Full text of Treasury Bulletin : September 2015
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BULLETIN SEPTEMBER 2015 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Department of the Treasury Bureau of the Fiscal Service BULLETIN The Treasury Bulletin is for sale by the Superintendent of Documents U.S. Government Printing Office Washington, D.C. 20402. The Treasury Bulletin is issued quarterly in March, June, September, and December by the Bureau of the Fiscal Service, Governmentwide Accounting, Budget Reports Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9939 or (304) 480-5162 to inquire about any of the published information. Suggestions are welcome. The publication staff can also be reached by electronic mail. treasury.bulletin@fiscal.treasury.gov Internet service subscribers can access the Treasury Bulletin in Microsoft Word or PDF format through the Bureau of Fiscal Service’s home page. www.fiscal.treasury.gov/ Table of Contents FINANCIAL OPERATIONS PROFILE OF THE ECONOMY Analysis—Summary of Economic Indicators........................................................................................................................ 3 FEDERAL FISCAL OPERATIONS Introduction—Federal Fiscal Operations ............................................................................................................................... 9 Analysis—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ....................... 10 FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 12 FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 12 FFO-1—Summary of Fiscal Operations .............................................................................................................................. 13 FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 14 FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 16 FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 18 ACCOUNT OF THE U.S. TREASURY Introduction— Source and Availability of the Balance in the Account of the U.S. Treasury ............................................. 19 UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances ........................................... 19 FEDERAL DEBT Introduction—Federal Debt ................................................................................................................................................. 21 FD-1—Summary of Federal Debt ....................................................................................................................................... 22 FD-2—Debt Held by the Public .......................................................................................................................................... 23 FD-3—Government Account Series .................................................................................................................................... 24 FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 25 FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 26 FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 27 FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 28 FISCAL SERVICE OPERATIONS Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 30 TREASURY FINANCING ................................................................................................................................................. 30 PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 38 PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 39 OWNERSHIP OF FEDERAL SECURITIES Introduction—Ownership of Federal Securities .................................................................................................................. 40 OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 41 OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 42 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 43 USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 43 USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 44 September 2015 IV Table of Contents INTERNATIONAL STATISTICS FOREIGN CURRENCY POSITIONS Introduction—Foreign Currency Positions .......................................................................................................................... 47 SECTION I—Canadian Dollar Positions FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 48 FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 49 FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 49 SECTION II—Japanese Yen Positions FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 50 FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 51 FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 51 SECTION III—Swiss Franc Positions FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 52 FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 53 FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 53 SECTION IV—Sterling Positions FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 54 FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 55 FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 55 SECTION V—U.S. Dollar Positions FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 56 FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 57 FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 57 SECTION VI—Euro Positions FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 58 FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 59 FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 59 EXCHANGE STABILIZATION FUND Introduction—Exchange Stabilization Fund ........................................................................................................................ 60 ESF-1—Balance Sheet ........................................................................................................................................................ 60 ESF-2—Income and Expense .............................................................................................................................................. 61 SPECIAL REPORTS TRUST FUNDS Introduction—Highway Trust Fund .................................................................................................................................... 65 TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 65 RESEARCH PAPER SERIES ............................................................................................................................................. 66 GLOSSARY ........................................................................................................................................................................ 68 ORDER FORM FOR TREASURY PUBLICATIONS ............................................................................... Inside back cover NOTES: Definitions for words shown in italics can be found in the glossary; Detail may not add to totals due to rounding; n.a. = Not available. September 2015 V Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State ........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Agriculture Disaster Relief Trust Fund ............................................................. √ Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund ....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund ........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund .......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Patient Centered Outcomes Research Trust Fund ............................................. √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Trust Fund ................................................ √ Uranium Enrichment Decontamination and Decommissioning Fund............... √ Vaccine Injury Compensation Trust Fund ........................................................ √ Wool Research, Development, and Promotion Trust Fund............................... √ September 2015 OPERATIONS Profile of the Economy Federal Fiscal Operations Account of the U.S. Treasury Federal Debt Fiscal Service Operations Ownership of Federal Securities U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of August 7, 2015 Introduction U.S. economic activity strengthened in the second quarter, as transitory factors that had weighed on growth earlier in the year receded. The pickup featured an upturn in exports coupled with slower import growth, as well as faster growth of consumer spending. State and local government outlays also rebounded following a decline in the prior quarter. The improvement in labor markets has broadened and deepened in recent months, with the pace of job creation over the past year the strongest of any 12-month period since 2000. The unemployment rate stood at 5.3 percent in July, its lowest level in nearly 7 years. Inflation remained low, in part reflecting the steep decline in energy prices between mid-2014 and early 2015. Although energy prices crept higher in spring and early summer, they have trended lower again in recent weeks and are well below year-ago levels. The Administration has taken a number of steps in recent years to promote stronger economic growth in the near term, but has also pursued deficit reduction measures in the interests of the nation’s longer-term growth. The federal budget deficit has fallen from a peak of 9.8 percent of Gross Domestic Product (GDP) in fiscal year 2009 to 2.8 percent in fiscal year 2014, and is expected to fall slightly further on net in the coming fiscal years. At its most recent meeting in July 2015, the Federal Reserve’s Federal Open Market Committee (FOMC) announced it would maintain the target range for the federal funds rate at 0 to 0.25 percent as well as existing programs for reinvestment of principal payments and roll-overs of maturing Treasuries at auction. The Committee also observed that it “anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.” Economic Growth Since the current expansion began in mid-2009, the economy has grown by 13.3 percent and, as of the second quarter of 2015, real GDP was 8.5 percent above its level at the end of 2007, when the recession began. According to the advance estimate, real GDP rose 2.3 percent at an annual rate during the second quarter of 2015, after advancing 0.6 percent in the first quarter. The pace of consumer spending accelerated in the second quarter, providing a larger boost to growth. Residential investment growth slowed a bit from the first quarter’s double-digit pace, but still made a small contribution to GDP growth. Business fixed investment fell, largely reflecting a sharp decline in spending in the energy sector. Federal Government outlays fell in the second quarter, but State and local government spending advanced, such that the government sector provided a small boost to growth overall. The trade deficit narrowed, as exports rose faster than imports. As a result, net exports added modestly to second-quarter GDP growth after posing a very large drag on growth in the first quarter. In contrast, private inventory accumulation slowed and was slightly negative for growth in the second quarter after making a large positive contribution to GDP growth in the first quarter. Private domestic final demand (consumption plus private fixed investment, considered a better measure of underlying private demand because it subtracts out government spending, inventory movements, and net exports) grew at a 2.5 percent annual rate in the second quarter, faster than the first quarter’s 2.0 percent pace. Real personal consumption expenditures—which account for about 69 percent of GDP—rose at a 2.9 percent annual rate in the second quarter, accelerating from a 1.8 percent pace in the first quarter. Growth of consumer spending on goods increased markedly, boosted in part by strong growth of spending on motor vehicles following a decline in the first quarter. Altogether, consumption contributed 2.0 percentage points to real GDP growth in the second quarter. Housing activity has stepped up over the past year. Residential investment—mostly residential home-building— advanced 6.6 percent at an annual rate in the second quarter, following a 10.1 percent jump in the first quarter. Residential activity accounts for just 3 percent of GDP, and added 0.2 percentage point to second-quarter real GDP growth. The pace of home building and home sales continue September 2015 4 PROFILE OF THE ECONOMY to strengthen. New residential construction activity has recovered from weather-related regional slowdowns in early 2015. Single-family housing starts reached a fresh 6-½ year high in April before edging back somewhat in subsequent months, but advanced 14.7 percent over the year through June 2015 to an annual rate of 685,000 units. Even so, single-family starts remain more than 62 percent below their January 2006 peak, and well below the 1.1 million unit average observed from 1980 to 2004. (Multi-family starts also fell early in 2015 but have since recovered. In contrast with single-family starts, multi-family starts generally remain at their pre-recession level.) Sales of new singlefamily homes rose 18.1 percent over the year through June to a 482,000 annual rate. Sales of all existing homes (94 percent of all home sales, including single-family, condos and co-ops) rose 9.6 percent over the year to just under 5.5 million at an annual rate in June 2015. Home prices have continued to rise, although the pace of increase has moderated from the rapid pace observed in mid2013. The FHFA purchase-only home price index rose 5.7 percent over the year ending in May 2015, down from the July 2013 peak rate of 8.3 percent. The Standard and Poor’s (S&P)/Case-Shiller composite 20-city home price index rose 4.9 percent over the year ending in May 2015, down from a peak of 13.7 percent in November 2013. Other house price measures show a similar pattern of decelerating home price appreciation. Household formation—a key determinant of demand for new housing - has risen to a much stronger level in recent quarters, reaching 1.62 million in the year through the second quarter of 2015, well above the historical average of 1.2 million. Growth of nonresidential fixed investment—about 13 percent of GDP—fell by 0.6 percent at an annual rate in the second quarter, following a 1.6 percent advance in the first quarter. Both equipment investment and structures investment fell in the second quarter, the latter pulled down by a second straight drop in mining structures related to the pullback in oil exploration. Investment in intellectual property products—including outlays for software, research and development, and entertainment, literary and artistic originals—continued to grow at a solid pace in the second quarter. Altogether, nonresidential fixed investment subtracted 0.1 percentage point from real GDP growth in the second quarter of 2015, after adding 0.2 percentage point in the first quarter. The pace of inventory accumulation also posed a small drag on second-quarter growth, subtracting 0.1 percentage point after contributing 0.9 percentage point to growth in the first quarter. Exports account for about 13.5 percent of GDP, while imports (which are subtracted from total domestic spending to calculate GDP) account for almost 17 percent. In the second quarter of 2015, exports grew 5.3 percent at an annual rate, recouping most of the 6.0 percent drop recorded in the first quarter. Import growth slowed to 3.5 percent, roughly half its first-quarter pace. With exports rising faster than imports, the net export deficit narrowed and added 0.1 September 2015 percentage point to GDP growth in the second quarter. In the first quarter, net exports had subtracted 1.9 percentage points from GDP growth. The current account balance (reflecting international trade in goods and services, investment income flows, and unilateral transfers) has been in deficit almost continuously since the early 1980s and in 2006 reached a record $807 billion, equivalent to 5.8 percent of GDP. The current account deficit narrowed sharply during the recession to $384 billion (2.6 percent of GDP) in 2009. It has widened somewhat since then but remains well below its 2006 peak. In 2014, the current account deficit stood at $390 billion, or 2.2 percent of GDP. In the first quarter of 2015, the current account deficit widened to $453 billion (annualized), or 2.6 percent of GDP. Government purchases—which account for about 18 percent of GDP—advanced 0.8 percent at an annual rate in the second quarter of 2015, after edging down 0.1 percent in the first quarter. Government outlays have increased in three of the past five quarters, after declining on an annual basis between 2011 and 2014. At the federal level, spending fell by 1.1 percent in the second quarter, after increasing by an identical rate in the first quarter. State and local government spending rose by 2.0 percent in the second quarter, following a decline of 0.8 percent in the first quarter. State and local government spending declined for 14 straight quarters from the fourth quarter of 2009 through the first quarter of 2013— the longest period of falling expenditures at this level of government in postwar history—but has risen almost continuously since the first quarter of 2013. Labor Markets During the recession (from December 2007 through June 2009), the economy lost 7.4 million jobs. Job losses continued even after the recovery began, but in January 2010 employment began to rise again. Since then, through July 2015, total nonfarm payroll employment has increased by 12.4 million. Job losses during the recession were spread broadly across most sectors but, with the resumption of job growth, all of these sectors have added jobs. Since the labor market recovery began in early 2010, payrolls in professional and business services have risen by more than 3.2 million, and the leisure and hospitality industry’s employment has increased by over 2.2 million through July 2015. Employment in the manufacturing sector has expanded by 897,000 since early 2010. A few sectors added jobs throughout the recession and still continue to hire new workers: since early 2010, the health care and social assistance sector has added an additional 2.0 million jobs. On a net basis, the government sector also added workers to payrolls during the recession, although payrolls began declining late in 2008, and trended lower until early 2014. Government employment has increased since then but growth has been uneven. From early 2014 through July 2015, the government sector has added just 112,000 jobs. PROFILE OF THE ECONOMY Most of the growth has occurred at the local level, with the addition of 86,000 jobs. Federal government employment has edged up just 4,000 during this period. The unemployment rate peaked in October 2009 at a 26year high of 10.0 percent—and 5.4 percentage points above the 4.6 percent average that prevailed during 2006 and 2007, before the recession began. Since then, the unemployment rate has trended lower and in July 2015 stood at a 5.3 percent, only slightly above its pre-recession average of 5.2 percent. Broader measures of unemployment have also declined. The broadest measure, which includes workers who are underemployed and those who are only marginally attached to the labor force (the U-6 unemployment rate), has fallen from a record high of 17.1 percent in early 2010 to 10.4 percent in July 2015. The U-6 unemployment rate is still well above its pre-recession average of 8.3 percent. The percentage of the unemployed who have been out of work for 27 weeks or more also remains elevated relative to its pre-recession average. In July, 26.9 percent of unemployed workers were included in this category compared with readings around 17.5 percent before the recession. Inflation Headline and core (excluding food and energy) inflation rates remain relatively low and stable, due in part to low energy prices. Headline consumer prices edged up 0.1 percent over the 12 months ending in June 2015, slowing sharply from the 2.1 percent year-earlier rise. Energy prices fell 15.0 percent in the year through June 2015, contrasting with the 3.2 percent rise in the year through June 2014. Food prices rose 1.8 percent over the year through June 2015, slowing from the 2.3 percent increase over the 12 months ending in June 2014. On a 12-month basis, core consumer prices (excluding food and energy) rose 1.8 percent through June 2015, edging down from the 1.9 percent advance in the year through June 2014. Core inflation has been roughly stable around this level since early 2013. Oil and gasoline prices fell sharply between mid-2014 and early 2015. They trended higher in the spring and early 5 summer but have declined in recent weeks and remain well below their year-earlier levels. The front-month futures price of West Texas Intermediate (WTI) crude oil averaged $51.16 per barrel in July 2015, nearly $51 below its July 2014 average. The retail price of regular gasoline averaged $2.75 per gallon in July 2015, 80 cents lower than in July 2014. Federal Budget and Debt The federal budget deficit declined to $485 billion (2.8 percent of GDP) in fiscal year 2014, dropping sharply from $680 billion (4.1 percent of GDP) in fiscal year 2013. The deficit has declined by 7 full percentage points from a peak of 9.8 percent in fiscal year 2009, making the past 5 years the most rapid period of fiscal consolidation that the United States has experienced since the years following the end of World War II. The debt-to-GDP ratio was 74.1 percent in fiscal year 2014, up from 72.3 percent in fiscal year 2013. In December 2014, Congress passed an omnibus bill that funded most of the Federal government through the end of fiscal year 2015 and a continuing resolution that funded the Department of Homeland Security (DHS) through March 3, 2015. Before DHS budget authority expired, however, Republicans in Congress allowed a clean appropriations bill for DHS to pass without issue. The level of authorized September 2015 6 PROFILE OF THE ECONOMY spending is consistent with spending caps set in the Bipartisan Budget Act of 2013, which reduced the automatic sequestration required in fiscal year 2015 by $18 billion. In February 2015, the Administration released its fiscal year 2016 budget, which is designed to lower the budget deficit further and put the debt-to-GDP ratio on a declining path. The latest budget proposal would replace sequestration with targeted spending cuts and loophole closures, pay for all new investments, and achieve an additional $1.8 trillion in deficit reduction over the 10-year budget horizon. Deficit reduction would be achieved primarily through reforms to health programs, the tax code, and immigration. Updated projections in the Mid-Session Review of the Fiscal Year 2016 Budget show the federal budget narrowing to $455 billion (2.6 percent of GDP) in fiscal year 2015. The deficit is projected to continue to narrow as a share of the economy over the next 2 fiscal years, falling to 2.2 percent of GDP by fiscal year 2017. Over the longer term (fiscal years 2018 to 2025), the Administration estimates that the deficit will average 2.6 percent of GDP, well below the 40-year average of 3.2 percent of GDP. The debt-to-GDP ratio is projected to peak at 75.3 