Full text of Treasury Bulletin : September 1998
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Contents SEPTEMBER 1998 FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis.--Summary of economic indicators . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 FEDERAL FISCAL OPERATIONS Introduction.--Federal fiscal operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 Analysis.--Budget results and financing of the U.S. Government and second-quarter receipts by source . . . . . . . . . . . . . . . . . . 9 FFO-A.--Chart: Monthly receipts and outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-B.--Chart: Budget receipts by source. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11 FFO-1.--Summary of fiscal operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12 FFO-2.--On-budget and off-budget receipts by source . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13 FFO-3.--On-budget and off-budget outlays by agency . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15 FFO-4.--Summary of receipts by source and outlays by function of the U.S. Government, third-quarter fiscal year 1998 and other periods . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17 ACCOUNT OF THE U.S. TREASURY Introduction.--Source and availability of the balance in the account of the U.S. Treasury . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 UST-1.--Elements of changes in Federal Reserve and tax and loan note account balances . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18 FEDERAL DEBT Introduction.--Federal debt. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-1.--Summary of Federal debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-2.--Interest-bearing public debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-3.--Government account series. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-4.--Interest-bearing securities issued by Government agencies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-5.--Maturity distribution and average length of marketable interest-bearing public debt held by private investors . . . . . . FD-6.--Debt subject to statutory limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . FD-7.--Treasury holdings of securities issued by Government corporations and other agencies . . . . . . . . . . . . . . . . . . . . . . . . FD-A.--Chart: Average length of privately held marketable debt . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20 21 22 23 24 25 25 26 28 PUBLIC DEBT OPERATIONS Introduction.--Public debt operations. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . TREASURY FINANCING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-1.--Maturity schedules of interest-bearing marketable public debt securities other than regular weekly and 52-week Treasury bills outstanding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-2.--Offerings of bills . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-3.--Public offerings of marketable securities other than regular weekly Treasury bills. . . . . . . . . . . . . . . . . . . . . . . . . . . PDO-4A.--Allotments by investor classes for marketable public debt securities other than bills . . . . . . . . . . . . . . . . . . . . . . . PDO-4B.--Allotments by investor classes for marketable public debt securities for bills other than regular weekly series . . . 33 40 42 45 47 U.S. SAVINGS BONDS AND NOTES Introduction.--Savings bonds and notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-1.--Sales and redemptions by series, cumulative . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-2.--Sales and redemptions by period, all series of savings bonds and notes combined . . . . . . . . . . . . . . . . . . . . . . . . . . . SBN-3.--Sales and redemptions by period, series E, EE, H, and HH . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 48 48 48 49 29 29 OWNERSHIP OF FEDERAL SECURITIES Introduction.--Ownership of Federal securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50 OFS-1.--Distribution of Federal securities by class of investors and type of issues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51 OFS-2.--Estimated ownership of public debt securities by private investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52 MARKET YIELDS Introduction.--Market yields. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-1.--Treasury market bid yields at constant maturities: bills, notes, and bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-A.--Chart: Yields of Treasury securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-2.--Average yields of long-term Treasury, corporate, and municipal bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . MY-B.--Chart: Average yields of long-term Treasury, corporate, and municipal bonds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53 53 54 55 58 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction.--U.S. Currency and coin outstanding and in circulation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 USCC-1.--Amounts outstanding and in circulation; currency, coin . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 59 USCC-2.--Amounts outstanding and in circulation; by denomination, per capita comparative totals . . . . . . . . . . . . . . . . . . . . 60 IV Contents INTERNATIONAL STATISTICS INTERNATIONAL FINANCIAL STATISTICS Introduction.--International financial statistics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-1.--U.S. Reserve assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-2.--Selected U.S. liabilities to foreigners . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . IFS-3.--Nonmarketable U.S. Treasury bonds and notes issued to official institutions and other residents of foreign countries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63 63 64 65 CAPITAL MOVEMENTS Introduction.--Capital movements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 66 SECTION I.--LIABILITIES TO FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-I-1.--Total liabilities by type of holder . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-2.--Total liabilities by type, payable in dollars. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-3.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-I-4.--Total liabilities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-A.--Chart: U.S. liabilities to foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67 68 69 71 SECTION II.--CLAIMS ON FOREIGNERS REPORTED BY BANKS IN THE UNITED STATES CM-II-1.--Total claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-II-2.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-II-3.--Total claims on foreigners by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-B.--Chart: U.S. claims on foreigners reported by U.S. banks, brokers, and dealers with respect to selected countries . . . 74 75 77 79 73 SECTION III.--SUPPLEMENTARY LIABILITIES AND CLAIMS DATA REPORTED BY BANKS IN THE UNITED STATES CM-III-1.--Dollar liabilities to, and dollar claims on, foreigners in countries and areas not regularly reported separately. . . . 80 SECTION IV.--LIABILITIES TO, AND CLAIMS ON, FOREIGNERS REPORTED BY NONBANKING BUSINESS ENTERPRISES IN THE UNITED STATES CM-IV-1.--Total liabilities and claims by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-2.--Total liabilities by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-3.--Total liabilities by type and country. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-4.--Total claims by country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-IV-5.--Total claims by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-C.--Chart: Net purchases of long-term domestic securities by foreigners, selected countries . . . . . . . . . . . . . . . . . . . . . . SECTION V.--U.S. INTERNATIONAL TRANSACTIONS IN LONG-TERM SECURITIES CM-V-1.--U.S. transactions with foreigners in long-term domestic securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-2.--U.S. transactions with foreigners in long-term foreign securities by type . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-3.--Net foreign transactions in long-term domestic securities by type and country . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-4.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (second quarter). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-V-5.--U.S. transactions with foreigners in long-term domestic and foreign securities, by type and country, during (calendar year). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . CM-D.--Chart: Net purchases of long-term foreign securities by U.S. investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 81 82 84 86 88 90 91 91 92 94 96 98 FOREIGN CURRENCY POSITIONS Introduction.--Foreign currency positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 99 SECTION I.--CANADIAN DOLLAR POSITIONS FCP-I-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100 FCP-I-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 FCP-I-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 101 SECTION II.--GERMAN MARK POSITIONS FCP-II-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 102 FCP-II-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 FCP-II-3.--Quarterly report of large market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 103 V Contents SECTION III.--JAPANESE YEN POSITIONS FCP-III-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 104 FCP-III-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 FCP-III-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 105 SECTION IV.--SWISS FRANC POSITIONS FCP-IV-1.--Weekly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 106 FCP-IV-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 FCP-IV-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 107 SECTION V.--STERLING POSITIONS FCP-V-1.--Weekly report of major market participants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 108 FCP-V-2.--Monthly report of major market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 FCP-V-3.--Quarterly report of large market participants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 109 EXCHANGE STABILIZATION FUND Introduction.--Exchange Stabilization Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 ESF-1.--Balance sheet . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 110 ESF-2.--Income and expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 111 SPECIAL REPORTS TRUST FUNDS Introduction.--Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 TF-15a.--Highway Trust Fund, highway account . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 115 RESEARCH PAPER INDEX. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 116 GLOSSARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 117 ORDER FORM FOR TREASURY PUBLICATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Figures may not add to totals because of rounding; p= Preliminary; n.a.= Not available; r= Revised. 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. Issues March June Sept. Dec. Federal Fiscal Operations FFO-5.--Summary of internal revenue collections by States and other areas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . √ Special Reports Consolidated Financial Statements of the United States Government (CFS) excerpt . . . . . . . . . . . . . . . . . . . . . . . . . . . Statement of Liabilities and Other Financial Commitments of the United States Government. . . . . . . . . . . . . . . . . . . . . . . Trust Fund Reports: Airport and Airway Trust Fund. . . . . . . . . . . . . . . . . . . . . . Aquatic Resources Trust Fund . . . . . . . . . . . . . . . . . . . . . . Black Lung Disability Trust Fund . . . . . . . . . . . . . . . . . . . Civil Service Retirement and Disability Fund . . . . . . . . . . Federal Disability Insurance Trust Fund. . . . . . . . . . . . . . . Federal Hospital Insurance Trust Fund. . . . . . . . . . . . . . . . Federal Old-Age and Survivors Insurance Trust Fund . . . Federal Supplementary Medical Insurance Trust Fund . . . Harbor Maintenance Trust Fund . . . . . . . . . . . . . . . . . . . . . Hazardous Substance Superfund. . . . . . . . . . . . . . . . . . . . . Highway Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Inland Waterways Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Investments of specified trust accounts. . . . . . . . . . . . . . . . Leaking Underground Storage Tank Trust Fund . . . . . . . . National Recreational Trails Trust Fund. . . . . . . . . . . . . . . National Service Life Insurance Fund . . . . . . . . . . . . . . . . Nuclear Waste Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oil Spill Liability Trust Fund . . . . . . . . . . . . . . . . . . . . . . . Railroad Retirement Account . . . . . . . . . . . . . . . . . . . . . . . Reforestation Trust Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . Unemployment Trust Fund . . . . . . . . . . . . . . . . . . . . . . . . . Uranium Enrichment Decontamination and Decommissioning Fund . . . . . . . . . . . . . . . . . . . . . . . . . Vaccine Injury Compensation Trust Fund . . . . . . . . . . . . . √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ √ 3 Profile of the Economy [Source: Office of Economic Policy, Office of Financial Analysis] Real gross domestic product (GDP) According to the advance estimate, growth in real GDP slowed in the second quarter to 1.4 percent at an annual rate. This was the smallest increase in 3 years and the first time that growth slipped below the 3 percent mark since the third quarter of 1996. The second quarter increase followed an outsized gain of 5.5 percent in the previous quarter and 3.8 percent over the four quarters of 1997. The slowdown reflected some transitory factors, such as the strike against General Motors (GM) and a large inventory correction following a sizable increase in stocks in the previous quarter. Continued deterioration in the foreign trade balance has widened for six successive quarters and sharply reduced growth in the second quarter. This cut 2.5 percentage points from the GDP growth rate. Exports fell in the quarter, particularly for capital goods. Growth in imports moderated slightly. The negative factors offset very robust growth in domestic final sales. Sales continued to surge by rising at a 6.3 percent annual rate in the second quarter on top of a 6.6 percent increase in the first. Consumer spending, business investment in equipment, and residential construction led the gains in the domestic sector. The national accounts measures of inflation were very low in the last two quarters. They were held down in part by oil price declines. The chain-weight GDP price index increased at a 0.9-percent annual rate in the first half of the year, below the 1.7 percent pace during 1997. The gross domestic purchases index subtracts exports and adds imports to get a measure of prices paid by U.S. residents. It fell at a 0.2 percent pace in the first quarter and edged up just 0.4 percent in the second. Core price indexes, excluding energy and food, were also very low. Inflation Inflation continues to be moderate in 1998. Energy prices are falling at a more rapid rate than in 1997 and food prices are Growth of Real GDP (Percent change, fourth quarter to fourth quarter) moving up at a modest pace. ‘‘Core’’ inflation, excluding the volatile food and energy components, has picked up a bit but still remains relatively well behaved. Wages are accelerating, leading to a pickup in labor costs. During the first seven months of the year, the consumer price index (CPI) rose at a seasonally adjusted annual rate of 1.5 percent, off slightly from a gain of 1.7 percent in 1997 and well below the 3.3 percent advance posted in 1996. Declining energy prices continue to be a factor. They fell at an annual rate of close to 10-1/2 percent this year on top of a near 3-1/2 percent drop last year. Food prices are up at an annual rate of 2.3 percent, compared with an increase of 1.5 percent in 1997. The core CPI has advanced by 2.4 percent at an annual rate through July. This is up slightly from the 2.2 percent increase Consumer Prices* (Percent change from a year earlier) *Year tick marks correspond with June data. Producer Prices* (Percent change from a year earlier) 4 PROFILE OF THE ECONOMY funds, greatly reducing the calculated saving rates. Huge gains last year (the smallest increase since 1965) but off slightly from in wealth associated with rising stock prices may have caused the pace during the preceding few years. households to feel less need to save out of current income in Declining energy prices and little change in food prices have recent years. resulted in lower producer prices for finished goods. Finished goods prices are down at a 0.9 percent seasonally adjusted Industrial production and capacity utilization annual rate so far this year after falling by 1.2 percent in 1997. Industrial production in manufacturing, mining and utilities On a core basis, finished goods prices are rising at a 1.4 percent fell by 0.6 percent in July on top of a larger 1.1 percent decline pace following no change last year. Core prices for crude and in June. A major factor in both declines was the GM strike intermediate goods have fallen this year, indicating no immi(beginning in early June and ending in late July). During the nent price pressures further back in the production chain. second quarter, production grew at a 1.9 percent annual rate, Hourly compensation in up from 1.2 percent in the first the nonfarm business sector quarter but much slower than increased at a 4.2 percent anthe 5 percent pace registered in nual rate during the first half Civilian Unemployment Rate 1997. of the year, faster than the (In percentages) Manufacturing output ac1.5 percent increase in procounts for about 86 percent of ductivity. This pushed unit latotal industrial production. It bor costs up at a 2.6 percent was down by 0.7 percent in annual rate from a 2.1 percent July, depressed for the second increase last year. The emstraight month by a strike-inployment cost index for total duced plunge in the production compensation rose by 0.9 of motor vehicles and parts. percent for the three months Production in this sector has ending in June, bringing the slowed considerably from last increase over the last twelve year’s 5.6 percent pace. In the months to 3.5 percent. This second quarter, factory output represented an acceleration rose at only a 1.1 percent anof 0.7 percentage point from nual rate following a modest 2.8 percent a year earlier and 2.3 percent advance in the first. was the biggest increase in Recent softness may relate not 4-1/2 years. only to the GM strike but also to the strong dollar and weak Establishment Employment Real disposable demand from Asia. Both fac(Monthly change in thousands) personal income and tors have curbed exports of consumer spending U.S. goods this year. The industrial capacity utiliReal disposable (after-tax) zation rate slipped to 80.5 perpersonal income rose at a 3.4 cent in July from 81.2 percent percent annual rate during the in June. Capacity utilization first half of 1998, up a little has shifted downward since from a 2.9 percent increase January and currently stands at over the course of 1997. the lowest point in almost 6 Large advances in wages and years. It is well below the exsalaries have fueled recent pansion high of 84.6 percent gains, as both employment reached in early 1995 and also and wage rates have risen. below the long-term average of Real wages and salaries 82.1 percent. surged at an annual rate of 7.4 percent in the first quarter, Employment and followed by another strong unemployment increase at a 4.5 percent pace in the second. (Personal income also includes such items as The GM strike distorted recent employment results but, adjusted for the strike, labor markets continue to expand at a transfer payments, proprietors’ income, dividends, and interest, but does not include capital gains.) healthy pace. The strike and associated layoffs are estimated to have reduced employment by about 150,000 in July. AdReal consumer spending jumped at annual rates of 6.1 perjusted for the strike, jobs expanded by 207,000, only slightly cent in the first quarter and 5.8 percent in the second. Strength less than the 240,000 averaged so far this year. Demand for was widespread among discretionary items, such as motor labor remains high in the service-producing sector (particuvehicles, furniture and appliances, and clothing. larly in computer software, engineering, finance, insurance, Since the high rate of income growth was outpaced by and real estate), as well as in construction. Manufacturing spending, the share of after-tax income devoted to personal employment, on the other hand, has begun to ease, reflecting saving fell to an extremely low 0.6 percent in the second quarter at least in part reduced demand for U.S. exports because of the from 1.2 percent in the first quarter and 2.1 percent averaged Asian crisis. in 1997. These figures reflect a redefinition of income instituted in July to exclude capital gains distributions of mutual PROFILE OF THE ECONOMY The unemployment rate edged up to 4.5 percent in June and July from a 28-year low of 4.3 percent in both April and May. Layoffs caused by the GM strike may have raised the unemployment rate by 0.1 percentage point in July, although the effect on unemployment is hard to assess. Average hourly earnings of production and other nonsupervisory workers rose to $12.74 in July, up 4.1 percent from a year earlier. Slow growth in consumer prices has contributed to a strong 2.5 percent gain in real earnings over the year ending in July, a notable acceleration from the 1.6 percent increase during the year ending in July 1997. Nonfarm productivity and unit labor costs Nonfarm business productivity (real output per hour worked) declined at an annual rate of 0.2 percent in the second quarter after rising at a 3.5 percent pace in the first. Over the first half of the year, productivity grew at a 1.5 percent annual rate. This increase was faster than both the 1.3 percent pace averaged during the current business cycle and trend productivity growth, estimated to be slightly higher than 1 percent annually. Hourly compensation costs in the nonfarm business sector grew at a 4.2 percent annual rate during the first two quarters of 1998, in line with last year’s 4.3 percent increase but considerably faster than annual increases recorded just a few years ago. Labor costs per unit of output in this sector combine the effects of both compensation and productivity and rose at a 2.6 percent annual rate in the first half of the year. Unit labor costs appear to be rising a bit more rapidly than in recent years and may represent a potential source of inflationary pressure. After a small 1.4 percent increase in the first three months of the year, productivity in manufacturing jumped up at a 3.3 percent annual rate in the April to June period. Productivity in this sector has grown by 2.3 percent so far in 1998, roughly half as fast as 1997’s 4.5 percent increase. Unit labor costs in manufacturing have risen by only 1 percent through the second quarter, up from an even smaller 0.7 percent increase in 1997. During the previous 3 years, these costs declined by about 1.8 percent annually on average. Current account balance The current account is a summary of U.S. international transactions, measuring trade in goods and services as well as the net flow of investment income and unilateral transfers. On an annual basis, the current account has been in deficit since the early 1980’s. The current account deficit has widened substantially from a recent low of $6 billion in 1991 to almost $189 billion at an annual rate in the first quarter of 1998. Over the past several years, U.S. economic growth has outpaced that of our major trading partners. That caused imports to grow much more rapidly than exports. The sharp appreciation of the dollar in more recent years has widened the trade gap further. In addition, what had been a positive balance on investment income shifted to a negative in 1997. The inflow of capital into the United States boosted payments of earnings and interest to foreigners. Deterioration in the most recent quarter reflected a 5 deepening of the deficit on trade in goods and services due to the strength of the dollar as well as weaker demand for U.S. goods exports in Asia. Although the current account deficit now exceeds the previous record deficit in 1987 by about $20 billion, it represents a smaller portion of the overall economy. Since 1987, the deficit as a share of GDP has fallen from 3.6 percent to 2.3 percent in the first quarter of 1998. The current account deficit is matched by offsetting transactions in the capital account. In the first quarter, capital flows (both inflows and outflows) slowed considerably following large increases in the final quarter of 1997 that were spurred by the Asian financial crisis. As a result, the first-quarter net capital inflow dropped to around $185 billion from 1997’s record-setting $255 billion. The difference between the $185 billion reported capital inflow and the $189 billion current account deficit (the statistical discrepancy) is usually taken to consist largely of unrecorded capital flows. Exchange rate of the dollar Appreciation of the dollar against other industrial countries has leveled off somewhat this year after accelerating in 1997. The exchange rate of the dollar based on the Federal Reserve Board’s trade-weighted index against the currencies of other G-10 industrialized nations increased by 2.6 percent over the first seven months of 1998 after rising by 11.4 percent over the course of 1997. In 1996, by comparison, the dollar increased by 4.3 percent. Among the G-10 currencies, the dollar’s appreciation was greatest against the yen and the deutschemark. Since the dollar’s recent low in April 1995, the dollar appreciated by a total of 55 percent against the yen through the end of 1997 and by an additional 8.5 percent through the first seven months of 1998. Against the deutschemark, the dollar rose by 29 percent between April 1995 and the end of 1997. It has firmed so far this year, edging up only a further 1 percent. Financial crises in several newly-industrialized Asian countries in 1997 led in some cases to currency devaluation, raising the dollar’s value against those currencies. One result was to make imports from those countries cheaper in dollar terms, contributing to the low U.S. inflation performance last year. Another result was to raise the relative price of U.S. exports, contributing to a decline in exports in the first half of 1998. U.S. export growth may continue to be weak through the next several quarters. Interest rates After starting the year at close to 5.3 percent, short-term market interest rates have flattened out since February, holding at or just below the 5 percent mark. The Federal Reserve Board has not altered monetary policy since raising the Federal funds rate target by one-quarter of a point in March 1997 to 5.50 percent. The discount rate has remained at 5 percent since January 1996. The Federal Reserve Board has decided to leave monetary policy unchanged be- 6 PROFILE OF THE ECONOMY ment equal to 7.1 percent of NNP, only a little more than half cause of a dampening effect on U. S. economic growth from as much as averaged in the 1950’s and 1960’s. the Asian financial crisis and because inflation remains so low. Long-term interest rates have resumed a downward trend Housing since June after flattening out over the previous five months. The housing market continues to be one of the strongest The yield on the 30-year Treasury bond held at about the 5.9 sectors of the economy. Activity surged in the first quarter of percent level from February through May. Then it dipped to an 1998, partly driven by unseasonably mild winter weather. average of 5.7 percent in both June and July, an all-time low Home sales and new construction remained at very high levels for this series. Mortgage rates even through the second have followed suit, with the rate Short-term Interest Rates quarter and on into the sumon a conventional 30-year fixed mer months. Underlying rate loan averaging below 7 perfundamentals for the houscent in July. These low morting market were very favorgage rates have spurred a new able, including a strong wave of mortgage refinancing economy with a very low and have helped keep housing level of unemployment, lean market activity at a very high inventories of new homes for level. sale, and low mortgage interNet national saving and est rates combined with adinvestment vantageous financing terms. Starts of new homes toNet national saving rose taled 1.57 million units at an steadily from a post-World War annual rate in the second II low of 3.4 percent of net naquarter, in line with the 1.58 tional product (NNP) in 1992 to million pace of the first quar7.9 percent in the first quarter of ter. Those were the highest 1998. Net saving, excluding dequarterly rates in about 10 preciation to replace worn-out *Average for week ending Friday; Federal funds ending Wednesday. years. Housing starts have or obsolete equipment and exceeded the 1.5 millionstructures used in production, unit mark each month for alstill remains below the most a full year, a string not 12.1 percent of NNP averaged Long-term Interest Rates seen since the last building in the 1950’s and 1960’s. boom of the 1980’s. Recent improvement is more Growth in single-family than accounted for by the swing home sales has outpaced in the Federal budget from large starts, leaving the inventory deficits to near balance. As a of unsold homes very tight. result, the combined account of Sales of new single-family Federal and State and local govhomes reached 909,000 ernments has improved from units at an annual rate in the dissaving equivalent to 4.7 persecond quarter. That figure cent of NNP in 1992 to saving was an all-time high for this equivalent to 1.8 percent of series which began in 1968 NNP in the first quarter of 1998. and far exceeded the Private saving (of households 804,000 mark for new home and businesses) has declined sales sold in 1997. Gains in since 1992, as increased wealth both the new and resale generated by a surging stock housing markets have fueled market appears to have reduced a large increase in spending households’ desire to save. for new appliances and other Gains in corporate profits have home furnishings. led to greater business saving. Net domestic investment equaled 9.5 percent of NNP in the first quarter. This was up from a low 4.9 percent for all of 1991 and was the highest reading in a decade. About one-quarter of investment in 1997 was financed by foreign inflows. They were equivalent to 2.3 percent of NNP. U.S. sources provided invest- The rapid growth in home sales pushed the home ownership rate to the highest level since data were first collected in 1965. It reached 66 percent in the second quarter. PROFILE OF THE ECONOMY Federal budget The Federal budget is on track in fiscal 1998 to post a surplus, the first Federal budget surplus since 1969 and only the ninth since World War II. Surpluses are expected to occur in each succeeding year through at least 2008, the last year for which Administration projections are available. Strong economic growth and passage of deficit reduction programs have placed the deficit on a downward course since 1992. Since the all-time high of $290 billion in that year, the deficit was reduced to just $22 billion in fiscal 1997, a 92 percent cut. Through 10 months of the current fiscal year, it appears that the budget could show a surplus of more than $60 billion in fiscal 1998. Growth in receipts was very strong over the past 5 years. So far in fiscal 1998, this trend continues, boosted by expansion 7 in jobs and income, rising corporate profits, and stock market gains. In fiscal 1997, receipts rose by 8.7 percent, with an especially notable jump for nonwithheld individual income taxes, up more than 16 percent over the year. So far through fiscal 1998, total receipts are almost 10 percent higher than during the comparable period of fiscal 1997. Growth in Federal spending was held to a moderate 2.6 percent in fiscal 1997 and continued to rise slowly in fiscal 1998. Slow growth in outlays last year was aided by large spectrum auction proceeds and asset sales in the deposit insurance account, both of which are treated as negative outlays in budget accounting. Excluding these components, outlay growth was about 4 percent in fiscal 1997 and only about 2.5 percent so far this year compared with the same period last year. 8 FEDERAL FISCAL OPERATIONS 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 earned-income 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 offbudget 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 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 which 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 off-budget 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 offbudget 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 U.S.C. 900-922)] included offbudget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused 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 Federal Reserve Banks. 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 FEDERAL FISCAL OPERATIONS ‘‘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 internal revenue collections by States and other areas and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax 9 liability years because they consist of prepayments (i.e., estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), of payments made with tax returns, and of subsequent payments made after tax returns are due or are filed (i.e., payments with delinquent returns or on delinquent accounts). It is important to note that these data do not necessarily reflect the Federal tax burden of individual States. 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 State where such a corporation reported its taxes from a principal office rather than other States where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one State and work in another. Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Second-Quarter Receipts The following capsule analysis of budget receipts, by source, for the second quarter of fiscal 1998 supplements fiscal data reported in the June 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 were $177.7 billion for the second quarter of fiscal 1998. This is an increase of $16.6 billion over the comparable prior year quarter. Withheld receipts increased by $12.4 billion and nonwithheld receipts increased by $7.4 billion during this period. Refunds increased by $3.2 billion over the comparable fiscal 1997 quarter. There was a decrease of $1.3 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal 1997. Corporation income taxes----Corporate income tax receipts were $24.7 billion for the second quarter of fiscal 1998. This was a decrease of $1.0 billion over the prior year second quarter. The $1.0 billion figure consists of $2.3 billion in higher estimated and final payments and $3.3 in higher refunds. Employment taxes and contributions----Employment taxes and contributions receipts for the second quarter of fiscal 1998 were $139.6 billion, an increase of $9.7 billion over the comparable prior year quarter. Receipts to the Old-Age Survivors Insurance, Disability Insurance, and Hospital Insurance trust funds increased $6.8 billion, $0.9 billion, and $2.1 billion, respectively. There were no adjusting transfers for prior years’ employment tax liabilities made in the second quarter of fiscal 1997, while there was a $1.3 billion adjusting increase made in the second quarter of fiscal 1998. Unemployment insurance----Unemployment insurance receipts for the second quarter of fiscal 1998 were $3.9 billion, which is a negligible increase over the comparable quarter of fiscal 1997. State taxes deposited in the U.S. Treasury increased, Federal Unemployment Tax Act (FUTA) receipts and Railroad Unemployment tax receipts increased negligibly from the comparable quarter of fiscal 1997. Contributions for other insurance and retirement---Contributions for other retirement were $1.0 billion for the second quarter of fiscal 1998. There was a negligible decrease over receipts from the comparable quarter of fiscal 1997. The growth in contributions will remain flat over the next few years as the number of employees covered by the Federal employees’ retirement system (FERS) grows slowly relative to those covered under the civil service retirement system (CSRS). Excise taxes----Net excise tax receipts for the second quarter of fiscal 1998 were $14.0 billion, an increase of $0.7 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $0.4 billion, a decrease of $0.1 billion over the comparable prior year quarter. Estate and gift taxes----Net estate and gift tax receipts were $5.2 billion for the January through March quarter of fiscal 1998. These receipts are a decrease of $0.1 billion from the previous quarter and an increase of $0.9 billion over the same quarter in fiscal 1997. 10 FEDERAL FISCAL OPERATIONS Budget Results and Financing of the U.S. Government and Second-Quarter Receipts by Source, con. Customs duties----Customs receipts net of refunds were $4.3 billion for the second quarter of fiscal 1998. This is an increase of $0.1 billion over the comparable prior year quarter. Miscellaneous receipts----Net miscellaneous receipts for the second quarter of fiscal 1998 were $8.2 billion, an increase of $2.4 billion over the comparable prior year quarter. Earnings by Federal Reserve Banks increased by $1.9 billion over the comparable prior year quarter. Total On-and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: Financial Management Service] Third quarter April - June Actual fiscal year to date Total on- and off-budget results: Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 544,140 On-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 423,751 1,309,011 988,931 Off-budget receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 120,390 320,080 Total outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 407,211 1,241,943 On-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 336,557 1,018,602 Off-budget outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70,654 223,341 Total surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 136,930 67,067 On-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,195 -29,672 Off-budget surplus or deficit (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,735 96,739 Means of financing: Borrowing from the public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -81,802 -22,257 Reduction of operating cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -44,643 -28,653 Other means . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -10,485 -136,930 -16,157 -67,067 Total on- and off-budget financing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Second-Quarter Net Budget Receipts by Source, Fiscal 1998 [In billions of dollars. Source: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’] Source January February March Individual income taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 95.8 42.2 39.7 Corporation income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.4 0.8 19.5 Employment taxes and contributions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.4 41.8 47.4 Unemployment insurance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.0 2.6 0.3 Contributions for other insurance and retirement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.3 0.3 Excise taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.7 4.8 4.5 Estate and gift taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.8 1.5 1.8 Customs duties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.4 2.8 1.5 2.4 1.4 3.0 Total budget receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162.6 98.0 117.9 Note: Detail may not sum to totals due to independent rounding. FEDERAL FISCAL OPERATIONS 11 CHART FFO-A.-Monthly Receipts and Outlays On-budget receipts Off-budget receipts On-budget outlays Off-budget outlays CHART FFO-B.-Budget Receipts by Source, Fiscal Year to Date, 1997-1998 (In billions of dollars) Source for both charts: ‘‘Monthly Treasury Statement of Receipts and Outlays of the United States Government’’ 12 FEDERAL FISCAL OPERATIONS TABLE FFO-1.--Summary of Fiscal Operations [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Total on-budget and off-budget results Fiscal year or month 1993 1 1994 11 1995 1 1996 1 1997 Total receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus or deficit (-) (7) On-budget surplus or deficit (-) (8) Means of financing -net transactions Borrowing from the public-Off-budget Federal surplus securities or Public deficit debt (-) securities (9) (10) ........... ........... ........... ........... ........... 1,153,175 1,257,187 1,350,576 1,452,763 1,578,977 841,241 922,161 999,496 1,085,271 1,186,987 311,934 335,026 351,080 367,492 391,989 1,408,122 1,460,557 1,514,389 1,560,094 1,601,595 1,142,110 1,181,185 1,225,724 1,259,638 1,290,594 266,012 279,372 288,665 300,455 311,000 -254,948 -203,370 -163,813 -107,331 -22,618 -300,869 -259,024 -226,228 -174,367 -103,607 45,922 55,654 62,415 67,036 80,989 342,629 288,987 278,535 252,891 189,634 1998 - Est. . . . . . . . . 1,703,785 1,283,964 419,821 1,664,724 1,347,095 317,629 39,061 -63,131 102,192 136,563 1997 - June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1998 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . 173,361 109,178 103,483 174,770 114,898 103,481 168,000 162,610 97,952 117,930 261,002 95,278 187,860 135,922 79,600 70,902 138,847 87,082 73,689 135,343 123,368 65,051 80,647 216,988 61,791 144,972 37,439 29,578 32,580 35,923 27,816 29,792 32,657 39,243 32,900 37,283 44,014 33,488 42,888 118,726 134,802 138,672 125,484 150,866 120,830 154,361 137,231 139,701 131,743 136,400 134,057 136,754 105,267 107,050 109,810 91,678 123,866 91,326 146,649 108,844 109,393 101,967 108,570 102,382 125,605 13,459 27,752 28,862 33,806 27,000 29,504 7,711 28,388 30,308 29,775 27,830 31,675 11,149 54,635 -25,624 -35,189 49,286 -35,968 -17,349 13,639 25,379 -41,750 -13,813 124,603 -38,779 51,106 30,655 -27,450 -38,908 47,169 -36,784 -17,637 -11,307 14,524 -44,342 -21,320 108,419 -40,591 19,367 23,980 1,826 3,719 2,118 816 287 24,946 10,855 2,592 7,508 16,184 1,812 31,739 31,748 -2,747 31,051 9,285 13,757 35,349 39,984 -12,708 31,061 22,180 -44,026 6,230 41,735 Fiscal 1998 to date. . 