6,100 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BH-2023 is $100. 34 Auction of 2-Year Floating Rate Notes (FRNs) On October 21, 2021, Treasury announced it would auction $28,000 million of 2-year FRNs. The issue was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately $91,543 million. The 2-year FRNs of Series BJ-2023 were dated October 31 and issued November 1. They are due October 31, 2023, with interest payable on January 31, April 30, July 31, and October 31 until maturity. Treasury set a spread of 0.035 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 October 27. Tenders totaled $83,783 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.035 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower than 0.035 percent. Tenders at the high discount margin were allotted 44.30 percent. The median discount margin was 0.028 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $27,970 million. Accrued interest of $0.000250021 per $100 must be paid for the period from October 31 to November 1. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $2,847 million from FRBs for their own accounts. Auction of 5-Year Notes On October 21, 2021, Treasury announced it would auction $61,000 million of 5-year notes. The issue was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately $91,543 million. The 5-year notes of Series AF-2026 were dated October 31 and issued November 1. They are due October 31, 2026, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on October 27. Tenders totaled $155,642 million; Treasury accepted $61,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.157 percent with an equivalent price of $99.845040. Treasury accepted in full all competitive tenders at yields lower than 1.157 percent. Tenders at the high yield were allotted 71.36 percent. The median yield was 1.119 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors totaled $60,857 million. Accrued interest of $0.03108 per $1,000 must be paid for the period from October 31 to November 1. In addition to the $61,000 million of tenders accepted in the auction process, Treasury accepted $6,202 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AF-2026 is $100. Auction of 7-Year Notes On October 21, 2021, Treasury announced it would auction $62,000 million of 7-year notes. The issue was to refund $143,457 million of securities maturing October 31 and to raise new cash of approximately $91,543 million. 35 The 7-year notes of Series R-2028 were dated October 31 and issued November 1. They are due October 31, 2028, with interest payable on April 30 and October 31 until maturity. Treasury set an interest rate of 1-3/8 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 October 28. Tenders totaled $139,214 million; Treasury accepted $62,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.461 percent with an equivalent price of $99.429922. Treasury accepted in full all competitive tenders at yields lower than 1.461 percent. Tenders at the high yield were allotted 49.74 percent. The median yield was 1.380 percent, and the low yield was 1.291 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $61,981 million. Accrued interest of $0.03798 per $1,000 must be paid for the period from October 31 to November 1. In addition to the $62,000 million of tenders accepted in the auction process, Treasury accepted $6,303 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series R-2028 is $100. Auction of 119-Day Cash Management Bills On October 26, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued November 2 and will mature March 1, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on October 27. Tenders totaled $144,958 million; Treasury accepted $40,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 52-Week Bills On October 28, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued November 4 and will mature November 3, 2022. The issue was to refund $142,002 million of all maturing bills and to pay down approximately $6,002 million. Treasury auctioned the bills on November 2. Tenders totaled $110,442 million; Treasury accepted $34,000 million, including $207 million of noncompetitive tenders from the public. The high bank discount rate was 0.160 percent. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $5,107 million from FRBs for their own accounts. Auction of 119-Day Cash Management Bills On November 2, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued November 9 and will mature March 8, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on November 3. Tenders totaled $137,917 million; Treasury accepted $40,000 million, including $3 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. November Quarterly Financing On Nov 3, 2021, Treasury announced it would auction $56,000 million of 3-year notes, $39,000 million of 10-year notes, and $25,000 million of 30-year bonds to refund $75,855 million of securities maturing November 15, 2021 and to raise new cash of approximately $44,145 million. 36 The 3-year notes of Series AU-2024 were dated and issued November 15. They are due November 15, 2024, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 03/4 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 November 8. Tenders totaled $130,254 million; Treasury accepted $56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.750 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 0.750 percent. Tenders at the high yield were allotted 74.06 percent. The median yield was 0.690 percent, and the low yield was 0.080 percent. Noncompetitive tenders totaled $96 million. Competitive tenders accepted from private investors totaled $55,799 million. In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $32,394 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AU-2024 is $100. The 10-year notes of Series F-2031 were dated and issued November 15. They are due November 15, 2031, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 13/8 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 November 9. Tenders totaled $91,822 million; Treasury accepted $39,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.444 percent with an equivalent price of $99.359650. Treasury accepted in full all competitive tenders at yields lower than 1.444 percent. Tenders at the high yield were allotted 66.22 percent. The median yield was 1.370 percent, and the low yield was 1.337 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled $38,979 million. In addition to the $39,000 million of tenders accepted in the auction process, Treasury accepted $22,560 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2031 is $100. The 30-year bonds of November 2051 were dated and issued November 15. They are due November 15, 2051, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 17/8 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 November 10. Tenders totaled $55,060 million; Treasury accepted $25,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.940 percent with an equivalent price of $98.526943. Treasury accepted in full all competitive tenders at yields lower than 1.940 percent. Tenders at the high yield were allotted 32.58 percent. The median yield was 1.824 percent, and the low yield was 1.750 percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled $24,996 million. In addition to the $25,000 million of tenders accepted in the auction process, Treasury accepted $14,461 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2051 is $100. 37 Auction of 119-Day Cash Management Bills On November 9, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued November 16 and will mature March 15, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on November 10. Tenders totaled $145,470 million; Treasury accepted $40,002 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 14-Day Cash Management Bills On November 10, 2021, Treasury announced it would auction $60,000 million of 14-day bills. They were issued November 18 and matured December 2. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on November 16. Tenders totaled $165,544 million; Treasury accepted $60,001 million, including $3 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 22-Day Cash Management Bills On November 16, 2021, Treasury announced it would auction $40,000 million of 22-day bills. They were issued November 23 and matured December 15. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on November 17. Tenders totaled $106,132 million; Treasury accepted $40,000 million, including $2 million of noncompetitive tenders from the public. The high bank discount rate was 0.130 percent. Auction of 119-Day Cash Management Bills On November 16, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued November 23 and will mature March 22, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on November 17. Tenders totaled $124,366 million; Treasury accepted $40,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.055 percent. Auction of 35-Day Cash Management Bills On November 18, 2021, Treasury announced it would auction $40,000 million of 35-day bills. They were issued November 26 and matured December 31. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on November 23. Tenders totaled $120,830 million; Treasury accepted $40,000 million, including $15 million of noncompetitive tenders from the public. The high bank discount rate was 0.150 percent. Auction of 1-Year 11-Month 0.035 Percent FRNs On November 18, 2021, Treasury announced it would auction $24,000 million of 1-year 11-month 0.035 percent FRNs. The issue was to raise new cash of approximately $24,000 million. The 1-year 11-month 0.035 percent FRNs of Series BJ-2023 were dated October 31 and issued November 26. They are due October 31, 2023, with interest payable on January 31, April 30, July 31, and October 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 November 23. Tenders totaled $67,170 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities 38 at the high discount margin of 0.038 percent with an equivalent price of $99.994138. Treasury accepted in full all competitive tenders at discount margins lower than 0.038 percent. Tenders at the high discount margin were allotted 97.65 percent. The median discount margin was 0.028 percent, and the low discount margin was 0.000 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled $23,965 million. Accrued interest of $0.005930957 per $100 must be paid for the period from October 31 to November 26. Auction of 14-Day Cash Management Bills On November 23, 2021, Treasury announced it would auction $60,000 million of 14-day bills. They were issued November 30 and matured December 14. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on November 24. Tenders totaled $165,705 million; Treasury accepted $60,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.060 percent. Auction of 119-Day Cash Management Bills On November 23, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued November 30 and will mature March 29, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on November 24. Tenders totaled $117,595 million; Treasury accepted $40,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.070 percent. Auction of 20-Year Bonds On November 10, 2021, Treasury announced it would auction $23,000 million of 20-year bonds. The issue was to refund $92,237 million of securities maturing November 30 and to raise new cash of approximately $120,763 million. The 20-year bonds of November 2041 were dated November 15 and issued November 30. They are due November 15, 2041, with interest payable on May 15 and November 15 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 17. Tenders totaled $53,774 million; Treasury accepted $23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.065 percent with an equivalent price of $98.940421. Treasury accepted in full all competitive tenders at yields lower than 2.065 percent. Tenders at the high yield were allotted 78.36 percent. The median yield was 1.989 percent, and the low yield was 1.940 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $22,998 million. Accrued interest of $0.82873 per $1,000 must be paid for the period from November 15 to November 30. In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $1,896 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2041 is $100. Auction of 9-Year 8-Month 0-1/8 Percent TIPS On November 10, 2021, Treasury announced it would auction $14,000 million of 9-year 8-month 0-1/8 percent TIPS. The issue was to refund $92,237 million of securities maturing November 30 and to raise new cash of approximately $120,763 million. 39 The 9-year 8-month 0-1/8 percent TIPS of Series D-2031 were dated July 15 and issued November 30. They are due July 15, 2031, with interest payable on January 15 and July 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on November 18. Tenders totaled $34,029 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.145 percent with an equivalent adjusted price of $115.601579. Treasury accepted in full all competitive tenders at yields lower than -1.145 percent. Tenders at the high yield were allotted 57.74 percent. The median yield was -1.235 percent, and the low yield was -1.880 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $13,986 million. Adjusted accrued interest of $0.47970 per $1,000 must be paid for the period from July 15 to November 30. Both the unadjusted price of $112.961665 and the unadjusted accrued interest of $0.46875 were adjusted by an index ratio of 1.02337, for the period from July 15 to November 30. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,154 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series D-2031 is $100. Auction of 2-Year Notes On November 18, 2021, Treasury announced it would auction $58,000 million of 2-year notes. The issue was to refund $92,237 million of securities maturing November 30 and to raise new cash of approximately $120,763 million. The 2-year notes of Series BK-2023 were dated and issued November 30. They are due November 30, 2023, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 01/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on November 22. Tenders totaled $136,787 million; Treasury accepted $58,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.623 percent with an equivalent price of $99.755904. Treasury accepted in full all competitive tenders at yields lower than 0.623 percent. Tenders at the high yield were allotted 90.18 percent. The median yield was 0.575 percent, and the low yield was 0.430 percent. Noncompetitive tenders totaled $154 million. Competitive tenders accepted from private investors totaled $57,841 million. In addition to the $58,000 million of tenders accepted in the auction process, Treasury accepted $4,781 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BK-2023 is $100. Auction of 5-Year Notes On November 18, 2021, Treasury announced it would auction $59,000 million of 5-year notes. The issue was to refund $92,237 million of securities maturing November 30 and to raise new cash of approximately $120,763 million. The 5-year notes of Series AG-2026 were dated and issued November 30. They are due November 30, 2026, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 11/4 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 November 22. Tenders totaled $138,008 million; Treasury accepted 40 $59,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.319 percent with an equivalent price of $99.667191. Treasury accepted in full all competitive tenders at yields lower than 1.319 percent. Tenders at the high yield were allotted 66.65 percent. The median yield was 1.250 percent, and the low yield was 1.130 percent. Noncompetitive tenders totaled $61 million. Competitive tenders accepted from private investors totaled $58,884 million. In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $4,863 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AG-2026 is $100. Auction of 7-Year Notes On November 18, 2021, Treasury announced it would auction $59,000 million of 7-year notes. The issue was to refund $92,237 million of securities maturing November 30 and to raise new cash of approximately $120,763 million. The 7-year notes of Series S-2028 were dated and issued November 30. They are due November 30, 2028, with interest payable on May 31 and November 30 until maturity. Treasury set an interest rate of 11/2 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 November 23. Tenders totaled $143,014 million; Treasury accepted $59,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.588 percent with an equivalent price of $99.419180. Treasury accepted in full all competitive tenders at yields lower than 1.588 percent. Tenders at the high yield were allotted 92.14 percent. The median yield was 1.532 percent, and the low yield was 0.888 percent. Noncompetitive tenders totaled $22 million. Competitive tenders accepted from private investors totaled $58,978 million. In addition to the $59,000 million of tenders accepted in the auction process, Treasury accepted $4,863 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series S-2028 is $100. DECEMBER Auction of 21-Day Cash Management Bills On November 24, 2021, Treasury announced it would auction $30,000 million of 21-day bills. They were issued December 2 and matured December 23. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on November 30. Tenders totaled $83,740 million; Treasury accepted $30,000 million, including $30 million of noncompetitive tenders from the public. The high bank discount rate was 0.160 percent. Auction of 52-Week Bills On November 24, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued December 2 and will mature December 1, 2022. The issue was to refund $199,005 million of all maturing bills and to pay down approximately $27,005 million. Treasury auctioned the bills on November 30. Tenders totaled $102,479 million; Treasury accepted $34,000 million, including $196 million of noncompetitive tenders from the public. The high bank discount rate was 0.240 percent. 41 In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,686 million from FRBs for their own accounts. Auction of 19-Year 11-Month 2 Percent Bonds On December 2, 2021, Treasury announced it would auction $25 million of 19-year 11-month 2 percent bonds. The issue was to raise new cash of approximately $25 million. The 19-year 11-month 2 percent bonds of November 2041 were dated November 15 and issued December 6. They are due November 15, 2041, with interest payable on May 15 and November 15 until maturity. Treasury received tenders for the bonds before 1:00 p.m. ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 2. Tenders totaled $73 million; Treasury accepted $25 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.872 percent with an equivalent price of $102.121152. Treasury accepted in full all competitive tenders at yields lower than 1.872 percent. Tenders at the high yield were allotted 65.39 percent. The median yield was 1.865 percent, and the low yield was 1.810 percent. Noncompetitive tenders totaled $ million. Competitive tenders accepted from private investors totaled $25 million. Accrued interest of $1.16022 per $1,000 must be paid for the period from November 15 to December 6. The minimum par amount required for STRIPS of bonds of November 2041 is $100. Auction of 8-Day Cash Management Bills On November 30, 2021, Treasury announced it would auction $40,000 million of 8-day bills. They were issued December 7 and matured December 15. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on December 1. Tenders totaled $101,856 million; Treasury accepted $40,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.160 percent. Auction of 119-Day Cash Management Bills On November 30, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued December 7 and will mature April 5, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on December 1. Tenders totaled $118,667 million; Treasury accepted $40,001 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.075 percent. Auction of 119-Day Cash Management Bills On December 7, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued December 14 and will mature April 12, 2022. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on December 8. Tenders totaled $114,806 million; Treasury accepted $35,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. Auction of 3-Year Notes On December 2, 2021, Treasury announced it would auction $54,000 million of 3-year notes. The issue was to refund $21,485 million of securities maturing December 15 and to raise new cash of approximately $90,515 million. 42 The 3-year notes of Series AV-2024 were dated and issued December 15. They are due December 15, 2024, with interest payable on June 15 and December 15 until maturity. Treasury set an interest rate of 1 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on December 7. Tenders totaled $131,319 million; Treasury accepted $54,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.000 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 1.000 percent. Tenders at the high yield were allotted 88.76 percent. The median yield was 0.957 percent, and the low yield was 0.849 percent. Noncompetitive tenders totaled $94 million. Competitive tenders accepted from private investors totaled $53,801 million. In addition to the $54,000 million of tenders accepted in the auction process, Treasury accepted $7,963 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AV-2024 is $100. Auction of 9-Year 11-Month 1-3/8 Percent Notes On December 2, 2021, Treasury announced it would auction $36,000 million of 9-year 11-month 1-3/8 percent notes. The issue was to refund $21,485 million of securities maturing December 15 and to raise new cash of approximately $90,515 million. The 9-year 11-month 1-3/8 percent notes of Series F-2031 were dated November 15 and issued December 15. They are due November 15, 2031, with interest payable on May 15 and November 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 December 8. Tenders totaled $87,570 million; Treasury accepted $36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.518 percent with an equivalent price of $98.687294. Treasury accepted in full all competitive tenders at yields lower than 1.518 percent. Tenders at the high yield were allotted 24.62 percent. The median yield was 1.450 percent, and the low yield was 0.880 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $35,983 million. Accrued interest of $1.13950 per $1,000 must be paid for the period from November 15 to December 15. In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $5,308 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series F-2031 is $100. Auction of 29-Year 11-Month 1-7/8 Percent Bonds On December 2, 2021, Treasury announced it would auction $22,000 million of 29-year 11-month 1-7/8 percent bonds. The issue was to refund $21,485 million of securities maturing December 15 and to raise new cash of approximately $90,515 million. The 29-year 11-month 1-7/8 percent bonds of November 2051 were dated November 15 and issued December 15. They are due November 15, 2051, with interest payable on May 15 and November 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 December 9. Tenders totaled $48,818 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.895 percent with an equivalent price of $99.543665. Treasury accepted in full all 43 competitive tenders at yields lower than 1.895 percent. Tenders at the high yield were allotted 25.57 percent. The median yield was 1.800 percent, and the low yield was 1.750 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $21,997 million. Accrued interest of $1.55387 per $1,000 must be paid for the period from November 15 to December 15. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $3,244 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2051 is $100. Auction of 119-Day Cash Management Bills On December 14, 2021, Treasury announced it would auction $35,000 million of 119-day bills. They were issued December 21 and will mature April 19, 2022. The issue was to raise new cash of approximately $35,000 million. Treasury auctioned the bills on December 15. Tenders totaled $103,582 million; Treasury accepted $35,001 million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 0.090 percent. Auction of 23-Day Cash Management Bills On December 16, 2021, Treasury announced it would auction $60,000 million of 23-day bills. They were issued December 21 and will mature January 13, 2022. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on December 17. Tenders totaled $162,800 million; Treasury accepted $60,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.050 percent. Auction of 78-Day Cash Management Bills On December 16, 2021, Treasury announced it would auction $60,000 million of 78-day bills. They were issued December 22 and will mature March 10, 2022. The issue was to raise new cash of approximately $60,000 million. Treasury auctioned the bills on December 20. Tenders totaled $172,461 million; Treasury accepted $60,000 million, including $11 million of noncompetitive tenders from the public. The high bank discount rate was 0.070 percent. Auction of 119-Day Cash Management Bills On December 21, 2021, Treasury announced it would auction $40,000 million of 119-day bills. They were issued December 28 and will mature April 26, 2022. The issue was to raise new cash of approximately $40,000 million. Treasury auctioned the bills on December 22. Tenders totaled $137,415 million; Treasury accepted $40,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 0.110 percent. Auction of 52-Week Bills On December 23, 2021, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued December 30 and will mature December 29, 2022. The issue was to refund $130,002 million of all maturing bills and to raise new cash of approximately $14,998 million. Treasury auctioned the bills on December 28. Tenders totaled $107,270 million; Treasury accepted $34,000 million, including $233 million of noncompetitive tenders from the public. The high bank discount rate was 0.390 percent. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,798 million from FRBs for their own accounts. 44 Auction of 19-Year 11-Month 2 Percent Bonds On December 16, 2021, Treasury announced it would auction $20,000 million of 19-year 11-month 2 percent bonds. The issue was to refund $80,037 million of securities maturing December 31 and to raise new cash of approximately $149,963 million. The 19-year 11-month 2 percent bonds of November 2041 were dated November 15 and issued December 31. They are due November 15, 2041, with interest payable on May 15 and November 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 December 21. Tenders totaled $51,894 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.942 percent with an equivalent price of $100.950671. Treasury accepted in full all competitive tenders at yields lower than 1.942 percent. Tenders at the high yield were allotted 80.01 percent. The median yield was 1.900 percent, and the low yield was 1.840 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $19,998 million. Accrued interest of $2.54144 per $1,000 must be paid for the period from November 15 to December 31. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $2,717 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of November 2041 is $100. Auction of 4-Year 10-Month 0-1/8 Percent TIPS On December 16, 2021, Treasury announced it would auction $17,000 million of 4-year 10-month 0-1/8 percent TIPS. The issue was to refund $80,037 million of securities maturing December 31 and to raise new cash of approximately $149,963 million. The 4-year 10-month 0-1/8 percent TIPS of Series AE-2026 were dated October 15 and issued December 31. They are due October 15, 2026, with interest payable on April 15 and October 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 December 22. Tenders totaled $41,221 million; Treasury accepted $17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -1.508 percent with an equivalent adjusted price of $109.428984. Treasury accepted in full all competitive tenders at yields lower than -1.508 percent. Tenders at the high yield were allotted 82.49 percent. The median yield was -1.600 percent, and the low yield was -1.660 percent. Noncompetitive tenders totaled $48 million. Competitive tenders accepted from private investors totaled $16,952 million. Adjusted accrued interest of $0.26757 per $1,000 must be paid for the period from October 15 to December 31. Both the unadjusted price of $108.139956 and the unadjusted accrued interest of $0.26442 were adjusted by an index ratio of 1.01192, for the period from October 15 to December 31. In addition to the $17,000 million of tenders accepted in the auction process, Treasury accepted $2,310 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series AE-2026 is $100. Auction of 2-Year Notes On December 23, 2021, Treasury announced it would auction $56,000 million of 2-year notes. The issue was to refund $80,037 million of securities maturing December 31 and to raise new cash of approximately $149,963 million. 