percent of GDP in fiscal years 2015 and 2016 and then decline over the next two years, stabilizing at 74.6 percent of GDP in fiscal year 2018. The primary deficit is projected to become a primary surplus in fiscal year 2024, at which point it will no longer be adding to federal debt. Economic Policy Key fiscal and monetary policy actions taken over the past few years have aided the recovery. On the fiscal policy side, the American Recovery and Reinvestment Act (ARRA) of 2009 authorized the Federal Government to spend $787 billion to stimulate domestic demand, an amount that was increased to $840 billion to be consistent with the President’s Fiscal Year 2012 Budget. This spending provided an important boost to economic activity, but the Administration also proposed and implemented a variety of additional programs to maintain the recovery’s momentum. These included an extension and expansion of the first-time home buyer tax credit, a new Small Business Jobs and Wages Tax Credit, and additional financial support for State and local Governments. In December 2010, the 2010 Tax Relief Act authorized a 2 percentage point payroll tax cut, extensions of unemployment benefits and refundable tax credits, and a 2-year extension of the 2001 tax cuts. In late December 2011, the 2 percentage point payroll tax cut and extended unemployment benefits included in the 2010 tax legislation were each extended for 2 additional months. In late February 2012, the extension of the payroll tax cut and extended unemployment benefits for the remainder of 2012 were signed into law. In January 2013, the ATRA was signed into law. The American Taxpayer Relief Act of 2012 (ATRA) permanently extended tax cuts for the vast majority of Americans and small businesses, extended Emergency Unemployment benefits for an additional year, extended a September 2015 variety of other tax cuts and credits, postponed the sequester, originally scheduled to take effect on January 1, until March 1, 2013, and raised tax rates for high-income earners (representing about 2 percent of taxpayers). Altogether, the ATRA is projected to reduce the deficit by $737 billion over the next decade. Partly in response to rising financial market stress, as well as to signs of more slowing in the broader economy, the Federal Reserve began the current cycle of monetary policy easing in September 2007. By late 2008, the FOMC had lowered the federal funds target interest rate dramatically, reducing it to a historically low range of 0 to 0.25 percent at the December 2008 FOMC meeting. Beginning with the August 2011 meeting, the FOMC also began identifying an expected timeframe for maintaining the federal funds rate target at “exceptionally low levels.” Initially put at mid2013, the timeframe was extended to “at least late 2014” at the January 2012 FOMC meeting, and then to “at least mid2015” at the September 2012 meeting, a timeframe for the target range which was maintained at the October 2012 meeting. At the December 2012 meeting, the FOMC implemented numerical thresholds for its policy rate guidance. Specifically, the FOMC indicated that it would maintain the target range at least as long as the unemployment rate remained above 6.5 percent, inflation between 1 and 2 years ahead is projected to be no more than 0.5 percentage point above the FOMC’s 2 percent longer-run goal, and long-term inflation expectations remain well anchored. At the December 2013 meeting, the FOMC commented on the role of the numerical thresholds in formulating monetary policy, indicating that, “it will likely be appropriate to maintain the current target range for the federal funds rate well past the time that the unemployment rate declines below 6-½ percent, especially if projected inflation continues to run below the Committee’s longer run goal.” At the FOMC meeting in March 2014, the Committee replaced the numerical thresholds in favor of qualitative guidance, noting it will “assess progress-both realized and expected-towards its objectives of maximum employment and 2 percent inflation” and that, “it will likely be appropriate to maintain the current target range … for a considerable time after the asset purchase program ends, especially if projected inflation continues to run below the Committee’s 2 percent longer-run goal, and provided longerterm inflation expectations remain well anchored.” At its most recent meeting in July 2015, the FOMC maintained the qualitative forward guidance adopted at the March 2014 FOMC meeting and also left out any reference to a timeframe for maintaining the current target range, which was dropped at the January 2015 meeting. The Committee also repeated its view, first expressed at the March 2015 meeting, that, “it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term.” The Committee made no other references PROFILE OF THE ECONOMY to timeframe for changes in monetary policy at its April meeting. At its April 2015 meeting, the FOMC had added “import prices” to the range of information it assesses in determining monetary policy, and in July, the Committee maintained previous references to energy and non-energy import prices. The Federal Reserve significantly expanded its tools to increase liquidity in credit markets, and eased lending terms to sectors in need of liquidity, including a variety of facilities and funds directed at specific financial markets. As of June 30, 2010, all of these special facilities had expired. At the August 2010 FOMC meeting, the Federal Reserve announced it would maintain its holdings of securities at current levels by reinvesting principal payments from agency debt and agency mortgage-backed securities in longer-term Treasury securities, and continue rolling over the Federal Reserve’s holdings of Treasury securities as they mature. At the end of June 2011, the FOMC completed purchases of $600 billion of longer-term Treasury securities. At the September 2011 meeting, the FOMC announced it would extend the average maturity of its holdings (a socalled “twist” operation) by purchasing $400 billion of longer-term (6 to 30 years) Treasury securities and selling an equal amount of shorter-term (3 years or less) Treasury securities, all by the end of June 2012. The Committee also announced the reinvestment of principal payments from its holdings of agency debt and agency mortgage-backed securities into the latter securities. At the June 2012 meeting, the FOMC extended and expanded its program to extend the average maturity of its holdings (the so-called “twist” operation announced in September 2011). At the September 2012 meeting, the FOMC announced it would increase monetary accommodation through $40 billion per month in additional purchases of mortgage-backed securities through the end of the year. The FOMC announced additional monetary accommodation at the December 2012 meeting, including the completion of short-term securities sales (which drain liquidity) and the continuation of purchases of long-term Treasury securities at a rate of $45 billion per month beyond the end of 2012. The FOMC also indicated that monthly purchases of mortgage-backed securities at a pace of $40 billion per month would continue, and affirmed its existing policy of reinvesting principal payments. At the December 2013 meeting, the FOMC announced a tapering of long-term Treasury security purchases and mortgage-backed securities purchases of $5 billion each, beginning in January 2014. The tapering brought monthly purchases to $40 billion and $35 billion, respectively. At each subsequent meeting in January, March, April, June, July, and September 2014, the Committee announced further tapering of asset purchases of $5 billion in each category. At its meeting in October 2014, the Committee announced the conclusion of its asset purchase program at the end of October 2014. 7 Financial Markets Financial markets have largely recovered from the unprecedented strains experienced in the fall of 2008. Credit flows have increased substantially, and in the second quarter of 2015, banks generally continued to ease standards and terms across several lending categories. Measures of risk tolerance and volatility have all improved. Equity markets have more than recovered from the steep losses incurred in 2008 and volatility has declined markedly. The S&P 500 index, which suffered its largest annual loss in 2008 since the Great Depression, has increased roughly 1.0 percent so far this year following an 11.4 percent gain during 2014 and is currently about 33 percent above its October 2007 peak. The S&P Stock Market Volatility Index (VIX), often used as a measure of financial market uncertainty, stood at 13 as of early August 2015–down sharply from an all-time high of 80 in late October 2008. A variety of factors have buffeted long-term Treasury interest rates over the past several years, including flight-toquality flows in response to a variety of specific risk events, as well as supply concerns related to funding of the Government’s debt, and more recently, renewed concerns about European and Latin American debt markets. The yield on the 10-year note has fluctuated around the 2 percent level during 2015, remaining well above the record low of 1.43 percent reached in late July 2012, Currently, the 10-year yield is 2 basis points lower on the year at 2.15 percent, after falling by nearly 90 basis points in 2014. The 3-month Treasury bill yield has fluctuated under 0.1 percent since January 2012, where it stood as of early August 2015. The 2to 10-year Treasury yield spread, one measure of the steepness of the yield curve, has been narrowing significantly since November 2013 and stood at about 152 basis points as of early August 2015. Key interest rates on private securities, which spiked in response to financial market turbulence in late 2008, have since retraced as conditions have stabilized. The spread between the 3-month London Inter-bank Offered Rate (LIBOR) and the 3-month Treasury bill rate (also known as the TED spread, a measure of inter-bank liquidity and credit risk) rose to an all-time high of nearly 460 basis points in early October 2008. However, improvements in short-term credit availability have led to a narrowing of this spread, which stood at 25 basis points as of early August 2015. The spread between the Baa corporate bond yield and the 10-year Treasury yield peaked at nearly 620 basis points in December 2008. The Baa-10-year spread had narrowed to 213 basis points in April 2014, but thereafter, has widened very gradually to 292 basis as of early August 2015, still very high by historical standards. September 2015 8 PROFILE OF THE ECONOMY Rates for conforming mortgages have trended lower in recent years, as have rates for jumbo mortgages, although over the summer and fall of 2013, mortgage rates rose considerably. The interest rate for a 30-year conforming fixed-rate mortgage fell to a record low of 3.31 percent in November 2012. In the spring of 2013, however, it moved sharply higher, peaking at 4.58 percent in August 2013. Since then, this rate has eased on net and in early August 2015 averaged 3.91 percent. Foreign Exchange Rates The value of the U.S. dollar compared with the currencies of seven major trading partners (the euro area countries, Japan, Canada, the United Kingdom, Australia, September 2015 Sweden, and Switzerland) appreciated to a peak level in February 2002, and then depreciated significantly over the next several years. From its peak in February 2002, to the recent low reached in August 2011, the exchange value of the dollar compared to an index of these currencies fell by about 39 percent. Although the dollar’s exchange value against this index remains well below the February 2002 peak, it has appreciated between August 2011 and July 2015 by about 33 percent. From August 2011 through July 2015, the dollar has appreciated by about 60 percent against the yen and by about 30 percent against the euro. Against an index of currencies of 19 other important trading partners (including China, India, and Mexico), the dollar has appreciated by about 16 percent. 9 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions—payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900-922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused September 2015 10 FEDERAL FISCAL OPERATIONS on both on- and off-budget receipts, outlays and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. Table FFO-3 details on- and off-budget outlays by agency. Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Third-Quarter Receipts The following capsule analysis of budget receipts, by source, for the third quarter of fiscal year 2015 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, net of refunds, were $526.1 billion for the third quarter of fiscal year 2015. This is an increase of $65.2 billion over the comparable prior year quarter. Withheld receipts increased by $13.7 billion and non-withheld receipts increased by $50.7 billion during this period. Refunds decreased by $0.8 billion over the comparable fiscal year 2014 quarter. There was a decrease of $3.1 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2014. Corporate income taxes—Net corporate income tax receipts were $123.3 billion for the third quarter of fiscal year 2015. This is an increase of $5.9 billion compared to September 2015 the prior year third quarter. The $5.9 billion change is comprised of an increase of $6.5 billion in estimated and final payments, and an increase of $0.6 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2015 were $281.2 billion, an increase of $14.4 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $9.1 billion, $1.5 billion, and $3.6 billion respectively. There was a $1.0 billion accounting adjustment for prior years’ employment tax liabilities made in the third quarter of fiscal year 2015, while there was a -$2.1 billion adjustment in the third quarter of fiscal year 2014. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2015 were $25.1 billion, a decrease of $1.4 billion over the comparable quarter of fiscal year 2014. Net State taxes deposited in the U.S. Treasury decreased by $1.6 billion to $21.8 billion. Net Federal Unemployment Tax Act taxes increased by $0.1 billion to $3.4 billion. FEDERAL FISCAL OPERATIONS 11 Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source, continued Contributions for other insurance and retirement— Contributions for other retirement were $0.9 billion for the third quarter of fiscal year 2015. This was a negligible change from the comparable quarter of fiscal year 2014. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2015 were $20.7 billion, an increase of $1.0 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.9 billion, a decrease of $0.5 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.2 billion for the third quarter of fiscal year 2015. These receipts represent an increase of $1.0 billion over the same quarter in fiscal year 2014. Customs duties—Customs duties net of refunds were $8.9 billion for the third quarter of fiscal year 2015. This is an increase of $1.0 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2015 were $34.8 billion, an increase of $2.2 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: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Third quarter 2015 April - June Total on- and off-budget results: Total receipts ............................................................... On-budget receipts .................................................. Off-budget receipts .................................................. Total outlays ................................................................. On-budget outlays.................................................... Off-budget outlays.................................................... Total surplus or deficit (-) ............................................. On-budget surplus or deficit (-) ................................ Off-budget surplus or deficit (-) ................................ Means of financing: Borrowing from the public ............................................ Reduction of operating cash ........................................ Other means ................................................................ Total on- and off-budget financing ........................... Fiscal year 2015 year to date 1,027,120 810,341 216,779 901,020 736,618 164,402 126,100 73,724 52,377 2,446,919 1,858,260 588,659 2,760,301 2,230,433 529,867 -313,381 -372,173 58,792 -16,300 -154,255 44,455 -126,100 290,969 -96,038 118,448 313,380 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2015 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes ..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts....................................................... Total budget receipts ..................................................... April May June 288.2 43.2 106.7 9.5 0.3 6.2 3.2 3.4 11.0 471.8 85.0 7.3 79.0 15.2 0.3 7.4 1.7 2.5 13.9 212.4 152.8 72.8 95.5 0.4 0.3 7.1 1.3 2.9 9.9 342.9 Note.—Detail may not add to totals due to independent rounding. September 2015 12 September 2015 FEDERAL FISCAL OPERATIONS FEDERAL FISCAL OPERATIONS 13 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 Total surplus or deficit (-) (7) Total receipts (1) Off-budget receipts (3) Total outlays (4) 2,161,728 2,302,495 2,449,092 2,773,979 3,020,847 1,530,040 1,736,709 1,879,592 2,100,705 2,285,246 631,688 565,787 569,500 673,274 735,602 3,455,931 3,598,086 3,538,447 3,454,254 3,504,199 2,901,248 3,099,477 3,030,856 2,820,439 2,798,105 554,683 498,609 507,589 633,815 706,095 -1,294,204 -1,295,591 -1,089,353 -680,276 -483,353 -1,371,208 -1,362,769 -1,151,263 -719,738 -512,857 77,004 67,179 61,913 39,460 29,507 1,652,342 1,234,576 1,286,476 667,974 1,076,474 2015 - Est .................... 3,176,072 2016 - Est .................... 3,525,179 2,410,502 2,724,214 765,570 800,965 3,758,577 3,999,467 3,005,957 3,201,064 752,620 798,403 -582,505 -474,288 -595,455 -476,850 12,950 2,562 832,105 706,431 323,646 214,492 194,248 351,722 212,719 191,436 335,327 306,742 139,388 234,187 471,801 212,386 342,933 255,321 159,153 137,291 290,458 160,464 135,169 280,293 233,755 79,456 158,782 390,011 151,023 269,307 68,325 55,340 56,957 61,264 52,255 56,267 55,034 72,987 59,932 75,405 81,790 61,363 73,626 253,127 309,113 322,925 245,912 334,432 248,254 333,463 324,289 331,738 287,105 315,092 294,771 291,157 228,599 247,177 251,908 176,192 271,514 178,516 311,588 257,510 259,778 214,910 251,497 223,306 261,815 24,528 61,937 71,017 69,720 62,918 69,738 21,875 66,779 71,960 72,195 63,595 71,465 29,342 70,519 -94,621 -128,677 105,810 -121,713 -56,818 1,864 -17,546 -192,350 -52,918 156,709 -82,385 51,776 26,722 -88,024 -114,616 114,266 -111,050 -43,347 -31,295 -23,755 -180,321 -56,128 138,514 -72,283 7,492 43,798 -6,597 -14,060 -8,456 -10,663 -13,471 33,159 6,208 -12,028 3,210 18,195 -10,102 44,284 115,779 54,297 62,244 73,557 114,972 67,642 135,844 -56,783 73,210 -4,729 854 140 -2,494 Fiscal year 2015 to date ... 2,446,919 1,858,260 588,659 2,760,301 2,230,434 529,867 -313,381 -372,173 58,792 328,656 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2010 ............................ 2011 ............................ 2012 ............................ 2013 ............................ 2014 ............................ 2014 - June ................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2015 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. Off-budget outlays (6) On-budget surplus or deficit (-) (8) On-budget receipts (2) Fiscal year or month On-budget outlays (5) Means of financing – net transactions Borrowing from the public– Off-budget Federal securities surplus or Public debt deficit (-) securities (10) (9) Means of financing—net transactions, continued Borrowing from the publicFederal securities, continued Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) 2010 ...................................... 2011 ...................................... 2012 ...................................... 2013 ...................................... 2014 ...................................... 771 1,014 -589 703 -1,234 179,044 125,742 133,641 -33,340 277,668 1,474,069 1,109,849 1,152,249 702,019 797,573 34,567 -251,743 27,356 2,939 69,916 -535 -1,535 -643 -267 -1,817 -538 6,011 5,955 42 188 -531 9,719 819 -3,658 -4,994 -147,277 -51,806 -29,408 -23,503 -359,628 -375 816 -834 1,293,454 1,295,591 1,089,353 680,276 483,348 2015 - Est .............................. 2016 - Est .............................. 990 -208 106,641 104,063 726,454 602,161 41,698 - - - - -102,251 -127,873 - 582,505 474,288 2014 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2015 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... 173 58 -370 132 185 48 286 14 -307 50 320 25 167 81,576 -24,651 -19,010 22,589 41,067 2,841 34,577 -19,931 -15,391 -19,994 37,198 1,303 -23,189 34,376 79,006 80,884 51,099 74,090 64,849 101,553 -36,839 88,293 15,315 -36,024 -1,138 20,862 110,406 -12,062 -78,573 109,637 -40,899 -9,132 115,182 -66,638 -121,885 65,155 173,785 -74,922 55,393 194 -523 -457 -1,283 -152 -502 -553 -1,399 -83 -1,000 965 -568 570 619 -117 -302 30 254 -716 -943 286 -1,226 -865 -90 112 -596 -334 -700 317 -719 -4 -363 -1,162 -305 -1,364 -2,430 -100 -194 127 5,990 2,185 -31,191 -49,418 6,822 -18,744 9,104 -13,673 -20,524 98,455 53,871 7,951 -17,144 174 -1 - -70,519 94,593 128,708 -105,810 121,713 56,818 -1,867 17,544 192,327 52,910 -156,714 82,385 -51,776 Fiscal year 2015 to date ............. 796 38,481 290,969 96,039 -2,722 -3,784 -5,795 106,110 -1 313,340 These estimates are based on the President's Fiscal Year 2016 Budget, released by the Office of Management and Budget on February 2, 2015. - No transactions. Detail may not add to totals due to rounding. September 2015 FEDERAL FISCAL OPERATIONS 14 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Individual Fiscal year or month Corporation Net (4) Gross (5) Refunds (6) Net (7) 260,035 237,827 238,251 229,992 231,733 898,549 1,091,473 1,132,207 1,316,405 1,394,567 279,880 243,492 281,841 312,477 353,553 88,443 62,407 39,552 38,970 32,822 191,437 181,085 242,290 273,505 320,729 - - 1,478,076 1,645,628 341,688 473,304 - 89,738 92,991 86,536 94,971 93,992 87,059 133,918 103,806 108,211 121,794 95,842 90,789 92,900 59,518 8,388 6,135 69,298 21,571 5,937 14,525 75,228 6,179 16,082 248,157 9,114 66,231 6,521 3,662 2,873 2,975 8,902 7,038 3,414 1,834 73,776 51,903 55,795 14,868 6,304 142,735 97,717 89,798 161,294 106,661 85,958 145,029 177,199 40,614 85,973 288,204 85,035 152,827 71,648 10,488 5,291 76,042 14,848 5,491 87,471 10,458 5,702 39,698 45,656 9,524 75,825 928,311 463,024 223,834 1,167,500 294,673 Withheld (1) Other (2) 2010 .................. 2011 .................. 2012 .................. 2013 .................. 2014 .................. 880,361 990,952 1,018,104 1,102,745 1,149,709 278,223 338,348 352,355 443,651 476,591 2015 - Est .......... 2016 - Est .......... 1,478,076 1,645,628 2014 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2015 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... Fiscal year 2015 to date ................ Fiscal year or month Refunds (3) Net income taxes (8) Gross (9) Refunds (10) 1,089,986 1,272,559 1,374,497 1,589,910 1,715,296 813,505 756,371 772,948 884,988 962,237 1,749 2,094 2,305 2,443 2,529 811,756 754,276 770,643 882,545 959,708 341,688 473,304 1,819,764 2,118,932 999,428 1,046,213 - 999,428 1,046,213 1,470 2,208 1,389 2,511 4,619 2,909 3,240 2,999 8,569 9,218 2,426 2,184 3,057 70,178 8,280 3,902 73,530 10,228 2,582 84,231 7,459 -2,866 30,481 43,230 7,340 72,768 212,913 105,997 93,700 234,824 116,889 88,540 229,260 184,658 37,747 116,453 331,434 92,375 225,595 88,634 71,647 73,678 83,488 69,910 75,417 74,167 94,483 76,505 96,152 106,233 78,416 95,464 2,529 - 88,634 71,647 73,678 80,959 69,910 75,417 74,167 94,483 76,505 96,152 106,233 78,416 95,464 39,221 255,453 1,422,951 766,747 - 766,747 Social insurance and retirement receipts, continued Employment and general retirement, continued Unemployment insurance Net employment Net unRailroad retirement employment and general insurance retirement Gross Refunds Gross Refunds Net (18) (15) (16) (17) (12) (13) (14) Net (11) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2010 ............................ 2011 ............................ 2012 ............................ 2013 ............................ 2014 ............................ 4,141 4,240 4,289 4,963 5,374 1 2 6 63 16 4,140 4,238 4,283 4,900 5,359 815,896 758,515 774,926 887,445 965,067 44,922 56,335 66,747 56,958 55,536 99 95 99 149 142 44,823 56,241 66,647 56,811 55,394 4,042 4,021 3,712 3,539 3,447 35 30 30 25 27 4,076 4,051 3,739 3,564 3,472 2015 - Est .................... 2016 - Est .................... 5,573 5,699 - 5,573 5,699 1,005,001 1,051,912 56,351 56,260 - 56,351 56,260 3,635 3,731 25 23 3,660 3,754 2014 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2015 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -83 524 476 488 485 452 456 511 706 646 500 550 -1 1 1 1 - -83 524 476 488 485 451 456 512 705 646 500 549 -1 88,551 72,171 74,154 81,447 70,394 75,868 74,623 94,995 77,210 96,797 106,733 78,965 95,463 1,392 4,413 5,590 820 3,187 3,218 774 2,523 6,834 481 9,538 15,217 421 10 15 10 17 4 5 3 3 27 42 13 12 1,382 4,398 5,580 803 3,187 3,214 770 2,519 6,831 454 9,496 15,204 409 275 260 320 314 291 278 283 336 279 326 299 285 287 3 2 2 3 2 1 2 2 2 2 2 2 2 277 262 321 317 293 279 285 338 281 328 301 287 289 Fiscal year 2015 to date ... 4,304 2 4,302 771,048 42,193 109 42,084 2,664 17 2,681 See footnotes at end of table. September 2015 FEDERAL FISCAL OPERATIONS 15 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Excise taxes Airport and Airway Trust Fund Gross (23) Net (25) Refunds (24) Black Lung Disability Trust Fund Gross Refunds (26) (27) Highway Trust Fund Net (28) Gross (29) Refunds (30) Miscellaneous Net (31) Gross (32) Refunds (33) Net (34) 2010 .............................. 864,795 2011 .............................. 818,807 2012 .............................. 845,312 2013 .............................. 947,820 2014 .............................. 1,023,933 10,632 11,551 12,184 12,677 13,467 19 18 23 19 16 10,613 11,532 12,161 12,658 13,451 595 623 664 529 573 - 595 623 664 529 573 35,562 36,907 41,159 36,410 39,036 569 - 34,993 36,907 41,159 36,410 39,036 27,942 27,510 29,551 38,423 44,716 7,234 4,191 4,476 4,015 4,405 20,709 23,320 25,076 34,409 40,310 2015 - Est ..................... 1,065,012 2016 - Est ..................... 1,111,926 13,138 14,699 - 13,138 14,699 568 551 - 568 551 39,261 39,555 - 39,261 39,555 42,931 57,279 - 42,931 57,279 2014 - June ................... 90,211 July.................... 76,831 Aug.................... 80,055 Sept................... 82,567 Oct .................... 73,875 Nov.................... 79,361 Dec.................... 75,678 2015 - Jan ..................... 97,852 Feb .................... 84,321 Mar .................... 97,579 Apr .................... 116,530 May ................... 94,456 June .................. 96,161 1,083 1,192 1,141 1,915 263 1,295 1,065 1,105 1,429 1,131 1,249 1,123 1,194 4 2 9 3 - 1,083 1,192 1,136 1,913 263 1,295 1,065 1,105 1,420 1,131 1,246 1,123 1,194 33 46 53 74 12 57 47 49 51 48 53 45 47 - 33 46 53 74 12 57 47 49 51 48 53 45 47 2,804 3,268 3,612 5,742 831 3,923 3,223 3,344 3,699 3,099 3,418 2,854 3,222 - 2,804 3,268 3,612 5,742 831 3,923 3,223 3,344 3,699 3,099 3,418 2,854 3,222 3,335 3,531 2,864 12,891 4,867 2,067 2,362 2,245 1,728 2,378 3,071 3,486 2,793 806 109 555 303 58 72 130 53 486 97 1,616 105 157 2,529 3,422 2,309 12,589 4,809 1,995 2,232 2,192 1,241 2,281 1,455 3,381 2,637 Fiscal year 2015 to date ..... 815,813 9,854 12 9,842 409 - 409 27,613 - 27,613 24,997 2,774 22,223 Fiscal year or month 2010 ....................... 2011 ....................... 2012 ....................... 2013 ....................... 2014 ....................... Excise taxes, con. Net excise taxes (35) Customs duties Estate and gift taxes Gross (36) Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Net miscellaneous receipts Deposits of earnings by Universal Federal service fund and all Reserve other Total banks (43) (44) (42) Total receipts On-budget (45) Off-budget (46) 66,909 72,381 79,062 84,008 93,367 19,751 9,079 14,451 19,830 20,153 866 1,680 477 919 854 18,885 7,399 13,971 18,910 19,301 26,266 30,697 32,079 33,119 35,348 969 1,178 1,774 1,305 1,423 25,298 29,519 30,306 31,814 33,927 75,845 82,546 81,955 75,766 99,233 20,010 19,284 23,991 25,750 35,788 95,855 101,831 105,943 101,514 135,023 1,530,040 1,736,708 1,879,592 2,100,706 2,285,245 631,688 565,787 569,500 673,274 735,602 2015 - Est ............... 95,898 2016 - Est ............... 112,084 19,738 21,340 - 19,738 21,340 36,762 38,374 - 36,762 38,374 94,015 77,420 44,883 43,103 138,898 120,523 2,410,502 2,724,214 765,570 800,965 2014 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2015 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 6,449 7,928 7,110 20,317 5,915 7,270 6,567 6,689 6,412 6,559 6,172 7,403 7,100 1,409 2,319 1,651 1,651 1,476 1,586 2,099 1,387 1,063 1,717 3,308 1,755 1,323 57 91 112 53 58 78 109 43 55 74 63 53 69 1,353 2,228 1,539 1,599 1,418 1,508 1,990 1,344 1,008 1,642 3,245 1,703 1,254 2,697 3,487 3,012 3,148 3,586 3,088 2,945 3,151 2,656 2,822 3,546 2,654 3,101 97 177 145 124 101 124 154 128 131 196 116 106 160 2,600 3,310 2,867 3,024 3,485 2,964 2,791 3,023 2,525 2,627 3,430 2,548 2,941 8,183 10,275 7,353 7,223 9,287 6,834 9,296 6,134 5,233 6,676 9,171 8,180 8,021 1,937 7,923 1,624 2,168 1,849 4,960 9,744 7,042 2,142 2,651 1,820 5,722 1,862 10,120 18,198 8,977 9,391 11,136 11,794 19,040 13,176 7,374 9,327 10,990 13,903 9,882 255,321 159,153 137,291 290,458 160,464 135,169 280,293 233,755 79,456 158,782 390,011 151,023 269,307 68,325 55,340 56,957 61,264 52,255 56,267 55,034 72,987 59,932 75,405 81,790 61,363 73,626 Fiscal year 2015 to date ............................ 60,087 15,714 602 15,112 27,549 1,216 26,334 68,832 37,792 106,622 1,858,260 588,659 These estimates are based on the President's Fiscal Year 2016 Budget, released by the Office of Management and Budget on February 2, 2015. - No transactions. Detail may not add to totals due to rounding. September 2015 FEDERAL FISCAL OPERATIONS 16 TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month Legislative branch (1) Judicial branch (2) Department of Agriculture (3) Department of Commerce (4) Department of Depart- DepartDefense, ment of ment of military Education Energy (6) (7) (5) Department of Health and Human Services (8) Department of Homeland Security (9) Department of Housing and Urban Development (10) Department of the Interior (11) Department of Justice (12) Department of Labor (13) 2010 ....................... 2011 ....................... 2012 ....................... 2013 ....................... 2014 ....................... 5,838 4,583 4,438 4,328 4,156 7,185 7,295 7,228 7,066 6,900 129,454 139,394 139,712 155,897 141,806 13,233 9,930 10,267 9,137 6,675 666,717 678,077 650,869 607,801 578,013 92,858 64,271 57,248 40,910 59,609 30,775 31,371 32,485 24,677 23,630 854,060 891,245 848,055 886,293 936,030 44,455 45,744 47,423 57,220 43,259 60,143 57,008 49,591 56,577 38,524 13,163 13,529 12,886 9,605 11,273 29,558 30,518 31,161 29,740 28,617 173,053 131,973 104,742 80,309 57,199 2015 - Est ............... 2016 - Est ............... 4,899 4,794 7,567 7,724 147,536 147,863 9,971 10,441 567,702 586,478 103,288 68,506 30,140 28,303 1,012,950 1,092,946 45,685 46,155 42,390 43,896 13,008 14,707 36,087 32,463 52,797 56,921 2014 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2015 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 325 353 332 423 377 337 376 365 305 428 350 320 337 578 555 643 628 574 499 629 662 560 610 563 540 585 11,255 10,290 11,470 8,097 16,185 13,828 14,279 12,342 10,886 11,814 10,286 10,118 10,566 631 616 -561 845 590 752 697 735 680 954 634 694 778 41,759 45,860 52,930 47,164 60,908 35,829 57,218 41,648 42,517 46,532 45,442 45,632 47,082 10,969 4,403 6,825 1,411 5,241 4,781 5,504 4,296 8,712 6,925 5,159 5,089 14,706 60,220 89,266 79,980 82,577 106,457 56,317 88,603 103,661 78,879 68,367 83,515 83,956 85,036 3,626 3,348 3,908 4,579 3,965 3,036 4,753 3,178 2,770 4,270 2,666 2,934 3,460 3,133 2,986 3,190 2,805 2,840 3,022 2,943 2,744 3,452 3,286 7,301 3,167 2,162 1,180 859 810 1,231 614 957 944 866 1,232 1,289 858 821 1,319 1,946 2,083 2,450 3,161 -6,301 2,665 8,825 819 3,575 3,020 2,218 2,395 1,882 3,872 4,436 3,743 4,678 -24 3,295 5,265 5,046 4,516 4,190 4,527 3,700 3,848 Fiscal year 2015 to date ...................... 1,894 1,893 1,661 2,640 2,460 1,863 2,259 1,874 1,719 2,208 2,323 1,891 2,279 ` 3,195 5,222 110,304 6,514 422,808 60,413 18,876 754,791 31,032 30,917 8,900 19,098 34,363 Fiscal year or month Department of State (14) Department of the Treasury, interest on DepartTreasury ment of debt Transpor- securities tation (gross) (15) (16) Department of the Treasury, other (17) Department of Veterans Affairs (18) Corps of Engineers (19) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) InterGeneral national Services Admin- Assistance Program istration (23) (24) 2010 ....................... 2011 ....................... 2012 ....................... 2013 ....................... 2014 ....................... 23,804 24,334 26,948 25,928 27,504 77,751 77,302 75,148 76,317 76,154 413,955 454,015 359,240 415,671 429,568 30,385 82,720 105,456 -16,618 17,361 108,275 126,917 124,127 138,463 149,074 9,875 10,138 7,777 6,301 6,533 54,031 54,775 77,316 56,811 57,372 11,007 10,770 12,794 9,485 9,400 583 484 405 380 373 861 1,889 1,754 -368 -765 20,040 20,601 20,060 19,745 18,609 2015 - Est ............... 2016 - Est ............... 30,521 30,189 80,208 83,932 431,591 485,751 74,784 94,628 160,797 179,869 7,463 7,595 59,725 63,757 8,325 8,627 401 472 -1,178 -641 24,006 25,866 2014 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2015 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 1,824 2,053 1,528 4,909 1,933 2,410 2,601 1,742 1,702 2,339 1,747 1,321 1,960 7,537 7,480 6,722 8,650 6,727 5,746 5,853 4,563 4,837 5,717 4,947 5,930 6,601 97,566 29,261 27,094 19,594 8,702 23,427 86,460 15,105 13,153 13,889 31,782 32,693 93,014 -5,403 6,083 4,403 -31,322 4,563 3,566 -3,429 13,092 48,729 18,697 14,256 6,451 1,923 6,202 11,928 19,118 7,145 18,791 5,918 18,847 14,221 12,974 7,755 13,351 12,894 12,898 488 537 561 560 682 367 684 513 520 574 575 510 533 495 4,372 8,685 1,119 11,057 761 10,213 6,164 5,752 2,142 3,518 4,457 5,002 797 584 1,748 690 835 829 853 803 -650 609 377 479 726 26 31 40 32 27 29 33 40 30 35 34 -11,472 11,531 -153 -35 -319 -151 -19 -218 3 -223 -144 133 -384 136 -41 2,545 1,423 1,504 622 2,078 2,198 2,319 3,631 2,648 2,457 399 999 1,261 Fiscal year 2015 to date ...................... 17,755 50,921 318,225 107,848 117,649 4,958 49,066 4,861 287 -757 17,990 See footnotes at end of table. September 2015 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Fiscal year or month National Aeronautics and National Office of Space Science Personnel AdminisFounManagetration dation ment (25) (26) (27) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties Employer on the share, Interest Outer employee received Continenretireby trust tal Shelf ment funds lands Other (31) (32) (33) (34) Total outlays OnOffbudget budget (36) (35) 2010 .................. 18,906 6,720 69,916 6,126 754,182 -3,094 -77,036 -185,764 -4,883 -197 2,901,248 554,684 2011 .................. 17,617 7,146 74,091 6,162 784,194 14,505 -79,681 -188,017 -6,384 -431 3,099,477 498,609 2012 .................. 17,190 7,255 79,456 2,937 821,145 34,007 -83,938 -127,142 -6,606 -12,993 3,030,856 507,589 2013 .................. 16,978 7,418 83,868 473 867,395 25,906 -81,321 -156,676 -8,874 -2,588 2,820,440 633,815 2014 .................. 17,093 7,054 87,919 194 905,807 4,192 -79,349 -158,115 -7,473 - 2,798,103 706,095 2015 - Est .......... 18,097 7,082 94,672 -571 953,781 19,707 -83,896 -150,911 -6,422 -43,625 3,005,957 752,620 2016 - Est .......... 18,732 7,487 97,185 990 1,007,599 18,365 -85,936 -146,855 -7,493 -31,849 3,201,064 798,403 2014 - June ....... 1,410 612 6,733 79 76,112 -5,256 -5,316 -72,867 -1,693 - 228,599 24,528 July ........ 1,591 697 8,050 74 75,739 2,023 -5,353 -3,668 -703 - 247,177 61,937 Aug ........ 1,451 702 6,637 72 80,678 3,105 -5,760 -2,267 -157 - 251,908 71,017 Sept ....... 1,570 859 7,673 89 71,956 -1,453 -5,812 -119 -936 - 176,192 69,720 Oct......... 1,415 477 8,202 58 80,641 3,479 -18,819 10,288 -574 - 271,514 62,918 Nov ........ 1,330 474 7,066 65 71,862 1,978 -5,325 -1,472 63 - 178,516 69,738 Dec ........ 2,329 503 7,358 69 81,620 -1,326 -5,376 -67,500 -946 - 311,588 21,875 2015 - Jan ......... 1,276 483 7,280 64 78,131 4,296 -5,306 242 -64 - 257,510 66,779 Feb ........ 1,208 495 8,317 -1,550 78,007 1,614 -5,963 531 -275 - 259,778 71,960 Mar ........ 1,543 538 7,462 85 74,292 -408 -5,950 1,778 -475 - 214,910 72,195 Apr......... 1,294 551 8,166 69 78,758 671 -5,663 -4,874 -324 - 251,497 63,595 May ....... 1,232 531 7,166 59 79,373 -114 -5,598 -3,452 -81 - 223,306 71,465 June ...... 1,937 613 5,997 79 83,449 -4,412 -5,456 -69,213 -1,155 -30,128 261,815 29,342 Fiscal year 2015 to date ................ 13,564 4,665 67,014 -1,002 706,133 5,778 -63,456 -133,672 -3,831 -30,128 2,230,434 529,867 These estimates are based on the President’s Fiscal Year 2016 Budget, released by the Office of Management and Budget on February 2, 2015. - No transactions. Detail may not add to totals due to rounding. September 2015 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2015 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,167,390 Corporation income taxes ........................................... 255,453 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... -. Employment and general retirement (on-budget) ... -38 Unemployment insurance ....................................... * Other retirement ...................................................... -. Excise taxes ................................................................ 20,263 Estate and gift taxes ................................................... 15,112 Customs duties ........................................................... 17,221 Miscellaneous receipts ................................................ 83,569 Total receipts ....................................................... 1,558,970 (On-budget) ..................................................... 1,558,970 (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... 3,200 Judicial branch ............................................................ 5,414 Department of Agriculture ........................................... 94,385 Department of Commerce........................................... 6,312 Department of Defense-military .................................. 424,656 Department of Education ............................................ 60,326 Department of Energy ................................................. 20,160 Department of Health and Human Services ............... 563,290 Department of Homeland Security.............................. 35,089 Department of Housing and Urban Development....... 31,498 Department of the Interior ........................................... 8,180 Department of Justice ................................................. 17,624 Department of Labor ................................................... 6,970 Department of State .................................................... 17,307 Department of Transportation ..................................... 6,810 Department of the Treasury: Interest on the public debt....................................... 318,225 Other ....................................................................... 109,250 Department of Veterans Affairs .................................. 119,448 Corps of Engineers ..................................................... 4,118 Other defense civil programs ...................................... 79,703 Environmental Protection Agency............................... 6,818 Executive Office of the President................................ 288 General Services Administration ................................ 85 International Assistance Program ............................... 19,847 National Aeronautics and Space Administration ........ 13,590 National Science Foundation ...................................... 4,633 Office of Personnel Management ............................... 8,823 Small Business Administration ................................... -992 Social Security Administration .................................... 64,734 Other independent agencies ....................................... 7,379 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -2,446 Total outlays ........................................................ 2,054,724 (On-budget) ..................................................... 2,058,618 (Off-budget) ..................................................... -3,894 Surplus or deficit (-) ............................................. -495,754 (On-budget) ..................................................... -499,648 (Off-budget) ..................................................... 3,894 - No transactions. * Less than $500,000. September 2015 This fiscal year to date Management, consolidated, Trust revolving and funds special funds (2) (3) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, revolving and Trust special funds funds (6) (7) Total funds (8) 109 - - 1,167,500 255,453 1,045,742 235,018 17 - * 1,045,759 235,018 851 7,972 21,954 30,885 30,885 - 588,659 182,427 42,085 2,680 38,973 1,141 1,100 857,063 268,404 588,659 588,659 182,389 42,084 2,680 60,087 15,112 26,334 106,622 2,446,920 1,858,261 588,659 -16 154 19,331 13,935 16,095 81,968 1,412,226 1,412,226 - 943 7,444 15,033 23,437 23,437 - 562,041 175,269 44,459 2,572 37,738 1,186 1,456 824,721 262,680 562,041 562,041 175,253 44,613 2,572 58,012 13,935 24,725 98,457 2,260,385 1,698,344 562,041 -7 -134 15,684 104 -1,929 87 -1,285 -334 -3,977 -581 477 1,494 -631 -126 12 4 -59 234 98 81 * * 191,834 -80 * 242 -20 28,025 575 44,101 3,197 5,221 110,303 6,515 422,808 60,413 18,874 754,791 31,033 30,917 8,899 19,099 34,364 17,756 50,923 3,045 5,260 93,190 5,699 430,634 46,798 19,126 511,946 34,390 29,950 8,018 19,131 12,795 18,907 19,314 7 -142 18,114 60 1,331 169 -1,690 -307 -3,243 -411 63 1,817 -229 -401 -245 -3 -43 646 15 94 1 * 172,570 277 4 292 -24 31,776 509 34,234 3,049 5,074 111,950 5,775 432,060 46,969 17,436 684,210 31,424 29,543 8,373 20,924 44,342 19,015 53,303 -1,411 -2,502 173 2,180 -33 * -842 -326 -26 49 -1,738 -9 * -4,976 10 701 666 -32,817 -1,925 * * -1,533 1 -17 59,930 641,398 3,375 318,225 107,850 117,647 4,958 49,066 4,860 289 -757 17,988 13,564 4,666 67,014 -1,001 706,133 5,779 353,620 38,528 112,388 3,985 77,242 6,776 270 50 16,975 12,506 4,730 8,539 -32 59,697 8,964 -332 -2,193 103 -2,942 -72 * -310 -400 -28 62 -2,483 -9 * -8,853 2 689 787 -31,104 -325 -1,516 1 4 59,503 617,737 407 353,620 38,197 110,884 4,875 43,197 6,378 270 -260 15,059 12,480 4,796 65,559 -42 677,434 518 -20,115 -20,722 1,837 -22,559 51,607 29,048 22,559 -133,674 -74,855 726,295 169,975 556,320 130,768 98,429 32,339 -133,674 -97,416 2,760,301 2,230,434 529,867 -313,381 -372,173 58,792 -3,811 1,958,630 1,958,374 256 -546,404 -546,148 -256 -9,518 -12,082 -9,276 -2,806 35,519 32,713 2,806 -152,060 -54,774 679,699 173,727 505,972 145,022 88,953 56,069 -152,060 -68,102 2,626,250 2,122,829 503,421 -365,865 -424,485 58,620 Note.—Detail may not add to totals due to rounding. 19 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (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 FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Fiscal Service, and various electronic 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. Under authority of Public Law 95-147 (codified at 31 United States Code 323), 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 (TT&L) 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 can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L 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 TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that 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 1 [In millions of dollars. Source: Bureau of the Fiscal Service] Credits and withdrawals Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax Received directly and loan depositaries (1) (2) Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Taxes 4 Reserve accounts) (4) (5) 2010 ................................................ 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 11,016,385 10,508,615 9,656,367 9,451,987 8,666,563 556,403 592,338 1,357,452 2,297,190 2,474,752 11,538,208 11,352,518 10,984,657 11,746,237 11,071,400 1,362,591 1,366,003 700,687 - 1,362,604 1,366,181 702,492 - 2014 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2015 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 778,049 723,256 605,898 802,207 729,833 565,125 775,469 638,787 666,742 777,976 929,374 553,164 762,167 246,092 175,672 163,789 263,273 179,592 167,747 296,938 206,309 192,143 257,105 278,678 177,432 262,287 913,735 910,992 848,260 955,843 950,324 742,004 957,225 911,734 980,770 969,927 1,034,267 805,518 969,061 - - See footnotes at end of table. September 2015 ACCOUNT OF THE U.S. TREASURY 20 TABLE UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances, continued 1 [In millions of dollars. Source: Bureau of the Fiscal Service] Balances End of period Fiscal year or month Federal Reserve (6) 2010 ....................... 107,888 High Average Tax and loan note accounts (11) Federal Reserve (12) 199,965 2,630 3,191 - 62 53,632 115,525 1,957 Tax and loan note accounts (8) Federal Reserve (9) SFP (10) 199,962 1,983 186,632 SFP (7) During period Low Tax and loan note SFP accounts (13) (14) Federal Reserve (15) Tax and loan note accounts (17) SFP (16) 2011 ....................... 56,284 - 1,805 147,189 199,964 3,067 3,302 5,000 113 58,431 83,628 1,982 2012 ....................... 85,446 - - 166,619 - - 13,680 - - 65,396 - - 2013 ....................... 88,386 - - 213,863 - - 11,476 - - 59,950 - - 2014 ....................... 