1,309,011 988,931 320,080 1,241,943 1,018,602 223,341 67,067 -29,672 96,739 133,562 Transactions not applied to year’s surplus or deficit (19) Total financing (20) Means of financing--net transactions, con. Cash and monetary assets (deduct) Fiscal year or month Borrowing from the public-Federal securities, con. Investments of Agency Governsecuriment Total ties accounts 10+11-12 (11) (12) (13) ........... ........... ........... ........... ........... 6,652 3,665 -1,224 8,088 -1,857 100,663 107,655 106,024 131,266 149,606 248,619 184,998 171,288 129,713 38,171 -6,283 -16,564 2,007 6,276 -603 -907 768 -1,086 -408 338 -1,429 -992 9,109 -4,626 -3,034 2,333 -35 2,614 746 -1,383 -301 831 4,447 -21,009 -20,711 350 715 722 615 472 254,948 203,370 163,813 107,331 22,618 1998 - Est. . . . . . . . . -1,055 190,936 -32,589 - * * * -21,639 * -54,228 1997 - June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1998 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . -617 99 -259 -320 -35 171 302 -3,181 -73 145 -117 -102 -372 42,278 -1,241 445 27,283 7,408 6,412 42,057 8,919 423 2,188 16,445 14,725 53,981 -11,147 -1,408 30,348 -18,318 6,315 29,108 -1,771 -24,807 30,565 20,137 -60,587 -8,597 -12,618 34,387 -23,748 -15,435 31,545 -23,360 -483 12,106 8,423 -24,027 11,351 60,399 -51,900 36,144 -26 -213 175 12 135 -12 -94 -29 219 -109 80 108 -296 67 1,040 -35 -2,829 4,644 429 -1,129 -417 670 -388 -131 715 381 -160 -124 280 82 204 325 3,499 -31 95 -156 243 738 -11 -9,260 3,986 -10,181 -2,473 11,276 -11,500 2,516 7,374 -11,938 4,374 -3,431 -2,963 -2,327 40 7 315 80 6 57 -54,635 25,624 35,189 -49,286 35,968 17,349 -13,639 -25,379 41,750 13,813 -124,603 38,779 -51,106 Fiscal 1998 to date. . -3,261 152,557 -22,257 28,653 3 4,777 4,906 -6,614 143 -67,067 1993 1 1994 1 1995 1 1996 1 1997 1 U.S. Treasury operating cash (14) * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Special drawing rights (15) Other (16) Reserve position on the U.S. quota in the IMF (deduct) (17) Other (18) Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998. FEDERAL FISCAL OPERATIONS 13 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"] Income taxes Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Withheld (1) Individual Other Refunds (2) (3) Net (4) Gross (5) Corporation Refunds (6) Net (7) Net income taxes (8) Social insurance and retirement receipts 2 Employment and general retirement Old-age, disability, and hospital insurance Gross Refunds Net (9) (10) (11) ............... ............... ............... ............... ............... 430,427 459,699 499,898 533,080 580,207 154,800 160,117 175,884 212,234 250,819 75,546 77,077 85,624 88,897 93,560 509,680 542,738 590,157 656,417 737,466 131,548 154,205 174,422 189,055 204,492 14,027 13,820 17,334 17,231 22,199 117,520 140,385 157,088 171,824 182,294 627,200 683,123 747,245 828,241 919,760 393,688 425,985 447,104 474,134 503,749 531 898 1,644 1,051 393,158 425,087 447,104 472,490 502,698 1998 - Est. . . . . . . . . . . . . 810,516 - - 810,516 187,712 - 187,712 998,228 538,977 - 538,977 1997 - June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . 44,802 51,812 43,156 44,442 55,270 47,581 64,604 56,628 54,225 55,290 51,811 49,854 48,501 31,404 4,007 4,245 36,231 6,299 2,054 5,240 40,040 2,925 7,345 129,533 4,206 35,146 1,825 1,950 1,732 2,474 889 3,040 784 870 14,941 22,973 23,059 24,086 2,060 74,381 53,868 45,669 78,199 60,680 46,596 69,060 95,798 42,209 39,662 158,284 29,974 81,587 40,541 5,442 3,854 39,133 6,357 4,900 44,973 6,888 3,598 23,153 29,910 4,706 41,098 1,169 1,739 1,575 1,795 3,103 987 936 2,481 2,769 3,661 2,549 1,447 1,313 39,373 3,703 2,279 37,338 3,254 3,913 44,037 4,407 829 19,491 27,361 3,259 39,785 113,754 57,571 47,948 115,537 63,934 50,509 113,097 100,205 43,038 59,153 185,645 33,233 121,372 47,904 37,656 41,516 47,676 36,564 39,312 43,987 50,017 41,391 46,903 56,164 42,165 54,731 1,051 * - 47,904 37,656 41,516 46,625 36,564 39,312 43,987 50,017 41,391 46,903 56,165 42,165 54,731 Fiscal 1998 to date . . . . . 483,763 232,789 92,702 623,849 165,582 19,246 146,336 770,185 411,234 * 411,233 Social insurance and retirement receipts, con. 2 Employment and general retirement, con. Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Gross (12) Railroad retirement Refunds Net (13) (14) 2 Net employment and general retirement (15) Unemployment insurance Net unemployment Gross Refunds insurance (16) (17) (18) Net for other insurance and retirement Federal employees retirement (19) Other retirement (20) Total (21) ........... ........... ........... ........... ........... 3,793 3,767 3,972 3,966 4,063 11 44 30 93 12 3,781 3,723 3,942 3,872 4,052 396,939 428,810 451,046 476,362 506,750 26,680 28,114 28,985 28,687 28,307 124 110 107 103 105 26,556 28,004 28,878 28,584 28,202 4,709 4,563 4,461 4,389 4,344 96 98 89 80 74 4,805 4,661 4,550 4,469 4,418 1998 - Est. . . . . . . . . 4,104 - 4,104 543,081 27,941 - 27,941 4,251 77 4,328 1997 - June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1998 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . 29 411 349 388 362 317 311 378 439 494 380 396 81 * 1 4 * -1 1 * 5 8 * 1 5 30 411 346 388 364 317 310 378 434 486 379 395 76 47,933 38,066 41,861 47,013 36,928 39,629 44,297 50,395 41,825 47,389 56,544 42,560 54,807 351 2,099 4,013 251 1,448 2,526 432 1,040 2,589 315 4,620 8,281 300 8 18 11 4 5 7 4 1 13 31 8 8 343 2,081 4,002 247 1,443 2,526 425 1,036 2,589 301 4,589 8,273 292 330 418 331 336 408 328 420 326 329 331 326 400 362 6 7 7 5 5 6 7 7 6 6 6 6 7 336 425 338 342 414 334 427 333 335 337 332 406 369 Fiscal 1998 to date. . 3,159 20 3,139 414,373 21,551 77 21,474 3,231 55 3,286 See footnotes at end of table. 14 FEDERAL FISCAL OPERATIONS TABLE FFO-2.--On-budget and Off-budget Receipts by Source, con. [In millions of dollars. Source: "Monthly Statement of Receipts and Outlays of the United States Government"] Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Social insurance and retirement receipts, con. 2 Net social insurance and Airport and Airway Trust Fund Net retirement receipts 2 Gross Refunds (22) (23) (24) (25) Excise taxes Black Lung Disability Trust Fund Highway Trust Fund Gross Refunds Net Gross Refunds Net (26) (27) (28) (29) (30) (31) Gross (32) Miscellaneous Refunds Net (33) (34) ............... ............... ............... ............... ............... 428,300 461,475 484,474 509,415 539,371 3,276 5,217 5,406 2,405 4,044 15 28 39 21 37 3,262 5,189 5,367 2,384 4,007 634 567 608 614 614 - 634 567 608 614 614 18,321 17,426 23,358 25,309 24,665 283 758 913 329 798 18,039 16,668 22,445 24,980 23,867 26,718 33,573 29,926 27,698 29,368 595 772 861 1,662 931 26,123 32,801 29,065 26,036 28,437 1998 - Est. . . . . . . . . . . . . 575,350 7,975 - 7,975 640 - 640 26,063 - 26,063 20,964 - 20,964 1997 - June . . . . . . . . . . . July . . . . . . . . . . . Aug. . . . . . . . . . . . Sept. . . . . . . . . . . Oct. . . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr. . . . . . . . . . . . May . . . . . . . . . . . June . . . . . . . . . . . 48,612 40,572 46,201 47,601 38,784 42,488 45,149 51,765 44,749 48,027 61,465 51,239 55,468 564 264 547 152 1,443 666 835 589 613 557 711 716 632 8 4 18 - 564 264 547 144 1,439 666 835 589 613 557 693 716 632 47 57 49 72 32 58 58 51 59 48 51 58 45 - 47 57 49 72 32 58 58 51 59 48 51 58 45 2,174 2,348 2,200 1,832 2,716 2,457 2,338 2,645 2,455 1,907 2,780 2,640 3,125 90 209 1 308 - 2,174 2,348 2,200 1,742 2,507 2,457 2,337 2,645 2,455 1,907 2,472 2,640 3,125 2,441 2,758 2,161 4,000 938 2,087 1,996 1,431 1,720 2,326 2,254 1,488 1,629 41 56 365 239 -174 64 50 34 51 339 -273 61 61 2,400 2,701 1,797 3,762 1,112 2,023 1,946 1,398 1,669 1,987 2,527 1,427 1,569 Fiscal 1998 to date . . . . . 439,133 6,763 22 6,740 458 - 458 23,062 518 22,544 15,870 213 15,657 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross Refunds Net (36) (37) (38) Customs duties Gross Refunds (39) (40) Net miscellaneous receipts Deposits of earnings by Federal All Net Reserve Banks other Total (41) (42) (43) (44) Total receipts OnOffbudget budget (45) (46) ............. ............. ............. ............. ............. 48,057 55,225 57,485 54,015 56,926 12,891 15,607 15,144 17,592 20,356 314 382 380 403 511 12,577 15,225 14,764 17,189 19,845 19,613 20,973 21,067 19,788 19,872 811 874 1,767 1,117 1,945 18,802 20,099 19,300 18,671 17,927 14,908 18,023 23,378 20,477 19,636 3,331 4,018 3,928 4,755 5,513 18,239 841,241 22,041 922,161 27,306 999,496 25,232 1,085,271 25,149 1,186,987 311,934 335,026 351,080 367,492 391,989 1998 - Est. . . . . . . . . . . 55,642 23,091 - 23,091 17,879 - 17,879 25,051 8,544 33,595 1,283,964 419,821 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 5,185 5,369 4,593 5,719 5,090 5,204 5,176 4,683 4,796 4,499 5,742 4,841 5,370 1,530 1,609 1,699 1,897 2,240 1,562 1,539 1,827 1,551 1,892 4,279 1,887 1,822 35 57 44 49 41 52 41 19 51 47 81 41 47 1,494 1,552 1,655 1,849 2,198 1,510 1,498 1,808 1,500 1,845 4,198 1,845 1,775 1,633 1,900 1,819 1,730 1,904 1,507 1,585 1,496 1,529 1,540 1,533 1,379 1,705 111 101 70 139 102 184 169 109 75 129 105 81 137 1,522 1,799 1,749 1,590 1,802 1,323 1,416 1,387 1,454 1,412 1,428 1,297 1,568 2,421 1,902 925 1,868 2,661 2,173 1,267 2,128 1,832 2,066 1,863 2,216 1,580 372 413 413 607 428 275 396 636 583 928 662 608 727 2,793 2,315 1,338 2,474 3,089 2,447 1,663 2,764 2,414 2,994 2,525 2,823 2,307 135,922 79,600 70,902 138,847 87,082 73,689 135,343 123,368 65,051 80,647 216,988 61,791 144,972 37,439 29,578 32,580 35,923 27,816 29,792 32,657 39,243 32,900 37,283 44,014 33,488 42,888 Fiscal 1998 to date . . . 45,400 18,598 421 18,177 14,177 1,090 13,087 17,785 5,242 23,028 988,931 320,080 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. Column title changes are in accordance with the fiscal 1999 budget realignment. 2 Note.--On-budget and off-budget estimates are based on the ‘‘Mid-session Review’’ of the fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998. FEDERAL FISCAL OPERATIONS 15 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"] DepartDepart- Department of Judicial ment of ment of Defense, branch Agriculture Commerce military (2) (3) (4) (5) Fiscal year or month ............. ............. ............. ............. ............. 2,406 2,561 2,621 2,272 2,361 2,579 2,659 2,903 3,061 3,259 63,143 60,812 56,667 54,338 52,558 2,798 2,915 3,403 3,703 3,780 278,576 268,635 259,565 253,258 258,330 30,414 24,699 31,321 29,900 30,013 16,801 17,840 17,618 16,199 14,470 282,774 310,837 303,074 319,803 339,492 25,185 25,774 29,045 25,512 27,833 1998 - Est. . . . . . . . . . . 2,879 3,719 54,836 4,065 253,360 30,747 14,574 357,531 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 221 200 170 176 373 213 210 191 188 179 194 172 215 221 350 222 252 299 363 185 223 372 240 230 283 239 3,045 3,300 3,202 6,242 6,277 4,568 6,010 5,755 3,460 3,815 3,278 2,706 3,962 394 295 288 345 294 324 419 224 319 281 296 291 439 19,766 21,956 23,306 20,179 25,302 16,729 25,787 19,842 19,459 19,310 20,832 22,189 21,140 1,981 1,526 2,257 3,862 2,369 2,933 2,752 3,142 4,799 1,183 2,403 1,197 2,281 1,341 1,253 1,197 1,316 1,249 1,113 1,399 1,155 997 1,070 1,283 1,144 1,257 Fiscal 1998 to date . . . 1,936 2,434 39,831 2,887 190,590 23,059 10,668 1993 1 1994 1 1995 1 1996 1 1997 1 Fiscal year or month 1993 1 1994 1 1995 1 1996 1 1997 1 Department of Education (6) Department Department Depart- of Health of Housing Department of and Human and Urban ment of Energy Services Development the Interior (7) (8) (9) (10) Legislative branch (1) Department of Justice (11) Department of Labor (12) 6,728 6,910 7,415 6,720 6,724 10,197 10,005 10,781 11,951 14,291 44,738 36,919 32,170 32,496 30,461 30,177 7,969 15,474 30,562 25,990 28,883 30,014 26,520 32,733 24,621 33,051 29,286 27,890 27,589 30,761 27,727 30,015 1,878 2,852 3,102 422 3,535 1,707 2,116 3,205 1,904 1,926 2,702 2,242 2,599 406 677 398 720 625 465 952 535 591 544 527 399 531 1,360 1,260 1,102 970 1,110 1,220 1,543 1,263 1,423 1,320 1,245 1,263 1,664 2,463 2,833 2,351 2,081 2,404 2,015 2,100 2,858 2,413 2,713 2,835 2,391 2,585 263,672 21,937 5,168 12,051 22,314 Department of Other EnvironFederal Depart- the Treasury, DepartDepartment of interest ment of the ment of Corps Defense, mental Executive Emergency Department Transpor- on the Treasury, Veterans of civil Protection Office of the Management President Agency 4 of State tation Public Debt other Affairs Engineers 2 programs 3 Agency (13) (14) (15) (16) (17) (18) (19) (20) (21) (22) General InterServices national Admin- Assistance istration Program 5 (23) (24) ............. ............. ............. ............. ............. 5,384 5,718 5,347 4,953 5,237 34,457 37,278 38,776 38,777 39,838 292,502 296,278 332,414 343,955 355,796 6,209 10,981 16,027 21,375 23,585 35,487 37,401 37,770 36,915 39,279 - 29,262 30,402 31,664 32,535 33,833 5,925 5,855 6,349 6,046 6,167 194 229 213 202 219 - 743 334 708 625 1,083 11,527 10,511 11,163 9,716 10,191 1998 - Est. . . . . . . . . . . 5,261 40,419 362,409 26,352 43,074 4,168 31,494 6,440 240 3,246 944 9,619 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 368 406 364 409 457 206 879 332 368 370 391 308 229 3,218 3,688 3,743 3,840 3,914 3,013 3,703 2,783 2,744 2,948 2,719 2,968 3,395 64,374 21,398 23,570 20,874 21,771 26,407 67,795 21,176 21,609 21,781 21,212 27,448 68,937 992 1,187 76 -2,859 933 631 1,496 748 10,591 6,857 3,118 1,166 1,255 1,586 3,408 4,809 1,826 5,259 1,848 4,920 3,323 3,376 1,869 4,042 3,596 3,354 273 339 427 266 310 242 215 300 314 2,672 2,841 2,789 2,921 2,532 2,568 2,569 2,617 2,616 2,628 2,627 2,627 2,608 543 514 501 645 493 413 612 446 479 535 527 509 593 19 17 14 16 18 16 17 14 20 17 31 19 9 228 106 195 146 122 225 224 210 177 557 -593 443 304 486 -775 533 404 -487 461 603 589 511 130 919 154 888 424 710 3,853 397 -135 698 1,134 548 120 Fiscal 1998 to date . . . 3,540 28,188 298,136 26,795 31,587 2,686 23,392 4,607 163 1,634 2,325 7,747 See footnotes at end of table. 16 FEDERAL FISCAL OPERATIONS TABLE FFO-3.--On-budget and Off-budget Outlays by Agency, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] Fiscal year or month National Aeronautics and National Office of Small Space Science Personnel Business AdminisFoun- Manage- Adminisment tration tration dation 6 (25) (26) (27) (28) Social Security Administration (29) Other independent agencies (30) Undistributed offsetting receipts Rents and Employer Interest royalties share, received on the Outer employee by trust Continental retirement funds Shelf lands (31) (32) (33) Total outlays OnOffbudget budget (35) (36) Other (34) 1993 1 . . . . . . . . . . . . . 14,305 - 36,794 937 298,349 -10,631 -34,601 -82,276 -2,785 * 1,142,110 266,012 1994 1 . . . . . . . . . . . . . 13,694 - 38,596 779 313,881 11,524 -34,770 -85,698 -3,001 * 1,181,185 279,372 1995 1. . . . . . . . . . . . . . 13,377 - 41,279 678 362,226 -2,555 -34,392 -93,176 -2,418 -7,645 1,225,724 288,665 1996 1. . . . . . . . . . . . . . 13,882 - 42,872 872 375,232 8,578 -33,536 -98,029 -3,741 -343 1,259,638 300,455 1997 1. . . . . . . . . . . . . . 14,358 - 45,385 334 393,309 4,378 -34,256 -104,992 -4,711 -11,011 1,290,594 311,000 1998 - Est. . . . . . . . . . . 13,723 3,165 46,418 -62 408,172 14,395 -34,961 -112,696 -4,987 -8,002 1,347,095 317,629 1997 - June . . . . . . . . . 1,211 - 3,928 -17 34,206 -1,279 -2,491 -44,290 -842 -5,224 105,267 13,459 July. . . . . . . . . . 1,367 - 3,881 85 33,076 1,203 -3,006 -383 -589 -1 107,050 27,752 Aug. . . . . . . . . . 1,215 - 3,903 23 34,991 -464 -2,511 -1,811 -10 -742 109,810 28,862 Sept.. . . . . . . . . 1,168 - 3,814 9 30,559 4,963 -6,080 -349 -550 * 91,678 33,806 Oct. . . . . . . . . . 1,254 228 3,744 -6 35,130 586 -2,579 -359 -482 -6 123,866 27,000 Nov. . . . . . . . . . 1,209 230 3,746 50 30,692 1,401 -2,413 -5,635 -48 -152 91,326 29,504 Dec. . . . . . . . . . 1,422 263 3,920 21 35,620 233 -2,635 -47,009 -994 -1 146,648 7,711 1998 - Jan.. . . . . . . . . . 1,025 275 3,834 148 33,569 716 -2,499 -167 -5 * 108,844 28,388 Feb. . . . . . . . . . 1,001 254 3,493 14 33,633 760 -2,575 -1,487 -247 -572 109,393 30,308 Mar. . . . . . . . . . 1,196 242 4,060 20 31,559 -716 -2,582 -358 -482 - 101,967 29,775 Apr. . . . . . . . . . 1,177 259 3,922 20 33,760 166 -2,562 -279 -306 -3,185 108,570 27,830 May . . . . . . . . . 1,149 231 3,655 10 33,905 1,813 -2,728 -6,080 -118 -70 102,382 31,675 June . . . . . . . . . 1,170 285 3,995 39 37,939 -2,583 -2,622 -49,113 -786 -1 125,605 11,149 Fiscal 1998 to date . . . 10,604 2,266 34,370 318 305,806 2,372 -23,195 -110,488 -3,468 -3,988 1,018,602 223,341 * Less than $500,000. 1 Data for the period do not reflect postyear adjustments published in the "Monthly Treasury Statement of Receipts and Outlays of the United States Government," the source for this table. 2 Beginning in fiscal 1998, amounts previously posted under "Department of Defense-Civil" are now divided among "Other Defense, civil programs" and "Corps of Engineers," in accordance with the fiscal 1999 budget realignment. 3 Beginning in fiscal 1998, "Other Defense, civil programs," include amounts previously posted under "Independent agencies," including activities of the American Battle Monument and the Selective Service in accordance with the fiscal 1999 budget realignment. 4 Beginning in fiscal 1998, "Federal Emergency Management Agency" includes activity previously posted under "Independent agencies" in accordance with the fiscal 1999 budget realignment. 5 The column formerly entitled "Funds Appropriated to the President" is labeled "International Assistance Program," in accordance with the fiscal 1999 budget realignment. 6 Beginning in fiscal 1998, activity that was previously included in "Independent agencies" is now reported separately for the "National Science Foundation" in accordance with the fiscal 1999 budget realignment. Note.--On-budget and off-budget estimates are based on the "Mid-session Review" of the fiscal 1999 budget, released by the Office of Management and Budget on May 26, 1998. 17 FEDERAL FISCAL OPERATIONS TABLE FFO-4.--Summary of Receipts by Source and Outlays by Function of the U.S. Government, Third-Quarter Fiscal Year 1998 and Other Periods [In millions of dollars, Source: Financial Management Service] This quarter Classification Receipts: Individual income taxes . . . . . . . . . . . . Corporation income taxes . . . . . . . . . . Social insurance and retirement receipts: Employment and general retirement. Unemployment insurance . . . . . . . . . Other retirement . . . . . . . . . . . . . . . . Excise taxes . . . . . . . . . . . . . . . . . . . . Estate and gift taxes . . . . . . . . . . . . . . Customs duties . . . . . . . . . . . . . . . . . . Miscellaneous receipts . . . . . . . . . . . . Federal funds Management, revolving General and special Funds funds (1) (2) Fiscal year to date Trust funds (3) Total (4) Federal funds Management, revolving General and special Funds funds (5) (6) Trust funds (7) Total (8) 269,811 70,326 34 - 79 269,844 70,405 623,789 146,257 60 - 79 623,849 146,336 5,265 7,818 2,796 6,270 107 1,348 1,312 153,911 13,154 1,106 10,581 150 73 153,911 13,154 1,106 15,953 7,818 4,294 7,655 14,783 18,177 8,431 19,489 372 4,116 3,257 414,373 21,474 3,286 30,245 540 282 414,373 21,474 3,286 45,400 18,177 13,087 23,028 362,286 2,801 179,054 544,141 830,927 7,804 470,279 1,309,011 66,806 3,652 738 -1,057 63 -68 67,607 2,527 215,037 13,974 1,299 -2,906 -15,043 -304 201,293 10,764 4,901 794 4,743 1,112 990 1,985 -125 -142 -1,307 -1,122 -117 6 ** 513 4 89 6,516 4,907 669 5,114 -191 -43 8,384 14,484 2,898 14,731 3,189 2,990 5,259 -2,441 -340 6,504 -7,649 -169 32 1 1,319 2 65 20,978 14,517 458 15,710 9,695 -4,594 26,068 1 2 Total . . . . . . . . . . . . . . . . . . . . . . . . Net outlays: National defense . . . . . . . . . . . . . . . . . International affairs . . . . . . . . . . . . . . . General science, space, and technology . . . . . . . . . . . . . . . . Energy . . . . . . . . . . . . . . . . . . . . . . . . . Natural resources and environment . . Agriculture . . . . . . . . . . . . . . . . . . . . . . Commerce and housing credit . . . . . . Transportation . . . . . . . . . . . . . . . . . . . Community and regional development . . . . . . . . . . . . . . . . . . Educatiion, training, employment and social services. . . . . . . . . . . . . . Health . . . . . . . . . . . . . . . . . . . . . . . . . Medicare . . . . . . . . . . . . . . . . . . . . . . . Income security . . . . . . . . . . . . . . . . . . Social security . . . . . . . . . . . . . . . . . . . Veterans benefits and services . . . . . . Administration of justice . . . . . . . . . . . General government . . . . . . . . . . . . . . Net interest . . . . . . . . . . . . . . . . . . . . . Undistributed offsetting receipts . . . . . 2,810 77 21 2,907 7,967 -434 103 7,636 11,420 33,061 17,730 31,057 2,128 11,208 4,559 2,496 117,002 -4,167 -28 10 481 -421 174 1,670 -281 -298 71 208 30,766 22,477 96,127 228 1,046 17 -55,499 -7,912 11,463 33,279 48,496 54,016 98,254 11,015 5,779 4,183 61,223 -12,377 39,386 97,420 49,552 104,952 7,020 31,158 14,013 8,294 296,477 -7,094 -70 28 314 -252 86 2,585 -683 -359 89 538 95,305 74,896 277,265 737 2,570 -61 -110,573 -23,195 39,406 97,985 144,857 180,161 284,285 31,643 16,669 10,818 185,221 -30,648 Total . . . . . . . . . . . . . . . . . . . . . . . . 314,288 -1,750 94,674 407,211 921,707 -4,487 324,723 1,241,943 Surplus (+) or Deficit (-) . . . . . . . 47,998 4,551 84,380 136,929 -90,780 12,292 145,556 67,067 1 - No transactions. (**) Less than $500,000. Note: Details may not add to totals due to rounding. 1 Trust fund proprietary receipts of $9,086 have been offset against outlays, rather than included in trust fund receipts. 2 Trust fund proprietary receipts of $27,258 have been offset against outlays, rather than included in trust fund receipts. 2 18 ACCOUNT OF THE U.S. TREASURY INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Treasury’s operating cash is maintained in accounts with the Federal Reserve Banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include the Daily Balance Wire received from the FRBs and branches, and electronic transfers through the Letter of Credit Payment, Fedline Payment, and Fedwire Deposit Systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Note Option. The program permits Treasury to collect funds through financial institutions and to leave the funds in Note Option depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on Note Option financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury’s account at FRBs do so under the Remittance Option. Under authority of Public Law 95-147, Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations participate under the Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments, which the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances [In millions of dollars. Source: Financial Management Service] Credits and withdrawals Fiscal year or month 1993 1994 1995 1996 1997 Received directly (1) Federal Reserve accounts Credits 1 Received through Remittance Option tax and loan depositaries (2) Withdrawals 2 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 3 Reserve accounts) (4) (5) .............. .............. .............. .............. .............. 3,407,516 3,597,247 3,904,812 4,366,413 4,263,210 331,337 307,639 226,833 194,156 191,134 3,746,152 3,915,321 4,129,866 4,561,495 4,454,345 584,383 686,879 642,952 629,083 775,799 583,369 693,001 642,716 621,887 776,394 1997 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct.. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr.. . . . . . . . . . May. . . . . . . . . . June . . . . . . . . . 391,682 310,189 303,302 393,353 316,403 280,717 401,757 329,140 359,589 351,851 528,038 300,446 379,424 18,361 15,184 14,953 20,742 19,041 18,383 28,440 21,239 18,336 22,149 23,630 18,883 24,580 398,846 336,725 318,568 411,105 338,521 298,590 429,879 350,270 378,440 373,547 529,144 341,650 391,558 83,568 66,583 62,642 90,484 69,379 65,276 106,946 77,218 71,071 88,946 89,829 68,155 98,766 60,376 78,977 77,763 61,930 89,663 66,270 95,157 68,903 94,585 78,048 51,954 97,734 75,069 See footnotes at end of table. ACCOUNT OF THE U.S. TREASURY 19 TABLE UST-1.--Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, con. [In millions of dollars. Source: Financial Management Service] Balances High During period Low Tax and Federal loan note Reserve accounts (10) (11) End of period Tax and Federal loan note Reserve accounts (6) (7) Federal Reserve (8) Tax and loan note accounts (9) 1993 . . . . . . . . . . . . . . 17,289 35,217 28,386 37,540 1,108 1994 . . . . . . . . . . . . . . 6,848 29,094 21,541 46,624 1995 . . . . . . . . . . . . . . 8,620 29,329 20,977 1996 . . . . . . . . . . . . . . 7,700 36,525 1997 . . . . . . . . . . . . . . 7,692 1997 - June . . . . . . . . . Average Federal Reserve (12) Tax and loan note accounts (13) 1,625 6,510 18,978 2,736 - 5,904 18,631 41,288 2,826 99 6,127 16,955 15,668 40,647 2,490 - 5,847 14,194 35,930 10,987 38,741 3,793 4,054 6,303 20,386 16,368 34,891 19,285 37,501 4,280 4,694 8,848 21,786 July . . . . . . . . . . 5,014 22,496 6,562 34,000 3,544 9,919 4,750 18,768 Aug . . . . . . . . . . 4,700 7,376 5,947 17,638 3,876 6,214 4,855 11,751 Sept. . . . . . . . . . 7,692 35,930 10,987 38,741 3,793 4,054 6,303 20,386 Oct. . . . . . . . . . . 4,616 15,645 6,359 30,666 3,703 6,023 5,387 15,914 Nov . . . . . . . . . . 5,127 14,651 6,802 15,645 3,950 4,909 5,126 11,198 Dec . . . . . . . . . . 5,444 26,441 10,724 35,235 4,030 414 5,107 17,922 1998 - Jan . . . . . . . . . . 5,552 34,756 15,430 42,708 4,379 4,090 6,507 22,257 Feb.. . . . . . . . . . 5,037 11,243 6,671 34,756 4,087 3,335 4,969 14,489 Mar.. . . . . . . . . . 5,490 22,141 9,478 35,005 4,556 2,537 5,455 17,531 Apr. . . . . . . . . . . 28,014 60,016 41,801 60,016 3,534 2,346 9,708 24,012 May . . . . . . . . . . 5,693 30,438 7,732 57,854 4,107 30,438 5,474 43,312 June . . . . . . . . . 18,140 54,135 27,085 61,150 4,613 3,130 10,401 32,678 Fiscal year or month 1 Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. Represents checks paid, wire transfer payments, drawdowns on letters of credit, redemptions of securities other than Government account series, and investment (transfer) of excess funds out of this account to the tax and loan note accounts. 3 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 2 depositaries as follows: Withheld income taxes beginning March 1948; taxes on employers and employees under the Federal Insurance Contributions Act beginning January 1950, and under the Railroad Retirement Tax Act beginning July 1951; a number of excise taxes beginning July 1953; estimated corporation income taxes beginning April 1967; all corporation income taxes due on or after March 15, 1968; Federal Unemployment Tax Act taxes beginning April 1970, and individual estimated income taxes beginning October 1988. 20 FEDERAL DEBT 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.’’ • 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 are also 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 interest-bearing marketable and nonmarketable Treasury securities. The difference between interest-bearing and total public debt securities reflects outstanding matured Treasury securities--that is, unredeemed securities that have matured and are no longer accruing interest. Because the Federal Financing Bank is under the supervision of Treasury, its securities are held by a U.S. Government account. • 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 market-based 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. (Fed- eral 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. The average length has increased gradually since it hit a low of 2 years, 5 months in December 1975. It had reached a high of 6 years, 4 months in May 1991. The average length has decreased over time so that during most of 1996 the average length has been at 5 years, 3 months. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent which could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market rates of interest 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, and 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 Federal Reserve banks. • 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. Changes in the non-interestbearing debt shown in the last column reflect maturities of Treasury securities on nonbusiness days, which can be redeemed on the next business day. • 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. FEDERAL DEBT 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"] Securities held by: Total (1) Amount outstanding Public debt securities (2) Agency securities (3) 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 4,411,489 4,692,750 4,973,983 5,224,811 5,413,146 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 5,409,818 5,406,995 5,437,927 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,530,294 5,536,653 5,577,860 5,376,151 5,373,229 5,404,420 5,413,146 5,427,225 5,462,622 5,502,388 5,490,064 5,520,668 5,542,426 5,499,895 5,506,356 5,547,935 End of fiscal year or month End of fiscal year or month Total (4) Government accounts Public debt securities (5) Total (7) The public Public debt securities (8) Agency securities (6) Agency securities (9) 24,682 28,543 26,962 35,043 33,187 1,116,713 1,213,115 1,320,800 1,454,608 1,605,557 1,116,693 1,213,098 1,320,784 1,447,001 1,598,459 21 17 16 7,606 7,098 3,319,458 3,508,178 3,680,145 3,805,246 3,840,776 3,294,796 3,479,652 3,653,199 3,777,810 3,814,687 24,661 28,526 26,946 27,437 26,089 33,667 33,766 33,507 33,187 33,151 33,322 33,624 30,443 30,371 30,516 30,399 30,297 29,925 1,578,930 1,577,530 1,578,406 1,605,557 1,613,510 1,620,346 1,662,780 1,672,306 1,672,707 1,674,976 1,692,190 1,707,689 1,761,923 1,571,583 1,570,183 1,571,058 1,598,459 1,606,412 1,613,248 1,655,682 1,667,708 1,668,108 1,670,378 1,687,592 1,703,090 1,757,556 7,348 7,348 7,348 7,098 7,098 7,098 7,098 4,598 4,598 4,598 4,598 4,598 4,367 3,830,888 3,829,465 3,859,521 3,840,776 3,846,866 3,875,598 3,873,232 3,848,201 3,878,332 3,897,966 3,838,104 3,828,964 3,815,937 3,804,568 3,803,046 3,833,362 3,814,687 3,820,813 3,849,374 3,846,706 3,822,356 3,852,560 3,872,048 3,812,303 3,803,266 3,790,379 26,319 26,418 26,159 26,089 26,053 26,224 26,526 25,845 25,773 25,918 25,801 25,699 25,558 Federal debt securities Securities held by Government accounts Securities held by the public Amount Net unamortized Amount Net unamortized Amount Net unamortized outstanding face premium and outstanding face premium and outstanding face premium and value discount Accrual amount value discount Accrual amount value discount Accrual amount (10) (11) (12) (13) (14) (15) (16) (17) (18) 1993. . . . . . . . . . . . . . . 1994. . . . . . . . . . . . . . . 1995. . . . . . . . . . . . . . . 1996. . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 85,022 77,297 79,995 77,931 76,633 4,351,149 4,643,996 4,920,950 5,181,923 5,369,700 1,116,713 1,213,115 1,320,800 1,454,608 1,605,557 12,776 1,472 3,188 5,698 6,984 1,103,938 1,211,644 1,317,612 1,448,910 1,598,573 3,319,458 3,508,178 3,680,145 3,805,246 3,840,776 72,246 75,826 76,807 72,233 69,649 3,247,211 3,432,352 3,603,338 3,733,013 3,771,127 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan.. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 5,409,818 5,406,995 5,437,927 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,530,294 5,536,653 5,577,860 77,227 77,053 77,192 76,633 76,954 77,001 76,784 77,168 76,712 76,290 77,784 78,016 77,861 5,332,592 5,329,943 5,360,736 5,369,700 5,383,423 5,418,943 5,459,228 5,443,339 5,474,327 5,496,652 5,452,510 5,458,638 5,500,001 1,578,930 1,577,530 1,578,406 1,605,557 1,613,510 1,620,346 1,662,780 1,672,306 1,672,707 1,674,976 1,692,190 1,707,689 1,761,923 6,844 6,685 7,116 6,984 7,544 7,967 8,344 8,952 8,929 9,010 9,780 10,554 10,807 1,572,087 1,570,846 1,571,290 1,598,573 1,605,967 1,612,379 1,654,436 1,663,354 1,663,778 1,665,966 1,682,411 1,697,135 1,751,116 3,830,888 3,829,465 3,859,521 3,840,776 3,846,866 3,875,598 3,873,232 3,848,201 3,878,332 3,897,966 3,838,104 3,828,964 3,815,937 70,383 70,368 70,076 69,649 69,410 69,034 68,440 68,216 67,783 67,280 68,004 67,462 67,054 3,760,505 3,759,097 3,789,445 3,771,127 3,777,456 3,806,564 3,804,792 3,779,985 3,810,549 3,830,686 3,770,099 3,761,503 3,748,885 22 FEDERAL DEBT TABLE FD-2.--Interest-Bearing Public Debt [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month Total interestbearing public debt (1) .......... .......... .......... .......... .......... 1997 - June . . . . . July . . . . . Aug. . . . . . Sept. . . . . Oct. . . . . . Nov. . . . . . Dec. . . . . . 1998 - Jan. . . . . . Feb. . . . . . Mar. . . . . . Apr. . . . . . May . . . . . June . . . . . 1993 1994 1995 1996 1997 Marketable Treasury inflationindexed notes (6) Federal Financing Bank (7) Total (2) Treasury bills (3) Treasury notes (4) Treasury bonds (5) Nonmarketable Total (8) 4,408,567 4,689,524 4,950,644 5,220,790 5,407,528 2,904,910 3,091,602 3,260,447 3,418,371 3,439,616 658,381 697,295 742,462 761,232 701,909 1,734,161 1,867,507 1,980,343 2,098,670 2,122,172 497,367 511,800 522,643 543,469 576,151 24,384 15,000 15,000 15,000 15,000 15,000 1,503,657 1,597,922 1,690,197 1,802,419 1,967,912 5,370,459 5,367,593 5,367,587 5,407,528 5,421,664 5,426,155 5,494,913 5,450,015 5,482,059 5,535,273 5,492,802 5,464,507 5,540,243 3,433,058 3,433,094 3,430,768 3,439,616 3,438,686 3,433,599 3,456,817 3,398,110 3,424,126 3,467,093 3,399,175 3,352,962 3,369,510 704,135 706,149 722,074 701,909 703,011 718,906 715,394 688,846 705,129 720,077 657,883 647,786 641,114 2,132,574 2,122,205 2,093,189 2,122,172 2,111,648 2,079,406 2,106,049 2,065,496 2,063,935 2,091,895 2,077,683 2,041,474 2,064,602 565,416 565,415 576,151 576,151 576,151 587,335 587,335 587,335 598,669 598,669 598,668 598,668 598,668 15,933 24,325 24,354 24,384 32,876 32,952 33,039 41,432 41,392 41,452 49,941 50,033 50,126 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 15,000 1,937,401 1,934,499 1,936,819 1,967,912 1,982,978 1,992,556 2,038,096 2,051,905 2,057,933 2,068,180 2,093,627 2,111,545 2,170,733 Nonmarketable, con. End of fiscal year or month State and local government series (12) Domestic series (13) Other (14) 1,114,289 1,211,689 1,324,270 1,454,690 1,608,478 149,449 137,386 113,368 95,674 111,863 29,995 29,995 29,995 29,995 29,995 442 445 432 424 1 1,581,467 1,580,082 1,580,074 1,608,478 1,616,693 1,622,966 1,666,650 1,677,313 1,678,618 1,681,468 1,698,799 1,713,647 1,769,085 107,915 106,528 109,048 111,863 118,826 122,080 124,081 127,419 132,179 139,142 147,376 151,003 154,969 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 29,995 1 1 1 1 1 1 1 1 1 1 1 1 1 U.S. savings securities (9) Foreign series (10) Government account series (11) ....................... ....................... ....................... ....................... ....................... 167,024 176,413 181,181 184,147 182,665 42,459 41,996 40,950 37,488 34,909 1997 - June . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . 182,664 182,683 182,641 182,665 182,853 183,055 181,209 181,118 181,281 181,215 181,296 180,670 180,653 35,359 35,209 35,059 34,909 34,609 34,459 36,159 36,059 35,859 36,359 36,159 36,229 36,029 1993 1994 1995 1996 1997 FEDERAL DEBT 23 TABLE FD-3.--Government Account Series [In millions of dollars. Source: "Monthly Statement of the Public Debt of the United States"] End of fiscal year or month 1993 1994 1995 1996 1997 Total (1) Airport and Airway Trust Fund (2) Bank 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 Federal Insurance Housing Trust Fund Administration (8) (9) Federal Old-age and Survivors Insurance Trust Fund (10) ............. ............. ............. ............. ............. 1,114,289 1,211,689 1,324,270 1,454,690 1,608,478 12,672 12,206 11,145 7,682 6,360 4,325 13,972 20,117 22,186 26,329 13,575 14,929 15,839 16,962 18,038 5,637 7,326 2,399 11,853 15,460 10,162 6,025 35,150 50,051 63,513 301,711 329,602 357,539 377,677 407,202 126,078 128,716 129,864 125,805 116,621 5,380 5,933 6,277 7,894 13,643 355,510 413,425 447,947 499,403 567,445 1997 - June . . . . . . . . July . . . . . . . . Aug. . . . . . . . . Sept. . . . . . . . Oct. . . . . . . . . Nov. . . . . . . . . Dec. . . . . . . . . 1998 - Jan. . . . . . . . . Feb. . . . . . . . . Mar. . . . . . . . . Apr. . . . . . . . . May . . . . . . . . June . . . . . . . . 1,581,467 1,580,082 1,580,074 1,608,478 1,616,693 1,622,966 1,666,650 1,677,313 1,678,618 1,681,468 1,698,799 1,713,647 1,769,085 7,107 7,149 6,942 6,360 7,657 8,062 8,202 8,375 8,485 8,570 8,824 9,090 9,534 25,933 25,935 25,801 26,329 26,406 26,204 26,624 26,267 26,436 27,097 27,200 27,021 27,470 17,773 17,811 17,884 18,038 18,124 18,205 18,227 18,070 18,672 18,715 19,753 19,960 19,084 15,460 15,425 15,386 15,460 15,532 15,482 15,561 15,632 15,698 15,627 15,698 15,766 15,691 61,359 61,828 62,450 63,513 63,638 63,861 66,318 67,964 68,558 69,601 71,766 72,269 76,019 388,702 386,674 384,586 407,202 405,111 402,873 417,503 416,963 414,579 412,213 409,892 407,833 421,687 123,001 118,801 115,352 116,621 112,707 113,798 116,441 118,056 116,518 116,904 120,451 115,663 122,736 11,338 11,773 11,975 13,643 13,671 13,671 13,671 13,475 14,327 14,173 13,730 15,028 15,213 556,344 560,560 562,551 567,445 567,914 567,453 589,082 598,426 600,256 605,741 618,967 621,248 648,883 Unemployment Trust Fund (19) Other (20) End of fiscal year or month 1993 1994 1995 1996 1997 Federal Federal SavSuppleings and Loan mentary Corporation, Medical resolution Insurance fund Trust Fund (11) (12) Government life insurance fund (13) Highway Trust Fund (14) National Service Life Railroad Insurance Postal Retirement fund Service fund Account (15) (16) (17) Treasury deposit funds (18) ............ ............ ............ ............ ............ 828 1,649 528 694 1,806 23,269 21,489 13,513 27,175 34,464 125 114 106 99 - 11,475 7,751 8,954 11,660 22,341 11,666 11,852 11,954 12,007 12,023 3,826 1,270 1,249 860 860 10,457 10,596 12,129 14,763 17,486 147 130 130 77 74 36,563 39,745 47,098 53,849 61,880 180,883 184,959 202,332 213,993 222,933 1997 - June . . . . . . . July . . . . . . . Aug. . . . . . . . Sept. . . . . . . Oct. . . . . . . . Nov. . . . . . . . Dec. . . . . . . . 1998 - Jan. . . . . . . . Feb. . . . . . . . Mar. . . . . . . . Apr. . . . . . . . May . . . . . . . June . . . . . . . 1,623 1,655 1,727 1,806 1,834 1,862 1,873 1,985 1,996 2,018 2,037 2,055 2,073 33,412 33,411 33,101 34,464 33,596 35,177 35,053 35,555 35,100 35,120 34,318 37,430 37,899 - 22,836 23,478 22,860 22,341 22,223 23,105 24,137 25,442 24,946 25,508 26,425 27,610 29,430 12,279 12,199 12,117 12,023 11,952 11,880 12,291 12,206 12,122 12,025 11,935 11,864 12,265 1,599 2,033 2,662 860 14 14 14 15 728 31 - 17,123 17,240 17,480 17,486 17,412 17,371 17,316 17,336 17,476 17,612 18,201 19,199 19,276 73 73 74 74 74 75 75 76 77 74 71 72 72 60,847 60,511 63,293 61,880 61,253 62,743 63,324 61,661 62,411 60,362 60,650 69,425 70,152 224,658 223,526 223,833 222,933 237,575 241,130 240,938 239,809 240,961 240,108 238,153 242,083 241,601 24 FEDERAL DEBT 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" and Financial Management Service] End of fiscal year or month Total outstanding (1) Federal Deposit Department of Insurance Corporation Housing and Urban Farm Credit Federal Savings Development System Bank and Loan InsurFederal Financial Insurance ance Corporation, Housing Assistance Fund resolution fund Administration Corp. (2) (3) (4) (5) Other independent Tennessee Valley Authority (6) Postal Service (7) Other (8) 1993 . . . . . . . . . . . . . . . . . . . . . . 24,682 93 943 213 1,261 21,675 - 498 1994 . . . . . . . . . . . . . . . . . . . . . . 28,543 - 538 112 1,261 26,121 - 509 1995 . . . . . . . . . . . . . . . . . . . . . . 26,962 - 158 87 1,261 24,960 - 496 1996 . . . . . . . . . . . . . . . . . . . . . . 35,043 - 126 82 1,261 28,683 4,406 485 1997 . . . . . . . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 1997 - June . . . . . . . . . . . . . . . . . 33,667 - 95 37 1,261 27,640 4,148 485 July . . . . . . . . . . . . . . . . . 33,766 - 95 43 1,261 27,732 4,148 486 Aug. . . . . . . . . . . . . . . . . . 33,507 - 95 46 1,261 27,478 4,148 479 Sept. . . . . . . . . . . . . . . . . 33,187 - 95 68 1,261 27,386 3,898 478 Oct. . . . . . . . . . . . . . . . . . 33,151 - 95 68 1,261 27,350 3,898 479 Nov. . . . . . . . . . . . . . . . . . 33,322 - 95 93 1,261 27,494 3,898 481 Dec. . . . . . . . . . . . . . . . . . 33,624 - 95 102 1,261 27,786 3,898 482 1998 - Jan. . . . . . . . . . . . . . . . . . 30,443 - 63 133 1,261 27,104 1,398 483 Feb. . . . . . . . . . . . . . . . . . 30,371 - 63 79 1,261 27,095 1,398 474 Mar. . . . . . . . . . . . . . . . . . 30,516 - 63 97 1,261 27,221 1,398 475 Apr. . . . . . . . . . . . . . . . . . 30,399 - 63 102 1,261 27,098 1,398 476 May . . . . . . . . . . . . . . . . . 30,297 - 63 108 1,261 26,989 1,398 478 June . . . . . . . . . . . . . . . . . 29,925 - 63 144 1,261 26,811 1,167 479 FEDERAL DEBT 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 Market Finance, Office of the Under Secretary for Domestic Finance] End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1993 . . . . . . . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . 1997. . . . . . . . . . . . . . . . . . . . 2,562,336 2,719,861 2,870,781 3,011,185 2,998,846 858,135 877,932 1,002,875 1,058,558 1,017,913 1997 - June . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . 2,989,260 3,002,678 2,995,863 2,998,846 2,998,692 2,988,004 2,988,654 1998 - Jan . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . May . . . . . . . . . . . . . . June . . . . . . . . . . . . . . 2,954,877 2,978,212 3,010,826 2,925,886 2,995,190 2,894,829 Maturity classes 5-10 years (4) 10-20 years (5) 20 years and more (6) 978,714 1,128,322 1,157,492 1,212,258 1,206,993 306,663 289,998 290,111 306,643 321,622 94,346 88,208 87,297 111,360 154,205 324,479 335,401 333,006 322,366 298,113 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 10 mos. 8 mos. 4 mos. 3 mos. 4 mos. 1,007,563 1,016,588 1,033,763 1,017,913 1,020,602 1,039,059 1,027,280 1,206,304 1,208,014 1,184,038 1,206,993 1,200,942 1,155,293 1,170,833 330,005 331,086 321,471 321,622 320,882 330,129 328,855 141,299 142,476 155,967 154,205 154,778 153,997 153,224 304,090 304,514 300,624 298,113 301,488 309,526 308,462 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 4 mos. 4 mos. 5 mos. 4 mos. 4 mos. 5 mos. 5 mos. 1,011,181 1,029,311 1,040,573 970,975 964,171 952,967 1,139,318 1,147,184 1,173,036 1,153,410 1,113,080 1,132,460 338,503 326,495 326,381 324,973 335,515 333,666 155,193 154,836 152,471 151,116 162,395 159,368 310,681 320,386 318,365 325,411 312,001 316,369 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 yrs. 5 mos. 6 mos. 5 mos. 6 mos. 8 mos. 7 mos. 1-5 years (3) Average length 1 (7) TABLE FD-6.