45 The 2-year notes of Series BL-2023 were dated and issued December 31. They are due December 31, 2023, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 03/4 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 December 27. Tenders totaled $142,963 million; Treasury accepted $56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.769 percent with an equivalent price of $99.962362. Treasury accepted in full all competitive tenders at yields lower than 0.769 percent. Tenders at the high yield were allotted 46.93 percent. The median yield was 0.725 percent, and the low yield was 0.650 percent. Noncompetitive tenders totaled $171 million. Competitive tenders accepted from private investors totaled $55,729 million. In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,608 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BL-2023 is $100. Auction of 5-Year Notes On December 23, 2021, Treasury announced it would auction $57,000 million of 5-year notes. The issue was to refund $80,037 million of securities maturing December 31 and to raise new cash of approximately $149,963 million. The 5-year notes of Series AH-2026 were dated and issued December 31. They are due December 31, 2026, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 11/4 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 December 28. Tenders totaled $137,148 million; Treasury accepted $57,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.263 percent with an equivalent price of $99.937202. Treasury accepted in full all competitive tenders at yields lower than 1.263 percent. Tenders at the high yield were allotted 53.19 percent. The median yield was 1.210 percent, and the low yield was 1.150 percent. Noncompetitive tenders totaled $38 million. Competitive tenders accepted from private investors totaled $56,962 million. In addition to the $57,000 million of tenders accepted in the auction process, Treasury accepted $7,744 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AH-2026 is $100. Auction of 1-Year 10-Month 0.035 Percent FRNs On December 23, 2021, Treasury announced it would auction $24,000 million of 1-year 10-month 0.035 percent FRNs. The issue was to refund $80,037 million of securities maturing December 31 and to raise new cash of approximately $149,963 million. The 1-year 10-month 0.035 percent FRNs of Series BJ-2023 were dated October 31 and issued December 31. They are due October 31, 2023, with interest payable on January 31, April 30, July 31, and October 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 December 29. Tenders totaled $96,635 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.030 percent with an equivalent price of $100.009279. Treasury accepted 46 in full all competitive tenders at discount margins lower than 0.030 percent. Tenders at the high discount margin were allotted 78.63 percent. The median discount margin was 0.010 percent, and the low discount margin was 0.000 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $23,982 million. Accrued interest of $0.015154091 per $100 must be paid for the period from October 31 to December 31. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,261 million from FRBs for their own accounts. Auction of 7-Year Notes On December 23, 2021, Treasury announced it would auction $56,000 million of 7-year notes. The issue was to refund $80,037 million of securities maturing December 31 and to raise new cash of approximately $149,963 million. The 7-year notes of Series T-2028 were dated and issued December 31. They are due December 31, 2028, with interest payable on June 30 and December 31 until maturity. Treasury set an interest rate of 1-3/8 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 December 29. Tenders totaled $123,850 million; Treasury accepted $56,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.480 percent with an equivalent price of $99.304232. Treasury accepted in full all competitive tenders at yields lower than 1.480 percent. Tenders at the high yield were allotted 45.77 percent. The median yield was 1.397 percent, and the low yield was 1.317 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $55,989 million. In addition to the $56,000 million of tenders accepted in the auction process, Treasury accepted $7,608 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series T-2028 is $100. 47 TABLE PDO-1—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] On total competitive bids accepted Issue date Description of new issue Number Amount of days to of bids Maturity maturity 1 tendered date (1) (2) (3) Amounts of bids accepted On nonOn competitive competitive Total basis 3 basis amount 2 (5) (4) (6) High price per hundred (7) High discount High investrate ment rate (percent) (percent) 4 (8) (9) Regular weekly: (4 week, 8 week, 13 week, and 26 week) 2021-Oct. 05................................................ Oct. 07.......................................................... Oct. 12.......................................................... Oct. 14.......................................................... Oct. 19.......................................................... Oct. 21.......................................................... Oct. 26.......................................................... Oct. 28.......................................................... Nov. 02......................................................... Nov. 04......................................................... Nov. 09......................................................... Nov. 12......................................................... Nov. 16......................................................... Nov. 18......................................................... Nov. 23......................................................... Nov. 26......................................................... Nov. 30......................................................... Dec. 02......................................................... Dec. 07......................................................... Dec. 09......................................................... Dec. 14......................................................... Dec. 16......................................................... Dec. 21......................................................... Dec. 23......................................................... 2021-Nov. 02 Nov. 30 2022-Jan. 06 Apr. 07 2021-Nov. 09 Dec. 07 2022-Jan. 13 Apr. 14 2021-Nov. 16 Dec. 14 2022-Jan. 20 Apr. 21 2021-Nov. 23 Dec. 21 2022-Jan. 27 Apr. 28 2021-Nov. 30 Dec. 28 2022-Feb. 03 May 05 2021-Dec. 07 2022-Jan. 04 Feb. 10 May 12 2021-Dec. 14 2022-Jan. 11 Feb. 17 May 19 2021-Dec. 21 2022-Jan. 18 Feb. 24 May 26 2021-Dec. 28 2022-Jan. 25 Mar. 03 June 02 Jan. 04 Feb. 01 Mar. 10 June 09 Jan. 11 Feb. 08 Mar. 17 June 16 Jan. 18 Feb. 15 Mar. 24 June 23 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 90 181 28 56 91 182 28 56 90 181 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 47,676.4 97,078.6 151,774.8 145,767.8 59,452.6 79,639.2 151,517.3 173,966.7 92,107.2 80,376.4 153,796.4 146,956.6 214,660.9 82,327.4 187,089.5 165,999.8 210,277.0 87,890.4 208,732.4 146,578.8 56,170.7 91,563.3 182,232.3 164,551.2 54,084.6 89,063.4 196,710.2 180,537.8 45,639.5 116,475.0 178,772.8 154,268.7 40,187.3 95,755.8 186,286.3 159,648.4 49,686.9 86,563.3 165,878.8 150,622.4 56,888.3 95,720.8 164,034.8 167,651.1 93,954.4 79,137.0 161,390.3 146,958.8 11,745.4 29,363.2 48,956.8 48,957.6 11,365.9 28,414.6 48,266.0 48,266.1 27,636.2 27,636.1 54,982.5 51,547.6 63,551.6 26,479.6 60,651.6 53,912.9 63,830.4 26,594.3 62,112.1 55,210.5 11,327.8 28,319.3 60,232.1 53,540.8 12,008.3 30,021.3 64,340.1 57,568.6 12,279.3 30,698.3 62,625.7 56,034.5 12,339.8 30,849.5 64,856.7 58,030.1 11,355.0 28,388.0 62,160.0 55,615.8 11,327.0 28,317.8 62,587.2 55,998.7 32,050.5 26,708.9 62,130.2 52,810.9 9,201.1 24,802.2 41,462.5 41,326.9 9,292.5 24,856.6 41,361.9 41,382.7 24,353.1 24,681.6 47,420.8 43,608.1 59,339.3 24,709.6 53,363.8 46,632.4 59,294.2 24,708.8 53,362.0 46,643.7 9,341.6 24,686.2 53,399.7 46,595.2 9,315.2 24,838.7 56,387.3 49,612.8 9,205.0 24,845.4 56,369.4 49,667.9 9,240.9 24,893.7 55,655.0 49,663.8 9,235.2 24,858.7 56,383.5 49,545.2 9,403.0 24,825.3 56,367.3 49,557.1 29,373.5 24,764.9 59,363.9 49,585.9 699.0 147.9 538.4 374.8 707.6 143.4 538.3 417.6 647.5 218.8 580.2 394.4 661.4 190.5 537.9 369.5 710.4 191.4 539.6 357.5 658.7 214.1 501.7 407.2 535.0 162.3 513.0 388.7 695.1 154.7 531.3 333.8 659.2 106.6 446.1 337.7 714.9 142.1 517.7 454.9 597.1 175.6 533.5 443.3 626.8 185.5 486.3 414.4 99.996500 99.993778 99.989889 99.972194 99.997278 99.982889 99.987361 99.972194 99.997278 99.987556 99.986097 99.969667 99.996111 99.984444 99.986097 99.969667 99.995722 99.985222 99.987361 99.967139 99.996889 99.991444 99.988750 99.967319 99.996111 99.990667 99.988625 99.967139 99.991444 99.993000 99.987500 99.964806 99.990278 99.993000 99.987361 99.954500 99.996889 99.993000 99.986097 99.946917 99.997667 99.992222 99.986097 99.934278 99.997667 99.992222 99.981042 99.919111 0.045 0.040 0.040 0.055 0.035 0.110 0.050 0.055 0.035 0.080 0.055 0.060 0.050 0.100 0.055 0.060 0.055 0.095 0.050 0.065 0.040 0.055 0.045 0.065 0.050 0.060 0.045 0.065 0.110 0.045 0.050 0.070 0.125 0.045 0.050 0.090 0.040 0.045 0.055 0.105 0.030 0.050 0.055 0.130 0.030 0.050 0.075 0.160 0.046 0.041 0.041 0.056 0.035 0.112 0.051 0.056 0.035 0.081 0.056 0.061 0.051 0.101 0.056 0.061 0.056 0.096 0.051 0.066 0.041 0.056 0.046 0.066 0.051 0.061 0.046 0.066 0.112 0.046 0.051 0.071 0.127 0.046 0.051 0.091 0.041 0.046 0.056 0.107 0.030 0.051 0.056 0.132 0.030 0.051 0.076 0.162 48 Continued from Table PDO-1 Dec. 28......................................................... Dec. 30......................................................... 1 Jan. 25 Feb. 22 Mar. 31 June 30 28 56 91 182 149,491.2 138,007.4 189,403.0 155,449.1 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. 52,185.6 41,749.4 68,468.0 58,197.7 49,281.4 39,803.7 58,596.6 49,638.5 718.8 197.3 403.9 361.9 99.996889 99.992222 99.978514 99.893833 0.040 0.050 0.085 0.210 0.041 0.051 0.086 0.213 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 49 [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Description of securities 1 (2) Period to final maturity (years, months, days) 2 (3) Amount tendered (4) Amount accepted 3, 4 (5) Auction date Issue date (1) 09/29/21 10/05/21 0.050% CMB—02/01/22 10/05/21 10/07/21 0.140% CMB—10/15/21 10/05/21 10/07/21 0.090% bill—10/06/22 10/06/21 10/12/21 0.055% CMB—02/08/22 10/06/21 10/13/21 0.050% CMB—12/16/21 10/12/21 10/15/21 0.625% note—10/15/24-AT 3y 10/12/21 10/15/21 1.250% note—08/15/31-E 9y 10/13/21 10/15/21 2.000% bond—08/15/51 29y 10/14/21 10/18/21 0.055% CMB—11/26/21 39d 180,088 60,000 10/13/21 10/19/21 0.050% CMB—02/15/22 119d 137,704 35,002 119d Accepted yield/discount margin and equivalent price for notes and bonds (6) 87,712 30,000 8d 74,935 25,000 364d 120,094 39,632 119d 107,939 30,000 64d 130,429 40,001 141,016 62,364 0.635 - 99.970331 10m 100,900 40,859 1.584 - 96.968273 10m 58,434 25,806 2.049 - 98.908044 10/19/21 10/21/21 0.055% CMB—11/30/21 40d 186,479 60,004 10/20/21 10/22/21 0.055% CMB—11/18/21 27d 203,623 60,001 10/20/21 10/26/21 0.055% CMB—02/22/22 119d 146,160 40,002 48d 108,663 40,000 46,548 19,000 -1.685 109.509314 56,531 26,440 2.100 - 94.354444 10/26/21 10/28/21 0.100% CMB—12/15/21 10/21/21 10/29/21 0.125% TIPS—10/15/26-AE 5y 10/20/21 11/01/21 1.750% bond—08/15/41 19y 10/26/21 11/01/21 0.375% note—10/31/23-BH 2y 167,260 66,100 0.481 - 99.789555 10/27/21 11/01/21 0.035% FRN—10/31/23-BJ 2y 86,630 30,847 0.035 - 100.000000 10/27/21 11/01/21 1.125% note—10/31/26-AF 5y 161,843 67,202 1.157 - 99.845040 10/28/21 11/01/21 1.375% note—10/31/28-R 7y 145,518 68,303 1.461 - 99.429922 10/27/21 11/02/21 0.055% CMB—03/01/22 119d 144,958 40,000 11/02/21 11/04/21 0.160% bill—11/03/22 364d 115,548 39,107 10m 11/03/21 11/09/21 0.055% CMB—03/08/22 137,917 40,000 11/08/21 11/15/21 0.750% note—11/15/24-AU 3y 119d 162,648 88,394 0.750 - 100.000000 11/09/21 11/15/21 1.375% note—11/15/31-F 10y 114,381 61,560 1.444 - 99.359650 30y 1.940 - 98.526943 11/10/21 11/15/21 1.875% bond—11/15/51 69,522 39,461 11/10/21 11/16/21 0.055% CMB—03/15/22 119d 145,470 40,002 11/16/21 11/18/21 0.055% CMB—12/02/21 14d 165,544 60,001 11/17/21 11/23/21 0.130% CMB—12/15/21 22d 106,132 40,000 11/17/21 11/23/21 0.055% CMB—03/22/22 119d 124,366 40,001 11/23/21 11/23/21 11/26/21 11/26/21 0.150% CMB—12/31/21 0.035% FRN—10/31/23-BJ 35d 120,830 67,170 40,000 24,000 11/24/21 11/30/21 0.060% CMB—12/14/21 14d 165,705 60,000 119d 117,595 40,001 55,670 24,896 2.065 - 98.940421 35,183 15,154 -1.145 - 115.601579 1y 11m 0.038 - 99.994138 11/24/21 11/30/21 0.070% CMB—03/29/22 11/17/21 11/30/21 2.000% bond—11/15/41 20y 11/18/21 11/30/21 0.125% TIPS—07/15/31-D 9y 11/22/21 11/30/21 0.500% note—11/30/23-BK 2y 141,567 62,781 0.623 - 99.755904 11/22/21 11/30/21 1.250% note—11/30/26-AG 5y 142,871 63,863 1.319 - 99.667191 11/23/21 11/30/21 1.500% note—11/30/28-S 7y 147,877 63,863 1.588 - 99.419180 11/30/21 12/02/21 0.160% CMB—12/23/21 83,740 30,000 8m 21d 50 364d 38,686 73 25 8d 101,856 40,000 119d 118,667 40,001 12/02/21 0.240% bill—12/01/22 12/02/21 12/06/21 2.000% bond—11/15/41 12/01/21 12/07/21 0.160% CMB—12/15/21 12/01/21 12/07/21 0.075% CMB—04/05/22 119d 114,806 35,000 139,281 61,963 1.000 - 100.000000 92,878 41,308 1.518 - 98.687294 52,062 25,244 1.895 - 99.543665 103,582 35,001 19y 11m 12/08/21 12/14/21 0.090% CMB—04/12/22 12/07/21 12/15/21 1.000% note—12/15/24-AV 3y 12/08/21 12/15/21 1.375% note—11/15/31-F 9y 11m 29y 11m 1.872 - 102.121152 12/09/21 12/15/21 1.875% bond—11/15/51 12/15/21 12/21/21 0.090% CMB—04/19/22 119d 12/17/21 12/21/21 0.050% CMB—01/13/22 23d 162,800 60,000 12/20/21 12/22/21 0.070% CMB—03/10/22 78d 172,461 60,000 12/22/21 12/28/21 0.110% CMB—04/26/22 119d 137,415 40,000 364d 112,068 38,799 54,611 22,717 1.942 - 100.950671 12/28/21 12/30/21 0.390% bill—12/29/22 12/21/21 12/31/21 2.000% bond—11/15/41 12/22/21 12/31/21 12/27/21 12/31/21 12/28/21 19y 11m 0.125% TIPS—10/15/26-AE 4y 10m 43,530 19,310 -1.508 - 109.428984 0.750% note—12/31/23-BL 2y 150,571 63,608 0.769 - 99.962362 12/31/21 1.250% note—12/31/26-AH 5y 144,892 64,744 1.263 - 99.937202 12/29/21 12/31/21 0.035% FRN—10/31/23-BJ 1y 99,896 27,261 0.030 - 100.009279 12/29/21 12/31/21 1.375% note—12/31/28-T 7y 131,458 63,608 1.480 - 99.304232 1 1 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 3 107,164 11/30/21 From date of additional issue in case of a reopening. In reopenings, the amount accepted is in addition to the amount of original offerings. 10m 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. 51 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.) 52 TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Bureau of the Fiscal Service] Public debt securities Held by U.S. Government accounts Total Federal securities outstanding (1) Total outstanding (2) 2017 ................................................ 2018 ................................................ 2019 ................................................ 2020 ................................................ 2021 ................................................ 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 20,244,900 21,516,058 22,719,402 26,945,391 28,428,919 2020 - Dec ....................................... 2021 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct. ...................................... Nov. ..................................... Dec. ..................................... 27,768,006 27,804,680 27,922,267 28,152,398 28,194,469 28,218,691 28,549,263 28,447,372 28,446,893 28,448,421 28,928,663 28,928,235 29,637,003 27,747,798 27,784,553 27,902,364 28,132,570 28,174,714 28,199,008 28,529,436 28,427,722 28,427,317 28,428,919 28,908,765 28,907,987 29,617,215 End of fiscal year or month Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 - 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 2,867,555 2,697,860 2,436,438 4,872,973 5,911,599 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 - 6,096,382 6,121,360 6,127,521 6,125,707 6,098,072 6,153,591 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 5,127,835 5,208,587 5,299,299 5,401,362 5,469,955 5,555,127 5,644,351 5,736,573 5,837,254 5,911,599 6,009,806 6,073,334 6,141,499 Total (3) Public debt securities, continued Agency securities1 Held by private investors End of fiscal year or month Total outstanding (10) Held by Government accounts (12) Total (7) Marketable (8) 2017 ................................................ 2018 ................................................ 2019 ................................................ 2020 ................................................ 2021 ................................................ 11,347,631 11,814,271 13,080,946 22,719,402 16,394,280 10,830,489 11,332,237 12,580,185 16,347,340 15,967,103 517,142 482,034 500,761 478,637 427,176 24,367 24,369 22,822 21,455 19,502 24,363 24,368 22,822 21,455 19,502 4 1 - 2020 – Dec. ..................................... 2021 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... July ...................................... Aug ...................................... Sept ..................................... Oct. ...................................... Nov. ..................................... Dec. ..................................... 15,253,024 16,454,606 16,475,544 16,605,501 16,606,687 16,490,290 16,709,181 16,571,214 16,439,826 16,394,280 16,651,560 16,596,928 17,026,830 14,104,204 15,840,378 15,859,221 15,986,738 15,986,899 15,866,200 16,094,674 15,961,969 16,094,934 15,967,103 16,122,276 16,278,273 16,448,593 417,839 614,228 616,323 618,763 619,789 624,090 614,507 609,245 344,892 427,176 529,284 318,655 578,237 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 19,898 20,248 19,788 20,208 20,127 19,903 19,828 19,755 19,683 19,827 19,650 19,576 19,502 19,898 20,248 19,788 - Note—Public issues held by the Federal Reserve banks have been revised to include Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank System. Nonmarketable (9) Held by private investors (11) 53 TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month 2021 - Dec. Sept. June Mar. 2020 - Dec. Sept. June Mar. 2019 - Dec. Sept. June Mar. 2018 - Dec. Sept. June Mar. 2017 - Dec. Sept. June Mar. 2016 - Dec. Sept. June Mar. 2015 - Dec. Sept. June Mar. 2014 - Dec. Sept. June Mar. 2013 - Dec. Sept. June Mar. 2012 - Dec. Sept. June Mar. 2011 - Dec. Sept. June Mar. Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) Total privately held (3) 29,617.2 28,428.9 28,529.4 28,132.6 27,747.8 26,945.4 26,477.4 23,686.9 23,201.4 22,719.4 22,023.5 22,028.0 21,974.1 21,516.1 21,195.3 21,089.9 20,492.7 20,244.9 19,844.6 19,846.4 19,976.9 19,573.4 19,381.6 19,264.9 18,922.2 18,150.6 18,152.0 18,152.1 18,141.4 17,824.1 17,632.6 17,601.2 17,352.0 16,738.2 16,738.2 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 12,125.9 11,579.1 11,382.9 11,095.5 10,809.2 10,371.9 10,157.7 9,279.7 8,359.9 8,023.6 7,945.2 7,999.1 8,095.0 8,068.1 8,106.9 8,086.6 8,132.1 8,036.9 7,943.4 7,941.1 8,005.6 7,863.5 7,911.2 7,801.4 7,711.2 7,488.7 7,536.5 7,521.3 7,578.9 7,490.8 7,461.0 7,301.5 7,205.3 6,834.2 6,773.3 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 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 10,146.6 9,904.0 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 Depository institutions 3, 4 (4) U.S. savings bonds 5 (5) Private 6 (6) 0.0 1,539.6 1,432.6 1,347.6 1,264.9 1,240.9 1,157.9 947.6 935.1 909.4 808.2 769.5 769.7 682.0 663.1 637.8 636.7 610.5 620.5 657.4 663.1 626.8 580.6 562.9 547.4 519.1 518.5 518.1 516.8 471.1 409.5 368.4 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 279.7 293.8 279.4 321.0 146.2 143.6 144.6 145.7 147.1 148.6 149.8 150.0 151.3 152.3 153.4 154.5 155.7 156.8 157.8 159.0 160.4 161.7 162.8 164.2 165.8 167.5 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 0.0 700.7 869.4 841.0 864.6 846.1 818.1 787.5 705.3 691.1 470.4 443.6 637.3 615.3 605.0 589.7 432.1 570.8 425.9 444.2 538.0 545.6 537.9 524.4 504.7 305.3 373.8 447.8 507.1 490.7 482.6 474.3 464.9 347.8 444.5 463.4 468.0 453.9 427.4 406.6 391.9 373.6 251.8 215.8 State and Insurance local compagovernments nies 3 (7) (8) 1 7 Includes 2 8 Source: Source: “Monthly Statement of the Public Debt of the United States” (MSPD). Face value. Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U.S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. As of February 2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.210. 4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States” from January 1996. From December 2014 to September 2018, includes savings bonds issued to myRA accounts. Current accrual value. 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund". 0.0 424.0 430.2 346.4 354.2 327.0 306.3 336.8 344.2 346.4 382.0 357.6 367.9 301.7 307.3 300.1 289.4 266.5 262.8 239.5 218.8 203.8 185.0 170.4 174.5 171.0 185.7 176.7 199.2 198.7 198.3 184.3 181.3 187.5 187.7 193.4 183.6 181.7 171.2 169.4 160.7 155.7 158.0 157.9 0.0 417.7 416.2 388.1 398.2 413.3 402.6 396.3 368.7 366.5 363.4 361.0 360.5 361.3 360.2 366.9 377.9 364.3 352.8 342.6 334.2 345.2 333.7 319.1 310.1 310.0 307.7 308.5 310.5 301.4 291.0 280.1 274.5 276.6 281.3 284.3 292.7 292.6 293.6 298.1 297.3 259.6 254.8 253.5 Mutual funds 3, 7 (9) 0.0 2,988.8 3,515.7 3,665.1 3,552.9 3,531.8 3,559.4 2,384.6 2,350.6 2,217.3 1,951.2 2,058.3 2,023.3 1,898.2 1,843.4 1,977.1 1,797.5 1,697.8 1,608.5 1,669.1 1,705.4 1,600.4 1,434.2 1,404.1 1,318.3 1,195.1 1,139.8 1,170.4 1,121.8 1,075.8 986.2 1,060.4 983.3 986.1 1,000.1 1,066.7 1,031.8 1,080.7 997.8 1,015.4 927.9 788.7 753.7 749.4 State and local governments 3 (10) Foreign and international 8 (11) Other investors 9 (12) 0.0 1,397.1 1,326.2 1,112.1 1,111.9 1,057.7 1,032.8 862.1 793.1 766.8 751.4 752.7 713.2 730.7 726.8 715.8 735.0 704.0 710.1 724.6 717.3 710.9 712.6 694.9 680.9 646.0 652.8 663.3 654.5 628.7 638.8 632.0 633.6 624.3 612.6 615.6 599.6 596.9 585.4 567.4 562.2 557.9 572.2 585.3 0.0 7,570.0 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 5,792.6 5,652.8 5,595.0 5,725.0 5,573.8 5,476.1 5,310.9 5,145.1 5,006.9 4,912.1 4,690.6 4,481.4 0.0 1,668.3 1,492.6 2,152.7 2,174.1 1,938.9 1,840.6 1,592.8 2,349.0 2,322.4 2,572.6 2,657.7 2,581.5 2,476.0 2,199.9 2,033.6 1,720.4 1,530.5 1,605.8 1,588.4 1,622.4 1,353.8 1,238.3 1,333.0 1,357.1 1,236.8 1,100.1 998.4 919.0 920.8 968.8 1,173.7 1,316.2 1,355.7 1,362.6 1,245.7 1,229.4 1,015.4 1,105.4 1,081.2 971.4 935.8 976.1 1,360.1 money market mutual funds, mutual funds, and closed-end investment companies. Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. For additional information, see: http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. *The “Insurance companies” data presented in Treasury Bulletin issues from December 2018 through June 2021 have been revised. Beginning with the December 2018 TB issue and June 2018 data, ownership data for property-casualty insurance companies was not included in the total, nor were updates to historical data captured due to a change in the FRB Flow of Funds Z.1 release series reporting this data. This new series is now being captured and “Insurance companies” data have been revised back to June 2013. 54 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, Dec. 31, 2021 [Source: Bureau of the Fiscal Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) Currency no longer issued (5) U.S. notes (4) $2,487,710,217,410 $2,437,441,425,028 2,436,966,720,332 $238,924,666 $235,779,730 The Treasury ....................................... 123,017,875 66,893,875 66,662,271 49,342 182,262 FRBs ................................................... 251,059,007,557 249,827,465,905 249,827,462,643 - 3,262 Amounts in circulation ............................. $2,236,528,191,978 $2,187,547,065,248 $2,187,072,595,418 $238,875,624 $235,594,206 Less amounts held by: Coins 2 Amounts outstanding .............................. Total (1) Dollars 2, 3 (2) Fractional coins (3) $50,268,792,382 6,547,064,108 43,721,728,274 The Treasury ....................................... 56,124,000 48,770,000 7,354,000 FRBs ................................................... 1,231,541,652 979,232,332 252,309,320 Amounts in circulation ............................. $48,981,126,730 $5,519,061,776 $ 43,462,064,954 Less amounts held by: See footnotes following table USCC-2. 55 TABLE USCC-2—Amounts Outstanding and in Circulation, Dec. 31, 2021 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $13,842,298,280 $143,471 $139,454,597 Federal Reserve notes 1 (2) $13,981,896,348 $2 ................................................................................ 2,848,612,850 2,717,192,458 131,407,818 12,574 $5 ................................................................................ 17,093,646,220 16,964,026,580 107,344,355 22,275,285 $10 .............................................................................. 23,198,243,610 23,178,529,860 4,880 19,708,870 $20 .............................................................................. 237,924,326,920 237,904,223,540 -140 20,103,520 $50 .............................................................................. 122,926,232,600 122,914,742,200 -8,850 11,499,250 $100 ............................................................................ 1,769,262,028,100 1,769,240,066,500 -25,000 21,986,600 $500 ............................................................................ 141,734,000 141,540,000 4,000 190,000 $1,000 ......................................................................... 165,139,000 164,926,000 5,000 208,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,440,000 3,340,000 - 100,000 Partial notes 5 .............................................................. 600 - 90 510 Total currency ......................................................... $ 2,187,547,065,248 $2,187,072,595,418 $ 238,875,624 $235,594,206 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 4 (2) Dec. 31, 2021 ....................................................................................... 2,236,528 6,727 Nov. 30, 2021....................................................................................... 2,221,454 6,683 Oct. 31, 2021 ....................................................................................... 2,204,937 6,633 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 Represents Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Based on Bureau of the Census estimates of population. value of certain partial denominations not presented for redemption. 6 Represents current FRB adjustment. Foreign Currency Positions Exchange Stabilization Fund 56 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, September, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. The information in the tables referenced above is based on the reports referenced in this Introduction: Foreign Currency Positions and is not audited by the Federal Reserve banks or the Treasury Department. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. The data reported herein may occasionally differ with respect to time periods noted in prior issues of this Bulletin due to revisions from reporting market participants that arise from quality assurance controls. 57 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] Spot, forward and future contracts Report date Purchased (1) Sold (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 07/07/21 ................................................................ 1,906,421 1,915,016 -337 1.2506 07/14/21 ................................................................ 1,961,933 1,964,053 -153 1.2521 07/21/21 ................................................................ 1,912,177 1,919,448 -248 1.2538 07/28/21 ................................................................ 1,973,060 1,976,917 -228 1.2563 08/04/21 ................................................................ 1,960,900 1,960,127 -222 1.2551 08/11/21 ................................................................ 1,999,366 2,005,360 -78 1.2513 08/18/21 ................................................................ 1,928,048 1,934,813 -336 1.2638 08/25/21 ................................................................ 1,984,044 1,983,457 -259 1.2624 09/01/21 ................................................................ 2,162,144 2,171,959 -342 1.2615 09/08/21 ................................................................ 2,189,671 2,200,996 -287 1.2681 09/15/21 ................................................................ 1,903,390 1,918,899 -284 1.2653 09/22/21 ................................................................ 1,871,803 1,896,386 -288 1.2733 09/29/21 ................................................................ 1,823,900 1,841,059 -325 1.2750 10/06/21 ................................................................ 