158,302 - - 162,399 - - 17,249 - - 65,510 - - 2014 - June ............ 139,299 - - 148,000 - - 77,299 - - 26,031 - - July ............. 127,237 - - 127,237 - - 54,801 - - 66,750 - - Aug ............. 48,664 - - 83,927 - - 29,547 - - 54,309 - - Sept ............ 158,302 - - 158,302 - - 17,249 - - 78,927 - - Oct .............. 117,403 - - 133,499 - - 74,726 - - 106,246 - - Nov ............. 108,270 - - 117,403 - - 71,901 - - 97,081 - - Dec ............. 223,452 - - 223,452 - - 48,807 - - 129,337 - - 2015 - Jan .............. 156,815 - - 223,452 - - 154,758 - - 175,763 - - 34,929 - - 191,848 - - 34,929 - - 114,674 - - Mar ............. 100,084 - - 105,616 - - 27,237 - - 64,222 - - Apr .............. 273,869 - - 273,869 - - 31,288 - - 122,236 - - May............. 198,947 - - 229,131 - - 163,581 - - 196,783 - - June............ 254,340 - - 255,946 - - 165,516 - - 209,744 - - Feb ............. 1 This report does not include Supplementary Financing Program (SFP) balances. Represents transfers from tax and loan note accounts, proceeds from sales of securities other than Government account series, and taxes. 3 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. 2 September 2015 4 Taxes eligible for credit consist of those deposited by taxpayers in the tax and loan 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. 21 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. September 2015 FEDERAL DEBT 22 TABLE FD-1—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Public debt Agency Total securities securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2010 ............................... 2011 ............................... 2012 ............................... 2013 ............................... 2014 ............................... 13,585,596 14,815,328 16,090,640 16,763,286 17,847,931 13,561,622 14,790,340 16,066,241 16,738,183 17,824,071 23,974 24,988 24,399 25,103 23,860 4,534,014 4,658,307 4,791,850 4,757,211 5,039,265 4,534,011 4,658,301 4,791,845 4,757,205 5,039,262 3 6 5 5 3 9,051,582 10,157,021 11,298,790 12,006,076 12,808,666 9,027,611 10,132,039 11,274,396 11,980,978 12,784,809 23,971 24,982 24,394 25,098 23,857 2014 - June .................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2015 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... 17,656,646 17,711,236 17,772,901 17,847,931 17,961,205 18,029,642 18,165,823 18,106,687 18,179,940 18,176,192 18,177,024 18,177,341 18,176,653 17,632,606 17,687,137 17,749,172 17,824,071 17,937,160 18,005,549 18,141,444 18,082,294 18,155,854 18,152,056 18,152,560 18,152,852 18,151,998 24,040 24,099 23,729 23,860 24,045 24,093 24,379 24,393 24,086 24,136 24,464 24,489 24,655 5,060,590 5,035,835 5,016,743 5,039,265 5,080,312 5,083,077 5,117,631 5,097,507 5,081,983 5,061,878 5,099,005 5,100,242 5,076,967 5,060,585 5,035,832 5,016,740 5,039,262 5,080,309 5,083,072 5,117,626 5,097,502 5,081,978 5,061,873 5,099,000 5,100,237 5,076,962 5 3 3 3 3 5 5 5 5 5 5 5 5 12,596,056 12,675,401 12,756,158 12,808,666 12,880,893 12,946,565 13,048,192 13,009,180 13,097,957 13,114,314 13,078,019 13,077,099 13,099,686 12,572,021 12,651,305 12,732,432 12,784,809 12,856,851 12,922,477 13,023,818 12,984,792 13,073,876 13,090,183 13,053,560 13,052,615 13,075,036 24,035 24,096 23,726 23,857 24,042 24,088 24,374 24,388 24,081 24,131 24,459 24,484 24,650 Federal debt securities Net Amount unamortized outstanding premium Accrual face value and discount amount (10) (11) (12) Securities held by Government accounts Net Amount unamortized Accrual outstanding premium amount face value and discount (14) (15) (13) Securities held by the public Net Amount unamortized Accrual outstanding premium amount face value and discount (17) (18) (16) 2010 ............................... 2011 ............................... 2012 ............................... 2013 ............................... 2014 ............................... 13,585,596 14,815,328 16,090,640 16,763,286 17,847,931 58,963 53,105 42,529 46,496 55,907 13,526,633 14,762,223 16,048,111 16,716,791 17,792,023 4,534,014 4,658,307 4,791,850 4,757,211 5,039,265 25,145 23,697 23,592 22,292 26,678 4,508,869 4,634,610 4,768,258 4,734,919 5,012,587 9,051,582 10,157,021 11,298,790 12,006,076 12,808,666 33,818 29,408 18,937 24,203 29,229 9,017,764 10,127,613 11,279,854 11,981,872 12,779,436 2014 - June .................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2015 - Jan ...................... Feb ..................... Mar ..................... Apr...................... May .................... June ................... 17,656,646 17,711,236 17,772,901 17,847,931 17,961,205 18,029,642 18,165,823 18,106,687 18,179,940 18,176,192 18,177,024 18,177,341 18,176,653 54,540 54,773 54,566 55,907 54,025 54,771 54,822 52,455 52,806 53,737 53,387 53,539 55,178 17,602,106 17,656,461 17,718,335 17,792,023 17,907,180 17,974,870 18,111,001 18,054,232 18,127,134 18,122,455 18,123,637 18,123,802 18,121,475 5,060,590 5,035,835 5,016,743 5,039,265 5,080,312 5,083,077 5,117,631 5,097,507 5,081,983 5,061,878 5,099,005 5,100,242 5,076,967 26,931 26,827 26,745 26,678 26,658 26,582 26,558 26,366 26,232 26,122 26,050 25,985 25,899 5,033,658 5,009,008 4,989,998 5,012,587 5,053,654 5,056,495 5,091,073 5,071,141 5,055,751 5,035,756 5,072,955 5,074,257 5,051,068 12,596,056 12,675,401 12,756,158 12,808,666 12,880,893 12,946,565 13,048,192 13,009,180 13,097,957 13,114,314 13,078,019 13,077,099 13,099,686 27,609 27,946 27,821 29,229 27,367 28,189 28,264 26,090 26,573 27,615 27,337 27,554 29,279 12,568,448 12,647,453 12,728,337 12,779,436 12,853,526 12,918,375 13,019,929 12,983,090 13,071,384 13,086,699 13,050,682 13,049,545 13,070,407 End of fiscal year or month September 2015 FEDERAL DEBT 23 TABLE FD-2—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Treasury inflationprotected securities (6) Floating rate notes (7) Nonmarketable Total (8) Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) 2010 .......................... 2011 .......................... 2012 .......................... 2013 .......................... 2014 .......................... 9,022,808 10,127,031 11,269,586 11,976,279 12,784,971 8,475,928 9,604,300 10,730,170 11,577,400 12,271,552 1,783,675 1,475,557 1,613,026 1,527,909 1,409,628 5,252,585 6,406,983 7,114,960 7,750,336 8,160,196 846,054 1,016,407 1,194,715 1,363,114 1,534,069 593,614 705,352 807,469 936,041 1,044,676 122,985 546,880 522,731 539,415 398,879 513,419 2014 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2015 - Jan ................. Feb ................ Mar ................ Apr................. May ............... June .............. 12,572,220 12,651,478 12,732,612 12,784,971 12,857,056 12,922,682 13,023,951 12,984,930 13,074,036 13,090,399 13,053,681 13,052,706 13,076,414 12,061,707 12,140,157 12,222,481 12,271,552 12,340,028 12,398,866 12,495,638 12,460,358 12,547,463 12,620,923 12,622,290 12,664,716 12,688,996 1,386,402 1,408,232 1,450,293 1,409,628 1,412,388 1,438,321 1,456,692 1,411,505 1,471,553 1,476,540 1,431,246 1,445,235 1,393,163 8,082,061 8,116,078 8,109,269 8,160,196 8,192,466 8,182,673 8,221,366 8,232,100 8,222,351 8,256,666 8,276,264 8,256,836 8,297,601 1,492,100 1,505,091 1,521,088 1,534,069 1,547,073 1,563,086 1,576,087 1,589,088 1,594,570 1,607,585 1,620,595 1,636,950 1,649,925 1,019,148 1,013,761 1,031,836 1,044,676 1,050,110 1,063,795 1,077,503 1,063,675 1,066,998 1,075,141 1,074,142 1,092,671 1,102,262 81,995 96,995 109,996 122,985 137,991 150,991 163,991 163,989 191,991 204,991 220,043 233,024 246,045 510,513 511,321 510,130 513,419 517,029 523,816 528,313 524,572 526,574 469,476 431,391 387,990 387,418 End of fiscal year or month Nonmarketable, continued U.S. savings securities (9) Depositary compensation securities (10) Foreign series (11) Government account series (12) State and local government series (13) Domestic series (14) Other (15) 2010 .......................... 2011 .......................... 2012 .......................... 2013 .......................... 2014 .......................... 188,796 185,187 183,661 180,022 176,762 - 4,186 2,986 2,986 2,986 2,986 129,355 151,346 162,880 60,445 196,520 193,208 151,831 158,514 124,079 105,668 29,995 29,995 29,995 29,995 29,995 1,340 1,386 1,380 1,353 1,489 2014 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2015 - Jan ................. Feb ................ Mar ................ Apr................. May ............... June .............. 177,677 177,343 177,030 176,762 176,610 176,399 175,970 175,638 175,331 174,958 174,630 174,359 173,981 - 2,986 2,986 2,986 2,986 264 264 264 264 264 264 264 264 264 186,544 190,687 193,237 196,520 201,682 203,272 203,968 203,424 206,692 144,796 107,558 71,171 81,884 111,858 108,822 105,440 105,668 106,915 112,324 116,490 113,684 112,764 117,933 117,427 110,687 99,767 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 1,454 1,488 1,443 1,489 1,563 1,560 1,625 1,567 1,528 1,530 1,517 1,514 1,527 End of fiscal year or month September 2015 FEDERAL DEBT 24 TABLE FD-3—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) 2010 .................. 2011 .................. 2012 .................. 2013 .................. 2014 .................. 4,645,280 4,793,916 4,939,455 4,803,100 5,212,466 7,045 8,641 10,245 11,808 12,759 37,441 34,926 35,248 36,864 48,750 37,605 39,678 41,250 41,951 43,213 20,436 22,721 22,680 22,669 22,649 187,222 161,965 132,345 100,791 70,113 785,988 811,768 836,336 731,125 861,349 279,475 245,939 228,292 206,010 202,207 4,194 4,160 2,777 3 - 2014 - June ....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2015 - Jan ......... Feb ........ Mar ........ Apr......... May ....... June ...... 5,223,926 5,203,137 5,186,514 5,212,466 5,258,745 5,263,111 5,298,211 5,277,355 5,265,153 5,183,075 5,182,728 5,147,519 5,134,875 12,048 12,205 12,238 12,759 13,344 13,542 13,352 13,160 13,481 13,561 14,026 14,337 13,690 46,525 46,321 46,568 48,750 48,922 48,732 50,739 50,481 52,011 53,226 54,678 55,232 57,437 42,649 42,632 42,864 43,213 43,220 43,655 43,681 43,823 43,425 43,452 43,448 43,821 43,815 22,654 22,655 22,649 22,649 22,650 22,647 22,648 22,648 22,645 22,646 22,646 22,644 22,644 80,178 76,674 73,046 70,113 66,533 62,896 60,311 58,614 55,465 54,401 54,646 51,521 50,975 838,923 834,189 830,175 861,349 856,856 852,574 863,391 859,307 854,964 822,407 822,370 822,321 757,929 212,682 205,224 198,880 202,207 191,425 197,284 197,887 192,627 186,048 189,760 202,935 196,937 205,355 - End of fiscal year or month Federal Old-Age and Survivors Insurance Trust Fund (10) Federal Savings and Loan Corporation, Resolution Fund (11) Federal Supplementary Medical Insurance Trust Fund (12) Highway Trust Fund (13) National Service Life Insurance Fund (14) Postal Service Fund (15) Railroad Retirement Account (16) Unemployment Trust Fund (17) Other (18) 2010 ..................... 2011 ..................... 2012 ..................... 2013 ..................... 2014 ..................... 2,399,111 2,492,531 2,586,697 2,655,599 2,712,805 3,388 3,374 3,424 825 827 70,982 70,446 69,324 67,385 68,391 24,455 16,302 9,970 1,957 10,696 8,161 7,541 6,912 6,256 5,611 1,142 1,207 1,533 2,860 5,450 506 696 704 788 803 18,703 16,030 20,673 29,478 35,919 759,426 855,991 931,045 886,731 1,110,924 2014 - June .......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2015 - Jan ............ Feb ........... Mar ........... Apr............ May .......... June ......... 2,732,025 2,728,185 2,718,700 2,712,805 2,706,081 2,695,604 2,729,270 2,738,583 2,729,687 2,733,614 2,750,918 2,742,560 2,733,614 827 827 827 827 827 827 827 827 827 827 827 827 826 77,336 73,303 70,913 68,391 60,288 69,151 69,099 60,293 61,768 70,823 70,964 68,769 68,642 6,896 4,713 12,982 10,696 8,538 8,857 8,321 8,364 9,083 9,222 9,189 8,297 6,769 5,837 5,760 5,675 5,611 5,514 5,460 5,506 5,430 5,355 5,265 5,171 5,102 5,136 5,429 5,990 5,098 5,450 5,375 5,868 7,659 6,325 6,533 6,662 7,412 7,167 7,684 553 649 553 803 679 477 485 688 705 760 770 618 633 36,063 34,249 37,278 35,919 34,333 37,132 34,471 32,908 37,224 34,249 34,411 49,971 44,388 1,103,301 1,109,561 1,108,068 1,110,924 1,194,160 1,198,405 1,190,564 1,183,277 1,185,932 1,122,200 1,088,317 1,057,395 1,115,338 Note—Detail may not add to totals due to rounding. September 2015 FEDERAL DEBT 25 TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total outstanding (1) Department of Housing and Urban Development Federal Housing Administration (2) Architect of the Capitol (3) Other independent Tennessee Valley Authority (4) National Archives and Records Administration (5) Other/Federal Communications Commission (6) 2010 ............................ 23,974 29 139 23,627 180 * 2011 ............................ 24,988 29 133 24,660 166 * 2012 ............................ 24,399 19 128 24,103 151 * 2013 ............................ 25,103 19 130 24,821 134 * 2014 ............................ 23,860 19 105 23,620 116 * 2014 - June ................. 24,040 19 112 23,785 124 * July .................. 24,099 19 113 23,842 125 * Aug .................. 23,729 19 105 23,489 116 * Sept ................. 23,860 19 105 23,620 116 * Oct................... 24,045 19 106 23,804 116 * Nov .................. 24,093 19 107 23,851 116 * Dec .................. 24,379 19 107 24,137 116 * 2015 - Jan ................... 24,393 19 108 24,150 116 * Feb .................. 24,086 19 94 23,867 106 * Mar .................. 24,136 19 94 23,917 106 * Apr................... 24,464 19 103 24,236 106 * May ................. 24,489 19 104 24,260 106 * June ................ 24,655 19 104 24,426 106 * End of fiscal year or month Note—Detail may not add to totals due to rounding. * Less than $500,000. September 2015 FEDERAL DEBT 26 TABLE FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 2010 ............................... 7,676,335 2,479,518 2,955,561 2011 ............................... 7,951,366 2,503,926 2012 ............................... 9,039,954 2013 ............................... Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 1,529,283 340,861 371,112 57 3,084,882 1,543,847 309,151 509,559 60 2,896,780 3,851,873 1,487,726 270,921 532,654 55 9,518,102 2,939,037 4,134,968 1,647,954 230,758 565,384 55 2014 ............................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56 2014 - June .................... 9,669,966 2,914,531 4,159,795 1,754,323 224,166 617,152 56 July ..................... 9,728,904 2,931,865 4,168,347 1,780,030 224,116 624,547 56 Aug ..................... 9,719,508 2,979,223 4,133,260 1,748,261 223,770 634,994 56 Sept .................... 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56 Oct ...................... 9,887,319 2,925,143 4,234,681 1,844,056 222,861 660,578 57 Nov ..................... 9,867,842 2,941,929 4,203,555 1,826,991 218,744 676,623 57 Dec ..................... 10,043,339 2,949,067 4,303,202 1,883,185 218,435 689,450 57 2015 - Jan ...................... 9,931,147 2,927,280 4,209,167 1,901,699 190,922 702,079 58 Feb ..................... 10,018,464 2,942,990 4,271,689 1,890,514 186,596 726,675 58 Mar ..................... 10,170,539 2,937,164 4,344,809 1,963,151 186,095 739,320 58 Apr ...................... 10,171,783 2,936,328 4,305,686 1,990,659 186,502 752,608 59 May..................... 10,138,180 2,938,639 4,271,851 1,971,539 187,098 769,053 60 June.................... 10,237,756 2,890,796 4,335,287 2,035,095 187,318 789,260 60 End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2015 FEDERAL DEBT 27 TABLE FD-6—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Statutory debt limit (1) Securities outstanding Debt subject to limit Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 2010 ................................................ 14,294,000 13,510,840 13,510,829 10 13,561,623 10 50,794 2011 ................................................ 15,194,000 14,746,553 14,746,543 10 14,790,340 10 43,797 2012 ................................................ 16,394,000 16,027,021 16,027,021 - 16,066,241 - 39,221 2013 ................................................ 16,699,421 16,699,396 16,699,396 - 16,738,184 - 38,787 2014 ................................................ - 17,781,107 17,781,107 - 17,824,071 - 42,964 2014 - June 1 ................................... - 17,588,541 17,588,541 - 17,632,606 - 44,066 July 1 .................................... - 17,643,346 17,643,346 - 17,687,137 - 43,792 Aug.1 .................................... - 17,706,419 17,706,419 - 17,749,172 - 42,754 Sept. 1 .................................. - 17,781,107 17,781,107 - 17,824,071 - 42,964 Oct. 1.................................... - 17,895,836 17,895,836 - 17,937,160 - 41,324 Nov. 1 ................................... - 17,964,694 17,964,694 - 18,005,549 - 40,856 Dec. 1 ................................... - 18,101,296 18,101,296 - 18,141,444 - 40,148 2015 – Jan. 1 ................................... - 18,043,707 18,043,707 - 18,082,294 - 38,587 Feb. 1 ................................... - 18,116,337 18,116,337 - 18,155,854 - 39,517 Mar. 2 ................................... 18,113,000 18,112,975 18,112,975 - 18,152,056 - 39,081 Apr. 2.................................... 18,113,000 18,112,975 18,112,975 - 18,152,560 - 39,585 May 2 ................................... 18,113,000 18,112,975 18,112,975 - 18,152,852 - 39,877 June 2 .................................. 18,113,000 18,112,975 18,112,975 - 18,151,998 - 39,023 1 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83, the Statutory Debt Limit has been suspended and shall not apply for the period beginning February 15, 2014, and ending on March 15, 2015. 2 Pursuant to 31 U.S.C. 3101(b). By the Temporary Debt Limit Extension Act, Public Law 113-83, Section 2, the Statutory Debt Limitation was increased on March 16, 2015, to an amount that exceeds face amount of such obligations outstanding on the date of the enactment of the Act. September 2015 FEDERAL DEBT 28 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Department of Agriculture Rural Business Rural Housing and Community and Cooperative Development Development Service Service (4) (5) Foreign Agricultural Service (6) 2010 ................................................ 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 881,890 937,923 979,021 1,115,182 1,223,498 11,284 9,349 9,009 12,135 19,064 25,098 24,883 24,759 26,069 26,203 18,534 19,438 20,523 22,111 22,126 522 523 495 554 575 1,160 1,163 1,001 908 748 2014 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct....................................... Nov ...................................... Dec ...................................... 2015 - Jan ....................................... Feb ...................................... Mar ...................................... Apr....................................... May ..................................... June .................................... 1,261,877 1,247,887 1,244,084 1,223,498 1,250,405 1,273,563 1,263,372 1,299,249 1,307,733 1,309,438 1,325,201 1,325,951 1,375,671 15,812 16,616 17,943 19,064 23,085 25,407 15,083 16,044 16,021 16,373 17,222 17,242 17,789 24,815 24,815 26,165 26,203 26,356 26,453 26,576 26,683 26,776 26,900 25,275 25,381 25,545 21,474 21,474 21,975 22,126 22,368 22,505 22,661 22,765 22,850 23,066 22,757 22,890 22,087 532 532 567 575 584 588 595 598 605 609 565 573 579 908 908 748 748 748 748 748 748 748 748 748 748 748 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Federal Housing Other Housing Administration programs (9) (10) Department of the Treasury Federal Financing Bank (11) 2010 ................................................ 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 373,717 546,321 714,368 851,295 965,394 2,513 2,943 3,421 3,885 4,242 4,749 6,032 11,527 25,940 27,528 21 58 40 139 133 46,809 45,257 57,134 63,061 56,528 2014 - June ..................................... July...................................... Aug...................................... Sept..................................... Oct ...................................... Nov...................................... Dec...................................... 2015 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ...................................... May ..................................... June .................................... 999,094 984,729 986,023 965,394 986,246 1,006,706 1,006,716 1,040,239 1,048,254 1,048,257 1,064,256 1,064,256 1,116,112 4,287 4,314 4,352 4,242 4,310 4,368 4,398 4,484 4,569 4,612 4,652 4,698 4,717 25,940 25,940 25,940 27,528 27,538 27,538 27,538 27,538 27,538 27,538 27,538 27,538 27,548 139 140 140 133 133 133 133 133 133 133 133 133 133 57,826 56,755 57,036 56,528 56,727 56,196 56,057 56,260 56,823 56,846 57,088 57,180 59,220 September 2015 FEDERAL DEBT 29 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 2010 ...................................... 7,254 3,481 11,752 374,997 2011 ...................................... 8,279 3,484 11,190 259,006 2012 ...................................... 11,301 3,402 7,920 114,117 2013 ...................................... 18,102 3,587 8,088 79,308 2014 ...................................... 21,634 3,532 7,757 68,034 2014 - June ........................... 21,333 2,554 8,857 78,306 July ............................ 21,443 2,899 8,857 78,465 Aug ............................ 21,116 3,184 8,857 70,038 Sept ........................... 21,634 3,532 7,757 68,034 Oct............................. 21,718 3,879 7,757 68,956 Nov ............................ 21,804 4,175 7,757 69,185 Dec ............................ 22,062 4,534 7,907 68,364 2015 - Jan ............................. 22,218 4,893 7,951 68,695 Feb ............................ 22,218 5,116 7,916 68,166 Mar ............................ 22,796 5,437 8,008 68,115 Apr............................. 22,961 5,765 8,008 68,233 May ........................... 23,182 6,061 8,075 67,994 June .......................... 