--Debt Subject to Statutory Limitation [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) Total (2) ........................ ........................ ........................ ........................ ........................ 4,900,000 4,900,000 4,900,000 5,500,000 5,950,000 4,315,571 4,605,338 4,884,605 5,137,195 5,327,624 4,315,358 4,605,226 4,884,518 5,137,113 5,327,556 213 112 87 82 68 4,313,976 4,603,700 4,863,076 5,135,157 5,323,010 213 112 87 82 68 1,382 1,526 21,442 1,956 4,546 1997 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 5,500,000 5,500,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,950,000 5,289,840 5,287,052 5,318,320 5,327,624 5,341,344 5,376,574 5,416,458 5,403,697 5,434,237 5,456,497 5,412,540 5,418,731 5,460,389 5,289,803 5,287,010 5,318,275 5,327,556 5,341,263 5,376,481 5,416,357 5,403,621 5,434,158 5,456,401 5,412,438 5,418,627 5,460,247 37 43 46 68 81 93 101 76 79 96 102 104 142 5,285,185 5,282,448 5,282,514 5,323,010 5,336,771 5,341,084 5,409,952 5,364,640 5,396,617 5,450,316 5,406,412 5,377,845 5,453,621 37 43 46 68 81 93 101 76 79 96 102 104 142 4,618 4,562 35,761 4,546 4,492 35,397 6,405 38,981 37,541 6,085 6,026 40,782 6,626 1993 1994 1995 1996 1997 1 Debt outstanding subject to limitation Public debt (3) Beginning September 1976, the maturity distribution and average length was calculated on the interest-bearing marketable debt privately held. Inflation-indexed notes (first offered in 1997) are excluded from the average length calculation. Published data was changed for the Other debt 2 (4) Interest-bearing debt subject to limitation Public debt Other debt (5) (6) Non-interest-bearing public debt subject to limitation (7) end of the fiscal years back through 1967. 2 Consists of guaranteed debt issued by the Federal Housing Administration. 26 FEDERAL DEBT 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 Department of Agriculture Rural Farmers Electrification Home Administration Administration (4) (5) Total (1) Commodity Credit Corporation (2) Rural Development Administration (3) .............. .............. .............. .............. .............. 183,196 163,642 134,892 117,290 133,301 24,745 16,909 - 1,685 2,112 - 8,926 8,855 - 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 134,336 132,215 130,245 133,301 147,133 147,170 150,798 153,892 153,855 152,979 151,412 151,107 150,445 - - - 1993 1994 1995 1996 1997 End of fiscal year or month 1993 1994 1995 1996 1997 Department of Agriculture, con. Rural Housing Rural Business and Community and Cooperative Foreign Development Development Agricultural Service Service Service (8) (9) (10) FarmService Agency (6) Rural Utilities Service (7) 8,682 8,529 - 8,596 3,273 9,818 12,161 12,042 12,925 - 8,505 8,181 7,939 9,818 13,416 14,969 14,880 17,896 17,762 17,957 17,996 17,157 17,079 13,204 13,279 13,279 12,925 14,157 14,141 14,134 14,134 13,848 13,858 13,858 13,967 13,615 Department of Education (11) Department of Energy Bonneville Power Administration (12) Department of Housing and Urban Development Federal Housing Other housing Administration programs (13) (14) .............. .............. .............. .............. .............. 5,354 6,430 6,676 91 113 157 563 647 670 2,673 2,612 6,745 13,398 23,532 2,332 2,617 2,563 2,456 2,499 783 1,647 3,123 3,639 8,959 8,484 7,714 6,909 6,174 1997 - June . . . . . . . . . July . . . . . . . . . Aug. . . . . . . . . . Sept. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan. . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 6,620 6,620 6,620 6,676 7,764 7,764 7,764 7,764 8,055 8,055 8,055 8,055 8,055 145 146 146 157 189 189 189 189 189 189 189 189 189 647 647 647 670 670 670 670 670 670 670 670 670 670 24,527 24,527 24,527 23,532 33,987 33,987 33,987 33,987 33,987 33,987 33,987 33,987 37,201 2,618 2,491 2,499 2,499 2,499 2,449 2,449 2,509 2,509 2,509 2,589 2,441 2,441 3,123 3,123 3,123 3,639 3,639 3,639 3,639 4,139 4,139 4,139 4,139 5,114 5,114 6,174 6,174 6,174 6,174 6,174 6,174 6,174 6,174 6,211 6,211 5,330 5,330 5,330 FEDERAL DEBT 27 TABLE FD-7.--Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, con. [In millions of dollars. Source: "Monthly Treasury Statement of Receipts and Outlays of the United States Government"] End of fiscal year or month Department of Treasury Federal Financing Bank (15) Department of Veterans Affairs Direct Loan loan guaranty fund fund (16) (17) Export-Import Bank of the United States (18) Railroad Retirement Board (19) Small Business Administration (20) Other (21) 1993 . . . . . . . . . . . . . . 114,329 1 860 386 4,818 3,203 1,599 1994 . . . . . . . . . . . . . . 94,357 2 1,107 2,632 4,909 7,289 2,445 1995 . . . . . . . . . . . . . . 69,297 1 1,272 2,665 4,956 8,341 2,928 1996 . . . . . . . . . . . . . . 47,046 * 1,270 2,736 5,018 8,811 4,019 1997 . . . . . . . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 1997 - June . . . . . . . . . 35,965 * 2,028 3,141 4,242 9,956 13,439 July . . . . . . . . . 35,123 * 2,028 3,141 4,507 9,956 12,270 Aug. . . . . . . . . . 33,625 * 2,028 3,141 4,765 9,406 12,324 Sept. . . . . . . . . 34,944 * 2,028 3,140 5,039 9,406 12,651 Oct. . . . . . . . . . 33,698 * 1,411 3,140 5,312 9,302 11,772 Nov. . . . . . . . . . 32,437 * 1,411 3,140 5,566 8,932 11,699 Dec. . . . . . . . . . 34,090 * 1,411 3,140 5,842 8,932 13,492 1998 - Jan. . . . . . . . . . 33,321 * 1,411 3,140 6,113 8,932 13,508 Feb. . . . . . . . . . 32,340 * 1,411 3,421 6,368 8,932 14,008 Mar. . . . . . . . . . 30,487 * 1,411 3,421 6,626 9,559 13,896 Apr. . . . . . . . . . 29,892 * 1,411 3,421 6,884 9,559 13,428 May . . . . . . . . . 29,222 * 1,411 3,443 7,128 9,559 13,434 June . . . . . . . . . 28,158 * 1,411 3,943 4,204 9,559 13,476 * Less than $500,000. 28 FEDERAL DEBT CHARTS FD-A.--Average Length of Privately Held Marketable Debt [Charts are plotted from figures provided by the Office of Market Finance. See Table FD-5.] Years June 30, 1998 5 Years, 7 Months Years June 1947 10 Years, 5 Months Dec. 1975 2 Years, 5 Months PUBLIC DEBT OPERATIONS 29 INTRODUCTION: Public Debt Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of the 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 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, current bills, notes, and bonds. mature on the same Thursday as an existing 52-week bill is a reopening of the existing 52-week bill. New issues of cash management bills are also presented. High, low, and average yields 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. Treasury accepts noncompetitive tenders of up to $1 million for bills and $5 million for notes and bonds in each auction of securities to encourage participation of individuals and smaller institutions. • Table PDO-1 provides a maturity schedule of interestbearing marketable public debt securities other than regular weekly and 52-week bills. All unmatured Treasury notes and bonds are listed in maturity order, from earliest to latest. A separate breakout is provided for the combined holdings of the Government accounts and Federal Reserve Banks, so that the ‘‘all other investors’’ category includes all private holdings. • Table PDO-3 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Included are: notes and bonds from table PDO-1; 52-week bills from table PDO-2, and data for cash management bills. • Table PDO-2 presents the results of weekly auctions of 13- and 26-week bills, as well as auctions of 52-week bills, which are held every 4 weeks. Treasury bills mature each Thursday. New issues of 13-week bills are reopenings of 26-week bills. The 26-week bill issued every fourth week to • Table PDO-4 indicates the total amount of marketable securities allotted to each class of investor. The Federal Reserve Banks tally into investor classes the tenders in each auction of marketable securities other than weekly auctions of 13- and 26-week bills. TREASURY FINANCING: APRIL-JUNE [Source: Bureau of the Public Debt, Office of Financing] APRIL Auction of 30-Year Inflation-Indexed Bonds April 1, 1998, Treasury announced it would auction $8,000 million of 30-year inflation-indexed bonds to raise cash. The bonds offered were Treasury Bonds of April 2028, issued April 15, 1998, due April 15, 2028, with interest payable October 15 and April 15 until maturity. An interest rate of 3-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders for the bonds were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on April 8, and totaled $20,614 million, of which $8,002 million was accepted. All competitive tenders at yields lower than 3.740 percent were accepted in full. Tenders at 3.740 percent were allotted 92 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.740 percent with an equivalent adjusted price of 97.937. The median yield was 3.700 percent and the low yield was 3.600 percent. Noncompetitive tenders totaled $46 million. Competitive tenders accepted from private investors totaled $7,956 million. In addition to the $8,002 million of tenders accepted in the auction process, $400 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of bonds of April 2028 is $1,600,000. Auction of 2-Year and 5-Year Notes April 22 Treasury announced it would auction $13,000 million of 2-year notes of Series AC-2000 and $11,000 million of 5-year notes of Series F-2003 to refund $31,430 million of securities maturing April 30 and to pay down about $7,425 million. The notes of Series AC-2000 were dated April 30, 1998, due April 30, 2000, with interest payable October 31 and April 30 until maturity. An interest rate of 5-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on April 28, and totaled $34,569 million, of which $13,003 million was accepted. All competitive tenders at yields lower than 5.677 percent were accepted in full. Tenders at 5.677 percent were allotted 80 percent. All noncompetitive 30 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. and successful competitive bidders were allotted securities at the high yield of 5.677 percent with an equivalent price of 99.903. The median yield was 5.669 percent and the low yield was 5.610 percent. Noncompetitive tenders totaled $1,283 million. Competitive tenders accepted from private investors totaled $11,720 million. In addition to the $13,003 million of tenders accepted in the auction process, $1,400 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,191 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AC-2000 is $320,000. The notes of Series F-2003 were dated April 30, 1998, due April 30, 2003, with interest payable October 31 and April 30 until maturity. An interest rate of 5-3/4 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on April 29, and totaled $26,184 million, of which $11,001 million was accepted. All competitive tenders at yields lower than 5.795 percent were accepted in full. Tenders at 5.795 percent were allotted 17 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.795 percent with an equivalent price of 99.807. The median yield was 5.770 percent and the low yield was 5.710 percent. Noncompetitive tenders totaled $314 million. Competitive tenders accepted from private investors totaled $10,687 million. In addition to the $11,001 million of tenders accepted in the auction process, $550 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,010 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series F-2003 is $800,000. 52-Week Bills April 17, 1998, tenders were invited for approximately $10,000 million of 364-day Treasury bills to be dated April 30, 1998, and to mature April 29, 1999. The issue was to refund $15,479 million of maturing 52-week bills and to pay down about $5,475 million. The bills were auctioned on April 23. Tenders totaled $42,470 million, of which $10,110 million was accepted, including $1,061 million of noncompetitive tenders from the public and $1,255 million of the bills issued to Federal Reserve Banks as agents for foreign and international monetary authorities. In addition, $5,210 million of the bills were issued to Federal Reserve Banks for their own account. The average bank discount rate was 5.125 percent. Cash Management Bills March 31 tenders were invited for approximately $19,000 million of 13-day bills to be issued April 3, 1998, representing an additional amount of bills dated October 16, 1997, maturing April 16, 1998. The issue was to raise new cash. Tenders were opened on April 1. They totaled $70,638 million, of which $19,125 million was accepted. The average bank discount rate was 5.45 percent. MAY May Quarterly Financing May 6 Treasury announced it would auction $10,000 million of 3-year notes of Series T-2001, and $12,000 million of 10-year notes of Series C-2008 to refund $25,401 million of Treasury securities maturing May 15 to pay down about $3,400 million. The notes of Series T-2001 were dated May 15, 1998, due May 15, 2001, with interest payable November 15 and May 15 until maturity. An interest rate of 5-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on May 12, and totaled $31,769 million, of which $10,006 million was accepted at yields ranging from 5.620 percent, price 100.014, up to 5.639 percent, price 99.962. Tenders at the high yield were allotted 41 percent. Noncompetitive tenders were accepted in full at the average yield, 5.633 percent, price 99.978. These totaled $591 million. Competitive tenders accepted from private investors totaled $9,415 million. In addition to the $10,006 million of tenders accepted in the auction process, $580 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $2,270 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series T-2001 is $320,000. The notes of Series C-2008 were dated May 15, 1998, due May 15, 2008, with interest payable November 15 and May 15 until maturity. An interest rate of 5-5/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on May 13, and totaled $28,674 million, of which $12,002 million was accepted at yields ranging from 5.638 percent, price 99.902, up to 5.653 percent, price 99.788. Tenders at the high yield were allotted 66 percent. Noncompetitive tenders were accepted in full at the average yield, 5.646 percent, price 99.841. These totaled $115 million. Competitive tenders accepted from private investors totaled $11,888 million. In addition to the $12,002 million of tenders accepted in the auction process, $50 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $2,720 million was accepted from Federal PUBLIC DEBT OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, con. Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series C-2008 is $320,000. Auction of 2-Year and 5-Year Notes May 20 Treasury announced it would auction $13,000 million of 2-year notes of Series AD-2000 and $11,000 million of 5-year notes of Series G-2003 to refund $31,032 million of securities maturing May 31 and to pay down about $7,025 million. The notes of Series AD-2000 were dated May 31, 1998, issued June 1, 1998, due May 31, 2000, with interest payable November 30 and May 31 until maturity. An interest rate of 5-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.15027 per $1,000, covering the period from May 31 to June 1, 1998, was payable with each accepted tender. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on May 27, and totaled $31,152 million, of which $13,005 million was accepted. All competitive tenders at yields lower than 5.530 percent were accepted in full. Tenders at 5.530 percent were allotted 49 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.530 percent with an equivalent price of 99.944. The median yield was 5.519 percent and the low yield was 5.460 percent. Noncompetitive tenders totaled $1,261 million. Competitive tenders accepted from private investors totaled $11,743 million. In addition to the $13,005 million of tenders accepted in the auction process, $2,200 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,321 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AD-2000 is $400,000. The notes of Series G-2003 were dated May 31, 1998, issued June 1, 1998, due May 31, 2003, with interest payable November 30 and May 31 until maturity. An interest rate of 5-1/2 percent was set after the determination as to which tenders were accepted on a yield auction basis. Accrued interest of $0.15027 per $1,000, covering the period from May 31 to June 1, 1998, was payable with each accepted tender. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on May 28, and totaled $29,141 million, of which $11,000 million was accepted. All competitive tenders at yields lower than 5.575 percent were accepted in full. Tenders at 5.575 percent were allotted 79 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.575 percent with an equivalent price of 99.676. The median yield was 5.562 percent and the low yield was 5.500 percent. Noncompetitive tenders totaled $311 million. Competitive tenders accepted from private investors totaled $10,689 million. In addition to the $11,000 million of tenders accepted in the auction process, $1,000 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,115 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series G-2003 is $400,000. 52-Week Bills May 15 tenders were invited for approximately $10,000 million of 364-day Treasury bills to be dated May 28, 1998, and to mature May 27, 1999. The issue was to refund $15,343 million of maturing 52-week bills and to pay down about $5,350 million. The bills were auctioned on May 21. Tenders totaled $41,653 million, of which $10,025 million was accepted, including $1,016 million of noncompetitive tenders from the public and $1,266 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. In addition, $5,490 million was awarded to Federal Reserve Banks for their own accounts. The average bank discount rate was 5.150 percent. Cash Management Bills May 28 tenders were invited for approximately $15,000 million of 12-day bills to be issued June 3, 1998, maturing June 15, 1998. The issue was to raise new cash. Tenders were opened on June 2. They totaled $48,059 million, of which $15,004 million was accepted. The average bank discount rate was 5.30 percent. JUNE Auction of 2-Year and 5-Year Notes June 17 Treasury announced it would auction $12,000 million of 2-year notes of Series AE-2000 and $11,000 million of 5-year notes of Series H-2003 to refund $32,002 million of securities maturing June 30 and to pay down about $9,000 million. The notes of Series AE-2000 were dated June 30, 1998, due June 30, 2000, with interest payable December 31 and June 30 until maturity. An interest rate of 5-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on June 23, and totaled $38,111 million, of which $12,021 million was accepted. All competitive tenders at yields lower than 5.495 percent were accepted in full. Tenders at 5.495 percent were allotted 40 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.495 percent with an equivalent price of 99.776. The median yield was 5.490 percent and the low yield was 5.400 percent. Noncompetitive tenders totaled $1,307 million. Competitive tenders accepted from private investors totaled $10,714 million. 32 PUBLIC DEBT OPERATIONS TREASURY FINANCING: APRIL-JUNE, con. In addition to the $12,021 million of tenders accepted in the auction process, $1,500 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,383 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series AE-2000 is $1,600,000. The notes of Series H-2003 were dated June 30, 1998, due June 30, 2003, with interest payable December 31 and June 30 until maturity. An interest rate of 5-3/8 percent was set after the determination as to which tenders were accepted on a yield auction basis. Tenders were received prior to 12 noon e.d.t. for noncompetitive tenders and prior to 1 p.m. e.d.t. for competitive tenders on June 24, and totaled $26,302 million, of which $11,001 million was accepted. All competitive tenders at yields lower than 5.454 percent were accepted in full. Tenders at 5.454 percent were allotted 91 percent. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 5.454 percent with an equivalent price of 99.658. The median yield was 5.438 percent and the low yield was 5.400 percent. Noncompetitive tenders totaled $272 million. Com- petitive tenders accepted from private investors totaled $10,730 million. In addition to the $11,001 million of tenders accepted in the auction process, $850 million was accepted from Federal Reserve Banks as agents for foreign and international monetary authorities, and $1,265 million was accepted from Federal Reserve Banks for their own account. The minimum par amount required for STRIPS of notes of Series H-2003 is $1,600,000. 52-Week Bills June 12 tenders were invited for approximately $10,000 million of 364-day Treasury bills to be dated June 25, 1998, and to mature June 24, 1999. The issue was to refund $14,515 million of maturing 52-week bills and to pay down about $4,525 million. The bills were auctioned on June 18. Tenders totaled $43,128 million, of which $10,158 million was accepted, including $982 million of noncompetitive tenders from the public and $1,302 million issued to Federal Reserve Banks as agents for foreign and international monetary authorities. In addition, $4,915 million was issued to Federal Reserve Banks for their own accounts. The average bank discount rate was 5.130 percent. PUBLIC DEBT OPERATIONS 33 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998 [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1998 July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 8-1/4%-G note 5-1/4%-Q note 6-1/4%-AH note 1 9-1/4%-C note 5-7/8%-Y note 4-3/4%-R note 6-1/8%-AJ note 4-3/4%-S note 6%-AK note 7-1/8%-H note 4-3/4%-T note 5-7/8%-AL note 1 8-7/8%-D note 5-1/2%-Z note 3-1/2% bond 5-1/8%-U note 5-5/8%-AM note 5-1/8%-V note 5-3/4%-AN note Issue date (2) 07/15/91 08/02/93 07/31/96 08/15/88 08/15/95 08/31/93 09/03/96 09/30/93 09/30/96 10/15/91 11/01/93 10/31/96 11/15/88 11/24/95 10/03/60 11/30/93 12/02/96 12/31/93 12/31/96 Total. . . . . . . . . . . . . . . 1999 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 6-3/8%-E note 5%-J note 5-7/8%-AB note 1 8-7/8%-A note 5%-W note 5-1/2%-K note 5-7/8%-AC note 5-7/8%-L note 6-1/4%-AD note 7%-F note 6-1/2%-M note 6-3/8%-AE note 1 9-1/8%-B note 6-3/8%-X note 6-3/4%-N note 6-1/4%-AF note 6-3/4%-P note 6-%-AG note 6-3/8%-G note 6-7/8%-Q note 5-7/8%-AH note 1 8%-C note 6%-Y note 01/15/92 01/31/94 01/31/97 02/15/89 02/15/96 02/28/94 02/28/97 03/31/94 03/31/97 04/15/92 05/02/94 04/30/97 05/15/89 05/15/96 05/31/94 06/02/97 06/30/94 06/30/97 07/15/92 08/01/94 07/31/97 08/15/89 08/15/96 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 9,694 11,689 21,563 11,343 22,418 13,019 21,949 12,576 21,486 10,268 13,023 21,221 9,903 20,598 225 12,115 20,532 12,444 20,615 286,682 1,711 735 1,157 1,480 4,490 683 2,346 973 1,244 1,017 999 995 546 3,142 162 954 1,379 1,780 1,000 26,792 7,983 10,954 20,406 9,863 17,928 12,336 19,603 11,603 20,242 9,252 12,024 20,226 9,357 17,457 63 11,161 19,153 10,665 19,615 259,890 10,559 12,901 19,468 9,720 21,997 11,914 19,916 12,780 19,798 10,178 12,292 19,353 10,047 23,360 12,339 18,575 13,101 17,862 10,006 12,411 16,839 10,164 22,708 892 885 1,682 1,199 3,644 765 1,745 1,875 1,420 1,074 1,220 1,225 1,638 3,205 802 938 1,670 904 349 1,706 1,547 944 2,810 9,667 12,016 17,786 8,521 18,353 11,149 18,171 10,905 18,378 9,104 11,072 18,128 8,410 20,155 11,537 17,637 11,431 16,958 9,657 10,704 15,293 9,220 19,898 34 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States," Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 1999, con. Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 6-7/8%-R note 5-7/8%-L note 7-1/8%-S note 1 5-3/4%-K note 6%-H note 7-1/2%-T note 1 5-5/8%-AL note 1 7-7/8%-D note 5-7/8%-Z note 7-3/4%-U note 1 5-5/8%-AM note 7-3/4%-V note 1 5-5/8%-AL note Issue date (2) 08/31/94 09/02/97 09/30/94 09/30/97 10/15/92 10/31/94 10/31/97 11/15/89 11/15/96 11/30/94 12/01/97 01/03/95 12/31/97 Total. . . . . . . . . . . . . . . 2000 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 29. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-3/8%-E note 5-3/8%-Y note 7-3/4%-G note 1 8-1/2%-A note 5-7/8%-U note 7-1/8%-H note 1 5-1/2%-Z note 6-7/8%-J note 1 5-1/2%-AB note 5-1/2%-F note 1 5-5/8%-AC note 6-3/4%-K note 1 8-7/8%-B note 6-3/8%-V note 6-1/4%-L note 1 5-1/2%-AD note 5-7/8%-M note 1 5-3/8%-AE note 6-1/8%-N note 1 8-3/4%-C note 6%-W note 6-1/4%-P note 6-1/8%-Q note 5-3/4%-R note 1 8-1/2%-D note 1 5-3/4%-X note 5-5/8%-S note 5-1/2%-T note 1 01/15/93 02/02/98 01/31/95 02/15/90 02/18/97 02/28/95 03/02/98 03/31/95 03/31/98 04/15/93 04/30/98 05/01/95 05/15/90 05/15/97 05/31/95 06/01/98 06/30/95 06/30/98 07/31/95 08/15/90 08/15/97 08/31/95 10/02/95 10/31/95 11/15/90 11/17/97 11/30/95 01/02/96 Total. . . . . . . . . . . . . . . See footnotes at end of table. Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,397 17,215 12,836 17,487 10,337 12,152 16,824 10,774 22,870 11,934 17,051 12,523 16,747 539,435 1,046 1,349 1,189 742 506 718 502 814 3,057 1,208 1,362 1,505 1,096 49,232 11,351 15,866 11,647 16,745 9,831 11,434 16,322 9,960 19,813 10,726 15,689 11,018 15,651 490,202 10,104 17,502 12,229 10,673 20,421 12,496 17,776 13,188 17,206 10,535 15,634 12,433 10,496 20,763 12,752 16,580 12,464 14,939 12,339 11,081 18,053 11,922 12,011 12,080 11,520 16,036 12,357 12,821 388,412 690 1,266 1,124 1,096 1,044 1,322 1,507 1,342 1,858 360 1,191 1,139 480 2,807 843 1,321 810 1,383 654 1,212 1,970 833 1,029 537 881 1,761 646 911 32,019 9,414 16,236 11,104 9,577 19,377 11,174 16,269 11,847 15,348 10,175 14,443 11,294 10,016 17,956 11,909 15,259 11,654 13,556 11,685 9,868 16,083 11,089 10,982 11,543 10,639 14,275 11,711 11,910 356,393 PUBLIC DEBT OPERATIONS 35 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2001 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 5-1/4%-E note 11-3/4% bond 1 7-3/4%-A note 1 5-3/8%-S note 5-5/8%-F note 6-3/8%-G note 6-1/4%-H note 13-1/8% bond 1 8%-B note 1 5-5/8%-T note 6-1/2%-J note 6-5/8%-K note 6-5/8%-L note 1 7-7/8%-C note 13-3/8% bond 6-1/2%-M note 6-3/8%-N note 6-1/4%-P note 15-3/4% bond 1 7-1/2%-D note 5-7/8%-Q note 6-1/8%-R note Issue date (2) 01/31/96 01/12/81 02/15/91 02/17/98 02/29/96 04/10/96 04/30/96 04/02/81 05/15/91 05/15/98 05/31/96 07/01/96 07/31/96 08/15/91 07/02/81 09/03/96 09/30/96 10/31/96 10/07/81 11/15/91 12/02/96 12/31/96 Total. . . . . . . . . . . . . . . 2002 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6-1/4%-C note 14-1/4% bond 6-1/4%-D note 6-5/8%-E note 6-5/8%-F note 1 7-1/2%-A note 6-1/2%-G note 6-1/4%-H note 1 3-5/8%-J note 6%-K note 1 6-3/8%-B note 6-1/4%-L note 1 5-7/8%-M note 1 5-3/4%-N note 11-5/8% bond 1 5-3/4%-P note 1 5-3/4%-Q note 01/31/97 01/06/82 02/28/97 03/31/97 04/30/97 05/15/92 06/02/97 06/30/97 07/15/97 07/31/97 08/17/92 09/02/97 09/30/97 10/31/97 09/29/82 12/01/97 12/31/97 Total. . . . . . . . . . . . . . . 2003 Jan. 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 5-1/2%-C note 10-3/4% bond 02/02/98 01/04/83 Total (3) Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,816 1,501 11,313 15,367 12,820 14,181 13,780 1,750 12,398 12,874 13,722 14,282 14,137 12,339 1,753 14,000 14,519 14,640 1,753 24,226 14,031 13,971 262,174 1,010 161 983 1,533 1,061 1,750 1,091 166 1,198 2,270 1,197 1,195 897 1,375 256 1,171 1,120 1,036 173 2,666 622 710 23,640 11,806 1,341 10,330 13,835 11,759 12,431 12,690 1,584 11,200 10,604 12,525 13,087 13,240 10,964 1,497 12,829 13,398 13,604 1,580 21,560 13,409 13,261 238,534 13,453 1,759 13,800 14,301 14,475 11,714 13,504 13,059 17,063 12,231 23,859 12,732 12,807 11,737 2,753 12,121 12,052 213,419 1,030 160 1,131 1,411 1,423 1,116 1,242 892 1,620 445 2,416 842 560 590 377 450 585 16,290 12,423 1,599 12,669 12,890 13,052 10,598 12,262 12,167 15,443 11,786 21,443 11,890 12,247 11,147 2,376 11,671 11,467 197,130 13,101 3,007 785 739 12,316 2,267 36 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2003, con. Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 28. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. 31. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 31 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 6-1/4%-A note 5-1/2%-D note 1 5-1/2%-E note 1 5-3/4%-F note 10-3/4% bond 1 5-1/2%-G note 1 5-3/8%-H note 11-1/8% bond 1 5-3/4%-B note 11-7/8% bond 1 1 5-7/8%-A note 12-3/8% bond 1 7-1/4%-B note 13-3/4% bond 1 7-1/4%-C note 1 11-5/8% bond 1 7-7/8%-D note Total (3) 02/16/93 03/02/98 03/31/98 04/30/98 04/04/83 06/01/98 06/30/98 07/05/83 08/16/93 10/05/83 23,563 13,670 14,173 12,573 3,249 13,132 13,127 3,501 28,011 7,260 148,367 2,277 1,095 1,385 1,010 346 1,115 1,265 689 3,790 764 15,261 21,286 12,575 12,788 11,563 2,903 12,017 11,862 2,812 24,221 6,495 133,106 12,955 3,755 14,440 4,000 13,346 8,302 14,374 71,173 650 770 1,906 528 910 997 1,813 7,574 12,305 2,985 12,535 3,472 12,436 7,305 12,561 63,599 13,835 4,224 4,261 14,740 9,270 15,003 15,210 76,541 1,282 2,191 728 2,000 1,387 1,890 1,710 11,188 12,553 2,033 3,532 12,740 7,883 13,113 13,500 65,353 4,756 15,514 16,015 22,740 22,460 81,485 58 1,708 2,225 2,476 2,483 8,950 4,698 13,806 13,790 20,265 19,977 72,536 16,161 4,234 13,104 13,958 1,091 1,613 725 1,750 15,070 2,621 12,379 12,208 02/15/94 04/05/84 05/16/94 07/10/84 08/15/94 10/30/84 11/15/94 Total. . . . . . . . . . . . . . . 2005 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2%-A note 8-1/4% bond 1 12% bond 1 6-1/2%-B note 1 10-3/4% bond 1 6-1/2%-C note 1 5-7/8%-D note 02/15/95 05/15/75 04/02/85 05/15/95 07/02/85 08/15/95 11/24/95 Total. . . . . . . . . . . . . . . 2006 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-3/8% bond 5-5/8%-A note 1 6-7/8%-B note 1 7%-C note 1 6-1/2%-D note 1 01/15/86 02/15/96 05/15/96 07/15/96 10/15/96 Total. . . . . . . . . . . . . . . 2007 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 18. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 3-3/8%-A note 7-5/8% bond 1 6-1/4%-B note 1 6-5/8%-C note All other investors (5) Issue date (2) Total. . . . . . . . . . . . . . . 2004 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) 02/06/97 02/15/77 02/18/97 05/15/97 PUBLIC DEBT OPERATIONS 37 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2007, con. Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 02-07 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 6-1/8%-D note 7-7/8% bond 08/15/97 11/15/77 Total. . . . . . . . . . . . . . . 2008 Jan. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. 17. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 03-08 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-1/2%-A note 5-1/2%-B note 1 5-5/8%-C note 8-3/8% bond 8-3/4% bond 1 01/15/98 02/17/98 05/15/98 08/15/78 11/15/78 Total. . . . . . . . . . . . . . . 2009 May 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 04-09 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9-1/8% bond 10-3/8% bond 05/15/79 11/15/79 Total. . . . . . . . . . . . . . . 2010 Feb. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 05-10 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11-3/4% bond 10% bond 12-3/4% bond 02/15/80 05/15/80 11/17/80 Total. . . . . . . . . . . . . . . 2011 May 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 06-11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-7/8% bond 14% bond 05/15/81 11/16/81 Total. . . . . . . . . . . . . . . 2012 Nov. 15, 07-12 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10-3/8% bond 11/15/82 Total. . . . . . . . . . . . . . . 2013 Aug. 15, 08-13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12% bond 08/15/83 Total. . . . . . . . . . . . . . . 2014 May 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15, 09-14 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13-1/4% bond 12-1/2% bond 1 11-3/4% bond 05/15/84 08/15/84 11/15/84 Total. . . . . . . . . . . . . . . 2015 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 11-1/4% bond 10-5/8% bond 1 9-7/8% bond 1 02/15/85 08/15/85 11/15/85 Total. . . . . . . . . . . . . . . 2016 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 1 1 9-1/4% bond 7-1/4% bond 02/15/86 05/15/86 Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 25,637 1,495 74,589 2,175 389 7,742 23,462 1,106 66,847 8,459 13,583 14,775 2,103 5,230 44,151 875 1,420 2,720 789 1,816 7,620 7,584 12,163 12,055 1,314 3,414 36,531 4,606 4,201 8,807 1,013 1,101 2,114 3,593 3,100 6,693 2,494 2,987 4,736 10,218 1,008 1,177 1,661 3,845 1,486 1,811 3,076 6,373 4,609 4,901 9,509 1,124 1,025 2,149 3,485 3,875 7,360 11,032 11,032 1,928 1,928 9,104 9,104 14,755 14,755 3,591 3,591 11,165 11,165 5,007 5,128 6,006 16,141 1,060 906 1,195 3,161 3,947 4,223 4,811 12,980 12,668 7,150 6,900 26,718 1,336 1,211 1,002 3,549 11,332 5,939 5,898 23,169 7,267 18,824 1,076 1,372 6,191 17,452 Total (3) 38 PUBLIC DEBT OPERATIONS TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2016, con. Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Description (1) Issue date (2) 7-1/2% bond 11/15/86 Total. . . . . . . . . . . . . . . 2017 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-3/4% bond 8-7/8% bond 05/15/87 08/17/87 Total. . . . . . . . . . . . . . . 2018 May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 9-1/8% bond 1 9% bond 05/15/88 11/22/88 Total. . . . . . . . . . . . . . . 2019 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 8-7/8% bond 8-1/8% bond 02/15/89 08/15/89 Total. . . . . . . . . . . . . . . 2020 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 8-1/2% bond 8-3/4% bond 1 8-3/4% bond 1 02/15/90 05/15/90 08/15/90 Total. . . . . . . . . . . . . . . 2021 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-7/8% bond 8-1/8% bond 1 8-1/8% bond 1 8% bond 1 02/15/91 05/15/91 08/15/91 11/15/91 Total. . . . . . . . . . . . . . . 2022 Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/4% bond 7-5/8% bond 08/17/92 11/16/92 Total. . . . . . . . . . . . . . . 2023 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-1/8% bond 6-1/4% bond 02/16/93 08/16/93 Total. . . . . . . . . . . . . . . 2024 Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 7-1/2% bond 08/15/94 Total. . . . . . . . . . . . . . . 2025 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 1 7-5/8% bond 6-7/8% bond 02/15/95 08/15/95 Total. . . . . . . . . . . . . . . See footnotes at end of table. Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 18,864 44,955 1,653 4,101 17,211 40,854 18,194 14,017 32,211 2,025 1,354 3,379 16,169 12,663 28,832 8,709 9,033 17,742 598 256 854 8,111 8,777 16,887 19,251 20,214 39,465 1,108 1,951 3,059 18,143 18,263 36,406 10,229 10,159 21,419 41,806 1,175 1,267 1,655 4,096 9,054 8,892 19,764 37,710 11,113 11,959 12,163 32,798 68,034 876 938 698 1,560 4,071 10,238 11,021 11,466 31,238 63,963 10,353 10,700 21,052 840 835 1,675 9,513 9,865 19,377 18,374 22,909 41,283 1,581 1,168 2,749 16,793 21,741 38,534 11,470 11,470 505 505 10,965 10,965 11,725 12,602 24,327 885 1,295 2,180 10,840 11,307 22,147 Total (3) PUBLIC DEBT OPERATIONS 39 TABLE PDO-1.--Maturity Schedules of Interest-Bearing Marketable Public Debt Securities Other than Regular Weekly and 52-Week Treasury Bills Outstanding, June 30, 1998, con. [In millions of dollars. Sources: ‘‘Monthly Statement of the Public Debt of the United States,’’ Bureau of the Public Debt, Office of Public Debt Accounting, and Office of Market Finance] Date of final maturity 2026 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Description (1) 1 6% bond 6-3/4% bond 1 6-1/2% bond 1 Issue date (2) 02/15/96 08/15/96 11/15/96 Total. . . . . . . . . . . . . . . 2027 Feb. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. 15. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 6-5/8% bond 6-3/8% bond 1 6-1/8% bond 1 02/18/97 08/15/97 11/17/97 Total. . . . . . . . . . . . . . . 2028 Apr. 15 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 3-5/8% bond 04/15/98 Total. . . . . . . . . . . . . . . 1 This security is eligible for stripping. See table V1 of the ‘‘Monthly Statement of the Public Debt of the United States.’’ Amount of maturities Held by U.S. Government accounts and Federal Reserve banks (4) All other investors (5) 12,905 10,894 11,493 35,292 1,268 1,309 1,879 4,456 11,637 9,585 9,614 30,836 10,456 10,736 22,519 43,710 480 730 2,505 3,715 9,976 10,006 20,014 39,995 8,443 8,443 785 785 7,658 7,658 Total (3) 40 PUBLIC DEBT OPERATIONS TABLE PDO-2.--Offerings of Bills [Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Description of new issue Number of days to Amount of bids tendered Maturity date maturity 1 (1) (2) (3) Issue date Regular weekly: (13-week and 26-week) 1998 - Mar. 5 . . . . . . Amounts of bids accepted On comOn noncomTotal amount petitive basis 2 petitive basis 3 (4) (5) (6) Amount maturing on issue date of new offering (7) Total unmatured issues outstanding after new issues (8) June Sept. June Sept. June Sept. June Sept. July Oct. July Oct. July Oct. July Oct. July Oct. Aug. Nov. Aug. Nov. Aug. Nov. Aug. Nov. Sept. Dec. Sept. Dec. Sept. Dec. Sept. Dec. 4 3 11 10 18 17 25 24 2 1 9 8 16 15 23 22 30 29 6 5 13 12 20 19 27 27 3 3 10 10 17 17 24 24 91 182 91 182 91 182 91 182 92 182 91 182 91 182 91 182 91 182 91 182 91 182 91 182 91 183 91 182 91 182 91 182 91 182 50,185.5 38,374.9 39,648.9 38,665.5 43,372.2 40,463.7 44,764.6 34,735.3 35,999.8 31,695.3 39,490.5 32,035.8 29,545.0 33,105.2 41,854.9 35,307.0 32,219.3 31,939.7 43,603.1 35,257.6 46,961.9 39,091.6 36,991.4 37,099.9 34,924.1 40,009.4 36,531.7 38,382.1 37,044.5 34,110.7 30,912.9 32,417.4 36,821.8 32,980.4 11,627.4 10,842.7 10,203.3 11,376.7 9,460.5 10,976.7 9,298.3 10,382.8 9,896.3 10,904.3 9,380.5 10,788.8 9,151.5 11,439.4 9,051.2 10,764.6 9,543.1 11,067.9 9,505.9 11,838.1 8,923.7 11,885.2 9,034.9 11,367.1 9,767.7 11,319.4 9,301.7 11,185.4 9,271.4 11,570.8 8,720.7 11,246.9 9,191.3 11,885.5 10,237.8 9,712.6 8,939.6 11,376.7 8,092.5 9,804.3 8,065.0 9,233.6 8,621.4 9,783.5 8,031.6 9,632.9 7,834.5 10,315.1 7,850.8 9,738.8 8,207.4 9,905.1 8,061.2 10,597.5 7,584.1 10,711.0 7,705.1 10,187.1 8,413.6 10,214.2 7,971.6 9,993.7 8,008.6 10,405.0 7,423.3 10,114.8 7,936.5 10,783.8 1,389.6 1,130.2 1,263.7 1,138.9 1,368.0 1,172.4 1,233.3 1,149.2 1,274.9 1,120.9 1,348.9 1,155.9 1,317.0 1,124.2 1,200.4 1,025.8 1,335.6 1,162.8 1,444.7 1,240.7 1,339.6 1,174.2 1,329.8 1,180.0 1,354.1 1,105.3 1,330.1 1,191.7 1,262.8 1,165.9 1,297.4 1,132.1 1,254.8 1,101.6 10,852.1 12,899.5 11,354.9 11,840.8 10,834.7 10,999.0 10,448.8 10,499.8 11,104.6 11,033.0 11,460.8 10,759.7 11,278.7 11,162.2 10,868.0 10,692.3 10,810.3 11,580.5 11,550.4 10,978.5 11,142.8 10,882.8 10,928.4 10,844.0 10,794.7 11,327.3 11,627.4 10,978.8 10,203.3 11,321.1 9,460.5 11,323.9 9,298.3 10,494.9 143,646.7 303,264.6 142,495.1 302,800.6 141,120.9 302,778.3 139,970.4 302,661.3 138,762.0 302,532.7 136,681.7 302,561.8 134,554.5 302,839.0 132,737.7 302,911.2 131,470.4 302,398.6 129,426.0 303,258.2 127,206.9 304,260.7 125,313.4 304,783.8 124,286.5 304,775.9 121,960.7 304,982.6 121,028.8 305,232.4 120,289.0 305,155.3 120,182.0 306,546.0 ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... ...... June July Aug. Sept. Oct. Nov. Dec. 1999- Jan. Feb. Mar. Apr. Apr. May June 25 23 20 17 15 12 10 7 4 4 1 29 27 24 364 364 364 364 364 364 364 364 364 364 364 364 364 364 67,729.9 65,035.2 62,453.8 80,766.5 60,298.6 85,598.2 46,305.7 48,378.5 48,414.5 53,056.7 43,079.6 47,705.2 47,167.7 48,063.8 19,430.4 18,829.8 18,783.2 18,301.9 18,774.1 18,451.4 18,011.0 17,836.8 19,190.2 17,973.1 16,752.5 15,345.2 15,539.7 15,093.4 18,436.3 17,860.5 17,842.4 17,461.0 17,981.5 17,713.2 17,162.4 16,755.3 18,071.8 16,895.7 15,635.1 14,258.9 14,498.7 14,091.0 994.1 969.4 940.8 840.9 792.6 738.2 848.6 1,081.5 1,118.3 1,077.4 1,117.4 1,086.2 1,041.0 1,002.4 19,596.1 20,184.9 20,571.4 19,906.7 18,482.5 20,141.9 20,542.5 20,609.8 20,983.2 20,840.5 16,751.0 15,344.5 15,540.1 15,093.2 264,125.5 262,769.8 260,981.7 259,376.6 259,668.1 257,978.8 255,448.9 255,205.8 253,412.7 250,545.2 250,546.7 250,547.4 250,547.0 250,547.3 Cash management: 1998 - Apr. 3 . . . . . . June 3 . . . . . . 1998 - Apr. June 16 16 13 12 70,638.0 48,058.9 19,124.5 15,003.9 - - - 19,124.5 34,128.4 12 . . . . . . 19 . . . . . . 26 . . . . . . Apr. 2 . . . . . . 9 ...... 16 . . . . . . 23 . . . . . . 30 . . . . . . May 7 . . . . . . 14 . . . . . . 21 . . . . . . 28 . . . . . . June 4 . . . . . . 11 . . . . . . 18 . . . . . . 25 . . . . . . 52-week: 1997 - June 26 July 24 Aug. 21 Sept. 18 Oct. 16 Nov. 13 Dec. 11 1998 - Jan. 8 Feb. 5 Mar. 5 Apr. 2 Apr. 30 May 28 June 25 See footnotes at end of table. PUBLIC DEBT OPERATIONS 41 TABLE PDO-2.--Offerings of Bills, con. [Dollar amounts in millions. Source: ‘‘Monthly Statement of the Public Debt of the United States’’ and allotments; Bureau of the Public Debt, Office of Public Debt Accounting] Average price per hundred (9) Issue date Regular weekly: 1998 - Mar. 5. . . . . . On total bids accepted Average Average discount rate investment rate 4 (percent) (percent) (10) (11) On competitive bids accepted High Discount rate (percent) (12) Price per hundred (13) 98.706 97.409 98.744 97.467 98.740 97.460 98.729 97.477 98.723 97.434 98.746 97.472 98.727 97.407 98.740 97.442 98.751 97.414 98.739 97.417 98.734 97.386 98.716 97.391 98.731 97.374 98.750 97.417 98.737 97.394 98.734 97.439 98.739 97.412 5.12 5.13 4.97 5.01 4.99 5.03 5.03 4.99 5.05 5.08 4.96 5.00 5.04 5.13 4.99 5.06 4.94 5.12 4.99 5.11 5.01 5.17 5.08 5.16 5.02 5.17 4.95 5.11 5.00 5.16 5.01 5.07 4.99 5.12 5.26 5.33 5.10 5.21 5.12 5.23 5.16 5.19 5.19 5.28 5.09 5.20 5.17 5.34 5.12 5.27 5.07 5.32 5.12 5.32 5.14 5.38 5.22 5.37 5.16 5.38 5.08 5.32 5.13 5.37 5.14 5.27 5.12 5.33 5.12 5.13 4.98 5.01 4.99 5.03 5.03 5.00 5.06 5.08 4.97 5.01 5.05 5.14 4.99 5.06 4.94 5.12 5.00 5.11 5.01 5.18 5.08 5.16 5.03 5.17 4.95 5.12 5.00 5.16 5.02 5.07 5.00 5.12 98.706 97.409 98.742 97.467 98.740 97.460 98.729 97.475 98.722 97.432 98.745 97.470 98.723 97.404 98.740 97.442 98.751 97.412 98.737 97.417 98.734 97.384 98.716 97.391 98.730 97.374 98.749 97.414 98.736 97.394 98.732 97.439 98.737 97.412 26. . . . . . 24. . . . . . 21. . . . . . 18. . . . . . 16. . . . . . 13. . . . . . 11. . . . . . 8. . . . . . 5. . . . . . 5. . . . . . 2. . . . . . 30. . . . . . 28. . . . . . 25. . . . . . 94.591 94.682 94.661 94.641 94.742 94.803 94.762 94.879 94.980 94.818 94.833 94.818 94.793 94.813 5.35 5.26 5.28 5.30 5.20 5.14 5.18 5.07 4.97 5.13 5.11 5.13 5.15 5.13 5.65 5.56 5.58 5.60 5.49 5.42 5.47 5.34 5.23 5.41 5.39 5.41 5.43 5.41 5.35 5.26 5.28 5.31 5.20 5.15 5.18 5.07 4.97 5.13 5.11 5.13 5.15 5.13 Cash management: 1998 - Apr. 3. . . . . . June 3. . . . . . 