1,815,484 1,830,488 -340 1.2612 10/13/21 ................................................................ 1,815,066 1,826,204 -309 1.2448 10/20/21 ................................................................ 1,835,583 1,849,689 -270 1.2328 10/27/21 ................................................................ 1,860,927 1,878,636 -201 1.2337 11/03/21 ................................................................ 1,872,097 1,885,528 -261 1.2416 11/10/21 ................................................................ 1,909,676 1,912,339 -298 1.2447 11/17/21 ................................................................ 1,937,243 1,942,400 -362 1.2594 11/24/21 ................................................................ 1,967,381 1,976,446 -285 1.2657 12/01/21 ................................................................ 2,013,160 2,015,538 -265 1.2778 12/08/21 ................................................................ 2,058,203 2,049,510 -292 1.2653 12/15/21 ................................................................ 1,856,672 1,839,530 -322 1.2916 12/22/21 ................................................................ 1,860,575 1,841,429 -231 1.2844 12/29/21 ................................................................ 1,821,597 1,807,733 -227 1.2810 58 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] Foreign currency denominated Spot, forward and future contracts Options positions Puts Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 1,770,713 1,800,577 237,343 166,597 60,229 58,558 94,655 84,992 -116 1.2776 Feb ................... 2,002,996 2,047,366 254,560 179,784 67,565 66,850 98,878 85,596 -117 1.2698 Mar ................... 2,282,462 2,302,400 299,885 244,667 64,889 64,901 95,349 89,904 -107 1.2571 Apr. ................... 2,041,923 2,057,465 223,148 153,300 54,871 57,489 93,507 84,248 -27 1.2291 May................... 2,048,784 2,075,557 218,449 156,807 64,082 63,840 109,543 111,552 -29 1.2087 June.................. 2,006,475 2,007,476 171,759 159,735 77,145 73,809 134,924 137,377 -183 1.2404 Purchased (1) Sold (2) Assets (3) 2019 - Dec .................... 1,638,356 1,699,212 2020 - Dec .................... 1,615,296 2021 - Jan. ................... Report date Calls July. .................. 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 Aug ................... 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 Sept .................. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 Oct. ................... 1,943,163 1,957,595 214,779 144,402 75,121 76,439 125,307 127,100 -139 1.2397 Nov. .................. 2,058,909 2,056,927 192,442 185,092 67,679 67,358 120,396 122,653 -154 1.2812 Dec. .................. 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 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 2018 - Dec .................... 2019 - Mar .................... June................... Sept ................... Dec .................... 2020 - Mar .................... June................... Sept ................... Dec .................... 2021 - Mar .................... June................... Sept. .................. Purchased (1) Sold (2) 29,734 44,154 61,181 65,325 45,259 37,877 35,105 52,279 37,680 37,924 40,247 38,382 61,026 77,412 92,673 98,507 78,619 79,185 75,424 74,098 80,356 75,948 76,762 76,288 Foreign currency denominated Assets (3) 139,329 136,922 141,337 135,411 130,707 123,492 120,966 129,196 129,178 116,451 115,033 120,064 Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 98,110 n.a. n.a. n.a. n.a. n.a. n.a. 98,229 92,121 n.a. 77,492 83,665 696 326 1,612 527 449 284 531 353 n.a. 3,162 1,732 464 346 276 922 393 352 541 414 281 n.a. 3,062 3,441 215 3,017 4,592 n.a. n.a. n.a. 4,177 n.a. n.a. 1,062 3,854 5,774 1,742 1,941 n.a. 427 653 463 1,611 755 411 570 3,348 1,483 1,261 18 4 n.a. -2 -5 n.a. 26 3 n.a. n.a. -148 -40 Exchange rate (Canadian dollars per U.S. dollar) (10) 1.3644 1.3360 1.3091 1.3243 1.2962 1.4123 1.3614 1.3323 1.2753 1.2571 1.2404 1.2673 59 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] Spot, forward and future contracts Report date Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 07/07/21 ............................................................. 540,084 542,091 -71 110.62 07/14/21 ............................................................. 540,591 545,008 -64 110.03 07/21/21 ............................................................. 541,481 541,041 -73 110.22 07/28/21 ............................................................. 547,020 546,257 -70 110.06 08/04/21 ............................................................. 539,389 542,706 -71 109.44 08/11/21 ............................................................. 555,172 559,687 -71 110.47 08/18/21 ............................................................. 538,233 543,099 -73 109.92 08/25/21 ............................................................. 552,496 555,512 -67 110.03 09/01/21 ............................................................. 572,522 577,815 -67 110.03 09/08/21 ............................................................. 582,786 587,494 -78 110.32 09/15/21 ............................................................. 542,221 546,410 -74 109.40 09/22/21 ............................................................. 576,605 550,186 -80 109.59 09/29/21 ............................................................. 596,323 572,271 -90 111.83 10/06/21 ............................................................. 590,626 561,678 -91 111.33 10/13/21 ............................................................. 600,586 575,081 -100 113.49 10/20/21 ............................................................. 598,410 579,465 -87 114.24 10/27/21 ............................................................. 588,110 564,320 -81 113.75 11/03/21 ............................................................. 625,450 598,597 -90 114.06 11/10/21 ............................................................. 602,349 576,237 -87 113.89 11/17/21 ............................................................. 613,239 586,649 -97 114.33 11/24/21 ............................................................. 628,741 597,451 -120 115.34 12/01/21 ............................................................. 653,681 635,581 -78 112.82 12/08/21 ............................................................. 647,176 623,502 -82 113.83 12/15/21 ............................................................. 600,310 580,692 -89 113.83 12/22/21 ............................................................. 581,692 567,502 -93 114.22 12/29/21 ............................................................. 557,366 558,529 -93 114.97 60 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 2019 - Dec ................... 2020 - Dec. .................. 2021 - Jan. .................. Feb .................. Mar .................. Apr. .................. May.................. June................. July. ................. Aug .................. Sept ................. Oct. .................. Nov. ................. Dec. ................. Foreign currency denominated Options positions Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) 514,008 551,945 572,126 614,597 590,832 567,978 572,366 567,818 554,596 563,062 613,737 621,848 658,174 555,955 518,815 515,485 535,411 574,596 593,506 571,315 582,086 570,584 554,165 565,922 587,685 594,363 626,856 563,499 89,712 93,852 96,452 97,995 106,991 80,853 83,062 84,812 70,634 70,295 85,319 83,618 74,225 86,747 73,001 78,209 81,942 80,031 93,309 68,133 68,554 76,766 60,541 60,291 72,785 70,234 65,406 71,664 29,712 26,458 29,099 26,972 27,446 24,935 24,250 22,729 22,119 21,429 21,474 22,631 25,265 22,950 Written (6) 31,697 27,754 30,875 28,589 28,288 26,069 25,780 23,922 23,297 22,256 22,581 24,377 26,413 23,843 Bought (7) Net delta equivalent (9) Written (8) 46,539 40,126 42,146 40,987 41,003 38,704 38,338 35,724 33,820 31,645 31,421 34,108 37,915 32,370 50,688 42,187 44,256 43,116 43,537 40,559 39,855 37,547 35,360 33,429 34,069 36,871 40,157 33,780 -34 40 1 21 -9 -27 -27 -26 -5 -8 -33 -37 -44 -54 Exchange rate (Japanese yen per U.S. dollar) (10) 108.67 103.19 104.64 106.64 110.61 109.33 109.83 111.05 109.70 110.05 111.50 114.03 113.22 115.09 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date 2018 - Dec ..................... 2019 - Mar ..................... June ................... Sept .................... Dec ..................... 2020 - Mar ..................... June ................... Sept .................... Dec ..................... 2021 - Mar ..................... June ................... Sept. ................... Foreign currency denominated Options positions Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) 8,255 7,790 7,769 7,691 7,446 9,603 8,072 7,917 n.a. 9,089 8,588 8,410 5,873 7,262 6,437 6,782 6,168 9,032 7,575 8,259 n.a. 9,554 9,437 8,709 8,065 9,387 9,348 8,470 8,607 7,929 8,972 9,802 9,738 10,518 10,528 10,081 6,269 6,865 6,519 5,769 6,269 5,746 6,114 6,137 6,246 6,406 6,457 6,448 489 297 499 302 86 172 150 159 413 239 222 296 505 513 554 445 287 313 322 330 n.a. 551 409 555 440 425 665 550 417 426 328 326 n.a. 704 540 710 153 122 186 135 133 179 91 111 93 359 264 342 Net delta equivalent (9) 49 3 -38 1 n.a. n.a. 6 2 5 2 1 -7 Exchange rate (Japanese yen per U.S. dollar) (10) 109.70 110.68 107.84 108.11 108.67 107.53 107.77 105.58 103.19 110.61 111.05 111.50 61 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) 07/07/21 .................................................................. 838,784 858,692 64 0.9252 07/14/21 .................................................................. 866,086 887,114 28 0.9154 07/21/21 .................................................................. 843,487 855,425 68 0.9179 07/28/21 .................................................................. 854,186 872,803 103 0.9134 08/04/21 .................................................................. 808,225 832,331 137 0.9061 08/11/21 .................................................................. 836,567 860,296 85 0.9215 08/18/21 .................................................................. 858,162 883,853 65 0.9179 08/25/21 .................................................................. 897,893 924,218 62 0.9137 09/01/21 .................................................................. 968,306 992,599 41 0.9145 09/08/21 .................................................................. 932,361 962,716 13 0.9219 09/15/21 .................................................................. 863,776 895,736 13 0.9196 09/22/21 .................................................................. 875,078 905,655 26 0.9223 09/29/21 .................................................................. 880,625 909,122 21 0.9335 10/06/21 .................................................................. 833,390 855,889 56 0.9279 10/13/21 .................................................................. 844,478 869,644 47 0.9260 10/20/21 .................................................................. 869,188 899,345 74 0.9197 10/27/21 .................................................................. 874,118 905,473 76 0.9183 11/03/21 .................................................................. 887,054 906,775 115 0.9121 11/10/21 .................................................................. 866,588 889,157 99 0.9164 11/17/21 .................................................................. 903,308 923,210 78 0.9286 11/24/21 .................................................................. 906,839 925,180 52 0.9354 12/01/21 .................................................................. 1,002,564 1,018,951 50 0.9195 12/08/21 .................................................................. 953,077 971,315 53 0.9217 12/15/21 .................................................................. 845,901 872,007 39 0.9258 12/22/21 .................................................................. 871,668 886,062 27 0.9201 12/29/21 .................................................................. 855,296 874,475 42 0.9149 62 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] Spot, forward and future contracts Report date 2019 - Dec ..................... 2020 - Dec. .................... 2021 - Jan. .................... Feb .................... Mar .................... Apr. .................... May.................... June................... July. ................... Aug .................... Sept ................... Oct. .................... Nov. ................... Dec. ................... Foreign currency denominated Options positions Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) 875,026 788,408 849,599 909,212 929,721 886,203 907,082 953,238 889,817 1,007,233 941,447 972,906 1,040,691 900,008 919,323 818,907 881,768 943,183 962,928 919,745 956,795 988,629 927,598 1,047,742 978,529 1,007,333 1,070,292 933,319 94,699 84,653 79,328 86,020 111,825 66,391 71,244 71,968 65,244 67,580 73,713 66,243 69,669 72,419 70,094 61,459 60,189 70,546 99,888 53,952 58,361 67,603 51,437 58,989 61,402 52,765 56,874 57,271 41,629 30,684 31,612 35,879 40,799 41,057 38,856 34,376 32,520 35,418 37,392 38,195 36,496 33,648 Written (6) 39,815 29,500 29,452 32,391 36,826 37,255 36,976 33,359 30,130 32,547 36,565 34,548 32,846 29,879 Bought (7) Written (8) 66,118 46,891 45,854 55,072 60,746 62,056 58,262 53,154 52,157 57,952 60,400 59,693 53,126 45,688 62,231 45,610 45,648 54,518 59,553 61,530 56,780 52,903 50,280 59,107 58,162 59,659 51,728 44,335 Net delta equivalent (9) n.a. n.a. n.a. n.a. n.a. n.a. n.a. 69 117 66 31 35 13 3 Exchange rate (Swiss francs per U.S. dollar) (10) 0.9677 0.8841 0.8905 0.9092 0.9418 0.9127 0.8995 0.9253 0.9061 0.9161 0.9339 0.9165 0.9217 0.9119 TABLE FCP-III-3—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Options positions Spot, forward and future contracts Report date 2018 - Dec ..................... 2019 - Mar ..................... June ................... Sept .................... Dec ..................... 2020 - Mar ..................... June .................... Sept .................... Dec ..................... 2021 - Mar ..................... June ................... Sept. ................... Purchased (1) 15,001 15,382 15,792 15,906 11,913 16,612 n.a. n.a. n.a. 12,060 11,891 10,682 Foreign currency denominated Sold (2) Assets (3) Liabilities (4) 18,474 18,508 24,077 20,908 18,354 17,786 12,899 11,677 n.a. 41,773 40,383 38,238 n.a. 116,780 111,660 109,813 106,584 106,117 75,161 95,156 101,140 95,515 79,145 80,060 21,413 17,956 16,940 16,485 17,110 13,924 12,614 13,035 14,702 17,129 14,385 14,117 Calls Bought (5) n.a. n.a. n.a. 82 n.a. n.a. n.a. n.a. 22 n.a. 36 558 Puts Written (6) Bought (7) Written (8) n.a. n.a. n.a. n.a. n.a. n.a. n.a. 530 n.a. n.a. 180 1,515 n.a. 1,002 n.a. 148 n.a. n.a. n.a. n.a. n.a. 601 575 1,954 n.a. n.a. n.a. 67 n.a. 27 n.a. 59 51 n.a. 372 704 Net delta equivalent (9) n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. -8 1 -6 Exchange rate (Swiss francs per U.S. dollar) (10) 0.9832 0.9962 0.9758 0.9978 0.9677 0.9627 0.9467 0.9188 0.8841 0.9418 0.9253 0.9339 63 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) 07/07/21 .................................................................. 3,031,552 3,195,108 -158 1.3792 07/14/21 .................................................................. 3,194,917 3,342,350 -144 1.3854 07/21/21 .................................................................. 3,103,984 3,242,935 -143 1.3695 07/28/21 .................................................................. 3,207,284 3,336,157 -179 1.3884 08/04/21 .................................................................. 3,161,398 3,276,653 -201 1.3912 08/11/21 .................................................................. 3,246,768 3,360,136 -213 1.3866 08/18/21 .................................................................. 3,191,649 3,303,971 -88 1.3749 08/25/21 .................................................................. 3,219,692 3,325,909 -153 1.3723 09/01/21 .................................................................. 3,346,077 3,489,056 -76 1.3790 09/08/21 .................................................................. 3,210,846 3,326,194 68 1.3761 09/15/21 .................................................................. 3,015,503 3,147,030 21 1.3837 09/22/21 .................................................................. 3,098,416 3,227,630 40 1.3669 09/29/21 .................................................................. 3,301,738 3,436,669 19 1.3439 10/06/21 .................................................................. 3,122,323 3,217,872 -49 1.3569 10/13/21 .................................................................. 3,263,700 3,368,714 -96 1.3645 10/20/21 .................................................................. 3,280,294 3,367,666 -78 1.3821 10/27/21 .................................................................. 3,384,475 3,498,611 -72 1.3739 11/03/21 .................................................................. 3,501,498 3,612,416 -208 1.3659 11/10/21 .................................................................. 3,354,078 3,469,332 -230 1.3470 11/17/21 .................................................................. 3,555,890 3,675,564 -135 1.3488 11/24/21 .................................................................. 3,418,056 3,553,551 -156 1.3332 12/01/21 .................................................................. 3,653,388 3,808,879 -213 1.3308 12/08/21 .................................................................. 3,561,530 3,693,438 -211 1.3236 12/15/21 .................................................................. 3,382,801 3,543,501 -207 1.3214 12/22/21 .................................................................. 3,263,044 3,433,567 -214 1.3345 12/29/21 .................................................................. 3,197,140 3,369,359 -174 1.3475 64 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] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Options positions Puts Calls Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 2019 - Dec ................. 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. Exchange rate (U.S. dollars per pound) (10) 1.3269 2020 - Dec. ................ 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 2021 - Jan. ................ 3,094,238 3,272,974 741,022 595,349 90,750 87,423 88,917 81,744 77 1.3723 Feb ................. 3,427,549 3,607,808 698,107 575,176 107,650 105,462 86,953 87,450 74 1.3947 Mar ................. 3,399,267 3,583,991 678,361 629,784 101,951 98,434 74,068 70,975 -1 1.3795 Apr .................. 3,337,230 3,527,657 505,764 456,979 98,642 94,837 70,994 69,478 -55 1.3838 May ................ 3,309,764 3,507,988 559,975 493,259 86,665 84,259 64,180 61,118 71 1.4188 June ............... 3,306,543 3,494,167 565,087 504,257 76,806 75,434 69,588 67,183 -91 1.3806 July ................. 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913 Aug ................. 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747 Sept ................ 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470 Oct. ................ 3,582,729 3,714,083 554,929 500,684 65,530 61,653 77,313 69,917 -79 1.3686 Nov ................ 3,710,840 3,854,182 632,598 575,365 67,673 64,987 89,387 76,056 -167 1.3252 Dec ................ 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544 TABLE FCP-IV-3—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date 2018 - Dec ..................... 2019 - Mar ..................... June ................... Sept .................... Dec ..................... 2020 - Mar ..................... June ................... Sept .................... Dec ..................... 2021 - Mar ..................... June ................... Sept. ................... Foreign currency denominated Options positions Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 35,003 38,710 33,103 38,175 37,609 39,590 34,001 31,675 45,430 43,845 50,602 50,173 56,301 60,551 59,034 64,162 60,334 67,544 62,438 58,932 n.a. 63,450 66,849 63,895 196,698 212,555 205,735 207,780 206,699 207,204 209,014 211,807 222,675 232,954 225,356 227,437 56,905 66,770 61,990 63,653 61,553 73,531 76,302 78,738 80,552 88,856 87,405 83,716 7,323 11,947 1,363 5,195 7,341 2,203 1,417 1,303 1,711 1,918 1,519 559 5,123 10,874 1,645 3,823 6,449 2,029 1,178 1,088 1,354 1,890 1,652 522 2,941 2,508 1,897 3,871 2,795 1,626 2,131 2,281 2,318 1,065 1,224 1,002 2,060 2,109 1,197 3,397 n.a. 1,214 2,125 1,968 2,241 669 306 393 118 57 -37 83 247 134 151 207 222 187 303 220 Exchange rate (U.S. dollars per pound) (10) 1.2763 1.3032 1.2704 1.2305 1.3269 1.2454 1.2369 1.2921 1.3662 1.3795 1.3806 1.3470 65 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) 07/07/21 ................................................................ 26,493,017 25,659,046 -2,270 n.a. 07/14/21 ................................................................ 27,155,219 26,377,445 -2,590 n.a. 07/21/21 ................................................................ 26,675,832 25,846,424 -2,860 n.a. 07/28/21 ................................................................ 27,384,297 26,646,133 -2,811 n.a. 08/04/21 ................................................................ 26,790,140 25,993,926 -2,490 n.a. 08/11/21 ................................................................ 27,664,117 26,772,316 -2,543 n.a. 08/18/21 ................................................................ 27,373,300 26,593,363 -2,117 n.a. 08/25/21 ................................................................ 28,092,408 27,356,850 -3,450 n.a. 09/01/21 ................................................................ 29,589,248 28,772,608 -3,296 n.a. 09/08/21 ................................................................ 29,282,248 28,454,856 -3,262 n.a. 09/15/21 ................................................................ 27,163,541 26,198,046 -2,698 n.a. 09/22/21 ................................................................ 27,651,796 26,620,004 -2,491 n.a. 09/29/21 ................................................................ 28,386,164 27,452,261 -2,724 n.a. 10/06/21 ................................................................ 27,525,291 26,540,654 -2,195 n.a. 10/13/21 ................................................................ 28,293,486 27,456,472 -2,234 n.a. 10/20/21 ................................................................ 28,285,268 27,484,834 -2,446 n.a. 10/27/21 ................................................................ 28,712,756 27,820,150 -2,222 n.a. 11/03/21 ................................................................ 28,769,871 27,896,186 -2,086 n.a. 11/10/21 ................................................................ 28,595,508 27,540,551 -1,933 n.a. 11/17/21 ................................................................ 29,417,162 28,608,943 -1,436 n.a. 11/24/21 ................................................................ 29,190,858 28,276,504 -1,533 n.a. 12/01/21 ................................................................ 30,990,757 30,072,655 -1,226 n.a. 12/08/21 ................................................................ 30,675,832 29,818,376 -1,978 n.a. 12/15/21 ................................................................ 28,254,664 27,439,786 -2,619 n.a. 12/22/21 ................................................................ 27,318,832 26,502,356 -1,957 n.a. 12/29/21 ................................................................ 27,029,998 26,168,144 -1,543 n.a. 66 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) Calls Options positions Puts Bought Written (7) (8) Bought (5) Written (6) 1,305,332 1,109,429 1,106,074 2019 - Dec .............. 24,180,933 23,475,477 - - 1,314,653 Net delta equivalent (9) Exchange rate (10) -1,902 n.a. 2020 - Dec. ............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a. 2021 - Jan .............. 27,260,519 26,568,251 - - 1,392,685 1,377,196 1,318,878 1,345,890 -1,205 n.a. Feb ............. 29,049,951 28,289,749 - - 1,386,453 1,369,219 1,292,974 1,300,441 -736 n.a. Mar ............. 28,837,712 28,080,020 - - 1,409,087 1,393,480 1,266,936 1,295,961 -509 n.a. Apr .............. 28,153,212 27,370,680 - - 1,369,601 1,347,210 1,209,128 1,229,889 -1,721 n.a. May ............ 28,477,597 27,686,519 - - 1,378,269 1,382,290 1,335,962 1,361,299 -1,587 n.a. June ............ 28,371,515 27,445,636 - - 1,365,836 1,366,509 1,260,538 1,292,253 -1,853 n.a. July. ............ 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a. Aug ............. 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2,688 n.a. Sept ............ 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 n.a. Oct .............. 29,800,133 28,897,492 - - 1,359,937 1,400,815 1,195,731 1,218,736 -1,607 n.a. Nov ............. 31,383,646 30,481,967 - - 1,454,120 1,496,443 1,292,843 1,304,863 -1,527 n.a. Dec ............. 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a. TABLE FCP-V-3—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date 2018 - Dec .................... 2019 - Mar .................... June .................. Sept ................... Dec .................... 2020 - Mar .................... June .................. Sept ................... Dec .................... 2021 - Mar .................... June .................. Sept. .................. Options positions Foreign currency denominated Puts Calls Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (10) 424,656 479,088 492,795 517,152 489,523 527,617 453,275 445,071 n.a. 544,055 577,405 576,305 368,534 367,085 384,134 383,695 335,160 368,051 339,004 345,176 n.a. 384,504 440,815 435,325 - - 23,014 24,392 22,611 22,698 15,286 18,296 16,423 23,624 n.a. 26,574 20,809 19,758 25,224 24,220 19,703 19,505 16,703 18,350 18,642 28,790 27,471 32,663 18,607 20,291 26,202 27,390 22,966 21,249 19,970 16,512 22,614 15,855 24,760 28,720 22,650 21,963 25,804 26,982 20,310 19,635 18,665 19,723 19,932 15,680 n.a. 22,735 21,814 16,726 2,684 1,982 2,439 1,960 2,134 2,356 847 645 1,381 1,559 n.a. 2,503 n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. n.a. 67 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) 07/07/21 ............................................................................. 7,241,653 7,408,302 -489 0.8472 07/14/21 ............................................................................. 7,491,348 7,668,027 -433 0.8456 07/21/21 ............................................................................. 7,237,141 7,411,121 -145 0.8475 07/28/21 ............................................................................. 7,354,633 7,537,176 -229 0.8468 08/04/21 ............................................................................. 7,137,100 7,331,520 -294 0.8445 08/11/21 ............................................................................. 7,439,947 7,625,359 59 0.8520 08/18/21 ............................................................................. 7,360,758 7,550,351 159 0.8546 08/25/21 ............................................................................. 7,519,233 7,703,308 152 0.8505 09/01/21 ............................................................................. 8,001,894 8,206,954 159 0.8439 09/08/21 ............................................................................. 7,878,354 8,065,981 106 0.8462 09/15/21 ............................................................................. 7,547,700 7,723,668 50 0.8467 09/22/21 ............................................................................. 7,511,559 7,665,922 -15 0.8519 09/29/21 ............................................................................. 7,928,338 8,111,957 341 0.8612 10/06/21 ............................................................................. 7,578,218 7,734,806 123 0.8661 10/13/21 ............................................................................. 7,851,671 8,018,408 -23 0.8645 10/20/21 ............................................................................. 7,814,869 8,025,853 33 0.8589 10/27/21 ............................................................................. 7,915,352 8,104,332 6 0.8621 11/03/21 ............................................................................. 7,800,459 7,988,554 41 0.8633 11/10/21 ............................................................................. 7,780,736 7,998,737 -173 0.8683 11/17/21 ............................................................................. 8,094,352 8,298,393 -101 0.8832 11/24/21 ............................................................................. 8,008,972 8,205,295 171 0.8932 12/01/21 ............................................................................. 8,612,726 8,787,227 46 0.8832 12/08/21 ............................................................................. 