23,303 2,543 8,075 67,272 End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2015 30 INTRODUCTION: Bureau of the Fiscal Service Operations Chapter 31 of Title 31 of the United States Code allows the Secretary of Treasury to borrow money by issuing Treasury securities. The Secretary determines the terms and conditions of issue, conversion, maturity, payment, and interest rate. New issues of Treasury notes mature in 2 to 10 years. Bonds mature in more than 10 years from the issue date. Each outstanding marketable security is listed in the “Monthly Statement of the Public Debt of the United States.” The information in this section of the “Treasury Bulletin” pertains only to marketable Treasury securities. The Bureau of the Fiscal Service is a new bureau within the Treasury Department, formed on October 7, 2012, from the consolidation of the Financial Management Service and the Bureau of the Public Debt. Our mission is to promote the financial integrity and operational efficiency of the U.S. government through exceptional accounting, financing, collections, payments, and shared services. As one bureau, the organization is better positioned to help transform financial management and the delivery of shared services in the federal government. The bureau will be a valued partner for agencies as they work to strengthen their own financial management or as they look for a quality service provider who can allow them to focus on their missions. Table PDO-1 presents the results of weekly auctions of 4-, 13-, and 26-week bills. Treasury bills mature each Thursday. Issues of 4- and 13-week bills are reopenings of 26-week bills. High rates on accepted tenders and the dollar value of total bids are presented, with the dollar value of awards made on both competitive and noncompetitive basis. To encourage the participation of individuals and smaller institutions, Treasury accepts noncompetitive tenders of up to $5 million in each auction of securities. Table PDO-2 lists the results of auctions of marketable securities, other than weekly bills, in chronological order over the past 2 years. Issues of cash management bills also are presented. Note: On July 31, 2013, Treasury published amendments to its marketable securities auction rules to accommodate the auction and issuance of Floating Rate Notes (FRNs). An FRN is a security that has an interest payment that can change over time. Treasury FRNs will be indexed to the most recent 13week Treasury bill auction High Rate, which is the highest accepted discount rate in a Treasury bill auction. FRNs will pay interest quarterly. TREASURY FINANCING: APRIL-JUNE [Source: Bureau of the Fiscal Service, Division of Financing Operations] APRIL Auction of 52-Week Bills On March 26, 2015, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued April 2, and will mature March 31, 2016. The issue was to refund $102,998 million of all maturing bills and to raise new cash of approximately $10,002 million. Treasury auctioned the bills on March 31. Tenders totaled $92,836 million; Treasury accepted $25,000 million. That included $171 million of noncompetitive tenders from the public. The high bank discount rate was 0.260 percent. Auction of 3-Year Notes On April 2, 2015, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $60,768 million of securities maturing April 15 and to pay down approximately $2,768 million. The 3-year notes of Series AL-2018 were dated and issued April 15. They are due April 15, 2018, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-3/4 percent after determining which tenders were accepted on a yield auction basis. September 2015 Treasury received tenders for the notes before 12:00 noon eastern time (e.t.) for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 7. Tenders totaled $78,060 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.865 percent with an equivalent price of $99.660163. Treasury accepted in full all competitive tenders at yields lower than 0.865 percent. Tenders at the high yield were allotted 68.36 percent. The median yield was 0.835 percent, and the low yield was 0.700 percent. Noncompetitive tenders totaled $62 million. Competitive tenders accepted from private investors totaled $23,788 million. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AL-2018 is $100. Auction of 9-Year 10-Month 2 Percent Notes On April 2, 2015, Treasury announced it would auction $21,000 million of 9-year 10-month 2 percent notes. The issue was to refund $60,768 million of securities maturing April 15 and to pay down approximately $2,768 million. BUREAU OF THE FISCAL SERVICE OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, continued The 9-year 10-month notes of Series B-2025 were dated February 15 and issued April 15. They are due February 15, 2025, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 8. Tenders totaled $54,919 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.925 percent with an equivalent price of $100.667141. Treasury accepted in full all competitive tenders at yields lower than 1.925 percent. Tenders at the high yield were allotted 74.56 percent. The median yield was 1.888 percent, and the low yield was 1.840 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $20,988 million. Accrued interest of $3.25967 per $1,000 must be paid for the period from February 15 to April 15. The minimum par amount required for STRIPS of notes of Series B-2025 is $100. Auction of 29-Year 10-Month 2-1/2 Percent Bonds On April 2, 2015, Treasury announced it would auction $13,000 million of 29-year 10-month 2-1/2 percent bonds. The issue was to refund $60,768 million of securities maturing April 15 and to pay down approximately $2,768 million. The 29-year 10-month bonds of February 2045 were dated February 15 and issued April 15. They are due February 15, 2045, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 9. Tenders totaled $28,338 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.597 percent with an equivalent price of $97.990952. Treasury accepted in full all competitive tenders at yields lower than 2.597 percent. Tenders at the high yield were allotted 40.72 percent. The median yield was 2.529 percent, and the low yield was 2.450 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $12,992 million. Accrued interest of $4.07459 per $1,000 must be paid for the period from February 15 to April 15. The minimum par amount required for STRIPS of bonds of February 2045 is $100. Auction of 5-Year Treasury Inflation-Protected Security (TIPS) On April 16, 2015, Treasury announced it would auction $18,000 million of 5-year TIPS. The issue was to refund $77,441 million of securities maturing April 30 and to raise new cash of approximately $45,559 million. The 5-year TIPS of Series X-2020 were dated April 15 and issued April 30. They are due April 15, 2020, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 23. Tenders totaled $40,838 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.335 percent with an equivalent adjusted price of $102.524135. Treasury accepted in full all competitive tenders at yields lower than -0.335 percent. Tenders at the high yield were allotted 55.41 percent. The median yield was -0.400 percent, and the low yield was 0.460 percent. Noncompetitive tenders totaled $48 million. Competitive tenders accepted from private investors totaled $17,952 million. Adjusted accrued interest of $0.05134 per $1,000 must be paid for the period from April 15 to April 30. Both the unadjusted price of $102.302139 and the unadjusted accrued interest of $0.05123 were adjusted by an index ratio of 1.00217, for the period from April 15 to April 30. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $66 million from Federal Reserve banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2020 is $100. Auction of 2-Year Notes On April 23, 2015, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $77,441 million of securities maturing April 30 and to raise new cash of approximately $45,559 million. The 2-year notes of Series AZ-2017 were dated and issued April 30. They are due April 30, 2017, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 0-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 27. Tenders totaled $85,803 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.540 percent with an equivalent price of $99.920537. Treasury accepted in full all competitive tenders at yields lower than 0.540 percent. Tenders at the high yield were allotted 81.74 percent. The median yield was 0.505 percent, and the low yield was 0.450 percent. Noncompetitive tenders totaled $167 million. Competitive tenders accepted from private investors totaled $25,733 million. September 2015 BUREAU OF THE FISCAL SERVICE OPERATIONS 32 TREASURY FINANCING: APRIL-JUNE, continued In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $95 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AZ-2017 is $100. 52-Week Bills On April 23, 2015, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued April 30, and will mature April 28, 2016. The issue was to refund $119,001 million of all maturing bills and to pay down approximately $16,001 million. Treasury auctioned the bills on April 28. Tenders totaled $102,719 million; Treasury accepted $25,000 million. That included $133 million of noncompetitive tenders from the public. The high bank discount rate was 0.245 percent. Auction of 5-Year Notes On April 23, 2015, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $77,441 million of securities maturing April 30 and to raise new cash of approximately $45,559 million. The 5-year notes of Series Y-2020 were dated and issued April 30. They are due April 30, 2020, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 28. Tenders totaled $89,443 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.380 percent with an equivalent price of $99.975923. Treasury accepted in full all competitive tenders at yields lower than 1.380 percent. Tenders at the high yield were allotted 71.87 percent. The median yield was 1.348 percent, and the low yield was 1.290 percent. Noncompetitive tenders totaled $35 million. Competitive tenders accepted from private investors totaled $34,965 million. In addition to the $35,000 million of tenders accepted in the auction process, Treasury accepted $128 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2020 is $100. Auction of 2-Year Floating Rate Notes (FRNs) On April 23, 2015, Treasury announced it would auction $15,000 million of 2-year FRNs. The issue was to refund $77,441 million of securities maturing April 30 and to raise new cash of approximately $45,559 million. September 2015 The 2-year FRNs of Series BA-2017 were dated and issued April 30. They are due April 30, 2017, with interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of 0.074 percent after determining which tenders were accepted on a discount margin basis. Treasury received tenders for the FRNs before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on April 29. Tenders totaled $57,143 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.074 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower than 0.074 percent. Tenders at the high discount margin were allotted 63.49 percent. The median discount margin was 0.065 percent, and the low discount margin was 0.050 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $14,988 million. Auction of 7-Year Notes On April 23, 2015, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $77,441 million of securities maturing April 30 and to raise new cash of approximately $45,559 million. The 7-year notes of Series K-2022 were dated and issued April 30. They are due April 30, 2022, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 29. Tenders totaled $70,619 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.820 percent with an equivalent price of $99.541880. Treasury accepted in full all competitive tenders at yields lower than 1.820 percent. Tenders at the high yield were allotted 91.10 percent. The median yield was 1.780 percent, and the low yield was 1.725 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $28,982 million. In addition to the $29,000 million of tenders accepted in the auction process, Treasury accepted $106 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2022 is $100. BUREAU OF THE FISCAL SERVICE OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, continued MAY May Quarterly Financing On May 6, 2015, Treasury announced it would auction $24,000 million of 3-year notes, $24,000 million of 10-year notes and $16,000 million of 30-year bonds to refund $67,026 million of securities maturing May 15 and to pay down approximately $3,026 million. The 3-year notes of Series AM-2018 were dated and issued May 15. They are due May 15, 2018, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 1 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 12. Tenders totaled $80,100 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.000 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 1.000 percent. Tenders at the high yield were allotted 69.83 percent. The median yield was 0.969 percent, and the low yield was 0.800 percent. Noncompetitive tenders totaled $71 million. Competitive tenders accepted from private investors totaled $23,779 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $543 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AM-2018 is $100. The 10-year notes of Series C-2025 were dated and issued May 15. They are due May 15, 2025, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 13. Tenders totaled $65,299 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.237 percent with an equivalent price of $99.001405. Treasury accepted in full all competitive tenders at yields lower than 2.237 percent. Tenders at the high yield were allotted 96.52 percent. The median yield was 2.220 percent, and the low yield was 2.190 percent. Noncompetitive tenders totaled $46 million. Competitive tenders accepted from private investors totaled $23,950 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $543 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2025 is $100. The 30-year bonds of May 2045 were dated and issued May 15. They are due May 15, 2045, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 14. Tenders totaled $35,189 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.044 percent with an equivalent price of $99.138514. Treasury accepted in full all competitive tenders at yields lower than 3.044 percent. Tenders at the high yield were allotted 65.15 percent. The median yield was 2.980 percent, and the low yield was 2.900 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $15,980 million. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $362 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2045 is $100. 52-Week Bills On May 21, 2015, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued May 28, and will mature May 26, 2016. The issue was to refund $108,997 million of all maturing bills and to raise new cash of approximately $9,003 million. Treasury auctioned the bills on May 27. Tenders totaled $94,419 million; Treasury accepted $25,000 million. That included $155 million of noncompetitive tenders from the public. The high bank discount rate was 0.255 percent. Auction of 9-Year 8-Month 0-1/4 Percent TIPS On May 14, 2015, Treasury announced it would auction $13,000 million of 9-year 8-month 0-1/4 percent TIPS. The issue was to raise new cash of approximately $26,000 million. The 9-year 8-month TIPS of Series A-2025 were dated January 15 and issued May 29. They are due January 15, 2025, with interest payable on July 15 and January 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 21. Tenders totaled $30,232 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.358 percent with an equivalent adjusted price of $98.615297. Treasury accepted in full all competitive tenders at yields lower than 0.358 percent. Tenders at the high yield were allotted 66.30 percent. The median yield was 0.267 percent, and the low yield was 0.240 September 2015 BUREAU OF THE FISCAL SERVICE OPERATIONS 34 TREASURY FINANCING: APRIL-JUNE, continued percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled $12,967 million. Adjusted accrued interest of $0.92201 per $1,000 must be paid for the period from January 15 to May 29. Both the unadjusted price of $98.978548 and the unadjusted accrued interest of $0.92541 were adjusted by an index ratio of 0.99633, for the period from January 15 to May 29. The minimum par amount required for STRIPS of TIPS of Series A-2025 is $100. Auction of 1-Year 11-Month 0.074 Percent FRNs On May 21, 2015, Treasury announced it would auction $13,000 million of 1-year 11-month 0.074 percent FRNs. The issue was to raise new cash of approximately $26,000 million. The 1-year 11-month FRNs of Series BA-2017 were dated April 30 and issued May 29. They are due April 30, 2017, with interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury received tenders for the FRNs before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on May 28. Tenders totaled $52,067 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.069 percent with an equivalent price of $100.009740. Treasury accepted in full all competitive tenders at discount margins lower than 0.069 percent. Tenders at the high discount margin were allotted 99.38 percent. The median discount margin was 0.060 percent, and the low discount margin was 0.050 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $12,998 million. Accrued interest of $0.007350066 per $100 must be paid for the period from April 30 to May 29. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 26. Tenders totaled $88,293 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.648 percent with an equivalent price of $99.954426. Treasury accepted in full all competitive tenders at yields lower than 0.648 percent. Tenders at the high yield were allotted 98.15 percent. The median yield was 0.620 percent, and the low yield was 0.590 percent. Noncompetitive tenders totaled $131 million. Competitive tenders accepted from private investors totaled $25,769 million. Accrued interest of $0.01708 per $1,000 must be paid for the period from May 31 to June 1. The minimum par amount required for STRIPS of notes of Series Z-2017 is $100. Auction of 5-Year Notes On June 1, 2015, Treasury announced it would auction $30,000 million of 12-day bills. They were issued June 3 and matured June 15. The issue was to raise new cash. Treasury auctioned the bills on June 2. Tenders totaled $115,825 million; Treasury accepted $30,000 million. The high bank discount rate was 0.050 percent. On May 21, 2015, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $75,863 million of securities maturing May 31 and to raise new cash of approximately $14,137 million. The 5-year notes of Series Z-2020 were dated May 31 and issued June 1. They are due May 31, 2020, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 27. Tenders totaled $86,040 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.560 percent with an equivalent price of $99.712598. Treasury accepted in full all competitive tenders at yields lower than 1.560 percent. Tenders at the high yield were allotted 74.00 percent. The median yield was 1.520 percent, and the low yield was 1.441 percent. Noncompetitive tenders totaled $54 million. Competitive tenders accepted from private investors totaled $34,846 million. Accrued interest of $0.04098 per $1,000 must be paid for the period from May 31 to June 1. The minimum par amount required for STRIPS of notes of Series Z-2020 is $100. Auction of 2-Year 0-5/8 Percent Notes Auction of 7-Year Notes On May 21, 2015, Treasury announced it would auction $26,000 million of 2-year 0-5/8 percent notes. The issue was to refund $75,863 million of securities maturing May 31 and to raise new cash of approximately $14,137 million. The 2-year notes of Series Z-2017 were dated May 31 and issued June 1. They are due May 31, 2017, with interest payable on November 30 and May 31 until maturity. On May 21, 2015, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $75,863 million of securities maturing May 31 and to raise new cash of approximately $14,137 million. The 7-year notes of Series L-2022 were dated May 31 and issued June 1. They are due May 31, 2022, with interest payable on November 30 and May 31 until maturity. Treasury JUNE Cash Management Bills September 2015 BUREAU OF THE FISCAL SERVICE OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, continued set an interest rate of 1-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 28. Tenders totaled $72,294 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.888 percent with an equivalent price of $99.915114. Treasury accepted in full all competitive tenders at yields lower than 1.888 percent. Tenders at the high yield were allotted 26.73 percent. The median yield was 1.858 percent, and the low yield was 1.790 percent. Noncompetitive tenders totaled $15 million. Competitive tenders accepted from private investors totaled $28,985 million. Accrued interest of $0.05123 per $1,000 must be paid for the period from May 31 to June 1. The minimum par amount required for STRIPS of notes of Series L-2022 is $100. Auction of 3-Year Notes On June 4, 2015, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $34,260 million of securities maturing June 15 and to raise new cash of approximately $23,740 million. The 3-year notes of Series AN-2018 were dated and issued June 15. They are due June 15, 2018, with interest payable on December 15 and June 15 until maturity. Treasury set an interest rate of 1-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 9. Tenders totaled $79,812 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.125 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 1.125 percent. Tenders at the high yield were allotted 35.06 percent. The median yield was 1.090 percent, and the low yield was 0.900 percent. Noncompetitive tenders totaled $93 million. Competitive tenders accepted from private investors totaled $23,707 million. The minimum par amount required for STRIPS of notes of Series AN-2018 is $100. Auction of 9-Year 11-Month 2-1/8 Percent Notes On June 4, 2015, Treasury announced it would auction $21,000 million of 9-year 11-month 2-1/8 percent notes. The issue was to refund $34,260 million of securities maturing June 15 and to raise new cash of approximately $23,740 million. The 9-year 11-month notes of Series C-2025 were dated May 15 and issued June 15. They are due May 15, 2025, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 10. Tenders totaled $57,491 million; Treasury accepted $21,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.461 percent with an equivalent price of $97.057688. Treasury accepted in full all competitive tenders at yields lower than 2.461 percent. Tenders at the high yield were allotted 59.86 percent. The median yield was 2.434 percent, and the low yield was 2.396 percent. Noncompetitive tenders totaled $24 million. Competitive tenders accepted from private investors totaled $20,976 million. Accrued interest of $1.79008 per $1,000 must be paid for the period from May 15 to June 15. The minimum par amount required for STRIPS of notes of Series C-2025 is $100. Auction of 29-Year 11-Month 3 Percent Bonds On June 4, 2015, Treasury announced it would auction $13,000 million of 29-year 11-month 3 percent bonds. The issue was to refund $34,260 million of securities maturing June 15 and to raise new cash of approximately $23,740 million. The 29-year 11-month bonds of May 2045 were dated May 15 and issued June 15. They are due May 15, 2045, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 11. Tenders totaled $32,961 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.138 percent with an equivalent price of $97.331596. Treasury accepted in full all competitive tenders at yields lower than 3.138 percent. Tenders at the high yield were allotted 18.97 percent. The median yield was 3.100 percent, and the low yield was 3.000 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $12,990 million. Accrued interest of $2.52717 per $1,000 must be paid for the period from May 15 to June 15. The minimum par amount required for STRIPS of bonds of May 2045 is $100. 52-Week Bills On June 18, 2015, Treasury announced it would auction $25,000 million of 364-day Treasury bills. They were issued June 25, and will mature June 23, 2016. The issue was to refund $117,991 million of all maturing bills and to pay down approximately $19,991 million. Treasury auctioned the bills September 2015 36 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued on June 23. Tenders totaled $85,953 million; Treasury accepted $25,000 million. That included $132 million of noncompetitive tenders from the public. The high bank discount rate was 0.290 percent. Auction of 1-Year 10-Month 0.074 Percent FRNs On June 18, 2015, Treasury announced it would auction $13,000 million of 1-year 10-month 0.074 percent FRNs. The issue was to raise new cash of approximately $13,000 million. The 1-year 10-month FRNs of Series BA-2017 were dated April 30 and issued June 26. They are due April 30, 2017, with interest payable on July 31, October 31, January 31 and April 30 until maturity. Treasury received tenders for the FRNs before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on June 24. Tenders totaled $48,578 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.076 percent with an equivalent price of $99.996258. Treasury accepted in full all competitive tenders at discount margins lower than 0.076 percent. Tenders at the high discount margin were allotted 1.46 percent. The median discount margin was 0.065 percent, and the low discount margin was 0.060 percent. Noncompetitive tenders totaled $6 million. Competitive tenders accepted from private investors totaled $12,994 million. Accrued interest of $0.014036208 per $100 must be paid for the period from April 30 to June 26. Auction of 29-Year 8-Month 0-3/4 Percent TIPS On June 11, 2015, Treasury announced it would auction $7,000 million of 29-year 8-month 0-3/4 percent TIPS. The issue was to refund $74,131 million of securities maturing June 30 and to raise new cash of approximately $22,869 million. The 29-year 8-month TIPS of February 2045 were dated February 15 and issued June 30. They are due February 15, 2045, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 18. Tenders totaled $17,133 million; Treasury accepted $7,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.142 percent with an equivalent adjusted price of $90.591940. Treasury accepted in full all competitive tenders at yields lower than 1.142 percent. Tenders at the high yield were allotted 67.65 percent. The median yield was 1.075 percent, and the low yield was 0.900 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $6,990 million. Adjusted accrued interest of $2.81005 per September 2015 $1,000 must be paid for the period from February 15 to June 30. Both the unadjusted price of $90.169945 and the unadjusted accrued interest of $2.79696 were adjusted by an index ratio of 1.00468, for the period from February 15 to June 30. The minimum par amount required for STRIPS of TIPS of February 2045 is $100. Auction of 2-Year Notes On June 18, 2015, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $74,131 million of securities maturing June 30 and to raise new cash of approximately $22,869 million. The 2-year notes of Series BC-2017 were dated and issued June 30. They are due June 30, 2017, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 0-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 23. Tenders totaled $85,172 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.692 percent with an equivalent price of $99.867151. Treasury accepted in full all competitive tenders at yields lower than 0.692 percent. Tenders at the high yield were allotted 44.51 percent. The median yield was 0.660 percent, and the low yield was 0.600 percent. Noncompetitive tenders totaled $141 million. Competitive tenders accepted from private investors totaled $25,759 million. The minimum par amount required for STRIPS of notes of Series BC-2017 is $100. Auction of 5-Year Notes On June 18, 2015, Treasury announced it would auction $35,000 million of 5-year notes. The issue was to refund $74,131 million of securities maturing June 30 and to raise new cash of approximately $22,869 million. The 5-year notes of Series AA-2020 were dated and issued June 30. They are due June 30, 2020, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 1-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 24. Tenders totaled $83,693 million; Treasury accepted $35,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.710 percent with an equivalent price of $99.594321. Treasury accepted in full all competitive tenders at yields lower than 1.710 percent. Tenders at the high yield were allotted 3.77 percent. The median yield was 1.668 percent, and the low yield was 1.600 BUREAU OF THE FISCAL SERVICE OPERATIONS 37 TREASURY FINANCING: APRIL-JUNE, continued percent. Noncompetitive tenders totaled $53 million. Competitive tenders accepted from private investors totaled $34,847 million. The minimum par amount required for STRIPS of notes of Series AA-2020 is $100. Auction of 7-Year Notes On June 18, 2015, Treasury announced it would auction $29,000 million of 7-year notes. The issue was to refund $74,131 million of securities maturing June 30 and to raise new cash of approximately $22,869 million. The 7-year notes of Series M-2022 were dated and issued June 30. They are due June 30, 2022, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 25. Tenders totaled $69,122 million; Treasury accepted $29,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.153 percent with an equivalent price of $99.818956. Treasury accepted in full all competitive tenders at yields lower than 2.153 percent. Tenders at the high yield were allotted 36.01 percent. The median yield was 2.120 percent, and the low yield was 2.050 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $28,986 million. The minimum par amount required for STRIPS of notes of Series M-2022 is $100. September 2015 BUREAU OF THE FISCAL SERVICE OPERATIONS 38 TABLE PDO-1—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] On total competitive bids accepted Issue date Description of new issue Amount Number Maturity of bids of days to date tendered maturity 1 (1) (2) (3) Amounts of bids accepted On On nonTotal competitive competitive basis amount 2 basis 3 (4) (5) (6) 2015 - Apr. 30 July 02 Oct. 01 May 07 July 09 Oct. 08 May 14 July 16 Oct. 15 May 21 July 23 Oct. 22 May 28 July 30 Oct. 29 June 04 Aug. 06 Nov. 05 June 11 Aug. 13 Nov. 12 June 18 Aug. 20 Nov. 19 June 25 Aug. 27 Nov. 27 July 02 Sept. 03 Dec. 03 July 09 Sept. 10 Dec. 10 July 16 Sept. 17 Dec. 17 July 23 Sept. 24 Dec. 24 40,000.6 24,000.1 24,000.5 30,000.5 24,000.4 24,000.0 30,000.0 24,000.4 24,000.2 30,000.4 24,000.4 24,000.2 30,000.0 24,000.4 24,000.8 30,003.4 24,000.9 24,000.4 40,000.8 24,000.0 24,000.0 45,000.1 24,000.1 24,000.0 45,000.4 24,000.8 24,000.1 35,000.3 24,000.2 24,001.0 35,000.5 24,000.1 24,000.2 25,001.9 24,000.2 24,000.9 25,006.7 24,000.1 24,000.4 High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) 0.050 0.035 0.135 0.015 0.020 0.095 0.015 0.025 0.105 0.015 0.025 0.090 0.000 0.020 0.095 0.000 0.015 0.070 0.010 0.020 0.085 0.015 0.015 0.080 0.010 0.015 0.085 0.005 0.010 0.070 0.005 0.015 0.080 0.000 0.010 0.100 0.000 0.010 0.080 0.051 0.036 0.137 0.015 0.020 0.097 0.015 0.025 0.107 0.015 0.025 0.092 0.000 0.020 0.097 0.000 0.015 0.071 0.010 0.020 0.086 0.015 0.015 0.081 0.010 0.015 0.086 0.005 0.010 0.071 0.005 0.015 0.081 0.000 0.010 0.102 0.000 0.010 0.081 Regular weekly: (4 week, 13 week, and 26 week) 2015 - Apr. 02 ................. Apr. 09 ................. Apr. 16 ................. Apr. 23 ................. Apr. 30 ................. May 07 ................. May 14 ................. May 21 ................. May 28 ................. June 04 ................ June 11 ................ June 18 ................ June 25 ................ 1 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 183 28 91 182 28 91 182 28 91 182 28 91 182 135,430.4 93,608.8 87,856.9 114,762.1 101,510.0 97,251.5 120,465.8 97,601.8 103,783.4 120,290.4 101,031.0 107,745.1 127,588.8 103,350.0 110,674.1 115,039.4 99,191.6 94,661.0 157,989.7 106,203.9 102,048.3 151,950.2 105,590.4 108,122.3 150,920.3 112,749.4 106,730.9 122,894.1 107,802.2 109,857.2 132,517.0 102,860.3 107,823.0 116,074.9 109,574.2 100,479.2 119,963.5 99,871.0 102,906.2 All 4-week and 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. 2 Includes amount awarded to the Federal Reserve System. September 2015 39,736.2 23,255.6 22,796.4 29,736.1 23,655.0 23,206.9 29,738.9 23,407.0 23,193.3 29,764.2 23,630.5 23,144.1 28,907.1 22,845.4 22,931.8 29,723.7 23,540.3 23,122.9 39,748.4 23,418.4 23,257.7 44,763.6 23,550.7 23,394.1 43,842.8 22,661.8 22,686.5 34,736.7 23,454.5 23,303.8 34,748.0 23,626.3 23,383.5 24,767.5 23,531.2 23,399.4 23,980.3 22,623.1 22,670.8 264.3 394.5 304.1 264.4 345.4 317.1 261.1 393.4 330.9 236.2 369.9 309.6 278.1 355.1 292.9 279.7 360.6 301.5 252.4 381.6 366.3 236.5 349.4 330.0 244.7 344.0 342.4 263.6 345.7 321.2 252.5 373.8 340.8 234.3 368.9 325.5 228.0 379.1 351.8 99.996111 99.991153 99.931750 99.998833 99.994944 99.951972 99.998833 99.993681 99.946917 99.998833 99.993681 99.954500 100.000000 99.994944 99.951972 100.000000 99.996208 99.964611 99.999222 99.994944 99.957028 99.998833 99.996208 99.959556 99.999222 99.996208 99.956792 99.999611 99.997472 99.964611 99.999611 99.996208 99.959556 100.000000 99.997472 99.949444 100.000000 99.997472 99.959556 3 Tenders for $5 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. All Treasury Marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. BUREAU OF THE FISCAL SERVICE OPERATIONS 39 TABLE PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Auction date 1 Issue date (1) Description of securities 1 (2) Period to final maturity (years, months, days) 2 (3) 03/31/15 04/02/15 0.260% bill—03/31/16 04/07/15 04/15/15 0.750% note—04/15/18-AL 04/08/15 04/15/15 2.000% note—02/15/25-B 9y 04/09/15 04/15/15 2.500% bond—02/15/45 29y 04/23/15 04/30/15 0.125% TIPS—04/15/20-X 04/27/15 04/30/15 04/28/15 04/30/15 04/28/15 04/30/15 0.245% bill—04/28/16 04/29/15 04/30/15 0.074% FRN—04/30/17-BA 04/29/15 04/30/15 05/12/15 05/15/15 05/13/15 05/15/15 Amount tendered (4) 364d Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 92,836 25,000 78,060 24,000 0.865 - 99.660163 10m 54,919 21,000 1.925 - 100.667141 10m 28,338 13,000 2.597 - 97.990952 5y 40,904 18,066 -0.335 - 102.524135 0.500% note—04/30/17-AZ 2y 85,898 26,095 0.540 - 99.920537 1.375% note—04/30/20-Y 5y 89,571 35,128 1.380 - 99.975923 102,719 25,000 2y 57,198 15,055 1.750% note—04/30/22-K 7y 70,725 29,106 1.820 - 99.541880 1.000% note—05/15/18-AM 3y 80,643 24,543 1.000 - 100.000000 2.125% note—05/15/25-C 10y 65,842 24,543 2.237 - 99.001405 35,551 16,362 3.044 - 99.138514 30,232 13,000 0.358 - 98.615297 88,293 26,000 0.648 - 99.954426 3y 364d 05/14/15 05/15/15 3.000% bond—05/15/45 30y 05/21/15 05/29/15 0.250% TIPS—01/15/25-A 9y 05/26/15 06/01/15 0.625% note—05/31/17-Z 2y 8m 364d 05/27/15 05/28/15 0.255% bill—05/26/16 05/27/15 06/01/15 1.500% note—05/31/20-Z 5y 05/28/15 05/29/15 0.074% FRN—04/30/17-BA 1y 05/28/15 06/01/15 1.875% note—05/31/22-L 7y 06/02/15 06/03/15 0.050% bill—06/15/15 11m 12d 0.074 - 100.000000 94,419 25,000 86,040 35,000 1.560 - 99.712598 52,067 13,000 0.069 - 100.009740 1.888 - 99.915114 72,294 29,000 115,825 30,000 06/09/15 06/15/15 1.125% note—06/15/18-AN 3y 79,812 24,000 1.125 - 100.000000 06/10/15 06/15/15 2.125% note—05/15/25-C 9y 11m 57,491 21,000 2.461 - 97.057688 06/11/15 06/15/15 3.000% bond—05/15/45 29y 11m 32,961 13,000 3.138 - 97.331596 06/18/15 06/30/15 0.750% TIPS—02/15/45 29y 8m 17,133 7,000 1.142 - 90.591940 06/23/15 06/25/15 0.290% bill—06/23/16 85,953 25,000 06/23/15 06/30/15 0.625% note—06/30/17-BC 2y 85,172 26,000 0.692 - 99.867151 06/24/15 06/26/15 0.074% FRN—04/30/17-BA 1y 48,578 13,000 0.076 - 99.996258 06/24/15 06/30/15 1.625% note—06/30/20-AA 5y 83,693 35,000 1.710 - 99.594321 06/25/15 06/30/15 2.125% note—06/30/22-M 7y 69,122 29,000 2.153 - 99.818956 364d Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 From date of additional issue in case of a reopening. 3 In reopenings, the amount accepted is in addition to the amount of original offerings. 10m 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. September 2015 40 INTRODUCTION: Ownership of Federal Securities Federal securities presented in the following tables are public debt securities such as savings bonds, bills, notes, and bonds that the Treasury issues. The tables also detail debt issued by other Federal agencies under special financing authorities. [See the Federal debt (FD) tables for a more complete description of the Federal debt.] Effective January 1, 2001, Treasury’s Bureau of the Fiscal Service revised formats, titles, and column headings in the “Monthly Statement of the Public Debt of the United States,” Table I: Summary of Treasury Securities Outstanding and Table II: Statutory Debt Limit. These changes should reduce confusion and bring the publication more in line with the public’s use of terms. Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” table OFS-1 from the “Monthly Statement of the Public Debt of the United States.” Effective June 2001, Bureau of the Fiscal Service revised procedures and categories in this table to agree with the Bureau of the Fiscal Service’s publication changes. September 2015 Table OFS-1 presents Treasury marketable and nonmarketable securities and debt issued by other Federal agencies held by Government accounts, the FRBs, and private investors. Social Security and Federal retirement trust fund investments comprise much of the Government account holdings. The FRBs acquire Treasury securities in the market as a means of executing monetary policy. Table OFS-2 presents the estimated ownership of U.S. Treasury securities. Information is primarily obtained from the Federal Reserve Board of Governors Flow of Funds data, Table L209. State, local, and foreign holdings include special issues of nonmarketable securities to municipal entities and foreign official accounts. They also include municipal, foreign official, and private holdings of marketable Treasury securities. (See footnotes to the table for description of investor categories.) OWNERSHIP OF FEDERAL SECURITIES 41 TABLE OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues [In millions of dollars. Source: Bureau of the Fiscal Service] Total Federal securities outstanding (1) Total outstanding (2) 2010 ................................................ 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 13,585,596 14,815,328 16,090,640 16,763,286 17,847,931 13,561,622 14,790,340 16,066,241 16,738,183 17,824,071 2014 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2015 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 17,656,646 17,711,236 17,772,901 17,847,931 17,961,205 18,029,642 18,165,823 18,106,687 18,179,940 18,176,192 18,177,024 18,177,341 18,176,653 17,632,606 17,687,137 17,749,172 17,824,071 17,937,160 18,005,549 18,141,444 18,082,294 18,155,854 18,152,056 18,152,560 18,152,852 18,151,998 End of fiscal year or month Public debt securities Held by U.S. Government accounts Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 4,534,014 4,658,307 4,791,850 4,757,211 5,039,265 - 4,534,014 4,658,307 4,791,850 4,757,211 5,039,265 909,910 1,689,186 1,744,275 2,315,023 2,767,288 5,060,590 5,035,835 5,016,743 5,039,265 5,080,309 5,083,072 5,117,626 5,097,507 5,081,983 5,061,878 5,099,005 5,100,242 5,076,967 - 5,060,590 5,035,835 5,016,743 5,039,265 5,080,309 5,083,072 5,117,626 5,097,507 5,081,983 5,061,878 5,099,005 5,100,242 5,076,967 2,705,869 2,728,964 2,747,849 2,767,288 2,801,510 2,788,984 2,793,384 2,796,026 2,797,128 2,797,509 2,795,913 2,794,521 2,798,523 Total (3) Public debt securities, continued Agency securities 1 Held by private investors End of fiscal year or month Total outstanding (10) Held by Government accounts (12) Total (7) Marketable (8) 2010 ................................................ 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 8,117,698 8,442,847 9,530,116 9,665,949 10,017,518 7,588,415 7,935,360 9,005,483 9,281,132 9,526,925 529,284 507,488 524,634 384,818 490,594 23,974 24,988 24,399 25,103 23,860 23,971 24,982 24,394 25,098 23,857 3 5 5 5 3 2014 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2015 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 9,866,147 9,922,338 9,984,580 10,017,518 10,055,341 10,133,493 10,230,434 10,188,761 10,276,743 10,292,669 10,257,642 10,258,089 10,276,508 9,378,348 9,433,907 9,497,422 9,526,925 9,561,064 9,632,417 9,725,010 9,687,271 9,773,197 9,846,298 9,849,592 9,893,497 9,912,571 487,799 488,430 487,158 490,594 494,277 501,076 505,424 501,490 503,546 446,371 408,050 364,592 363,937 24,040 24,099 23,729 23,860 24,045 24,093 24,379 24,393 24,086 24,136 24,464 24,489 24,655 24,035 24,096 23,726 23,857 24,042 24,088 24,374 24,388 24,081 24,131 24,459 24,484 24,650 5 3 3 3 3 5 5 5 5 5 5 5 5 1 Table has been revised to show separate amounts for Agency Securities to include Held by Private Investors and Held by Government Accounts. Nonmarketable (9) Held by private investors (11) — Note Public issues held by the Federal Reserve banks have been revised to include Ginnie Mae and exclude the following Government-Sponsored Enterprises: Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Federal Home Loan Bank System. September 2015 OWNERSHIP OF FEDERAL SECURITIES 42 TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month Total public debt 1 (1) 2015 - June ....... Mar ......... 2014 - Dec ......... Sept ........ June ....... Mar ......... 2013 - Dec ......... Sept ........ June ....... Mar ......... 2012 - Dec ......... Sept ........ June ....... Mar ......... 2011 - Dec ......... Sept ........ June ....... Mar ......... 2010 - Dec ......... Sept ........ June ....... Mar ......... 2009 - Dec ......... Sept ........ June ....... Mar ......... 2008 - Dec ......... Sept ........ June ....... Mar ......... 2007 - Dec ......... Sept ........ June ....... Mar ......... 2006 - Dec ......... Sept ........ June ....... Mar ......... 2005 - Dec ......... Sept ........ June ....... Mar ......... 18,152 18,152 18,141 17,824 17,633 17,601 17,352 16,738 16,738 16,772 16,433 16,066 15,855 15,582 15,223 14,790 14,343 14,270 14,025 13,562 13,202 12,773 12,311 11,910 11,545 11,127 10,700 10,025 9,492 9,438 9,229 9,008 8,868 8,850 8,680 8,507 8,420 8,371 8,170 7,933 7,836 7,777 1 SOMA and Intragovernmental Holdings 2,3 (2) 7,537 7,521 7,579 7,491 7,461 7,302 7,205 6,834 6,773 6,657 6,524 6,447 6,476 6,397 6,440 6,328 6,220 5,959 5,656 5,350 5,345 5,260 5,277 5,127 5,027 4,785 4,806 4,693 4,686 4,695 4,834 4,738 4,715 4,577 4,558 4,433 4,389 4,257 4,200 4,068 4,034 3,922 Total U.S. privately Depository savings held institutions 4, 5 bonds 6 (3) (4) (5) 10,615 10,631 10,563 10,333 10,172 10,300 10,147 9,904 9,965 10,115 9,909 9,619 9,380 9,185 8,783 8,462 8,123 8,311 8,369 8,211 7,857 7,513 7,034 6,783 6,518 6,342 5,893 5,332 4,806 4,743 4,396 4,270 4,153 4,273 4,122 4,074 4,031 4,114 3,971 3,865 3,803 3,855 n.a. 511 514 471 407 368 321 293 300 339 348 338 303 317 280 294 279 321 319 323 266 269 202 198 141 126 105 130 113 125 130 120 110 120 115 114 119 113 129 134 136 149 174 175 176 177 178 178 179 180 181 182 182 184 185 185 185 185 186 187 188 189 190 190 191 192 194 194 194 194 195 195 196 197 199 200 202 204 205 206 205 204 204 204 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. 2 Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U.S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. 3 As of February 2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 4 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 5 Includes U.S. chartered depository institutions, foreign banking offices in the United States, banks in U.S. affiliated areas, credit unions, and bank holding companies. 6 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 through December 1995. Includes myRA as of December 2014. Current accrual value. September 2015 Private 7 (6) n.a. 481 530 518 506 499 493 367 456 453 444 429 413 398 387 371 252 346 337 327 316 304 296 286 282 273 260 253 244 240 229 225 221 220 216 202 192 186 184 184 180 177 7 State and Insurance compalocal nies 4 governments (8) (7) n.a. 213 204 199 196 195 194 189 185 180 179 177 177 175 166 161 164 164 159 150 150 154 151 146 145 137 130 137 135 135 144 153 162 156 153 149 150 153 154 161 166 157 n.a. 295 285 280 274 267 265 262 263 267 271 270 269 271 272 260 255 254 248 241 232 226 222 210 200 191 171 163 159 152 142 155 169 185 198 197 196 200 202 201 195 193 Mutual funds 4, 8 (9) n.a. 1,235 1,160 1,112 1,056 1,121 1,116 1,089 1,078 1,100 1,030 982 963 969 895 814 767 749 721 671 677 678 669 669 712 721 758 631 440 467 344 293 258 263 248 234 243 254 254 247 249 264 State and Foreign local govern- and interments 4 national 9 (10) (11) n.a. 710 661 632 630 602 592 590 617 613 606 594 585 564 561 558 573 585 596 587 584 585 586 584 589 588 601 614 635 646 648 643 638 608 571 542 532 516 512 494 461 429 n.a. 6,176 6,156 6,070 6,019 5,948 5,793 5,653 5,595 5,725 5,574 5,476 5,311 5,145 5,007 4,912 4,691 4,481 4,436 4,324 4,070 3,878 3,685 3,571 3,461 3,266 3,077 2,802 2,587 2,506 2,353 2,235 2,192 2,195 2,103 2,025 1,978 2,082 2,034 1,930 1,878 1,952 Other investors 10 (12) n.a. 834 877 874 906 1,120 1,194 1,281 1,289 1,256 1,275 1,169 1,174 1,160 1,031 907 956 1,224 1,364 1,399 1,372 1,229 1,032 928 797 847 597 407 297 276 210 248 204 325 316 407 416 404 295 312 334 329 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 8 Includes money market mutual funds, mutual funds, and closed-end investment companies. 9 Source: Federal Reserve Board Treasury International Capital Survey. Includes nonmarketable foreign series, Treasury securities, and Treasury deposit funds. Excludes Treasury securities held under repurchase agreements in custody accounts at the Federal Reserve Bank of New York. For additional information, see: http://www.treasury.gov/resource-center/data-chart-center/tic/pages/index.aspx. 10 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 43 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1—Amounts Outstanding and in Circulation, June 30, 2015 [Source: Bureau of the Fiscal Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $1,554,322,499,816 $1,507,801,870,451 $1,507,322,078,442 $239,938,866 $239,853,143 The Treasury ....................................... 153,637,188 61,731,124 61,498,782 7,505 224,837 FRBs ................................................... 185,546,651,886 186,674,899,563 183,674,895,513 - 4,050 Amounts in circulation ............................. $1,368,622,210,742 $1,324,065,239,764 $1,323,585,684,147 $239,931,361 $239,624,256 Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $46,520,629,365 $6,533,344,110 $39,987,285,255 The Treasury ....................................... 91,906,064 61,176,064 30,730,000 FRBs ................................................... 1,871,752,323 1,321,167,939 550,584,384 Amounts in circulation ............................. $44,556,970,978 $5,151,000,107 $39,405,970,871 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2015 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 44 TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2015 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $10,979,279,731 $143,503 $140,825,346 Federal Reserve notes 1 (2) $11,120,248,580 $2 ................................................................................ 2,190,068,864 2,058,311,486 131,744,918 12,460 $5 ................................................................................ 13,150,147,950 13,017,683,680 108,021,710 24,442,560 $10 .............................................................................. 18,437,091,000 18,416,841,740 6,300 20,242,960 $20 .............................................................................. 162,903,289,520 162,883,187,260 3,840 20,098,420 $50 .............................................................................. 76,569,395,950 76,557,906,450 500 11,489,000 $100 ............................................................................ 1,039,382,402,300 1,039,360,439,800 - 4 21,962,500 $500 ............................................................................ 142,013,000 141,819,000 5,500 188,500 $1,000 ......................................................................... 165,357,000 165,145,000 5,000 207,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,460,000 3,360,000 - 100,000 Fractional notes 5 ........................................................ 600 - 90 510 Total currency ......................................................... $1,324,065,239,764 $1,323,585,684,147 $239,931,361 $239,624,256 Amounts (in millions) (1) Per capita 6 (2) June 30, 2015 ...................................................................................... 1,368,622 4,260 May 31, 2015 ....................................................................................... 1,367,823 4,260 Comparative totals of currency and coins in circulation—selected dates Apr. 30, 2015 ....................................................................................... 1,360,671 4,240 Sept. 30, 2010 ...................................................................................... 954,719 3,074 Sept. 30, 2005 ...................................................................................... 766,487 2,578 Sept. 30, 2000 ...................................................................................... 568,614 2,061 Sept. 30, 1995 ...................................................................................... 409,272 1,553 Sept. 30, 1990 ...................................................................................... 278,903 1,105 Sept. 30, 1985 ...................................................................................... 187,337 782 Sept. 30, 1980 ...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30, 1970 ...................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 June 30, 1960 ...................................................................................... 32,064 177 1 4 2 5 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. September 2015 6 Represents current FRB adjustment. Represents value of certain partial denominations not presented for redemption. Based on Bureau of the Census’ estimates of population. Foreign Currency Positions Exchange Stabilization Fund 47 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, September, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. The information in the tables referenced above is based on the reports referenced in this Introduction: Foreign Currency Positions and is not audited by the Federal Reserve banks or the Treasury Department. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. September 2015 FOREIGN CURRENCY POSITIONS 48 SECTION I—Canadian Dollar Positions TABLE FCP-I-1—Weekly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Canadian dollars per U.S. dollar) (4) 12/31/2014 ............................................................. 877,792 875,174 585 1.1601 01/07/2015 ............................................................. 909,105 912,995 n.a. 1.1851 01/14/2015 ............................................................. 938,979 944,536 n.a. 1.1957 01/21/2015 ............................................................. 973,275 976,215 n.a. 1.2377 01/28/2015 ............................................................. 998,233 1,000,546 n.a. 1.2452 02/04/2015 ............................................................. 1,031,942 1,031,678 n.a. 1.2550 02/11/2015 ............................................................. 1,022,850 1,026,693 n.a. 1.2635 02/18/2015 ............................................................. 1,009,088 1,019,579 n.a. 1.2456 02/25/2015 ............................................................. 1,102,270 1,113,232 n.a. 1.2418 03/04/2015 ............................................................. 1,064,690 1,074,881 n.a. 1.2439 03/11/2015 ............................................................. 1,097,395 1,113,811 59 1.2763 03/18/2015 ............................................................. 977,668 991,962 -534 1.2771 03/25/2015 ............................................................. 935,798 953,035 -63 1.2513 04/01/2015 ............................................................. 990,636 1,007,489 -256 1.2610 04/08/2015 ............................................................. 951,528 970,491 n.a. 1.2508 04/15/2015 ............................................................. 988,511 1,006,372 473 1.2378 04/22/2015 ............................................................. 927,720 950,643 424 1.2250 04/29/2015 ............................................................. 1,005,680 1,031,450 376 1.1955 05/06/2015 ............................................................. 968,445 992,858 n.a. 1.2007 05/13/2015 ............................................................. 947,786 974,156 588 1.1950 05/20/2015 ............................................................. 981,280 1,005,743 497 1.2212 05/27/2015 ............................................................. 1,029,782 1,048,186 336 1.2483 06/03/2015 ............................................................. 1,021,002 1,046,542 322 1.2437 06/10/2015 ............................................................. 1,043,586 1,065,761 -62 1.2267 06/17/2015 ............................................................. 886,920 906,486 n.a. 1.2307 06/24/2015 ............................................................. 888,631 907,891 n.a. 1.2413 September 2015 FOREIGN CURRENCY POSITIONS 49 SECTION I—Canadian Dollar Positions, continued TABLE FCP-I-2—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Options positions Puts Calls Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2012 - Dec ................... 723,826 727,471 195,584 177,964 43,124 45,411 52,812 54,827 -821 0.9958 2013 - Dec ................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637 2014 - July ................... 786,827 791,847 183,800 165,407 60,121 76,776 123,441 98,495 2,213 1.0889 Aug .................. 834,851 833,872 179,413 170,421 77,154 100,777 139,332 110,806 n.a. 1.0858 Sept ................. 810,294 813,233 174,245 165,970 87,379 103,061 139,352 118,074 n.a. 1.1207 Oct ................... 907,905 912,287 180,276 173,316 90,374 93,794 123,757 107,918 1,464 1.1272 Nov .................. 965,490 966,028 185,210 176,756 94,695 95,487 125,095 109,979 358 1.1426 Dec .................. 879,089 876,285 187,421 177,769 65,824 64,872 98,283 87,318 585 1.1601 2015 - Jan ................... 1,046,960 1,045,591 185,750 181,430 79,723 83,456 140,877 125,889 1,014 1.2716 Feb .................. 1,044,263 1,057,878 188,838 185,461 85,817 120,259 201,081 156,626 400 1.2506 Mar .................. 969,850 987,457 177,478 165,360 80,663 96,352 194,511 167,785 n.a. 1.2681 Apr ................... 996,429 1,019,282 184,462 177,142 77,230 86,527 145,134 129,419 405 1.2116 May.................. 1,075,252 1,097,051 194,043 179,205 72,197 83,511 165,239 128,842 242 1.2466 June................. 937,431 961,169 189,020 176,809 63,190 88,506 140,399 113,709 n.a. 1.2473 TABLE FCP-I-3—Quarterly Report of Large Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 662 n.a. 0.9958 3,545 2,502 n.a. 1.0174 673 10,749 7,496 n.a. 1.0513 1,285 2,216 3,397 n.a. 1.0284 1,831 5,630 4,362 52 1.0637 n.a. n.a. 3,387 1,551 n.a. 1.1053 53,898 960 2,789 4,141 1,136 n.a. 1.0676 Foreign currency denominated Written (6) Bought (7) Written (8) n.a. n.a. 869 53,718 276 467 88,990 55,072 737 97,416 56,050 n.a. 37,339 94,712 50,955 n.a. 21,444 36,135 101,443 56,942 21,683 33,223 99,792 Purchased (1) Sold (2) Assets (3) Liabilities (4) 2012 - Dec ................... 19,395 30,069 73,597 45,414 2013 - Mar ................... 17,015 32,402 88,822 June.................. 20,876 43,404 Sept .................. 17,533 35,119 Dec ................... 18,183 2014 - Mar ................... June ................. Report date Options positions Puts Calls Bought (5) Sept .................. 20,112 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207 Dec ................... 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -14 1.1601 2015 - Mar ................... n.a. 82,886 100,949 63,514 n.a. n.a. 4,091 n.a. -14 1.2681 September 2015 FOREIGN CURRENCY POSITIONS 50 SECTION II—Japanese Yen Positions TABLE FCP-II-1—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 12/31/2014 .............................................................. 509,528 513,509 n.a. 119.85 01/07/2015 .............................................................. 522,058 526,228 n.a. 119.52 01/14/2015 .............................................................. 542,773 548,667 n.a. 116.78 01/21/2015 .............................................................. 523,565 529,999 n.a. 117.86 01/28/2015 .............................................................. 516,088 522,824 n.a. 117.74 02/04/2015 .............................................................. 520,077 525,937 n.a. 117.58 02/11/2015 .............................................................. 531,279 538,191 n.a. 120.38 02/18/2015 .............................................................. 508,196 514,716 n.a. 119.19 02/25/2015 .............................................................. 531,628 538,245 n.a. 118.88 03/04/2015 .............................................................. 512,195 517,924 n.a. 119.76 03/11/2015 .............................................................. 538,535 556,520 n.a. 121.50 03/18/2015 .............................................................. 489,305 495,391 429 120.92 03/25/2015 .............................................................. 478,064 486,652 n.a. 119.37 04/01/2015 .............................................................. 509,172 514,672 n.a. 119.62 04/08/2015 .............................................................. 479,333 483,613 n.a. 119.96 04/15/2015 .............................................................. 487,908 491,410 n.a. 119.23 04/22/2015 .............................................................. 492,525 496,360 348 119.90 04/29/2015 .............................................................. 523,834 526,512 n.a. 118.83 05/06/2015 .............................................................. 576,278 580,124 285 119.42 05/13/2015 .............................................................. 508,546 511,329 -99 119.09 05/20/2015 .............................................................. 526,693 530,317 -56 121.28 05/27/2015 .............................................................. 554,647 557,156 -293 123.76 06/03/2015 .............................................................. 552,623 555,005 -442 124.06 06/10/2015 .............................................................. 574,622 575,985 -412 122.72 06/17/2015 .............................................................. 518,222 521,316 -600 124.25 06/24/2015 .............................................................. 508,941 511,207 -431 124.24 Spot, forward and future contracts Report date September 2015 FOREIGN CURRENCY POSITIONS 51 SECTION II—Japanese Yen Positions, continued TABLE FCP-II-2—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2012 - Dec .................. 364,964 399,781 83,896 78,585 36,393 40,545 70,462 66,147 -131 86.64 2013 - Dec .................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25 2014 - July .................. 426,003 425,485 118,976 116,019 42,093 45,483 71,078 70,439 662 102.75 Aug ................. 440,100 439,467 118,471 116,438 45,527 53,282 85,054 79,346 362 104.00 Sept ................ 522,242 522,347 124,831 118,421 46,863 61,952 107,905 95,070 135 109.66 Oct .................. 559,360 561,631 125,205 120,038 52,242 66,476 111,126 100,345 -94 112.09 Nov ................. 557,705 559,850 128,604 122,178 58,810 74,852 116,125 116,244 55 118.70 Dec ................. 509,719 513,666 131,861 125,050 51,990 64,690 106,981 97,813 n.a. 119.85 2015 - Jan .................. 519,744 526,405 141,156 132,490 52,806 64,934 104,249 95,838 n.a. 117.44 Feb ................. 522,839 528,240 139,709 130,456 52,826 61,621 92,123 86,724 n.a. 119.72 Mar ................. 496,406 502,244 139,626 129,204 51,460 61,986 91,358 83,671 n.a. 119.96 Apr .................. 543,311 546,427 141,629 131,344 49,139 58,337 87,763 81,852 n.a. 119.86 May................. 564,447 566,591 145,868 134,259 48,826 60,078 108,747 91,367 -333 123.98 June................ 534,220 535,582 146,365 133,535 54,373 59,855 86,857 83,975 -455 122.10 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2012 - Dec ................... 3,576 5,481 5,971 2,412 230 358 1,853 1,175 -47 86.64 2013 - Mar ................... 3,089 5,704 9,256 4,631 n.a. 825 2,923 1,779 24 94.16 June.................. 4,222 5,249 9,282 4,576 541 1,048 2,640 1,828 63 99.21 Sept .................. 4,488 5,487 9,447 4,507 n.a. 906 2,077 1,561 24 98.29 Dec ................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25 2014 - Mar ................... 5,230 5,873 9,331 4,487 n.a. 426 1,093 236 n.a. 102.98 June ................. 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 Sept .................. 6,122 7,795 9,921 5,408 127 491 2,075 1,162 n.a. 109.66 Dec ................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85 2015 - Mar ................... 7,337 5,842 10,107 4,743 n.a. 506 1,437 550 -46 119.96 September 2015 FOREIGN CURRENCY POSITIONS 52 SECTION III—Swiss Franc Positions TABLE FCP-III-1—Weekly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 12/31/2014 .............................................................. 938,111 959,756 n.a. 0.9934 01/07/2015 .............................................................. 1,055,300 1,080,437 n.a. 1.0160 01/14/2015 .............................................................. 1,066,531 1,089,368 n.a. 1.0172 01/21/2015 .............................................................. 1,104,995 1,128,183 n.a. 0.8596 01/28/2015 .............................................................. 1,064,203 1,085,748 n.a. 0.9055 02/04/2015 .............................................................. 1,075,336 1,096,983 n.a. 0.9238 02/11/2015 .............................................................. 1,084,084 1,109,444 n.a. 0.9288 02/18/2015 .............................................................. 1,070,414 1,098,777 n.a. 0.9446 02/25/2015 .............................................................. 1,099,441 1,124,573 n.a. 0.9496 03/04/2015 .............................................................. 1,012,092 1,042,678 n.a. 0.9640 03/11/2015 .............................................................. 1,027,673 1,055,345 n.a. 1.0074 03/18/2015 .............................................................. 910,738 941,993 n.a. 0.9952 03/25/2015 .............................................................. 949,355 984,082 n.a. 0.9574 04/01/2015 .............................................................. 1,001,239 1,035,572 n.a. 0.9671 04/08/2015 .............................................................. 945,464 979,549 n.a. 0.9634 04/15/2015 .............................................................. 964,944 996,913 n.a. 0.9721 04/22/2015 .............................................................. 1,001,580 1,030,114 n.a. 0.9662 04/29/2015 .............................................................. 1,022,348 1,053,518 n.a. 0.9358 05/06/2015 .............................................................. 962,348 993,875 n.a. 0.9150 05/13/2015 .............................................................. 923,659 953,589 -212 0.9162 05/20/2015 .............................................................. 938,089 967,216 n.a. 0.9395 05/27/2015 .............................................................. 954,055 983,283 n.a. 0.9508 06/03/2015 .............................................................. 986,404 1,016,644 -70 0.9336 06/10/2015 .............................................................. 981,264 1,009,935 -55 0.9292 06/17/2015 .............................................................. 917,200 944,833 324 0.9272 06/24/2015 .............................................................. 926,548 953,967 665 0.9360 September 2015 FOREIGN CURRENCY POSITIONS 53 SECTION III—Swiss Franc Positions, continued TABLE FCP-III-2—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 2012 - Dec ................... 654,579 683,540 158,819 85,852 86,352 88,023 102,871 101,876 -670 0.9155 2013 - Dec ................... 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904 2014 - July ................... 686,257 709,976 92,150 78,393 92,929 92,916 113,986 113,879 -90 0.9086 Aug .................. 777,720 802,334 94,620 84,848 88,647 91,109 116,961 111,726 735 0.9174 Sept ................. 943,077 967,602 96,069 86,696 106,316 118,683 158,968 147,036 n.a. 0.9554 Oct ................... 984,226 1,002,956 83,034 72,897 109,321 129,100 169,627 153,748 1,595 0.9623 Nov .................. 1,037,613 1,052,538 80,422 68,196 119,997 140,321 195,387 175,232 n.a. 0.9658 Dec .................. 938,663 960,288 82,865 69,347 103,936 121,455 172,573 155,099 n.a. 0.9934 2015 - Jan ................... 1,062,834 1,083,503 100,999 79,947 101,269 121,608 182,608 154,886 n.a. 0.9210 Feb .................. 1,032,801 1,061,698 94,413 72,964 93,590 115,849 171,122 145,948 n.a. 0.9513 Mar .................. 992,767 1,027,712 99,698 79,129 91,124 109,679 154,659 136,442 n.a. 0.9712 Apr ................... 990,685 1,023,218 106,751 85,788 87,068 101,277 144,654 131,432 n.a. 0.9410 May.................. 956,723 985,241 99,345 78,991 84,289 98,361 142,800 135,172 -312 0.9404 June................. 944,852 973,050 101,101 83,734 82,591 96,938 128,730 113,155 98 0.9346 TABLE FCP-III-3—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2012 - Dec ................... 14,365 16,096 n.a. 8,884 n.a. n.a. n.a. n.a. n.a. 0.9155 2013 - Mar ................... 16,520 21,737 n.a. 9,348 430 1,234 3,684 n.a. -54 0.9490 June.................. 17,279 17,163 n.a. 9,609 730 1,144 5,802 4,085 n.a. 0.9450 Sept .................. 15,013 13,051 91,002 12,620 n.a. n.a. 3,891 2,400 n.a. 0.9041 Dec ................... 22,699 23,164 n.a. 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904 2014 - Mar ................... 17,733 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.8840 June ................. 18,188 18,726 101,146 9,451 n.a. n.a. 879 436 n.a. 0.8868 Sept .................. 22,420 22,430 88,531 13,999 n.a. n.a. n.a. 1,269 -319 0.9554 Dec ................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934 2015 - Mar ................... 23,111 26,655 95,778 13,024 n.a. n.a. n.a. 596 n.a. 0.9712 September 2015 FOREIGN CURRENCY POSITIONS 54 SECTION IV—Sterling Positions TABLE FCP-IV-1—Weekly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (U.S. dollars per pound) (4) 12/31/2014 .............................................................. 1,739,318 1,801,821 -267 1.5578 01/07/2015 .............................................................. 1,786,474 1,849,917 1,026 1.5073 01/14/2015 .............................................................. 1,813,565 1,877,563 n.a. 1.5234 01/21/2015 .............................................................. 1,753,581 1,819,277 n.a. 1.5118 01/28/2015 .............................................................. 1,810,487 1,868,980 n.a. 1.5165 02/04/2015 .............................................................. 1,799,869 1,859,643 n.a. 1.5209 02/11/2015 .............................................................. 1,790,681 1,860,135 n.a. 1.5232 02/18/2015 .............................................................. 1,814,613 1,872,073 n.a. 1.5430 02/25/2015 .............................................................. 1,883,185 1,942,945 n.a. 1.5499 03/04/2015 .............................................................. 1,820,564 1,877,734 n.a. 1.5266 03/11/2015 .............................................................. 1,912,030 1,970,744 n.a. 1.4945 03/18/2015 .............................................................. 1,840,727 1,907,905 n.a. 1.4686 03/25/2015 .............................................................. 1,776,587 1,850,235 n.a. 1.4915 04/01/2015 .............................................................. 1,896,398 1,968,252 n.a. 1.4823 04/08/2015 .............................................................. 2,172,087 2,243,509 n.a. 1.4924 04/15/2015 .............................................................. 1,872,185 1,944,937 n.a. 1.4782 04/22/2015 .............................................................. 1,888,598 1,961,069 n.a. 1.5027 04/29/2015 .............................................................. 1,989,312 2,064,931 n.a. 1.5485 05/06/2015 .............................................................. 1,956,294 2,036,468 n.a. 1.5244 05/13/2015 .............................................................. 1,954,001 2,029,802 n.a. 1.5748 05/20/2015 .............................................................. 1,978,925 2,062,069 n.a. 1.5544 05/27/2015 .............................................................. 2,036,086 2,119,268 n.a. 1.5324 06/03/2015 .............................................................. 1,969,336 2,053,950 n.a. 1.5351 06/10/2015 .............................................................. 2,042,494 2,128,519 n.a. 1.5530 06/17/2015 .............................................................. 1,881,510 1,966,724 n.a. 1.5708 06/24/2015 .............................................................. 1,906,406 1,990,518 n.a. 1.5681 September 2015 FOREIGN CURRENCY POSITIONS 55 SECTION IV—Sterling Positions, continued TABLE FCP-IV-2—Monthly Report of Major Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2012 - Dec ................... 1,457,283 1,438,257 658,674 554,948 46,300 45,013 48,575 51,867 n.a. 1.6262 2013 - Dec ................... 1,560,072 1,549,461 558,331 482,587 68,177 65,277 71,494 73,631 -179 1.6574 2014 - July ................... 1,707,276 1,755,448 581,413 515,736 87,574 84,636 73,915 73,125 4 1.6889 Aug .................. 