99.803 99.823 5.45 5.30 5.54 5.39 5.45 5.31 12. . . . . . 19. . . . . . 26. . . . . . Apr. 2. . . . . . 9. . . . . . 16. . . . . . 23. . . . . . 30. . . . . . May 7. . . . . . 14. . . . . . 21. . . . . . 28. . . . . . June 4. . . . . . 11. . . . . . 18. . . . . . 25. . . . . . 52-week: 1997 - June July Aug. Sept. Oct. Nov. Dec. 1998 - Jan. Feb. Mar. Apr. Apr. May June 98.706 97.417 98.745 97.472 98.744 97.467 98.731 97.487 98.726 97.442 98.753 97.487 98.744 97.417 98.741 97.447 98.754 97.427 98.741 97.422 98.736 97.391 98.723 97.401 98.734 97.377 98.754 97.422 98.741 97.401 98.736 97.442 98.744 97.419 94.591 94.682 94.661 94.631 97.742 94.793 94.762 94.879 94.980 94.818 94.833 94.813 94.793 94.813 5.34 5.25 5.27 5.29 5.19 5.14 5.17 5.06 4.95 5.12 5.10 5.12 5.15 5.12 94.601 94.692 94.671 94.651 97.752 94.803 94.778 94.889 94.995 94.823 94.843 94.823 94.798 94.823 99.803 99.823 5.45 5.30 99.803 99.823 amount is stipulated in each offering announcement. 4 Equivalent coupon-issue yield. 2 5 6 Price per hundred (15) 5.12 5.11 4.97 5.00 4.97 5.01 5.02 4.97 5.04 5.06 4.94 4.97 4.97 5.11 4.98 5.05 4.93 5.09 4.98 5.10 5.00 5.16 5.05 5.14 5.01 5.16 4.93 5.10 4.98 5.14 5.00 5.06 4.97 5.11 1 The 13-week bills represent additional issue of bills with an original maturity of 26 weeks or 52 weeks. For bills issued on or after May 2, 1974, includes amounts exchanged on noncompetitive basis by Government accounts and Federal Reserve Banks. 3 For 13-week , 26-week, and 52-week bills, tenders $1 million or less from any one bidder are accepted in full at average price or accepted competitive bids; for other issues, the corresponding Low Discount rate (percent) (14) 5 6 7 $1,026,000 was accepted at rates below the competitive range. $10,258,000 was accepted at rates below the competitive range. 7 $1,225,000 was accepted at rates below the competitive range. 42 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date 07/09/96 07/18/96 07/23/96 07/24/96 08/06/96 08/07/96 08/08/96 08/15/96 08/27/96 08/28/96 08/29/96 09/12/96 09/25/96 09/26/96 10/08/96 10/10/96 10/22/96 10/23/96 10/31/96 11/05/96 11/06/96 11/07/96 11/07/96 11/13/96 11/19/96 11/20/96 12/02/96 12/05/96 12/18/96 12/19/96 01/02/97 01/22/97 01/23/97 01/29/97 01/30/97 02/11/97 02/12/97 02/13/97 02/25/97 02/26/97 02/27/97 02/27/97 03/25/97 03/26/97 03/26/97 04/01/97 04/01/97 04/08/97 04/22/97 04/23/97 04/24/97 05/06/97 05/07/97 05/22/97 05/28/97 05/29/97 06/02/97 06/19/97 06/24/97 06/25/97 07/09/97 See footnotes at end of table. Issue date (1) 07/15/96 07/25/96 07/31/96 07/31/96 08/15/96 6 08/15/96 08/15/96 08/22/96 09/03/96 09/03/96 09/03/96 09/19/96 09/30/96 09/30/96 10/15/96 10/17/96 10/31/96 10/31/96 11/01/96 11/15/96 6 11/15/96 11/14/96 11/15/96 11/15/96 12/02/96 12/02/96 12/03/96 12/12/96 12/31/96 12/31/96 01/09/97 01/31/97 01/31/97 6 02/06/97 02/06/97 02/18/97 6 02/18/97 02/18/97 02/28/97 02/28/97 03/03/97 03/06/97 03/31/97 03/31/97 04/03/97 04/03/97 04/03/97 6 04/15/97 04/30/97 04/30/97 05/01/97 05/15/97 05/15/97 05/29/97 06/02/97 06/02/97 06/03/97 06/26/97 06/30/97 06/30/97 07/15/97 Description of securities 1 (2) 7% note--07/15/06-C 5.49% bill--07/24/97 6-1/4% note--07/31/98-AH 6-5/8% note--07/31/01-L 6% note--08/15/99-Y 7% note--07/15/06-C-reopening 6-3/4% bond--08/15/26 5.36% bill--08/21/97 6-1/8% note--08/31/98-AJ 6-1/2% note--08/31/01-M 5.24% bill--09/17/96 5.57% bill--09/18/97 6% note--09/30/98-AK 6-3/8% note--09/30/01-N 6-1/2% note--10/15/06-D 5.34% bill--10/16/97 5-7/8% note--10/31/98-AL 6-1/4% note--10/31/01-P 5.17% bill--12/19/96-reopening 5-7/8% note--11/15/99-Z 6-1/2% note--10/15/06-D-reopening 5.20% bill--11/13/97 6-1/2% bond--11/15/26 5.20% bill--12/19/96-reopening 5-5/8% note--11/30/98-AM 5-7/8% note--11/30/01-Q 5.18% bill--12/17/96 5.16% bill--12/11/97 5-3/4% note--12/31/98-AN 6-1/8% note--12/31/01-R 5.31% bill--01/08/98 5-7/8% note--01/31/99-AB 6-1/4% note--01/31/02-C 3-3/8% ii note--01/15/07-A 5.34% bill--02/05/98 5-7/8% note--02/15/00-U 6-1/4% note--02/15/07-B 6-5/8% bond--02/15/27 5-7/8% note--02/28/99-AC 6-1/4% note--02/28/02-D 5.16% bill--04/17/97 5.36% bill--03/05/98 6-1/4% note--03/31/99-AD 6-5/8% note--03/31/02-E 5.66% bill--04/02/98 5.37% bill--04/17/97-reopening 5.42% bill--04/22/97 3-3/8% ii note--01/15/07-A-reopening 6-3/8% note--04/30/99-AE 6-5/8% note--04/30/02-F 5.72% bill--04/30/98 6-3/8% note--05/15/00-V 6-5/8% note--05/15/07-C 5.55% bill--05/28/98 6-1/4% note--05/31/99-AF 6-1/2% note--05/31/02-G 5.25% bill--06/17/97 5.35% bill--06/25/98 6% note--06/30/99-AG 6-1/4% note--06/30/02-H 3-5/8% ii note--07/15/02-J Period to final maturity (years, months, days) 2 (3) 10y 364d 2y 5y 3y 9y 11m 30y 364d 2y 5y 14d 364d 2y 5y 10y 364d 2y 5y 48d 3y 9y 11m 364d 30y 34d 2y 5y 14d 364d 2y 5y 364d 2y 5y 10y 364d 3y 10y 30y 2y 5y 45d 364d 2y 5y 364d 14d 19d 9y 9m 2y 5y 364d 3y 10y 364d 2y 5y 14d 364d 2y 5y 5y Amount tendered (4) 28,149 49,394 43,537 28,686 47,376 23,393 23,513 49,973 44,932 28,179 60,065 52,210 51,401 34,192 24,360 49,841 50,828 31,319 54,347 46,564 25,533 58,250 28,334 61,368 40,718 37,348 44,395 45,506 42,998 36,362 49,118 44,655 31,255 37,919 53,634 42,085 23,863 24,664 41,106 27,662 82,159 51,822 40,532 33,522 67,862 41,764 51,886 18,464 43,708 34,266 73,240 39,125 24,266 55,069 42,092 34,876 64,243 67,730 40,541 38,218 26,858 Amount issued 3,4 * (5) 5 11,536 20,184 21,562 14,136 22,708 5 11,200 5 10,899 20,572 21,948 13,999 30,010 19,907 21,485 14,516 5 10,985 20,190 21,220 14,639 17,048 22,870 5 11,473 20,141 5 11,493 13,217 20,532 14,031 9,060 20,540 20,615 13,970 20,610 19,466 13,453 5 7,703 20,982 20,421 5 13,103 5 10,456 19,915 13,798 23,140 20,840 19,797 14,301 19,072 10,039 17,066 5 8,405 19,351 14,475 20,688 20,763 5 13,958 20,831 18,567 13,492 30,022 19,430 17,861 13,058 5 8,404 Range of accepted bids for notes and bonds (6) 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 PUBLIC DEBT OPERATIONS 43 TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. [In millions of dollars. Source: Bureau of the Public Debt, Office of Financing] Auction date Issue date (1) 07/17/97 07/22/97 07/23/97 07/31/97 08/05/97 08/06/97 08/07/97 08/14/97 08/26/97 08/27/97 08/28/97 09/11/97 09/23/97 09/24/97 10/08/97 10/09/97 10/28/97 10/29/97 10/30/97 11/04/97 11/05/97 11/06/97 11/06/97 11/24/97 11/25/97 11/25/97 12/04/97 12/22/97 12/23/97 01/06/98 01/08/98 01/27/98 01/28/98 01/29/98 02/10/98 02/11/98 02/12/98 02/12/98 02/24/98 02/25/98 02/26/98 02/26/98 03/24/98 03/25/98 03/26/98 04/01/98 04/08/98 04/23/98 04/28/98 04/29/98 05/12/98 05/13/98 05/21/98 05/27/98 05/28/98 06/02/98 06/18/98 06/23/98 06/24/98 07/24/97 07/31/97 07/31/97 08/01/97 08/15/97 08/15/97 08/15/97 08/21/97 09/02/97 09/02/97 09/02/97 09/18/97 09/30/97 09/30/97 6 10/15/97 10/16/97 10/31/97 10/31/97 11/03/97 11/17/97 6 11/17/97 11/17/97 11/13/97 12/01/97 12/01/97 12/01/97 12/11/97 12/31/97 12/31/97 01/08/98 01/15/98 02/02/98 02/02/98 02/05/98 02/17/98 02/17/98 6 02/17/98 02/17/98 03/02/98 03/02/98 03/05/98 03/03/98 03/31/98 03/31/98 04/02/98 04/03/98 04/15/98 04/30/98 04/30/98 04/30/98 05/15/98 05/15/98 05/28/98 06/01/98 06/01/98 06/03/98 06/25/98 06/30/98 06/30/98 See footnotes at end of table. Description of securities 1 (2) 5.26% bill--07/23/98 5-7/8% note--07/31/99-AH 6% note--07/31/02-K 5.35% bill--09/18/97-reopening 6% note--08/15/00-W 6-1/8% note--08/15/07-D 6-3/8% bond--08/15/27 5.28% bill--08/20/98 5-7/8% note--08/31/99-AJ 6-1/4% note--08/31/02-L 5.47% bill--09/15/97 5.30% bill--09/17/98 5-3/4% note--09/30/99-AK 5-7/8% note--09/30/02-M 3-5/8% ii note--07/15/02-J-reopening 5.20% bill--10/15/98 5-5/8% note--10/31/99-AL 5-3/4% note--10/31/02-N 5.18% bill--01/22/98-reopening 5-3/4% note--11/15/00-X 6-1/8% note--08/15/07-D-reopening 6-1/8% bond--11/15/27 5.14% bill--11/12/98 5-5/8% note--11/30/99-AM 5-3/4% note--11/30/02-P 5.56% bill--12/16/97 5.180% bill--12/10/98 5-5/8% note--12/31/99-AN 5-5/8% note--12/31/02-Q 5.341% bill--01/07/99 3-5/8% ii note--01/05/08-A 5-3/8% note--01/31/00-Y 5-1/2% note--01/31/03-C 4.965% bill--02/04/99 5-3/8% note--02/15/01-S 5-1/2% note--02/15/08-B 6-1/8% bond--11/15/27-reopening 5.29% bill--04/23/98 5-1/2% note--02/29/00-Z 5-1/2% note--02/28/03-D 5.125% bill--03/04/99 5.37% bill--04/16/98 5-1/2% note--03/31/00-AB 5-1/2% note--03/31/03-E 5.110% bill--04/01/99 5.45% bill--04/16/98 3-5/8% bond--04/15/28 5.125% bill--04/29/99 5-5/8% note--04/30/00 5-3/4% note--04/30/03 5-5/8% note--05/15/01 5-5/8% note--05/15/08 5.150% bill--05/27/99 5-1/2% note--05/31/00 5-1/2% note--05/31/03 5.30% bill--06/15/98 5.130% bill--06/24/99 5-3/8% note--06/30/00 5-3/8% note--06/30/03 Period to final maturity (years, months, days) 2 (3) Amount tendered (4) 364d 65,035 40,533 33,845 56,078 41,313 27,869 27,355 62,454 40,541 27,996 75,872 80,767 39,868 35,396 28,953 60,299 36,128 25,473 66,320 36,663 28,400 29,354 85,598 41,982 33,892 89,907 46,306 35,878 29,949 48,379 23,958 36,269 24,911 48,415 35,326 31,416 22,536 85,000 36,313 32,617 53,057 95,905 39,671 25,782 43,080 70,638 21,016 47,705 37,199 27,756 34,636 31,447 47,168 34,727 31,273 48,059 48,064 41,029 28,428 2y 5y 48d 3y 10y 30y 364d 2y 5y 13d 364d 2y 5y 4y 9m 364d 2y 5y 80d 3y 9y 30y 9m 364d 2y 5y 15d 364d 2y 5y 364d 10y 2y 5y 364d 3y 10y 29y 9m 65d 2y 5y 364d 44d 2y 5y 364d 13d 30y 364d 2y 5y 3y 10y 364d 2y 5y 12d 364d 2y 5y Amount issued 3,4 * (5) 18,829 16,840 12,231 18,060 18,053 5 13,036 5 10,736 18,783 17,214 12,732 26,224 18,302 5 17,486 5 12,806 5 8,413 18,774 5 16,822 5 11,736 21,139 5 16,036 5 12,599 5 11,185 18,453 5 17,055 5 12,120 35,209 18,013 5 16,748 5 12,053 17,837 8,410 17,500 13,099 19,191 15,362 13,584 11,334 22,389 17,770 13,670 17,973 23,376 17,205 14,173 16,752 19,125 8,404 15,345 15,633 12,573 12,874 14,775 15,540 16,580 13,132 15,004 15,093 14,939 13,127 Range of accepted bids for notes and bonds (6) 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 80 81 82 83 84 44 PUBLIC DEBT OPERATIONS TABLE PDO-3.--Public Offerings of Marketable Securities Other than Regular Weekly Treasury Bills, con. 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the average bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-2. 2 From date of additional issue in case of a reopening. 3 In reopenings the amount issued is in addition to the amount of original offerings. 4 Includes securities issued to U.S. Government accounts and Federal Reserve Banks; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. 5 All notes and bonds are eligible for STRIPS. 6 Interest began to accrue before the issue date (settlement date) of this loan. 7 Yields accepted ranged from 7.005% (price 99.964) up to 7.019% (price 99.865) with the average at 7.016% (price 99.886). 8 Accepted yields ranged up to 6.288% (price 99.930) in this single-price auction. 9 Accepted yields ranged up to 6.625% (price 100.000) in this single-price auction. 10 Yields accepted ranged from 6.110% (price 99.703) up to 6.124% (price 99.665) with the average at 6.118% (price 99.681). 11 Yields accepted ranged from 6.514% (price 103.494) up to 6.553% (price 103.207) with the average at 6.535% (price 103.339). 12 Yields accepted ranged from 6.764% (price 99.821) up to 6.778% (price 99.643) with the average at 6.768% (price 99.770). 13 Accepted yields ranged up to 6.170% (price 99.917) in this single-price auction. 14 Accepted yields ranged up to 6.568% (price 99.715) in this single-price auction. 15 Accepted yields ranged up to 6.080% (price 99.851) in this single-price auction. 16 Accepted yields ranged up to 6.409% (price 99.856) in this single-price auction. 17 Yields accepted ranged from 6.494% (price 100.044) up to 6.510% (price 99.927) with the average at 6.502% (price 99.985). 18 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 19 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 20 Yields accepted ranged from 5.872% (price 100.008) up to 5.889% (price 99.962) with the average at 5.879% (price 99.989). 21 Yields accepted ranged from 6.260% (price 101.739) up to 6.283% (price 101.570) with the average at 6.273% (price 101.643). 22 Yields accepted ranged from 6.618% (price 98.470) up to 6.625% (price 98.380, with the average at 6.619% (price 98.457). 23 Accepted yields ranged up to 5.662% (price 99.931) in this single-price auction. 24 Accepted yields ranged up to 5.950% (price 99.680) in this single-price auction. 25 Accepted yields ranged up to 5.874% (price 99.769) in this single-price auction. 26 Accepted yields ranged up to 6.165% (price 99.830) in this single-price auction. 27 Accepted yields ranged up to 5.984% (price 99.797) in this single-price auction. 28 Accepted yields ranged up to 6.325% (price 99.683) in this single-price auction. 29 Accepted yields ranged up to 3.449% (adjusted price 99.482) in this single-price auction of an inflation-indexed note. 30 Yields accepted ranged from 5.990% (price 99.689) up to 6.005% (price 99.649) with the average at 5.997% (price 99.670). 31 Yields accepted ranged from 6.354% (price 99.238) up to 6.399% (price 98.911) with the average at 6.374% (price 99.092). 32 Yields accepted ranged from 6.625% (price 99.998) up to 6.660% (price 99.546) with the average at 6.640% (price 99.804). 33 Accepted yields ranged up to 5.885% (price 99.981) in this single-price auction. 34 Accepted yields ranged up to 6.359% (price 99.539) in this single-price auction. 35 Accepted yields ranged up to 6.270% (price 99.963) in this single-price auction. 36 Accepted yields ranged up to 6.660% (price 99.853) in this single-price auction. 37 Accepted yields ranged up to 3.650% (adjusted price 98.307) in this single-price auction of an inflation-indexed note. 38 Accepted yields ranged up to 6.460% (price 99.843) in this single-price auction. 39 Accepted yields ranged up to 6.745% (price 99.498) in this single-price auction. 40 Yields accepted ranged from 6.430% (price 99.852) up to 6.449% (price 99.801) with the average at 6.438% (price 99.831). 41 Yields accepted ranged from 6.716% (price 99.345) up to 6.759% (price 99.037) with the average at 6.740% (price 99.173). 42 Accepted yields ranged up to 6.328% (price 99.856) in this single-price auction. 43 Accepted yields ranged up to 6.616% (price 99.513) in this single-price auction. 44 Accepted yields ranged up to 6.027% (price 99.950) in this single-price auction. 45 Accepted yields ranged up to 6.298% (price 99.797) in this single-price auction. Accepted yields ranged up to 3.744% (adjusted price 99.462) in this single-price auction of an inflation-indexed note. 47 Accepted yields ranged up to 5.930% (price 99.898) in this single-price auction. 48 Accepted yields ranged up to 6.024% (price 99.898) in this single-price auction. 49 Yields accepted ranged from 6.034% (price 99.908) up to 6.047% (price 99.873) with the average at 6.041% (price 99.889). 50 Yields accepted ranged from 6.195% (price 99.484) up to 6.218% (price 99.315) with the average at 6.205% (price 99.411). 51 Yields accepted ranged from 6.435% (price 99.207) up to 6.452% (price 98.984) with the average at 6.445% (price 99.076). 52 Accepted yields ranged up to 5.998% (price 99.772) in this single-price auction. 53 Accepted yields ranged up to 6.253% (price 99.987) in this single-price auction. 54 Accepted yields ranged up to 5.794% (price 99.918) in this single-price auction. 55 Accepted yields ranged up to 5.960% (price 99.637) in this single-price auction. 56 Accepted yields ranged up to 3.600% (adjusted price 100.400) in this single-price auction of an inflation-indexed note. 57 Accepted yields ranged up to 5.720% (price 99.823) in this single-price auction. 58 Accepted yields ranged up to 5.830% (price 99.657) in this single-price auction. 59 Yields accepted ranged from 5.755% (price 99.986) up to 5.768% (price 99.950) with the average at 5.762% (price 99.967). 60 Yields accepted ranged from 5.941% (price 101.324) up to 5.967% (price 101.133) with the average at 5.955% (price 101.221). 61 Yields accepted ranged from 6.198% (price 99.010) up to 6.207% (price 98.889) with the average at 6.201% (price 98.970). 62 Accepted yields ranged up to 5.700% (price 99.860) in this single-price auction. 63 Accepted yields ranged up to 5.769% (price 99.918) in this single-price auction. 64 Accepted yields ranged up to 5.690% (price 99.879) in this single-price auction. 65 Accepted yields ranged up to 5.685% (price 99.742) in this single-price auction. 66 Accepted yields ranged up to 3.730% (adjusted price 99.130) in this single-price auction of an inflation-indexed note. 67 Accepted yields ranged up to 5.440% ( price 99.878) in this single-price auction. 68 Accepted yields ranged up to 5.558% ( price 99.749) in this single-price auction. 69 Yields accepted ranged from 5.404% ( price 99.920) up to 5.420% (price 99.876) with the average at 5.414% (price 99.893). 70 Yields accepted ranged from 5.550% ( price 99.620) up to 5.564% (price 99.514) with the average at 5.558% (price 99.559). 71 Yields accepted ranged from 5.800% ( price 104.558) up to 5.830% (price 104.122) with the average at 5.822% (price 104.238). 72 Accepted yields ranged up to 5.537% ( price 99.930) in this single-price auction. 73 Accepted yields ranged up to 5.605% ( price 99.547) in this single-price auction. 74 Accepted yields ranged up to 5.500% ( price 100.000) in this single-price auction. 75 Accepted yields ranged up to 5.620% ( price 99.483) in this single-price auction. 76 Accepted yields ranged up to 3.740% (adjusted price 97.937) in this single-price auction of an inflation-indexed bond. 77 Accepted yields ranged up to 5.677% (price 99.903) in this single-price auction. 78 Accepted yields ranged up to 5.795% (price 99.807) in this single-price auction. 79 Yields accepted ranged from 5.620% (price 100.014) up to 5.639% (price 99.962) with the average at 5.633% (price 99.978). 80 Yields accepted ranged from 5.638% (price 99.902) up to 5.653% (price 99.788) with the average at 5.646% (price 99.841). 81 Accepted yields ranged up to 5.530% (price 99.944) in this single-price auction. 82 Accepted yields ranged up to 5.575% (price 99.676) in this single-price auction. 83 Accepted yields ranged up to 5.495% (price 99.776) in this single-price auction. 84 Accepted yields ranged up to 5.454% (price 99.658) in this single-price auction. 46 Note.--All notes and bonds, except for foreign-targeted issues, were sold at auction through competitive and noncompetitive bidding. Foreign-targeted issues were sold at auction through competitive bidding only. *As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. PUBLIC DEBT OPERATIONS 45 TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) Federal Reserve Banks (2) Commercial Indibanks 1 viduals 2 (3) (4) 10/15/96 6-1/2% note--10/15/06-D 10,986 375 275 241 10/31/96 5-7/8% note--10/31/98-AL 21,221 825 429 10/31/96 6-1/4% note--10/31/01-P 14,640 570 700 11/15/96 5-7/8% note--11/15/99-Z 22,870 2,716 11/15/96 6-1/2% note--10/15/06-D -reopening 11,475 11/15/96 6-1/2% bond--11/15/26 12/02/96 12/02/96 Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) - * 894 * 904 1 1 1,088 273 40 * 560 119 406 * * 1,470 135 218 51 11,493 1,470 87 194 - 5-5/8% note--11/30/98-AM 20,532 285 307 913 1 5-7/8% note--11/30/01-Q 14,031 190 431 326 * 12/31/96 5-3/4% note--12/31/98-AN 20,615 875 689 1,119 1 12/31/96 6-1/8% note--12/31/01-R 13,971 600 72 328 01/31/97 5-7/8% note--01/31/99-AB 19,468 320 339 01/31/97 6-1/4% note--01/31/02-C 13,453 230 227 02/06/97 3-3/8% inflation-indexed note --01/15/07-A 7,353 350 02/18/97 5-7/8% note--01/31/00-U 20,421 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) * - 8,363 838 6 - 8 15,076 2,883 1 1 1 10,046 2,447 297 2 * 1 17,235 2,094 * 1,920 1 - * 7,517 163 - 5,353 11 * - 4,378 1 1 629 12 * 5 15,638 2,741 76 1,164 1 * 27 9,948 1,868 5 1,262 8 * 6 14,952 1,698 2 * 1,383 9 * * 10,529 1,046 1,339 15 1 1,363 5 * 4 13,903 2,180 571 6 2 1,621 8 * 302 9,551 935 102 109 * 30 3,334 6 - 102 3,305 15 805 342 531 51 * 452 7 * 1 16,162 2,069 02/18/97 6-1/4% note--02/15/07-B 13,104 540 1,051 364 26 * 284 4 - 77 9,918 839 02/18/97 6-5/8% bond--02/15/27 10,456 450 148 285 235 * 1,960 * - 5 7,252 120 02/28/97 5-7/8% note--02/28/99-AC 19,916 624 628 1,095 17 62 1,851 7 * 7 13,671 1,955 02/28/97 6-1/4% note--02/28/02-D 13,800 445 255 433 320 * 1,770 5 * 1 9,549 1,022 03/31/97 6-1/4% note--03/31/99-AD 19,798 889 510 1,214 3 56 2,070 11 1 11 13,243 1,790 03/31/97 6-5/8% note--03/31/02-E 14,301 645 1,092 625 * * 1,097 14 * 3 9,672 1,153 04/15/97 3-3/8% inflation-indexed note --01/15/07-A-reopening 8,405 400 664 43 10 - 817 52 455 - 5,327 637 04/30/97 6-3/8% note--04/30/99-AE 19,353 980 490 1,071 * * 2,624 14 * 8 12,498 1,668 04/30/97 6-5/8% note--04/30/02-F 14,475 1,200 109 584 * 2 1,332 3 * 4 10,365 877 05/15/97 6-3/8% note--05/15/00-V 20,763 2,479 749 780 2 * 1,200 5 * 12 14,193 1,343 05/15/97 6-5/8% note--05/15/07-C 13,958 1,750 530 329 305 63 1,257 2 * - 9,509 214 05/31/97 6-1/4% note--05/31/99-AF 18,575 653 378 1,223 3 4 1,299 14 * 9 13,599 1,394 05/31/97 6-1/2% note--05/31/02-G 13,504 475 453 634 5 1 1,381 19 2 7 9,355 1,172 06/30/97 6% note--06/30/99-AG 17,862 644 330 996 * * 1,780 8 * 7 12,186 1,911 06/30/97 6-1/4% note--06/30/02-H 13,059 478 607 509 5 1 3,362 2 * 20 7,011 1,063 07/15/97 3-5/8% note--07/15/02-J 8,410 400 2,055 31 17 * 859 1 - 85 4,745 218 07/31/97 5-7/8% note--07/31/99-AH 16,839 392 302 935 1 304 1,638 3 * 41 12,141 1,082 07/31/97 6% note--08/31/02-K 12,231 295 646 372 1 1 1,957 6 * 2 8,507 444 08/15/97 6% note--08/15/00-W 18,053 1,170 370 762 2 1 1,091 5 * 2 13,693 957 08/15/97 6-1/8% note--08/15/07-D 13,036 880 46 343 1 - 828 2 * 20 10,752 164 08/15/97 6-3/8% bond--08/15/27 10,736 730 53 275 10 - 1,827 * - 5 7,731 105 09/02/97 5-7/8% note--08/31/99-AJ 17,215 750 234 946 2 4 1,348 4 20 9 12,626 1,272 See footnotes at end of table. 46 PUBLIC DEBT OPERATIONS TABLE PDO-4A.--Allotments by Investor Classes for Marketable Public Debt Securities Other than Bills, con. [In millions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Allotments by investor classes Issues Issue date Description of securities Total amount issued (1) Federal Reserve Banks (2) 555 Commercial Indibanks 1 viduals 2 (3) (4) 09/02/97 6-1/4% note--08/31/02-L 12,732 09/30/97 5-3/4% note--09/31/99-AK 17,488 617 09/30/97 5-7/8% note--09/30/02-M 12,807 460 10/15/97 3-5/8% note--10/15/02-J-reopening 8,413 400 1 10/31/97 5-5/8% note--10/31/99-AL 16,824 502 10/31/97 5-3/4% note--10/31/02-N 11,737 365 66 Private Insurpension ance Mutual and recom- savings Corpo- tirement panies banks rations 3 funds (5) (6) (7) (8) 361 1 6 1,303 10 183 757 1 662 696 * 3 837 13 9 2,679 5 25 16 - 1,587 1,001 1,450 705 24 5 809 625 356 - 20 897 State and local governments 4 Pension and reNonbank tirement Other dealers and All funds funds brokers other 5 (9) (10) (11) (12) 2 4 9,638 786 * 4 13,278 1,795 * 1 7,450 845 - - 5,174 209 5 * 6 11,996 1,322 2 * 1 9,088 383 11/15/97 5-3/4% note--11/15/00-X 16,036 1,651 1,491 532 * 2 860 2 * 2 11,111 385 11/15/97 6-1/8% note--08/11/07-D-reopening 12,601 1,295 315 290 - * 419 1 * - 9,980 301 11/15/97 6-1/8% bond--11/15/27 11,184 1,180 31 243 * * 3,733 1 * - 5,992 5 12/01/97 5-5/8% note--11/30/99-AM 17,051 548 917 636 3 6 623 5 * 3 12,498 1,813 12/01/97 5-3/4% note--11/30/02-P 12,121 400 2,557 235 46 2 674 7 - 2 7,400 799 12/31/97 5-5/8% note--12/31/99-AN 16,747 796 489 620 * 4 538 3 * 6 13,220 1,071 12/31/97 5-5/8% note--12/31/02-Q 12,052 450 1,797 247 51 2 441 21 * - 8,416 627 01/15/98 3-5/8% note--01/15/08-A 8,410 400 2,091 62 3 12 1,331 1 - - 3,417 1,093 01/31/98 5-3/8% note--01/31/00-Y 17,502 1,066 684 877 1 1 477 9 * 6 12,918 1,463 01/31/98 5-1/2% note--01/31/03-C 13,101 785 735 288 79 2 582 3 * 2 9,285 1,340 02/15/98 5-3/8% note--02/15/01-S 15,367 1,533 551 684 1 3 1,089 12 * 4 10,701 789 02/15/98 5-1/2% note--02/15/08-B 13,583 1,420 724 179 101 * 1,634 2 * * 9,342 181 02/15/98 6-1/8% note--02/15/27-reopening 11,335 1,325 194 109 5 23 2,430 5 - 1 7,172 71 03/02/98 5-1/2% note--02/28/00-Z 17,776 1,497 907 733 * 56 753 5 * 7 12,349 1,469 03/02/98 5-1/2% note--02/28/03-D 13,670 1,095 1,770 244 30 4 611 1 * 2 8,269 1,644 03/31/98 5-1/2% note--03/31/00-AB 17,205 1,758 1,138 1,010 1 2 1,615 5 * 13 10,264 1,399 03/31/98 5-1/2% note--03/31/03-E 14,173 1,385 1,498 285 25 2 636 103 * 1 8,450 1,788 04/15/98 3-5/8% note--04/15/28 8,404 400 1,438 35 - * 2,132 346 - - 3,542 511 04/30/98 5-5/8% note--04/30/00-AC 15,634 1,191 268 1,099 1 2 1,810 2 - 4 9,591 1,666 04/30/98 5-3/4% note--04/30/03-F 12,573 1,010 346 258 * 3 319 7 - 2 9,720 908 05/15/98 5-5/8% note--05/15/01-T 12,874 2,270 181 513 1 1 982 5 - 7 8,295 619 05/15/98 5-5/8% note--05/15/08-C 14,775 2,720 2,651 87 - * 3,567 * * * 5,697 53 06/01/98 5-1/2% note--05/31/00-AD 16,580 1,321 644 1,163 3 1 546 14 2 5 10,599 2,282 06/01/98 5-1/2% note--05/31/03-G 13,132 1,115 78 250 2 3 1,153 3 * * 9,504 1,024 06/30/98 5-3/8% note--06/30/00-AE 14,939 1,383 411 1,140 1 2 1,166 7 * 10 9,275 1,544 06/30/98 5-3/8% note--06/30/03-H 13,127 1,265 157 220 1 4 1,987 3 * 2 8,336 1,152 * Less than $500,000. 1 Includes trust companies, bank dealers, and stock savings banks. 2 Includes partnerships and personal trust accounts. 3 Exclusive of banks and insurance companies. 4 Consists of trust, sinking, and investment funds of State and local governments and their agencies. 5 Includes savings and loan associations, nonprofit institutions, and foreign and international investments. Also included are certain Government deposit accounts and Government-sponsored agencies. Note.--For detail of offerings, see table PDO-3. PUBLIC DEBT OPERATIONS 47 TABLE PDO-4B.--Allotments by Investor Classes for Marketable Public Debt Securities for Bills Other than Regular Weekly Series [Dollar amounts in millions. Source: Bureau of the Public Debt, Office of Public Debt Accounting] Allotments by investor classes Date of financing Date of maturity (1) Average rate (percent) (2) 06/27/96 06/26/97 5.56 07/25/96 07/24/97 08/22/96 Total amount issued 52-week series (3) Federal Reserve Banks (4) Commercial banks (5) Corporations 1 (6) Dealers and brokers (7) 19,596 4,800 672 238 11,290 2,596 5.49 20,185 4,850 264 134 11,900 3,037 08/21/97 5.36 20,572 5,100 677 625 11,686 2,484 09/19/96 09/18/97 5.57 19,907 5,300 173 510 11,481 2,443 10/17/96 10/16/97 5.34 20,191 4,900 111 556 12,759 1,865 11/14/96 11/13/97 5.20 20,142 5,000 150 30 13,570 1,392 12/12/96 12/11/97 5.16 20,543 5,527 341 168 12,628 1,879 01/09/97 01/08/98 5.31 20,610 5,225 322 459 12,429 2,175 02/06/97 02/05/98 5.34 20,983 5,610 277 517 11,888 2,691 03/06/97 03/05/98 5.36 20,841 5,105 1,262 512 11,201 2,761 04/03/97 04/02/98 5.66 19,073 5,265 428 647 10,589 2,144 05/01/97 04/30/98 5.72 20,689 5,740 375 617 11,640 2,317 05/29/97 05/28/98 5.55 20,833 5,840 856 754 10,762 2,621 06/26/97 06/25/98 5.35 19,431 5,375 618 610 9,227 3,601 07/24/97 07/23/98 5.26 18,830 5,695 834 1,000 9,360 1,940 08/21/97 08/20/98 5.28 18,783 5,645 175 1,151 9,474 2,339 09/18/97 09/17/98 5.30 18,302 5,545 24 1,088 9,075 2,571 10/16/97 10/15/98 5.20 18,775 6,010 13 837 9,850 2,065 11/13/97 11/12/98 5.14 18,453 5,375 70 1,147 9,739 2,122 12/11/97 12/10/98 5.18 18,012 5,660 23 262 9,569 2,498 01/08/98 01/07/99 5.07 17,839 5,740 121 39 9,947 1,992 02/05/98 02/04/99 4.97 19,191 6,205 11 157 9,202 3,616 03/05/98 03/04/99 5.13 17,974 5,845 15 436 9,215 2,463 04/02/98 04/01/99 5.11 16,753 5,495 247 665 7,837 2,509 04/30/98 04/29/99 5.13 15,333 5,210 418 67 7,365 2,273 05/28/98 05/27/99 5.15 15,540 5,490 34 49 7,667 2,300 06/25/98 06/24/99 5.13 15,094 4,915 15 443 7,334 2,387 1 Exclusive of banks and insurance companies. 2 Included with ‘‘All other’’ investors are certain Government deposit accounts and Government-sponsored agencies, formerly included with Government accounts. Note.--For detail of offerings, see table PDO-3. All other 2 (8) 48 U.S. SAVINGS BONDS AND NOTES INTRODUCTION: Savings Bonds and Notes Series EE bonds, on sale since January 1, 1980, are the only savings bonds currently sold. Series HH bonds are issued in exchange for Series E and EE savings bonds and savings notes. Series A-D were sold from March 1, 1935, through April 30, 1941. Series E was on sale from May 1, 1941, through December 31, 1979 (through June 1980 to payroll savers only). Series F and G were sold from May 1, 1941, through April 30, 1952. Series H was sold from June 1, 1952, through December 31, 1979. Series HH bonds were sold for cash from January 1, 1980, through October 31, 1982. Series J and K were sold from May 1, 1952, through April 30, 1957. U.S. savings notes were on sale May 1, 1967, through June 30, 1970. The notes were eligible for purchase by individuals with the simultaneous purchase of series E savings bonds. The principal terms and conditions for purchase and redemption and information on investment yields of savings notes appear in the ‘‘Treasury Bulletins’’ of March 1967 and June 1968; and the Annual Report of the Secretary of the Treasury for fiscal 1974. TABLE SBN-1.--Sales and Redemptions by Series, Cumulative through June 30, 1998 [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting] Series Savings bonds: Series A-D 2 . . . . . . . . . . . . . . . . . Series E, EE, H, and HH. . . . . . . Series F and G . . . . . . . . . . . . . . Series J and K. . . . . . . . . . . . . . . Savings notes . . . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . . Sales 1 (1) Accrued discount (2) Sales plus accrued discount (3) 3,949 348,941 28,396 3,556 862 385,704 1,054 195,460 1,125 198 692 198,529 5,003 544,401 29,521 3,754 1,554 584,233 1 Sales and redemption figures include exchange of minor amounts of (1) matured series E bonds for series G and K bonds from May 1951 through April 1957; (2) series F and J bonds for series H bonds beginning January 1960; and (3) U.S. savings notes for series H bonds beginning January 1972; however, they exclude exchanges of series E bonds for series H and Redemptions 1 (4) 5,002 360,930 29,517 3,753 1,202 400,404 Amount outstanding Matured Interestnon-interestbearing debt bearing debt (5) (6) 180,580 234 180,814 1 5,330 3 5,334 HH bonds. 2 Details by series on a cumulative basis and by period of series A-D combined can be found in the February 1952 and previous issues of the ‘‘Treasury Bulletin.’’ TABLE SBN-2.--Sales and Redemptions by Period, All Series of Savings Bonds and Notes Combined [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting] Sales (1) Accrued discount (2) Fiscal years: 1935-93 . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 353,975 9,485 7,222 5,936 5,334 154,547 9,437 9,481 9,822 9,083 508,522 18,922 16,703 15,758 14,417 339,390 9,390 11,805 2,495 2,084 266,448 5,813 7,268 7,234 8,435 72,942 3,517 4,537 5,261 5,968 167,373 176,766 181,529 184,423 182,589 1,716 1,857 1,997 2,292 3,601 Calendar years: 1935-94 . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 365,514 10,963 5,828 6,994 166,358 22,014 9,636 12,029 531,872 32,977 15,464 19,023 351,397 17,971 13,408 19,605 273,895 11,109 7,603 10,940 77,502 6,862 5,805 8,665 178,138 182,266 182,781 182,547 2,335 2,724 4,222 3,807 1997 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 426 415 383 376 389 396 525 520 389 402 394 367 364 719 843 760 697 872 676 705 854 756 720 883 679 708 1,145 1,258 1,143 1,073 1,256 1,072 1,231 1,384 1,145 1,121 1,277 1,046 1,123 1,162 1,294 1,241 1,087 1,121 912 1,225 1,583 1,133 1,277 1,314 1,118 1,208 649 741 697 646 590 480 669 942 523 705 606 581 637 513 552 544 441 532 432 556 641 610 571 707 537 571 182,587 182,607 182,565 182,589 182,777 182,980 181,133 181,043 181,206 181,141 181,222 180,597 180,580 3,746 3,692 3,637 3,601 3,547 3,506 5,359 5,249 5,098 5,007 4,885 5,434 5,330 Period 1 Because there is a normal lag in classifying redemptions, the distribution of redemptions between sales price and accrued discount has been estimated. Total (4) Redemptions Sales price 1 (5) Accrued discount 1 (6) Amount outstanding Matured Interestnon-interestbearing debt bearing debt (7) (8) Sales plus accrued discount (3) U.S. SAVINGS BONDS AND NOTES 49 TABLE SBN-3.--Sales and Redemptions by Period, Series E, EE, H, and HH [In millions of dollars. Source: ‘‘Monthly Statement of the Public Debt of the United States;’’ Bureau of the Public Debt, Office of Public Debt Accounting] Period Sales (1) Accrued discount (2) Sales plus accrued discount (3) Total (4) Redemptions Sales price (5) Accrued discount (6) Amount outstanding Exchange of Matured E bonds for Interestnon-interestH and HH bonds bearing debt bearing debt (7) (8) (9) Series E and EE Fiscal years: 1941-93 . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 312,414 9,485 7,222 6,035 5,334 151,035 9,437 9,464 9,708 9,067 463,449 18,922 16,686 15,743 14,401 282,523 8,836 11,069 11,809 8,435 212,025 5,259 6,532 6,480 7,541 74,073 3,577 4,537 5,315 6,456 16,262 844 874 1,173 1,254 156,286 165,387 170,005 172,483 169,969 1,694 1,835 1,977 2,276 3,584 Calendar years: 1941-94 . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 316,038 10,953 5,820 6,408 163,890 12,434 9,633 11,221 479,928 23,387 15,453 17,629 286,937 12,546 12,625 17,247 218,754 10,201 6,825 9,071 75,093 2,345 5,803 8,028 17,119 1,179 1,447 1,547 166,731 170,690 170,744 170,348 2,307 2,700 4,198 3,807 1997 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . 423 415 383 377 389 396 525 520 389 402 394 367 364 719 844 762 698 873 677 705 854 756 720 883 679 708 1,142 1,259 1,145 1,075 1,262 1,073 1,231 1,384 1,145 1,120 1,273 1,041 1,088 1,090 1,214 1,167 1,018 1,048 854 1,225 1,583 1,133 1,277 1,314 1,118 1,208 576 661 622 577 516 422 599 857 445 620 527 510 553 513 552 544 441 532 432 556 641 610 705 606 581 637 106 99 101 87 91 77 84 96 99 107 181 93 93 170,357 170,350 170,289 170,295 170,472 170,656 168,802 181,043 181,206 181,141 181,222 180,597 180,580 3,746 3,692 3,637 3,601 3,547 3,506 5,359 5,249 5,098 5,007 4,885 5,434 5,330 Series H and HH Fiscal years: 1952-92 . . . . . . . . . . 1993 . . . . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 13,545 3 8 16 10 - 13,545 3 8 16 10 17,980 455 555 737 744 893 17,980 455 555 737 744 893 - 15,036 1,226 844 874 1,173 1,254 10,319 11,087 11,379 11,524 11,940 12,294 15 17 17 16 16 17 Calendar years: 1952-93 . . . . . . . . . . 1994 . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . 1997 . . . . . . . . . . . . . 13,493 1 42 17 35 - 13,493 1 42 17 35 18,338 592 901 789 1,182 18,638 592 901 789 1,182 - 16,264 855 1,093 1,266 1,547 11,143 11,407 11,576 12,038 12,200 25 24 24 23 19 1997 - June . . . . . . . . . July. . . . . . . . . . Aug. . . . . . . . . . Sept.. . . . . . . . . Oct. . . . . . . . . . Nov. . . . . . . . . . Dec. . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb. . . . . . . . . . Mar. . . . . . . . . . Apr. . . . . . . . . . May . . . . . . . . . June . . . . . . . . . -4 8 -8 -1 -6 9 1 -1 -4 -5 15 - -4 8 -8 -1 -6 9 1 -1 -4 -5 15 88 80 74 67 74 58 70 85 78 85 80 71 85 88 80 74 67 74 58 70 85 78 85 80 71 85 - 106 99 101 87 91 77 84 95 99 107 100 93 93 12,230 12,257 12,276 12,294 12,305 12,324 12,331 12,352 12,374 12,397 12,414 12,428 12,475 18 18 18 17 17 16 23 22 21 20 20 23 22 Note.--Series E and EE include U.S. savings notes (Freedom Shares) on sale from May 1, 1967, through June 30, 1970, to E bond buyers. 50 OWNERSHIP OF FEDERAL SECURITIES 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.] • Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the Federal Reserve banks, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The Federal Reserve banks acquire Treasury securities in the market as a means of executing monetary policy. • Table OFS-2 presents the estimated amount of public debt securities held by private investors. Information is obtained from sources such as the Federal financial institution regulatory agencies. 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.) OWNERSHIP OF FEDERAL SECURITIES 51 TABLE OFS-1.--Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Financial Management Service ] Total Federal securities outstanding (1) Total outstanding (2) ........................ ........................ ........................ ........................ ........................ 4,436,171 4,721,293 5,000,945 5,259,854 5,446,333 4,408,567 4,689,524 4,950,644 5,220,790 5,407,528 1,116,713 1,213,115 1,320,800 1,447,001 1,598,459 3,225 1,426 1,519 1,506 1,254 1,113,488 1,211,689 1,319,281 1,445,495 1,597,205 325,653 355,150 374,114 390,924 436,496 1997 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 5,409,818 5,406,995 5,437,927 5,446,333 5,460,376 5,495,944 5,536,012 5,520,507 5,551,039 5,572,942 5,530,294 5,536,653 5,577,860 5,370,459 5,367,593 5,367,587 5,407,528 5,421,664 5,426,155 5,494,913 5,450,015 5,482,059 5,535,273 5,492,802 5,464,507 5,540,243 1,571,583 1,570,183 1,571,058 1,598,459 1,606,412 1,613,248 1,655,682 1,667,708 1,668,108 1,670,378 1,687,592 1,703,090 1,757,556 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,254 1,570,329 1,568,929 1,569,804 1,597,205 1,605,158 1,611,994 1,654,428 1,666,454 1,666,854 1,669,124 1,686,338 1,701,836 1,756,302 426,362 414,157 419,947 436,496 420,613 430,280 451,901 428,821 432,245 400,005 457,026 443,945 458,417 End of fiscal year or month 1993 1994 1995 1996 1997 End of fiscal year or month 1993 1994 1995 1996 1997 Interest-bearing public debt securities Total (3) Interest-bearing public debt securities, con. Held by private investors Total Marketable Nonmarketable (7) (8) (9) Held by U.S. Government accounts Marketable Nonmarketable (4) (5) Matured public debt and debt bearing no interest (10) Total outstanding (11) Public issues held by Federal Reserve Banks (6) Agency securities Held by U.S. Government accounts and Federal Reserve Banks (12) Held by private investors (13) ........................ ........................ ........................ ........................ ........................ 2,966,201 3,121,259 3,255,730 3,382,865 3,372,573 2,576,032 2,735,026 2,884,814 3,025,941 3,001,866 390,169 386,233 370,916 356,924 370,707 2,922 3,226 23,339 4,021 5,618 24,682 28,543 26,962 35,043 33,187 21 17 16 7,606 7,098 24,661 28,526 26,946 27,437 26,089 1997 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 3,372,514 3,383,253 3,376,582 3,372,573 3,394,639 3,382,627 3,387,330 3,353,486 3,381,706 3,464,890 3,348,184 3,317,472 3,324,270 3,005,442 3,017,683 3,009,567 3,001,866 3,016,819 3,002,065 3,003,662 2,968,035 2,990,627 3,065,834 2,940,895 2,907,763 2,909,839 367,072 365,570 367,015 370,707 377,820 380,562 383,668 385,451 391,079 399,056 407,289 409,709 414,431 5,692 5,635 36,834 5,618 5,562 36,467 7,475 40,049 38,609 7,153 7,092 41,848 7,692 33,667 33,766 33,507 33,187 33,151 33,322 33,624 30,443 30,371 30,516 30,399 30,297 29,925 7,348 7,348 7,348 7,098 7,098 7,098 7,098 4,598 4,598 4,598 4,598 4,598 4,367 26,319 26,418 26,159 26,089 26,053 26,224 26,526 25,845 25,773 25,918 25,801 25,699 25,558 52 OWNERSHIP OF FEDERAL SECURITIES TABLE OFS-2.--Estimated Ownership of Public Debt Securities by Private Investors [Par values 1 in billions of dollars. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] End of month Nonbank investors Money Individuals 3 Savings Other Insurance market bonds 4 securities companies funds (5) (6) (7) (8) State and Foreign Corpo- local govern- and interrations 5 ments 6 national 7 (9) (10) (11) Total privately held (1) Commercial banks 2 (2) Total (3) Total (4) 1988 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 1,779.6 1,786.7 1,821.2 1,858.5 195.6 190.8 191.5 185.3 1,584.0 1,595.9 1,629.7 1,673.2 178.1 182.0 186.8 190.4 104.0 106.2 107.8 109.6 74.1 75.8 79.0 80.8 110.2 113.5 115.9 118.6 15.2 13.4 11.1 11.8 86.3 87.6 85.9 86.0 509.2 506.0 500.4 509.1 332.5 345.4 345.9 362.2 352.5 347.9 383.7 395.1 1989 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 1,903.4 1,909.1 1,958.3 2,015.8 192.4 178.4 166.9 165.3 1,711.0 1,730.7 1,791.4 1,850.5 204.2 211.7 213.5 216.4 112.2 114.0 115.7 117.7 92.0 97.7 97.8 98.7 119.7 120.6 121.2 123.9 13.0 11.3 12.9 14.9 89.4 91.0 90.9 93.4 489.1 481.9 482.4 489.5 376.6 369.1 394.9 429.6 419.0 445.1 475.5 482.8 1990 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 2,115.1 2,141.8 2,207.3 2,288.3 178.8 177.3 180.0 172.1 1,936.3 1,964.5 2,027.3 2,116.2 222.8 229.6 232.5 233.8 119.9 121.9 123.9 126.2 102.9 107.7 108.6 107.6 132.3 133.7 136.4 138.2 31.3 28.0 34.0 45.5 94.9 96.9 102.0 108.9 536.0 545.2 549.0 550.3 421.8 427.3 440.3 458.4 497.2 503.8 533.0 581.1 1991 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 2,360.6 2,397.9 2,489.4 2,563.2 187.5 196.2 217.5 232.5 2,173.1 2,201.7 2,271.9 2,330.7 238.3 243.5 257.5 263.9 129.7 133.2 135.4 138.1 108.6 110.3 122.1 125.8 147.2 156.8 171.4 181.8 65.4 55.2 64.5 80.0 114.9 130.8 142.0 150.8 563.6 565.9 582.6 583.0 464.3 473.6 477.3 491.7 579.3 575.8 576.6 579.5 1992 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 2,664.0 2,712.4 2,765.5 2,839.9 255.9 267.0 287.5 294.4 2,408.1 2,445.4 2,478.0 2,545.5 268.1 275.1 281.2 289.2 142.0 145.4 150.3 157.3 126.1 129.7 130.9 131.9 188.4 192.8 194.8 197.5 84.8 79.4 79.4 79.7 166.0 175.0 180.8 192.5 601.6 576.8 572.1 566.0 507.9 529.6 535.2 549.7 591.3 616.7 634.5 670.9 1993 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 2,895.2 2,936.3 2,983.0 3,047.4 310.2 307.2 313.9 322.2 2,585.0 2,629.1 2,669.1 2,725.2 297.7 303.0 305.8 309.9 163.6 166.5 169.1 171.9 134.1 136.4 136.7 137.9 208.0 217.8 229.4 234.5 77.9 76.2 74.8 80.8 199.3 206.1 215.6 213.0 582.6 594.7 598.6 610.8 564.2 567.7 591.3 622.9 655.3 663.6 653.6 653.4 1994 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 3,094.6 3,088.2 3,127.8 3,168.0 344.4 330.1 313.2 290.4 2,750.2 2,758.1 2,814.6 2,877.6 315.1 321.1 327.2 331.1 175.0 177.1 178.6 180.5 140.1 144.0 148.6 150.7 233.4 238.0 243.7 240.1 69.3 59.9 59.9 67.6 216.3 226.3 229.3 224.5 614.4 595.9 567.7 541.0 633.3 633.2 655.8 r 640.7 668.3 683.7 731.0 r 832.6 1995 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 3,239.2 3,245.0 3,279.5 3,294.9 308.1 298.4 289.4 278.7 2,931.1 2,946.6 2,990.1 3,016.2 342.7 344.2 345.9 347.7 181.4 182.6 183.5 185.0 161.4 161.6 162.4 162.7 244.2 245.0 245.2 241.5 67.7 58.7 64.2 71.5 230.3 227.7 224.1 228.8 531.7 488.6 480.2 r 465.6 r 681.2 736.3 r 800.4 r 814.2 r r r 1996 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 3,382.8 3,347.3 3,386.2 3,411.2 284.0 280.2 275.0 261.8 3,098.8 3,067.1 3,111.2 3,149.4 347.2 347.6 353.7 356.6 185.8 186.5 186.8 187.0 161.4 161.1 167.0 169.6 239.4 229.5 226.8 214.1 85.7 82.4 85.2 91.6 229.0 230.9 249.1 258.5 r 464.8 474.3 r 453.2 r 447.5 r 888.7 912.3 r 978.1 r 1,087.6 r r r 1997 - Mar. . . . . June . . . . Sept. . . . . Dec. . . . . 3,451.7 3,361.7 3,388.9 3,393.4 282.3 265.9 261.8 r 270.3 3,169.4 3,095.8 3,127.1 r 3,123.1 355.4 355.4 354.8 354.9 186.5 186.3 186.2 186.5 168.9 169.1 168.6 168.4 214.3 217.7 222.7 224.9 84.2 77.4 75.8 88.9 262.5 261.0 266.5 265.0 r r r r r r 1998 - Mar. . . . . June . . . . 