8,450,353 8,673,661 -187 0.8826 12/15/21 ............................................................................. 8,146,024 8,369,366 -215 0.8880 12/22/21 ............................................................................. 7,784,211 7,979,303 -158 0.8831 12/29/21 ............................................................................. 7,752,178 7,934,176 -102 0.8821 68 SECTION VI—Euro Positions, continued TABLE FCP-VI-2—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2019 - Dec ................... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 2020 - Dec ................... 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 2021 - Jan ................... 7,563,421 7,695,095 1,504,154 1,340,558 559,384 555,378 352,313 342,696 252 0.8241 Feb .................. 7,836,248 7,973,948 1,556,999 1,304,954 548,195 548,795 378,481 369,348 143 0.8269 Mar .................. 8,068,820 8,224,468 1,785,930 1,656,036 516,344 527,888 390,374 384,224 -41 0.8516 Apr. .................. 7,865,156 8,031,263 1,323,093 1,181,557 539,190 545,503 366,466 364,085 -51 0.8313 May.................. 7,552,510 7,694,740 1,403,319 1,294,190 602,994 618,745 377,810 375,265 -193 0.8201 June................. 7,848,191 7,990,484 1,493,136 1,324,662 541,773 561,660 390,838 381,357 -141 0.8440 July. ................. 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 Aug .................. 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 Sept ................. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 Oct. .................. 8,397,588 8,572,190 1,522,706 1,361,841 451,811 478,159 354,804 366,011 -12 0.8657 Nov .................. 8,782,368 9,010,849 1,601,590 1,480,819 488,236 515,244 406,759 397,989 105 0.8860 Dec .................. 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 TABLE FCP-VI-3—Quarterly Report of Large Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Options positions Spot, forward and future contracts Report date 2018 - Dec ..................... 2019 - Mar ..................... June ................... Sept .................... Dec ..................... 2020 - Mar ..................... June ................... Sept .................... Dec ..................... 2021 - Mar ..................... June ................... Sept .................... Foreign currency denominated Calls Puts Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (10) 120,635 123,672 138,570 143,594 119,978 130,902 110,528 117,852 n.a. 116,311 126,660 138,855 151,502 155,693 152,753 164,534 156,168 158,097 137,567 137,004 n.a. 152,858 156,997 163,917 403,637 399,029 415,773 418,921 419,532 382,290 405,125 396,308 457,474 458,038 426,336 460,740 243,374 230,690 246,478 259,403 240,205 238,619 235,074 247,487 253,720 249,171 261,396 252,086 9,724 6,690 7,578 5,806 5,216 5,922 11,006 4,399 5,629 4,771 6,094 10,076 9,224 6,683 6,376 6,451 4,731 7,220 8,743 4,053 n.a. 5,112 6,700 5,663 14,938 16,534 8,135 8,774 6,979 8,181 8,475 7,656 n.a. 11,218 10,693 7,786 10,156 12,516 4,478 5,174 4,235 4,094 5,323 5,867 3,215 7,102 5,108 6,332 219 n.a. n.a. 449 n.a. n.a. 1,127 n.a. 5 -719 630 286 0.8729 0.8906 0.8792 0.9170 0.8907 0.9078 0.8899 0.8530 0.8177 0.8516 0.8440 0.8638 69 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934, codified at 31 United States Code 5302, which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. Section 4027 of H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, as Pub. Law 116-136, appropriated $500 billion to the ESF. The Consolidated Appropriations Act, 2021 and the Infrastructure Investment and Jobs Act, 2021, subsequently rescinded $479 billion and $1.4 billion, respectively, of the $500 billion appropriation provided to Treasury. Resources of the fund include (a) Fund Balance, which is available to support subsidy costs for loan modifications and expenditures for administrative expenses in support of the CARES Act, (b) U.S. Government securities (dollar balances), (c) special drawing rights -SDRs, and (d) foreign currencies. Principal sources of income -+ or loss -- for the fund are profits -+ or losses -- on SDRs and foreign exchange, and interest earned on U.S Government, foreign securities, and SDRs. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars. Amounts and transactions pertaining to foreign currencies and special drawing rights, an international reserve asset created by the International Monetary Fund (IMF) to supplement its member countries’ position in the Fund, have been converted to U.S. dollars based on current exchange rates computed according to the accrual method of accounting. Investments and loans receivable are reported at cost. The capital account represents the original capital appropriated to the fund by Congress of $2 billion, minus a subsequent transfer of $1.8 billion to pay for the initial U.S. quota subscription to the International Monetary Fund. The additional appropriated capital represents the amount appropriated under the CARES Act Sec 4027 minus transfers, expenditures for administrative and subsidy costs, and rescissions resulting from the passage of the Consolidated Appropriations Act, 2021 and the Infrastructure Investment and Jobs Act, 2021. Conversion gains and losses are reflected in the cumulative net income + or loss -- account. • Table ESF-2 shows the results of operations for the current quarter and year-to-date. Figures are in U.S. dollars computed according to the accrual method. “Profit -+ or loss -- on foreign exchange” includes realized profits or losses. “Adjustment for change in valuation of SDR holdings and allocations” reflects net gain or loss on revaluation of SDR holdings and allocations for the quarter. CARES Act related administrative costs incurred in connection with the loans, and other investments are accrued. 70 TABLE ESF-1—Balances as of Sept. 30, 2021, and Dec. 31, 2021 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance ................................................................... U.S. Government securities ............................................. Special drawing rights 1 ........................................................... Economic Recovery Program Investments............................. Economic Recovery Program Loans Receivable.................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable ................................................................. Sept. 30, 2021 Dec. 31, 2021 1,086,943 22,004,453 163,628,969 21,258,340 1,149,077 12,417,305 8,383,209 55,178 (897,333) (832,438) (245,205) (5,601,479) 2,369 (226,772) (262,017) 6,953 237,557,560 (8,055,922) 229,501,638 Liabilities and capital Current liabilities: Accounts payable................................................................. 11,141 4,472 15,613 Total current liabilities ...................................................... 11,141 4,472 15,613 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Debt, including accrued interest payable 5,200,000 161,825,469 23,991,092 (1,065,918) (5,098,576) 5,200,000 160,759,551 18,892,516 Total other liabilities ......................................................... 191,016,561 (6,164,494) 184,852,067 Capital: Initial Appropriated Capital Account .................................... Additional Appropriated Capital Account Net income -+ or loss -- -see Table ESF-2 .......................... 200,000 6,353,195 (540,020) (1,720,324) 10,670 200,000 4,632,871 (529,350) Total capital ...................................................................... 46,529,858 (1,895,900) 44,633,958 Total liabilities and capital ............................................ 237,557,560 (8,055,922) 229,501,638 Total assets.......................................................................... See footnote on the following page. 1,984,276 22,836,891 163,874,174 26,859,819 1,146,708 Oct 1, 2021, through Dec. 31, 2021 12,190,533 8,121,192 62,131 71 TABLE ESF-2—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Oct. 1, 2021, through Dec. 31, 2021 Fiscal year to date Oct. 1, 2021 through Dec. 31, 2021 Income and expense Profit -+ or loss-- on: Foreign exchange ......................................................... (475,684) (475,684) Adjustment for change in valuation of SDR holdings and allocations 1 .................................... (15,187) (15,187) SDRs........................................................................... 316 316 U.S. Government Securities........................................ 3,202 3,202 Foreign exchange........................................................ (10,768) (10,768) Appropriations Revenue.............................................. 1,057 1,057 Administrative Expense............................................... (1,150) (1,150) Facility Fees................................................................. - - Net gain (loss) on Disposition of Investments.............. - - Net Interest revenue and expense............................... (31,136) (31,136) Income for operations.................................................. (529,350) (529,350) Net income (+) or loss (-) ........................................ (529,350) (529,350) Interest (+) or net charges (-) on: Economic Recovery Program (+) or net charges (-) on: . 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” Trust Funds 72 INTRODUCTION: Airport and Airway Trust Fund The Airport and Airway Trust Fund was established on the books of the Department of Treasury in fiscal year 1971, according to provisions of the Airport and Airway Revenue Act of 1970 [49 United States Code 1742(a), repealed]. The Tax Equity and Fiscal Responsibility Act of 1982 (Public Law 97-248, dated September 3, 1982) reestablished the trust fund in the Internal Revenue Code (26 United States Code 9502) effective September 1, 1982. Treasury transfers from the general fund to the trust fund amounts equivalent to the taxes received from transportation of persons and property by air, gasoline and jet fuel used in commercial and noncommercial aircraft, and an international arrival and departure tax. The Omnibus Budget Reconciliation Act of 1990 (Public Law 101-508, dated November 5, 1990) increased rates for the excise taxes transferred to the fund. Treasury bases these transfers on estimates made by the Secretary of the Treasury. These are subject to adjustments in later transfers in the amount of actual tax receipts. The FAA Reauthorization Act of 2018 (Public Law 115-254), effective October 5, 2018, extended the aviation excise taxes until October 1, 2023. The Act included provisions that: Retained the existing passenger ticket, flight segment, and freight waybill taxes. The domestic flight segment tax is indexed to the Consumer Price Index; effective calendar year 2022, the tax is $4.50. It also retained a special rule applied to flights between the continental United States and Alaska or Hawaii. This departure tax is indexed to the Consumer Price Index; effective calendar year 2022, the tax is $9.90. Retained the existing tax per person for international flights that begin or end in the United States. The tax is indexed to the Consumer Price Index; effective calendar year 2022, the tax is $19.70. Retained the existing tax on payments to airlines for frequent flyer and similar awards by banks and credit card companies, merchants and frequent flyer program partners, such as other airlines, hotels and rental car companies, and other businesses. The tax on mileage awards is 7.5% of the value of the miles. Retained the commercial aviation fuel tax and the general aviation jet fuel/gas taxes. The current tax rate for commercial aviation fuel is 4.3 cents per gallon and 19.3 cents per gallon for general aviation gas. General aviation jet fuel is 21.8 cents per gallon. The FAA Modernization and Reform Act 2012 imposed a new surtax on fuel used in aircraft that is part of a fractional ownership program; the surtax applies to fuel used after March 31, 2012. Currently this is a 14.1 cents per gallon surcharge of fuel used in fractional ownership flights. It also changed the classification of transportation as part of a fractional ownership program from commercial aviation to noncommercial aviation. The FAA Modernization and Reform Act 2012 also repealed the excise tax exemption for transportation by small jet aircraft operating on non- established lines. (IRS defines the term “operated on an established line” to mean operated with some degree of regularity between definite points). This was changed by the Tax Cuts and Jobs Act (Public Law 115-97), which exempts certain payments related to the management of private aircraft from the excise taxes imposed on taxable transportation by air. Excise tax collections resumed in January of 2021 after being suspended in late March 2020 with enactment of the Coronavirus Aid, Relief, and Economic Security (CARES) Act (Public Law 116-136). This “tax holiday” from March to December 2020 along with lower levels of aviation activity caused by the pandemic severely depleted the balance of the AATF. To reduce the impact of the CARES Act, Congress transferred $14 billion from the general fund of the Treasury to the AATF in the Continuing Appropriations Act, 2021 and Other Extensions Act (Public Law 116-159). This has ensured that the AATF remains solvent while excise tax collections continue to recover. Treasury makes available to the Federal Aviation Administration (FAA), Department of Transportation (DOT), amounts required for outlays to carry out the Airport and Airway program. The Secretary of the Treasury makes other charges to the trust fund to transfer certain refunds of taxes and certain outfits, under section 34 of the Internal Revenue Code (IRC). 73 TABLE TF-1.—Airport and Airway Trust Fund Results of Operations, Fiscal Year 2021 [Source: DOT] Description IRC section (26 United States Code) Amount Balance Oct. 1, 2020 ...................................................................................................................................................................................................... $8,971,508,905 Receipts: Grants-in-aid for Airports funding from General Fund………………………. ........................................................................................................... Excise taxes (transferred from general fund): 4043 ...................................................................................... Liquid fuel in a fractional ownership flight............................................. Liquid fuel other than gasoline.............................................................. 4041 ...................................................................................... Gasoline ................................................................................................ 4081 ...................................................................................... Transportation by airseats, berths, etc. ................................................ 4261 (a) (b) ........................................................................... Use of international travel facilities ....................................................... 4261 (c)................................................................................. Transportation of property, cargo ......................................................... 4271 ...................................................................................... Gross excise taxes ............................................................................................................................................................................................. Less refunds of taxes (reimbursed to general fund): Liquid fuel other than gasoline.................................................................. 4041 ...................................................................................... Gasoline ...................................................................................................................................................................................................................... Total refunds of taxes ............................................................................................................................................................................................. Net taxes ................................................................................................................................................................................................................. General Fund Payments Refunds on Federal Payments (DOT) ........................................................................................................................................................................ Interest on investments............................................................................................................................................................................................... CMIA interest income ................................................................................................................................................................................................. Total receipts .......................................................................................................................................................................................................... Expenses: Operations .................................................................................................................................................................................................................. Grants in aid for Airports ............................................................................................................................................................................................. Facilities and equipment ............................................................................................................................................................................................. Research, engineering, and development.................................................................................................................................................................. Air carriers ................................................................................................................................................................................................................... CMIA Interest Expense ............................................................................................................................................................................................... Total expenses........................................................................................................................................................................................................ Offsetting collections ....................................................................................................................................................................................................... Balance Sept. 30, 2021 .................................................................................................................................................................................................. 19,868,293 441,524,090 33,183,245 5,320,040,392 1,904,240,754 478,058,319 8,196,915,094 8,181,733 5,091,143 13,272,876 8,183,642,217 14,000,000,000 32,111,738 267,828,619 910 22,483,583,485 10,272,000,000 3,292,280,000 2,831,802,760 167,094,011 142,996,088 16,706,172,859 47,252,709 $14,796,172,240 Note.—Detail may not add to totals due to rounding. Airport and Airway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In millions of dollars. Source: DOT] Balance Oct. 1 ........................................................................... 2022 2023 2024 2025 2026 14,796 12,163 12,270 13,022 14,474 Receipts: Excise taxes, net of refunds................................................... 14,292 17,565 18,572 19,593 20,359 Interest on investments.......................................................... 222 166 117 115 119 Offsetting collections .............................................................. 77 77 77 77 77 Total receipts ..................................................................... 14,591 17,808 18,766 19,785 20,555 Gross Outlays ........................................................................ 17,224 17,701 18,014 18,334 18,663 Balance Sept. 30........................................................................ 12,163 12,270 13,022 14,474 16,366 Expenses: 74 INTRODUCTION: Uranium Enrichment Decontamination and Decommissioning (D&D) Fund The Uranium Enrichment Decontamination and Decommissioning Fund was established on the books of the Treasury in fiscal year (FY) 1993, in accordance with provisions of the Energy Policy Act of 1992 (42 United States Code 2297g). Receipts represent (1) fees collected from domestic public utilities based on their pro rata share of purchases of separative work units from the Department of Energy (DOE) and (2) appropriations toward the Government contribution based on the balance of separative work unit purchases. Expenditures from the fund include (1) decontaminating and decommissioning three gaseous diffusion plants (Oak Ridge, Tennessee; Paducah, Kentucky; and Portsmouth, Ohio), (2) remedial actions and related environmental restoration cost at the gaseous diffusion plants, and (3) reimbursement to uranium/thorium producers for the cost of decontamination, decommissioning, reclamation, and remedial action of uranium/thorium sites that are incident to sales to the U. S. Government. Amounts available in the fund exceeding current needs may be invested by the Secretary of the Treasury in obligations of the United States (1) having maturities consistent with the needs of the fund and (2) bearing interest at rates determined appropriate, taking into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to these investments. Annually, the Secretary of the Treasury, after consultation with the Secretary of Energy, is required to provide a report to Congress (see 42 USC 2297g(b)(1)). This report must present the financial condition and the results of operations of the fund during the preceding fiscal year. The Energy Policy Act of 1992 (42 USC 2297g-1, as amended) authorized annual deposits to the fund of $518.2 million (before adjustments for inflation) over a 15-year period. Funding was provided by fees assessed on domestic public utilities that purchased enriched uranium and Government contributions. As specified in the Act, annual assessments from domestic public utilities (before adjustment for inflation) were not to exceed $150 million. The Government was responsible for the remainder ($369.6 million), adjusted for inflation. While the final utility assessments occurred in (FY) 2007, during the same period (i.e., between FYs 1993 and 2007), the Government contributed only $5,362.4 million of the $6,281.0 million specified in the Act. This resulted in a $918.6 million shortfall of the authorized Government contributions. The Government continued to make annual contributions to eliminate this shortfall. Through the FY 2009 contribution, the overall shortfall (after adjusting for inflation) was $40.6 million. Also, during FY 2009, the Government designated $390 million of American Recovery and Reinvestment Act (ARRA) funding for the Fund’s mission. While ARRA funding was not an actual deposit into the fund’s invested balances, it provided a dollar-fordollar reduction in the required outlays from the invested balances. The Department of Energy recognized the ARRA funding as an offset to the Government’s contribution shortfall, thereby, satisfying the Government’s contribution responsibility. While the last appropriation was made in FY 2017 when Congress appropriated $563 million, beginning in FY 2018, Congress authorized transferring funds from other accounts. In FY 2018, funds of about $860.6 million were transferred. In FY 2021, Congress authorized the transfer of $291 million from the United States Enrichment Corporation Fund. 75 TABLE TF-2.—Uranium Enrichment Decontamination and Decommissioning Fund Results of Operations, Fiscal Year 2021 [Source: DOE] Balance Oct. 1, 2020 ................................................................................................................................................................................. $29,807,392.49 Receipts: Fees collected ........................................................................................................................................................................................ - Penalties collected ................................................................................................................................................................................. - Interest on investments .......................................................................................................................................................................... 14,298,982.74 Total receipts ...................................................................................................................................................................................... 14,298,982.74 Nonexpenditure transfers: Transfers in (+) ....................................................................................................................................................................................... 291,000,000.00 Transfers out (-) ..................................................................................................................................................................................... - Net nonexpenditure transfers............................................................................................................................................................. 291,000,000.00 Outlays: DOE, decontamination and decommissioning activities........................................................................................................................ 812,314,781.74 Cost of investments................................................................................................................................................................................ -507,192,468.75 Total outlays ....................................................................................................................................................................................... 305,122,312.99 Balance Sept. 30, 2021.............................................................................................................................................................................. $29,984,062.24 Uranium Enrichment Decontamination and Decommissioning Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In thousands of dollars. Source: DOE] 2022 2023 2024 2025 2026 29,984 29,984 - - - Fees collected ...................................................................... 841,000 - - - - Interest collected .................................................................. 2,154 516 - - - Total receipts ................................................................... 843,154 516 - - - DOE, decontamination and decommissioning fund ............ 831,340 386,274 - - - Investments redeemed ........................................................ 11,814 -355,774 - - - Total outlays net of investments redeemed..................... 843,154 30,500 - - - Balance Sept. 30...................................................................... 