1,709,145 1,762,656 628,268 562,617 96,965 88,901 79,816 85,829 n.a. 1.6585 Sept ................. 1,784,416 1,846,607 609,105 533,491 128,322 130,021 120,503 116,823 -75 1.6220 Oct ................... 1,850,742 1,923,021 601,389 533,155 102,498 94,097 95,450 100,734 n.a. 1.5999 Nov .................. 1,885,791 1,956,089 631,850 569,463 97,509 91,540 95,628 94,189 n.a. 1.5638 Dec .................. 1,742,921 1,805,223 656,785 591,052 82,825 76,549 80,689 83,838 -267 1.5578 2015 - Jan ................... 1,833,963 1,895,119 711,663 636,710 102,425 98,174 104,486 100,432 n.a. 1.5026 Feb .................. 1,870,098 1,931,921 682,900 617,766 103,893 101,110 108,866 104,986 n.a. 1.5439 Mar .................. 1,834,680 1,906,618 724,126 657,852 102,214 111,168 140,130 125,350 n.a. 1.4850 Apr ................... 1,970,741 2,054,874 700,335 632,896 98,966 103,701 134,754 128,057 n.a. 1.5328 May.................. 1,996,780 2,078,143 677,346 621,235 105,551 100,115 136,412 129,682 n.a. 1.5286 June................. 1,969,124 2,053,096 661,042 609,426 110,813 106,756 102,382 100,469 n.a. 1.5727 TABLE FCP-IV-3—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2012 - Dec ................... 18,837 16,899 57,032 32,581 n.a. n.a. n.a. n.a. n.a. 1.6262 2013 - Mar ................... 22,023 21,376 68,646 38,456 332 497 3,585 856 -12 1.5193 June.................. 25,286 23,953 66,608 37,013 714 977 3,877 1,328 39 1.5210 Sept .................. 23,881 18,501 149,903 36,241 1,006 1,145 n.a. 1,287 155 1.6179 Dec ................... 34,365 29,425 156,665 38,670 1,861 n.a. 2,360 1,364 172 1.6574 2014 - Mar ................... 24,285 20,785 159,297 38,963 n.a. n.a. n.a. 404 - 1.6675 June ................. 28,452 25,936 159,978 38,559 1,500 1,381 2,464 866 194 1.7105 Sept .................. 25,003 25,045 154,483 36,431 2,021 1,243 3,789 1,232 n.a. 1.6220 Dec ................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578 2015 - Mar ................... 22,214 27,471 158,861 45,077 n.a. 710 5,327 3,202 -85 1.4850 September 2015 FOREIGN CURRENCY POSITIONS 56 SECTION V—U.S. Dollar Positions TABLE FCP-V-1—Weekly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Sold Purchased (1) (2) Net options positions (3) Exchange rate (4) 12/31/2014 ............................................................ 22,348,975 21,174,302 -16,981 n.a. 01/07/2015 ............................................................ 22,842,756 21,738,048 -10,277 n.a. 01/14/2015 ............................................................ 23,431,975 22,287,788 -16,192 n.a. 01/21/2015 ............................................................ 22,956,625 21,934,468 -8,934 n.a. 01/28/2015 ............................................................ 23,422,119 22,450,811 -9,096 n.a. 02/04/2015 ............................................................ 23,363,760 22,661,686 -6,086 n.a. 02/11/2015 ............................................................ 23,378,192 22,425,765 -10,278 n.a. 02/18/2015 ............................................................ 23,156,707 22,188,868 -7,468 n.a. 02/25/2015 ............................................................ 24,496,662 23,493,387 -8,931 n.a. 03/04/2015 ............................................................ 23,468,691 22,458,759 -10,260 n.a. 03/11/2015 ............................................................ 24,638,806 23,647,397 -15,084 n.a. 03/18/2015 ............................................................ 22,567,444 21,577,713 -14,706 n.a. 03/25/2015 ............................................................ 22,354,963 21,349,126 -11,835 n.a. 04/01/2015 ............................................................ 23,300,632 22,325,829 -10,426 n.a. 04/08/2015 ............................................................ 22,172,097 21,285,660 -11,671 n.a. 04/15/2015 ............................................................ 22,649,078 21,681,473 -11,047 n.a. 04/22/2015 ............................................................ 22,792,130 21,871,993 -8,484 n.a. 04/29/2015 ............................................................ 23,933,814 22,969,401 -8,795 n.a. 05/06/2015 ............................................................ 23,684,666 22,663,461 -7,648 n.a. 05/13/2015 ............................................................ 23,180,427 22,309,053 -4,397 n.a. 05/20/2015 ............................................................ 23,482,105 22,615,619 -5,020 n.a. 05/27/2015 ............................................................ 23,998,131 23,201,783 -5,230 n.a. 06/03/2015 ............................................................ 23,916,220 23,177,043 -3,637 n.a. 06/10/2015 ............................................................ 24,498,457 23,699,312 2,186 n.a. 06/17/2015 ............................................................ 22,659,375 21,987,511 119 n.a. 06/24/2015 ............................................................ 22,664,813 21,972,088 -2,053 n.a. September 2015 FOREIGN CURRENCY POSITIONS 57 SECTION V—U.S. Dollar Positions, continued TABLE FCP-V-2—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Written (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2012 - Dec .............. 17,398,629 16,771,084 - - 1,550,821 2,000,809 1,229,560 1,766,978 1,689 n.a. 2013 - Dec .............. 18,146,995 17,569,818 - - 1,682,472 1,649,879 1,356,942 1,366,251 2,182 n.a. 2014 - July .............. 21,728,355 21,280,186 - - 1,887,469 1,948,436 1,652,654 1,583,431 -198 n.a. Aug ............. 21,997,666 21,373,189 - - 2,154,705 2,115,655 1,763,294 1,797,630 -3,437 n.a. Sept ............ 23,487,957 22,572,783 - - 2,647,702 2,509,731 1,908,541 2,062,566 2,232 n.a. Oct .............. 24,596,197 23,482,538 - - 2,650,599 2,572,127 1,984,882 2,066,205 1,918 n.a. Nov ............. 24,501,391 23,384,951 - - 2,817,275 2,676,251 2,091,576 2,126,612 -9,378 n.a. Dec ............. 22,296,719 21,183,049 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a. 2015 - Jan .............. 23,466,674 22,532,903 - - 2,573,211 2,340,447 1,623,925 1,843,806 -5,516 n.a. Feb ............. 24,076,597 23,076,610 - - 2,586,689 2,300,965 1,583,539 1,848,882 -11,244 n.a. Mar ............. 22,911,249 21,935,188 - - 2,671,283 2,338,677 1,625,575 1,930,310 -11,248 n.a. Apr .............. 24,207,017 23,256,754 - - 2,523,577 2,291,357 1,584,348 1,813,633 -10,133 n.a. May............. 24,111,720 23,304,060 - - 2,467,809 2,233,891 1,850,024 2,188,965 -3,883 n.a. June............ 23,070,493 22,346,922 - - 2,339,301 2,167,095 1,566,826 1,745,083 4,422 n.a. TABLE FCP-V-3—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Liabilities Assets (3) (4) Calls Bought (5) Written (6) Options positions Puts Written Bought (7) (8) Net delta equivalent (9) Exchange rate (10) 2012 - Dec ................... 316,746 316,764 - - 33,820 24,090 27,325 11,864 n.a. n.a. 2013 - Mar ................... 326,700 307,558 - - 57,680 33,599 20,709 21,604 n.a. n.a. June.................. 328,601 311,076 - - 99,476 65,165 26,601 26,676 1,863 n.a. Sept .................. 277,343 315,420 - - 57,525 36,377 28,655 25,091 n.a. n.a. Dec ................... 357,382 377,984 - - 54,936 34,030 34,942 35,389 4,121 n.a. 2014 - Mar ................... 391,996 400,511 - - 36,072 18,155 20,269 16,834 n.a. n.a. June ................. 411,412 415,310 - - 56,218 29,924 20,610 26,265 3,106 n.a. Sept .................. 470,994 427,001 - - 77,178 42,620 23,410 26,139 10,422 n.a. Dec ................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,109 n.a. 2015 - Mar ................... 452,723 411,956 - - 44,210 34,170 13,692 14,254 3,887 n.a. September 2015 FOREIGN CURRENCY POSITIONS 58 SECTION VI—Euro Positions TABLE FCP-VI-1—Weekly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 12/31/2014 ......................................................................... 6,014,021 6,161,699 2,704 0.8264 01/07/2015 ......................................................................... 6,336,362 6,496,962 n.a. 0.8460 01/14/2015 ......................................................................... 6,557,759 6,721,663 14,971 0.8470 01/21/2015 ......................................................................... 6,488,732 6,651,456 n.a. 0.8633 01/28/2015 ......................................................................... 6,697,038 6,844,571 n.a. 0.8817 02/04/2015 ......................................................................... 6,625,485 6,754,572 n.a. 0.8758 02/11/2015 ......................................................................... 6,638,430 6,763,284 n.a. 0.8850 02/18/2015 ......................................................................... 6,555,965 6,701,152 n.a. 0.8817 02/25/2015 ......................................................................... 7,043,597 7,184,887 n.a. 0.8801 03/04/2015 ......................................................................... 6,893,198 7,051,829 n.a. 0.9033 03/11/2015 ......................................................................... 7,595,841 7,737,703 n.a. 0.9455 03/18/2015 ......................................................................... 6,987,303 7,129,751 n.a. 0.9396 03/25/2015 ......................................................................... 6,747,775 6,878,524 n.a. 0.9102 04/01/2015 ......................................................................... 6,993,952 7,137,210 n.a. 0.9287 04/08/2015 ......................................................................... 6,625,206 6,773,726 n.a. 0.9244 04/15/2015 ......................................................................... 6,865,624 7,016,913 n.a. 0.9438 04/22/2015 ......................................................................... 6,797,436 6,952,637 n.a. 0.9321 04/29/2015 ......................................................................... 7,264,344 7,415,837 n.a. 0.8949 05/06/2015 ......................................................................... 7,179,972 7,337,338 n.a. 0.8814 05/13/2015 ......................................................................... 7,014,068 7,157,530 n.a. 0.8794 05/20/2015 ......................................................................... 7,172,238 7,325,081 n.a. 0.9026 05/27/2015 ......................................................................... 7,226,973 7,374,982 n.a. 0.9184 06/03/2015 ......................................................................... 7,308,947 7,460,429 n.a. 0.8861 06/10/2015 ......................................................................... 7,641,312 7,784,777 n.a. 0.8844 06/17/2015 ......................................................................... 7,281,092 7,421,369 n.a. 0.8894 06/24/2015 ......................................................................... 7,334,259 7,481,336 n.a. 0.8946 September 2015 FOREIGN CURRENCY POSITIONS 59 SECTION VI—Euro Positions, continued TABLE FCP-VI-2—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2012 - Dec ................... 4,742,320 4,617,740 2,124,942 1,995,883 345,564 383,059 431,599 400,556 -3,395 0.7584 2013 - Dec ................... 4,986,374 5,023,973 1,899,825 1,777,323 334,550 358,527 391,263 369,449 6,489 0.7257 2014 - July ................... 5,870,531 6,003,367 2,071,909 2,010,125 376,651 411,835 514,818 469,191 1,140 0.7468 Aug .................. 5,862,175 5,997,545 2,187,561 2,118,042 391,364 463,040 607,985 522,052 n.a. 0.7605 Sept ................. 6,285,865 6,423,098 2,094,588 2,025,027 482,825 575,298 793,728 697,207 -1,767 0.7919 Oct ................... 6,403,683 6,557,283 2,042,302 2,006,355 501,148 584,688 804,117 707,441 2,343 0.7981 Nov .................. 6,437,428 6,600,765 2,076,213 2,039,709 505,294 579,375 783,922 708,797 3,257 0.8040 Dec .................. 6,024,590 6,170,955 2,085,291 2,033,445 451,487 500,726 678,531 639,243 2,694 0.8264 2015 - Jan ................... 6,676,422 6,810,657 2,228,848 2,163,764 527,142 625,058 845,395 734,690 n.a. 0.8857 Feb .................. 7,099,931 7,235,413 2,281,059 2,208,866 516,926 594,807 849,522 748,689 n.a. 0.8931 Mar .................. 6,840,458 6,982,452 2,376,658 2,309,050 551,282 644,428 885,934 758,875 n.a. 0.9310 Apr ................... 7,408,787 7,565,062 2,364,928 2,291,784 537,758 617,533 848,179 745,470 n.a. 0.8959 May.................. 7,210,782 7,367,879 2,181,911 2,098,520 539,318 624,512 1,023,596 817,603 n.a. 0.9096 June................. 7,438,604 7,675,503 2,125,299 2,045,832 567,962 644,712 873,995 784,066 n.a. 0.8965 TABLE FCP-VI-3—Quarterly Report of Large Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (4) (3) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 2012 - Dec ................... 69,920 61,111 202,499 120,619 8,126 2,152 3,662 n.a. 8 0.7584 2013 - Mar ................... 86,922 82,911 226,324 238,669 7,953 6,697 11,137 6,602 n.a. 0.7803 June.................. 82,198 72,480 225,300 139,586 10,852 5,750 15,771 12,375 313 0.7686 Sept .................. 72,099 68,918 327,873 157,426 11,714 4,796 7,815 5,601 818 0.7388 Dec ................... 93,606 107,641 295,577 138,564 8,848 3,866 7,004 6,196 939 0.7257 2014 - Mar ................... 85,631 68,576 310,459 141,879 9,177 n.a. 6,401 3,759 765 0.7258 June ................. 87,542 83,012 318,085 145,765 10,853 8,432 18,099 11,116 -709 0.7305 Sept .................. 93,517 97,958 314,618 150,292 12,042 7,750 27,163 13,965 -3,350 0.7919 Dec ................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264 2015 - Mar ................... 113,720 113,292 292,487 158,914 6,626 3,348 14,587 8,469 1,582 0.9310 September 2015 60 INTRODUCTION: Exchange Stabilization Fund To stabilize the exchange value of the dollar, the Exchange Stabilization Fund -ESF was established pursuant to chapter 6, section 10 of the Gold Reserve Act of January 30, 1934 -codified at 31 United States Code 5302, which authorized establishment of a Treasury fund to be operated under the exclusive control of the Secretary, with approval of the President. Subsequent amendment of the Gold Reserve Act modified the original purpose somewhat to reflect termination of the fixed exchange rate system. 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 International Monetary Fund. 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 Mar. 31, 2015, and June 30, 2015 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: U.S. Government securities ............................................. Special drawing rights 1 ........................................................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable ................................................................. Mar. 31, 2015 Apr. 1, 2015, through June 30, 2015 June 30, 2015 22,645,895 49,458,645 -1,505 965,946 22,644,390 50,424,591 11,713,330 7,782,705 75,388 439,417 -132,888 -6,345 12,152,747 7,649,817 69,043 91,675,963 1,264,625 92,940,588 Liabilities and capital Current liabilities: Accounts payable................................................................. 4,090 60 4,150 Total current liabilities ...................................................... 4,090 60 4,150 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 48,717,629 - 949,991 - 5,200,000 49,667,620 - Total other liabilities ......................................................... 53,917,629 949,991 54,867,620 Capital: Capital account .................................................................... Net income (+) or loss (-) (see Table ESF-2) ...................... 200,000 -2,810,579 336,526 200,000 -2,474,053 Total assets.......................................................................... Total capital...................................................................... 37,754,244 314,574 38,068,818 Total liabilities and capital ............................................ 91,675,963 1,264,625 92,940,588 See footnote on the following page. September 2015 EXCHANGE STABILIZATION FUND 61 TABLE ESF-2—Income and Expense [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Current quarter Apr. 1, 2015, through June 30, 2015 Fiscal year to date Oct. 1, 2014, through June 30, 2015 Income and expense Profit (+) or loss(-) on: Foreign exchange ........................................................................ 313,711 -2,471,397 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. 14,435 -40,785 SDRs ............................................................................................ -585 -402 U.S. Government securities ......................................................... 755 3,561 Foreign exchange ........................................................................ 8,210 34,970 Income from operations ............................................................... 336,526 -2,474,053 Net income (+) or loss (-) ............................................................. 336,526 -2,474,053 Interest (+) or net charges (-) on: 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” September 2015 Trust Funds TRUST FUNDS 65 TABLE TF-6A—Highway Trust Fund The following information is released according to the provisions of the Byrd Amendment [codified at 26 United States Code 9503(d)] and represents data concerning the Highway Trust Fund. The figure described as “unfunded authorizations” is the latest estimate received from the DOT. The 48-month revenue estimates for the highway and mass transit accounts, respectively, include the latest estimates received from Treasury’s Office of Tax Analysis for excise taxes, net of refunds. They represent net highway receipts for those periods. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2016) .............................................................................................................. 61 less: Cash balance (fiscal year 2016) ......................................................................................................................................................................................... 10 Unfunded authorizations (fiscal year 2016) ........................................................................................................................................................................ 52 48-month revenue estimate (fiscal years 2017, 2018, 2019, and 2020) ............................................................................................................................ 138 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2016) .............................................................................................................. 19 less: Cash balance (fiscal year 2016) ......................................................................................................................................................................................... 2 Unfunded authorizations (fiscal year 2016) ........................................................................................................................................................................ 17 48-month revenue estimate (fiscal years 2017, 2018, 2019, and 2020) ........................................................................................................................... 25 Note—Detail may not add due to rounding. Note—Estimates are based on Fiscal Year 2016 revenue assumptions and currently authorized contract authority. September 2015 66 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. 2001-01. “Some Regulatory and Institutional Barriers to Congestion Pricing at Airports.” Edward Murphy and John D. Worth. May 2001. 2001-02. “Actuarial Nonequivalence in Early and Delayed Social Security Benefit Claims.” James E. Duggan and Christopher J. Soares. June 2001. September 2015 RESEARCH PAPER SERIES 67 2003-01. “Annuity Risk: Volatility and Inflation Exposure in Payments from Immediate Life Annuities.” Christopher J. Soares and Mark Warshawsky. January 2003. 2005-01. “Possible Alternatives to the Medicare Trustees’ Long-Term Projections of Health Spending.” Jason D. Brown and Ralph M. Monaco. January 2005. 2005-02. “The Long-Term Real Interest Rate for Social Security.” James A. Girola. March 2005. 2006-01. “Implications of Returns on Treasury Inflation-Indexed Securities for Projections of the Long-Term Real Interest Rate.” James A. Girola. March 2006. 2007-01. “Mortality and Lifetime Income Evidence from Social Security Records.” James E. Duggan, Robert Gillingham, and John S. Greenlees. December 2006. 2007-02. “The Impact of Post-9/11 Visa Policies on Travel to the United States.” Brent Neiman and Phillip L. Swagel. June 2007. 2008-01. “Prefunding Social Security Benefits to Achieve Intergenerational Fairness: Can It Be Done in the Social Security Trust Fund?” Randall P. Mariger. December 2008. 2008-02. “Do Social Security Surpluses Pay Down Publicly Held Debt? Evidence from Budget Data.” Randall P. Mariger. December 2008. Copies may be obtained by writing to: Ann Bailey, Department of the Treasury 1500 Pennsylvania Ave., NW., Room 4409 MT Washington, DC 20220 Telephone (202) 622-1519 or fax (202) 622-4112 September 2015 68 Glossary With References to Applicable Sections and Tables Source: Bureau of the Fiscal Service Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. 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 2015, the debt limit was $18,113,000 million; the limit may change from year to year. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Pursuant to 31 U.S.C. 3101(b): By the Temporary Debt Limit Extension Act, Public Law 113-83, the Statutory Debt Limit was suspended and did not apply for the period beginning February 15, 2014, and ending March 15, 2015. 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. Pursuant to 31 U.S.C. 3101(b): By the Temporary Debt Limit Extension Act, Public Law 113-83, Section 2, the Statutory Debt Limitation was increased on March 16, 2015, to an amount of such obligations outstanding on the date of the enactment of the Act. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. 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 September 2015 Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be GLOSSARY 69 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. of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund transactions (“Exchange Stabilization Fund”, ESF-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” ESF-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying September 2015 70 GLOSSARY for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. September 2015 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). PUBLICATION AND SUBSCRIPTION ORDER FORM Order Processing Code: 3509 Easy Secure Internet: bookstore.gpo.gov Publications Qty Stock Number Toll Free: 866 512–1800 DC Area: 202 512–1800 Fax: 202 512–2104 Publication Title U.S. Government Printing Office PO Box 979050 St. Louis, MO 63197–9000 Price Total Price Total for Publications Subscription Qty Mail: List ID TRBU Title Price Total Price $51.00 Treasury Bulletin Total for Publications Prices include regular domestic postage and handling and are subject to change. 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