3,430.7 3,330.6 r r 1 p 279.2 275.0 3,151.5 3,055.6 p 352.1 351.1 p 186.3 186.0 U.S. savings bonds, series A-F and J, are included at current redemption value. Includes domestically chartered banks, U.S. branches and agencies of foreign banks, New York investment companies majority owned by foreign banks, and Edge Act corporations owned by domestically chartered and foreign banks. 3 Includes partnerships and personal trust accounts. 4 Includes U.S. savings notes. Sales began May 1, 1967, and were discontinued June 30, 1970. 5 Exclusive of banks and insurance companies. 6 This category includes nonmarketable State and local government series (SLGS) Treasury 2 p 165.8 165.0 p 225.5 228.0 p 84.8 82.9 p 268.1 267.2 r 443.1 441.3 r 446.8 r 444.1 r p 442.4 441.0 1,144.2 1,172.9 r 1,218.2 r 1,230.6 r p 1,240.2 1,247.4 Other investors 8 (12) 833.2 846.1 r 830.1 r 846.9 844.0 790.1 r 765.1 r 693.5 665.7 570.1 r 542.3 r 514.7 r p 538.4 438.0 securities and holdings of State and local pension and other funds. 7 Consists of the investments of foreign and international accounts (official and private) in U.S. public debt issues. Estimates reflect the 1984 benchmark to December 1989, the 1989 benchmark to December 1994 and the 1994 benchmark to date. 8 Includes savings and loan associations, credit unions, nonprofit institutions, mutual savings banks, corporate pension trust funds, dealers and brokers, certain Government deposit accounts, and Government-sponsored enterprises. MARKET YIELDS 53 INTRODUCTION: Market Yields The tables and charts in this section present yields on Treasury marketable securities, and compare long-term yields on Treasury securities with yields on long-term corporate and municipal securities. • Table MY-1 lists Treasury market bid yields at constant maturities for bills, notes, and bonds. The Treasury yield curve in the accompanying chart is based on current market bid quotations on the most actively traded Treasury securities as of 3:30 p.m. on the last business day of the calendar quarter. The Treasury uses quotations obtained by the Federal Reserve Bank of New York to derive the yield curve, based on semiannual interest payments and read at constant maturity points to develop a consistent data series. Yields on Treasury bills are coupon equivalent yields of bank discount rates at which Treasury bills trade in the market. The Board of Governors of the Federal Reserve System publishes the Treasury constant maturity data series in its weekly H.15 press release. • Table MY-2 shows average yields of long-term Treasury, corporate, and municipal bonds. The long-term Treasury average yield is the 30-year constant maturity yield. The corporate bond average yield is developed by Treasury by calculating reoffering yields on new long-term securities maturing in at least 20 years and rated Aa by Moody’s Investors Service. The municipal bond average yield prior to 1991 was compiled by Treasury. Beginning with January 1991, the average yield is the ‘‘Municipal Bond Yield Average,’’ published by Moody’s Investors Service for 20-year reoffering yields on selected Aa-rated general obligations. See the footnotes for further explanation. TABLE MY-1.--Treasury Market Bid Yields at Constant Maturities: Bills, Notes, and Bonds* [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Date 3-mo. (1) 6-mo. (2) 1-yr. (3) 2-yr. (4) 3-yr. (5) 5-yr. (6) 7-yr. (7) 10-yr. (8) 30-yr. (9) Monthly average: 1997 - July. . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb . . . . . . . . . . Mar.. . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . 5.19 5.28 5.08 5.11 5.28 5.30 5.18 5.23 5.16 5.08 5.14 5.12 5.33 5.40 5.30 5.30 5.38 5.45 5.23 5.27 5.25 5.26 5.36 5.32 5.54 5.56 5.52 5.46 5.46 5.53 5.24 5.31 5.39 5.38 5.44 5.41 5.89 5.94 5.88 5.77 5.71 5.72 5.36 5.42 5.56 5.56 5.59 5.52 6.00 6.06 5.98 5.84 5.76 5.74 5.38 5.43 5.57 5.58 5.61 5.52 6.12 6.16 6.11 5.93 5.80 5.77 5.42 5.49 5.61 5.61 5.63 5.52 6.20 6.29 6.20 6.05 5.90 5.83 5.53 5.60 5.71 5.70 5.72 5.56 6.22 6.30 6.21 6.03 5.88 5.81 5.54 5.57 5.65 5.64 5.65 5.50 6.51 6.58 6.50 6.33 6.11 5.99 5.81 5.89 5.95 5.92 5.93 5.70 End of month: 1997 - July. . . . . . . . . . Aug . . . . . . . . . . Sept. . . . . . . . . . Oct. . . . . . . . . . . Nov . . . . . . . . . . Dec . . . . . . . . . . 1998 - Jan . . . . . . . . . . Feb.. . . . . . . . . . Mar.. . . . . . . . . . Apr. . . . . . . . . . . May . . . . . . . . . . June . . . . . . . . . 5.25 5.24 5.06 5.21 5.22 5.36 5.19 5.32 5.16 5.00 5.03 5.10 5.33 5.39 5.28 5.32 5.43 5.45 5.24 5.33 5.27 5.24 5.33 5.24 5.45 5.59 5.47 5.36 5.52 5.51 5.24 5.41 5.41 5.40 5.42 5.38 5.74 5.97 5.80 5.63 5.76 5.66 5.32 5.55 5.60 5.59 5.53 5.49 5.81 6.10 5.88 5.70 5.80 5.68 5.35 5.55 5.61 5.62 5.54 5.49 5.90 6.22 6.00 5.72 5.83 5.71 5.39 5.59 5.64 5.65 5.56 5.47 5.99 6.33 6.11 5.87 5.89 5.77 5.51 5.67 5.74 5.74 5.63 5.52 6.02 6.34 6.12 5.84 5.86 5.75 5.53 5.62 5.67 5.68 5.56 5.44 6.30 6.61 6.41 6.15 6.04 5.93 5.82 5.92 5.94 5.95 5.81 5.62 * Rates are from the Treasury yields curve. 54 MARKET YIELDS CHART MY-A.--Yields of Treasury Securities, June 30, 1998 * Based on closing bid quotations (in percentages) Note: The curve is based only on the most actively traded issues. Market yields on coupon issues due in less than 3 months are excluded. Years to Maturity * Source: Office of Market Finance MARKET YIELDS 55 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1987 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.39 7.54 7.55 8.25 8.78 8.57 8.64 8.97 9.59 9.61 8.95 9.12 8.59 8.58 8.68 9.36 9.95 9.64 9.70 10.09 10.63 10.80 10.09 10.22 6.18 6.34 6.47 7.43 7.71 7.69 7.48 7.59 7.90 8.33 7.76 7.83 1988 Jan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.83 8.43 8.63 8.95 9.23 9.00 9.14 9.32 9.06 8.89 9.02 9.01 9.81 9.43 9.68 9.92 10.25 10.08 10.12 10.27 10.03 9.86 9.98 10.05 7.46 7.34 7.55 7.69 7.63 7.67 7.63 7.62 7.30 7.27 7.39 7.40 1989 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.93 9.01 9.17 9.03 8.83 8.27 8.08 8.12 8.15 8.00 7.90 7.90 9.92 10.11 10.33 10.11 9.82 9.24 9.20 9.09 9.29 9.04 9.20 9.23 7.18 7.31 7.42 7.30 7.05 6.94 6.89 6.73 7.10 7.13 6.95 6.76 1990 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8.26 8.50 8.56 8.76 8.73 8.46 8.50 8.86 9.03 8.86 8.54 8.24 9.56 9.68 9.79 10.02 9.97 9.69 9.72 10.05 10.17 10.09 9.79 9.55 6.95 7.03 7.09 7.26 7.14 6.98 7.03 7.13 7.15 7.24 6.87 6.85 See footnotes at end of table. 56 MARKET YIELDS TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1991 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1992 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1993 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1994 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . See footnotes at end of table. 8.27 8.03 8.29 8.21 8.27 8.47 8.45 8.14 7.95 7.93 7.92 7.70 9.60 9.14 9.14 9.07 9.13 9.37 9.38 8.88 8.79 8.81 8.72 8.55 7.00 6.61 6.88 6.81 6.78 6.90 6.89 6.66 6.58 6.44 6.37 6.43 7.58 7.85 7.97 7.96 7.89 7.84 7.60 7.39 7.34 7.53 7.61 7.44 8.36 8.63 8.62 8.59 8.57 8.45 8.19 7.96 7.99 8.17 8.25 8.12 6.29 6.42 6.59 6.54 6.39 6.32 5.90 5.81 6.05 6.18 6.22 6.02 7.34 7.09 6.82 6.85 6.92 6.81 6.63 6.32 6.00 5.94 6.21 6.25 7.91 7.73 7.39 7.48 7.52 7.48 7.35 7.04 6.88 6.88 7.17 7.22 6.05 5.74 5.54 5.64 5.61 5.54 5.40 5.50 5.44 5.23 5.19 5.27 6.29 6.49 6.91 7.27 7.41 7.40 7.58 7.49 7.71 7.94 8.08 7.87 7.16 7.27 7.64 7.95 8.17 8.16 8.30 8.25 8.48 8.76 8.89 8.66 5.19 5.16 5.47 5.59 5.79 5.96 6.11 6.07 6.10 6.31 6.79 6.63 MARKET YIELDS 57 TABLE MY-2.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds, con. [In percentages. Source: Office of Market Finance, Office of the Under Secretary for Domestic Finance] Treasury 30-yr. bonds (1) Period New Aa corporate bonds 1 (2) New Aa municipal bonds 2 (3) MONTHLY SERIES--AVERAGES OF DAILY OR WEEKLY SERIES 1995 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1996 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1997 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . July. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Sept.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Oct.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1998 Jan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Treasury series based on 3-week moving average of reoffering yields of new corporate bonds rated Aa by Moody’s Investors Service with an original maturity of at least 20 years. 2 7.85 7.61 7.45 7.36 6.95 6.57 6.72 6.86 6.55 6.37 6.26 6.06 8.59 8.39 8.23 8.10 7.68 7.42 7.54 7.75 7.42 7.29 7.20 7.02 6.48 6.09 5.91 5.80 5.75 5.61 5.69 5.81 5.75 5.80 5.56 5.46 6.05 6.24 6.60 6.79 6.93 7.06 7.03 6.84 7.03 6.81 6.48 6.55 7.00 7.14 7.58 7.81 7.87 8.00 7.97 7.68 7.84 7.69 7.43 7.45 5.41 5.41 5.57 5.72 5.73 5.82 5.82 5.69 5.62 5.53 5.47 5.47 6.83 6.69 6.93 7.09 6.94 6.77 6.51 6.58 6.50 6.33 6.11 5.99 7.62 7.54 7.85 8.04 7.90 7.71 7.44 7.30 7.04 6.90 6.79 6.68 5.53 5.40 5.59 5.73 5.53 5.39 5.27 5.27 5.25 5.26 5.23 5.07 5.81 5.89 5.95 5.92 5.93 5.70 6.62 6.66 6.63 6.59 6.63 6.43 4.93 4.96 5.10 5.10 5.17 5.01 Index of new reoffering yields on 20-year general obligations rated Aa by Moody’s Investors Service. Source: U.S. Treasury, 1980-90; Moody’s, January 1991 to present. 58 MARKET YIELDS CHART MY-B.--Average Yields of Long-Term Treasury, Corporate, and Municipal Bonds* Monthly averages (in percentages) Aa Corporate Bonds Treasury 30-yr. Bonds Aa Municipal Bonds Calendar Years * Source: Office of Market Finance U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 59 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, and 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, various U.S. Mint offices, the Federal Reserve Banks, and the Federal Reserve Board. TABLE USCC-1.--Amounts Outstanding and in Circulation, June 30, 1998 [Source: Financial Management Service] Currency Amounts outstanding. . . . . . . . . . . . Total currency and coin (1) Total (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $592,940,786,008 $567,680,471,110 $567,154,705,534 $270,241,716 $255,523,860 The Treasury . . . . . . . . . . . . . . . . 167,518,011 9,455,792 9,255,324 20,739 179,729 Federal Reserve Banks . . . . . . . . 108,936,471,886 108,544,517,049 108,544,513,502 - 3,547 Amounts in circulation . . . . . . . . . . . $483,836,796,111 $459,126,498,269 $458,600,936,708 $270,220,977 $255,340,584 Less amounts held by: Dollars 3 (2) Fractional coins (3) $25,260,314,898 $2,024,703,898 $23,235,611,000 The Treasury . . . . . . . . . . . . . . . . 158,062,219 45,219,253 112,842,966 Federal Reserve Banks . . . . . . . . 391,954,837 43,449,716 348,505,121 $24,710,297,842 $1,936,034,929 $22,774,262,913 Coins 2 Amounts outstanding. . . . . . . . . . . . Total (1) Less amounts held by: Amounts in circulation . . . . . . . . . . . See footnotes following table USCC-2. 60 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION TABLE USCC-2.--Amounts Outstanding and in Circulation, June 30, 1998 [Source: Financial Management Service] Currency in circulation by denomination Federal Reserve notes 1 (2) Total (1) U.S. notes (3) Currency no longer issued (4) $1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $6,581,059,983 $6,433,914,144 $143,481 $147,002,358 $2. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,142,057,766 1,009,561,824 132,483,366 12,576 $5. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,540,869,430 7,398,873,070 110,320,110 31,676,250 $10. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,421,048,600 13,398,537,550 5,950 22,505,100 $20. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84,376,713,040 84,356,605,720 3,380 20,103,940 $50. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47,388,748,450 47,377,250,000 - 11,498,450 $100. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 298,359,410,900 298,310,153,900 27,264,600 21,992,400 $500. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 144,077,500 143,889,500 - 188,000 $1,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 167,307,000 167,101,000 - 206,000 $5,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,755,000 1,700,000 - 55,000 $10,000 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,450,000 3,350,000 - 100,000 Fractional parts . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Partial notes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total currency . . . . . . . . . . . . . . . . . . . . . . . . . 485 - - 485 115 - 90 25 $459,126,498,269 $458,600,936,708 $270,220,977 $255,340,584 Comparative totals of currency and coins in circulation-selected dates Amount (in millions) (1) Per capita 5 (2) June 30, 1998 . . . . . . . . . . . . . . . . . . . . . . . . . . . $483,837 $1,791.46 May 31, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . 480,673 1,781.08 Apr. 30, 1998. . . . . . . . . . . . . . . . . . . . . . . . . . . . 476,713 1,767.61 Sept. 30, 1995 . . . . . . . . . . . . . . . . . . . . . . . . . . . 409,272 1,553.15 Sept. 30, 1990 . . . . . . . . . . . . . . . . . . . . . . . . . . . 278,903 1,105.14 Sept. 30, 1985 . . . . . . . . . . . . . . . . . . . . . . . . . . . 187,337 782.45 Sept. 30, 1980 . . . . . . . . . . . . . . . . . . . . . . . . . . . 129,916 581.48 June 30, 1975 . . . . . . . . . . . . . . . . . . . . . . . . . . . 81,196 380.08 June 30, 1970 . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,351 265.39 June 30, 1965 . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,719 204.14 June 30, 1960 . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,064 177.47 June 30, 1955 . . . . . . . . . . . . . . . . . . . . . . . . . . . 30,229 182.90 1 2 3 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. Includes $481,781,898 in standard silver dollars. 4 5 Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census estimates of population. INTERNATIONAL FINANCIAL STATISTICS 63 INTRODUCTION: International Financial Statistics The tables in this section provide statistics on the U.S. Government’s reserve assets, liabilities to foreigners, and its international financial position. All monetary figures are in dollars or dollar equivalents. • Table IFS-1 shows reserve assets of the United States, including its gold stock, special drawing rights held in the Special Drawing Account in the International Monetary Fund (IMF), holdings of convertible foreign currencies, and reserve position in the IMF. • Table IFS-2 contains statistics on liabilities to foreign official institutions, and selected liabilities to all other foreigners, which are used in the U.S. balance of payments statistics. • Table IFS-3 shows nonmarketable bonds and notes that the Treasury issues to official institutions and other residents of foreign countries. TABLE IFS-1.--U.S. Reserve Assets [In millions of dollars. Source: Office of International Financial Analysis] Total reserve assets 1 (1) 1993. . . . . . . . . . . . . . . . . . . . . . . . Reserve position in International Monetary Fund 1, 5 (5) Gold stock 2 (2) Special drawing rights 1, 3 (3) Foreign currencies 4 (4) 73,442 11,053 9,039 41,532 11,818 1994. . . . . . . . . . . . . . . . . . . . . . . . 74,335 11,051 10,039 41,215 12,030 1995. . . . . . . . . . . . . . . . . . . . . . . . 85,832 11,050 11,037 49,096 14,649 1996. . . . . . . . . . . . . . . . . . . . . . . . 75,089 11,048 10,312 38,294 15,435 1997 - July. . . . . . . . . . . . . . . . . . . 66,119 11,050 9,810 31,582 13,677 Aug. . . . . . . . . . . . . . . . . . . 66,640 11,050 9,985 31,646 13,959 Sept.. . . . . . . . . . . . . . . . . . 67,148 11,050 9,997 32,059 14,042 Oct.. . . . . . . . . . . . . . . . . . . 68,036 11,050 10,132 32,611 14,243 Nov. . . . . . . . . . . . . . . . . . . 67,112 11,050 10,120 31,371 14,571 Dec. . . . . . . . . . . . . . . . . . . 69,954 11,047 10,027 30,809 18,071 1998 - Jan.. . . . . . . . . . . . . . . . . . . 70,003 11,046 9,998 30,920 18,039 Feb. . . . . . . . . . . . . . . . . . . 70,632 11,050 10,217 31,230 18,135 Mar. . . . . . . . . . . . . . . . . . . 69,353 11,049 10,108 30,220 17,976 Apr.. . . . . . . . . . . . . . . . . . . 70,328 11,048 10,188 30,874 18,218 May. . . . . . . . . . . . . . . . . . . 70,723 11,049 10,296 30,421 18,957 June . . . . . . . . . . . . . . . . . . 71,161 11,047 10,001 31,168 18,945 July. . . . . . . . . . . . . . . . . . . 72,264 11,046 9,586 30,852 End of calendar year or month 1 Beginning July 1974, the International Monetary Fund (IMF) adopted a technique for valuing the special drawing right (SDR) based on a weighted-average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and reserve position in the IMF also are valued on this basis beginning July 1974. 2 Treasury values its gold stock at $42.2222 per fine troy ounce and pursuant to 31 U.S.C. 5117 (b) issues gold certificates to the Federal Reserve at the same rate against all gold held. 3 Includes allocations of SDRs in the Special Drawing Account in the IMF, plus or minus transactions in SDRs. 4 6 20,780 Includes holdings of Treasury and Federal Reserve System; beginning November 1978, these are valued at current market exchange rates or, where appropriate, at such other rates as may be agreed upon by the parties to the transactions. 5 The United States has the right to purchase foreign currencies equivalent to its reserve position in the IMF automatically if needed. Under appropriate conditions, the United States could purchase additional amounts related to the U.S. quota. 6 This amount includes $483 million of loans to the IMF under the General Arrangements to Borrow (GAB). 64 INTERNATIONAL FINANCIAL STATISTICS TABLE IFS-2.--Selected U.S. Liabilities to Foreigners [In millions of dollars. Source: Office of International Financial Analysis] Liabilities to foreign countries End of calendar year or month Official institutions 1 MarketNonmarketable U.S. able U.S. Liabilities Treasury Treasury reported by bonds bonds banks in and and notes 3 United States notes 2 (3) (4) (5) Other readily marketable liabilities 4 (6) Liabilities to banks 5 (7) Total (8) Liabilities to other foreigners Liabilities reported by banks in United States (9) LiabiliMarketties able U.S. to nonTreasury monetary bonds international and and regional notes 2, 6 organizations 7 (10) (11) Total (1) Total (2) 1993 . . . . . . . . . . 1,462,522 457,994 220,821 212,278 5,652 19,243 670,044 312,887 102,744 210,143 21,597 1994 8 . . . . . . . . . 1,647,162 498,468 212,957 254,100 6,109 25,302 767,254 361,859 114,901 246,958 19,581 Series break . . . . 1,588,967 492,753 212,957 258,607 6,109 15,080 767,254 317,639 114,901 202,738 11,321 1995 r . . . . . . . . . 1,832,427 599,692 275,928 298,238 6,492 19,034 799,987 417,953 121,170 296,783 14,795 1996 r . . . . . . . . . 2,126,967 727,596 312,019 384,045 5,968 25,564 796,578 586,381 141,322 445,059 16,412 1997 - June r . . . . 2,275,780 752,592 289,787 429,251 5,767 27,787 836,874 669,150 153,175 515,975 17,164 July r. . . . . 2,295,808 753,342 291,167 427,144 5,805 29,226 843,571 683,600 162,810 520,790 15,295 Aug. r . . . . 2,313,068 765,802 294,481 435,685 5,843 29,793 839,132 694,250 157,335 536,915 13,884 Sept. r. . . . 2,348,079 776,426 300,186 439,082 5,879 31,279 843,742 712,625 164,015 548,610 15,286 Oct. r. . . . . 2,391,465 771,782 307,387 426,540 5,918 31,937 851,982 750,524 171,973 578,551 17,177 Nov. r . . . . 2,424,229 764,418 298,198 428,371 5,955 31,894 884,588 759,071 166,862 592,209 16,152 Dec. r . . . . 2,452,429 749,237 283,627 428,004 5,994 31,612 932,291 757,056 172,268 584,788 13,845 1998 - Jan. r . . . . 2,443,280 752,379 286,540 426,815 6,033 32,991 910,976 765,708 174,741 590,967 14,217 Feb. . . . . . 2,470,660 752,120 284,063 428,057 6,069 33,931 916,244 783,269 183,453 599,816 19,027 Mar. . . . . . 2,420,987 762,673 288,054 434,190 6,110 34,319 861,062 776,822 188,426 588,396 20,430 Apr.. . . . . . 2,442,269 758,882 283,347 435,352 6,149 34,034 873,982 790,119 196,116 594,003 19,286 May p . . . . 2,453,127 756,573 280,345 436,250 6,189 33,789 880,554 797,170 182,949 614,221 18,830 June p. . . . 2,482,656 752,582 278,213 432,765 6,229 35,375 905,437 806,483 186,785 619,698 18,154 1 Includes Bank for International Settlements. Derived by applying reported transactions to benchmark data. 3 Includes current value of zero-coupon Treasury bond issues to foreign governments as follows: Mexico, beginning March 1988, 20-year maturity issue and beginning March 1990, 30-year maturity issue; Venezuela, beginning December 1990, 30-year maturity issue; Argentina, beginning April 1993, 30-year maturity issue. Also, see footnotes to table IFS-3. 4 Includes debt securities of U.S. Government corporations, federally sponsored agencies, and private corporations. 5 Includes liabilities payable in dollars to foreign banks and liabilities payable in foreign currencies to foreign banks and to ‘‘other foreigners.’’ 6 Includes marketable U.S. Government bonds and notes held by foreign banks. 2 7 Principally the International Bank for Reconstruction and Development, the Inter-American Development Bank, and the Asian Development Bank. Data on the two lines shown for this date reflect different benchmark bases for foreigners’ holdings of selected U.S. long-term securities. Figures on the first line are comparable to those for earlier dates; figures on the second line are based in part on a benchmark survey as of end-year 1994 and are comparable to those shown for following dates. Note.--Table is based on Department of Treasury data and on data reported to the Department of Treasury by banks, other depository institutions, and brokers in the United States. Data correspond generally to statistics following in this section and in the ‘‘Capital Movements’’ section. Table excludes International Monetary Fund ‘‘holdings of dollars’’ and holdings of U.S. Treasury letters of credit and nonnegotiable noninterest-bearing special U.S. notes held by other international and regional organizations. 8 INTERNATIONAL FINANCIAL STATISTICS 65 TABLE IFS-3.--Nonmarketable U.S. Treasury Bonds and Notes Issued to Official Institutions and Other Residents of Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month Argentina 1 (3) Payable in dollars Mexico 2 (4) Venezuela 3 (5) Grand total (1) Total (2) 1993. . . . . . . . . . . . . . . . . . . . . . . . 5,652 5,652 818 3,949 885 1994. . . . . . . . . . . . . . . . . . . . . . . . 6,109 6,109 879 4,271 959 1995. . . . . . . . . . . . . . . . . . . . . . . . 6,492 6,492 945 4,515 1,032 1996. . . . . . . . . . . . . . . . . . . . . . . . 5,968 5,968 1,015 3,835 1,118 1997 - June . . . . . . . . . . . . . . . . . 5,767 5,767 1,052 3,552 1,163 July. . . . . . . . . . . . . . . . . . 5,805 5,805 1,059 3,575 1,171 Aug. . . . . . . . . . . . . . . . . . 5,843 5,843 1,065 3,599 1,179 Sept.. . . . . . . . . . . . . . . . . 5,879 5,879 1,071 3,622 1,186 Oct.. . . . . . . . . . . . . . . . . . 5,918 5,918 1,078 3,646 1,194 Nov. . . . . . . . . . . . . . . . . . 5,955 5,955 1,084 3,669 1,202 Dec. . . . . . . . . . . . . . . . . . 5,994 5,994 1,091 3,692 1,211 1998 - Jan. . . . . . . . . . . . . . . . . . 6,033 6,033 1,097 3,717 1,219 Feb. . . . . . . . . . . . . . . . . . 6,069 6,069 1,103 3,740 1,226 Mar. . . . . . . . . . . . . . . . . . 6,110 6,110 1,110 3,765 1,235 Apr.. . . . . . . . . . . . . . . . . . 6,149 6,149 1,117 3,789 1,243 May. . . . . . . . . . . . . . . . . . 6,189 6,189 1,124 3,814 1,251 June . . . . . . . . . . . . . . . . . 6,229 6,229 1,130 3,839 1,260 1 Beginning April 1993, includes current value (principal and accrued interest) of zero-coupon, 30-year maturity Teasury bond issue to the government of Argentina. Face value of the issue is $6,685 million. 2 Includes the current value of the following zero-coupon, Treasury bond issues to the government of Mexico: Beginning March 1988, 20-year maturity issue with remaining face value of $1,058 million that was retired in full in April 1997; and beginning March 1990, 30 year maturity issue with remaining face value of $20,412 million. 3 Beginning December 1990, indicates current value of zero-coupon, 30-year maturity Treasury bond issue to the Republic of Venezuela. Remaining face value of the issue is $7,162 million. 66 CAPITAL MOVEMENTS INTRODUCTION: Capital Movements Treasury collects information about the transference of financial assets and other portfolio capital movements between the United States and foreigners, and has since 1935. Commercial banks and other depository institutions, bank holding companies, securities brokers and dealers, and nonbanking enterprises in the United States file capital movement reports with district Federal Reserve banks. Forms and instructions are developed with the cooperation of other Government agencies and the Federal Reserve System, and in consultation with representatives of banks, securities firms, and nonbanking enterprises. Copies of the reporting forms and instructions may be obtained from the Office of International Financial Analysis, Office of the Assistant Secretary for Economic Policy, Department of the Treasury, Washington, D.C., 20220, or from district Federal Reserve banks. In general, information is reported opposite the country or geographical area where the foreigner is located, as shown on records of reporting institutions. However, information may not always reflect the ultimate ownership of assets. Reporting institutions are not required to go beyond addresses shown on their records, and so may not be aware of the actual country of domicile of the ultimate beneficiary. Transactions with branches or agencies of foreign official institutions, wherever located, are reported opposite the country that has sovereignty over the institutions. Transactions with international and regional organizations are not reported opposite any country, but are accounted for in regional groupings of such organizations. The only exception is information pertaining to the Bank for International Settlements, which is reported opposite ‘Other Europe.’ Banks and other depository institutions, bank holding companies, International Banking Facilities (IBFs), securities brokers and dealers, and nonbanking enterprises in the United States must file reports. These enterprises include the branches, agencies, subsidiaries, and other affiliates in the United States of foreign banking and nonbanking firms. Those with liabilities, claims, or securities transactions below specified exemption levels are exempt from reporting. Banks and other depository institutions, and some brokers and dealers, file monthly reports covering their dollar liabilities to, and dollar claims on, foreigners in a number of countries. Twice a year, June 30 and December 31, they also report the same liabilities and claims items attributed to foreigners in countries not shown separately on the monthly reports. Quarterly reports are filed for liabilities and claims denominated in foreign currencies. The exemption level applicable to these banking reports is $15 million. Banks and other depository institutions, securities brokers and dealers, and other enterprises report monthly their transactions with foreigners in long-term securities. They must report securities transactions with foreigners if their aggregate pur- chases or their aggregate sales amount to at least $2 million during the covered month. Exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises must file reports quarterly if liabilities to, or claims on, unaffiliated foreigners amount to $10 million or more at the end of the covered quarter. Nonbanking enterprises also report each month their aggregate U.S. dollar denominated deposit and certificates of deposit claims of $10 million or more on banks abroad. The data in these tables do not cover all types of reported capital movements between the United States and other countries. The principal exclusions are the intercompany capital transactions of nonbanking business enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies (own foreign offices), and capital transactions of the U.S. Government. Consolidated data on all types of international capital transactions are published by the Department of Commerce in its regular reports on the United States balance of payments. • Section I presents liabilities to foreigners reported by U.S. banks and other depository institutions, as well as brokers and dealers. Dollar liabilities are reported monthly; those denominated in foreign currencies are reported quarterly. Respondents report certain of their own liabilities and a wide range of their custody liabilities to foreigners. • Section II presents claims on foreigners reported by U.S. banks and other depository institutions, brokers, and dealers. Data on banks’ claims held for their own account are collected monthly. Information on claims held for their domestic customers as well as on foreign currency claims, is collected on a quarterly basis only. Maturity data are reported according to time remaining to maturity. Reporting also covers certain items held by brokers and dealers in the United States. • Section III contains supplementary data on dollar liabilities to, and dollar claims on, countries not listed separately on the monthly reports submitted by banks, other depository institutions, brokers and dealers in the United States. The supplementary reports are filed semiannually as of the end of June and December. • Section IV shows the liabilities to, and claims on, unaffiliated foreigners of exporters, importers, industrial and commercial concerns, financial institutions (other than banks, other depository institutions, and brokers), and other nonbanking enterprises in the United States. Information does not include accounts of nonbanking enterprises in the United States with their own branches and subsidiaries abroad or with their foreign parent companies. These are reported by business enterprises to the Department of Commerce on its direct investment forms. Data exclude claims on foreigners held through banks in the United States. CAPITAL MOVEMENTS • Section V contains information on transactions with foreigners in long-term domestic and foreign securities as reported by banks, brokers, and other entities in the United States. The data cover transactions executed in the United States for the accounts of foreigners, and transactions executed abroad for the accounts of reporting institutions and their domestic customers. This includes transactions in newly issued securities as well as transactions in, and redemptions of, outstanding issues. However, the data do not include nonmarketable Treasury bonds and notes shown in table IFS-3. The geographical breakdown of the transactions data does not necessarily reflect the domicile of the ultimate owners of, 67 or the original issuers of, the securities. This is because the path of a security is not tracked prior to its being purchased from, or after it is sold to, a foreigner in a reportable transaction. That is, before it enters and after it departs the reporting system, ownership of a security may be transferred between foreigners of different countries. Such transfers may occur any number of times and are concealed among the net figures for U.S. transactions opposite individual countries. Hence, the geographical breakdown shows only the country of domicile of the foreign buyers and sellers of securities in a particular round of transactions. SECTION I.--Liabilities to Foreigners Reported by Banks in the United States TABLE CM-I-1.--Total Liabilities by Type of Holder [In millions of dollars. Source: Office of International Financial Analysis] Foreign countries End of calendar year or month Total liabilities (1) Official institutions 1 Payable in Payable foreign in currenTotal dollars cies 3 (2) (3) (4) Banks and other foreigners Payable in Payable foreign in currenTotal dollars cies 3 (5) (6) (7) Total (8) International and regional 2 Payable in Payable foreign in currendollars cies 3 (9) (10) Memoranda Total liabilities to all foreigners reported by IBFs Payable in Payable foreign in currendollars cies 3 (11) (12) 1993 . . . . . . . . . . . . . . 1,004,931 220,821 220,821 - 772,788 694,915 77,873 11,322 10,936 386 315,890 62,669 1994 . . . . . . . . . . . . . . 1,104,254 212,957 212,957 - 882,155 793,433 88,722 9,142 8,606 536 358,076 67,397 1995 . . . . . . . . . . . . . . 1,209,262 275,928 275,928 - 921,157 812,582 108,575 12,177 11,039 1,138 369,660 85,755 1996 . . . . . . . . . . . . . . 1,265,555 312,019 312,019 - 937,900 836,157 101,743 15,636 13,972 1,664 352,881 71,782 1997 - June r . . . . . . . . 1,294,845 289,787 289,787 - 990,049 880,882 109,167 15,009 13,952 1,057 359,080 74,532 July r. . . . . . . . . 1,310,401 291,167 291,167 - 1,006,381 897,214 109,167 12,853 11,796 1,057 362,084 74,532 Aug. r . . . . . . . . 1,302,574 294,481 294,481 - 996,467 887,300 109,167 11,626 10,569 1,057 366,084 74,532 Sept. r. . . . . . . . 1,320,563 300,186 300,186 - 1,007,757 888,466 119,291 12,620 11,806 814 359,893 85,285 Oct. r. . . . . . . . . 1,346,070 307,387 307,387 - 1,023,955 904,664 119,291 14,728 13,914 814 379,345 85,285 Nov. r . . . . . . . . 1,362,931 298,198 298,198 - 1,051,450 932,159 119,291 13,283 12,469 814 388,989 85,285 Dec. r . . . . . . . . 1,400,772 283,627 283,627 - 1,104,559 988,231 116,328 12,586 11,390 1,196 407,336 86,220 1998 - Jan. r . . . . . . . . 1,384,693 286,540 286,540 - 1,085,717 969,389 116,328 12,436 11,240 1,196 386,535 86,220 Feb. . . . . . . . . . 1,401,140 284,063 284,063 - 1,099,697 983,369 116,328 17,380 16,184 1,196 390,834 86,220 Mar. . . . . . . . . . 1,355,129 288,054 288,054 - 1,049,488 951,775 97,713 17,587 15,246 2,341 373,476 72,928 Apr.. . . . . . . . . . 1,370,579 283,347 283,347 - 1,070,098 972,385 97,713 17,134 14,793 2,341 372,107 72,928 May p . . . . . . . . 1,360,375 280,345 280,345 - 1,063,503 965,790 97,713 16,527 14,186 2,341 373,732 72,928 June p. . . . . . . . 1,386,590 278,213 278,213 - 1,092,222 994,509 97,713 16,155 13,814 2,341 362,181 72,928 1 Includes Bank for International Settlements. 2 Principally the International Bank for Reconstruction and Development and the Inter- American Development Bank. 3 Data as of preceding quarter for non-quarter-end months. 68 CAPITAL MOVEMENTS TABLE CM-I-2.--Total Liabilities by Type, Payable in Dollars Part A.--Foreign Countries [In millions of dollars. Source: Office of International Financial Analysis] Total foreign countries (1) 915,736 ............... . . . . . . . . . . . . . . . 1,006,390 . . . . . . . . . . . . . . . 1,088,510 . . . . . . . . . . . . . . . 1,148,176 End of calendar year or month 1993 1994 1995 1996 1997 - June r . . . . . . . . . 1,170,669 July r . . . . . . . . . 1,188,381 Aug. r . . . . . . . . . 1,181,781 Sept. r . . . . . . . . 1,188,652 Oct. r . . . . . . . . . 1,212,051 Nov. r . . . . . . . . . 1,230,357 Dec. r . . . . . . . . . 1,271,858 1998 - Jan. r . . . . . . . . . 1,255,929 Feb. . . . . . . . . . . 1,267,432 Mar. . . . . . . . . . . 1,239,829 Apr. . . . . . . . . . . 1,255,732 May p. . . . . . . . . 1,246,135 June p . . . . . . . . 1,272,722 Official institutions 1 U.S. Treasury bills and Deposits certifDemand Time 2 icates (2) (3) (4) 1,600 21,653 151,100 1,564 23,511 139,571 2,098 30,717 168,534 1,511 33,336 198,921 1,482 1,711 2,181 1,745 2,034 1,891 2,314 1,682 1,910 2,051 2,532 2,052 2,590 39,901 42,245 40,718 40,284 42,070 40,016 41,420 38,726 37,242 40,265 38,865 36,060 36,110 163,950 161,270 165,453 161,610 153,283 150,102 148,301 145,609 144,324 153,335 138,418 137,652 134,324 Other liabilities 2 (5) 46,468 48,311 74,579 78,251 84,454 85,941 86,129 96,547 110,000 106,189 91,592 100,523 100,587 92,403 103,532 104,581 105,189 Deposits Demand Time 2 (6) (7) 9,718 105,262 10,633 111,171 11,758 103,471 13,692 89,765 14,800 13,700 13,323 13,852 18,354 21,316 17,527 15,974 16,084 18,350 17,152 16,111 20,763 78,986 79,735 81,190 76,164 82,636 84,121 83,433 79,051 75,255 70,060 72,703 74,018 75,253 Banks U.S. Treasury bills and certificates (8) 10,712 11,264 15,872 23,106 Other liabilities 2 (9) 148,206 149,986 164,021 166,728 To own foreign offices (10) 318,273 395,478 396,290 401,544 Other foreigners U.S. Treasury bills and Deposits cerDemand Time 2 tificates (11) (12) (13) 10,236 45,411 10,652 11,160 48,532 11,822 10,571 53,714 12,599 11,802 58,025 14,495 27,115 28,642 30,629 30,012 33,085 32,995 31,915 27,607 30,620 28,499 26,650 26,920 24,114 188,065 199,454 195,758 192,406 195,115 201,190 198,137 207,258 200,801 206,656 220,386 223,219 211,240 418,741 412,873 409,065 412,017 403,501 425,675 484,951 464,758 477,156 439,784 439,378 442,573 476,354 12,488 12,158 11,369 11,964 13,079 12,440 12,247 11,885 11,623 12,089 12,058 12,809 13,240 61,141 62,364 63,409 65,361 63,658 63,726 68,151 64,817 65,472 66,827 67,734 68,053 68,518 Other liabilities 2 (14) 36,445 43,387 44,286 57,000 14,402 65,144 12,466 75,822 12,723 69,834 14,137 72,553 13,603 81,633 13,245 77,451 12,954 78,916 11,580 86,459 11,471 94,887 9,490 100,020 8,844 107,480 8,942 93,145 9,235 95,792 PART B.--Nonmonetary International and Regional Organizations [In millions of dollars. Source: Office of International Financial Analysis] End of calendar year or month U.S. Treasury bills and certificates (4) Total (1) Demand deposits (2) Time deposits 2 (3) ........................ ........................ ........................ ........................ 10,936 8,606 11,039 13,972 15 29 21 29 2,780 3,298 4,656 5,784 4,275 281 350 352 3,866 4,998 6,012 7,807 1997 - June . . . . . . . . . . . . . . . . . . . July . . . . . . . . . . . . . . . . . . . Aug. . . . . . . . . . . . . . . . . . . . Sept. . . . . . . . . . . . . . . . . . . Oct. . . . . . . . . . . . . . . . . . . . Nov. . . . . . . . . . . . . . . . . . . . Dec. . . . . . . . . . . . . . . . . . . . 1998 - Jan. . . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr. . . . . . . . . . . . . . . . . . . . May . . . . . . . . . . . . . . . . . . . June . . . . . . . . . . . . . . . . . . . 13,952 11,796 10,569 11,806 13,914 12,469 11,390 11,240 16,184 15,246 14,793 14,186 13,814 775 86 217 771 36 43 16 175 74 98 365 229 226 6,669 4,726 4,879 5,967 5,161 6,310 5,466 5,023 5,316 5,957 6,646 7,029 6,684 65 47 166 53 148 46 69 85 149 247 344 359 338 6,443 6,937 5,307 5,015 8,569 6,070 5,839 5,957 10,645 8,944 7,438 6,569 6,566 1993 1994 1995 1996 1 Includes Bank for International Settlements. Time deposits exclude negotiable time certificates of deposit, which are included in "Other liabilities." 2 Other liabilities 2 (5) Note.--Nonmonetary international and regional organizations include principally the International Bank for Reconstruction and Development and the Inter-American Development Bank. CAPITAL MOVEMENTS 69 TABLE CM-I-3.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1998 1995 1996 r 1997 r Feb. Mar. Apr. May June p Total Europe . . . . . . . . . . . . . . . 4,269 31,298 752 1,667 3,517 3,035 49,220 31,065 2,039 2,055 2,615 16,045 14,993 1,424 5,690 2,916 246 7,948 11,960 3,376 46,210 4,311 161,112 177 14,255 422,195 5,688 31,085 418 653 2,905 2,031 42,540 31,778 1,845 1,142 2,021 15,690 12,258 1,464 5,546 3,664 275 7,625 20,526 2,168 47,402 6,813 182,035 295 13,331 441,198 3,388 46,246 729 1,324 1,903 2,869 52,148 30,589 1,521 1,064 4,376 15,498 8,359 341 5,112 3,736 734 7,979 19,878 2,834 46,214 4,068 212,790 239 14,251 488,190 3,445 43,417 696 663 1,604 2,759 50,531 30,142 1,669 810 4,842 13,924 8,017 869 6,086 2,911 781 6,129 21,026 3,261 44,199 4,061 222,067 244 13,622 487,775 3,474 38,262 756 632 1,318 2,238 48,745 27,807 2,026 843 5,714 12,951 9,431 378 6,156 2,560 804 6,472 17,308 2,545 38,983 4,257 195,990 241 13,759 443,650 4,056 43,548 805 633 2,812 2,457 53,186 31,731 2,389 961 4,926 13,920 9,274 546 7,078 3,413 831 5,387 19,064 2,363 35,861 4,443 194,621 251 14,735 459,291 4,111 40,536 1,109 669 1,667 2,054 52,587 33,288 2,616 931 4,660 14,447 8,488 806 6,520 3,294 1,089 3,958 16,513 2,775 37,413 4,570 199,977 275 13,895 458,248 3,367 40,081 1,145 282 2,213 2,127 50,879 32,306 2,435 1,186 6,330 14,830 8,068 639 6,331 3,468 1,080 4,660 12,643 3,726 41,374 4,978 199,218 239 10,620 454,225 Canada . . . . . . . . . . . . . . . . . . . . . . 32,002 41,438 33,185 34,314 31,415 31,692 30,315 33,156 12,356 96,525 4,956 24,317 249,273 2,891 3,747 8 1,323 1,289 498 24,611 5,185 4,412 987 456 1,869 12,117 13,971 90,244 5,813 27,749 259,860 3,050 3,279 21 1,779 1,287 652 32,396 6,388 4,198 847 601 1,907 17,566 20,279 114,319 7,138 31,407 283,441 4,126 3,668 66 2,084 1,497 475 35,295 5,446 4,269 901 597 2,403 21,771 18,358 112,984 8,510 33,396 280,516 4,504 3,920 58 2,003 1,385 462 34,934 5,778 4,115 920 531 2,268 22,057 18,904 112,179 8,551 34,499 270,048 4,022 4,221 55 1,821 1,440 457 37,026 11,563 4,026 894 468 2,260 21,962 17,835 115,648 6,935 37,259 282,071 4,377 4,233 57 1,744 1,480 475 38,941 17,781 4,279 894 438 2,129 21,184 17,007 117,360 7,420 38,945 286,433 4,277 4,404 59 1,790 1,355 464 39,000 7,659 4,174 980 404 2,023 22,088 18,573 119,548 8,049 35,726 303,600 4,396 4,820 63 1,613 1,365 538 39,376 7,073 3,791 941 455 2,014 20,740 7,241 8,176 9,068 9,066 9,803 9,889 9,625 9,864 454,061 479,784 548,250 545,765 544,199 567,649 565,467 582,545 Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 70 CAPITAL MOVEMENTS TABLE CM-I-3.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1998 1995 1996 r 1997 r Feb. Mar. Apr. May June p 33,765 11,743 22,588 3,378 2,743 4,064 139,056 5,797 631 2,415 1,703 3,100 11,564 858 12,291 16,057 30,438 16,018 19,443 3,932 2,307 6,062 138,148 6,009 1,180 2,048 996 3,383 10,794 53 10,921 16,784 18,252 11,779 19,216 4,574 3,616 6,282 172,352 13,006 1,102 1,737 1,335 3,255 18,412 35 6,505 15,490 18,575 12,961 19,291 5,272 3,051 7,198 169,377 12,577 1,020 1,703 1,193 2,877 18,895 35 4,680 16,483 20,701 13,638 19,680 5,589 4,059 7,590 159,170 11,280 850 2,080 1,310 3,386 21,289 38 9,077 16,684 20,122 13,795 21,617 4,816 4,310 7,349 134,753 13,758 1,142 1,876 1,268 3,247 18,764 42 7,932 17,562 20,209 12,667 19,961 4,885 3,241 6,252 133,093 14,105 1,638 1,967 1,073 3,179 18,850 51 8,880 15,763 21,558 11,638 21,575 4,824 3,904 6,096 140,145 13,306 1,282 2,030 1,316 3,795 22,393 43 7,152 14,301 2,413 274,166 2,804 271,320 3,873 300,821 4,392 299,580 4,031 300,452 4,349 276,702 4,292 270,106 4,342 279,700 2,137 229 368 104 810 10 1,837 2,013 251 351 112 517 10 2,630 1,667 302 257 138 2,163 10 3,143 1,674 183 313 73 1,830 4 3,562 1,450 338 281 88 2,547 10 4,551 1,237 303 270 131 2,556 3 4,608 1,461 263 316 115 2,465 5 4,355 1,524 278 303 84 2,642 5 3,828 2,271 7,766 2,306 8,190 2,766 10,446 2,130 9,769 2,459 11,724 2,391 11,499 2,324 11,304 2,409 11,073 5,732 6,511 6,377 5,539 5,040 5,501 7,467 8,560 Total other countries . . . . . . . . . 