29,984 - - - - Balance Oct. 1 ......................................................................... Receipts: Outlays: 76 INTRODUCTION: Black Lung Disability Trust Fund Black Lung Disability Trust Fund was established on the books of the Treasury in fiscal year 1978 according to the Black Lung Benefits Revenue Act of 1977 (Public Law 95227). The Black Lung Benefits Revenue Act of 1981 (Public Law 97-119) reestablished the fund in the Internal Revenue Code (IRC), 26 United States Code 9501. The Consolidated Omnibus Budget Reconciliation Act of 1985 (Public Law 99-272), enacted April 7, 1986, provided for an increase in the coal tax rates effective April 1, 1986, through December 31, 1995, and a 5-year forgiveness of interest retroactive to October 1, 1985. The 5-year moratorium on interest payments ended on September 30, 1990. Payment of interest on advances resumed in fiscal year 1991. The Omnibus Budget Reconciliation Act of 1987 (Public Law 100-203, title X, section 10503), signed December 22, 1987, extended the temporary increase in the coal tax through December 31, 2013. The Emergency Economic Stabilization Act of 2008 (Public Law 110-343, title I, subtitle B, section 113), enacted October 3, 2008, restructured the Trust Fund Debt by 1) refinancing the outstanding principal of the repayable advances and unpaid interest on such advances and 2) providing a onetime appropriation to the Trust Fund in an amount sufficient to pay to the general fund of the Treasury the difference between the market value of the outstanding repayable advances, plus accrued interest and the proceeds from the obligations issued by the Trust Fund to the Secretary of the Treasury. The Act also extends the temporary increase in the coal tax through December 31, 2018, and allows the prepayment of the Trust Fund debt prior to the maturity date. In 2019 the excise tax was reduced by more than 50% until Congress restored the temporary higher rates for 2020 and again for 2021. The Code designates the following receipts to be appropriated and transferred from the general fund of the Treasury to the trust fund: excise taxes on coal sold; taxable expenditures of self-dealing by, and excess contributions to, private black lung benefit trusts; reimbursements by responsible mine operators; and related fines, penalties and interest charges. Estimates made by the Secretary of the Treasury determine monthly transfers of amounts for excise taxes to the trust fund subject to adjustments in later transfers to actual tax receipts. After retirement of the current indebtedness, amounts available in the fund exceeding current expenditure requirements will be invested by the Secretary of the Treasury in interest-bearing public debt securities. Any interest earned will be credited to the fund. Also credited, if necessary, will be repayable advances from the general fund to meet outlay requirements exceeding available revenues. To carry out the program, amounts are made available to the Department of Labor (DOL). Also charged to the fund are administrative expenses incurred by the Department of Health and Human Services (HHS) and the Treasury, repayments of advances from the general fund and interest on advances. 77 TABLE TF-3.—Black Lung Disability Trust Fund Results of Operations, Fiscal Year 2021 [Source: DOL] Balance Oct. 1, 2020 ........................................................................................................................................................................................... Receipts: Excise taxes (transferred from general fund): $1.10 tax on underground coal .................................................................................................................................................................... $0.55 tax on surface coal ............................................................................................................................................................................. 4.4 percent tax on underground coal ........................................................................................................................................................... 4.4 percent tax on surface coal .................................................................................................................................................................... Fines, penalties, and interest ....................................................................................................................................................................... Collection—responsible mine operators ...................................................................................................................................................... Recovery of prior year funds ........................................................................................................................................................................ Repayable advances from the general fund ................................................................................................................................................ Total receipts ............................................................................................................................................................................................ Net receipts .............................................................................................................................................................................................. Outlays: Treasury administrative expenses ................................................................................................................................................................... Salaries and expenses—DOL—Departmental Management .......................................................................................................................... Salaries and expenses—DOL—Office of Inspector General .......................................................................................................................... Salaries and expenses—DOL—Employment Standards Administration ........................................................................................................ Total outlays ................................................................................................................................................................................................. Expenses: Program expenses—DOL ................................................................................................................................................................................ Repayable advances and interest ................................................................................................................................................................... Repayment of bond principal ........................................................................................................................................................................... Interest on principal debt.................................................................................................................................................................................. Total expenses ............................................................................................................................................................................................. Balance Sept. 30, 2021 ........................................................................................................................................................................................ Cumulative debt, end of year Zero Coupon Bonds only 399,326,148.99 149,238,694.82 2,217,037,372.00 90,168,853.57 120,015,132.31 2,576,460,052.70 264,918,700.16 2,309,869,914.18 Cumulative debt, end of year ............................................................................................................................................................................... 4,623,026,914.18 159,065,876.00 55,341,161.00 7,064,424.00 64,526,449.00 2,242,163.30 22,936,853.57 2,201,100,000.00 2,512,276,926.87 2,512,276,926.87 433,836.00 31,150,119.00 314,019.00 38,326,349.00 70,224,323.00 Black Lung Disability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In thousands of dollars. Source: DOL] Balance Oct. 1 ........................................................................................ Receipts: Excise taxes ....................................................................................... Advances from the general fund........................................................ Fines, penalties, and interest ............................................................. Total receipts ................................................................................. Outlays: Benefit payments ............................................................................... Administrative expenses .................................................................... Repayable advances ......................................................................... Interest on repayable advances ........................................................ Repayment of principal debt .............................................................. Interest on principal debt ................................................................... Total outlays................................................................................... Balance Sept. 30.................................................................................... Cumulative debt, end of year zero coupon bond only ........................... Cumulative debt, end of year zero coupon & advance ......................... Note.—Detail may not add to totals due to rounding. 2021 2022 2023 2024 2025 264,919 264,919 264,919 264,919 264,919 206,000 2,582,299 2,000 2,790,299 156,000 2,911,180 2,000 3,069,180 148,000 3,272,606 2,000 3,422,606 144,000 3,663,818 2,000 3,809,818 139,000 4,088,699 2,000 4,229,699 146,679 70,126 2,322,600 40,710 120,015 90,169 2,790,299 264,919 2,188,084 4,745,131 146,160 76,409 2,582,299 39,305 121,786 103,221 3,069,180 264,919 2,064,420 4,964,652 145,398 78,198 2,911,180 47,719 123,663 116,448 3,422,606 264,919 1,939,497 5,239,811 144,458 80,030 3,272,606 58,368 124,924 129,432 3,809,818 264,919 1,813,808 5,565,431 143,373 81,905 3,663,818 72,789 125,688 142,126 4,229,699 264,919 1,687,794 5,926,329 78 INTRODUCTION: Harbor Maintenance Trust Fund The Harbor Maintenance Trust Fund was established on the books of the Treasury on April 1, 1987, according to the Water Resources Development Act of 1986 (Public Law 99662, November 17, 1986) (26 United States Code 9505). Amounts in the Harbor Maintenance Trust Fund are available as provided by appropriations acts for making expenditures to carry out section 210(a) of the Water Resources Development Act of 1986, as amended by the Water Resources Reform and Development Act of 2014 (Public Law 113-121, June 10, 2014), the Water Infrastructure Improvements for the Nation (WIIN) Act (Public Law 114-322, December 16, 2016) and the Water Resources Development Act of 2020 (Public Law 116-260, December 27, 2020). The appropriations act for the Department of Transportation (DOT) for fiscal year 1995 (Public Law 103331, September 28, 1994), section 339, waived collection of charges or tolls on the Saint Lawrence Seaway in accordance with section 13(b) of the Act of May 13, 1954 (as in effect on April 1, 1987). Legislation was passed in the North American Free Trade Agreement Implementation Act (Public Law 103-182, section 683), which amends paragraph (3) of section 9505(c) of the IRC of 1986, to authorize payment of up to $5 million annually to Treasury for all expenses of administration incurred by the Treasury, the U.S. Army Corps of Engineers and the Department of Commerce (Commerce) related to the administration of subchapter A of chapter 36 (relating to the harbor maintenance tax). Section 201 of the Water Resources Development Act of 1996 (Public Law 104-303) authorizes use of the Harbor Maintenance Trust Fund for construction of dredged material disposal facilities associated with the operation and maintenance of Federal navigation projects for commercial navigation. A summary judgment issued October 25, 1995, by the United States Court of International Trade in the case United States Shoe Corp. v. United States (Court No. 94-11-00668) found the Harbor Maintenance tax unconstitutional under the Export Clause of the Constitution (Article I, section 9, clause 5) and enjoined the Customs and Border Protection from collecting the fee on exports. The decision was affirmed by the Supreme Court on March 31, 1998 (118 Supreme Court 1290). With the tax on exports no longer collected, revenues have been reduced by approximately 30 percent. The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment, not required to meet current withdrawals. The interest on, and proceeds from, the sale or redemption of any obligation held in the trust fund is credited to the trust fund. The Code requires the Secretary of the Treasury to submit an annual report to Congress [26 United States Code 9602(a)]. The report must present the financial condition and results of operations of the fund during the past fiscal year and the expected condition and operations of the fund during the next five fiscal years. 79 TABLE TF-4.—Harbor Maintenance Trust Fund Results of Operations, Fiscal Year 2021 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 2020............................................................................................................................................................................................................... Receipts: Excise taxes: Imports ............................................................................................................................................................................................................................... Exports ............................................................................................................................................................................................................................... Domestic ............................................................................................................................................................................................................................ Passengers ........................................................................................................................................................................................................................ Foreign trade...................................................................................................................................................................................................................... Interest on investments...................................................................................................................................................................................................... Total receipts ............................................................................................................................................................................................................... Return of Funds……………………………………………………………………………………………………………………………………………………………. Expenses: Corps of Engineers ............................................................................................................................................................................................................. Saint Lawrence Seaway Development Corporation/DOT .................................................................................................................................................. Administrative cost for Department of Homeland Security (Customs) ............................................................................................................................... Operating expenses, miscellaneous returns....................................................................................................................................................................... $9,146,082,255 Total expenses................................................................................................................................................................................................................... 1,594,957,544 9,249,722,030 Balance Sept. 30, 2021 ............................................................................................................................................................................................................. 1,366,718,851 0 60,478,572 99,758 129,874,025 60,414,553 1,617,585,759 81,011,560 1,553,683,544 38,000,000 3,274,000 - Harbor Maintenance Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 * [In millions of dollars. Source: Department of the Army Corps of Engineers] Balance Oct. 1 ..................................................................................................... Receipts: Harbor maintenance fee .................................................................................. Interest on investments.................................................................................... Total receipts ............................................................................................... Total available .............................................................................................. Outlays: Harbor Maintenance Trust Fund, legislative proposal not subject to paygo ..................................................................................... Corps of Engineers operation, maintenance, and administrative expenses ....................................................................... Corps of Engineers construction ..................................................................... Saint Lawrence Seaway Development Corporation/DOT ............................... Administrative expenses for Department of Homeland Security (Customs Service) ................................................................................................... Total outlays................................................................................................. Balance Sept. 30.................................................................................................. * Outyear projections are for planning purposes and are based on economic conditions and agencies’ best projections of revenues and expenses. 2022 2023 2024 2025 2026 9,249.7 9,312.7 9,349.6 9,526.9 9,729.8 1,625.6 105.0 1,730.6 10,980.3 1,699.8 105.4 1,805.2 11,117.9 1,773.0 173.1 1,946.1 11,295.7 1,842.5 176.7 2,019.2 11,546.1 1,902.1 180.3 2,082.4 11,812.2 1,562.9 1,704.0 1,681.0 1,718.0 1,782.5 63.0 38.5 3.3 22.0 39.0 3.3 45.0 39.5 3.3 55.0 40.0 3.3 60.0 40.5 3.3 1,667.6 9,312.7 1,768.3 9,349.6 1,768.8 9,526.9 1,816.3 9,729.8 1,886.3 9,925.9 80 INTRODUCTION: Hazardous Substance Superfund The Hazardous Substance Response Trust Fund was established on the books of the Treasury in fiscal year 1981, in accordance with section 221 of the Hazardous Substance Response Revenue Act of 1980 [42 United States Code 9631(a), repealed]. The trust fund was renamed the Hazardous Substance Superfund (Superfund) and relocated in accordance with section 517 of the Superfund Amendments and Reauthorization Act of 1986 [Public Law 99-499, dated October 17, 1986 (26 United States Code 9507)]. The authority to collect excise taxes on petroleum and chemicals, and an environmental tax for all corporations with modified alternative taxable income in excess of $2 million expired in 1995. On November 15, 2021, the Infrastructure Investment and Jobs Act (IIJA, Public Law 117-58) reinstated and modified the taxes on hazardous chemicals and imported substances that use hazardous chemicals as feedstock. The taxes shall take effect beginning July 1, 2022 and ending on December 31, 2031. In addition, the taxes collected from the prior year will be available in the budget year without further appropriation. To further implement the Superfund program, amounts are appropriated from the start of year balance of the Superfund (augmented as necessary by general revenues) to the Environmental Protection Agency (EPA) for programmatic and administrative expenses. In 2015, the EPA implemented a Hazardous Substance Superfund Trust Fund Receipt Account for Special Accounts that were previously accounted for as off-setting collections. Settlement funds received by the Agency now flow through the receipt account to be placed in EPA interest bearing special accounts to perform response actions at the site in accordance with the supporting settlement agreement. Due to large settlements EPA received in fiscal year 2015, the EPA developed this new process for managing its Special Accounts. The Special Account subaccount to the Superfund Trust Fund was established as a mechanism for Special Account funds to be placed directly into the trust fund, and begin earning interest upon receipt. Monthly, the U.S. Department of the Treasury’s Bureau of the Fiscal Services will prepare separate financial statements for the Special Accounts subaccount within the Superfund Trust Fund financial statements. An annual report to Congress by the Secretary of Treasury is required by 26 United States Code 9602(a). These reports present the financial condition of the Superfund and the results of operation for the past fiscal year, and its expected condition during the next 5 fiscal years. 81 TABLE TF-5.—Hazardous Substance Superfund 1, 2 Results of Operations, Fiscal Year 2021 [Source: EPA] Balance Oct. 1, 2020 ...................................................................................................................................................................................... $75,000,000 Receipts: Crude and petroleum .................................................................................................................................................................................. - Certain chemicals........................................................................................................................................................................................ - Corporate environmental ............................................................................................................................................................................ - General fund appropriation ......................................................................................................................................................................... $1,153,000,000 Cost recoveries ........................................................................................................................................................................................... $44,000,000 Fines and penalties ..................................................................................................................................................................................... $2,000,000 Interest on investments ............................................................................................................................................................................... $77,000,000 Special Accounts......................................................................................................................................................................................... $206,000,000 Agency for Toxic Substance and Disease Registry.................................................................................................................................... - Total receipts ........................................................................................................................................................................................... $1,482,000,000 Expenses: EPA expense .............................................................................................................................................................................................. $1,206,000,000 Other expenses ........................................................................................................................................................................................... $270,000,000 Rounding adjustment .................................................................................................................................................................................. -$4,000,000 Total expenses…………………………………………………………………………………………………………………………………. Balance Sept. 30, 2021................................................................................................................................................................................... 1 Reporting in this Superfund Trust Fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of this Trust Fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate Trust Fund reporting. 2 $1,472,000,000 $85,000,000 In 2015, EPA implemented a Hazardous Substance Superfund Trust Fund Receipt Account for Special Accounts. Settlement funds received by the Agency may be placed in EPA interest bearing special accounts to perform response actions at the site in accordance with the supporting settlement agreement. These accounts are mandatory accounts and are included in the "Other expenses" line. 82 Hazardous Substance Superfund Expected Condition and Results of Operations, Fiscal Years 2022-2026 1,2,3,4,5,6 [In millions of dollars. Source: EPA] 2022 2023 2024 2025 2026 $85 $428 $1,679 $1,814 $1,947 Interest ......................................................................................................... $100 $102 $102 $102 $102 Recoveries ................................................................................................... $36 $36 $36 $36 $36 Fines and penalties ...................................................................................... $4 $4 $4 $4 $4 Taxes .......................................................................................................... $388 $1,574 $1,644 $1,712 $1,782 Special Accounts ......................................................................................... $350 $350 $350 $350 $350 General revenues ........................................................................................ $4,620 $1,478 $1,478 $1,478 $1,478 Total receipts ........................................................................................... $5,498 $3,544 $3,614 $3,682 $3,752 Appropriations ................................................................................................. $4,705 $1,841 $3,027 $3,097 $3,165 Other expenses ............................................................................................... $450 $452 $452 $452 $452 Balance Sept. 30.............................................................................................. $428 $1,679 $1,814 $1,947 $2,082 Balance Oct. 1 ................................................................................................. Receipts: 1 Reporting in this Superfund Trust Fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of this Trust Fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate Trust Fund reporting. 2 FY 2022 - FY 2026 Appropriation amounts are straight-lined from Consolidated Appropriations Act, 2021 (P.L. 116-260). 3 Interest, Fines and penalties, Special Accounts, General revenues, Other expenses are estimated. 4 Recoveries are straight-lined from the FY 2021 actual receipts. 5 Other expenses include Special Accounts. 6 On November 15, 2021, the Infrastructure Investment and Jobs Act (IIJA, P.L. 117-58) reinstated and modified the taxes on hazardous chemicals and imported substances that use hazardous chemicals as a feedstock. The taxes shall take effect beginning July 1, 2022 and ending on December 31, 2031. In addition, IIJA provided $3.5 billion from general revenues for Superfund Remedial Activities and taxes collected from the prior year are available in budget year without further appropriation. 83 INTRODUCTION: Highway Trust Fund The Highway Trust Fund was established on the books of the Treasury in fiscal year 1957, according to provisions of the Highway Revenue Act of 1956 (Act of June 29, 1956, chapter 462, section 209). It has been amended and extended by various highway surface transportation and other acts since 1959. The Infrastructure Investment and Jobs Act extends through September 30, 2026, the authority to make expenditures from the Highway Trust Fund for authorized purposes. After that date, expenditures from the Trust Fund are authorized only to liquidate obligations made before that date. Any other expenditure will cause the cessation of deposits of highwayuser taxes to the Trust Fund. [IIJA § 80101, 26 U.S.C. 9503]. Amounts equivalent to taxes on gasoline, diesel fuel, special motor fuels, certain tires, heavy trucks and trailers, and heavy vehicle use are designated by the Act to be appropriated and transferred from the general fund of the Treasury to Highway Account of the trust fund. These transfers are made twice monthly based on estimates by the Secretary of the Treasury, subject to later adjustments to reflect the amount of actual tax receipts. Amounts available in the fund exceeding outlay requirements are invested in non-interest-bearing public debt securities. The Highway Trust Fund’s Mass Transit Account is funded by a portion of the excise tax collections under sections 4041 and 4081 of the IRC (title 26 United States Code). The funds from this account are used for expenditures in accordance with chapter 53 of title 49 United States Code, the Intermodal Surface Transportation Efficiency Act of 1991 (Public Law 102240), the Transportation Equity Act for the 21st Century (TEA-21), SAFETEA-LU, Moving Ahead for Progress in the 21st Century Act (MAP-21), Fixing America’s Surface Transportation (FAST) Act and as amended by the Infrastructure Investment and Jobs Act (IIJA). The remaining excise taxes are included in a separate account within the trust fund commonly referred to as the highway account. Expenditures from this account are made according to the provisions of various transportation acts. Amounts required for outlays to carry out the eligible surface transportation programs are made available to the responsible operating administrations within the Department of Transportation. Other charges to the trust fund are made by the Secretary of the Treasury for transfer of certain taxes to the Land and Water Conservation Fund and the Aquatic Resources Trust Fund. In addition, the Secretary of the Treasury is required by 26 U.S.C. 9503(d)(7) to report to specified Congressional Committees any estimate which he, in consultation with the Secretary of Transportation, makes pursuant to 26 U.S.C. 9503(d)(1) or any determination which he makes pursuant to 26 U.S.C. 9503(d)(2). The Congressional Committees are the Committee on Ways and Means of the House of Representatives, the Committee on Finance of the Senate, the Committees on the Budget of both Houses, the Committee on Transportation and Infrastructure of the House of Representatives, and the Committee on Environment and Public Works of the Senate. 