1,163 6,895 1,478 7,989 917 7,294 1,018 6,557 1,062 6,102 1,111 6,612 941 8,408 1,176 9,736 Total foreign countries. . . . . . 1,197,085 1,249,919 1,388,186 1,383,760 1,337,542 1,353,445 1,343,848 1,370,435 10,179 119 1,152 194 496 13,459 60 1,643 157 281 11,292 111 493 562 123 15,666 135 1,286 255 38 16,385 145 823 179 45 15,384 275 1,049 347 79 14,563 306 1,117 390 151 14,337 237 957 495 129 37 36 5 - 10 - - - Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3 . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4 . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 12,177 15,636 12,586 17,380 17,587 17,134 16,527 16,155 1,209,262 1,265,555 1,400,772 1,401,140 1,355,129 1,370,579 1,360,375 1,386,590 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under "Other Europe." 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). 4 Includes Algeria, Gabon, Libya, and Nigeria. CAPITAL MOVEMENTS 71 TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1998, Preliminary [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to MemoTotal liabilities unaffiliated foreign banks Liabilall other foreigners randum Payable Shortities to ShortNegotiin Totals term U.S. banks’ term U.S. Other able CDs Payable foreign Banks’ Custody Treasury Other own Treasury lia- held for in curren- own lia- liabilDeposits obliga- liabil- foreign Deposits obligabilall forities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 ities eigners Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15) Europe: 3,367 2,268 Austria . . . . . . . . . . . . . . Belgium-Luxembourg. . . 40,081 35,063 1,145 1,145 Bulgaria . . . . . . . . . . . . . 282 270 Czech Republic . . . . . . . 2,213 1,989 Denmark . . . . . . . . . . . . 2,127 1,438 Finland . . . . . . . . . . . . . . France . . . . . . . . . . . . . . 50,879 46,161 Germany . . . . . . . . . . . . 32,306 25,470 2,435 2,429 Greece . . . . . . . . . . . . . . 1,186 1,183 Hungary . . . . . . . . . . . . . 6,330 5,729 Ireland . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . 14,830 11,510 8,068 6,845 Netherlands . . . . . . . . . . 639 607 Norway. . . . . . . . . . . . . . 6,331 6,305 Poland . . . . . . . . . . . . . . 3,468 2,334 Portugal . . . . . . . . . . . . . 1,080 1,078 Romania. . . . . . . . . . . . . 4,660 4,654 Russia 4 . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . 12,643 11,650 3,726 3,148 Sweden . . . . . . . . . . . . . Switzerland. . . . . . . . . . . 41,374 37,854 4,978 4,875 Turkey . . . . . . . . . . . . . . United Kingdom . . . . . . . 199,218 177,426 239 234 Yugoslavia 5 . . . . . . . . . . 9,660 Other Europe . . . . . . . . . 10,620 Total Europe . . . . . . . . 454,225 401,325 Canada . . . . . . . . . . . . . . . 33,156 28,862 Latin America and Caribbean: Argentina . . . . . . . . . . . . 18,573 18,504 Bahamas . . . . . . . . . . . . 119,548 116,410 8,049 7,771 Bermuda. . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . 35,726 35,244 British West Indies . . . . . 303,600 295,094 4,396 4,349 Chile. . . . . . . . . . . . . . . . 4,820 4,799 Colombia . . . . . . . . . . . . 63 63 Cuba. . . . . . . . . . . . . . . . 1,613 1,606 Ecuador . . . . . . . . . . . . . 1,365 1,363 Guatemala . . . . . . . . . . . 538 512 Jamaica . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . 39,376 38,058 7,073 6,861 Netherlands Antilles . . . . 3,791 3,723 Panama . . . . . . . . . . . . . 941 925 Peru . . . . . . . . . . . . . . . . 455 453 Trinidad and Tobago . . . 2,014 1,982 Uruguay . . . . . . . . . . . . . Venezuela . . . . . . . . . . . 20,740 20,252 Other Latin America 9,864 9,823 and Caribbean . . . . . . Total Latin America and Caribbean. . . . . 582,545 567,792 See footnotes at end of table. 1,099 1,488 5,018 15,341 228 12 260 224 1,433 689 341 4,718 29,935 6,836 20,643 6 1,112 3 284 601 2,590 3,320 10,159 1,223 4,151 32 496 26 4,509 1,134 842 2 250 6 1,720 993 6,350 578 2,347 3,520 23,388 103 1,871 21,792 164,877 5 233 960 6,857 52,900 301,705 780 19,722 917 10 556 1,097 16,226 4,827 1,317 899 3,139 1,351 2,694 111 1,796 1,492 828 2,934 5,300 801 14,466 3,004 12,549 1 2,803 99,620 137 1,103 13 46 143 23 429 691 119 34 139 467 402 38 35 56 13 92 482 50 548 151 4,697 6 182 10,096 614 3,312 22 58 122 23 4,806 2,694 115 779 2,146 1,713 13 96 333 10 6 587 529 989 247 28,745 9 2,972 50,940 263 5,221 917 5 62 919 13,204 2,497 1,205 4 401 161 384 43 1,770 1,314 826 2,418 2,033 384 4,769 2,966 2,521 1,072 45,359 9,272 374 2,654 2,437 69 15,076 3,428 3,138 92,117 24,293 278 3,641 4,130 482 24,897 10,347 8,506 189,846 105,248 47 3,823 526 21 4,515 284 63 7 1,247 359 2 1,284 79 26 506 6 1,318 21,966 16,092 212 5,260 1,601 68 3,289 434 16 883 42 2 422 31 32 1,832 150 488 14,448 5,804 225 65 149 664 105 125 147 1 122 58 27 155 36 62 59 17 104 240 7,349 2,934 375 13,330 3,888 340 452 55 189 89 4,605 321 363 5 75 7 2,286 2,551 224 386 6,722 97 103 1 1 3 10,493 25 4 9 5 3,455 1,295 303 2,178 653 14,753 393,643 174,149 2,664 38,841 4,294 41 19,590 8,528 961 86 13,753 7,384 185 4 59 26 777 800 127 100 4,972 19,357 12,107 2,732 396 124 1,105 30 2,074 117 6,883 926 2,347 981 185 183 3,963 279 135 203 185 37 1,934 39 6,428 1,081 432 131 10,856 18,163 781 287 21,294 98,041 149 4,820 295 96,908 151,406 15 147 2 15 7 308 199 53 2 92 126 196 33 2 13 4 15 103 18 196 16 2,280 2 33 3,877 150 655 4 69 15 14 362 756 305 8 303 355 109 25 7 113 3 141 802 86 661 421 2,238 8 204 7,814 26 217 5 2 1 38 39 13 290 37 44 13 1 2 50 125 938 1 1,100 40 2,982 16 3,271 53 224 2,685 3,755 99 1,534 409 669 74 152 165 9 84 1,393 734 5 16,510 60 42 31,943 16 409 150 20 683 1,897 61 221 82 319 1 4 5 79 26 4,453 18 4,385 1 864 13,694 10,726 709 1,960 246 5,612 216 2,330 389 23,848 81,948 2,357 21 9,780 654 97,204 147,638 1,067 375 1,228 151 7 545 49 152 45 208 25 8,220 1,902 234 330 335 531 57 62 132 29 198 768 4,028 186 612 279 86 608 565 273 293 139 113 31 1,225 118 215 78 23 55 1,201 4,535 1,716 246 3,096 7,671 1,720 2,385 43 652 749 127 9,654 637 1,734 623 152 722 8,459 148 491 464 78 1,863 34 9 11 5 356 866 131 12 22 84 365 4,905 3,687 312 36,063 312 133 12 33 51 2 1,448 4,294 348 29 16 101 313 200 1,244 82 172 1,203 104 160 19 45 1 543 94 77 22 5 67 305 351 614 3,479 34 419 233 24,732 153,722 235,454 6,528 48,400 4,608 52,843 4,576 4,144 1,792 72 CAPITAL MOVEMENTS TABLE CM-I-4.--Total Liabilities by Type and Country, June 30, 1998, Preliminary, con. [Position in millions of dollars. Source: Office of International Financial Analysis] Country Liabilities payable in dollars Liabilities to foreign official institutions and Liabilities to Total liabilities unaffiliated foreign banks Liabilall other foreigners Payable Shortities to Shortin Totals term U.S. banks’ term U.S. Payable foreign Banks’ Custody Treasury Other own Treasury in curren- own lia- liabilDeposits obliga- liabil- foreign Deposits obligaities Demand Time 2 tions 3 ities offices Demand Time 2 tions 3 Total dollars cies 1 bilities (1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) Asia: China: Mainland . . . . . . Taiwan . . . . . . . Hong Kong . . . . . . India . . . . . . . . . . . Indonesia . . . . . . . Israel . . . . . . . . . . Japan . . . . . . . . . . Korea . . . . . . . . . . Lebanon . . . . . . . . Malaysia. . . . . . . . Pakistan . . . . . . . . Philippines . . . . . . Singapore. . . . . . . Syria. . . . . . . . . . . Thailand . . . . . . . . Other Asia . . . . . . Total Asia . . . . . 21,558 11,638 21,575 4,824 3,904 6,096 140,145 13,306 1,282 2,030 1,316 3,795 22,393 43 7,152 18,643 279,700 Africa Egypt . . . . . . . . . . Ghana . . . . . . . . . Liberia . . . . . . . . . Morocco . . . . . . . . South Africa . . . . . Zaire. . . . . . . . . . . Other Africa . . . . . Total Africa . . . . 1,524 278 303 84 2,642 5 6,237 11,073 1,523 225 299 84 2,642 5 5,956 10,734 1 53 4 281 339 902 197 164 78 1,142 5 5,138 7,626 621 28 135 6 1,500 818 3,108 66 31 1 13 240 2 1,704 2,057 149 16 3 66 686 920 564 25 1,475 782 2,846 513 118 2 47 663 1,901 3,244 8,560 1,176 8,509 1,079 51 97 6,121 890 2,388 189 725 113 350 4 625 112 9,736 9,588 148 7,011 2,577 838 354 737 Other countries: Australia . . . . . . . . All other . . . . . . . . Total other countries . . . . Total foreign countries. . . 1,370,435 International and regional orgs.: 14,337 International . . . . . 237 European regional Latin American 957 regional . . . . . . . 495 Asian regional . . . 129 African regional . . Middle Eastern regional . . . . . . . Total international 16,155 and regional. . Grand total. . . 1,386,590 21,558 - 4,509 17,049 11,619 19 8,490 3,129 19,720 1,855 17,042 2,678 4,821 3 2,591 2,230 3,860 44 3,120 740 6,095 1 2,349 3,746 118,675 21,470 56,517 62,158 13,259 47 6,817 6,442 1,282 - 1,163 119 1,988 42 1,555 433 1,310 6 1,078 232 3,418 377 2,554 864 21,450 943 19,032 2,418 43 40 3 7,148 4 1,576 5,572 18,175 468 13,454 4,721 254,421 25,279 141,887 112,534 Other liabilities (14) 53 219 314 49 45 64 417 23 12 15 21 84 253 5 24 154 1,752 300 1,854 3,399 204 235 830 762 232 83 290 41 508 186 23 105 452 9,504 15 40 412 1 24 612 33 13 1 2 79 2 1 49 1,284 654 215 1,334 292 5 76 1,254 110 14 5 98 315 1 2 435 4,810 45 160 62 21 5 82 1,711 69 1 2 27 2 1 2 233 2,423 56 3 10 61 1 399 530 6 7 17 1 20 2 128 181 161 6 144 10 55 237 613 5 63 6 1 75 3 19 72 56 118 268 9 3 29 17 28 86 6,147 446 174 116 118 75 88 139 13 27 269 47 233 1 6,593 290 193 227 40 316 234 1,272,722 97,713 871,462 401,260 23,353 111,363 158,438 316,429 476,354 13,240 68,518 12,283 237 2,054 12,074 61 234 1,175 5,327 12,882 918 276 1,852 2,765 3,670 728 1,613 2,100 273 4,365 5,910 310 33 1,618 960 1,355 252 15 668 1,989 650 102 152 3,560 552 735 1,244 3,453 57,521 7,948 45,464 386 606 818 6,320 4,731 52 597 465 46 167 100 410 699 306 50 54 180 313 646 546 164 110 1,660 246 1,075 4,682 867 3,334 10,659 5 2 5 304 155 5,314 618 625 708 2,514 2,896 6,038 4,929 7,324 17,654 82,327 51,818 77,948 Memorandum Negotiable CDs held for all foreigners (15) 9,235 95,792 21,229 209 176 170 3 6,179 25 162 176 5,772 33 - - - - - - 670 495 129 287 - 668 310 63 2 185 66 51 1 1 471 1 8 - 148 493 120 - - - - - - - - - - - - - - - - - - - - 13,814 2,341 13,176 638 226 6,684 338 6,566 1,286,536 100,054 884,638 401,898 23,579 118,047 158,776 322,995 476,354 13,240 68,518 1 These data as of Mar. 31, 1998. 2 Excludes negotiable time certificates of deposit, which are included in ‘‘Other liabilities.’’ 3 U.S. Treasury bills and certificates held in custody for the account of oil-exporting countries in ‘‘Other Asia’’ and ‘‘Other Africa’’ amount to $1,683 million. 4 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 5 9,235 95,792 21,229 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 73 CHART CM-A.--U.S. Liabilities to Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars. Source: Office of International Financial Analysis] Country 1994 1995 1996 1997 United Kingdom . . . . . . . . . . . . . . . . . . . . . . . . . . 187,081 161,112 182,035 212,790 199,218 All other Europe . . . . . . . . . . . . . . . . . . . . . . . . . . 253,586 261,083 259,163 275,400 255,007 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 361,659 360,351 366,503 414,613 442,061 Japan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,304 139,056 138,148 172,352 140,145 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 92,999 135,110 133,172 128,469 139,555 Subtotal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 982,629 1,056,712 1,079,021 1,203,624 1,175,986 All other countries. . . . . . . . . . . . . . . . . . . . . . . . . 121,625 152,550 186,534 197,148 210,604 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,104,254 1,209,262 1,265,555 1,400,772 1,386,590 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. June 1998 74 CAPITAL MOVEMENTS SECTION II.--Claims on Foreigners Reported by Banks in the United States TABLE CM-II-1.--Total Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Type of claim Calendar year 1995 June r 1997 Sept. r Dec. 1998 Mar. p 1996 Sept. Dec. Mar. r Total claims . . . . . . . . . . . . . . . . . . . . . . . . 735,372 763,085 820,915 881,465 909,296 926,692 944,089 932,508 Payable in dollars. . . . . . . . . . . . . . . . . . 655,211 687,575 743,919 798,546 813,740 825,444 852,860 842,463 Banks’ own claims on foreigners . . . . 532,444 543,982 599,925 636,574 651,483 655,451 708,233 687,650 Foreign public borrowers. . . . . . . . . 22,518 23,075 22,216 28,838 29,400 28,875 20,660 28,226 Deposits . . . . . . . . . . . . . . . . . . . . 37,771 35,376 33,826 39,273 37,646 31,178 31,042 25,657 Other . . . . . . . . . . . . . . . . . . . . . . 63,824 74,180 79,856 79,175 81,899 73,566 78,182 82,145 Own foreign offices. . . . . . . . . . . . . . . 307,427 310,708 341,574 360,341 379,426 374,452 431,685 402,387 All other foreigners . . . . . . . . . . . . . . . 100,904 100,643 122,453 128,947 123,112 147,380 146,664 149,235 Claims of banks’ domestic customers . . . . . . . . . . . . 122,767 143,593 143,994 161,972 162,257 169,993 144,627 154,813 Deposits . . . . . . . . . . . . . . . . . . . . . 58,519 80,695 77,657 95,147 94,591 100,460 73,110 85,406 Negotiable and readily transferable instruments . . . . . . . 44,161 46,491 51,207 49,518 50,301 51,514 53,967 51,594 Collections and other. . . . . . . . . . . . 20,087 16,407 15,130 17,307 17,365 18,019 17,550 17,813 Payable in foreign currencies. . . . . . . . . 80,161 75,510 76,996 82,919 95,556 101,248 91,229 90,045 Banks’ own claims on foreigners . . . . 74,016 68,120 66,018 72,731 85,305 91,158 83,038 82,119 Claims of banks domestic customers . . . . . . . . . . . . 6,145 7,390 10,978 10,188 10,251 10,090 8,191 7,926 Claims reported by IBFs . . . . . . . . . . . . 255,035 239,052 261,076 274,005 276,151 276,511 303,139 278,001 Payable in dollars . . . . . . . . . . . . . . . . 202,411 195,850 219,600 229,961 232,366 229,642 256,668 232,123 Payable in foreign currencies . . . . . . . 52,624 43,202 41,476 44,044 43,785 46,869 46,471 45,878 Customer liability on acceptances . . . . . 8,410 9,362 10,388 11,212 11,452 10,881 9,624 7,496 On foreign public borrowers. . . . . . . . . . 14,995 15,983 15,411 19,935 17,979 20,123 12,134 16,944 On all other unaffiliated foreigners . . . . . 163,862 173,012 196,448 203,911 192,918 197,858 193,725 197,888 On foreign public borrowers. . . . . . . . . . 7,522 6,897 6,790 8,903 11,406 8,752 8,525 11,312 On all other unaffiliated foreigners . . . . . 38,553 37,115 39,457 43,478 49,726 54,267 62,174 59,376 Unaffiliated foreign banks: Memoranda: Claims with remaining maturity of 1 year or less: Claims with remaining maturity of more than 1 year: CAPITAL MOVEMENTS 75 TABLE CM-II-2.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country 1995 1997 1996 1998 Sept. Dec. Mar. r June r Sept. r Dec. Mar. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . . Italy . . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . . Switzerland . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . . Total Europe. . . . . . . . . . . . . . . . 1,961 12,124 7 166 2,027 1,569 24,031 20,814 923 24 1,143 8,789 9,200 735 1,474 1,042 179 1,069 3,842 9,367 18,568 2,834 103,375 150 3,901 2,000 11,177 2 247 2,939 1,677 26,712 23,569 835 72 1,277 9,235 11,180 1,709 1,047 732 172 1,791 5,449 6,927 19,062 3,112 128,441 87 3,398 3,611 11,264 66 172 3,125 1,143 29,148 21,535 948 61 1,824 9,868 10,600 1,020 1,142 553 175 2,725 4,503 6,738 26,692 3,053 129,301 115 4,378 5,081 12,920 3 621 2,574 1,797 39,307 25,654 1,142 95 2,461 10,429 13,939 1,865 2,561 645 164 3,530 8,311 8,842 30,241 3,199 147,623 87 4,336 5,558 13,268 2 192 3,808 1,617 30,172 30,705 1,189 53 2,150 12,578 17,716 1,203 883 727 167 3,680 8,011 8,366 31,116 2,974 142,428 75 4,389 4,659 14,404 1 263 3,433 2,163 32,612 30,367 856 62 2,695 11,476 18,651 2,233 2,030 1,214 237 3,922 7,082 8,276 37,402 3,683 141,063 78 5,747 4,731 10,850 1 867 2,713 1,477 28,903 31,030 696 87 3,168 10,108 13,883 826 1,438 929 145 1,319 6,513 8,123 39,351 4,381 151,645 52 5,400 4,728 10,474 2 247 3,110 2,066 34,230 38,904 927 60 5,021 12,555 13,748 1,500 1,981 745 146 1,192 9,017 9,213 39,422 3,841 141,477 61 4,816 229,314 262,849 273,760 327,427 323,027 334,609 328,636 339,483 Canada . . . . . . . . . . . . . . . . . . . . . . . 35,840 43,576 43,948 59,386 60,857 48,167 51,058 52,266 6,759 61,477 6,226 14,826 148,626 5,184 4,892 846 472 329 21,375 9,850 3,347 1,880 485 534 2,536 7,426 65,691 5,171 17,199 131,856 4,648 5,060 991 525 346 20,247 11,703 2,444 2,576 491 568 2,156 7,779 74,332 5,172 21,714 135,411 5,356 7,345 1,056 632 352 22,042 25,774 2,886 2,764 531 654 2,358 7,321 70,187 7,105 19,818 135,247 6,123 6,383 1,174 660 838 22,524 19,031 3,322 2,535 608 786 2,227 7,982 70,214 8,390 21,569 158,780 5,941 6,580 1,159 691 343 22,850 14,518 3,469 2,620 687 754 2,428 8,087 71,267 9,919 21,518 179,534 6,596 6,793 1,241 808 380 22,305 20,552 3,793 3,085 824 781 2,361 9,800 94,458 9,355 23,825 171,475 8,284 7,147 1,332 930 430 21,861 18,071 4,636 3,520 854 670 2,715 9,586 84,880 9,822 27,513 182,933 8,399 6,969 1,499 944 372 23,068 17,790 4,317 3,643 498 958 2,685 2,982 3,576 2,745 2,942 3,135 2,663 3,380 3,264 292,626 282,674 318,903 308,831 332,110 362,507 382,743 389,140 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . . British West Indies. . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . . Cuba . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles. . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . . See footnotes at end of table. 76 CAPITAL MOVEMENTS TABLE CM-II-2.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year 1995 Sept. Dec. Mar. r Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 1,176 1,836 16,770 1,946 2,016 5,345 98,745 14,324 44 1,170 571 1,449 6,383 94 2,806 10,562 484 165,721 1,905 1,821 16,425 2,125 2,002 5,008 84,914 18,114 43 1,172 1,502 1,464 7,953 3 2,852 11,179 368 158,850 1,601 2,068 16,261 2,140 2,213 4,935 92,172 19,425 50 1,162 941 1,848 9,061 1 2,964 11,375 368 168,585 1,638 1,843 17,901 2,433 2,549 4,886 89,812 20,444 54 1,307 1,120 1,726 10,537 2 3,704 10,892 460 171,308 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 233 18 550 720 606 1 654 682 3,464 263 13 474 842 656 1 473 687 3,409 265 24 574 777 744 26 476 587 3,473 4,919 1,557 7,708 2,294 6,476 Country Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Sept. r Dec. 1998 Mar. p 2,280 2,021 20,848 2,532 3,014 4,757 91,083 21,409 49 1,481 1,529 2,272 9,773 3,688 9,824 487 177,047 3,059 1,373 19,013 2,336 3,248 5,022 83,158 20,517 52 1,099 1,682 1,723 12,587 74 2,781 8,485 341 166,550 1,775 1,061 17,850 2,507 3,102 4,753 86,750 18,736 62 899 708 1,877 11,308 3 2,523 11,502 576 165,992 2,971 892 15,546 2,169 2,700 4,761 71,277 11,801 60 985 754 1,912 8,770 3 2,264 9,544 251 136,660 272 18 534 700 600 1 641 624 3,390 359 22 446 839 723 1,177 518 4,084 284 47 579 747 834 1,155 467 4,113 281 25 521 709 960 1,271 436 4,203 314 31 536 699 719 1,398 485 4,182 7,799 1,821 6,757 2,831 8,011 2,225 7,351 1,349 7,554 1,414 7,006 675 10,002 9,620 9,588 10,236 8,700 8,968 7,681 733,441 761,360 818,289 879,930 907,361 924,646 941,600 929,412 1,837 94 - 1,575 8 142 - 2,416 1 209 - 1,351 10 174 - 1,768 167 - 1,875 2 169 - 2,233 255 1 2,883 4 203 6 1996 1997 June r 1,931 1,725 2,626 1,535 1,935 2,046 2,489 3,096 735,372 763,085 820,915 881,465 909,296 926,692 944,089 932,508 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 CAPITAL MOVEMENTS 77 TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1998 [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg . . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark. . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany. . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland. . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway . . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania . . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden. . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey. . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil. . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile . . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela. . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean. . . . . . . . . . . . . . Total Latin America and Caribbean . . . . . . . . . . . . See footnotes at end of table. Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in dollars (8) Payable in foreign currencies (9) 4,728 10,474 2 247 3,110 2,066 34,230 38,904 927 60 5,021 12,555 13,748 1,500 1,981 745 146 1,192 9,017 9,213 39,422 3,841 141,477 61 4,816 339,483 1,873 8,328 2 236 993 1,994 20,820 20,475 618 52 4,641 9,981 7,350 940 1,701 700 57 1,177 7,152 3,082 34,949 1,980 113,389 61 3,134 245,685 1,256 5,047 2 157 558 49 8,656 5,388 449 42 2,791 3,454 4,400 850 1,648 414 56 932 3,733 1,799 1,538 1,739 36,307 60 2,921 84,246 310 1,101 64 337 1,637 9,550 7,659 54 457 3,147 2,218 51 175 1 183 2,045 999 29,768 175 61,281 1 69 121,282 307 2,180 15 98 308 2,614 7,428 115 10 1,393 3,380 732 90 2 111 62 1,374 284 3,643 66 15,801 144 40,157 24 45 1 1 2 3 24 10 12 3 1 26 213 150 10 525 2,855 2,146 11 2,117 72 13,410 18,429 309 8 380 2,574 6,398 560 280 45 89 15 1,865 6,131 4,473 1,861 28,088 1,682 93,798 2,848 2,049 1 2,095 45 13,145 17,443 288 375 2,311 6,337 542 202 31 89 1,831 5,995 4,374 1,654 26,370 1,679 89,704 7 97 10 22 27 265 986 21 8 5 263 61 18 78 14 15 34 136 99 207 1,718 3 4,094 52,266 35,121 11,988 17,839 5,294 - 17,145 16,126 1,019 9,586 84,880 9,822 27,513 182,933 8,399 6,969 1,499 944 372 23,068 17,790 4,317 3,643 498 958 2,685 9,249 81,729 9,331 25,835 159,578 8,305 6,807 1,484 931 364 21,096 17,691 4,215 3,628 496 936 2,315 7,645 11,362 8,996 19,508 31,051 7,929 6,580 1,356 791 332 20,317 13,083 2,068 3,190 480 603 2,098 1,081 66,223 1 5,775 116,859 242 203 120 113 32 363 4,535 2,040 348 9 317 71 523 4,144 334 552 11,668 134 24 8 27 416 73 107 90 7 16 146 87 116 10 930 158 6 104 50 34 480 4 32 46 9 5 18 337 3,151 491 1,678 23,355 94 162 15 13 8 1,972 99 102 15 2 22 370 274 3,145 450 1,504 23,308 74 161 15 13 8 685 99 102 14 2 22 369 63 6 41 174 47 20 1 1,287 1 1 3,264 3,222 2,980 208 34 114 42 41 1 389,140 357,212 140,369 198,540 18,303 2,203 31,928 30,286 1,642 78 CAPITAL MOVEMENTS TABLE CM-II-3.--Total Claims on Foreigners by Type and Country, Mar. 31, 1998, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Country Total claims (1) Total banks’ own claims (2) Reporting banks’ own claims On foreign public borrowers Payable and On own in unaffiliated foreign foreign foreigners offices currencies (3) (4) (5) Memorandum Customers’ liability on acceptances (6) Claims of banks’ domestic customers Total (7) Payable in foreign currencies (9) Payable in dollars (8) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 2,971 892 15,546 2,169 2,700 4,761 71,277 11,801 60 985 754 1,912 8,770 3 2,264 9,795 136,660 2,763 765 14,225 1,957 2,400 817 61,768 11,626 32 956 745 1,821 7,374 2,172 9,713 119,134 2,435 446 4,257 1,708 2,176 335 8,947 8,919 30 753 449 1,312 2,896 819 3,911 39,393 327 294 8,371 219 117 477 37,713 2,601 2 167 289 501 4,299 1,325 5,260 61,962 1 25 1,597 30 107 5 15,108 106 36 7 8 179 28 542 17,779 119 15 82 386 181 1 473 2,721 14 17 17 174 27 246 123 4,596 208 127 1,321 212 300 3,944 9,509 175 28 29 9 91 1,396 3 92 82 17,526 207 42 1,257 163 267 3,938 8,895 121 28 16 3 76 1,376 3 60 82 16,534 1 85 64 49 33 6 614 54 13 6 15 20 32 992 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 314 31 536 699 719 1,883 4,182 294 29 536 529 637 1,658 3,683 250 21 526 515 551 1,616 3,479 39 3 8 38 88 5 8 10 11 78 4 116 34 15 35 4 88 20 2 170 82 225 499 15 2 169 35 224 445 5 1 47 1 54 7,006 675 5,289 555 2,585 255 2,426 250 278 50 78 5 1,717 120 1,654 58 63 62 7,681 5,844 2,840 2,676 328 83 1,837 1,712 125 929,412 766,679 282,315 402,387 81,977 7,495 162,733 154,807 7,926 2,883 4 203 6 2,877 4 203 6 2,735 4 203 6 - 142 - 1 - 6 - 6 - - 3,096 3,090 2,948 - 142 1 6 6 - 932,508 769,769 285,263 402,387 82,119 7,496 162,739 154,813 7,926 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. CAPITAL MOVEMENTS 79 CHART CM-B.--U.S. Claims on Foreigners Reported by U.S. Banks, Brokers, and Dealers with Respect to Selected Countries (In billions of dollars) [In millions of dollars. Source: Office of International Financial Analysis] Country 1994 1995 1996 1997 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 96,820 103,375 129,301 151,645 141,477 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 107,991 125,939 144,459 176,991 198,006 Caribbean banking centers . . . . . . . . . . . . . . . . 208,408 229,526 243,575 297,995 299,742 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 93,647 98,745 92,172 86,750 71,277 1 March 1998 58,836 66,976 76,413 79,242 65,383 565,702 624,561 685,920 792,623 775,885 All other countries . . . . . . . . . . . . . . . . . . . . . . . . 107,701 110,811 134,995 151,466 156,623 Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 673,403 735,372 820,915 944,089 932,508 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 80 CAPITAL MOVEMENTS SECTION III.--Supplementary Liabilities and Claims Data Reported by Banks in the United States TABLE CM-III-1.--Dollar Liabilities to, and Dollar Claims on, Foreigners in Countries and Areas Not Regularly Reported Separately [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Total liabilities Calendar year Country Other Europe: Cyprus . . . . . . . . . . . . . . . Iceland . . . . . . . . . . . . . . . Monaco . . . . . . . . . . . . . . Other Latin America and Caribbean: Aruba . . . . . . . . . . . . . . . . Barbados . . . . . . . . . . . . . Belize . . . . . . . . . . . . . . . . Bolivia. . . . . . . . . . . . . . . . Costa Rica . . . . . . . . . . . . Dominica . . . . . . . . . . . . . Dominican Republic . . . . . El Salvador. . . . . . . . . . . . French West Indies and French Guiana . . . . . . . Haiti . . . . . . . . . . . . . . . . . Honduras . . . . . . . . . . . . . Nicaragua. . . . . . . . . . . . . Paraguay . . . . . . . . . . . . . Suriname . . . . . . . . . . . . . Other Asia: Afghanistan . . . . . . . . . . . Burma. . . . . . . . . . . . . . . . Jordan . . . . . . . . . . . . . . . Macau . . . . . . . . . . . . . . . Sri Lanka . . . . . . . . . . . . . Yemen . . . . . . . . . . . . . . . Other Africa: Angola . . . . . . . . . . . . . . . Cameroon . . . . . . . . . . . . Ethiopia . . . . . . . . . . . . . . Guinea . . . . . . . . . . . . . . . Ivory Coast. . . . . . . . . . . . Kenya. . . . . . . . . . . . . . . . Madagascar . . . . . . . . . . . Mauritius. . . . . . . . . . . . . . Mozambique. . . . . . . . . . . . Niger. . . . . . . . . . . . . . . . . Rwanda . . . . . . . . . . . . . . Senegal . . . . . . . . . . . . . . Somalia . . . . . . . . . . . . . . Sudan. . . . . . . . . . . . . . . . Tanzania . . . . . . . . . . . . . Tunisia . . . . . . . . . . . . . . . Uganda. . . . . . . . . . . . . . . Zambia . . . . . . . . . . . . . . . Zimbabwe. . . . . . . . . . . . . . All other: New Zealand . . . . . . . . . . Papua New Guinea . . . . . 1996 Total banks’ own claims 1997 June Calendar year Dec. 1996 1997 June Dec. 170 n.a. 607 242 67 1,182 155 83 471 54 n.a. n.a. 59 4 n.a. 58 n.a. n.a. 145 1,033 94 779 990 8 1,130 1,159 184 684 108 1,197 1,208 13 1,156 1,019 177 1,079 195 833 1,340 16 1,297 1,169 7 65 52 371 233 37 454 621 n.a. n.a. 10 374 260 5 510 683 18 119 14 426 365 n.a. 513 845 27 441 748 101 681 101 21 375 1,060 146 705 123 33 360 1,019 118 698 121 n.a. 30 230 14 182 n.a. n.a. 33 256 13 144 n.a. n.a. 29 334 47 183 51 45 3 243 n.a. 210 155 44 4 277 101 129 100 56 10 290 114 257 128 n.a. n.a. 80 n.a. 94 n.a. n.a. 92 n.a. 67 2 n.a. 95 52 7 197 16 185 7 50 118 n.a. 52 91 6 n.a. n.a. 25 28 244 73 n.a. 30 163 162 20 297 11 n.a. 146 42 59 129 4 n.a. 14 18 38 267 85 n.a. 37 162 282 20 183 n.a. 59 179 n.a. 55 129 5 34 23 17 33 379 n.a. 196 41 159 15 n.a. n.a. n.a. 19 45 n.a. 9 n.a. n.a. n.a. n.a. 3 144 9 * 15 n.a. n.a. n.a. n.a. n.a. 46 n.a. 5 n.a. n.a. n.a. n.a. n.a. n.a. 152 6 1 12 n.a. n.a. 2 n.a. n.a. 24 n.a. n.a. n.a. n.a. n.a. n.a. 9 129 5 5 2 796 88 611 n.a. 400 n.a. n.a. n.a. n.a. n.a. n.a. 1 * Less than $500,000. Note.--Data represent a partial breakdown of the amounts shown for the corresponding dates for the ‘‘Other’’ geographical categories in the regular monthly series in the ‘‘Treasury Bulletin.’’ CAPITAL MOVEMENTS 81 SECTION IV.--Liabilities to, and Claims on, Foreigners Reported by Nonbanking Business Enterprises in the United States TABLE CM-IV-1.--Total Liabilities and Claims by Type [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year 1998 1994 1995 1996 Mar. r 1997 June r Sept. r Dec. Mar. p Total liabilities . . . . . . . . . . . . . . . . . . . . . . 54,309 46,448 54,798 58,667 55,341 55,639 58,295 55,260 Payable in dollars. . . . . . . . . . . . . . . . . . 38,298 33,903 38,956 39,861 38,651 39,746 41,888 40,919 Financial . . . . . . . . . . . . . . . . . . . . . . . 18,818 12,903 11,327 11,847 11,442 11,487 12,975 12,135 Trade payables . . . . . . . . . . . . . . . . 8,860 9,996 11,683 10,517 10,121 9,944 9,599 9,167 Advance receipts and other. . . . . . . 10,620 11,004 15,946 17,497 17,088 18,315 19,314 19,617 Payable in foreign currencies. . . . . . . . . 16,011 12,545 15,842 18,806 16,690 15,893 16,407 14,341 Financial . . . . . . . . . . . . . . . . . . . . . . . 14,136 11,338 14,738 17,786 15,661 14,722 14,815 13,037 Trade payables . . . . . . . . . . . . . . . . 1,145 1,017 1,037 915 919 941 1,305 1,037 Advance receipts and other. . . . . . . 730 190 67 105 110 230 287 267 Total claims . . . . . . . . . . . . . . . . . . . . . . . . 57,888 52,509 63,642 68,102 68,266 70,760 70,077 73,473 Payable in dollars. . . . . . . . . . . . . . . . . . 53,805 48,711 58,630 62,126 62,082 64,144 62,173 66,010 Deposits . . . . . . . . . . . . . . . . . . . . . 18,026 14,654 20,631 20,499 22,615 22,392 21,290 19,322 Other . . . . . . . . . . . . . . . . . . . . . . . . 14,306 10,976 12,069 15,381 13,354 14,795 11,576 16,814 Trade receivables . . . . . . . . . . . . . . 19,316 20,993 23,495 23,684 23,671 23,730 26,157 26,289 Advance payments and other . . . . . 2,157 2,088 2,435 2,562 2,442 3,227 3,150 3,585 Payable in foreign currencies. . . . . . . . . 4,083 3,798 5,012 5,976 6,184 6,616 7,904 7,463 Deposits . . . . . . . . . . . . . . . . . . . . . 481 479 773 1,651 1,491 1,559 1,849 1,697 Other . . . . . . . . . . . . . . . . . . . . . . . . 1,084 1,289 1,795 3,016 3,257 3,313 4,193 4,290 Trade receivables . . . . . . . . . . . . . . 1,842 2,005 2,256 1,117 1,187 1,380 1,379 1,246 Advance payments and other . . . . . 676 25 188 192 249 364 483 230 Type of liability or claim Commercial: Commercial: Financial: Commercial: Financial: Commercial: 82 CAPITAL MOVEMENTS TABLE CM-IV-2.--Total Liabilities by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmar . . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . Canada . . . . . . . . . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 1997 1998 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p 58 414 3 8 49 362 3,194 1,659 252 3 485 485 1,222 359 15 24 6 164 286 1,009 104 15,335 60 9 36 25,601 70 736 5 6 277 236 2,455 2,565 196 6 449 359 1,274 176 17 35 8 127 242 1,015 109 17,987 84 12 30 28,476 44 700 1 26 138 179 1,480 2,741 89 9 414 374 966 209 7 35 3 171 233 1,308 118 13,706 177 6 188 23,322 67 1,111 2 22 93 161 1,771 2,836 72 12 449 911 1,322 424 30 33 9 222 204 1,323 129 14,480 105 9 165 25,962 82 1,408 14 22 121 173 1,884 2,632 55 10 611 1,057 1,058 420 42 31 7 236 196 1,174 137 18,021 111 5 98 29,605 97 974 2 24 133 202 1,988 2,610 75 13 626 827 754 312 55 40 14 218 182 1,020 81 16,786 53 9 118 27,213 160 792 6 96 138 171 2,116 2,675 40 12 884 878 959 264 46 36 113 310 238 1,045 158 15,994 99 7 125 27,362 112 852 5 38 170 281 2,448 3,292 89 13 1,133 923 933 271 7 36 165 334 244 1,151 285 16,287 115 6 159 29,349 126 692 6 40 116 177 2,165 2,705 157 17 1,215 1,012 916 285 14 29 203 389 190 753 182 15,889 184 5 86 27,553 1,738 1,666 1,672 2,491 1,670 1,592 1,549 2,361 2,226 36 137 350 232 1,387 89 34 18 6 6 498 633 8 13 18 1 128 88 120 425 368 1,021 44 19 33 8 14 574 645 50 30 25 1 281 136 60 352 155 922 76 63 1 26 4 18 428 635 23 21 13 3 223 272 299 347 274 1,044 160 123 5 27 12 16 682 53 12 44 144 6 329 220 336 506 275 979 115 112 4 30 12 13 649 251 18 34 125 10 319 224 157 452 322 801 121 143 2 44 15 13 609 8 15 34 86 20 305 201 48 244 285 692 117 101 2 26 23 17 638 17 18 23 72 22 323 219 157 432 363 616 150 120 22 30 18 591 23 16 30 75 20 262 206 44 260 340 522 167 266 3 19 28 14 541 11 13 33 69 12 220 218 145 364 393 430 414 422 418 333 3,812 3,891 3,523 4,242 4,438 3,785 3,291 3,562 3,101 CAPITAL MOVEMENTS 83 TABLE CM-IV-2.--Total Liabilities by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year 1997 1998 Country 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 723 579 785 91 363 229 9,201 1,701 22 475 26 57 733 11 259 1,557 79 16,891 597 853 805 59 296 141 11,869 1,736 14 178 27 50 622 24 194 1,611 68 19,144 579 451 646 196 350 99 8,751 1,433 61 297 80 60 819 50 392 1,939 206 16,409 990 697 610 181 314 205 10,483 1,558 72 586 77 110 908 61 473 2,193 327 19,845 1,233 771 625 220 288 206 10,259 1,362 82 708 80 158 898 23 364 2,567 441 20,285 1,122 978 721 223 253 205 10,098 1,243 92 843 98 183 974 7 359 2,459 265 20,123 1,280 1,051 712 202 239 207 10,278 1,138 23 764 49 223 1,014 6 479 3,007 195 20,867 1,250 936 760 170 213 185 9,585 1,150 29 766 60 222 1,252 23 405 3,143 211 20,360 1,196 892 863 302 140 174 9,141 1,019 84 444 59 271 1,422 10 345 3,161 179 19,702 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 111 1 1 41 55 1 290 86 586 48 29 32 1 379 74 563 157 16 24 42 376 154 769 198 29 21 154 532 144 1,078 226 48 1 19 161 479 132 1,066 163 48 1 23 204 5 423 103 970 74 47 1 46 221 1 504 68 962 90 28 1 49 255 408 103 934 54 14 2 56 220 376 144 866 517 148 372 153 461 230 945 125 990 502 909 646 857 639 911 810 869 932 665 525 691 1,070 1,492 1,555 1,496 1,721 1,801 49,293 54,265 46,386 54,688 58,556 55,238 55,527 58,287 55,249 18 - 44 - 2 60 - 55 55 - 55 42 12 2 - 55 43 2 3 - 55 46 10 1 - 8 - 11 - Asia: Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 18 44 62 110 111 103 112 8 11 49,311 54,309 46,448 54,798 58,667 55,341 55,639 58,295 55,260 1 3 2 4 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 84 CAPITAL MOVEMENTS TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commercial liabilities (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 126 692 6 40 116 177 2,165 2,705 157 17 1,215 1,012 916 285 14 29 203 184 389 190 753 182 15,889 5 86 27,553 2 127 17 72 1,325 1,636 6 1,017 426 472 59 1 22 15 149 35 345 20 11,846 4 17,596 1 53 10 24 862 1,155 6 351 75 341 13 17 10 34 1 286 19 5,571 3 8,832 1 74 7 48 463 481 666 351 131 46 1 5 5 115 34 59 1 6,275 1 8,764 124 565 6 40 99 105 840 1,069 157 11 198 586 444 226 13 7 203 169 240 155 408 162 4,043 5 82 9,957 Canada . . . . . . . . . . . . . . . . . . . . . . 2,226 878 516 362 1,348 206 44 260 340 522 167 266 3 19 28 14 541 11 13 33 69 12 220 94 17 86 91 517 21 1 6 21 3 2 1 15 17 85 15 486 21 1 3 10 2 - 79 1 76 31 3 11 3 1 112 27 174 249 5 146 265 3 13 28 14 520 11 13 30 67 12 219 333 105 104 1 228 3,101 965 759 206 2,136 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 85 TABLE CM-IV-3.--Total Liabilities by Type and Country, Mar. 31, 1998, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial liabilities Country Total liabilities (1) Total (2) Payable in dollars (3) Payable in foreign currencies (4) Commecial liabilities (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 1,196 892 863 302 140 174 9,141 1,019 84 444 59 271 1,422 10 345 3,340 19,702 62 33 32 7 7 13 4,767 13 4 5 1 50 30 5,024 48 1 23 2 6 13 1,814 2 4 2 48 28 1,991 14 32 9 5 1 2,953 11 3 1 2 2 3,033 1,134 859 831 295 133 161 4,374 1,006 80 439 59 270 1,372 10 345 3,310 14,678 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 54 14 2 56 220 520 866 3 20 10 33 2 10 12 1 20 21 51 14 2 56 200 510 833 Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . 869 932 1,801 75 601 676 21 4 25 54 597 651 794 331 1,125 Total foreign countries. . . . . . 55,249 25,172 12,135 13,037 30,077 11 - - - - 11 - 11 - - - 11 55,260 25,172 12,135 13,037 30,088 International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 86 CAPITAL MOVEMENTS TABLE CM-IV-4.--Total Claims by Country [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year 1997 1998 Country 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . U.S.S.R. 1. . . . . . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 88 318 32 48 103 171 2,773 1,544 149 6 416 883 925 132 116 191 5 459 460 962 246 5,962 228 55 132 16,404 123 299 37 52 81 173 2,681 1,567 136 72 315 812 740 242 122 217 17 484 352 1,080 216 7,205 254 39 160 17,476 114 424 29 53 107 185 2,633 1,506 193 50 290 1,029 969 169 78 64 16 537 288 1,018 256 6,959 300 13 153 17,433 159 411 19 34 101 173 2,338 1,613 148 17 274 1,039 1,055 251 108 92 14 645 372 1,116 222 9,065 239 6 214 19,725 118 483 17 27 87 122 2,274 1,688 113 11 282 1,031 1,149 281 109 45 7 603 376 988 237 12,463 221 14 193 22,939 90 530 16 32 72 135 2,057 1,510 89 59 267 979 1,132 303 111 60 10 601 345 836 210 12,650 215 8 190 22,507 74 691 19 95 105 179 2,754 1,747 345 57 297 1,021 1,337 319 119 76 7 665 640 829 381 14,158 157 6 270 26,348 126 734 32 42 155 211 2,811 2,041 386 62 277 1,466 1,274 303 124 78 7 623 504 988 379 15,946 221 11 267 29,068 84 610 17 56 75 180 2,841 2,061 547 64 376 1,044 1,445 269 113 71 13 625 521 876 530 15,947 236 10 343 28,954 Canada . . . . . . . . . . . . . . . . . . . . . . 3,813 5,569 4,802 5,610 7,298 8,886 6,928 5,973 7,724 299 1,347 307 1,114 12,770 221 120 2 81 32 27 1,862 37 90 148 26 8 454 347 2,433 261 1,132 15,311 229 396 1 112 46 42 1,966 65 102 175 27 25 383 396 1,995 353 1,728 10,472 248 413 1 123 48 41 1,547 32 156 221 36 32 317 617 1,487 415 2,771 15,372 374 422 5 107 98 40 1,585 114 109 201 25 42 388 621 1,934 316 2,620 15,303 353 320 5 108 84 73 1,619 35 102 177 30 41 352 633 2,093 385 2,753 13,651 313 392 1 126 100 61 1,637 141 123 215 26 47 472 719 2,464 318 2,602 13,055 303 387 1 113 88 47 1,727 110 118 147 32 44 433 688 2,486 352 2,475 10,420 327 424 101 93 52 1,929 153 145 147 20 49 612 773 1,329 304 2,821 13,639 330 440 114 119 55 2,269 138 132 148 40 138 488 553 600 705 681 716 797 1,496 820 818 19,498 23,653 18,864 24,853 24,809 23,966 24,204 21,293 24,095 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 87 TABLE CM-IV-4.--Total Claims by Country, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Calendar year Country Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1997 1998 1993 1994 1995 1996 Mar. r June r Sept. r Dec. Mar. p 378 411 298 147 354 218 3,167 549 65 477 32 111 390 5 174 707 188 7,671 526 512 442 202 423 195 3,608 650 58 457 40 151 427 6 183 849 124 8,853 696 532 454 323 367 267 2,741 933 48 496 42 123 573 12 199 977 108 8,891 992 511 669 402 665 323 3,038 822 41 560 99 245 781 7 288 993 161 10,597 1,099 610 572 336 563 312 2,896 773 51 566 96 202 719 24 387 1,090 120 10,416 1,115 724 546 423 599 309 2,845 767 38 551 66 200 648 4 400 1,034 125 10,394 1,148 700 561 447 549 309 3,047 725 34 568 32 171 787 15 334 1,002 162 10,591 1,076 814 562 439 704 347 2,799 988 37 547 44 144 779 11 280 1,118 157 10,846 880 849 446 460 689 357 2,503 916 48 472 40 144 647 3 200 996 158 9,808 137 7 19 45 108 18 73 185 592 261 7 9 53 142 30 67 258 827 160 16 13 57 321 11 92 260 930 155 15 29 27 277 13 180 224 920 140 18 36 37 289 9 114 257 900 144 27 32 27 289 5 96 177 797 152 43 9 24 271 5 223 211 938 286 9 8 28 322 3 134 209 999 307 6 7 21 253 2 139 204 939 945 208 1,218 269 1,310 270 1,536 265 1,392 278 1,449 257 1,384 286 1,485 390 1,497 456 1,153 1,487 1,580 1,801 1,670 1,706 1,670 1,875 1,953 49,131 57,865 52,500 63,506 68,032 68,256 70,679 70,054 73,473 28 - 19 4 - 8 1 - 60 58 2 13 3 - 2 38 1 26 3 - 5 5 - 3 23 3 51 1 - 18 5 - - 28 23 9 136 70 10 81 23 - 49,159 57,888 52,509 63,642 68,102 68,266 70,760 70,077 73,473 1 3 2 4 Beginning with series for December 1992 forward, data are for Russia only. Data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 88 CAPITAL MOVEMENTS TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1998, Preliminary [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 84 610 17 56 75 180 2,841 2,061 547 64 376 1,044 1,445 269 113 71 13 236 625 521 876 530 15,947 10 343 28,954 15 378 9 8 11 8 902 391 429 51 163 217 911 60 54 8 45 124 291 401 360 11,113 60 16,009 359 9 8 5 1 880 352 429 46 158 170 650 45 40 37 92 221 382 151 8,077 57 12,169 15 19 6 7 22 39 5 5 47 261 15 14 8 8 32 70 19 209 3,036 3 3,840 69 232 8 48 64 172 1,939 1,670 118 13 213 827 534 209 59 63 13 191 501 230 475 170 4,834 10 283 12,945 Canada . . . . . . . . . . . . . . . . . . . . . . 7,724 4,688 4,365 323 3,036 773 1,329 304 2,821 13,639 330 440 114 119 55 2,269 138 132 148 40 138 488 265 1,316 66 1,408 13,551 8 104 12 26 4 967 122 34 7 4 5 47 238 1,300 66 514 13,445 5 33 11 20 3 905 122 30 4 28 27 16 894 106 3 71 1 6 1 62 4 3 4 5 19 508 13 238 1,413 88 322 336 102 93 51 1,302 16 98 141 36 133 441 818 261 246 15 557 24,095 18,207 16,970 1,237 5,888 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. CAPITAL MOVEMENTS 89 TABLE CM-IV-5.--Total Claims by Type and Country, Mar. 31, 1998, Preliminary, con. [Position at end of period in millions of dollars. Source: Office of International Financial Analysis] Financial claims Country Total claims (1) Total (2) Denominated in dollars (3) Denominated in foreign currencies (4) Commercial claims (5) Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 880 849 446 460 689 357 2,503 916 48 472 40 144 647 3 200 1,154 9,808 213 79 55 75 340 18 791 215 277 4 3 42 12 50 2,174 206 72 45 70 321 16 278 213 275 4 3 40 11 46 1,600 7 7 10 5 19 2 513 2 2 2 1 4 574 667 770 391 385 349 339 1,712 701 48 195 36 141 605 3 188 1,104 7,634 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 307 6 7 21 253 2 343 939 169 2 5 104 45 325 168 2 5 103 40 318 1 1 5 7 138 6 5 16 149 2 298 614 1,497 456 525 195 519 195 6 - 972 261 1,953 720 714 6 1,233 73,473 42,123 36,136 5,987 31,350 - - - - - Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 - - - - - 73,473 42,123 36,136 5,987 31,350 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 90 CAPITAL MOVEMENTS CHART CM-C.--Net Purchases of Long-Term Domestic Securities by Foreigners, Selected Countries (In billions of dollars) (Note: To facilitate comparison of net purchases during 1998 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars. Source: Office of International Financial Analysis] Country 1995 1996 United Kingdom. . . . . . . . . . . . . . . . . . . . . . . . . . 100,411 130,645 174,851 77,194 32,170 All other Europe. . . . . . . . . . . . . . . . . . . . . . . . . . 