84 TABLE TF-6.—Highway Trust Fund Results of Operations, Fiscal Year 2021 [Source: DOT] Description IRC section (26 United States Code) Balance Oct. 1, 2020 ........................................................................................................................................................................................... Receipts: Excise taxes (transferred from general fund): 4081 .......................................................................... Gasoline ....................................................................................................... Diesel and special motor fuels ..................................................................... 4041 .......................................................................... Highway tires................................................................................................ 4071 .......................................................................... Retail tax on trucks....................................................................................... 4051 .......................................................................... Heavy vehicle use ........................................................................................ 4481 .......................................................................... Total excise taxes .................................................................................................................................................................................... Less refunds and tax credits (reimbursed to general fund): Diesel fuel..................................................................................................................................................................................................... Gasoline ....................................................................................................................................................................................................... Total refunds and tax credits.................................................................................................................................................................... Less transfers: To Land and Water Conservation Fund....................................................................................................................................................... To Aquatic Resources Trust Fund ............................................................................................................................................................... To Airport and Airway Trust Fund ................................................................................................................................................................ Total transfers .......................................................................................................................................................................................... Other income: Fines and penalties ...................................................................................................................................................................................... Interest ......................................................................................................................................................................................................... Transfer from the General Fund ................................................................................................................................................................. Total other income ................................................................................................................................................................................... Net receipts .......................................................................................................................................................................................... Expenses: Federal Highway Administration: Federal aid to highways ............................................................................................................................................................................... Right-of-way revolving fund ......................................................................................................................................................................... Appalachian Development Highway System ............................................................................................................................................... Other ............................................................................................................................................................................................................ Total ......................................................................................................................................................................................................... Federal Motor Carrier Safety Administration ............................................................................................................................................... Federal Transit Administration ..................................................................................................................................................................... National Highway Traffic Safety Administration: Operations and research ......................................................................................................................................................................... Highway traffic safety grants .................................................................................................................................................................... National driver register ............................................................................................................................................................................. Total ..................................................................................................................................................................................................... Federal Railroad Administration ...................................................................................................................................................................... Office of the Secretary of Transportation................................................................................................................................................. Other agencies ............................................................................................................................................................................................. Total expenses ......................................................................................................................................................................................... Balance Sept. 30, 2020........................................................................................................................................................................................ Note.—Detail may not add to totals due to rounding. Amount 17,747,320,662 25,974,653,766 12,362,869,740 590,750,716 4,089,026,521 1,086,826,948 44,104,127,691 1,000,000 440,498,000 304,551,605 746,049,605 104,720,510 10,666,126 13,600,000,000 13,715,386,636 57,073,464,722 43,618,854,650 0 0 6,569,947 43,625,424,596 566,770,133 7,961,355,588 148,369,117 693,647,414 842,016,531 682,724,852 53,678,291,701 21,142,493,683 85 Highway Trust Fund Expected Condition and Results of Operations, Fiscal Years 2023-2027 [In billions of dollars. Source: DOT] Combined Statement Highway and Mass Transit Accounts Balance Oct. 1 ............................................................... 2023 2024 2025 2026 2027 118 90 59 25 -11 41 41 41 41 42 Receipts: Excise taxes, net of refunds....................................... Interest, net ................................................................ - - - - - Total receipts ......................................................... 41 41 41 41 42 Adjustments 1 ......................................................... - - - - - Outlays ........................................................................... 70 72 76 77 78 Balance Sept. 30............................................................ 90 59 25 -11 -47 Mass Transit Account 2023 2024 2025 2026 2027 31 24 17 8 -3 5 Balance Oct. 1 .................................................................... Receipts: Excise taxes, net of refunds............................................ 5 5 5 5 Interest, net ..................................................................... - - - - - Total receipts .............................................................. 5 5 5 5 5 Flex fund transfers .......................................................... 1 1 1 1 1 Adjustments 1 .................................................................. - - - - - Outlays ................................................................................ 14 13 16 16 16 Balance Sept. 30................................................................. 24 17 8 -3 -13 Highway Account Balance Oct. 1 ......................................................................... 2023 2024 2025 2026 2027 87 66 42 17 -9 37 Receipts: Excise taxes, net of refunds................................................. 36 36 37 37 Interest, net .......................................................................... - - - - - Total receipts ................................................................... 36 36 37 37 37 Flex fund transfers ............................................................... -1 -1 -1 -1 -1 Adjustments 1 ....................................................................... - - - - - Outlays ..................................................................................... 56 59 60 61 62 Balance Sept. 30...................................................................... 66 42 17 -8.7 -35 Unfunded authorizations (EOY)............................................... 8 21 34 47 60 Forty-eight-month revenue estimate........................................ 141 142 142 143 143 Reflects extension of authorized revenue collection and funding levels prescribed in P.L. 117-58. Revenue estimate reflects FY 2022 Midsession Review projections. Note.—Numbers may not add due to rounding. 86 TABLE TF-6A.—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 74 less: Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 66 Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 8 48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027) ............................................................................................................................ 141 . Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 44 less: Cash balance (fiscal year 20232) ....................................................................................................................................................................................... 24 Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 20 48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027) ............................................................................................................................ 25 Reflects extension of authorized revenue collection and funding levels prescribed in P.L. 117-58. Revenue estimate reflects FY 2022 Midsession Review projections. Note.—Numbers may not add due to rounding. 87 INTRODUCTION: Inland Waterways Trust Fund The Inland Waterways Trust Fund was established by the Treasury, pursuant to section 203 of the Inland Waterways Revenue Act of 1978 (Public Law 95-502) and continued pursuant to section 1405 of the Water Resources Development Act of 1986 (Public Law 99-662, codified at 26 United States Code 9506). Under 26 United States Code 9506(b), amounts from taxes on fuel used in commercial transportation on inland waterways, as determined by the Secretary of the Treasury, are appropriated to the trust fund. The Technical and Miscellaneous Revenue Act of 1988 (Public Law 100-647, approved November 10, 1988) increased the tax each year, 1990 through 1995. The passage of the Achieving a Better Life Experience Act (Public Law 113-295) in December 2014 increased the tax from 20 cents to 29 cents per gallon effective April 1, 2015. These amounts are transferred quarterly from the general fund based on estimates made by the Secretary, subject to adjustments in later transfers to the amounts of actual tax receipts. The Water Resources Development Act of 2020 (Public Law 116-260, December 27, 2020) specified that the cost sharing percent from the trust fund be 35 percent for the Fiscal Years 2021 to 2031. The Secretary of the Treasury invests in interest-bearing obligations of the United States that portion of the trust fund, in his judgment, not required to meet current withdrawals. The interest on, and proceeds from, the sale or redemption of any obligation held in the trust fund is credited to the trust fund. The Inland Waterways Revenue Act of 1978 (Public Law 95-502) provides that amounts in the trust fund shall be available as provided, by appropriations acts, for construction and rehabilitation expenditures for navigation on the inland and intracoastal waterways of the United States described in 33 United States Code 1804. Expenditures must be otherwise authorized by law. Annual reports to Congress are required by 26 United States Code 9602(a) to be submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and the results of operations of the fund during the past fiscal year and its expected condition and operations during the next five fiscal years. TABLE TF-7.—Inland Waterways Trust Fund Results of Operations, Fiscal Year 2021 [Source: Department of the Army Corps of Engineers] Balance Oct. 1, 2020 ........................................................................................................................................................................................... Receipts: Fuel taxes/revenues......................................................................................................................................................................................... Interest on investments ................................................................................................................................................................................... Gain on sale of investments ............................................................................................................................................................................ Total receipts................................................................................................................................................................................................ Return of Funds................................................................................................................................................................................................ Transfers: Corps of Engineers .......................................................................................................................................................................................... Balance Sept. 30, 2021........................................................................................................................................................................................ 131,300,061 127,650,631 81,962 127,732,593 545,957 38,009,688 221,568,924 Inland Waterways Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 * [In millions of dollars. Source: Department of the Army Corps of Engineers] Balance Oct. 1....................................................................................................... Receipts: Fuel taxes .......................................................................................................... Interest on investments .................................................................................... Total receipts ................................................................................................. Transfers: Corps of Engineers ........................................................................................... Balance Sept. 30 .................................................................................................. * Outyear projections are based on economic conditions and agencies’ best projections of revenues and expenditures. 2022 2023 2024 2025 2026 222 197 168 169 168 120 0 120 123 0 123 126 0 126 129 1 130 132 1 133 145 197 152 168 126 169 130 168 133 168 88 INTRODUCTION: Leaking Underground Storage Tank Trust Fund The Leaking Underground Storage Tank (LUST) Trust Fund was established in fiscal year 1981 according to provisions of the Comprehensive Environmental Response, Compensation and Liability Act of 1980 (Public Law 96-510, codified at 26 United States Code 9508), as amended by the Superfund Amendments and Re-authorization Act of 1986 (Public Law 99-499, dated October 17, 1986), sections 13163I and 13242(d)(42) of the Omnibus Budget Reconciliation Act of 1993 (Public Law 103-66, dated August 10, 1993), section 1033 of the Taxpayer Relief Act of 1997 (Public Law 105-34, dated August 5, 1997), section 1362 of the Energy Policy Act of 2005 (Public Law 109-058, dated August 8, 2005) section 141 (c) of the Surface and Air Transportation Programs Extension Act of 2011 (Public Law 112-30, dated September 11, 2011), sections 40101(c) and 40201 of the Moving Ahead for Progress in the 21st Century Act (Public Law 112-141, dated July 6, 2012), sections 2001(c), 2002(b) and 2002(c) of the Highway and Transportation Funding Act of 2014 (Public Law 113-159, dated August 8, 2014), and section 31203 of the Fixing America’s Surface Transportation (FAST) Act of 2015 (Public Law 114-94, dated December 4, 2015). The LUST Trust Fund is financed by taxes collected on gasoline, diesel fuels, special motor fuels, aviation fuels and fuels used in commercial transportation on inland waterways. Amounts available in the LUST Trust Fund, exceeding current expenditure requirements, are invested by the Secretary of the Treasury in interest-bearing Government securities (e.g., Treasury bills). All interest earned is credited directly to the LUST Trust Fund. To carry out the LUST program, amounts are appropriated for the LUST Trust Fund to the EPA for programmatic and administrative expenses. An annual report to Congress by the Secretary of the Treasury is required by 26 United States Code 9602(a). These reports present the financial condition of the LUST Trust Fund and results of operations for the past fiscal year and its expected condition and operations during the next five fiscal years. 89 TABLE TF-8.—Leaking Underground Storage Tank Trust Fund Results of Operations, Fiscal Year 2021 1 [Source: EPA] Balance Oct. 1, 2020 ..................................................................................................................................................................................... Receipts: Taxes .......................................................................................................................................................................................................... Interest........................................................................................................................................................................................................ Gross tax receipts .................................................................................................................................................................................. Undisbursed balances: Environmental Protection Agency Leaking Underground Storage Tank balances ................................................................................... Total undisbursed balances ................................................................................................................................................................... Expenses: Environmental Protection Agency Leaking Underground Storage Tank expenses .................................................................................. Other expenses .......................................................................................................................................................................................... Total expenses ....................................................................................................................................................................................... Balance Sept. 30, 2021 .................................................................................................................................................................................. $827,000,000 $228,000,000 $0 $228,000,000 $92,000,000 $92,000,000 $963,000,000 1 Reporting in this LUST Trust Fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of this Trust Fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate Trust Fund reporting. Leaking Underground Storage Tank Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 1, 2, 3 [In millions of dollars. Source: EPA] 2022 2023 2024 2025 2026 Balance Oct. 1................................................................................................................. Receipts: Taxes .......................................................................................................................... Interest ....................................................................................................................... Total receipts ........................................................................................................... Appropriations ................................................................................................................. $963 $1,066 $1,168 $1,268 $1,365 $194 $1 $195 $92 $193 $1 $194 $92 $191 $1 $192 $92 $188 $1 $189 $92 $186 $1 $187 $92 Balance Sept. 30 ............................................................................................................. $1,066 $1,168 $1,268 $1,365 $1,460 1 Reporting in this LUST Trust Fund table is consistent with previously reported presentations. However, the structure of this table may not accurately reflect the status of the Trust Fund. As a result, this table may be revised in future reports and other resources should be utilized for accurate Trust Fund reporting. 2 FY 2022 - FY 2026 Appropriation amounts are straight-lined from PB FY2022, as we are still in continuing resolution. 3 Taxes and Interest are estimated. 90 INTRODUCTION: Nuclear Waste Fund The Nuclear Waste Fund was established on the books of the Treasury in fiscal year 1983, according to section 302 of the Nuclear Waste Policy Act of 1982 [Public Law 97-425, codified at 42 United States Code 10222I]. Receipts represent fees collected from public utilities based on electricity generated by nuclear power reactors and spent nuclear fuel, investment income, and Interest on investment. Expenditures from the fund are for purposes of radioactive waste disposal activities. The NWPA requires the civilian owners and generators of nuclear waste to pay their share of the full cost of the NWF and, to that end, establishes a fee for electricity generated and sold by civilian nuclear power reactors which the Department must collect and annually assess to determine its adequacy. A one-time fee was recorded by the NWF as of April 7, 1983, related to the disposal of SNF generated prior to that date. Fees recognized by the NWF are based upon kilowatt (kWh) of electricity generated and sold by civilian nuclear reactors on and after April 7, 1983. The Department set the per kWh portion of the fee to zero in 2014. Amounts available in the fund exceeding current needs may be invested by the Secretary of the Treasury in obligations of the United States (1) having maturities in tandem with the needs of the waste fund and (2) bearing interest at rates determined appropriate. The interest rates take into consideration the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturities of such investments, except the interest rate on such investments shall not exceed the average interest rate applicable to existing borrowings. An annual report to Congress by the Secretary of the Treasury, after consultation with the Secretary of the Department of Energy (DOE), is required by 42 United States Code 10222(e)(1). This report must present the financial condition and the results of operations of the waste fund during the preceding fiscal year. The FY2021 Appropriation Bill appropriated $27.5M for nuclear waste disposal activities to carry out the purposes of the NWPA of 1982. Of the total appropriated, $7.5M was derived from the Nuclear Waste Fund to use for Nuclear Waste Fund Oversight Activities. TABLE TF-9.—Nuclear Waste Fund Results of Operations, Fiscal Year 2021 [Source: DOE] Balance Sep. 30, 2020......................................................................................................................................................................................... $ 2,423,090 Receipts: Fees collected .................................................................................................................................................................................................. 0 Interest and income on investments ................................................................................................................................................................ 1,687,123,355 Total receipts ................................................................................................................................................................................................ 1,687,123,355 Nonexpenditure transfers: SF-1151 transfers in (+) ................................................................................................................................................................................... 0 SF-1151 transfers out (-).................................................................................................................................................................................. -3,600,000 Net nonexpenditure transfers....................................................................................................................................................................... -3,600,000 Outlays: DOE radioactive waste disposal activities ....................................................................................................................................................... 7,280,772 Cost of investments.......................................................................................................................................................................................... 1,676,642,340 Total outlays ................................................................................................................................................................................................. 1,676,923,112 Balance Sept. 30, 2021........................................................................................................................................................................................ $2,023,333 91 CHARTS TF-A and B.