24,795 71,073 100,868 66,596 34,337 Caribbean banking centers 1 . . . . . . . . . . . . . . . . 48,344 41,081 25,000 33,042 26,153 Japan. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16,504 55,167 34,503 720 9,139 All other Asia . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,657 59,327 26,657 5,681 97 215,711 357,293 361,879 183,233 101,896 16,226 12,925 22,509 8,420 -1,154 231,937 370,218 384,388 191,653 100,742 Subtotal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . All other countries . . . . . . . . . . . . . . . . . . . . . . . . Grand total . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 Includes Bahamas, Bermuda, British West Indies, Netherlands Antilles, and Panama. 1997 Jan. - June 1998 Apr. - June 1998 CAPITAL MOVEMENTS 91 SECTION V.--U.S. International Transactions in Long-Term Securities TABLE CM-V-1.--U.S. Transactions with Foreigners in Long-Term Domestic Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Calendar year or month Marketable Treasury bonds and notes Net foreign purchases Foreign countries OffiInternaGross cial Other tional foreign instifor- and repurTotal tutions eigners gional chases (1) (2) (3) (4) (5) 1994. . . . . . . . . . . . . . . . . 78,801 1995. . . . . . . . . . . . . . . . . 134,115 1996. . . . . . . . . . . . . . . . . 232,241 1997 r . . . . . . . . . . . . . . . 184,171 1998 - Jan. - June p . . . . 40,411 1997 - June r . . . . . . . . . . July r. . . . . . . . . . . Aug. r . . . . . . . . . . Sept. r. . . . . . . . . . Oct. r. . . . . . . . . . . Nov. . . . . . . . . . . . Dec. . . . . . . . . . . . 1998 - Jan.. . . . . . . . . . . . Feb. . . . . . . . . . . . Mar. . . . . . . . . . . . Apr.. . . . . . . . . . . . May p . . . . . . . . . . June p. . . . . . . . . . 41,822 39,631 85,807 43,959 4,761 36,815 164 94,045 439 148,276 -1,842 139,729 483 34,910 740 2,711,142 2,981,158 3,682,940 4,865,145 2,449,850 22,497 9,926 11,635 936 2,995 -2,107 4,815 287 24,482 8,541 16,125 -184 15,500 3,397 11,695 408 17,182 -12,542 29,941 -217 15,909 1,831 13,658 420 -9,398 -367 -7,421 -1,610 5,512 -1,189 6,179 522 9,957 1,242 8,849 -134 -4,091 6,133 -11,420 1,196 6,078 1,162 5,607 -691 21,267 898 20,218 151 1,688 -3,485 5,477 -304 442,216 385,918 450,374 397,027 506,334 352,968 320,492 415,329 375,387 426,164 374,056 402,470 456,444 Gross foreign sales (6) 2,632,341 2,847,043 3,450,699 4,680,974 2,409,439 U.S. Government corpoCorporate and other securities rations and federally Stocks sponsored agencies Bonds 1 Net Gross Net Gross Net Gross foreign foreign Gross foreign foreign Gross foreign foreign Gross purpur- foreign purpurforeign purpur- foreign chases chases sales chases chases sales chases chases sales (7) (8) (9) (10) (11) (12) (13) (14) (15) 21,680 28,729 41,723 49,853 40,637 159,270 125,453 141,121 259,296 208,178 137,590 96,724 99,398 209,443 167,541 37,992 57,853 83,743 84,306 66,673 130,067 168,080 252,832 350,822 201,924 92,075 110,227 169,089 266,516 135,251 1,877 11,240 12,511 66,058 43,932 350,593 462,950 590,714 961,423 681,663 348,716 451,710 578,203 895,365 637,731 419,719 1,856 18,700 16,844 10,011 382,923 5,814 27,542 21,728 10,659 425,892 7,683 30,814 23,131 6,434 381,527 1,772 22,110 20,338 7,404 489,152 7,875 26,126 18,251 5,879 337,059 -558 28,563 29,121 3,987 329,890 2,837 25,702 22,865 6,153 409,817 4,685 29,844 25,159 8,469 365,430 8,430 35,871 27,441 8,997 430,255 10,263 35,183 24,920 9,608 367,978 6,944 36,971 30,027 16,782 381,203 3,691 31,718 28,027 8,765 454,756 6,624 38,591 31,967 14,052 37,181 34,717 31,377 28,177 31,815 23,659 26,462 27,704 31,547 34,896 38,984 33,322 35,471 27,170 24,058 24,943 20,773 25,936 19,672 20,309 19,235 22,550 25,288 22,202 24,557 21,419 10,089 10,322 8,089 5,193 1,028 4,897 5,358 6,294 10,016 12,771 4,257 8,332 2,262 81,898 84,700 84,388 80,049 106,448 84,730 90,699 89,801 99,011 124,729 120,906 117,877 129,339 71,809 74,378 76,299 74,856 105,420 79,833 85,341 83,507 88,995 111,958 116,649 109,545 127,077 1 Data include transactions in directly placed issues abroad by U.S. corporations and issues of States and municipalities. TABLE CM-V-2.--U.S. Transactions with Foreigners in Long-Term Foreign Securities by Type [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Net foreign purchases of foreign securities from U.S. (1) Net foreign purchases from U.S. (2) Foreign bonds Gross foreign purchases from U.S. (3) Gross foreign sales to U.S. (4) Net foreign purchases from U.S. (5) Foreign stocks Gross foreign purchases from U.S. (6) Gross foreign sales to U.S. (7) 1994 . . . . . . . . . . . . . . . . . . . . . . . . 1995 . . . . . . . . . . . . . . . . . . . . . . . . 1996 . . . . . . . . . . . . . . . . . . . . . . . . 1997 r . . . . . . . . . . . . . . . . . . . . . . . 1998 - Jan. - June p . . . . . . . . . . . . -57,295 -98,696 -110,637 -86,848 -29,473 -9,224 -48,405 -51,369 -45,917 -25,715 848,368 889,541 1,114,035 1,490,498 704,146 857,592 937,946 1,165,404 1,536,415 729,861 -48,071 -50,291 -59,268 -40,931 -3,758 386,106 345,540 450,365 755,842 463,368 434,177 395,831 509,633 796,773 467,126 1997 - June r . . . . . . . . . . . . . . . . . . July r. . . . . . . . . . . . . . . . . . . Aug. r . . . . . . . . . . . . . . . . . . Sept. r. . . . . . . . . . . . . . . . . . Oct. r. . . . . . . . . . . . . . . . . . . Nov. r . . . . . . . . . . . . . . . . . . Dec. r . . . . . . . . . . . . . . . . . . 1998 - Jan. r . . . . . . . . . . . . . . . . . . Feb. . . . . . . . . . . . . . . . . . . . Mar. . . . . . . . . . . . . . . . . . . . Apr.. . . . . . . . . . . . . . . . . . . . May p . . . . . . . . . . . . . . . . . . June p . . . . . . . . . . . . . . . . . -19,179 -19,072 -13,142 -6,385 -3,427 -2,440 -1,664 -3,456 -3,896 1,154 -9,846 -5,022 -8,407 -13,335 -11,131 -5,206 -7,847 -581 -4,167 -3,099 -3,539 -2,691 2,797 -9,629 -1,673 -10,980 119,541 135,753 125,056 123,228 166,047 113,491 117,165 97,927 102,429 132,740 117,121 107,888 146,041 132,876 146,884 130,262 131,075 166,628 117,658 120,264 101,466 105,120 129,943 126,750 109,561 157,021 -5,844 -7,941 -7,936 1,462 -2,846 1,727 1,435 83 -1,205 -1,643 -217 -3,349 2,573 67,491 70,859 63,677 66,822 81,040 73,510 70,435 63,573 68,782 81,297 80,591 80,811 88,314 73,335 78,800 71,613 65,360 83,886 71,783 69,000 63,490 69,987 82,940 80,808 84,160 85,741 Calendar year or month 92 CAPITAL MOVEMENTS TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1998 Corporate bonds 1998 Corporate stocks 1998 1998 Country Calendar year 1997 r Jan. through June Apr. through June p Calendar year 1997 r Jan. through June Apr. through June p Calendar year 1997 r Jan. through June Apr. through June p Calendar year 1997 r Jan. through June Apr. through June p Europe: Austria . . . . . . . . . . . . . . . . . . . . . Belgium-Luxembourg. . . . . . . . . . Bulgaria . . . . . . . . . . . . . . . . . . . . Czech Republic . . . . . . . . . . . . . . Denmark . . . . . . . . . . . . . . . . . . . Finland . . . . . . . . . . . . . . . . . . . . . France . . . . . . . . . . . . . . . . . . . . . Germany . . . . . . . . . . . . . . . . . . . Greece . . . . . . . . . . . . . . . . . . . . . Hungary . . . . . . . . . . . . . . . . . . . . Ireland . . . . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . . . . Netherlands . . . . . . . . . . . . . . . . . Norway. . . . . . . . . . . . . . . . . . . . . Poland . . . . . . . . . . . . . . . . . . . . . Portugal . . . . . . . . . . . . . . . . . . . . Romania. . . . . . . . . . . . . . . . . . . . Russia 1 . . . . . . . . . . . . . . . . . . . . Spain . . . . . . . . . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . . . Turkey . . . . . . . . . . . . . . . . . . . . . United Kingdom . . . . . . . . . . . . . . Yugoslavia 2 . . . . . . . . . . . . . . . . . Other Europe . . . . . . . . . . . . . . . . Total Europe . . . . . . . . . . . . . . . 1,175 3,427 -8 77 647 457 -2,082 22,471 -637 -968 1,229 2,300 1,746 259 488 2,754 -54 -1,265 10,351 -465 6,028 -71 98,253 25 -1,216 144,921 -147 758 37 67 127 -481 3,028 -245 363 -1,345 906 5,637 -920 -167 654 493 105 387 953 369 2,866 3,043 15,688 12 32,188 262 -502 27 16 -217 -171 1,750 -2,153 87 -460 -71 3,426 1,202 52 -10 -153 87 123 2,084 317 -1,413 2,197 1,639 -87 8,032 345 835 2 189 40 142 497 17 -59 588 123 2,194 6 -13 59 -11 -1 903 -18 390 -1 9,644 8 387 16,266 -31 289 94 119 87 519 15 215 1,187 -37 828 -53 -2 16 733 -6 1,932 3 12,368 3 18,279 -33 41 55 60 -43 126 4 159 943 -78 909 30 1 5 357 -3 565 2 5,887 56 9,043 263 1,380 4 23 132 -44 3,158 2,245 24 6 1,128 4 1,382 418 -120 583 7 227 -52 -203 21 44,490 289 55,365 116 2,522 -5 44 30 -2 1,669 2,334 41 898 -267 698 -273 -28 48 3 -24 68 1,422 -190 34,248 201 43,553 91 1,142 20 24 12 726 1,770 39 420 -46 487 -290 -15 33 1 48 53 1,405 -27 20,530 19 26,442 480 4,562 1 429 48 3,135 9,059 249 -2 750 2,830 3,831 523 12 -238 -6 325 577 2,081 7,848 11 22,464 12 186 59,167 334 4,741 5 8 648 69 3,836 6,248 16 -8 616 4,957 2,865 516 -6 59 4 4 639 394 8,470 -20 14,890 26 459 49,770 155 2,339 -6 367 45 1,849 4,307 73 -5 173 2,672 1,555 321 -3 26 1 -9 228 -104 4,699 -8 4,114 -1 202 22,990 Canada . . . . . . . . . . . . . . . . . . . . . . -811 916 1,168 433 -66 -98 5,831 3,587 1,696 -1,414 -2,199 -2,050 215 -355 -6,376 -2,589 4,312 1,331 958 32 -1 -13 979 -2,660 103 304 19 175 655 -590 1,715 1,241 1,965 2,764 -102 -268 104 -22 -57 222 -2,785 -5 212 17 -138 341 -461 290 1,611 -567 2,874 -583 -179 115 -43 -536 11,716 -28 175 12 -241 368 154 714 7,658 2,388 3,791 34 121 59 8 -14 840 84 160 1 65 56 918 176 2,300 3,405 197 5,726 34 54 71 3 63 517 -114 87 62 69 17 475 182 2,072 -942 167 3,337 23 30 5 4 15 109 -117 -36 42 50 3 165 444 2,291 4,984 -190 5,148 239 19 98 9 43 705 1,974 -436 41 136 217 56 2,923 5,981 -646 6,026 6 54 -5 6 -33 638 514 185 12 17 32 254 14 1,982 3,012 -23 3,492 -7 2 7 2 5 71 437 92 1 9 26 227 386 678 -1,983 88 4,488 -20 175 -1 25 12 1 374 -269 694 11 15 246 303 259 410 -569 116 4,293 -93 29 2 11 6 225 -1,239 184 3 1 33 105 134 17 -1,087 35 1,801 3 14 5 11 4 117 -4,444 74 5 1 -1 45 Latin America and Caribbean: Argentina . . . . . . . . . . . . . . . . . . . Bahamas . . . . . . . . . . . . . . . . . . . Bermuda. . . . . . . . . . . . . . . . . . . . Brazil . . . . . . . . . . . . . . . . . . . . . . British West Indies . . . . . . . . . . . . Chile. . . . . . . . . . . . . . . . . . . . . . . Colombia . . . . . . . . . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . . . . . . . . . Guatemala . . . . . . . . . . . . . . . . . . Jamaica . . . . . . . . . . . . . . . . . . . . Mexico . . . . . . . . . . . . . . . . . . . . . Netherlands Antilles . . . . . . . . . . . Panama . . . . . . . . . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . . . . . . . . . Trinidad and Tobago . . . . . . . . . . Uruguay . . . . . . . . . . . . . . . . . . . . Venezuela . . . . . . . . . . . . . . . . . . Other Latin America and Caribbean . . . . . . . . . . . . . Total Latin America and Caribbean. . . . . . . . . . . . See footnotes at end of table. 357 152 122 1,067 1,341 624 908 511 246 -17 -61 42 -2,554 4,766 14,645 18,104 14,483 5,733 16,630 16,531 9,595 5,206 3,715 -3,224 CAPITAL MOVEMENTS 93 TABLE CM-V-3.--Net Foreign Transactions in Long-Term Domestic Securities by Type and Country, con. [In millions of dollars; negative figures indicate net sales by foreigners to U.S. residents or a net outflow of capital from the United States. Source: Office of International Financial Analysis] Marketable Treasury bonds and notes U.S. Government corporations and Federal agency bonds 1998 Corporate bonds 1998 Corporate stocks 1998 1998 Calendar year 1997 r Jan. through June Apr. through June p Calendar year 1997 r Jan. through June Apr. through June p Calendar year 1997 r Jan. through June Apr. through June p Calendar year 1997 r Jan. through June Apr. through June p Asia: China: Mainland . . . . . . . . . . . . . . . . . . Taiwan . . . . . . . . . . . . . . . . . . . Hong Kong . . . . . . . . . . . . . . . . . . India . . . . . . . . . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . . . . . . . . . Israel . . . . . . . . . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . . . . . . . . . Malaysia. . . . . . . . . . . . . . . . . . . . Pakistan . . . . . . . . . . . . . . . . . . . . Philippines . . . . . . . . . . . . . . . . . . Singapore. . . . . . . . . . . . . . . . . . . Syria. . . . . . . . . . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 3. . . . . . . . Other Asia . . . . . . . . . . . . . . . . . . Total Asia . . . . . . . . . . . . . . . . . 8,158 1,537 12,253 510 2 3,125 20,360 -5,119 -2 -2,559 -7 -561 -3,713 -1,904 7,636 -149 39,567 -654 -1,963 5,118 192 327 126 -447 6,642 -1 -1,437 3 -123 -263 -1,690 -1,494 45 4,381 -684 -1,455 2,946 -195 644 -75 5,441 5,140 -1 -763 3 -328 -626 -946 -817 -16 8,268 1,708 -705 3,832 -64 612 7,718 -2,158 -1 -289 1 302 1,511 -1 2,042 -64 14,444 -434 -389 1,232 1 -1 195 3,727 868 26 97 537 1,278 128 7,265 -2,262 -265 437 71 3,329 760 -1 17 69 179 37 2,371 70 -134 1,758 -35 2 175 1,639 -191 10 9 49 1,176 15 113 51 4,707 -8 -3 246 -2 2 294 834 -9 16 -16 6 -125 1 482 94 1,812 19 -28 182 11 146 562 -4 35 -11 8 103 161 23 1,207 62 429 -209 -33 20 -539 4,786 -5 78 -170 18 2 -2,302 18 -9 368 -72 2,442 -3 116 -465 -8 -20 -102 -3,394 -47 17 -145 9 21 -2,807 11 -11 -223 -6 -7,057 -2 69 -108 -15 2 120 -193 4 48 9 10 33 -3,005 9 -8 386 31 -2,610 Africa: Egypt . . . . . . . . . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . . . . . . . . . Morocco . . . . . . . . . . . . . . . . . . . . South Africa . . . . . . . . . . . . . . . . . Zaire. . . . . . . . . . . . . . . . . . . . . . . Oil-exporting countries 4. . . . . . . . Other Africa . . . . . . . . . . . . . . . . . Total Africa . . . . . . . . . . . . . . . . 1,090 122 93 -12 231 1,524 249 133 3 -9 1 50 427 55 56 1 -10 38 140 384 226 29 8 21 668 14 66 36 -1 6 121 -1 35 -1 8 41 37 120 134 9 37 337 17 48 -13 -9 3 35 81 6 35 -3 1 16 55 65 2 -99 9 355 12 37 91 472 6 -25 5 635 1 33 84 739 2 -4 6 559 30 16 609 1,054 -13 -3,001 -6 -2,385 9 -157 31 447 -207 278 -249 582 355 260 637 111 346 251 91 -876 -48 -708 -90 1,041 -3,007 -2,376 -126 240 29 937 897 457 342 -924 -798 183,688 39,671 29,877 49,789 40,322 17,119 83,807 66,461 39,452 66,215 44,044 14,917 621 -139 170 -277 93 15 317 -108 8 38 89 396 -805 -106 -5 47 14 11 27 6 -1 -20 52 - 131 -20 25 10 169 - 134 -70 76 - 59 -69 519 5 -15 - 147 65 - 118 29 - 31 -199 10 -1 2 -47 -71 6 - 3 -72 3 - Country Other countries: Australia . . . . . . . . . . . . . . . . . . . . All other . . . . . . . . . . . . . . . . . . . . Total other countries . . . . . . . . . . . . . . . . Total foreign countries. . . . . . . . . . . . . . . International and regional orgs.: International . . . . . . . . . . . . . . . . . European regional . . . . . . . . . . . . Latin American regional . . . . . . . . Asian regional . . . . . . . . . . . . . . . African regional . . . . . . . . . . . . . . Middle Eastern regional . . . . . . . . Total international and regional. . . . . . . . . . . . . . Grand total. . . . . . . . . . . . . . . 1 483 740 -844 64 315 140 499 212 147 -157 -112 -66 184,171 40,411 29,033 49,853 40,637 17,259 84,306 66,673 39,599 66,058 43,932 14,851 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 3 Includes Bahrain, Iran, Iraq, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates (Trucial States). Includes Algeria, Gabon, Libya, and Nigeria. 4 94 CAPITAL MOVEMENTS TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 1998, Preliminary [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Total sales (8) Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign bonds sponsored and other securities & notes agencies Bonds Stocks Bonds Stocks (9) (10) (11) (12) (13) (14) Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czech Republic . . . . . . Denmark . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . 4,358 2,902 22,119 5,759 144 131 992 862 3,411 534 1,520 613 72,075 40,101 49,337 13,986 1,506 654 1,930 907 40,858 19,011 21,407 9,145 29,718 8,391 3,384 1,410 2,178 1,693 4,843 3,695 103 95 2,397 1,101 20,264 15,692 8,877 3,592 43,959 9,174 4,797 3,772 1,071,156 633,197 27 5,175 2,767 1,416,535 779,184 31 823 583 98 35 826 10 937 3,312 397 3,086 129 13 89 412 7 668 7 19,257 64 30,784 Canada . . . . . . . . . . . . . . 173,463 87,742 1,157 3,820 19,398 44,976 16,370 173,573 86,574 1,255 2,124 21,448 46,066 16,106 2,121 15,573 1,573 56,272 3,725 135,211 6,137 31,753 7,302 144,560 414 3,248 22 1,881 7 520 22 135 5 21 2,833 10,577 12,167 80,076 218 3,118 114 292 1 52 311 2,168 205 2,459 754 23,553 21,494 7,071 45,898 1,388 1,129 227 75 1 4,463 27,145 1,481 391 1,251 71 4,279 20,030 841 24,308 11 14 35 5 32 479 155 34 37 66 256 7,564 4,477 162 8,901 42 57 5 4 269 397 149 12 3 25 116 437 6,524 55,724 322 39,064 373 91 30 45 12 733 29,330 816 33 15 245 377 12,326 12,214 29,259 16,385 17,781 1,052 577 222 6 1 2,767 4,614 349 107 1,253 446 1,729 2,138 4,227 6,972 8,608 382 13 1 5 2 2,313 18,111 168 140 217 203 375 292 213 453 930 1,501 38,880 491,680 136,696 50,689 22,652 134,624 100,289 46,730 Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean . . . . . Total Latin America and Caribbean. . . . See footnotes at end of table. 114 775 134 402 3,723 2,640 2,980 8,188 2,054 2,315 19,409 6,261 2 5 6 127 104 20 7 28 75 923 846 56 730 829 679 3,404 751 51 77 123 558 1,824 784 1,907 15,514 6,945 7,573 66,175 38,351 3,035 16,391 4,006 11,093 47,617 16,139 53 363 84 342 1,664 567 20 8 1 57 2,299 1,367 966 2,671 13,091 1,807 40,743 19,082 202 7,759 812 3,092 15,708 5,719 794 7,012 3,779 6,656 24,973 7,189 129 863 139 714 3,194 1,358 8 422 42 2,290 1,703 45 107 61 846 4,577 3,848 2 3 3 12 8 2 61 965 268 2,602 978 187 1,109 659 2,205 19,821 13,608 94 2,441 534 2,209 9,167 3,275 2,215 22,835 2,158 6,909 36,910 10,587 19 46 72 881 2,095 1,575 53,359 85,548 173,955 105,840 1,045,964 631,558 18 9 20 42 1,330 413 559 5,114 2,854 66,290 173,865 211,272 155,140 1,360,355 771,152 15,117 61,423 138,641 30,323 153,332 1,889 1,298 631 154 47 9,506 81,343 3,365 486 130 1,992 3,329 293 23,843 23,105 6,504 48,772 805 950 342 32 1 3,927 38,861 1,453 175 12 150 1,619 253 6,351 19,088 1,008 27,645 34 44 40 4 20 141 362 119 42 84 40 231 270 9,546 7,489 139 12,393 35 59 12 6 5 340 834 241 13 12 51 343 571 6,541 54,637 357 40,865 376 105 35 56 16 850 24,886 890 38 16 244 422 11,609 13,569 30,597 16,178 16,355 225 118 195 34 1,415 4,233 444 104 5 1,196 509 4,986 497 916 459 495 916 507,992 151,341 56,422 32,247 131,400 97,702 1,703 3,764 64 782 528 38 78 700 6 778 2,369 475 2,177 99 12 84 55 10 103 5 13,370 8 21,741 23 620 153 223 1,838 5,849 1,176 3,503 2 17 4 13 41 23 32 363 1,167 563 39 32 140 791 1,181 13,665 6,761 6,139 1,265 12,084 5,185 12,244 14 290 169 618 20 13 6 115 546 2,498 14,095 2,153 248 5,087 789 3,390 307 5,457 4,239 5,604 419 542 151 625 15 11 436 113 12 81 66 486 1 3 1 70 1,150 403 139 881 2,180 2,958 41 2,545 790 2,506 810 18,136 1,481 5,793 46 54 133 282 32,829 81,434 186,825 99,948 19 1 23 1,128 380 721 39,848 150,875 227,530 149,209 CAPITAL MOVEMENTS 95 TABLE CM-V-4.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Second Quarter 1998, Preliminary, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . Other countries: Australia . . . . . . . . . . . . All other . . . . . . . . . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional orgs.: International . . . . . . . . . European regional . . . . Latin American regional Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . 1 Gross purchases by foreigners from U.S. residents Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) 9,412 6,962 4,323 2,383 38,177 23,245 1,017 568 1,103 911 6,435 4,570 175,384 120,107 7,581 5,714 205 1 679 112 143 4 1,376 973 30,920 16,645 33 2,726 2,607 21,547 11,325 301,061 196,127 1,710 294 1,764 188 10,959 782 12 17 415 1,319 17,460 252 24 365 11 169 1,694 11 1 43 16 889 713 4,188 116 750 2,415 204 58 730 17,977 42 161 57 75 144 7,639 20 33 7,407 37,828 288 392 3,037 19 13 108 3,747 637 8 6 75 2,538 1 388 11,257 84 480 7,351 215 121 670 20,900 395 34 455 58 151 2,794 13 85 395 34,201 Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign Total bonds sponsored and other securities sales & notes agencies Bonds Stocks Bonds Stocks (8) (9) (10) (11) (12) (13) (14) 12,111 7,646 5,958 3,838 35,936 20,299 1,149 763 458 267 6,049 4,645 162,206 114,666 5,547 574 152 2 1,299 875 132 1 2,392 1,301 33,368 17,271 25 3,791 3,553 21,478 12,158 292,051 187,859 3,972 559 1,327 117 7,630 22 13 346 1,103 15,089 233 52 183 23 1,132 15 1 8 11 8 786 529 2,981 118 681 2,523 219 56 610 18,170 38 113 48 65 111 10,644 11 41 6,990 40,438 80 156 3,104 12 4 237 2,828 4,053 6 1 804 1,493 8 321 13,107 62 672 8,500 155 131 417 17,780 845 30 355 54 168 2,828 14 189 377 32,577 753 19 578 13 1,131 9 728 3,231 569 116 2 44 109 840 22 5 35 14 76 20 134 29 23 206 96 1 242 9 669 5 283 1,305 1 50 1 84 1 83 220 45 18 31 1 270 3 216 584 692 2 655 10 893 7 564 2,823 514 60 1 54 71 700 23 5 7 35 14 99 32 6 151 94 1 246 3 110 5 237 696 2 218 163 36 419 45 1 27 6 534 2 207 822 21,761 5,700 12,012 260 674 286 275 554 2,222 1,387 3,068 2,260 3,510 953 25,710 5,639 14,397 251 396 535 164 208 2,930 1,477 3,656 2,130 4,167 1,038 27,461 12,272 960 829 3,609 5,328 4,463 31,349 14,648 931 372 4,407 5,786 5,205 2,429,743 1,227,506 106,859 107,580 367,405 370,755 249,638 2,351,831 1,197,629 89,740 6,087 106 723 120 110 5,120 106 105 93 14 318 7 96 119 78 - 204 507 6 - 256 26 13 - 70 8 - 6,463 224 844 51 20 5,925 212 110 46 - 184 77 20 68,128 352,488 393,197 250,649 1 49 - 201 579 3 - 92 12 29 2 - 60 - 26 26 - - - - - 15 15 - - - - - 7,172 5,464 421 197 717 295 78 7,617 6,308 281 50 783 135 60 2,436,915 1,232,970 107,280 107,777 368,122 371,050 249,716 2,359,448 1,203,937 90,021 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 68,178 353,271 393,332 250,709 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 96 CAPITAL MOVEMENTS TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1997 [In millions of dollars. Source: Office of International Financial Analysis] Country Europe: Austria . . . . . . . . . . . . . Belgium-Luxembourg. . Bulgaria . . . . . . . . . . . . Czech Republic . . . . . . Denmark . . . . . . . . . . . Finland . . . . . . . . . . . . . France . . . . . . . . . . . . . Germany . . . . . . . . . . . Greece . . . . . . . . . . . . . Hungary . . . . . . . . . . . . Ireland . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . Netherlands . . . . . . . . . Norway. . . . . . . . . . . . . Poland . . . . . . . . . . . . . Portugal . . . . . . . . . . . . Romania. . . . . . . . . . . . Russia 1 . . . . . . . . . . . . Spain . . . . . . . . . . . . . . Sweden . . . . . . . . . . . . Switzerland. . . . . . . . . . Turkey . . . . . . . . . . . . . United Kingdom . . . . . . Yugoslavia 2 . . . . . . . . . Other Europe . . . . . . . . Total Europe . . . . . . . Canada . . . . . . . . . . . . . . Latin America and Caribbean: Argentina . . . . . . . . . . . Bahamas . . . . . . . . . . . Bermuda. . . . . . . . . . . . Brazil . . . . . . . . . . . . . . British West Indies . . . . Chile. . . . . . . . . . . . . . . Colombia . . . . . . . . . . . Cuba. . . . . . . . . . . . . . . Ecuador . . . . . . . . . . . . Guatemala . . . . . . . . . . Jamaica . . . . . . . . . . . . Mexico . . . . . . . . . . . . . Netherlands Antilles . . . Panama . . . . . . . . . . . . Peru . . . . . . . . . . . . . . . Trinidad and Tobago . . Uruguay . . . . . . . . . . . . Venezuela . . . . . . . . . . Other Latin America and Caribbean . . . . . Total Latin America and Caribbean. . . . See footnotes at end of table. Gross purchases by foreigners from U.S. residents Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) 24,043 18,819 84,621 40,390 477 57 4,115 3,880 13,752 6,560 11,621 8,456 191,532 116,573 196,673 119,990 3,821 1,274 3,018 2,640 49,944 29,583 52,602 21,135 85,470 28,372 12,787 7,296 8,348 7,427 13,993 11,476 11 44,332 39,885 61,044 43,886 29,120 11,046 122,847 28,285 7,738 6,435 3,979,943 2,465,170 204 25 31,995 26,200 5,034,051 3,044,860 389 404 2,589 997 845 22,116 2,403 7,206 22,260 6,360 6,002 71,768 2 11 5 382 20 508 47 44 85 59 4,017 2,174 379 1,710 922 2,007 13,142 151 98 171 1,070 1,675 12,023 458 7,023 28,375 19,543 19,560 192,710 2,054 6,422 31,105 11,678 25,424 160,129 60 94 1,246 497 650 4,325 231 11 27 36 73 4,360 1,193 3,828 4,186 5,789 5,365 46,228 501 1,194 15,155 7,799 6,818 45,261 5,593 2,660 22,020 9,529 17,296 76,059 74 595 1,843 921 2,058 11,992 16 189 27 434 255 8,780 72 652 296 527 970 11,166 2 9 91 4 21 486 2,944 992 45,546 993 666 3,511 3,619 8,369 47,534 31 154 7,214 1,550 9,125 26,616 895 5,593 63,732 6,921 17,421 107,952 61 272 284 686 7,973 44,817 194,892 245,400 756,301 273,363 3,833,267 8 24 32 115 302 449 416 2,944 514 1,472 32,365 62,568 232,616 454,644 838,734 400,629 4,786,230 662,243 308,369 5,626 80,861 124,657 408,955 119,687 450,690 8,868 6,721 3,400 341 320 43,020 227,562 10,786 1,600 240 11,604 11,009 2,905 34,017 96,146 19,782 192,023 2,795 5,504 1,735 62 3 10,070 92,021 1,026 312 20 1,226 4,236 560 3,774 84,244 3,340 38,568 50 165 83 10 139 958 1,123 1,106 1 95 186 1,069 1,752 1,406 11,660 1,521,981 Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Total bonds sponsored and other sales & notes agencies Bonds Stocks (8) (9) (10) (11) (12) 465,635 136,877 14,258 63,790 190,464 1,177 1,977 8,027 24,110 20,073 117,758 1,285 2,608 28,945 102,481 350 1,226 71 429 238 166 30 127 48 27 5,303 2,404 11,765 66,056 1,159 3,508 101 111 26 56 340 1,156 422 1,277 2,463 1,313 17,644 36,963 65 3,803 5,913 7,999 118,655 97,519 1,911 3,608 28,354 18,835 26,626 7,037 6,939 8,722 54 41,150 33,535 11,511 22,257 6,506 2,366,917 27,416 2,899,939 44 141 2,109 1,318 860 1,568 5,826 17,698 5,091 4,622 7 5 408 23 24 43 43 104 1,985 247 1,281 1,643 2,073 111 142 123 1,294 2,354 316 3,865 25,240 20,258 24,376 1,557 4,177 22,046 10,677 24,153 43 70 997 923 381 290 5 29 29 399 605 2,700 3,436 5,447 5,686 378 1,190 12,325 5,418 7,115 3,399 1,278 18,189 10,637 15,930 68 177 1,320 1,267 2,123 29 309 15 1,113 375 13 69 534 319 1,509 11 8 5 13 5 14 161 2,624 1,592 90 439 2,934 4,342 6,194 49 206 5,133 2,336 7,381 505 5,796 55,884 6,970 16,540 1 40 261 328 837 35,173 150,402 222,936 767,405 290,434 12 22 268 62 127 2,758 609 1,393 46,302 177,251 395,477 850,526 416,735 79,736 661,094 309,180 5,193 68,578 48,415 77,434 74,214 61,144 3,279 328 1,166 84 95 12,276 22,950 3,006 647 39 7,642 3,263 5,664 6,314 13,300 18,458 27,529 1,168 224 12 28 8 12,009 33,647 981 428 4 1,054 742 85,951 120,021 406,594 126,039 438,102 6,544 6,745 1 3,300 297 450 43,380 230,073 10,668 1,786 119 11,401 9,617 2,690 34,372 102,522 22,371 187,711 1,464 4,546 1,703 63 16 9,091 94,681 923 8 1 1,051 3,581 406 3,060 76,586 952 34,777 16 44 24 2 153 118 1,039 946 30 130 151 3,406 1,320 8,771 1,395 339 81,823 326,790 387,966 122,890 1,509,859 Foreign securities Bonds Stocks (13) (14) 468,189 118,773 8,427 65,204 191,864 733 1,591 5,736 23,432 15,089 119,741 1,475 2,520 23,797 97,993 111 1,246 52 254 1 140 141 21 115 5 26 4,598 2,030 9,791 66,325 1,595 2,814 60 100 26 41 204 910 205 974 1,555 1,330 81,226 74,369 47,449 78,463 77,967 66,752 2,346 1,353 1,288 75 241 15,654 23,173 3,566 1,003 14 8,182 3,630 6,162 5,972 14,193 20,754 27,072 1,361 496 4 21 9 11,889 35,064 824 615 7 924 1,076 3,344 808 65,193 321,584 408,869 127,251 CAPITAL MOVEMENTS 97 TABLE CM-V-5.--U.S. Transactions with Foreigners in Long-Term Domestic and Foreign Securities, by Type and Country, During Calendar Year 1997, con. [In millions of dollars. Source: Office of International Financial Analysis] Country Gross purchases by foreigners from U.S. residents Domestic securities Marketable Treasury Bonds of & Federal U.S. Gov’t. Financ- corp. and Total ing Bank federally Corporate Foreign purbonds sponsored and other securities chases & notes agencies Bonds Stocks Bonds Stocks (1) (2) (3) (4) (5) (6) (7) Asia: China: Mainland . . . . . . . . . . Taiwan . . . . . . . . . . . Hong Kong . . . . . . . . . . India . . . . . . . . . . . . . . . Indonesia . . . . . . . . . . . Israel . . . . . . . . . . . . . . Japan . . . . . . . . . . . . . . Korea . . . . . . . . . . . . . . Lebanon . . . . . . . . . . . . Malaysia. . . . . . . . . . . . Pakistan . . . . . . . . . . . . Philippines . . . . . . . . . . Singapore. . . . . . . . . . . Syria. . . . . . . . . . . . . . . Thailand . . . . . . . . . . . . Other Asia . . . . . . . . . . Total Asia . . . . . . . . . 49,907 26,238 193,190 3,806 10,712 23,311 737,499 16,748 694 12,801 418 7,564 142,527 144 10,608 85,794 1,321,961 44,213 18,987 125,924 2,625 7,991 19,010 551,668 9,879 66 8,092 4 5,034 103,526 9,373 58,763 965,155 Africa: Egypt . . . . . . . . . . . . . . Ghana . . . . . . . . . . . . . Liberia . . . . . . . . . . . . . Morocco . . . . . . . . . . . . South Africa . . . . . . . . . Zaire. . . . . . . . . . . . . . . Other Africa . . . . . . . . . Total Africa . . . . . . . . 3,367 19 3,358 32 1,967 29 2,204 10,976 2,432 929 1 123 441 3,926 428 560 40 41 1,069 77,405 16,015 41,520 2,227 93,420 43,747 Other countries: Australia . . . . . . . . . . . . All other countries . . . . Total other countries . . . . . . . . Total foreign countries. . . . . . . International and regional orgs.: International . . . . . . . . . European regional . . . . Latin American regional . . . . . . . . . . . Asian regional . . . . . . . African regional . . . . . . Middle Eastern regional . . . . . . . . . . . Total international and regional. . . . . . Grand total. . . . . . . 1 2,725 371 477 111 6,142 3,002 33 11 4 699 252 34,459 7,504 112 552 7 11 104 301 1 3 390 85 2,096 2,455 2 16 4,895 3,569 52,142 18,247 374 3,363 8,294 395 275 1,904 55,199 258 420 245 201 414 16,027 98 125 15,461 103,053 1,704 661 10,402 122 535 291 17,722 3,141 134 287 30 533 8,024 4 141 1,463 45,194 73 385 140 131 729 288 4 949 17 624 14 861 2,757 64 13 432 369 243 1,121 338 311 1,811 594 649 2,405 Gross sales by foreigners to U.S. residents Domestic securities Marketable Bonds Treasury of U.S. & Federal Gov’t. Financ- corp. and ing Bank federally Corporate Foreign Total bonds sponsored and other securities sales & notes agencies Bonds Stocks Bonds Stocks (8) (9) (10) (11) (12) (13) (14) 520 40,339 2,639 24,721 39,426 173,889 620 4,997 1,907 12,353 1,155 22,347 70,947 712,997 2,806 30,266 56 546 3,772 16,176 179 762 1,108 9,941 10,399 146,919 42 151 951 13,834 1,643 75,694 138,170 1,285,932 36,055 1,017 301 17,450 1,182 245 113,671 2,310 1,244 2,115 97 46 7,989 2 15,885 87 77 531,308 26,741 5,865 14,998 2,270 743 68 8 1 10,651 393 292 11 3 5,595 88 36 107,239 585 1,279 11,277 3 1 51,276 2,917 3,405 925,588 37,698 13,540 312 2,934 8,503 428 255 2,443 50,413 263 342 415 183 412 18,329 80 134 15,165 100,611 1,651 440 8,895 1,000 1,598 1,972 18,224 7,422 90 849 214 2,563 7,314 4 1,538 1,426 55,200 1,003 2,470 39,266 1,311 2,509 1,883 80,446 4,570 37 3,576 351 1,247 12,173 67 881 1,505 153,295 51 329 122 895 1,688 3,085 127 16 117 21 1,598 7 817 2,703 82 2 103 14 671 15 487 1,374 1,823 18 2,900 152 2,809 9 3,557 11,268 1,342 807 1 30 222 2,402 44 334 11 12 401 36 265 6 85 392 223 2 1,048 8 269 2 733 2,285 5,946 2,061 17,051 10,739 9,223 1,599 78,714 14,800 40,466 2,240 495 280 1,229 239 5,695 1,970 17,800 13,029 8,353 1,718 8,007 26,274 12,338 93,514 42,706 775 1,468 7,665 26,153 14,747 8,644,632 4,831,692 258,931 350,078 959,041 1,489,753 755,137 8,347,897 4,648,004 209,142 266,271 892,826 1,535,697 795,957 31,422 290 29,396 129 54 6 68 100 883 - 357 31 664 24 30,626 557 28,775 268 27 - 9 169 852 - 285 1 678 119 4,797 976 481 2,268 913 323 167 138 554 5 17 1,461 35 1 347 8 2 15 - 4,301 1,341 354 2,098 1,190 230 168 20 86 35 32 1,660 25 2 340 92 - 14 4 428 424 - - 2 -2 410 409 - - - - 1 1 38,394 33,453 365 744 2,382 745 705 37,589 32,970 301 245 2,539 718 816 8,683,026 4,865,145 259,296 350,822 961,423 1,490,498 755,842 8,385,486 Beginning with series for December 1992 forward, data for all other republics of the former U.S.S.R. are reported under ‘‘Other Europe.’’ 2 4,680,974 209,443 266,516 895,365 1,536,415 796,773 Includes data on Serbia and Montenegro, which presently form an entity not formally recognized by the United States. Data for entities of the former Yugoslavia recognized as independent states by the United States are reported under ‘‘Other Europe’’ as follows: Beginning in December 1992 for Bosnia and Herzegovina, Croatia and Slovenia; and beginning in June 1994 for the Former Yugoslav Republic of Macedonia. 98 CAPITAL MOVEMENTS CHART CM-D.--Net Purchases of Long-Term Foreign Securities by U.S. Investors * (In billions of dollars) (Note: To facilitate comparison of net purchases during 1998 with those in prior years, the chart depicts data for all periods at an annualized rate.) [In millions of dollars. Source: Office of International Financial Analysis] Type 1994 1995 Foreign bonds . . . . . . . . . . . . . . . . 9,224 Foreign stocks. . . . . . . . . . . . . . . . Total . . . . . . . . . . . . . . . . . . . . . . 1996 1997 48,405 51,369 45,917 25,715 22,282 48,071 50,291 59,268 40,931 3,758 993 57,295 98,696 110,637 86,848 29,473 23,275 * Net purchases by U.S. investors equal net sales by foreigners, or gross sales minus gross purchases of securities. Jan.- June 1998 Apr. - June 1998 FOREIGN CURRENCY POSITIONS 99 INTRODUCTION: Foreign Currency Positions The ‘‘Treasury Bulletin’’ publishes series on foreign currency holdings of large foreign exchange market participants. The series 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, German mark, Japanese yen, Swiss franc, and pound sterling). 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 U.S.C. 5315; 31 C.F.R. 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, June, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. Exemptions from filing the monthly report are given to banking institutions that file the Federal Financial Institution Examination Council (FFIEC) 035 report (‘‘Monthly Consolidated Foreign Currency Report’’). A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $1 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). Exemptions from filing the quarterly report are given to major nonbank market participants that file weekly and monthly reports, and banking institutions that file FFIEC 035 reports. This information is published in five sections corresponding to each of the major currencies covered by the reports. Tables I-1 through V-1 present the foreign currency data reported weekly by major market participants. Tables I-2 through V-2 present more detailed currency data of major market participants, based on monthly Treasury and FFIEC 035 reports. Tables I-3 through V-3 present quarterly consolidated foreign currency data reported by large market participants and FFIEC reporters which do not file weekly reports. Principal exchanged under cross currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal is also separately noted on monthly and quarterly reports. 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. 100 FOREIGN CURRENCY POSITIONS SECTION I.--Canadian Dollar Positions TABLE FCP-I-1.--Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) Purchased (1) Sold (2) 12/31/97. . . . . . . . . . . . . . . . . . . . . . . 278,693 271,741 -5,065 1.4298 01/07/98. . . . . . . . . . . . . . . . . . . . . . . 283,764 280,660 -5,315 1.4291 01/14/98. . . . . . . . . . . . . . . . . . . . . . . 283,499 278,690 -5,569 1.4329 01/21/98. . . . . . . . . . . . . . . . . . . . . . . 281,364 277,505 -4,927 1.4456 01/28/98. . . . . . . . . . . . . . . . . . . . . . . 287,501 283,684 -4,921 1.4575 02/04/98. . . . . . . . . . . . . . . . . . . . . . . 291,224 287,658 -3,308 1.4470 02/11/98. . . . . . . . . . . . . . . . . . . . . . . 290,842 288,231 -2,193 1.4391 02/18/98. . . . . . . . . . . . . . . . . . . . . . . 291,909 291,882 -1,684 1.4334 02/25/98. . . . . . . . . . . . . . . . . . . . . . . 313,583 311,202 -2,220 1.4210 03/04/98. . . . . . . . . . . . . . . . . . . . . . . 304,589 297,924 -3,486 1.4221 03/11/98. . . . . . . . . . . . . . . . . . . . . . . 303,709 300,337 -3,243 1.4090 03/18/98. . . . . . . . . . . . . . . . . . . . . . . 294,743 297,356 -3,781 1.4195 03/25/98. . . . . . . . . . . . . . . . . . . . . . . 285,194 283,737 -4,828 1.4100 04/01/98. . . . . . . . . . . . . . . . . . . . . . . 285,630 284,221 -4,264 1.4184 04/08/98. . . . . . . . . . . . . . . . . . . . . . . 277,923 277,641 -4,517 1.4242 04/15/98. . . . . . . . . . . . . . . . . . . . . . . 277,881 281,508 -4,904 1.4385 04/22/98. . . . . . . . . . . . . . . . . . . . . . . 277,650 279,925 -5,287 1.4324 04/29/98. . . . . . . . . . . . . . . . . . . . . . . 282,558 284,275 -5,006 1.4371 05/06/98. . . . . . . . . . . . . . . . . . . . . . . 277,481 277,867 -4,685 1.4392 05/13/98. . . . . . . . . . . . . . . . . . . . . . . 285,548 285,831 -3,971 1.4449 05/20/98. . . . . . . . . . . . . . . . . . . . . . . 276,811 276,710 -3,458 1.4490 05/27/98. . . . . . . . . . . . . . . . . . . . . . . 277,344 276,826 -3,577 1.4539 06/03/98. . . . . . . . . . . . . . . . . . . . . . . 274,403 277,853 -3,381 1.4539 06/10/98. . . . . . . . . . . . . . . . . . . . . . . 284,062 285,288 -3,370 1.4663 06/17/98. . . . . . . . . . . . . . . . . . . . . . . 290,749 295,336 -3,301 1.4614 06/24/98. . . . . . . . . . . . . . . . . . . . . . . 282,224 285,012 -3,371 1.4707 FOREIGN CURRENCY POSITIONS 101 SECTION I.--Canadian Dollar Positions, con. TABLE FCP-I-2.--Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1995 - Dec. . . . . . . . 220,483 218,270 46,532 44,497 12,594 14,271 17,244 14,008 -2,395 77,764 1.3646 1996 - Dec. . . . . . . . 196,650 193,701 60,191 55,532 16,663 17,998 20,119 18,158 -3,411 94,012 1.3708 1997 - July . . . . . . . . 271,003 275,282 71,750 62,124 33,367 37,178 30,512 23,571 -3,575 128,315 1.3787 Aug. . . . . . . . 268,286 277,918 73,069 63,017 32,925 35,210 31,943 24,588 -4,909 130,010 1.3885 Sept. . . . . . . . 275,267 282,010 82,156 71,754 34,135 40,799 32,665 24,542 -5,098 127,215 1.3815 Oct. . . . . . . . . 294,077 301,030 73,816 65,067 42,697 48,929 35,878 30,668 -4,993 134,379 1.4088 Nov. . . . . . . . 283,305 291,041 74,353 64,132 44,789 52,137 35,220 29,197 -5,110 141,983 1.4240 Dec. . . . . . . . 279,941 274,008 70,279 60,864 40,016 47,493 33,885 28,795 -5,098 152,610 1.4298 1998 - Jan.. . . . . . . . 306,286 297,285 75,869 65,720 48,844 56,506 40,699 33,080 -4,977 157,700 1.4548 Feb. . . . . . . . 323,566 314,829 76,702 68,522 43,959 50,726 43,789 39,724 -3,244 159,001 1.4240 Mar. . . . . . . . 290,734 286,012 76,608 67,971 48,549 56,817 47,568 43,524 -4,516 157,997 1.4195 Apr. . . . . . . . . 288,488 282,467 65,624 55,121 48,887 57,726 46,758 45,038 -4,855 160,579 1.4317 May. . . . . . . . 280,809 277,065 61,206 51,996 42,233 49,052 45,402 43,884 -3,642 162,434 1.4571 June . . . . . . . 289,815 285,348 64,190 56,224 44,272 51,604 52,224 49,257 -3,663 158,459 1.4690 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) TABLE FCP-I-3.--Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1994 - Dec. . . . . . . . 38,697 37,175 48,219 43,109 3,501 2,873 3,632 3,054 -298 14,637 1.4030 1995 - Dec. . . . . . . . 40,940 37,896 56,387 53,606 3,712 3,638 4,931 3,440 98 14,974 1.3646 1996 - June . . . . . . . 36,973 32,864 52,939 44,462 7,946 8,036 8,139 5,816 -586 11,410 1.3639 Sept. . . . . . . . 42,377 37,666 58,303 48,879 8,860 n.a. 10,082 n.a. -186 9,988 1.3621 Dec. . . . . . . . 50,572 44,249 54,866 44,656 n.a. n.a. 12,771 n.a. -846 12,096 1.3708 1997 - Mar. . . . . . . . 46,250 41,210 44,001 40,603 2,963 3,177 2,901 n.a. -471 11,813 1.3854 June . . . . . . . 41,913 37,766 52,050 44,042 n.a. n.a. 3,592 n.a. -173 11,710 1.3806 Sept. . . . . . . . 50,689 43,766 55,915 47,021 4,402 n.a. 3,598 n.a. 900 11,966 1.3815 Dec. . . . . . . . 39,503 36,754 58,877 54,039 3,978 n.a. 3,528 n.a. -1,249 11,734 1.4298 1998 - Mar. . . . . . . . 30,833 34,505 59,600 51,080 1,463 755 1,769 726 -626 10,322 1.4195 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Canadian dollars per U.S. dollar) (11) 102 FOREIGN CURRENCY POSITIONS SECTION II.--German Mark Positions TABLE FCP-II-1.--Weekly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Spot, forward, and future contracts Purchased (1) Sold (2) Net options positions (3) Exchange rate (Deutsche marks per U.S. dollar) (4) 12/31/97. . . . . . . . . . . . . . . . . . . . . . . 2,076,982 2,080,764 2,572 1.7990 01/07/98. . . . . . . . . . . . . . . . . . . . . . . 2,301,939 2,304,432 3,058 1.8236 01/14/98. . . . . . . . . . . . . . . . . . . . . . . 2,264,850 2,262,383 2,717 1.8220 01/21/98. . . . . . . . . . . . . . . . . . . . . . . 2,285,063 2,274,453 1,730 1.8195 01/28/98. . . . . . . . . . . . . . . . . . . . . . . 2,377,745 2,367,260 -2,961 1.8140 02/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,344,012 2,332,375 -6,378 1.8008 02/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,378,234 2,358,032 -8,768 1.8189 02/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,318,568 2,307,465 -7,637 1.8226 02/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,394,356 2,389,562 -8,845 1.8183 03/04/98. . . . . . . . . . . . . . . . . . . . . . . 2,297,284 2,299,954 -9,612 1.8196 03/11/98. . . . . . . . . . . . . . . . . . . . . . . 2,290,602 2,301,194 -8,935 1.8320 03/18/98. . . . . . . . . . . . . . . . . . . . . . . 2,232,120 2,233,484 -10,773 1.8263 03/25/98. . . . . . . . . . . . . . . . . . . . . . . 2,113,160 2,114,287 -11,562 1.8273 04/01/98. . . . . . . . . . . . . . . . . . . . . . . 2,265,948 2,261,971 -13,579 1.8535 04/08/98. . . . . . . . . . . . . . . . . . . . . . . 2,401,511 2,390,165 -12,906 1.8150 04/15/98. . . . . . . . . . . . . . . . . . . . . . . 2,340,006 2,332,000 -12,876 1.8014 04/22/98. . . . . . . . . . . . . . . . . . . . . . . 2,436,585 2,420,167 -13,565 1.7940 04/29/98. . . . . . . . . . . . . . . . . . . . . . . 2,445,807 2,429,655 -10,977 1.7959 05/06/98. . . . . . . . . . . . . . . . . . . . . . . 2,519,405 2,507,924 -10,051 1.7652 05/13/98. . . . . . . . . . . . . . . . . . . . . . . 2,412,797 2,398,795 -14,577 1.7795 05/20/98. . . . . . . . . . . . . . . . . . . . . . . 2,371,224 2,361,237 -12,735 1.7705 05/27/98. . . . . . . . . . . . . . . . . . . . . . . 2,499,201 2,471,548 -17,535 1.7838 06/03/98. . . . . . . . . . . . . . . . . . . . . . . 2,369,856 2,341,997 -13,767 1.7707 06/10/98. . . . . . . . . . . . . . . . . . . . . . . 2,439,694 2,417,264 -19,374 1.7958 06/17/98. . . . . . . . . . . . . . . . . . . . . . . 2,354,380 2,321,895 -22,074 1.7870 06/24/98. . . . . . . . . . . . . . . . . . . . . . . 2,250,729 2,218,181 -22,877 1.8032 Report date FOREIGN CURRENCY POSITIONS 103 SECTION II--German Mark Positions, con. TABLE FCP-II-2.--Monthly Report of Major Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Report date Purchased (1) Sold (2) Non-capital items Assets (3) Liabilities (4) Calls Bought (5) Puts Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) Exchange rate (Deutsche marks per U.S. dollar) (11) 1995 - Dec. . . . . . . . 1,401,280 1,389,800 194,640 205,836 200,726 199,284 239,785 258,091 4,088 220,050 1.4385 1996 - Dec. . . . . . . . 1,631,374 1,636,013 246,589 240,864 376,828 381,162 372,602 384,439 6,143 331,422 1.5420 1997 - July. . . . . . . . 2,141,471 2,135,371 284,134 280,531 481,907 516,255 540,257 561,276 -2,996 352,708 1.8390 Aug. . . . . . . . 2,241,704 2,235,611 290,910 283,648 548,410 556,697 589,383 607,297 5,395 357,556 1.8090 Sept.. . . . . . . 2,198,306 2,190,905 275,079 274,374 554,429 567,805 586,583 625,959 7,344 363,149 1.7600 Oct.. . . . . . . . 2,492,521 2,473,090 260,465 258,288 619,703 637,114 659,527 686,548 8,401 368,279 1.7248 Nov. . . . . . . . 2,233,244 2,218,194 258,768 259,548 616,705 639,083 645,955 676,805 6,312 366,889 1.7647 Dec. . . . . . . . 2,105,621 2,111,401 267,177 261,206 565,018 581,794 591,231 619,946 2,728 382,295 1.7990 1998 - Jan.. . . . . . . . 2,380,985 2,378,196 280,599 275,977 630,785 649,746 648,910 675,016 -5,939 397,824 1.8312 Feb. . . . . . . . 2,327,236 2,340,808 303,501 305,247 607,570 629,483 621,002 650,738 -9,397 400,530 1.8155 Mar. . . . . . . . 2,297,728 2,299,357 272,114 273,837 627,010 660,220 635,509 661,409 -12,251 419,897 1.8493 Apr.. . . . . . . . 2,403,695 2,391,849 285,563 291,087 651,132 683,492 615,610 646,558 -7,844 425,549 1.7965 May. . . . . . . . 2,458,329 2,439,116 302,336 295,365 717,950 761,784 666,730 703,763 -18,116 434,885 1.7867 June . . . . . . . 2,216,482 2,188,311 295,385 287,974 795,842 834,761 715,444 720,630 -22,074 410,101 1.8090 TABLE FCP-II-3.--Quarterly Report of Large Market Participants [In millions of German marks. Source: Office of International Financial Analysis] Options positions Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 104,055 29,435 35,758 40,778 37,624 -2,952 20,179 1.5495 110,323 13,902 13,509 23,934 17,298 -2,533 27,119 1.4385 109,153 103,846 22,105 17,949 26,572 20,201 -2,493 20,637 1.5250 243,506 119,439 110,167 32,968 22,083 36,492 23,095 -3,799 18,623 1.5254 206,996 206,893 115,346 105,296 34,170 23,114 31,592 23,000 -2,010 22,390 1.5420 1997 - Mar. . . . . . . . 290,918 292,170 126,543 111,514 42,212 31,016 43,519 31,669 -2,528 23,211 1.6750 June . . . . . . . 242,752 244,007 127,077 117,708 36,934 36,662 37,151 26,564 -4,653 22,826 1.7457 Sept. . . . . . . . 268,932 269,945 143,688 124,300 40,358 42,524 40,533 34,429 -3,810 25,559 1.7600 Dec. . . . . . . . 201,756 199,798 126,973 114,319 31,912 35,304 36,668 28,473 -3,880 25,773 1.7990 1998 - Mar. . . . . . . . 230,611 229,934 129,620 108,352 28,389 23,930 24,724 19,190 -1,892 28,359 1.8493 Spot, forward, and future contracts Report date Non-capital items Purchased (1) Sold (2) Assets (3) 1994 - Dec. . . . . . . . 304,637 287,651 103,734 1995 - Dec. . . . . . . . 232,935 242,840 116,608 1996 - June . . . . . . . 228,088 235,453 Sept. . . . . . . . 247,393 Dec. . . . . . . . Liabilities (4) Calls Puts Exchange rate (Deutsche marks per U.S. dollar) (11) 104 FOREIGN CURRENCY POSITIONS SECTION III.--Japanese Yen Positions TABLE FCP-III-1.--Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Spot, forward, and future contracts Purchased (1) Sold (2) Net options positions (3) Exchange rate (Yen per U.S. dollar) (4) 12/31/97. . . . . . . . . . . . . . . . . . . . . . 178,264 183,428 1,012 130.5800 01/07/98. . . . . . . . . . . . . . . . . . . . . . 192,985 198,644 1,423 131.3500 01/14/98. . . . . . . . . . . . . . . . . . . . . . 186,093 191,120 962 130.9000 01/21/98. . . . . . . . . . . . . . . . . . . . . . 193,445 197,892 1,216 127.0000 01/28/98. . . . . . . . . . . . . . . . . . . . . . 195,608 200,537 1,355 125.2800 02/04/98. . . . . . . . . . . . . . . . . . . . . . 191,368 195,847 1,265 123.6100 02/11/98. . . . . . . . . . . . . . . . . . . . . . 192,613 197,476 1,155 123.5700 02/18/98. . . . . . . . . . . . . . . . . . . . . . 185,309 189,726 1,048 126.4500 02/25/98. . . . . . . . . . . . . . . . . . . . . . 196,501 200,902 969 128.7600 03/04/98. . . . . . . . . . . . . . . . . . . . . . 186,794 191,338 1,234 126.7500 03/11/98. . . . . . . . . . . . . . . . . . . . . . 192,716 198,690 1,492 129.3500 03/18/98. . . . . . . . . . . . . . . . . . . . . . 186,930 191,840 1,647 130.0800 03/25/98. . . . . . . . . . . . . . . . . . . . . . 183,125 189,997 1,698 128.8800 04/01/98. . . . . . . . . . . . . . . . . . . . . . 191,873 198,379 2,064 133.7300 04/08/98. . . . . . . . . . . . . . . . . . . . . . 189,539 196,769 2,361 131.2700 04/15/98. . . . . . . . . . . . . . . . . . . . . . 190,869 198,894 2,028 130.0000 04/22/98. . . . . . . . . . . . . . . . . . . . . . 189,088 197,094 2,241 130.4200 04/29/98. . . . . . . . . . . . . . . . . . . . . . 199,846 207,662 2,139 132.4000 05/06/98. . . . . . . . . . . . . . . . . . . . . . 192,472 200,108 2,000 133.2000 05/13/98. . . . . . . . . . . . . . . . . . . . . . 187,081 195,429 2,152 134.2000 05/20/98. . . . . . . . . . . . . . . . . . . . . . 191,748 200,007 2,529 136.0200 05/27/98. . . . . . . . . . . . . . . . . . . . . . 197,975 206,228 2,798 137.4700 06/03/98. . . . . . . . . . . . . . . . . . . . . . 197,307 204,902 2,245 138.2500 06/10/98. . . . . . . . . . . . . . . . . . . . . . 203,657 211,685 2,396 141.5500 06/17/98. . . . . . . . . . . . . . . . . . . . . . 225,459 234,864 3,095 136.5600 06/24/98. . . . . . . . . . . . . . . . . . . . . . 211,882 220,983 1,730 141.5000 Report date FOREIGN CURRENCY POSITIONS 105 SECTION III.--Japanese Yen Positions, con. TABLE FCP-III-2.--Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1995 - Dec. . . . . . . . 119,445 122,102 21,177 20,459 13,939 13,161 19,205 20,603 1,256 35,992 103.4200 1996 - Dec. . . . . . . . 137,749 140,568 23,020 21,526 22,677 22,538 21,035 22,949 924 53,765 116.0000 1997 - July. . . . . . . . 172,696 176,619 24,390 23,412 25,474 26,815 31,516 31,657 1,085 64,704 118.7000 Aug. . . . . . . . 169,198 173,247 24,867 23,668 26,400 26,180 32,009 33,316 935 64,611 120.8500 Sept.. . . . . . . 171,566 175,094 24,979 24,295 27,054 27,059 34,571 35,311 1,066 67,203 120.3800 Oct.. . . . . . . . 180,915 184,231 28,104 26,665 28,652 28,360 38,642 39,453 725 68,145 120.3500 Nov. . . . . . . . 192,887 195,744 26,886 24,311 32,574 32,708 43,092 43,171 601 68,796 127.6500 Dec. . . . . . . . 179,263 184,759 31,019 28,298 28,670 28,519 38,563 39,800 1,011 70,895 130.5800 1998 - Jan.. . . . . . . . 193,006 198,794 32,244 30,345 35,123 34,659 48,956 49,167 1,194 71,768 127.1000 Feb. . . . . . . . 195,207 199,614 30,741 28,780 32,953 32,756 48,097 48,649 1,034 71,549 126.0800 Mar. . . . . . . . 187,453 196,116 32,148 31,461 37,215 35,441 52,864 54,882 1,642 71,075 133.2300 Apr.. . . . . . . . 194,060 203,415 31,487 30,196 38,138 37,690 56,413 56,405 2,035 72,981 132.8500 May. . . . . . . . 194,693 204,692 30,489 29,571 40,001 39,980 59,564 60,737 2,364 73,499 138.9300 June . . . . . . . 217,213 229,489 27,936 28,225 54,467 53,979 76,998 79,078 3,008 68,038 138.9800 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) TABLE FCP-III-3.--Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1994 - Dec. . . . . . . . 16,042 18,154 5,932 5,547 2,533 3,045 3,524 2,736 -302 3,758 99.6000 1995 - Dec. . . . . . . . 16,673 17,835 5,822 5,102 1,026 1,100 2,946 1,509 -1,014 5,379 103.4200 1996 - June . . . . . . . 15,413 16,875 6,820 6,486 1,036 1,098 2,603 1,381 -728 3,558 109.7500 Sept. . . . . . . . 16,461 16,775 6,704 6,452 1,388 1,354 1,661 1,109 -88 3,648 111.4500 Dec. . . . . . . . 15,676 16,585 7,307 7,073 1,371 1,408 2,162 1,554 -397 3,842 116.0000 1997 - Mar. . . . . . . . 12,739 14,033 8,509 7,793 1,261 1,413 1,887 1,357 -507 3,178 123.7500 June . . . . . . . 13,020 14,465 9,322 8,618 1,734 1,587 2,419 1,847 -304 2,798 114.6600 Sept. . . . . . . . 13,242 15,716 10,472 9,641 1,840 1,940 3,016 2,589 -329 2,871 120.3800 Dec. . . . . . . . 12,623 14,720 9,377 9,182 1,317 1,475 2,265 1,594 -447 2,745 130.5800 1998 - Mar. . . . . . . . 14,393 15,201 10,347 10,309 936 1,069 2,746 1,068 -923 3,751 133.2300 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Yen per U.S. dollar) (11) 106 FOREIGN CURRENCY POSITIONS SECTION IV.--Swiss Franc Positions TABLE FCP-IV-1.--Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Spot, forward, and future contracts Exchange rate (Francs per U.S. dollar) (4) Purchased (1) Sold (2) Net options positions (3) 12/31/97 . . . . . . . . . . . . . . . . . . . . . . 578,556 588,085 3,308 1.4625 01/07/98 . . . . . . . . . . . . . . . . . . . . . . 609,013 632,418 3,474 1.4770 01/14/98 . . . . . . . . . . . . . . . . . . . . . . 609,453 630,031 2,058 1.4825 01/21/98 . . . . . . . . . . . . . . . . . . . . . . 626,660 647,446 2,660 1.4763 01/28/98 . . . . . . . . . . . . . . . . . . . . . . 614,956 641,669 4,232 1.4645 02/04/98 . . . . . . . . . . . . . . . . . . . . . . 634,498 655,580 6,120 1.4515 02/11/98 . . . . . . . . . . . . . . . . . . . . . . 605,520 624,495 3,888 1.4627 02/18/98 . . . . . . . . . . . . . . . . . . . . . . 609,595 626,091 4,699 1.4715 02/25/98 . . . . . . . . . . . . . . . . . . . . . . 609,352 625,514 5,036 1.4695 03/04/98 . . . . . . . . . . . . . . . . . . . . . . 592,326 609,792 4,117 1.4810 03/11/98 . . . . . . . . . . . . . . . . . . . . . . 585,396 607,175 5,122 1.4910 03/18/98 . . . . . . . . . . . . . . . . . . . . . . 545,377 569,654 6,312 1.4910 03/25/98 . . . . . . . . . . . . . . . . . . . . . . 540,253 556,630 5,646 1.4930 04/01/98 . . . . . . . . . . . . . . . . . . . . . . 584,194 600,026 5,078 1.5347 04/08/98 . . . . . . . . . . . . . . . . . . . . . . 609,287 623,460 6,183 1.5085 04/15/98 . . . . . . . . . . . . . . . . . . . . . . 581,437 597,447 7,628 1.4965 04/22/98 . . . . . . . . . . . . . . . . . . . . . . 629,783 646,894 8,118 1.4865 04/29/98 . . . . . . . . . . . . . . . . . . . . . . 590,877 607,234 8,689 1.4983 05/06/98 . . . . . . . . . . . . . . . . . . . . . . 588,317 604,557 9,466 1.4736 05/13/98 . . . . . . . . . . . . . . . . . . . . . . 583,914 599,414 8,682 1.4815 05/20/98 . . . . . . . . . . . . . . . . . . . . . . 595,010 607,546 6,651 1.4768 05/27/98 . . . . . . . . . . . . . . . . . . . . . . 628,195 641,695 6,180 1.4740 06/03/98 . . . . . . . . . . . . . . . . . . . . . . 605,585 618,413 7,283 1.4755 06/10/98 . . . . . . . . . . . . . . . . . . . . . . 623,087 639,304 5,750 1.4860 06/17/98 . . . . . . . . . . . . . . . . . . . . . . 572,683 584,634 6,412 1.4892 06/24/98 . . . . . . . . . . . . . . . . . . . . . . 551,030 560,491 3,955 1.5089 Report date FOREIGN CURRENCY POSITIONS 107 SECTION IV.--Swiss Franc Positions, con. TABLE FCP-IV-2.--Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Spot, forward, and future contracts Non-capital items Calls Puts Cross currency interest rate swaps (10) Exchange rate (Francs per U.S. dollar) (11) Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) 1995 - Dec. . . . . . . . 303,365 309,490 25,274 30,477 33,752 31,297 27,594 31,562 n.a. 112,346 1.1545 1996 - Dec. . . . . . . . 502,668 511,997 21,527 26,206 78,046 89,745 73,752 92,203 7,492 98,205 1.3420 1997 - July . . . . . . . . 625,835 647,043 26,918 34,946 79,729 70,355 105,668 117,152 6,769 124,445 1.5125 Aug. . . . . . . . 588,976 606,536 26,701 35,647 84,024 76,556 107,848 116,052 7,542 129,041 1.4930 Sept. . . . . . . . 596,474 608,938 33,194 45,512 80,244 76,675 100,366 108,508 7,009 120,235 1.4485 Oct.. . . . . . . . 698,034 713,953 36,006 45,559 95,006 88,667 116,027 129,494 10,268 127,954 1.3990 Nov. . . . . . . . 656,201 670,791 36,017 43,997 96,161 94,037 119,180 123,137 6,017 122,847 1.4264 Dec. . . . . . . . 578,837 588,600 30,197 36,466 80,541 81,291 111,512 112,963 3,309 121,149 1.4625 1998 - Jan.. . . . . . . . 613,207 638,723 33,192 37,159 91,648 89,128 115,764 121,794 5,125 127,317 1.4780 Feb. . . . . . . . 593,341 613,641 38,259 42,224 90,116 88,884 118,321 123,453 4,993 133,393 1.4660 Mar. . . . . . . . 581,900 595,951 38,003 40,753 91,890 87,643 115,408 126,473 4,629 129,054 1.5240 Apr.. . . . . . . . 595,017 611,454 34,779 37,632 84,515 80,899 111,676 108,820 8,631 130,652 1.5018 May. . . . . . . . 621,922 631,079 40,368 41,918 97,930 90,328 117,103 119,984 5,607 134,475 1.4846 June . . . . . . . 586,914 598,772 36,304 35,958 93,988 90,215 110,139 111,223 3,664 121,367 1.5210 Report date TABLE FCP-IV-3.--Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1994 - Dec. . . . . . . . 38,500 32,752 14,611 14,809 2,413 2,473 2,766 2,089 -132 19,497 1.3100 1995 - Dec. . . . . . . . 32,493 23,675 13,572 14,755 1,217 1,264 2,070 1,559 -74 20,652 1.1545 1996 - June . . . . . . . 37,929 43,179 13,808 15,025 1,849 2,376 6,821 3,239 n.a. 17,460 1.2545 Sept.. . . . . . . 39,350 42,009 13,859 13,732 1,865 2,034 4,602 3,927 25 15,635 1.2550 Dec. . . . . . . . 33,739 54,845 13,830 15,626 3,215 2,838 4,527 4,499 -595 14,876 1.3420 1997 - Mar. . . . . . . . 52,228 72,396 16,886 17,780 4,520 5,585 7,140 7,734 -759 15,699 1.4480 June . . . . . . . 47,030 66,991 18,222 16,894 3,563 3,609 6,813 7,235 35 13,921 1.4620 Sept.. . . . . . . 41,565 60,628 19,292 15,893 3,325 2,626 6,819 6,983 89 13,190 1.4485 Dec. . . . . . . . 34,055 45,725 19,548 15,869 n.a. 6,186 7,108 6,137 -382 13,357 1.4625 1998 - Mar. . . . . . . . 38,605 36,047 20,733 14,184 n.a. n.a. 5,438 4,367 -735 12,652 1.5240 Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (Francs per U.S. dollar) (11) 108 FOREIGN CURRENCY POSITIONS SECTION V.--Sterling Positions TABLE FCP-V-1.--Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Spot, forward, and future contracts Report date Net options positions (3) Exchange rate (U.S. dollars per pound) (4) Purchased (1) Sold (2) 12/31/97. . . . . . . . . . . . . . . . . . . . . . . 378,507 366,581 806 1.6480 01/07/98. . . . . . . . . . . . . . . . . . . . . . . 395,650 382,707 949 1.6260 01/14/98. . . . . . . . . . . . . . . . . . . . . . . 411,005 394,237 1,563 1.6291 01/21/98. . . . . . . . . . . . . . . . . . . . . . . 407,002 390,956 922 1.6307 01/28/98. . . . . . . . . . . . . . . . . . . . . . . 417,648 401,601 703 1.6422 02/04/98. . . . . . . . . . . . . . . . . . . . . . . 403,482 386,919 220 1.6565 02/11/98. . . . . . . . . . . . . . . . . . . . . . . 429,254 412,673 1,097 1.6320 02/18/98. . . . . . . . . . . . . . . . . . . . . . . 407,917 395,298 1,389 1.6372 02/25/98. . . . . . . . . . . . . . . . . . . . . . . 405,663 393,768 1,211 1.6424 03/04/98. . . . . . . . . . . . . . . . . . . . . . . 393,603 380,119 708 1.6465 03/11/98. . . . . . . . . . . . . . . . . . . . . . . 396,235 383,025 1,343 1.6480 03/18/98. . . . . . . . . . . . . . . . . . . . . . . 410,150 396,867 1,241 1.6720 03/25/98. . . . . . . . . . . . . . . . . . . . . . . 388,759 378,814 1,732 1.6737 04/01/98. . . . . . . . . . . . . . . . . . . . . . . 413,261 402,990 2,211 1.6707 04/08/98. . . . . . . . . . . . . . . . . . . . . . . 413,495 403,191 1,375 1.6755 04/15/98. . . . . . . . . . . . . . . . . . . . . . . 396,573 387,640 1,019 1.6855 04/22/98. . . . . . . . . . . . . . . . . . . . . . . 406,432 396,860 806 1.6712 04/29/98. . . . . . . . . . . . . . . . . . . . . . . 415,633 405,839 638 1.6702 05/06/98. . . . . . . . . . . . . . . . . . . . . . . 424,450 413,205 1,010 1.6580 05/13/98. . . . . . . . . . . . . . . . . . . . . . . 432,681 419,334 1,092 1.6320 05/20/98. . . . . . . . . . . . . . . . . . . . . . . 421,564 406,279 178 1.6325 05/27/98. . . . . . . . . . . . . . . . . . . . . . . 438,991 426,406 1,147 1.6305 06/03/98. . . . . . . . . . . . . . . . . . . . . . . 421,797 411,513 1,595 1.6364 06/10/98. . . . . . . . . . . . . . . . . . . . . . . 441,790 431,559 1,927 1.6288 06/17/98. . . . . . . . . . . . . . . . . . . . . . . 452,150 447,007 2,949 1.6675 06/24/98. . . . . . . . . . . . . . . . . . . . . . . 449,852 440,657 3,742 1.6678 FOREIGN CURRENCY POSITIONS 109 SECTION V.--Sterling Positions, con. TABLE FCP-V-2.--Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1995 - Dec. . . . . . . . 285,039 280,494 53,633 58,713 20,451 20,231 21,389 23,368 1,976 50,681 1.5500 1996 - Dec. . . . . . . . 319,811 308,666 70,639 72,805 49,180 50,160 45,203 47,519 -324 60,305 1.7120 1997 - July. . . . . . . . 415,976 405,831 69,823 74,207 61,948 62,451 65,064 75,504 789 74,897 1.6400 Aug. . . . . . . . 391,844 383,011 70,056 75,931 64,085 64,706 67,979 73,809 1,668 74,289 1.6200 Sept.. . . . . . . 404,098 395,103 73,248 76,550 68,402 68,224 72,121 79,317 1,938 74,792 1.6190 Oct.. . . . . . . . 409,238 396,832 76,331 81,642 72,316 74,715 74,655 82,085 1,586 74,375 1.6730 Nov. . . . . . . . 419,724 406,380 70,116 75,644 90,836 73,111 74,079 78,177 1,198 76,025 1.6880 Dec. . . . . . . . 387,578 372,725 82,499 90,336 60,600 62,696 63,212 68,012 809 78,781 1.6480 1998 - Jan.. . . . . . . . 405,480 389,483 82,928 90,049 62,190 62,406 64,902 70,662 898 81,577 1.6330 Feb. . . . . . . . 399,742 386,855 85,064 91,906 63,940 63,777 65,722 69,576 1,308 82,754 1.6437 Mar. . . . . . . . 409,091 400,265 88,865 94,045 71,867 70,950 69,719 73,772 2,038 83,220 1.6720 Apr.. . . . . . . . 415,998 407,262 85,364 90,940 73,993 74,249 73,590 77,099 969 89,507 1.6705 May. . . . . . . . 437,354 426,555 87,465 91,688 77,981 76,361 76,478 79,795 1,177 89,522 1.6310 June . . . . . . . 468,758 454,705 87,848 93,385 82,582 79,654 85,411 91,998 3,193 85,304 1.6672 Exchange rate (U.S. dollars per pound) (11) Spot, forward, and future contracts Report date Non-capital items Calls Puts Exchange rate (U.S. dollars per pound) (11) TABLE FCP-V-3.--Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Office of International Financial Analysis] Options positions Purchased (1) Sold (2) Assets (3) Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Cross currency interest rate swaps (10) 1994 - Dec. . . . . . . . 43,912 42,884 36,089 31,884 3,369 3,317 3,846 2,765 -495 6,530 1.5665 1995 - Dec. . . . . . . . 32,742 39,024 39,447 32,647 2,043 2,353 2,804 1,820 -240 7,233 1.5500 1996 - June . . . . . . . 38,937 37,986 37,330 31,782 2,946 3,617 4,880 2,824 -568 5,230 1.5518 Sept. . . . . . . . 38,861 42,245 39,643 30,461 2,250 3,241 4,280 2,209 -275 4,968 1.5646 Spot, forward, and future contracts Report date Non-capital items Calls Puts Dec. . . . . . . . 46,484 47,190 41,834 35,534 4,903 5,729 5,898 4,396 388 5,117 1.7120 1997 - Mar. . . . . . . . 44,216 48,560 40,627 34,423 5,237 5,228 4,291 2,693 -274 5,047 1.6392 June . . . . . . . 48,631 51,109 42,559 35,064 3,863 4,081 4,446 2,558 169 5,217 1.6642 Sept. . . . . . . . 49,618 53,997 49,051 37,078 3,684 3,881 4,954 3,234 -204 5,468 1.6190 Dec. . . . . . . . 36,614 41,392 49,252 40,469 3,322 3,544 4,176 2,616 166 5,842 1.6480 1998 - Mar. . . . . . . . 37,875 43,467 52,993 38,912 2,558 1,904 3,572 1,784 373 7,216 1.6720 110 EXCHANGE STABILIZATION FUND INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund (ESF) was established under the Gold Reserve Act of January 30, 1934 (31 U.S.C. 5302), which authorized establishment of a Treasury Department 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. Resources of the fund include dollar balances, partially invested in U.S. Government securities, special drawing rights (SDRs), and balances of foreign currencies. Principal sources of income (+) or loss (-) for the fund are profits (+) or losses (-) on SDRs and foreign exchange, as well as interest earned on assets. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars or their equivalents based on current exchange rates computed according to the accrual method of accounting. 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 IMF. Gains and losses are reflected in the cumulative net income (+) or loss (-) account. • Table ESF-2 shows the results of operations by quarter. Figures are in U.S. dollars or their equivalents 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. TABLE ESF-1.--Balances as of Dec. 31, 1997, and Mar. 31, 1998 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Dec. 31, 1997 Dec. 31, 1997, through Mar. 31, 1998 Mar. 31, 1998 Assets U.S. dollars: Held with Treasury: U.S. Government securities . . . . . . . . . . . . . 15,560,530 66,965 15,627,495 Special drawing rights 1 . . . . . . . . . . . . . . . . . . . . 10,026,906 81,155 10,108,061 Foreign exchange and securities: 2 German marks . . . . . . . . . . . . . . . . . . . . . . . . . 5,815,605 -112,539 5,703,066 Japanese yen. . . . . . . . . . . . . . . . . . . . . . . . . . Accounts receivable . . . . . . . . . . . . . . . . . . . . . . 8,030,486 114,791 -151,853 -4,895 7,878,633 109,896 Total assets . . . . . . . . . . . . . . . . . . . . . . . . . 39,548,318 -121,167 39,427,151 Accounts payable. . . . . . . . . . . . . . . . . . . . . . . 54,164 9,503 63,667 Total current liabilities . . . . . . . . . . . . . . . . . . 54,164 9,503 63,667 Special drawing rights allocations . . . . . . . . . . 9,200,000 6,610,695 -65,483 9,200,000 6,545,212 Total other liabilities . . . . . . . . . . . . . . . . . . . 15,810,695 -65,483 15,745,212 Net income (+) or loss (-) (see table ESF-2) . . 200,000 23,483,459 -65,187 200,000 23,418,272 Total capital . . . . . . . . . . . . . . . . . . . . . . . . . 23,683,459 -65,187 23,618,272 Total liabilities and capital . . . . . . . . . . . . . 39,548,318 -121,167 39,427,151 Liabilities and capital Current liabilities: Other liabilities: Special drawing rights certificates . . . . . . . . . . Capital: Capital account . . . . . . . . . . . . . . . . . . . . . . . . See footnotes on the following page. EXCHANGE STABILIZATION FUND 111 TABLE ESF-2.--Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Jan. 1, 1998, through Mar. 31, 1998 Fiscal year to date Oct. 1, 1997, through Mar. 31, 1998 Income and expense Profit (+) or loss (-) on: Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -332,770 -1,086,638 Adjustment for change in valuation of SDR holdings and allocations 1 . . . . . . . . . . . . . . . . -35,381 -77,674 Special drawing rights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37,033 73,616 U.S. Government securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 211,590 427,898 Foreign exchange . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54,341 111,007 Income from operations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65,187 -551,791 Net income (+) or loss (-). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -65,187 -551,791 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the special drawing rights (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. 2 Excludes foreign exchange transactions for future and spot delivery. 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.’’ 112 TRUST FUNDS INTRODUCTION: Highway Trust Fund The Highway Trust Fund was established on the books of the Treasury in fiscal 1957, according to provisions of the Highway Revenue Act of 1956. It has been amended and extended by various highway and surface transportation acts since 1959. The Intermodal Surface Transportation Efficiency Act of 1991 extended the Highway Trust Fund and its taxes through September 30, 1999. It has also been modified by the Deficit Reduction Act of 1984, the Omnibus Budget Reconciliation Act of 1990, and the Omnibus Budget Reconciliation Act of 1993. Amounts equivalent to taxes on gasoline, diesel fuel, special motor fuels, certain tires, vehicles, and truck use, are designated by the Act to be appropriated and transferred from the general fund of the Treasury to the trust fund. These transfers are made monthly based on estimates by the Secretary of the Treasury, subject to adjustments in later transfers to the amount of actual tax receipts. Amounts available in the fund exceeding outlay requirements are invested in public debt securities and interest is credited to the fund. Within the fund is a mass transit account, funded by a portion of the excise tax collections under sections 4041, 4081, and 4091 of the Internal Revenue Code (26 U.S.C.). The funds from this account are used for expenditures according to section 21 (a) (2) of the Urban Mass Transportation Act of 1964 or the Intermodal Surface Transportation Efficiency Act of 1991. The remaining excise taxes collected are included in a higher account within the trust fund, and expenditures from this account are made according to the provisions of various transportation Acts. Amounts required for outlays to carry out the Federal Highway program are made available to the Federal Highway Administration, 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 to the Aquatic Resources Trust Fund and refunds of certain taxes. Annual reports to Congress are required by 26 U.S.C. 9602 (a) Internal Revenue Code as amended, to be submitted by the Secretary of the Treasury, after consultation with the Secretary of Transportation. These reports cover the financial condition and results of operations of the fund for the past fiscal year and expected condition and operations during the next 5 fiscal years. TABLE TF-15.--Highway Trust Fund Results of Operations, Fiscal 1997 [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Balance Oct. 1, 1996, . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Receipts: Excise taxes (transferred from general fund): Gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas manufacture gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 404 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks, buses, trailers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4061 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel and special motor fuels . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 (a) (b) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Trucks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4051 (a) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Tires used on highway vehicles . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 (a) (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Cash management improvement act . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4071 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Use of certain vehicles. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4481 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Fines and penalties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less: Transfer to land and water conservation fund . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Transfer to aquatic reserve. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gross taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Less refunds of taxes (reimbursed to general fund): Diesel-powered vechicle. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39 & 6420 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasoline 9.1/14.1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6421 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gasohol 3.1/8.7 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6427 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel 15.1/20.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Special motor fuel 9.1/14.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Aviation Htf. 12.1/15.1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6412 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Gas to make gasohol . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel fuel, bus use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4041 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Diesel . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4081 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Exempt use . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total refunds of taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net taxes. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Investment income: Interest on investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Accrued interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Total investment income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Net receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Amount $21,621,182,405 887,873,083 5,913,942,720 1,674,348,000 15,341,566,453 299,745,000 2,884,992 761,759,580 5,853,429 24,887,973,257 221,537,000 24,666,436,257 11,331,644 222,376,940 13,270,140 445,032,838 11,198,798 12,384,070 29,085,075 51,872,000 796,551,505 23,869,884,752 1,448,360,948 1,448,360,948 $25,318,245,700 TRUST FUNDS 113 TABLE TF-15.--Highway Trust Fund Results of Operations, Fiscal 1997, con. [Source: Department of Transportation] Description Internal Revenue Code section (26 U.S.C.) Amount Expenses: Federal aid to highways . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $20,466,500,426 Right-of-way revolving fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,711,969 National Highway Traffic Safety Administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 233,129,458 Trust fund share of highway programs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 865,813 Baltimore-Washington Parkway. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 87,507 Highway safety research and development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,802 Pennsylvania toll road demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 787,312 Highway-related safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,200,448 Alabama highway bypass demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 441 Urban airport access safety demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Intermodal urban demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,453,337 University transportation center . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,982,877 Carpool and vanpool grants. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . - Metropolitan planning project. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 123,913 National Park Service construction . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,563,274 Motor carrier safety grants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78,454,853 Mass transit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,662,696,553 Safety improvement project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 560,969 Safety economic development demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,516,453 Railroad administration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,428,101 Vehicular and pedestrian safety demonstration. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,668 Highway demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . -269,576 Corridor safety improvement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 729,096 Bridge capacity improvement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56,032 Highway railroad grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,741,112 Urban highway/corridor bicycle transportation demonstration . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 594,786 Highway demonstration projects . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,012,362 Kentucky bridge demonstration program . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 424,182 Pennsylvania reconstruction demonstration project . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,174,482 Mineola grade crossing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,180 Department of Transportation/rent. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,022,000 Total expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24,518,743,830 Outlays: Outlays to cash management improvement act. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 226,099 Balances expired or permanently cancelled . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 678,323 Balance September 30, 1997 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $22,419,779,853 114 TRUST FUNDS TABLE TF-15.--Highway Trust Fund, con. Expected Condition and Results of Operations, Fiscal Years 1998-2002 [In millions of dollars. Source: Department of Transportation] Combined Statement Highway and Mass Transit Accounts Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1998 1999 2000 2001 2002 22,434 23,978 38,794 48,000 57,209 26,063 38,614 33,201 33,812 34,448 Receipts: Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,416 1,461 2,243 2,670 3,129 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27,479 40,075 35,444 36,482 37,577 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25,935 25,259 26,239 27,273 27,755 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,978 38,794 48,000 57,209 67,031 Mass Transit Account Balance Oct. 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1998 1999 2000 2001 2002 9,858 9,996 14,083 16,913 18,968 3,514 5,416 4,581 4,663 4,747 Receipts: Excise taxes, net of refunds . . . . . . . . . . . . . . . . . . . . . Interest, net. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 622 609 814 941 1,037 Total receipts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,136 6,025 5,395 5,604 5,784 Outlays. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3,998 1,938 2,565 3,549 4,159 Balance Sept. 30 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,996 14,083 16,913 18,968 20,593 Highway Account Balance Oct. 1. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1998 1999 2000 2001 2002 12,575 13,980 24,709 31,085 38,239 22,549 33,198 28,620 29,149 29,701 Receipts: Excise taxes, net of refunds. . . . . . . . . . . . . . . . . . . . . . Interest, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 794 852 1,429 1,729 2,092 Total receipts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,343 34,050 30,049 30,878 31,793 Outlays . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21,938 23,321 23,673 23,724 23,595 Balance Sept. 30. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,980 24,709 31,085 38,239 46,437 Unfunded authorizations, end of year . . . . . . . . . . . . . . . . 41,506 44,200 - - - 24-month revenue estimate . . . . . . . . . . . . . . . . . . . . . . . 45,638 47,032 48,623 24,723 - TRUST FUNDS 115 TABLE TF-15A.--Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment to the Intermodal Surface Transportation Efficiency Act of 1991 and represents data concerning the Highway Trust Fund. The figure described as ‘‘unfunded authorizations’’ is the latest estimate received from the Department of Transportation for fiscal 1996. The 24- and 12-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from the Department of Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods beginning at the close of fiscal 1996. Highway Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39,123 24-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45,154 Mass Transit Account [In millions of dollars. Source: Department of Transportation] Unfunded authorizations (EOY). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,561 12-month revenue estimate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7,233 116 TECHNICAL PAPERS Research Paper Series Available through the Office of the Assistant Secretary for Economic Policy 9002. ‘‘Historical Trends in the U.S. Cost of Capital.’’ Robert Gillingham and John S. Greenlees. December 1990. 9003. ‘‘The Effect of Marginal Tax Rates on Capital Gains Revenue: Another Look at the Evidence.’’ Robert Gillingham and John S. Greenlees. December 1990. 9004. ‘‘An Econometric Model of Capital Gains Realization Behavior.’’ Robert Gillingham, John S. Greenlees, and Kimberly D. Zieschang. August 1990. 9101. ‘‘The Impact of Government Deficits on Personal and National Saving Rates.’’ (Revised) Michael R. Darby, Robert Gillingham, and John S. Greenlees. February 1991. 9102. ‘‘Social Security and the Public Debt.’’ James E. Duggan. October 1991. 9201. ‘‘Issues in Eastern European Social Security Reform.’’ John C. Hambor. June 1992. 9202. ‘‘Life-Health Insurance Markets.’’ John S. Greenlees and James E. Duggan. July 1992. 9203. ‘‘Property-Casualty Insurance Markets.’’ Lucy Huffman and David Bernstein. August 1992. 9301. ‘‘The Bank-Reported Data in the U.S. Balance of Payments: Basic Features and an Assessment of their Reliability.’’ Michael Cayton. February 1993. 9302. ‘‘The Returns Paid to Early Social Security Cohorts.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. April 1993. 9303. ‘‘Distributional Effects of Social Security: The Notch Issue Revisited.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. Revised April 1995. 9501. ‘‘Progressive Returns to Social Security? An Answer from Social Security Records.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. November 1995. 9701. ‘‘Housing Bias in the CPI and Its Effects on the Budget Deficit and Social Security Trust Fund.’’ James E. Duggan, Robert Gillingham, and John S. Greenlees. January 1997. 9702. ‘‘An Improved Method for Estimating the Total Taxable Resources of the States.’’ Michael Compson and John Navratil. December 1997. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4422 Washington, D.C. 20220 Telephone (202) 622-2010, or fax (202) 622-1294 or 622-2563. 117 Glossary With References to Applicable Sections and Tables Source: Financial Management Service Accrued discount (SBN-1, -2, -3)----Interest that accumulates on savings bonds from the date of purchase until the date of redemption or final maturity, whichever comes first. Series A, B, C, D, E, EE, F, and J are discount or accrual type bonds---meaning principal and interest are paid when bonds are redeemed. Series G, H, HH, and K are current-income bonds, and the semiannual interest paid to their holders is not included in accrued discount. 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-2, -3)----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 may also 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-2)----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.) Coupon issue----The issue of bonds or notes (public debt). Currency no longer issued (USCC)----Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Current income bonds (‘‘U.S. Savings Bonds and Notes’’)----Bonds paying semiannual interest to holders. Interest is not included in accrued discount. 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 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. As of June 1998, the debt limit was $5,950,000 million; the limit may change from year to year. The debt subject to limitation includes most of Treasury’s public debt except securities issued to the Federal Financing Bank, upon which there is a limitation of $15 billion, and certain categories of older debt (totaling approximately $595 million as of February 1991). Discount----The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-2)----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 U.S.C. 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. Foreign (‘‘Foreign Currency Positions,’’ IFS-2, -3)----Locations other than those included under the definition of the United States. (See United States.) Foreigner (‘‘Capital Movements,’’ IFS-2)----All institutions and individuals living outside the United States, including U.S. citizens living abroad, and branches, subsidiaries, and other affiliates abroad of U.S. banks and business concerns; central governments, central banks, and other official institutions of countries other than the United States, and international and regional organizations, wherever located. Also, refers to persons in the United States to the extent that they are known by reporting institutions to be acting for foreigners. Foreign official institutions (‘‘Capital Movements’’)----Includes central governments of foreign countries, including all departments and agencies of national governments; central banks, exchange authorities, and all fiscal agents of foreign national governments that undertake activities similar to those 118 Glossary of a treasury, central bank, or stabilization fund; diplomatic and consular establishments of foreign national governments; and any international or regional organization, including subordinate and affiliate agencies, created by treaty or convention between sovereign states. Foreign public borrower (‘‘Capital Movements’’)----Includes foreign official institutions, as defined above, the corporations and agencies of foreign central governments, including development banks and institutions, and other agencies that are majority-owned by the central government or its departments; and state provincial and local governments of foreign countries and their departments and agencies. Foreign-targeted issue (PDO-1, -3)----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. Fractional coins (USCC)----Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 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 (‘‘Exchange Stabilization Fund,’’ IFS-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. Matured non-interest-bearing debt (SBN-1, -2, -3)----The value of outstanding savings bonds and notes that have reached final maturity and no longer earn interest. Includes all Series A-D, F, G, J, and K bonds. Series E bonds (issued between May 1941 and November 1965), Series EE (issued since January 1980), Series H (issued from June 1952 through December 1979), and savings notes issued between May 1967 and October 1970 have a final maturity of 30 years. Series HH bonds (issued since January 1980) mature after 20 years. Noncompetitive tenders (‘‘Treasury Financing Operations’’)----Offers by an investor to purchase Treasury securities at the price equivalent to the weighted average discount rate or yield of accepted competitive tenders in a Treasury auction. Noncompetitive tenders are always accepted in full. 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. Own foreign offices (‘‘Capital Movements’’)----Refers to U.S. reporting institutions’ parent organizations, branches and/or majority-owned subsidiaries located outside the United States. 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.) 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-3, -4)----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,’’ IFS-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 (FD-2)----(SLUGs) 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 119 Glossary comply with IRS arbitrage provisions. SLUGs 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-1, -3)----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), they are sold at a discount. Trust fund transaction (‘‘Federal Fiscal Operations’’)----An intra-budgetary 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