—Major Trust Funds [Data depicted in these charts are derived from the Trust Fund tables, which are provided by various Government agencies. See tables TF-1, TF-3, TF-5, TF-6 and TF-9.] 92 INTRODUCTION: Reforestation Trust Fund The Reforestation Trust Fund (16 US Code 1606a) was established in fiscal year 1981 according to provisions of Title III—Reforestation, of the Recreational Boating Safety and Facilities Improvement Act of 1980 [Public Law 96451. Public Law 99-190, Title II provided permanent authorization of the Trust Fund. Public Law 117-58, Title III eliminated the cap (previously set at $30 million annually). The act provides that the Secretary of the Treasury shall transfer to the trust fund an amount equal to the sum of the tariffs received in the Treasury after January 1, 1989, under headings 4401 through 4412 and subheadings 4418.50.00, 4418.90.20, 4420.10.00, 4420.90.80, 4421.90.10 through 4421.90.20, and 4421.90.70 of chapter 44, subheadings 6808.00.00 and 6809.11.00 of chapter 68 and subheading 9614.10.00 of chapter 96 of the Harmonized Tariff Schedule of the United States. Tariffs include (1) rough and primary wood products and wood waste; (2) lumber, flooring and moldings; and (3) wood veneers, plywood, other woodveneer assemblies and building boards and other wood product tariff headings specified in Public L 100-418. Amounts available in the reforestation trust fund exceeding current withdrawals are invested in interest-bearing obligations of the United States or in obligations guaranteed as to both principal and interest by the United States. The interest on, and the proceeds from the sale or redemption of, any obligations are credited to the trust fund. The Secretary of the Department of Agriculture is authorized to obligate available sums in the trust fund (including any amounts not obligated in previous years) for (1) reforestation and timber stand improvement and other forest stand improvement activities to enhance forest health and reduce hazardous fuel loads of forest stands in the National Forest System and (2) administrative costs of the Government for these activities. Annual reports are required by 16 United States Code 1606aI (1) to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Agriculture, on the financial condition and the results of the operations of the trust fund during the past fiscal year and on its expected condition and operations during the next fiscal year. TABLE TF-10.—Reforestation Trust Fund Results of Operations, Fiscal Year 2021 [Source: Department of Agriculture] Balance Oct. 1, 2020 1 ......................................................................................................................................................................................... $25,706,448 Receipts: Excise taxes (tariffs) ......................................................................................................................................................................................... 30,000,000 Redemption of investment ............................................................................................................................................................................... - Total receipts ................................................................................................................................................................................................ 30,000,000 Expenses: Expenditure ...................................................................................................................................................................................................... 22,376,794 Total expenses ............................................................................................................................................................................................. 22,376,794 Adjustment ........................................................................................................................................................................................................... - Balance Sept. 30, 2020........................................................................................................................................................................................ $33,329,654 1 Minor difference to beginning balance due to rounding. Reforestation Trust Fund Expected Condition and Results of Operations, Fiscal Year 2022 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1 ..................................................................................................................................................................................................... 33,330 Receipts: Excise taxes (tariffs) ........................................................................................................................................................................................ 150,000 Redemption of investment .............................................................................................................................................................................. - Total receipts ............................................................................................................................................................................................... 150,000 Outlays ................................................................................................................................................................................................................ 29,548 Balance Sept. 30 ................................................................................................................................................................................................. 153,782 93 INTRODUCTION: Sport Fish Restoration and Boating Trust Fund Aquatic Resources Trust Fund (ARTF) was established on the books of the Treasury pursuant to the Deficit Reduction Act of 1984 [Public Law 98-369, division A, title X, section 1016(a), approved July 18, 1984]. The ARTF was restructured and renamed the Sport Fish Restoration and Boating Trust Fund by the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users or “SAFETEA-LU” [Public Law 109-59, title XI, subtitle B, part 2, section 11115, approved August 10, 2005,] as amended by the Sportfishing and Recreational Boating Safety Amendments Act of 2005 [Public Law 109-74, approved September 29, 2005]. Section 3 of the Dingell-Johnson Sport Fish Restoration Act, 16 United States Code 777, provides authorization of appropriations to the states to carry out the provisions of the act, and Section 4 provides the division of the remaining annual appropriation not authorized in Section 3. SAFETEA-LU comprehensively amended Section 3 and reauthorized the Sport Fish Restoration Program (for fiscal years 2006-2009) to permanently appropriate boating safety funds; to modify distribution of funds whereby all accounts receive a fixed percentage of the total fund annually; and to modify the excise tax on certain sport fishing equipment. From October 1, 2010, through June 30, 2012, the authority for SAFETEA-LU was extended via several public laws. In June 2012, Public Law 112-141, Moving Ahead for Progress in the 21st Century Act (MAP-21), established new authority for Section 4 through September 30, 2014. From October 1, 2015, through November 20, 2015, the authority for MAP21 was extended via several public laws. On December 4, 2015, Public Law 114-94, Fixing America's Surface Transportation (FAST) Act, Sec. 10001, amended Section 3 and Section 4 to provide the division of appropriations for each of the Fiscal Years 2016 thru 2021. On November 15, 2021, Public Law 117-58, the Infrastructure Investment and Jobs Act, Sec. 28001, amended 16 USC 777b and 16 USC 777c to provide the division of appropriations through Fiscal Year 2026. Effective October 1, 2005, motorboat fuel taxes (less $1 million transferred to the Land and Water Conservation Fund) and small engine gasoline taxes [pursuant to the Omnibus Budget Reconciliation Act of 1990, Public Law 101-508, title XI, sections 11211(i)(2) and (3)] were transferred from the Highway Trust Fund to the Sport Fish Restoration and Boating Trust Fund. In addition, amounts equivalent to the excise taxes received on sport fishing equipment and import duties on fishing tackle, yachts, and pleasure craft are appropriated into the fund. Amounts in the trust fund are used, as provided by appropriation acts, for the purposes of carrying out the Dingell-Johnson Sport Fish Restoration Act, approved August 9, 1950; Section 7404(d) of the Transportation Equity Act for the 21st Century; and the Coastal Wetlands Planning, Protection and Restoration Act (each as in effect on the date of enactment of the Infrastructure Investment and Jobs Act). The general provisions of 26 United States Code 9602(b) are responsible for making amounts available in the fund exceeding outlay requirements to be invested in public debt securities with the interest credited to the fund. As required by 26 United States Code 9602(a), annual reports to Congress must be submitted by the Secretary of the Treasury. These reports will cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next five fiscal years. 94 TABLE TF-11.—Sport Fish Restoration and Boating Trust Fund Sport Fish Restoration Results of Operations, Fiscal Year 2021 [Source: Department of the Interior] Balance Oct. 1, 2020.............................................................................................................................................................................................. $2,142,077,620 Revenue: Tax revenue: Gas, motorboat .............................................................................................................................................................................................. Fish equipment............................................................................................................................................................................................... Tackle boxes .................................................................................................................................................................................................. Rods and poles .............................................................................................................................................................................................. Electric outboard motors ................................................................................................................................................................................ Customs/import duties ................................................................................................................................................................................... Gas, motorboat small engines ....................................................................................................................................................................... Total, tax revenue ...................................................................................................................................................................................... 316,494,000.00 115,129,320 1,933,221 35,079,017 5,990,001 86,419,076 124,004,000 685,048,635 Investment revenue: Interest on investments (accrual basis) ......................................................................................................................................................... Loss on sale of securities ............................................................................................................................................................................... Total, investment revenue.......................................................................................................................................................................... Total revenue ............................................................................................................................................................................................. Nonexpenditure appropriations: Interior ............................................................................................................................................................................................................ Interior (U.S. Coast Guard) ............................................................................................................................................................................ Interior (Corps of Engineers).......................................................................................................................................................................... Total appropriations ................................................................................................................................................................................... Balance Sept. 30, 2021 .......................................................................................................................................................................................... 16,723,868 16,723,868 701,772,503 -405,300,000 -96,855,989 -58,256,170 -560,412,159 2,283,437,964 Sport Fish Restoration and Boating Trust Fund Sport Fish Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In thousands of dollars. Source: Department of the Interior] Balance Oct. 1 ..................................................................................... Receipts/revenue: Taxes ............................................................................................ Interest .......................................................................................... Transfers ....................................................................................... Total receipts ............................................................................ Expenses: Expenses/transfers ....................................................................... Total expenses.......................................................................... Balance Sept. 30............................................................................... 2022 2023 2024 2025 2065 2,283,437,964 2,283,437,706 2,283,448,737 2,283,457,861 2,283,469,915 689,000 26,217 715,217 698,000 28,248 726,248 705,000 30,372 735,372 715,000 32,426 747,426 726,000 34,440 760,440 715,475 715,475 2,283,437,706 715,217 715,217 2,283,448,737 726,248 726,248 2,283,457,861 735,372 735,372 2,283,469,915 747,426 747,426 2,283,482,929 95 INTRODUCTION: Oil Spill Liability Trust Fund The Oil Spill Liability Trust Fund was established on the books of the Treasury by section 8033 of the Omnibus Budget Reconciliation Act of 1986 (Public Law 99-509). It was made effective on January 1, 1990, by section 7811(m)(3) of the Omnibus Budget Reconciliation Act of 1989 (Public Law 101-239) and amended by section 9001of the Oil Pollution Act of 1990 (Public Law 101-380). The Energy Improvement and Extension Act of 2008 (Public Law 110-343) increased the barrel tax on petroleum from five cents per barrel to eight cents from 2009 through 2016, and to nine cents in 2017. The act also repeals the requirement that the tax be suspended when the unobligated balance exceeds $2.7 billion. The barrel tax expired on December 31, 2018, but reinstated on January 1, 2020. The Consolidated Appropriations Act, 2021 (Public Law 116-260) which amended 26 USC 4611 (f) to extend the OSLTF tax until Dec 31, 2025. Amounts equivalent to the taxes received from the environmental tax on petroleum, but only to the extent of the Oil Spill Liability Trust Fund rate, are appropriated to the fund. Certain amounts were transferred from other funds and were appropriated to the Oil Spill Liability Trust Fund as provided by 26 United States Code 9509(b). Certain paid penalties and amounts recovered for damages are also appropriated to the fund. Amounts in the fund are available for oil spill cleanup costs and certain other related purposes as provided by appropriations acts or section 6002(b) of the Oil Pollution Act of 1990 (Public Law 101-380). 96 TABLE TF-12.—Oil Spill Liability Trust Fund Results of Operations, Fiscal Year 2021 [Source: Bureau of the Fiscal Service, Funds Management Branch] Balance Oct. 1, 2020 ................................................................................................................................................................................................... Revenue: Drawback claims ........................................................................................................................................................................................................ Return of Funds—DOT .............................................................................................................................................................................................. Return of Funds—USCG ........................................................................................................................................................................................... Cost recoveries .......................................................................................................................................................................................................... Fines and penalties .................................................................................................................................................................................................... Excise taxes on crude oil/petroleum products ........................................................................................................................................................... Net revenue before interest ................................................................................................................................................................................... Investment income: Interest on investments .............................................................................................................................................................................................. Realized gain ............................................................................................................................................................................................................. Total investment income ........................................................................................................................................................................................ Total revenue ......................................................................................................................................................................................................... Expenditures: Treasury administrative expense—Fiscal Service .................................................................................................................................................... Nonexpenditure transfers: Transfer to Denali commission .................................................................................................................................................................................. Transfer to Interior...................................................................................................................................................................................................... Transfer to EPA.......................................................................................................................................................................................................... Transfer to PHMSA .................................................................................................................................................................................................... Transfer to U.S. Coast Guard-70X8312 (claims)....................................................................................................................................................... Transfer to U.S. Coast Guard-70X8349 (Emer Fund) ............................................................................................................................................... Transfer to U.S. Coast Guard-annual (earmarked) ................................................................................................................................................... Total nonexpenditure transfers .............................................................................................................................................................................. Total expenditure/nonexpenditure transfers .......................................................................................................................................................... Balance Sept. 30, 2021.................................................................................................................................................................................................. 7,366,161,957 1 (86,439,921) 261,731 6,308,161 65,828,847 73,660,969 638,890,466 698,510,254 67,680,303 67,680,303 766,190,557 (165,000) (3,132,665) (14,899,000) (20,098,000) (23,453,129) (8,690,183) (58,622,830) (45,000,000) (173,895,807) (174,060,807) 7,958,291,706 1 The Balances as of October 1, 2020, and September 30, 2021 tie to the published financial statements by Treasury/FMB and are posted at: http://www.federalinvestments.gov/govt/reports/ tfmp/oilspill/oilspill.htm. Oil Spill Liability Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In millions of dollars. Source: Department of Homeland Security] Balance Oct. 1 ............................................................................................... Estimated receipts ......................................................................................... Estimated expenses ...................................................................................... Balance Sept. 30............................................................................................ 2022 2023 2024 2025 2026 7,958 888 182 8,664 8,664 912 182 9,394 9,394 876 182 10,088 10,088 887 182 10,793 10,793 903 182 11,514 97 INTRODUCTION: Vaccine Injury Compensation Trust Fund The Vaccine Injury Compensation Trust Fund was created on the books of the Treasury by Section 9202 of the Revenue Act of 1987 (Public Law 100-203, approved December 22, 1987). Excise taxes on diphtheria, pertussis, tetanus, measles, mumps, rubella, polio, hepatitis B, haemophilus influenza type b, varicella, rotavirus, pneumococcal conjugate, hepatitis A, meningococcal, human papillomavirus, and seasonal influenza vaccines (26 United States Code 4131), are appropriated into the trust fund, which is the source of funds to pay compensation awards for a vaccine-related injury or death occurring after October 1, 1988, as well as program administrative expenses. Annual reports to Congress, required by 26 United States Code 9602(a), are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next five fiscal years. TABLE TF-13.—Vaccine Injury Compensation Trust Fund Results of Operations, Fiscal Year 2021 [Source: Department of the Treasury],617 $4,090,860,617 Balance Oct. 1, 2020 ........................................................................................................................................................................................... Receipts: Excise tax ........................................................................................................................................................................................................ Interest on investments .................................................................................................................................................................................... Refund of Prior Year Authority Total receipts ............................................................................................................................................................................................... Expenditure appropriations: U.S. Court of Federal Claims expenses.......................................................................................................................................................... U.S. Department of Justice expenses ............................................................................................................................................................. Subtotal outlays ........................................................................................................................................................................................... Nonexpenditure transfers: Transfer to HRSA ............................................................................................................................................................................................ Total outlays/transfers ................................................................................................................................................................................. Balance Sept. 30, 2021 1 ..................................................................................................................................................................................... $312,902,784 $50,534,188 $9,743,485 $373,180,456 $9,848,590 $17,200,121 $27,048,712 $259,614,977 $286,663,689 $4,177,377,384.31 1 Balance for September 30, 2021: Balance does not tie to the 3310 ending balance in the September 30, 2020 published financial statement. The equity balance is not affected throughout the entire fiscal year but changes after adjusting/closing entries are made at the beginning of the following fiscal year. The balance shown here for September 30, 2021 reflects the net activity for FY 2021 and adjusting/closing entries made in October 2021. Vaccine Injury Compensation Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In thousands of dollars. Source: Department of Health and Human Services] Balance Oct. 1 ...................................................................................................... Receipts (from tax) ............................................................................................... Interest on investments..................................................................................... Total receipts ................................................................................................ Outlays: U.S. Court of Federal Claims expenses ........................................................... U.S. Department of Justice expenses .............................................................. Subtotal outlays ................................................................................................ Nonexpenditure transfers: HRSA ................................................................................................................ Total outlays/transfers .................................................................................. Balance Sept. 30................................................................................................... 2022 2023 2024 2025 2026 $4,177,377 $322,290 $52,050 $374,340 $4,257,265 $331,959 $53,612 $385,570 $4,340,361 $341,917 $55,220 $397,137 $4,426,762 $352,175 $56,877 $409,052 $4,516,566 $362,740 $58,583 $421,323 $9,849 $17,200 $27,049 $9,849 $17,200 $27,049 $9,849 $17,200 $27,049 $9,849 $17,200 $27,049 $9,849 $17,200 $27,049 $267,403 $294,452 $4,257,265 $275,426 $302,474 $4,340,361 $283,688 $310,737 $4,426,762 $292,199 $319,248 $4,516,566 $300,965 $328,014 $4,609,875 98 INTRODUCTION: Wool Research, Development, and Promotion Trust Fund The Wool Research, Development, and Promotion Trust Fund was established in fiscal year 2000 with a sunset provision effective January 1, 2004, according to provisions of the Trade and Development Act of 2000 (Public Law 106-200, signed May 18, 2000). The Trade Act of 2002 (Public Law 107-210, signed August 6, 2002) extended the sunset provision to January 1, 2006. The Miscellaneous Trade and Technical Corrections Act of 2004 (Public Law 108-429, signed December 3, 2004) extended the sunset provision to 2008. The Pension Protection Act of 2006 (Public Law 109-280, signed August 17, 2006) extended the sunset provision to 2010. The Emergency Economic Stabilization Act of 2008 (Public Law 110-343, signed October 3, 2008) extended the sunset provision to 2015. The Agriculture Act of 2014 (Public Law 113-79, signed February 7, 2014) extended the sunset provision to 2019. Title XII, Section 12604 of the Agriculture Improvement Act of 2018, (Public Law 115-334, signed December 20, 2018) extended the sunset provision through calendar year 2023. The Act provides that the Secretary of the Treasury shall transfer to the trust fund out of the general fund of the U.S. Treasury amounts determined to be equivalent to the duty received on articles under chapters 51 and 52 of the Harmonized Tariff Schedule of the United States. The amount to be transferred is limited to $2,250,000 in any fiscal year and may be invested in U.S. Treasury securities. The Secretary of Agriculture is authorized to provide grants to a nationally recognized council established for the development of the United States wool market for the following purposes: Assist United States wool producers in improving the quality of wool and wool production methods for wool produced in the United States. Disseminate information on improvements to United States wool producers. Assist United States wool producers in developing and promoting the wool market. Annual reports to Congress are required on the financial condition and the results of the operations of the trust fund during the past fiscal year and on its expected condition and operations during the next fiscal year. 99 TABLE TF-14.—Wool Research, Development, and Promotion Trust Fund Results of Operations, Fiscal Year 2021 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1, 2020 ................................................................................................................................................................................................ 140 Receipts: Harmonized tariff ................................................................................................................................................................................................... 2,250 Sequestration return FY 2020 ............................................................................................................................................................................... 133 Sequestration ........................................................................................................................................................................................................ -128 Total receipts ..................................................................................................................................................................................................... 2,255 Expenses: Expenditure ........................................................................................................................................................................................................... 140 Total expenses .................................................................................................................................................................................................. 140 Balance Sept. 30, 2021 ............................................................................................................................................................................................ 2,255 Wool Research, Development, and Promotion Trust Fund Expected Condition and Results of Operations, Fiscal Year 2022 [In thousands of dollars. Source: Department of Agriculture] Balance Oct. 1, 2021 ................................................................................................................................................................................................ 2,255 Receipts: Harmonized tariff ................................................................................................................................................................................................... 2,250 Sequestration return FY 21 ................................................................................................................................................................................... 128 Sequestration ........................................................................................................................................................................................................ -128 Total receipts ..................................................................................................................................................................................................... 2,250 Expenses: Expenditure ........................................................................................................................................................................................................... 4,505 Total expenses .................................................................................................................................................................................................. 4,505 Balance Sept. 30, 2022 ............................................................................................................................................................................................ - 100 INTRODUCTION: Agriculture Disaster Relief Trust Fund The Food, Conservation, and Energy Act of 2008, P.L. 110-246, authorized the implementation of the Supplemental Agricultural Disaster Assistance Program under Sections 12033 and 15001. The Taxpayer Relief Act of 2012 provided authority for discretionary funds to be used to execute several of the disaster programs for fiscal year 2013, but no funds were appropriated. Using funds from the Agricultural Disaster Relief Trust Fund, established under section 902 of the Trade Act of 1974, the program is administered by the USDA Farm Service Agency (FSA). Funds from the Agricultural Disaster Relief Trust Fund were used to make payments to farmers and ranchers under the following five disaster assistance programs: Supplemental Revenue Assistance Payments (SURE) Program; Livestock Forage Disaster Program (LFP); Livestock Indemnity Program (LIP); Tree Assistance Program (TAP); and Emergency Assistance for Livestock, Honey Bees, and Farm-Raised Fish (ELAP) Program. Fiscal Year 2021 obligations, including adjustments to prior year obligations, totaled $45,040. Total net outlays were $663 million including outlays from prior year obligations, as shown in the table below. In 2021, the amount of customs receipts credited to the Agricultural Disaster Relief Trust Fund receipt account totaled $0. The outlays reported in fiscal year 2021 are due to residual payments, corrections, and/or appeals to obligations incurred for crop years 2008 – 2011. The Agriculture Act of 2014 shifted the funding authority for disaster programs from the Agricultural Disaster Relief Trust Fund to USDA’s Commodity Credit Corporation. TABLE TF-15.—Agriculture Disaster Relief Trust Fund Results of Operations, Fiscal Year 2021 [In thousands of dollars. Source: Department of Agriculture] Cumulative debt, start of year 2021 ......................................................................................................................................................................... $2,609,863 Borrowing authority ............................................................................................................................................................................................. Repayment of debt ............................................................................................................................................................................................... Cumulative debt, end of year ................................................................................................................................................................................... -135 2,609,728 Budgetary resources: Borrowing Authority ............................................................................................................................................................................................. Mandatory appropriation...................................................................................................................................................................................... Other offsetting collections .................................................................................................................................................................................. Total budgetary resources .............................................................................................................................................................................. - Obligated balance, Oct. 1, 2020 .............................................................................................................................................................................. 2,690 Fiscal Year 2021 obligations .................................................................................................................................................................................... 6,408 Outlays: Supplemental Revenue Assistance Payments Program ..................................................................................................................................... Livestock Forage Disaster Program .................................................................................................................................................................... Livestock Indemnity Program............................................................................................................................................................................... Tree Assistance Program .................................................................................................................................................................................... Emergency Assistance of Livestock, Honey Bees, and Farm-Raised Fish Program ......................................................................................... Total outlays ..................................................................................................................................................................................................... - Recoveries of Prior Year Obligations Obligated balance, Sept. 30, 2021........................................................................................................................................................................... . $9,098 101 Agriculture Disaster Relief Trust Fund Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In thousands of dollars. Source: Department of Agriculture ] 2022 2023 2024 2025 2026 Cumulative debt, start of year ............................................................................. 2,609,728 2,609,728 2,609,728 2,609,728 2,609,728 Borrowing authority ......................................................................................... - - - - - Repayment of debt 1 ....................................................................................... - - - - - Cumulative debt, end of year .............................................................................. 2,609,728 2,609,728 2,609,728 2,609,728 2,609,728 Borrowing authority ........................................................................................ - - - - - Mandatory appropriations ............................................................................... - - - - - Budgetary Resources: Other offsetting collections ............................................................................. Total budgetary resources .......................................................................... - - - - - Obligated balance, Oct. 1 ................................................................................... 3 3 3 3 3 New obligations ................................................................................................... - - - - - Recoveries of prior year obligations - - - - - Supplemental revenue assistance payments program ................................. - - - - - Total outlays................................................................................................ - - - - - Obligated balance, Sept. 30 .......................................................................... 3 3 3 3 3 Outlays: 1 Requires congressional authority to write off debt or appropriations action to repay debt. Note.—Detail may not add to totals due to rounding. 102 INTRODUCTION: Patient Centered Outcomes Research Trust Fund The Patient Centered Outcomes Research Trust Fund (PCORTF) was created on the books of the Treasury by section 9511 of the Internal Revenue Act of 1986 (Public Law 111-148, 124 STAT 742, approved March 23, 2010). Additional legislative citation related to this is the Further Consolidated Appropriations Act, 2020, Section 104, Extension of Appropriations to the Patient-Centered Outcomes Research Trust Fund, Extension of Certain Health Insurance Fees (Public Law 116-94, approved December 20, 2019, which amends Section 9511 of the Internal Revenue Code of 1986) extended the PCORTF to FY 2029. General fund appropriations, transfers from the Federal Hospital Insurance Trust Fund and the Federal Supplementary Medical Insurance Trust Fund, and Fees related to health insurance and self-insurance plans are appropriated into the trust fund until fiscal year 2029. These appropriations are the source of funds for the established nonprofit corporation known as the “Patient-Centered Outcomes Research Institute” which is neither an agency nor establishment of the United States Government. For fiscal year 2010, and each subsequent fiscal year to 2029, amounts in the PCORTF are available without further appropriation, to the Institute to carry out clinical effectiveness research. The purpose of the Institute is to assist patients, clinicians, purchasers, and policy makers in making informed health decisions by advancing the quality and relevance of evidence concerning the manner in which diseases, disorders, and other health conditions can effectively, and appropriately be prevented, diagnosed, treated, monitored, and managed through research and evidence synthesis that considers variations in patient subpopulations, and the dissemination of research findings with respect to the relative health outcomes, clinical effectiveness, and appropriateness of the medical treatments, and services. Twenty percent of the amounts appropriated or credited to the PCORTF shall be transferred for each of the fiscal years 2011 through 2029 to the Secretary of Health and Human Services to carry out section 937 of the Public Health Services Act. Of the amounts transferred, with respect to a fiscal year, the Secretary of Health and Human Services shall distribute: 80 percent to the Office of Communication and Knowledge Transfer of the Agency for Healthcare Research and Quality to carry out activities described in section 937 of the Public Health Services Act, and 20 percent to the Secretary to carry out the activities described in section 937. No amounts shall be available for expenditure from the PCORTF after September 30, 2029, and any amounts remaining in the trust fund after such date shall be transferred to the general fund of the Treasury. Annual reports to Congress, required by 26 United States Code 9602(a), are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next 5 fiscal years. 103 TABLE TF-16.—Patient Centered Outcomes Research Trust Fund Results of Operations, Fiscal Year 2021 [Source: Bureau of the Fiscal Service] Balance Oct. 1, 2020 ................................................................................................................................................................................................ $31,132 Receipts: General Fund Appropriation.................................................................................................................................................................................. Transfers from FHI and FSMI ............................................................................................................................................................................... IRS Health Insurance Fees ................................................................................................................................................................................... Interest on Investments......................................................................................................................................................................................... Total receipts ..................................................................................................................................................................................................... 326,572,805 21,906 611,594,711 Expenditure appropriations: Transfers to PCORI............................................................................................................................................................................................... Transfers to HHS .................................................................................................................................................................................................. Total outlays ...................................................................................................................................................................................................... Balance Sept. 30, 2021 1 .......................................................................................................................................................................................... -460,361,796 -115,087,514 -575,449,310 $36,176,533 285,000,000 1 Balance September 30, 2021: Balance does not tie to the 3310 ending balance in the September 30, 2021 published financial statement. The equity balance is not affected throughout the entire fiscal year but changes after adjusting/closing entries are made at the beginning of the following fiscal year. The balance shown here for September 30, 2021 reflects the net activity for FY 2021 and adjusting/closing entries made in October 2021. Patient Centered Outcomes Research Trust Fund Expected Condition and Results of Operations, Fiscal Years 2022-2025 [In thousands of dollars. Source: Bureau of the Fiscal Service] 2022 2023 2024 2025 36,176 36,176 36,176 36,176 General Fund Appropriation ............................................................................................................................................... 293,500 311,500 320,000 338,000 Transfers from FHI and FSMI ............................................................................................................................................. - - - - IRS Health Insurance Fees ................................................................................................................................................. 367,000 387,000 407,000 428,000 Balance Oct. 1............................................................................................................ Receipts: Interest on Investments....................................................................................................................................................... 1 1 1 1 660,501 698,501 727,001 766,001 Transfers to PCORI ............................................................................................... -528,401 -558,801 -581,601 -612,801 Transfers to HHS ................................................................................................... -132,100 -139,700 -145,400 -153,200 Total outlays ....................................................................................................... -660,501 -698,501 -727,001 -766,001 Balance Sept. 30 .................................................................................................... 36,176 36,176 36,176 36,176 Total receipts...................................................................................................... Expenditure appropriations: 104 INTRODUCTION: United States Victims of State Sponsored Terrorism Fund The Justice for United States Victims of State Sponsored Terrorism Act, 34 U.S.C. § 20144, formerly codified at 42 U.S.C. § 10609 (2015) (the “Act”), established the United States Victims of State Sponsored Terrorism Fund (the “Fund”). The Act provides for the establishment and administration of the Fund to provide compensation to certain U.S. persons who were injured in acts of state sponsored terrorism. In general, the Fund awards compensation to those victims of international state sponsored terrorism who (1) have secured final judgments in a United States district court against a state sponsor of terrorism under the Foreign Sovereign Immunities Act, or (2) were held hostage at the United States Embassy in Tehran, Iran from 1979 to 1981 (and their spouses and children). The Act also sets forth the Fund’s sources of funding, including a single appropriation of $1.025 billion for the Fund in fiscal year 2017. 34 U.S.C. § 20144(e)(5). Further, amounts in the Fund shall be available, without further appropriation, for the payment of eligible claims and compensation of the Special Master in accordance with the Act. The Act also establishes that the Fund shall be managed and invested in the same manner as a trust fund under section 9602 of the Internal Revenue Code of 1986. 34 U.S.C. §§ 20144(e)(3) & (e)(4). In addition, the Act mandates that certain penalties and fines, including forfeiture proceeds, be deposited into the Fund if “forfeited or paid to the United States after December 18, 2015,” the date of the Act’s enactment. 34 U.S.C. § 20144(e)(2). The Act provides that the following shall be deposited or transferred into the Fund: (1) All funds, and the net proceeds from the sale of property, forfeited or paid to the United States after December 18, 2015 as a criminal penalty or fine arising from a violation of any license, order, regulation, or prohibition issued under the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et seq.) or the Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), or any related criminal conspiracy, scheme, or other Federal offense arising from the actions of, or doing business with or acting on behalf of, a state sponsor of terrorism. (2) Fifty percent of all funds, and fifty percent of the net proceeds from the sale of property, forfeited or paid to the United States between December 18, 2015 and November 20, 2019 and seventyfive percent of all funds, and seventy-five percent of the net proceeds from the sale of property, forfeited or paid to the United States beginning November 21, 2019, the date of the enactment of the United States Victims of State Sponsored Terrorism Fund Clarification Act, as a civil penalty or fine arising from a violation of any license, order, regulation, or prohibition issued under the International Emergency Economic Powers Act (50 U.S.C. §§ 1701 et seq.) or the Trading with the Enemy Act (50 U.S.C. App. §§ 1 et seq.), or any related conspiracy, scheme, or other Federal offense arising from the actions of, or doing business with or acting on behalf of, a state sponsor of terrorism. (3) Generally, if the United States receives a final judgment forfeiting the properties and related assets identified in the proceedings captioned as In Re 650 Fifth Avenue & Related Properties, No. 08 Civ. 10934 (S.D.N.Y. filed Dec. 17, 2008), the net proceeds (not including the litigation expenses and sales costs incurred by the United States) resulting from the sale of such properties and related assets by the United States. 34 U.S.C. § 20144(e)(2). The Act further provides that the Fund will make its last obligations no later than January 2, 2039. Thus, the Fund may continue to accumulate funds until that time. Effective on the day after all amounts authorized to be paid from the Fund under [the Act] that were obligated before January 2, 2039 are expended, any unobligated balances in the Fund shall be transferred, as appropriate, to either the Department of the Treasury Forfeiture Fund established under section 9705 of title 31, United States Code, or to the Department of Justice Assets Forfeiture Fund, established under section 524(c)(1) of title 28, United States Code. 34 U.S.C. § 20144(e)(6)(B). Annual reports to Congress, required by section 9602(a) of title 26, United States Code, are submitted by the Secretary of the Treasury. These reports are required to cover the financial condition and results of operations of the fund during the past fiscal year and those expected during the next five fiscal years. 105 TABLE TF-17.—United States Victims of State Sponsored Terrorism Fund Results of Operations, Fiscal Year 2021 [Source: Department of Justice] Balance Oct. 1, 2020 ...................................................................................................................................................................................... $175,034,845.00 Appropriation ............................................................................................................................................................................................................. 0.00 Recoveries from prior year ....................................................................................................................................................................................... 0.00 Fines/Penalties.......................................................................................................................................................................................................... 37,684,656.47 Receipts: Forfeitures ................................................................................................................................................................................................................. 5,354,989.98 Interest on investments ............................................................................................................................................................................................. 65,388.82 Total receipts ............................................................................................................................................................................................................. 43,105,035.27 Outlays: Salaries & Expenses ................................................................................................................................................................................................. 3,742,188.40 Victim Payments ....................................................................................................................................................................................................... 453,694.42 Total outlays .............................................................................................................................................................................................................. 4,195,882.82 Balance Sept. 30, 2021............................................................................................................................................................................................. 213,943,997.45 United States Victims of State Sponsored Terrorism Fund Expected Condition and Results of Operations, Fiscal Years 2022-2026 [In thousands of dollars. Source: Department of Justice] 2022 2023 2024 2025 2026 Balance Oct. 1...................................................................................................... Receipts: Appropriation .................................................................................................... Fines/Penalties................................................................................................. Forfeitures ........................................................................................................ Interest on investments .................................................................................... Total receipts ................................................................................................ Outlays: 213,944 236,857 235,066 233,050 230,795 7,564 20,032 2,139 29,736 2,369 2,369 2,351 2,351 2,330 2,330 2,308 2,308 DOJ, Salaries & Expenses............................................................................... Victim Payments .............................................................................................. Total Outlays net of Investments Redeemed .................................................. Balance Sept. 30 .................................................................................................. 3,961 2,862 6,823 236,857 4,159 4,159 235,066 4,367 4,367 233,050 4,585 4,585 230,795 4,815 4,815 228,288 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 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. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER