Full text of Treasury Bulletin : September 2016
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BULLETIN SEPTEMBER 2016 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 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 2016 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 2016 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 2016 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 5, 2016 Introduction Economic growth was higher in the second quarter of 2016, as strong consumer spending and a boost from net exports were somewhat offset by continued inventory adjustment and additional cutbacks in business investment. Labor market conditions continued to improve, and the unemployment rate stood at 4.9 percent in July 2016, close to full employment. Although inflation edged up a bit, it remained relatively low, in part reflecting past declines in energy and non-oil import prices. The Administration has taken a number of steps in recent years to promote stronger economic growth in the near term and put the deficit and debt on a sustainable path over the longer term. Since 2009, the budget deficit has been reduced by more than $4 trillion (including the deep cuts imposed by sequestration). The federal budget deficit has fallen from a peak of 9.8 percent of GDP in fiscal year 2009 to 2.5 percent in fiscal year 2015. The Mid-Session Review of the FY2017 Budget projects the deficit will decline to 1.7 percent of GDP in fiscal year 2018 and then stabilize at 2.3 percent of GDP through the end of the forecast period in fiscal year 2026. At its meeting in July 2016, the Federal Reserve’s Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 0.25 to 0.50 percent. At that meeting, the FOMC announced it would maintain existing programs for reinvestment of principal payments and roll-overs of maturing Treasuries at auction. The Committee noted the “current shortfall of inflation from 2 percent” and reiterated that, “the stance of monetary policy remains accommodative, thereby supporting further improvement in labor market conditions and a return to 2 percent inflation.” Economic Growth Since the current expansion began in mid-2009, the economy has grown by 15.5 percent and, as of the second quarter of 2016, real GDP was 10.6 percent above its level at the end of 2007, when the recession began. According to the advance estimate, real GDP rose 1.2 percent at an annual rate in the second quarter of 2016, picking up from a 0.8 percent increase in the first quarter. Consumer spending grew strongly in the second quarter, making a substantial contribution to overall GDP growth. After a year of doubledigit growth, residential investment declined, posing a small drag on real GDP growth. Business fixed investment declined, as equipment investment fell for the third-straight quarter and business spending on structures continued to fall in response to a further drop in oil and gas drilling. After five consecutive quarters of positive contributions to real GDP growth, total government spending was a small drag in the second quarter, with federal government outlays as well as State and local government spending declining. Net exports contributed to GDP growth, reflecting stronger growth in exports and weak import demand. Private inventory accumulation fell further and was a large drag on GDP growth in the second quarter. Real personal consumption expenditures—which account for about 68 percent of GDP—rose at a 4.2 percent annual rate in the second quarter, after rising at an average annual rate of 2.2 percent over the prior three quarters. Consumption growth was broadly-based across spending categories; consumer durables purchases jumped 8.6 percent (after a small decline in the first quarter) and consumption of nondurables accelerated to 6.0 percent. Services consumption rose 3.0 percent (after the first quarter’s 1.9 percent rise). Altogether, consumption contributed 2.8 percentage points to real GDP growth in the second quarter. Housing activity in the second quarter fell for the first time in about 2 years. Residential investment declined 6.1 percent at an annual rate in the second quarter, decelerating from the solid 7.8 percent pace in the first quarter. Residential activity accounts for just over 3-½ percent of GDP and posed a drag of 0.2 percentage point on secondquarter real GDP growth. September 2016 4 PROFILE OF THE ECONOMY Home building and home sales remain on a gradual upward trend. Single-family housing starts gained 13.4 percent over the year through June 2016 to an annual rate of 778,000 units. Single-family starts remain 57 percent below their January 2006 peak and well below the 1.1 million unit average observed from 1980 to 2004. Multi-family starts fell 22.0 percent over the year through June 2016, but are near pre-recession levels. Sales of new single-family homes rose 25.4 percent over the year through June 2016 to a 557,000 annual rate. Sales of existing homes (94 percent of all home sales, including single-family, condos and co-ops) increased 3.0 percent over the year to a 5.6 million rate in June 2016. Home prices have continued to rise. While the pace of increase remains below that observed in mid-2013, it far exceeds the increases in broad measures of consumer prices. The FHFA purchase-only home price index rose 5.6 percent over the year ending in May 2016, down from peak rates of around 8 percent in mid-2013. The Standard and Poor’s (S&P)/Case-Shiller composite 20-city home price index rose 5.2 percent over the year ending in May 2016, down from a peak of 13.8 percent in November 2013. Nonresidential fixed investment—nearly 13 percent of GDP—fell 2.3 percent at an annual rate in the second quarter of 2016, following a 3.4 percent drop in the first quarter. Growth of business spending on intellectual property products—including outlays for software, research and development, and entertainment, literary and artistic originals—advanced 3.5 percent on top of a 3.8 percent gain in the first quarter. In contrast, equipment investment fell 3.5 percent in the second quarter, following a 9.5 percent decline in the first quarter. In addition, business outlays for structures plunged 7.9 percent, after edging up 0.1 percent in the first quarter. Altogether, nonresidential fixed investment subtracted 0.3 percentage point from real GDP growth in the second quarter, after a 0.4 percentage point drag in the first quarter. Finally, businesses liquidated inventories compared with a smaller build in the first quarter. The resulting change in private inventories subtracted 1.2 percentage points from second-quarter real GDP growth, after a 0.4 percentage point subtraction in the first quarter. Exports account for about 12-½ percent of GDP, while imports (which are subtracted from total domestic spending to calculate GDP) account for about 15-½ percent. In the second quarter of 2016, exports rose 1.4 percent and imports declined 0.4 percent. The net export deficit improved, adding 0.2 percentage point to real GDP growth in the second quarter after making an essentially neutral contribution to growth in the first quarter. The current account balance (reflecting international trade in goods and services as well as 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 (2.7 percent of GDP) in 2009. It has widened somewhat since then but remains well below its September 2016 2006 peak. In the first quarter of 2016 (latest data available), the current account deficit widened to $499 billion (annualized), or 2.7 percent of GDP. Government purchases—which account for close to 18 percent of GDP—contributed modestly on net to economic growth in 2015 after subtracting from GDP growth in each of the previous 4 years. However, in the second quarter, government outlays declined 0.9 percent, after rising by 1.6 percent in the first quarter, and subtracted 0.2 percentage point from real GDP growth. At the federal level, spending declined 0.2 percent, after a 1.5 percent decline in the first quarter. State and local government spending declined 1.3 percent, largely reflecting weaker spending on construction, following a 3.5 percent surge 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, but has risen in all but five quarters since then. Similarly, spending cutbacks at the federal level restrained overall growth from 2011 through 2014. 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 February 2010 was the low point and employment rose in March of that year. Since then, through July 2016, total nonfarm payroll employment has increased by 14.7 million. Private-sector employment has risen 15.0 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 3.7 million, and the leisure and hospitality industry’s employment has increased by more than 2.6 million through July 2016. Employment in the manufacturing sector has expanded by 852,000 since early 2010 and the construction sector has added 1.2 million workers to its payrolls. 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 2.5 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 January 2014 through July 2016, the government sector has added just 369,000 jobs. Most of that growth occurred at the local level with the addition of 233,000 positions. Federal government employment has risen by 59,000 during this period and state government employment has increased by 77,000. The unemployment rate peaked in October 2009 at a 26year high of 10.0 percent—5.4 percentage points above the 4.6 percent average that prevailed in 2006 and 2007, before the recession began. Since then, the unemployment rate has trended lower and in April 2016 stood at 5.0 percent. PROFILE OF THE ECONOMY Broader measures of unemployment have also declined but are still elevated compared with pre-recession levels. 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 late 2009 and early 2010 to 9.7 percent in January 2016. The U-6 unemployment rate averaged 8.3 percent in the 2 years prior to the last recession. 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 April 2016, 25.7 percent of unemployed workers were included in this category compared with readings around 17.5 percent before the recession. 5 Oil and gasoline prices fell sharply between mid-2014 and early 2015. They trended higher in the spring and early summer of 2015, but resumed a declining trend through early 2016, reaching their lowest levels since early 2009. Since then, prices have trended broadly higher. The frontmonth futures price of West Texas Intermediate (WTI) crude oil averaged $45.00 per barrel in July 2016, roughly $6.16 below its July 2015 average, and also $3.85 below its June average. The retail price of regular gasoline averaged $2.18 per gallon in July 2016, 56 cents lower than a year earlier, and 15 cents lower than its June 2016 average. Inflation Over the past year, headline and core inflation rates remained relatively low and stable, due in part to low energy prices. Headline consumer prices rose 1.0 percent over the 12 months ending in June 2016, after edging up 0.1 percent during the previous year. Energy prices fell 9.4 percent over the year through June 2016, a smaller decline than the 15.0 percent plunge over the year through June 2015. Food and beverage prices rose 0.3 percent over the year through June 2016, slowing substantially from the 1.8 percent increase over the 12 months ending in June 2015. On a 12-month basis, core consumer prices (excluding food and energy) rose 2.3 percent through June 2016, higher than the 1.8 percent advance in the year ending in June 2015. Core inflation had been near or below 2 percent from early 2013 through late 2015, but over the past several months has been higher. September 2016 6 PROFILE OF THE ECONOMY Federal Budget and Debt The federal budget deficit declined to $438 billion (2.5 percent of GDP) in fiscal year 2015 from $483 billion (2.8 percent of GDP) in fiscal year 2014. The deficit has declined by 7.3 percentage points from a peak of 9.8 percent in fiscal year 2009 and is now at its lowest level since fiscal year 2007. Debt held by the public rose to $13.1 trillion at the end of fiscal year 2015. As a share of the economy, publicly held debt declined from 74.4 percent of GDP at the end of fiscal year 2014 to 73.7 percent at the end of fiscal year 2015. In February 2016, the Administration released its Fiscal Year 2017 Budget. The Mid-Session Review of the FY2017 Budget, released in July 2016, projected the federal budget deficit in fiscal year 2016 would increase to $600 billion (3.3 percent of GDP), $18 billion lower than the initial estimate in February. After fiscal year 2016, the deficit is projected to fall over the next 2 fiscal years, to $330 billion (1.7 percent of GDP) by fiscal year 2018. Over the projection period (fiscal years 2019 to 2026), the Administration estimates that the deficit will average 2.3 percent of GDP, down from 2.6 percent estimated in February, and below the 40-year average of 3.2 percent of GDP. The primary deficit–the deficit excluding net interest outlays–is expected to rise from 1.2 percent in fiscal year 2015 to 2.0 percent of GDP in the current fiscal year. Thereafter, however, the primary deficit will decline to a neutral share of GDP by fiscal year 2018 and then hover around that level for the rest of the projection period. Economic Policy Key fiscal and monetary policy actions taken over the past few years aided the recovery and have helped reinforce the expansion. 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 2year 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. September 2016 In January 2013, the American Taxpayer Relief Act of 2012 (ATRA) was signed into law. The ATRA permanently extended tax cuts for the vast majority of Americans and small businesses, extended Emergency Unemployment benefits for an additional year, extended a 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. At the end of October 2015, Congress passed and the President signed the Bipartisan Budget Act of 2015. The Act suspended the debt ceiling through March 15, 2017, established budgetary guidelines for the 2016 and 2017 fiscal years and lessened the burden of sequestration in those years. Congress passed an omnibus bill in December 2015, funding the government through September 2016. Partly in response to rising financial market stress, as well as to signs of slowing in the broader economy, the Federal Reserve began its last cycle of monetary policy easing in September 2007. By December 2008, the Federal Open Market Committee (FOMC) had lowered the federal funds target interest rate to an historically low range of 0 to 0.25 percent. The FOMC maintained this range until December 2015 and then raised the rate by 25 basis points to 0.25 to 0.5 percent. At its most recent meeting in July 2016, the FOMC maintained this range and reiterated its view, first expressed at the December 2015 meeting, that it “expects economic conditions will evolve in a manner that will warrant only gradual increases in the federal funds rate; the federal funds rate is likely to remain, for some time, below levels that are expected to prevail in the longer run.” In addition to lowering the federal funds rate target, 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 Treasury securities (6 to 30 years) and selling an equal amount of shorter-term Treasury securities (3 years or less), 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, PROFILE OF THE ECONOMY 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 its most recent meeting in July 2016, the Committee indicated that it is maintaining its existing policy of reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities in agency mortgage-backed securities, and of rolling over maturing Treasury securities at auction.” It added that, “it anticipates doing so until normalization of the level of the federal funds rate is well under way,” and reiterated that, “this policy, by keeping the Committee’s holdings of longer-term securities at sizeable levels, should help maintain accommodative financial conditions.” 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 7 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. Financial Markets Financial markets have largely recovered from the unprecedented strains experienced in the fall of 2008. Credit flows have increased substantially, and measures of risk tolerance and volatility have all improved, on net. Equity markets have more than recovered from the steep losses incurred in 2008, when the S&P 500 index suffered its largest annual loss since the Great Depression. Although the index is currently 40 percent above its October 2007 peak, it declined by 0.7 percent during 2015, and thus far in 2016, is 6.8 percent higher through early August. Volatility has also declined markedly: the S&P Stock Market Volatility Index (VIX) often used as a measure of financial market uncertainty, stood at about 11 as of early August 2016–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, concerns about global financial markets and slowing global growth. After falling by nearly 90 basis points during 2014, the yield on the 10-year Treasury note rose by about 10 basis points over the course of 2015. Currently, the 10-year yield is 68 basis points lower on the year at 1.59 percent, but is still above the September 2016 8 PROFILE OF THE ECONOMY record low of 1.43 percent reached in late July 2012. The 3month Treasury bill yield dipped below 0.1 percent between January 2012 and November 2015, but since then has trended higher, and stood at about 0.3 percent as of early August 2016. The 2- to 10-year Treasury yield spread, one measure of the steepness of the yield curve, has narrowed significantly since November 2013 and stood at about 87 basis points as of early August 2016. 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 47 basis points as of early August 2016. 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, widened very gradually to about 360 basis points as of early 2016. Since then, the spread has narrowed on trend, and stood at 273 basis points as of early August, still very high by historical standards. September 2016 Rates for conforming mortgages have trended lower in recent years, as have rates for jumbo mortgages. 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 July 2016 averaged 3.44 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, 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 2016 by about 32 percent. From August 2011 through July 2016, the dollar has appreciated by about 35 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 25 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 2016 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 2016 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 $323.1 billion for the second quarter of fiscal year 2016. This is an increase of $19.3 billion over the comparable prior year quarter. Withheld receipts increased by $20.1 billion and non-withheld receipts increased by $6.2 billion during this period. Refunds increased by $7.0 billion over the comparable fiscal year 2015 quarter. There was an increase of $4.6 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2015. Corporate income taxes—Net corporate income tax receipts were $101.5 billion for the third quarter of fiscal year 2016. This is a decrease of $21.9 billion compared to the prior year third quarter. The $21.9 billion change is September 2016 comprised of a decrease of $19.0 billion in estimated and final payments, and an increase of $2.8 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2016 were $302.9 billion, an increase of $21.7 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 $4.9 billion, $12.1 billion, and $5.0 billion respectively. There was a $12.3 billion accounting adjustment for prior years employment tax liabilities made in the third quarter of fiscal year 2016, while there was a $1.0 billion adjustment in the third quarter of fiscal year 2015. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2016 were $23.5 billion, a decrease of $1.6 billion over the comparable quarter of fiscal year 2015. Net State taxes deposited in the U.S. Treasury decreased by $1.6 billion to $20.2 billion. Net Federal Unemployment Tax Act taxes did not change significantly from $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 2016. This was a negligible change from the comparable quarter of fiscal year 2015. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2016 were $19.7 billion, a decrease of $1.0 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.9 billion, not a significant change over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $6.3 billion for the third quarter of fiscal year 2016. These receipts represent an increase of $0.1 billion over the same quarter in fiscal year 2015. Customs duties—Customs duties net of refunds were $8.0 billion for the third quarter of fiscal year 2016. This is a decrease of $0.9 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2016 were $32.9 billion, a decrease of $1.9 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $0.5 billion. Total On- and Off-Budget Results and Financing of the U.S. Government [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Third quarter 2016 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 2016 year to date 992,608 758,863 233,746 932,411 758,110 174,302 60,197 754 59,443 2,468,827 1,852,386 616,441 2,869,674 2,310,884 558,791 -400,847 -458,496 57,650 7,595 -49,826 -17,964 -60,195 810,806 -164,944 -245,012 400,849 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2016 [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 266.2 35.7 109.5 5.4 0.3 6.0 3.1 2.8 9.4 438.4 97.0 4.5 82.9 17.8 0.3 6.8 1.5 2.4 11.4 224.6 133.8 61.3 110.5 0.3 0.3 6.9 1.7 2.8 12.0 329.6 Note.—Detail may not add to totals due to independent rounding. September 2016 12 September 2016 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) 2,302,495 2,449,092 2,773,979 3,020,847 3,248,722 1,736,709 1,879,592 2,100,705 2,285,246 2,478,328 565,787 569,500 673,274 735,602 770,394 3,598,086 3,538,447 3,454,254 3,504,199 3,687,623 3,099,477 3,030,856 2,820,439 2,798,105 2,944,526 498,609 507,589 633,815 706,095 743,097 -1,295,591 -1,089,353 -680,276 -483,353 -438,900 -1,362,769 -1,151,263 -719,738 -512,857 -466,197 67,179 61,913 39,460 29,507 27,297 1,234,576 1,286,476 667,974 1,076,474 325,601 2016 - Est .................... 3,335,502 2017 - Est .................... 3,643,742 2,537,845 2,816,874 797,657 826,868 3,951,307 4,147,224 3,161,649 3,318,636 789,658 828,588 -615,805 -503,482 -623,804 -501,762 7,999 -1,720 1,312,768 716,100 342,933 225,493 210,837 365,473 211,046 204,968 349,631 313,579 169,147 227,848 438,432 224,604 329,572 269,307 168,296 151,537 300,235 155,934 145,440 292,239 237,261 108,015 154,634 354,420 160,264 244,179 73,626 57,197 59,300 65,238 55,112 59,528 57,392 76,318 61,132 73,213 84,012 64,340 85,394 292,447 374,680 275,257 274,412 347,604 269,520 364,075 258,416 361,757 335,891 331,980 277,111 323,320 263,104 309,101 201,935 201,767 282,113 195,509 309,049 215,987 287,570 262,546 266,596 202,110 289,404 29,342 65,579 73,323 72,645 65,492 74,011 55,026 42,428 74,187 73,345 65,385 75,001 33,916 50,487 -149,187 -64,421 91,061 -136,558 -64,552 -14,444 55,163 -192,610 -108,043 106,452 -52,507 6,252 6,202 -140,804 -50,398 98,468 -126,178 -50,069 -16,810 21,274 -179,555 -107,912 87,825 -41,846 -45,225 44,284 -8,382 -14,023 -7,407 -10,380 -14,483 2,366 33,890 -13,055 -131 18,627 -10,661 51,477 -2,494 -984 -530 -1,541 -43 673,595 94,513 91,319 111,746 138,536 -77,271 77,881 116,057 Fiscal year 2016 to date ... 2,468,827 1,852,386 616,441 2,869,674 2,310,884 558,791 -400,847 -458,496 57,650 1,226,333 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2011 ............................ 2012 ............................ 2013 ............................ 2014 ............................ 2015 ............................ 2015 - June ................ July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2016 - 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) 2011 ...................................... 2012 ...................................... 2013 ...................................... 2014 ...................................... 2015 ...................................... 1,014 -589 703 -1,234 241 125,742 133,641 -33,340 277,668 -10,027 1,109,849 1,152,249 702,019 797,573 335,867 -251,743 27,356 2,939 69,916 40,415 -1,535 -643 -267 -1,817 -2,815 6,011 5,955 42 188 -3,114 9,719 819 -3,658 -4,994 -6,425 -51,806 -29,408 -23,503 -359,628 127,111 816 -834 970 1,295,591 1,089,353 680,276 483,348 435,887 2016 - Est .............................. 2017 - Est .............................. 445 -3 301,167 81,639 1,012,046 634,458 76,284 - - - - -319,957 -130,976 - 615,805 503,482 2015 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2016 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... 167 9 -368 -196 14 271 185 58 -185 12 -53 119 42 -23,189 -59,168 15,289 -4,629 55,951 149,071 11,305 106,131 -15,497 -150 6,382 32,779 70,019 20,862 58,193 -16,187 2,892 -55,980 524,796 83,393 -14,755 127,058 138,698 -83,706 45,221 46,080 55,393 -44,358 -78,195 66,929 -175,824 230,381 80,174 36,734 -97,823 41,476 25,256 -40,675 65,245 570 -419 328 -2 -246 2,853 -3,250 -188 31 986 303 -516 -145 -596 140 569 -39 352 -251 -1,026 184 -450 -27 113 -460 263 127 -35 680 -1,275 -38 -225 -736 3 -917 313 144 42 71 -17,144 46,322 3,990 -29,311 17,414 -227,485 7,056 -3,675 -33,607 12,093 3,070 -34,323 12,968 971 -632 -843 134 -51,776 149,187 64,421 -91,061 136,558 64,553 14,444 -55,163 192,610 108,043 -106,452 52,507 -6,252 Fiscal year 2016 to date .......... 463 415,991 810,805 164,944 -172 -1,302 -1,343 -246,489 -1,341 400,848 These estimates are based on the President's Fiscal Year 2017 Budget, released by the Office of Management and Budget on February 9, 2016. - No transactions. Detail may not add to totals due to rounding. September 2016 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) 237,827 238,251 229,992 231,733 234,352 1,091,473 1,132,207 1,316,405 1,394,567 1,540,802 243,492 281,841 312,477 353,553 390,291 62,407 39,552 38,970 32,822 46,495 181,085 242,290 273,505 320,729 343,798 - - 1,627,834 1,787,973 292,561 418,734 - 92,900 104,331 98,074 89,445 93,493 95,330 131,673 101,620 127,806 124,470 93,258 103,306 77,281 66,231 8,986 7,378 75,605 23,771 7,448 19,461 80,315 7,743 15,621 231,326 12,283 63,909 6,304 4,187 2,827 3,504 8,044 9,162 2,408 705 70,819 62,948 58,412 18,633 7,362 152,827 109,130 102,625 161,547 109,220 93,615 148,727 181,230 64,732 77,144 266,172 96,956 133,828 75,825 12,031 4,809 78,778 10,156 6,603 79,733 9,577 5,202 38,892 40,382 7,736 63,863 948,237 461,877 238,493 1,171,624 262,144 Withheld (1) Other (2) 2011 .................. 2012 .................. 2013 .................. 2014 .................. 2015 .................. 990,952 1,018,104 1,102,745 1,149,709 1,220,161 338,348 352,355 443,651 476,591 554,993 2016 - Est .......... 2017 - Est .......... 1,627,834 1,787,973 2015 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2016 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... Fiscal year 2016 to date........ Fiscal year or month Refunds (3) Net income taxes (8) Gross (9) Refunds (10) Net (11) 1,272,559 1,374,497 1,589,910 1,715,296 1,884,598 756,371 772,948 884,988 962,237 1,007,385 2,094 2,305 2,443 2,529 2,801 754,276 770,643 882,545 959,708 1,004,584 292,561 418,734 1,920,395 2,206,707 1,041,203 1,080,667 - 1,041,203 1,080,667 3,057 1,417 2,490 3,367 5,900 2,930 2,762 2,383 8,659 5,622 4,715 3,195 2,591 72,768 10,615 2,319 75,411 4,256 3,673 76,971 7,194 -3,457 33,271 35,667 4,542 61,272 225,595 119,745 104,944 236,958 113,476 97,288 225,698 188,424 61,275 110,415 301,839 101,498 195,100 95,464 74,146 76,879 89,613 73,923 79,989 77,426 98,747 78,186 93,411 109,042 82,336 110,743 2,801 - 95,464 74,146 76,879 86,812 73,923 79,989 77,426 98,747 78,186 93,411 109,042 82,336 110,743 38,757 223,389 1,395,013 803,803 - 803,803 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 for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2011 ............................ 2012 ............................ 2013 ............................ 2014 ............................ 2015 ............................ 4,240 4,289 4,963 5,374 5,868 2 6 63 16 1 4,238 4,283 4,900 5,359 5,868 758,515 774,926 887,445 965,067 1,010,449 56,335 66,747 56,958 55,536 51,359 95 99 149 142 182 56,241 66,647 56,811 55,394 51,177 4,021 3,712 3,539 3,447 3,629 30 30 25 27 23 4,051 3,739 3,564 3,472 3,652 2016 - Est .................... 2017 - Est .................... 5,903 5,974 - 5,903 5,974 1,047,106 1,086,641 49,874 50,290 - 49,874 50,290 3,794 4,254 22 21 3,816 4,275 2015 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2016 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -1 567 543 453 459 453 447 451 664 527 488 526 -170 -2 1 2 82 -1 569 543 453 459 453 446 451 664 527 487 524 -254 95,463 74,715 77,422 87,264 74,382 80,442 77,872 99,198 78,850 93,938 109,529 82,860 110,489 421 3,518 5,428 220 2,160 4,833 343 2,218 6,272 506 5,426 17,798 359 12 20 41 12 4 4 4 3 39 12 80 409 3,498 5,387 208 2,156 4,830 343 2,214 6,269 467 5,426 17,786 279 287 347 316 302 309 294 368 297 328 331 303 302 303 2 2 2 2 2 2 2 1 1 2 3 2 3 289 349 318 304 311 297 370 298 329 333 306 304 306 Fiscal year 2016 to date ... 3,845 85 3,757 807,560 39,915 146 39,770 2,835 18 2,854 See footnotes at end of table. September 2016 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”] Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Fiscal year or month 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) 2011 .............................. 818,807 2012 .............................. 845,312 2013 .............................. 947,820 2014 .............................. 1,023,933 2015 .............................. 1,065,278 11,551 12,184 12,677 13,467 13,401 18 23 19 16 18 11,532 12,161 12,658 13,451 13,383 623 664 529 573 546 - 623 664 529 573 546 36,907 41,159 36,410 39,036 38,132 - 36,907 41,159 36,410 39,036 38,132 27,510 29,551 38,423 44,716 50,802 4,191 4,476 4,015 4,405 4,585 23,320 25,076 34,409 40,310 46,217 2016 - Est ..................... 1,100,796 2017 - Est ..................... 1,141,206 14,351 15,063 - 14,351 15,063 525 530 - 525 530 41,323 47,522 - 41,323 47,522 40,622 46,945 - 40,622 46,945 96,161 78,562 83,127 87,776 76,849 85,569 78,585 101,710 85,448 94,738 115,261 100,950 111,074 1,194 1,260 1,077 1,210 260 1,355 1,117 1,103 1,365 1,177 1,268 1,131 1,229 4 2 7 2 - 1,194 1,256 1,077 1,208 260 1,355 1,117 1,103 1,358 1,177 1,268 1,129 1,229 47 50 35 52 11 60 49 49 38 46 50 4 38 - 47 50 35 52 11 60 49 49 38 46 50 4 38 3,222 3,406 3,414 3,699 797 4,053 3,337 3,293 4,030 3,249 3,495 2,785 3,311 - 3,222 3,406 3,414 3,699 797 4,053 3,337 3,293 4,030 3,249 3,495 2,785 3,311 2,793 3,522 3,318 18,965 4,773 2,157 2,383 2,353 1,316 2,326 2,650 3,019 2,619 157 1,355 79 377 265 56 163 676 80 199 1,476 132 288 2,637 2,167 3,239 18,588 4,508 2,101 2,220 1,677 1,237 2,128 1,174 2,887 2,331 Fiscal year 2016 to date ..... 850,184 10,005 9 9,996 345 - 345 28,350 - 28,350 23,596 3,335 20,263 2015 - June ................... July.................... Aug.................... Sept................... Oct .................... Nov.................... Dec.................... 2016 - Jan ..................... Feb .................... Mar .................... Apr .................... May ................... June .................. Fiscal year or month 2011 ....................... 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 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) 72,381 79,062 84,008 93,367 98,278 9,079 14,451 19,830 20,153 20,043 1,680 477 919 854 811 7,399 13,971 18,910 19,301 19,232 30,697 32,079 33,119 35,348 37,704 1,178 1,774 1,305 1,423 2,666 29,519 30,306 31,814 33,927 35,042 82,546 81,955 75,766 99,233 96,469 19,284 23,991 25,750 35,788 49,827 101,831 105,943 101,514 135,023 146,294 1,736,708 1,879,592 2,100,706 2,285,245 2,478,328 565,787 569,500 673,274 735,602 770,394 2016 - Est ............... 96,821 2017 - Est ............... 110,060 21,094 22,399 - 21,094 22,399 36,721 39,537 - 36,721 39,537 116,445 64,818 43,230 58,015 159,675 122,833 2,537,845 2,816,874 797,657 826,868 2015 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2016 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 7,100 6,879 7,765 23,547 5,577 7,568 6,723 6,122 6,661 6,600 5,987 6,805 6,910 1,323 1,386 1,333 1,610 2,182 1,794 2,265 1,322 1,484 1,674 3,170 1,592 1,750 69 75 68 66 50 82 77 52 164 73 22 99 71 1,254 1,311 1,265 1,544 2,132 1,713 2,188 1,270 1,320 1,601 3,148 1,492 1,678 3,101 3,724 2,993 3,438 3,556 3,019 3,021 3,187 2,715 3,015 2,993 2,596 2,874 160 123 1,086 241 120 132 130 139 175 142 195 169 93 2,941 3,602 1,908 3,198 3,435 2,887 2,891 3,047 2,540 2,873 2,798 2,427 2,781 8,021 9,345 8,462 9,830 7,489 6,668 29,271 7,539 7,176 9,557 7,519 7,634 9,674 1,862 6,050 3,365 2,620 2,088 3,276 4,275 5,466 4,726 2,064 1,880 3,797 2,354 9,882 15,395 11,827 12,450 9,577 9,944 33,546 13,005 11,902 11,622 9,400 11,431 12,028 269,307 168,296 151,537 300,235 155,934 145,440 292,239 237,261 108,015 154,634 354,420 160,263 244,179 73,626 57,197 59,300 65,238 55,112 59,528 57,392 76,318 61,132 73,213 84,012 64,340 85,394 Fiscal year 2016 to date . 58,953 17,233 690 16,542 26,976 1,295 25,679 92,527 29,926 122,455 1,852,385 616,441 These estimates are based on the President's Fiscal Year 2017 Budget, released by the Office of Management and Budget on February 9, 2016. - No transactions. Detail may not add to totals due to rounding. September 2016 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) 2011 ....................... 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 4,583 4,438 4,328 4,156 4,328 7,295 7,228 7,066 6,900 7,130 139,394 139,712 155,897 141,806 139,112 9,930 10,267 9,137 6,675 8,955 678,077 650,869 607,801 578,013 562,506 64,271 57,248 40,910 59,609 90,031 31,371 32,485 24,677 23,630 25,425 891,245 848,055 886,293 936,030 1,027,420 45,744 47,423 57,220 43,259 42,563 57,008 49,591 56,577 38,524 35,522 13,529 12,886 9,605 11,273 12,348 30,518 31,161 29,740 28,617 26,910 131,973 104,742 80,309 57,199 45,218 2016 - Est ............... 2017 - Est ............... 4,728 4,880 7,729 7,749 153,773 151,485 10,527 10,546 576,328 586,834 79,098 68,438 27,416 30,373 1,110,428 1,144,690 51,769 47,750 28,691 40,738 14,022 15,040 39,115 35,274 43,546 50,962 2015 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2016 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 330 353 431 356 405 338 372 342 392 344 343 334 347 585 715 564 629 611 584 702 559 613 644 589 576 606 10,566 9,839 9,751 9,218 17,388 15,988 14,332 10,966 11,114 10,916 9,337 10,171 10,278 778 617 913 911 644 748 781 662 980 695 652 829 686 47,082 49,104 38,137 52,457 57,705 41,427 54,075 37,363 42,591 51,039 47,001 39,797 46,273 14,706 13,716 6,445 9,457 3,470 5,500 5,063 8,668 9,016 5,640 4,882 5,122 12,096 2,279 2,309 1,682 2,558 2,544 1,389 2,399 1,838 1,671 2,485 2,344 2,209 2,185 85,036 119,939 70,491 82,199 116,914 60,941 87,914 82,622 85,514 96,298 109,497 65,762 87,030 3,460 3,569 4,151 3,811 3,812 3,158 4,083 3,011 4,461 3,545 3,531 2,779 3,700 2,162 2,892 2,862 -1,149 3,216 3,406 3,554 3,334 3,151 3,578 -6,689 3,325 3,294 1,319 1,004 854 1,590 915 780 939 888 927 1,364 957 776 1,489 1,882 2,237 3,024 2,551 2,167 2,381 1,684 2,099 2,864 2,630 -632 5,536 2,750 3,848 3,226 3,849 3,780 -3,149 3,821 5,032 4,725 4,177 5,048 4,014 4,172 4,033 Fiscal year 2016 to date ............................ 3,217 5,484 110,490 6,677 417,271 59,457 19,064 792,492 32,080 20,169 9,035 21,479 31,873 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) 2011 ....................... 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 24,334 26,948 25,928 27,504 26,494 77,302 75,148 76,317 76,154 75,451 454,015 359,240 415,671 429,568 402,183 82,720 105,456 -16,618 17,361 83,447 126,917 124,127 138,463 149,074 159,220 10,138 7,777 6,301 6,533 6,684 54,775 77,316 56,811 57,372 62,966 10,770 12,794 9,485 9,400 7,006 484 405 380 373 392 1,889 1,754 -368 -765 -889 20,601 20,060 19,745 18,609 20,976 2016 - Est ............... 2017 - Est ............... 30,911 28,865 77,832 85,828 447,293 511,659 93,083 106,631 177,612 180,220 6,705 6,654 63,679 59,280 8,340 8,693 400 409 -719 1,284 16,042 26,430 2015 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2016 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 1,960 2,188 2,090 4,461 2,583 2,220 2,165 1,664 1,726 1,427 1,215 3,159 2,327 6,601 7,526 7,311 9,693 4,199 7,458 6,966 4,583 5,298 6,102 5,136 6,198 7,468 93,014 32,394 30,726 20,838 16,790 21,391 85,679 21,311 18,785 25,135 28,211 32,818 95,662 1,923 5,612 5,370 -35,383 4,497 6,441 3,321 6,206 61,077 15,699 11,007 7,173 5,250 12,898 20,305 7,228 14,038 20,633 6,702 21,131 6,891 13,569 14,228 20,075 7,098 13,582 533 580 520 626 86 665 596 516 514 611 492 523 540 5,002 8,746 -250 5,404 9,508 1,266 9,818 1,297 5,420 5,283 8,321 186 4,585 726 704 690 751 848 828 801 812 672 626 686 674 720 11,531 36 34 35 31 30 39 30 33 33 30 31 31 -41 -119 -25 12 -34 -188 178 -251 -221 113 -38 -116 142 1,261 312 1,151 1,523 -317 2,682 2,041 2,010 1,335 3,551 1,763 -439 761 Fiscal year 2016 to date............................ 18,486 53,408 345,782 120,671 123,909 4,543 45,684 6,667 288 -415 13,387 See footnotes at end of table. September 2016 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) 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 .................. 18,272 6,836 91,736 -747 944,144 13,575 -81,120 -141,791 -4,555 -30,128 2,944,526 743,097 2016 - Est .......... 19,153 6,895 93,883 -378 991,558 22,624 -84,405 -151,495 -3,826 -11,050 3,161,649 789,658 2017 - Est .......... 19,256 7,026 96,116 960 1,031,667 23,516 -88,293 -147,344 -4,495 -1,897 3,318,636 828,588 2015 - June ....... 1,937 613 7,294 79 83,449 -4,412 -5,456 -69,213 -1,155 -30,128 263,104 29,342 July ........ 1,479 759 7,735 61 83,652 3,835 -6,038 -4,320 -288 - 309,101 65,579 Aug ........ 1,473 714 7,526 94 74,994 2,055 -5,863 -3,512 -224 - 201,935 73,323 Sept ....... 1,756 698 8,164 100 79,365 224 -5,763 -287 -212 - 201,767 72,645 Oct......... 1,318 538 8,129 68 83,791 3,913 -19,208 3,580 12 - 282,113 65,492 Nov ........ 1,560 540 7,339 66 75,057 1,897 -5,420 -1,015 -457 - 195,509 74,011 Dec ........ 2,265 510 7,090 74 110,718 666 -5,970 -64,689 -255 - 309,049 55,026 2016 - Jan ......... 1,206 467 7,827 70 50,089 3,239 -5,486 -1,195 56 - 215,987 42,428 Feb ........ 1,473 579 7,350 79 80,423 3,310 -6,068 -718 -353 - 287,570 74,187 Mar ........ 1,478 552 7,758 -1,303 80,412 -3,032 -6,033 -824 -152 - 262,546 73,345 Apr......... 1,711 512 8,105 67 85,349 1,049 -5,750 -3,585 -100 -8,101 266,596 65,385 May ....... 1,319 493 7,420 74 76,970 1,748 -5,757 -3,503 -347 - 202,110 75,001 June ...... 1,595 670 7,286 70 85,286 -4,528 -5,778 -66,775 -339 - 289,404 33,916 Fiscal year 2016 to date ....... 13,925 4,861 68,304 -735 728,095 8,262 -65,470 -138,724 -1,935 -8,101 2,310,884 558,791 These estimates are based on the President's Fiscal Year 2017 Budget, released by the Office of Management and Budget on February 9, 2016. - No transactions. Detail may not add to totals due to rounding. September 2016 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2016 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,171,600 Corporation income taxes ........................................... 223,388 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... 1 Unemployment insurance ....................................... -34 Other retirement ...................................................... Excise taxes ................................................................ 18,155 Estate and gift taxes ................................................... 16,543 Customs duties ........................................................... 16,891 Miscellaneous receipts ................................................ 101,364 Total receipts ....................................................... 1,547,908 (On-budget) ..................................................... 1,547,908 (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... 3,289 Judicial branch ............................................................ 5,655 Department of Agriculture ........................................... 94,284 Department of Commerce........................................... 6,559 Department of Defense-military .................................. 417,079 Department of Education ............................................ 59,682 Department of Energy ................................................. 20,419 Department of Health and Human Services ............... 618,516 Department of Homeland Security.............................. 34,843 Department of Housing and Urban Development....... 20,672 Department of the Interior ........................................... 8,563 Department of Justice ................................................. 19,295 Department of Labor ................................................... 6,925 Department of State .................................................... 18,092 Department of Transportation ..................................... 76,697 Department of the Treasury: Interest on the public debt....................................... 345,780 Other ....................................................................... 121,529 Department of Veterans Affairs .................................. 125,881 Corps of Engineers ..................................................... 3,421 Other defense civil programs ...................................... 82,767 Environmental Protection Agency............................... 6,469 Executive Office of the President................................ 288 General Services Administration ................................ 56 International Assistance Program ............................... 17,191 National Aeronautics and Space Administration ........ 13,942 National Science Foundation ...................................... 4,783 Office of Personnel Management ............................... 9,167 Small Business Administration ................................... -732 Social Security Administration .................................... 65,819 Other independent agencies ....................................... 7,831 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -1,893 Total outlays ........................................................ 2,212,870 (On-budget) ..................................................... 2,212,606 (Off-budget) ..................................................... 264 Surplus or deficit (-) ............................................. -664,962 (On-budget) ..................................................... -664,699 (Off-budget) ..................................................... -264 Note.—Detail may not add to totals due to rounding. September 2016 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) 23 - - 1,171,623 223,388 1,167,390 255,453 109 - - 1,167,500 255,453 992 7,750 19,656 28,421 28,421 - 616,441 191,118 39,804 2,854 39,807 1,038 1,436 892,498 276,057 616,441 616,441 191,119 39,770 2,854 58,954 16,543 25,680 122,455 2,468,827 1,852,386 616,441 -38 * 20,263 15,112 17,221 83,569 1,558,970 1,558,970 - 851 7,972 21,954 30,886 30,886 - 588,659 182,427 42,085 2,680 38,973 1,141 1,100 857,064 268,405 588,659 588,659 182,389 42,084 2,680 60,087 15,112 26,334 106,622 2,446,920 1,858,261 588,659 -69 -110 16,395 -259 -66 -226 -1,356 3,343 -2,806 -316 86 2,203 -3,271 -179 -70 -3 -61 -189 377 257 * * 170,633 44 -188 386 -19 28,219 574 -23,220 3,217 5,484 110,490 6,677 417,270 59,457 19,064 792,492 32,081 20,169 9,035 21,479 31,872 18,487 53,407 3,192 5,414 94,385 6,312 424,656 60,326 20,160 563,290 35,089 31,498 8,180 17,624 6,970 17,307 6,810 2 -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 3,198 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 -770 -2,608 71 -882 -56 * -472 -521 -17 69 -2,981 -4 * -3,365 -88 635 1,050 -36,200 254 -3,283 1 9 62,116 662,277 3,795 345,780 120,671 123,908 4,543 45,685 6,668 288 -416 13,388 13,926 4,861 68,302 -735 728,096 8,261 318,225 109,250 119,448 4,118 79,703 6,818 288 85 19,847 13,590 4,633 8,823 -992 64,734 9,061 -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 61,226 641,398 3,375 318,225 107,850 117,647 4,958 49,066 4,860 289 -757 17,988 13,564 4,666 68,310 -1,001 706,133 7,461 -6,868 -5,105 -4,221 -883 33,526 32,642 883 -138,723 -66,747 661,908 102,498 559,410 230,590 173,559 57,031 -138,723 -75,508 2,869,674 2,310,883 558,791 -400,847 -458,497 57,650 -2,446 2,056,402 2,056,143 259 -497,431 -497,173 -259 -20,115 -20,711 -18,241 -2,470 51,597 49,127 2,470 -133,674 -74,855 727,591 193,830 533,760 129,473 74,575 54,899 -133,674 -97,416 2,763,281 2,231,732 531,549 -316,361 -373,471 57,110 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 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 2015 - June ............................ July ............................. Aug ............................. Sept ............................ Oct .............................. Nov ............................. Dec ............................. 2016 - Jan .............................. Feb ............................. Mar ............................. Apr ............................... May............................. June............................ 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) 10,508,615 9,656,367 9,451,987 8,666,563 8,447,393 592,338 1,357,452 2,297,190 2,474,752 2,660,727 11,352,518 10,984,657 11,746,237 11,071,400 11,067,706 1,366,003 700,687 - 1,366,181 702,492 - 762,167 715,473 659,628 673,726 473,723 848,508 804,914 660,410 915,171 931,884 717,775 863,670 853,436 262,287 190,265 179,418 272,810 178,920 182,452 294,524 210,223 213,175 256,211 280,041 193,785 252,261 969,061 950,096 917,241 879,607 828,467 800,578 1,019,264 833,898 1,226,168 1,146,619 972,559 1,098,129 1,040,452 - - See footnotes at end of table. September 2016 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) SFP (7) High Tax and loan note accounts (8) Federal Reserve (9) SFP (10) Tax and loan note accounts (11) Federal Reserve (12) During period Low Tax and loan note SFP accounts (13) (14) Average 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 - - 2015 ....................... 198,716 - - 273,869 - - 27,237 - - 141,621 - - 2015 - June ............ 254,340 - - 255,946 - - 165,516 - - 209,744 - - July ............. 209,982 - - 212,135 - - 173,642 - - 189,849 - - Aug ............. 131,787 - - 209,982 - - 109,509 - - 165,459 - - Sept ............ 198,716 - - 198,716 - - 76,256 - - 125,049 - - Oct .............. 22,892 - - 97,527 - - 22,892 - - 60,547 - - Nov ............. 253,274 - - 253,274 - - 22,892 - - 133,966 - - Dec ............. 333,447 - - 333,447 - - 160,711 - - 237,077 - - 2016 - Jan .............. 370,182 - - 370,182 - - 265,074 - - 321,834 - - Feb ............. 272,359 - - 339,636 - - 216,862 - - 273,896 - - Mar ............. 313,835 - - 313,835 - - 196,297 - - 257,309 - - Apr ............... 339,091 - - 382,887 - - 223,174 - - 284,896 - - May............. 298,416 - - 343,705 - - 251,273 - - 293,464 - - June............ 363,662 - - 363,668 - - 209,485 - - 282,471 - - 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 2016 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 2016 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) 2011 ............................... 2012 ............................... 2013 ............................... 2014 ............................... 2015 ............................... 14,815,328 16,090,640 16,763,286 17,847,931 18,174,718 14,790,340 16,066,241 16,738,183 17,824,071 18,150,618 24,988 24,399 25,103 23,860 24,100 4,658,307 4,791,850 4,757,211 5,039,265 5,026,867 4,658,301 4,791,845 4,757,205 5,039,262 5,026,862 6 5 5 3 5 10,157,021 11,298,790 12,006,076 12,808,666 13,147,851 10,132,039 11,274,396 11,980,978 12,784,809 13,123,756 24,982 24,394 25,098 23,857 24,095 2015 - June .................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2016 - Jan ...................... Feb ..................... Mar ..................... Apr ...................... May .................... June ................... 18,176,653 18,175,987 18,175,446 18,174,718 18,177,087 18,851,699 18,946,739 19,037,446 19,149,887 19,289,383 19,211,778 19,289,971 19,406,152 18,151,998 18,151,323 18,151,150 18,150,618 18,152,982 18,827,323 18,922,179 19,012,828 19,125,455 19,264,939 19,187,387 19,265,452 19,381,591 24,655 24,664 24,296 24,100 24,105 24,376 24,560 24,618 24,432 24,444 24,391 24,519 24,561 5,076,967 5,016,394 5,031,582 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 5,076,962 5,016,389 5,031,577 5,026,862 5,081,914 5,230,951 5,222,311 5,350,995 5,335,422 5,335,177 5,341,475 5,374,358 5,444,282 5 5 5 5 2,691 2,691 6 6 5 5 5 5 5 13,099,686 13,159,593 13,143,864 13,147,851 13,092,482 13,618,057 13,701,775 13,686,445 13,814,460 13,954,201 13,870,298 13,915,609 13,961,865 13,075,036 13,134,934 13,119,573 13,123,756 13,071,068 13,596,372 13,699,868 13,661,833 13,790,033 13,929,762 13,845,912 13,891,094 13,937,309 24,650 24,659 24,291 24,095 21,414 21,685 24,554 24,612 24,427 24,439 24,386 24,514 24,556 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) 2011 ............................... 2012 ............................... 2013 ............................... 2014 ............................... 2015 ............................... 14,815,328 16,090,640 16,763,286 17,847,931 18,174,718 53,105 42,529 46,496 55,907 56,852 14,762,223 16,048,111 16,716,791 17,792,023 18,117,866 4,658,307 4,791,850 4,757,211 5,039,265 5,026,867 23,697 23,592 22,292 26,678 25,603 4,634,610 4,768,258 4,734,919 5,012,587 5,001,264 10,157,021 11,298,790 12,006,076 12,808,666 13,147,851 29,408 18,937 24,203 29,229 31,249 10,127,613 11,279,854 11,981,872 12,779,436 13,116,602 2015 - June .................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2016 - Jan ...................... Feb ..................... Mar ..................... Apr ...................... May .................... June ................... 18,176,653 18,175,987 18,175,446 18,174,718 18,177,087 18,851,699 18,946,739 19,037,446 19,149,887 19,289,383 19,211,778 19,289,971 19,406,152 55,178 55,487 55,844 56,852 59,259 60,004 60,347 59,677 60,559 61,506 61,227 61,409 61,492 18,121,475 18,120,500 18,119,602 18,117,866 18,117,827 18,791,694 18,886,391 18,977,767 19,089,328 19,227,876 19,150,552 19,228,560 19,344,659 5,076,967 5,016,394 5,031,582 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 25,899 25,791 25,691 25,603 27,391 27,357 27,374 27,280 27,203 27,109 27,024 27,128 27,034 5,051,068 4,990,603 5,005,891 5,001,264 5,057,214 5,206,285 5,217,589 5,323,721 5,308,224 5,308,073 5,314,456 5,347,234 5,417,253 13,099,686 13,159,593 13,143,864 13,147,851 13,092,482 13,618,057 13,701,775 13,686,445 13,814,460 13,954,201 13,870,298 13,915,609 13,961,865 29,279 29,696 30,154 31,249 31,868 32,647 32,973 32,397 33,356 34,397 34,203 34,281 34,458 13,070,407 13,129,897 13,113,710 13,116,602 13,060,613 13,585,409 13,668,801 13,654,047 13,781,104 13,919,802 13,836,096 13,881,325 13,927,406 End of fiscal year or month September 2016 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) 2011 .......................... 2012 .......................... 2013 .......................... 2014 .......................... 2015 .......................... 10,127,031 11,269,586 11,976,279 12,784,971 13,123,847 9,604,300 10,730,170 11,577,400 12,271,552 12,831,867 1,475,557 1,613,026 1,527,909 1,409,628 1,355,231 6,406,983 7,114,960 7,750,336 8,160,196 8,366,026 1,016,407 1,194,715 1,363,114 1,534,069 1,688,208 705,352 807,469 936,041 1,044,676 1,135,363 122,985 287,039 522,731 539,415 398,879 513,419 291,980 2015 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2016 - Jan ................. Feb ................ Mar ................ Apr ................. May ............... June .............. 13,076,414 13,135,045 13,119,753 13,123,847 13,060,657 13,588,989 13,672,522 13,657,155 13,785,189 13,924,878 13,841,195 13,886,303 13,932,743 12,688,996 12,791,337 12,824,398 12,831,867 12,775,371 13,098,316 13,182,271 13,164,556 13,288,187 13,421,616 13,330,568 13,369,129 13,408,515 1,393,163 1,438,154 1,421,705 1,355,231 1,269,906 1,503,010 1,511,030 1,475,291 1,548,363 1,614,378 1,522,780 1,520,213 1,504,987 8,297,601 8,327,380 8,331,371 8,366,026 8,378,696 8,416,433 8,450,686 8,463,348 8,510,277 8,537,559 8,550,339 8,582,308 8,600,641 1,649,925 1,662,889 1,675,201 1,688,208 1,699,231 1,711,698 1,724,692 1,737,698 1,748,435 1,760,427 1,772,500 1,772,075 1,784,038 1,102,262 1,101,868 1,122,082 1,135,363 1,140,503 1,152,135 1,167,828 1,160,180 1,165,798 1,180,938 1,156,635 1,175,223 1,186,562 246,045 261,046 274,039 287,039 287,036 315,039 328,035 328,041 315,314 328,314 328,314 319,310 332,287 387,418 343,708 295,355 291,980 285,285 490,673 490,252 492,600 497,002 503,262 510,627 517,173 524,227 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) 2011 .......................... 2012 .......................... 2013 .......................... 2014 .......................... 2015 .......................... 185,187 183,661 180,022 176,762 172,826 - 2,986 2,986 2,986 2,986 264 151,346 162,880 60,445 196,520 9,138 151,831 158,514 124,079 105,668 78,115 29,995 29,995 29,995 29,995 29,995 1,386 1,380 1,353 1,489 1,642 2015 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2016 - Jan ................. Feb ................ Mar ................ Apr ................. May ............... June .............. 173,981 173,637 173,255 172,826 172,537 172,187 171,630 171,160 170,824 170,370 169,956 169,501 169,053 - 264 264 264 264 264 264 264 264 264 264 264 264 264 81,884 49,285 9,148 9,138 5,859 212,348 211,479 216,187 218,635 218,157 218,709 220,189 221,407 99,767 88,986 81,077 78,115 74,963 74,169 75,154 73,300 75,618 82,799 90,016 95,502 101,784 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 1,527 1,541 1,616 1,642 1,667 1,710 1,729 1,694 1,665 1,677 1,686 1,721 1,723 End of fiscal year or month September 2016 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) 2011 .................. 2012 .................. 2013 .................. 2014 .................. 2015 .................. 4,793,916 4,939,455 4,803,100 5,212,466 5,013,530 8,641 10,245 11,808 12,759 12,716 34,926 35,248 36,864 48,750 60,096 39,678 41,250 41,951 43,213 43,958 22,721 22,680 22,669 22,649 20,773 161,965 132,345 100,791 70,113 41,638 811,768 836,336 731,125 861,349 737,096 245,939 228,292 206,010 202,207 195,458 4,160 2,777 3 - 2015 - June ....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2016 - Jan ......... Feb ........ Mar ........ Apr ......... May ....... June ...... 5,134,875 5,042,973 5,017,900 5,013,530 5,070,498 5,426,315 5,436,812 5,547,416 5,534,318 5,533,654 5,540,299 5,574,935 5,647,975 13,690 12,499 12,208 12,716 13,033 13,299 13,312 12,687 12,974 12,924 13,245 13,185 13,091 57,437 57,591 58,195 60,096 59,668 60,538 62,973 62,295 62,806 66,541 65,878 66,811 69,311 43,815 43,844 43,960 43,958 43,981 44,298 44,382 44,462 44,581 44,555 44,553 44,902 44,888 22,644 22,645 22,644 20,773 22,644 22,643 22,647 22,650 22,653 22,658 22,662 22,664 22,668 50,975 47,578 44,159 41,638 38,284 35,207 26,101 33,872 33,553 35,366 39,243 39,646 43,886 757,929 737,028 737,021 737,096 727,502 866,257 877,006 872,496 868,589 864,587 860,043 855,873 867,683 205,355 188,969 191,742 195,458 186,317 192,788 193,749 199,997 194,221 189,782 197,018 198,398 208,967 - 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) 2011 ..................... 2012 ..................... 2013 ..................... 2014 ..................... 2015 ..................... 2,492,531 2,586,697 2,655,599 2,712,805 2,766,649 3,374 3,424 825 827 828 70,446 69,324 67,385 68,391 66,128 16,302 9,970 1,957 10,696 7,667 7,541 6,912 6,256 5,611 4,903 1,207 1,533 2,860 5,450 7,163 696 704 788 803 874 16,030 20,673 29,478 35,919 44,368 855,991 931,045 886,731 1,110,924 1,003,215 2015 - June .......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2016 - Jan ............ Feb ........... Mar ........... Apr ............ May .......... June ......... 2,733,614 2,782,592 2,772,129 2,766,649 2,760,147 2,749,344 2,760,518 2,787,040 2,774,328 2,771,358 2,785,873 2,775,166 2,821,674 826 828 828 828 828 828 828 828 828 828 828 828 828 68,642 55,552 63,460 66,128 55,062 63,235 69,205 69,570 69,841 85,093 70,904 85,105 86,766 6,769 3,984 10,898 7,667 7,524 6,737 5,856 75,032 76,120 75,839 75,591 74,680 73,069 5,136 5,053 4,984 4,903 4,841 4,784 4,805 4,739 4,677 4,586 4,519 4,439 4,456 7,684 6,895 6,647 7,163 6,788 7,558 7,942 7,960 7,985 8,833 9,162 9,208 9,532 633 758 593 874 754 541 670 645 630 682 688 556 535 44,388 43,609 48,229 44,368 43,252 45,903 43,395 41,617 45,030 41,949 42,804 57,794 53,041 1,115,338 1,033,548 1,000,203 1,003,215 1,099,873 1,312,355 1,303,423 1,311,526 1,315,502 1,308,073 1,307,288 1,325,680 1,327,580 Note—Detail may not add to totals due to rounding. September 2016 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) 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 * 2015 ............................ 24,100 19 107 23,878 96 * 2015 - June ................. 24,655 19 104 24,426 106 * July .................. 24,664 19 105 24,434 106 * Aug .................. 24,296 19 106 24,075 96 * Sept ................. 24,100 19 107 23,878 96 * Oct................... 24,105 19 99 23,891 97 * Nov .................. 24,376 19 100 24,161 97 * Dec .................. 24,560 19 100 24,345 97 * 2016 - Jan ................... 24,618 19 101 24,401 97 * Feb .................. 24,432 19 93 24,234 86 * Mar .................. 24,444 19 94 24,246 86 * Apr ................... 24,391 19 95 24,192 86 * May ................. 24,519 19 104 24,310 86 * June ................ 24,561 19 105 24,351 86 * End of fiscal year or month Note—Detail may not add to totals due to rounding. * Less than $500,000. September 2016 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) 2011 ............................... 7,951,366 2,503,926 3,084,882 2012 ............................... 9,039,954 2,896,780 2013 ............................... 9,518,102 2014 ............................... Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 1,543,847 309,151 509,559 60 3,851,873 1,487,726 270,921 532,654 55 2,939,037 4,134,968 1,647,954 230,758 565,384 55 9,828,787 2,931,581 4,216,746 1,813,563 223,276 643,620 56 2015 ............................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 2015 - June .................... 10,237,756 2,890,796 4,335,287 2,035,095 187,318 789,260 60 July ..................... 10,339,523 2,989,696 4,310,666 2,048,632 187,827 802,701 60 Aug ..................... 10,372,231 2,971,024 4,356,420 2,041,484 184,287 819,015 61 Sept .................... 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 Oct ...................... 10,258,432 2,899,467 4,245,995 2,076,803 184,170 851,998 62 Nov ..................... 10,645,957 3,148,974 4,352,293 2,092,839 184,006 867,845 61 Dec ..................... 10,729,926 3,170,545 4,375,239 2,119,389 183,956 880,798 61 2016 - Jan ...................... 10,605,765 3,150,326 4,283,352 2,114,372 164,106 893,609 62 Feb ..................... 10,836,495 3,235,473 4,403,245 2,126,941 170,080 900,756 62 Mar ..................... 10,969,737 3,310,836 4,414,738 2,161,064 170,202 912,897 61 Apr ....................... 10,768,975 3,234,985 4,284,063 2,154,678 170,272 924,977 63 May..................... 10,916,722 3,232,053 4,387,232 2,186,412 170,618 940,407 63 June.................... 10,955,381 3,211,462 4,405,469 2,209,501 171,009 957,940 63 End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2016 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) 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 2015 ....................................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 2015 – June 1 ......................... 18,113,000 18,112,975 18,112,975 - 18,151,998 - 39,023 July 1 ........................... 18,113,000 18,112,975 18,112,975 - 18,151,323 - 38,348 Aug. 1 .......................... 18,113,000 18,112,975 18,112,975 - 18,151,150 - 38,175 Sept. 1 ......................... 18,113,000 18,112,975 18,112,975 - 18,150,618 - 37,643 Oct. 1........................... 18,113,000 18,112,975 18,112,975 - 18,152,982 - 40,007 Nov. 2 .......................... - 18,787,182 18,787,182 - 18,827,323 - 40,141 Dec. 2 .......................... - 18,881,744 18,881,744 - 18,922,179 - 40,435 2016 – Jan. 2 .......................... - 18,973,438 18,973,438 - 19,012,828 - 39,390 Feb. 2 .......................... - 19,086,780 19,086,780 - 19,125,455 - 38,675 Mar. 2 .......................... - 19,225,991 19,225,991 - 19,264,939 - 38,947 Apr. 2 ........................... - 19,148,684 19,148,684 - 19,187,387 - 38,704 May 2 .......................... - 19,227,001 19,227,001 - 19,265,452 - 38,452 June 2 ......................... - 19,346,540 19,346,540 - 19,381,591 - 35,052 1 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. 2 Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the Statutory Debt Limit has been suspended through March 15, 2017. September 2016 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) 2011 ....................................... 2012 ....................................... 2013 ....................................... 2014 ....................................... 2015 ....................................... 937,923 979,021 1,115,182 1,223,498 1,306,402 9,349 9,009 12,135 19,064 19,261 24,883 24,759 26,069 26,203 26,261 19,438 20,523 22,111 22,126 23,057 523 495 554 575 626 1,163 1,001 908 748 688 2015 - June ............................ July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2016 - Jan .............................. Feb ............................. Mar ............................. Apr .............................. May ............................ June ........................... 1,375,671 1,358,896 1,352,583 1,306,402 1,329,693 1,335,511 1,360,786 1,388,510 1,398,301 1,408,738 1,402,817 1,407,725 1,412,849 17,789 18,264 18,897 19,261 23,478 29,029 31,202 32,219 32,707 33,411 26,286 26,021 25,846 25,545 25,546 26,184 26,261 26,346 26,453 26,594 26,687 26,777 22,757 22,824 22,898 23,708 22,087 22,087 23,050 23,057 23,207 23,395 23,694 24,020 24,190 23,323 23,500 23,698 23,854 579 579 618 626 632 634 644 643 648 537 541 555 562 748 748 688 688 688 688 688 688 688 688 688 688 688 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) 2011 ....................................... 2012 ....................................... 2013 ....................................... 2014 ....................................... 2015 ....................................... 546,321 714,368 851,295 965,394 1,050,374 2,943 3,421 3,885 4,242 4,649 6,032 11,527 25,940 27,528 26,921 58 40 139 133 127 45,257 57,134 63,061 56,528 58,050 2015 - June ............................ July............................. Aug............................. Sept............................ Oct ............................. Nov............................. Dec............................. 2016 - Jan .............................. Feb ............................. Mar ............................. Apr .............................. May ............................ June ........................... 1,116,112 1,098,646 1,094,234 1,050,374 1,070,801 1,069,878 1,089,686 1,115,131 1,123,264 1,142,880 1,142,885 1,148,885 1,151,255 4,717 4,784 4,746 4,649 4,761 4,761 4,799 4,812 4,865 4,883 4,664 4,704 4,704 27,548 27,548 27,548 26,921 26,941 26,941 26,981 26,981 26,981 26,981 26,981 26,981 31,481 133 133 133 127 127 127 127 127 127 127 127 127 127 59,220 58,815 58,260 58,050 55,489 55,611 56,302 56,597 57,087 57,169 57,471 57,641 58,430 September 2016 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) 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 2015 ...................................... 22,725 3,498 7,176 62,989 2015 - June ........................... 23,303 2,543 8,075 67,272 July ............................ 23,303 2,884 8,075 67,484 Aug ............................ 22,334 3,158 8,075 64,658 Sept ........................... 22,725 3,498 7,176 62,989 Oct............................. 22,725 3,843 7,336 63,319 Nov ............................ 22,915 4,130 7,336 63,613 Dec ............................ 24,892 4,483 7,336 63,358 2016 - Jan ............................. 24,941 4,837 7,347 63,480 Feb ............................ 25,002 5,065 7,347 63,553 Mar ............................ 25,080 5,380 7,649 57,873 Apr ............................. 25,158 5,701 7,831 58,160 May ........................... 25,266 5,996 7,908 56,357 June .......................... 25,598 2,519 7,908 56,169 End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2016 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 3-Year Notes On April 7, 2016, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $72,800 million of securities maturing April 15 and to pay down approximately $16,800 million. The 3-year notes of Series AL-2019 were dated and issued April 15. They are due April 15, 2019, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon Eastern Time (e.t.) for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 12. Tenders totaled $65,302 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.890 percent with an equivalent price of $99.955693. Treasury accepted in full all competitive tenders at yields lower than 0.890 percent. Tenders at the high yield were allotted 7.57 percent. The median yield was 0.840 percent, and the low yield was 0.745 percent. Noncompetitive tenders totaled $52 million. September 2016 Competitive tenders accepted from private investors totaled $23,848 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $169 million from Federal Reserve banks(FRBs)for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AL-2019 is $100. Auction of 9-Year 10-Month 1-5/8 Percent Notes On April 7, 2016, Treasury announced it would auction $20,000 million of 9-year 10-month 1-5/8 percent notes. The issue was to refund $72,800 million of securities maturing April 15 and to pay down approximately $16,800 million. The 9-year 10-month 1-5/8 percent notes of Series B-2026 were dated February 15 and issued April 15. They are due February 15, 2026, 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 13. Tenders totaled $54,966 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.765 percent with an BUREAU OF THE FISCAL SERVICE OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, continued equivalent price of $98.739410. Treasury accepted in full all competitive tenders at yields lower than 1.765 percent. Tenders at the high yield were allotted 98.52 percent. The median yield was 1.725 percent, and the low yield was 1.651 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $19,992 million. Accrued interest of $2.67857 per $1,000 must be paid for the period from February 15 to April 15. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $141 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2026 is $100. Auction of 29-Year 10-Month 2-1/2 Percent Bonds On April 7, 2016, Treasury announced it would auction $12,000 million of 29-year 10-month 2-1/2 percent bonds. The issue was to refund $72,800 million of securities maturing April 15 and to pay down approximately $16,800 million. The 29-year 10-month 2-1/2 percent bonds of February 2046 were dated February 15 and issued April 15. They are due February 15, 2046, 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 14. Tenders totaled $28,826 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.596 percent with an equivalent price of $98.011430. Treasury accepted in full all competitive tenders at yields lower than 2.596 percent. Tenders at the high yield were allotted 81.30 percent. The median yield was 2.560 percent, and the low yield was 2.388 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $11,988 million. Accrued interest of $4.12088 per $1,000 must be paid for the period from February 15 to April 15. In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $84 million from (FRBs) for their own accounts. The minimum par amount required for STRIPS of bonds of February 2046 is $100. Auction of 5-Year Treasury Inflation Protected Security (TIPS) On April 14, 2016, Treasury announced it would auction $16,000 million of 5-year TIPS. The issue was to raise new cash of approximately $16,000 million. The 5-year TIPS of Series X-2021 were dated April 15 and issued April 29. They are due April 15, 2021, 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 21. Tenders totaled $38,675 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.195 percent with an equivalent adjusted price of $101.634854. Treasury accepted in full all competitive tenders at yields lower than -0.195 percent. Tenders at the high yield were allotted 53.48 percent. The median yield was -0.260 percent, and the low yield was 0.425 percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled $15,949 million. Adjusted accrued interest of $0.04783 per $1,000 must be paid for the period from April 15 to April 29. Both the unadjusted price of $101.596247 and the unadjusted accrued interest of $0.04781 were adjusted by an index ratio of 1.00038, for the period from April 15 to April 29. The minimum par amount required for STRIPS of TIPS of Series X-2021 is $100. Auction of 2-Year Notes On April 21, 2016, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $109,729 million of securities maturing April 30 and to pay down approximately $6,729 million. The 2-year notes of Series AZ-2018 were dated April 30 and issued May 2. They are due April 30, 2018, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 0-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 25. Tenders totaled $68,709 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.842 percent with an equivalent price of $99.818393. Treasury accepted in full all competitive tenders at yields lower than 0.842 percent. Tenders at the high yield were allotted 30.16 percent. The median yield was 0.805 percent, and the low yield was 0.760 percent. Noncompetitive tenders totaled $141 million. Competitive tenders accepted from private investors totaled $25,859 million. Accrued interest of $0.04076 per $1,000 must be paid for the period from April 30 to May 2. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $6,909 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AZ-2018 is $100. Auction of 52-Week Bills On April 21, 2016, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued September 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 32 TREASURY FINANCING: APIRL-JUNE, continued April 28 and will mature April 27, 2017. The issue was to refund $129,996 million of all maturing bills and to pay down approximately $22,996 million. Treasury auctioned the bills on April 26. Tenders totaled $71,446 million; Treasury accepted $20,000 million, including $202 million of noncompetitive tenders from the public. The high bank discount rate was 0.605 percent. Auction of 5-Year Notes On April 21, 2016, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $109,729 million of securities maturing April 30 and to pay down approximately $6,729 million. The 5-year notes of Series Y-2021 were dated April 30 and issued May 2. They are due April 30, 2021, 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 26. Tenders totaled $81,783 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.410 percent with an equivalent price of $99.831723. Treasury accepted in full all competitive tenders at yields lower than 1.410 percent. Tenders at the high yield were allotted 87.24 percent. The median yield was 1.360 percent, and the low yield was 1.200 percent. Noncompetitive tenders totaled $52 million. Competitive tenders accepted from private investors totaled $33,948 million. Accrued interest of $0.07473 per $1,000 must be paid for the period from April 30 to May 2. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $9,035 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2021 is $100. Auction of 2-Year Floating Rate Notes (FRNs) On April 21, 2016, Treasury announced it would auction $15,000 million of 2-year FRNs. The issue was to refund $109,729 million of securities maturing April 30 and to pay down approximately $6,729 million. The 2-year FRNs of Series BA-2018 were dated April 30 and issued May 2. They are due April 30, 2018, with interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of 0.190 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 28. Tenders totaled $53,513 million; Treasury accepted $15,000 million. All September 2016 noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.190 percent with an equivalent price of $99.999997. Treasury accepted in full all competitive tenders at discount margins lower than 0.190 percent. Tenders at the high discount margin were allotted 0.72 percent. The median discount margin was 0.170 percent, and the low discount margin was 0.140 percent. Noncompetitive tenders totaled $23 million. Competitive tenders accepted from private investors totaled $14,977 million. Accrued interest of $0.002445322 per $100 must be paid for the period from April 30 to May 2. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $3,986 million from FRBs for their own accounts. Auction of 7-Year Notes On April 21, 2016, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $109,729 million of securities maturing April 30 and to pay down approximately $6,729 million. The 7-year notes of Series K-2023 were dated April 30 and issued May 2. They are due April 30, 2023, with interest payable on October 31 and April 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 April 28. Tenders totaled $74,270 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.634 percent with an equivalent price of $99.940670. Treasury accepted in full all competitive tenders at yields lower than 1.634 percent. Tenders at the high yield were allotted 59.85 percent. The median yield was 1.600 percent, and the low yield was 1.490 percent. Noncompetitive tenders totaled $26 million. Competitive tenders accepted from private investors totaled $27,974 million. Accrued interest of $0.08832 per $1,000 must be paid for the period from April 30 to May 2. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $7,441 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2023 is $100. MAY Auction of 3-Year Notes On May 4, 2016, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $60,093 million of securities maturing May 15 and to raise new cash of approximately $1,907 million. BUREAU OF THE FISCAL SERVICE OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, continued The 3-year notes of Series AM-2019 were dated May 15 and issued May 16. They are due May 15, 2019, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 10. Tenders totaled $70,403 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.875 percent with an equivalent price of $99.999989. Treasury accepted in full all competitive tenders at yields lower than 0.875 percent. Tenders at the high yield were allotted 72.78 percent. The median yield was 0.845 percent, and the low yield was 0.750 percent. Noncompetitive tenders totaled $69 million. Competitive tenders accepted from private investors totaled $23,931 million. Accrued interest of $0.02378 per $1,000 must be paid for the period from May 15 to May 16. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $5,428 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AM-2019 is $100. Auction of 10-Year Notes On May 4, 2016, Treasury announced it would auction $23,000 million of 10-year notes. The issue was to refund $60,093 million of securities maturing May 15 and to raise new cash of approximately $1,907 million. The 10-year notes of Series C-2026 were dated May 15 and issued May 16. They are due May 15, 2026, with interest payable on November 15 and May 15 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 May 11. Tenders totaled $61,705 million; Treasury accepted $23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.710 percent with an equivalent price of $99.221906. Treasury accepted in full all competitive tenders at yields lower than 1.710 percent. Tenders at the high yield were allotted 30.57 percent. The median yield was 1.680 percent, and the low yield was 1.600 percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled $22,969 million. Accrued interest of $0.04416 per $1,000 must be paid for the period from May 15 to May 16. In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $5,201 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2026 is $100. Auction of 30-Year Bonds On May 4, 2016, Treasury announced it would auction $15,000 million of 30-year bonds. The issue was to refund $60,093 million of securities maturing May 15 and to raise new cash of approximately $1,907 million. The 30-year bonds of May 2046 were dated May 15 and issued May 16. They are due May 15, 2046, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-1/2 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 12. Tenders totaled $32,891 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.615 percent with an equivalent price of $97.619462. Treasury accepted in full all competitive tenders at yields lower than 2.615 percent. Tenders at the high yield were allotted 17.76 percent. The median yield was 2.554 percent, and the low yield was 2.388 percent. Noncompetitive tenders totaled $15 million. Competitive tenders accepted from private investors totaled $14,985 million. Accrued interest of $0.06793 per $1,000 must be paid for the period from May 15 to May 16. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $3,392 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2046 is $100. Auction of 9-Year 8-Month 0-5/8 Percent TIPS On May 12, 2016, Treasury announced it would auction $11,000 million of 9-year 8-month 0-5/8 percent TIPS. The issue was to refund $70,606 million of securities maturing May 31 and to raise new cash of approximately $28,394 million. The 9-year 8-month 0-5/8 percent TIPS of Series A-2026 were dated January 15 and issued May 31. They are due January 15, 2026, 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 19. Tenders totaled $25,002 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.275 percent with an equivalent adjusted price of $103.533587. Treasury accepted in full all competitive tenders at yields lower than 0.275 percent. Tenders at the high yield were allotted 33.31 percent. The median yield was 0.210 percent, and the low yield was 0.120 percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled $10,969 million. Adjusted accrued interest of $2.35716 per September 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 34 TREASURY FINANCING: APIRL-JUNE, continued $1,000 must be paid for the period from January 15 to May 31. Both the unadjusted price of $103.321777 and the unadjusted accrued interest of $2.35234 were adjusted by an index ratio of 1.00205, for the period from January 15 to May 31. In addition to the $11,000 million of tenders accepted in the auction process, Treasury accepted $2,805 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2026 is $100. Auction of 2-Year Notes On May 19, 2016, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $70,606 million of securities maturing May 31 and to raise new cash of approximately $28,394 million. The 2-year notes of Series BB-2018 were dated and issued May 31. They are due May 31, 2018, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 24. Tenders totaled $78,069 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.920 percent with an equivalent price of $99.911026. Treasury accepted in full all competitive tenders at yields lower than 0.920 percent. Tenders at the high yield were allotted 84.57 percent. The median yield was 0.900 percent, and the low yield was 0.800 percent. Noncompetitive tenders totaled $207 million. Competitive tenders accepted from private investors totaled $25,793 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $6,631 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BB-2018 is $100. Auction of 52-Week Bills On May 19, 2016, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued May 26 and will mature May 25, 2017. The issue was to refund $122,995 million of all maturing bills and to pay down approximately $995 million. Treasury auctioned the bills on May 24. Tenders totaled $75,400 million; Treasury accepted $20,000 million, including $206 million of noncompetitive tenders from the public. The high bank discount rate was 0.685 percent. September 2016 Auction of 1-Year 11-Month 0.19 Percent FRNs On May 19, 2016, Treasury announced it would auction $13,000 million of 1-year 11-month 0.19 percent FRNs. The issue was to raise new cash of approximately $13,000 million. The 1-year 11-month 0.19 percent FRNs of Series BA2018 were dated April 30 and issued May 27. They are due April 30, 2018, 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 25. Tenders totaled $43,580 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.188 percent with an equivalent price of $100.003850. Treasury accepted in full all competitive tenders at discount margins lower than 0.188 percent. Tenders at the high discount margin were allotted 52.73 percent. The median discount margin was 0.175 percent, and the low discount margin was 0.140 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $12,988 million. Accrued interest of $0.033554498 per $100 must be paid for the period from April 30 to May 27. Auction of 5-Year Notes On May 19, 2016, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $70,606 million of securities maturing May 31 and to raise new cash of approximately $28,394 million. The 5-year notes of Series Z-2021 were dated and issued May 31. They are due May 31, 2021, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-3/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 25. Tenders totaled $88,348 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.395 percent with an equivalent price of $99.903732. Treasury accepted in full all competitive tenders at yields lower than 1.395 percent. Tenders at the high yield were allotted 51.82 percent. The median yield was 1.350 percent, and the low yield was 1.285 percent. Noncompetitive tenders totaled $58 million. Competitive tenders accepted from private investors totaled $33,942 million. BUREAU OF THE FISCAL SERVICE OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, continued In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $8,671 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2021 is $100. Auction of 7-Year Notes On May 19, 2016, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $70,606 million of securities maturing May 31 and to raise new cash of approximately $28,394 million. The 7-year notes of Series L-2023 were dated and issued May 31. They are due May 31, 2023, with interest payable on November 30 and May 31 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 May 26. Tenders totaled $72,044 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.652 percent with an equivalent price of $99.822210. Treasury accepted in full all competitive tenders at yields lower than 1.652 percent. Tenders at the high yield were allotted 20.25 percent. The median yield was 1.615 percent, and the low yield was 1.500 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled $27,975 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $7,141 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2023 is $100. competitive tenders at yields lower than 0.930 percent. Tenders at the high yield were allotted 97.63 percent. The median yield was 0.880 percent, and the low yield was 0.688 percent. Noncompetitive tenders totaled $30 million. Competitive tenders accepted from private investors totaled $23,970 million. The minimum par amount required for STRIPS of notes of Series AN-2019 is $100. Auction of 9-Year 11-Month 1-5/8 Percent Notes JUNE On June 2, 2016, Treasury announced it would auction $20,000 million of 9-year 11-month 1-5/8 percent notes. The issue was to refund $32,000 million of securities maturing June 15 and to raise new cash of approximately $24,000 million. The 9-year 11-month 1-5/8 percent notes of Series C-2026 were dated May 15 and issued June 15. They are due May 15, 2026, 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 8. Tenders totaled $54,019 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.702 percent with an equivalent price of $99.299186. Treasury accepted in full all competitive tenders at yields lower than 1.702 percent. Tenders at the high yield were allotted 11.21 percent. The median yield was 1.660 percent, and the low yield was 1.595 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $19,988 million. Accrued interest of $1.36889 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-2026 is $100. Auction of 3-Year Notes Auction of 29-Year 11-Month 2-1/2 Percent Bonds On June 2, 2016, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $32,000 million of securities maturing June 15 and to raise new cash of approximately $24,000 million. The 3-year notes of Series AN-2019 were dated and issued June 15. They are due June 15, 2019, with interest payable on December 15 and June 15 until maturity. Treasury set an interest rate of 0-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 7. Tenders totaled $67,001 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.930 percent with an equivalent price of $99.837652. Treasury accepted in full all On June 2, 2016, Treasury announced it would auction $12,000 million of 29-year 11-month 2-1/2 percent bonds. The issue was to refund $32,000 million of securities maturing June 15 and to raise new cash of approximately $24,000 million. The 29-year 11-month 2-1/2 percent bonds of May 2046 were dated May 15 and issued June 15. They are due May 15, 2046, 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 9. Tenders totaled $29,081 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.475 percent with an equivalent price of $100.524034. Treasury accepted in full all September 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 36 TREASURY FINANCING: APIRL-JUNE, continued competitive tenders at yields lower than 2.475 percent. Tenders at the high yield were allotted 63.49 percent. The median yield was 2.430 percent, and the low yield was 2.300 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $11,997 million. Accrued interest of $2.10598 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 2046 is $100. Auction of 2-Year Notes On June 16, 2016, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $80,338 million of securities maturing June 30 and to raise new cash of approximately $12,662 million. The 2-year notes of Series BC-2018 were dated and issued June 30. They are due June 30, 2018, 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 20. Tenders totaled $70,679 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.745 percent with an equivalent price of $99.762218. Treasury accepted in full all competitive tenders at yields lower than 0.745 percent. Tenders at the high yield were allotted 57.37 percent. The median yield was 0.700 percent, and the low yield was 0.388 percent. Noncompetitive tenders totaled $138 million. Competitive tenders accepted from private investors totaled $25,862 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $3,793 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BC-2018 is $100. $80,338 million of securities maturing June 30 and to raise new cash of approximately $12,662 million. The 5-year notes of Series AA-2021 were dated and issued June 30. They are due June 30, 2021, with interest payable on December 31 and June 30 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 21. Tenders totaled $77,888 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.218 percent with an equivalent price of $99.550203. Treasury accepted in full all competitive tenders at yields lower than 1.218 percent. Tenders at the high yield were allotted 68.14 percent. The median yield was 1.165 percent, and the low yield was 1.100 percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors totaled $33,968 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,960 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2021 is $100. Auction of 1-Year 10-Month 0.19 Percent FRNs On June 16, 2016, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued June 23 and will mature June 22, 2017. The issue was to refund $129,995 million of all maturing bills and to pay down approximately $2,995 million. Treasury auctioned the bills on June 21. Tenders totaled $74,141 million; Treasury accepted $20,000 million, including $181 million of noncompetitive tenders from the public. The high bank discount rate was 0.560 percent. On June 16, 2016, Treasury announced it would auction $13,000 million of 1-year 10-month 0.19 percent FRNs. The issue was to raise new cash of approximately $13,000 million. The 1-year 10-month 0.19 percent FRNs of Series BA2018 were dated April 30 and issued June 24. They are due April 30, 2018, 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 22. Tenders totaled $41,009 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.188 percent with an equivalent price of $100.003698. Treasury accepted in full all competitive tenders at discount margins lower than 0.188 percent. Tenders at the high discount margin were allotted 68.73 percent. The median discount margin was 0.174 percent, and the low discount margin was 0.150 percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors totaled $12,996 million. Accrued interest of $0.071920018 per $100 must be paid for the period from April 30 to June 24. Auction of 5-Year Notes Auction of 29-Year 8-Month 1 Percent TIPs On June 16, 2016, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund On June 16, 2016, Treasury announced it would auction $5,000 million of 29-year 8-month 1 percent TIPS. The issue Auction of 52-Week Bills September 2016 BUREAU OF THE FISCAL SERVICE OPERATIONS 37 TREASURY FINANCING: APRIL-JUNE, continued was to refund $80,338 million of securities maturing June 30 and to raise new cash of approximately $12,662 million. The 29-year 8-month 1 percent TIPS of February 2046 were dated February 15 and issued June 30. They are due February 15, 2046, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the TIPS before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on June 22. Tenders totaled $13,457 million; Treasury accepted $5,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.905 percent with an equivalent adjusted price of $103.449203. Treasury accepted in full all competitive tenders at yields lower than 0.905 percent. Tenders at the high yield were allotted 71.43 percent. The median yield was 0.850 percent, and the low yield was 0.688 percent. Noncompetitive tenders totaled $15 million. Competitive tenders accepted from private investors totaled $4,985 million. Adjusted accrued interest of $3.77220 per $1,000 must be paid for the period from February 15 to June 30. Both the unadjusted price of $102.463504 and the unadjusted accrued interest of $3.73626 were adjusted by an index ratio of 1.00962, for the period from February 15 to June 30. In addition to the $5,000 million of tenders accepted in the auction process, Treasury accepted $729 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of February 2046 is $100. Auction of 7-Year Notes On June 16, 2016, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $80,338 million of securities maturing June 30 and to raise new cash of approximately $12,662 million. The 7-year notes of Series M-2023 were dated and issued June 30. They are due June 30, 2023, with interest payable on December 31 and June 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 June 22. Tenders totaled $71,641 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.497 percent with an equivalent price of $99.192087. Treasury accepted in full all competitive tenders at yields lower than 1.497 percent. Tenders at the high yield were allotted 87.12 percent. The median yield was 1.449 percent, and the low yield was 1.350 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $27,993 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $4,085 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2023 is $100. September 2016 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) 2016 - May 05 July 07 Oct. 06 May 12 July 14 Oct. 13 May 19 July 21 Oct. 20 May 26 July 28 Oct. 27 June 02 Aug. 04 Nov. 03 June 09 Aug. 11 Nov. 10 June 16 Aug. 18 Nov. 17 June 23 Aug. 25 Nov. 25 June 30 Sept. 01 Dec. 01 July 07 Sept. 08 Dec. 08 July 14 Sept. 15 Dec. 15 July 21 Sept. 22 Dec. 22 July 28 Sept. 29 35,000.2 28,000.1 24,000.1 35,001.0 28,000.1 24,000.2 35,000.4 28,000.7 24,000.1 35,000.3 28,000.6 24,000.2 40,000.1 28,000.1 24,000.1 45,000.1 31,000.4 26,000.2 45,000.3 31,000.1 26,000.6 45,000.8 31,000.4 26,000.3 40,000.0 31,000.3 26,000.1 40,000.4 31,000.3 26,000.1 45,000.0 31,000.2 26,000.2 50,000.5 31,000.0 26,000.3 50,000.4 31,000.0 High price per hundred (7) High discount rate (percent) (8) High investment rate (percent) 4 (9) 99.985611 99.940597 99.805361 99.984444 99.941861 99.823056 99.986389 99.944389 99.823056 99.985222 99.936806 99.797778 99.986778 99.944389 99.800306 99.980944 99.939333 99.807889 99.981333 99.930486 99.812944 99.979389 99.911528 99.756000 99.979389 99.914056 99.759861 99.985222 99.927958 99.782611 99.981333 99.931750 99.797778 99.980556 99.931750 99.797778 99.979778 99.934278 0.185 0.235 0.385 0.200 0.230 0.350 0.175 0.220 0.350 0.190 0.250 0.400 0.170 0.220 0.395 0.245 0.240 0.380 0.240 0.275 0.370 0.265 0.350 0.480 0.265 0.340 0.475 0.190 0.285 0.430 0.240 0.270 0.400 0.250 0.270 0.400 0.260 0.260 0.188 0.238 0.391 0.203 0.233 0.355 0.177 0.223 0.355 0.193 0.254 0.406 0.172 0.223 0.401 0.248 0.243 0.386 0.243 0.279 0.376 0.269 0.355 0.488 0.269 0.345 0.483 0.193 0.289 0.437 0.243 0.274 0.406 0.254 0.274 0.406 0.264 0.264 Regular weekly: (4 week, 13 week, and 26 week) 2016 - Apr. 07 ................. Apr. 14 ................. Apr. 21 ................. Apr. 28 ................. May 05 ................. May 12 ................. May 19 ................. May 26 ................. June 02 ................ June 09 ................ June 16 ................ June 23 ................ June 30 ................ 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 91 182 28 91 182 28 91 182 28 91 182 28 91 125,224.6 111,132.0 98,494.6 126,015.4 109,450.8 91,857.8 124,401.4 112,628.6 92,499.7 133,999.4 102,535.5 90,157.8 145,188.9 106,367.3 93,359.6 149,972.9 103,575.5 110,750.5 151,316.9 114,657.0 103,944.5 155,452.7 105,280.9 94,773.8 122,528.2 103,936.4 94,024.8 140,864.6 109,793.1 88,198.6 149,866.7 106,344.1 107,886.8 169,712.1 111,927.7 91,701.1 154,585.7 106,157.9 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 2016 34,652.5 27,492.2 23,302.4 34,650.3 27,523.3 23,279.4 34,708.0 27,611.5 23,471.0 34,687.5 26,757.8 22,668.6 39,650.7 27,417.9 23,205.0 44,733.0 30,501.6 25,435.5 44,701.4 30,485.2 25,404.7 44,150.8 29,793.2 24,876.7 39,678.1 30,348.4 25,562.1 39,640.7 30,571.9 25,579.4 44,735.5 30,532.4 25,517.4 49,656.7 30,536.4 25,535.0 49,625.1 29,726.2 247.6 407.9 397.7 250.8 376.7 320.8 292.4 389.2 329.1 312.8 342.8 331.6 249.4 382.2 395.1 267.1 398.9 364.7 298.9 414.9 356.0 350.0 407.1 348.6 222.0 351.9 337.9 259.7 328.4 320.7 264.5 367.8 382.7 343.7 363.7 365.3 275.3 323.8 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] Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 65,471 24,169 0.890 - 99.955693 55,107 20,141 1.765 - 98.739410 28,911 12,084 2.596 - 98.011430 71,446 20,000 5y 38,675 16,000 -0.195 - 101.634854 0.750% note—04/30/18-AZ 2y 75,618 32,909 0.842 - 99.818393 1.375% note—04/30/21-Y 5y 90,819 43,035 1.410 - 99.831723 05/02/16 0.190% FRN—04/30/18-BA 2y 57,500 18,986 0.000 - 99.999997 04/28/16 05/02/16 1.625% note—04/30/23-K 7y 81,711 35,441 1.634 - 99.940670 05/10/16 05/16/16 0.875% note—05/15/19-AM 3y 75,831 29,428 0.875 - 99.999989 05/11/16 05/16/16 1.625% note—05/15/26-C 10y 66,906 28,201 1.710 - 99.221906 05/12/16 05/16/16 2.500% bond—05/15/46 30y 36,283 18,392 2.615 - 97.619462 Description of securities 1 (2) 04/12/16 04/15/16 0.875% note—04/15/19-AL 3y 04/13/16 04/15/16 1.625% note—02/15/26-B 9y 10m 04/14/16 04/15/16 2.500% bond—02/15/46 29y 10m 04/26/16 04/28/16 0.605% bill—04/27/17 04/21/16 04/29/16 0.125% TIPS—04/15/21-X 04/25/16 05/02/16 04/26/16 05/02/16 04/28/16 Auction date 1 Period to final maturity (years, months, days) 2 (3) Issue date (1) 364d Amount tendered (4) 05/24/16 05/26/16 0.685% bill—05/25/17 75,400 20,000 05/25/16 05/27/16 0.188% FRN—04/30/18-BA 1y 11m 43,580 13,000 0.000 - 100.003850 05/19/16 05/31/16 0.625% TIPS—01/15/26-A 9y 8m 27,807 13,805 0.275 - 103.533587 05/24/16 05/31/16 0.875% note—05/31/18-BB 2y 84,700 32,631 0.920 - 99.911026 05/25/16 05/31/16 1.375% note—05/31/21-Z 5y 97,018 42,671 1.395 - 99.903732 05/26/16 05/31/16 1.625% note—05/31/23-L 7y 79,184 35,141 1.652 - 99.822210 06/07/16 06/15/16 0.875% note—06/15/19-AN 3y 67,001 24,000 0.930 - 99.837652 06/08/16 06/15/16 1.625% note—05/15/26-C 9y 11m 54,019 20,000 1.702 - 99.299186 06/09/16 06/15/16 2.500% bond—05/15/46 29y 11m 29,081 12,000 2.475 - 100.524034 06/21/16 06/23/16 0.560% bill—06/22/17 74,141 20,000 06/22/16 06/24/16 0.188% FRN—04/30/18-BA 1y 41,009 13,000 0.000 - 100.003698 06/20/16 06/30/16 0.625% note—06/30/18-BC 2y 74,472 29,793 0.745 - 99.762218 06/21/16 06/30/16 1.125% note—06/30/21-AA 5y 82,848 38,960 1.218 - 99.550203 06/22/16 06/30/16 1.375% note—06/30/23-M 7y 75,725 32,085 1.497 - 99.192087 06/22/16 06/30/16 1.000% TIPS—02/15/46 29y 14,187 5,729 0.905 - 103.449203 364d 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 8m 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 2016 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 2016 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) 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 14,815,328 16,090,640 16,763,286 17,847,931 18,174,718 14,790,340 16,066,241 16,738,183 17,824,071 18,150,618 2015 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2016 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 18,176,653 18,175,987 18,175,446 18,174,718 18,177,087 18,851,699 18,946,739 19,037,446 19,149,887 19,289,383 19,211,778 19,289,971 19,406,152 18,151,998 18,151,323 18,151,150 18,150,618 18,152,982 18,827,323 18,922,179 19,012,828 19,125,455 19,264,939 19,187,387 19,265,452 19,381,591 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) 4,658,307 4,791,850 4,757,211 5,039,265 5,026,867 - 4,658,307 4,791,850 4,757,211 5,039,265 5,026,867 1,689,186 1,744,275 2,315,023 2,767,288 2,802,101 5,076,967 5,016,394 5,031,582 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 - 5,076,967 5,016,394 5,031,582 5,026,867 5,084,605 5,233,642 5,244,964 5,351,001 5,335,427 5,335,182 5,341,480 5,374,362 5,444,287 2,798,523 2,799,164 2,799,426 2,802,101 2,804,479 2,806,337 2,810,057 2,809,575 2,813,201 2,815,313 2,815,146 2,816,340 2,819,062 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) 2011 ................................................ 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 8,442,847 9,530,116 9,665,949 10,017,518 10,321,650 7,935,360 9,005,483 9,281,132 9,526,925 10,051,650 507,488 524,634 384,818 490,594 270,000 24,988 24,399 25,103 23,860 24,100 24,982 24,394 25,098 23,857 24,095 5 5 5 3 5 2015 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2016 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 10,276,508 10,335,765 10,320,142 10,321,650 10,263,898 10,787,344 10,867,158 10,852,253 10,976,827 11,114,444 11,030,761 11,074,750 11,118,242 9,912,571 10,014,268 10,047,123 10,051,650 9,998,540 10,316,306 10,396,498 10,379,385 10,499,530 10,630,827 10,540,025 10,577,192 10,611,734 363,937 321,497 273,019 270,000 265,358 471,038 470,660 472,868 477,297 483,616 490,737 497,557 506,508 24,655 24,664 24,296 24,100 24,105 24,376 24,560 24,618 24,432 24,444 24,391 24,519 24,561 24,650 24,659 24,291 24,095 21,414 21,685 24,554 24,612 24,427 24,439 24,386 24,514 24,556 5 5 5 5 2,691 2,691 6 6 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 2016 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 2016 - June ....... Mar ........ 2015 - Dec ......... Sept ........ June ....... Mar ......... 2014 - Dec ......... Sept ........ June ....... Mar ......... 2013 - Dec ......... Sept ........ June ....... Mar ......... 2012 - Dec ......... Sept ........ June ....... Mar ......... 2011 - Dec ......... Sept ........ June ....... Mar ......... 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 ......... 1 Total public debt 1 (1) SOMA and Intragovernmental Holdings 2,3 (2) 19,381.6 19,264.9 18,922.2 18,150.6 18,152.0 18,152.1 18,141.4 17,824.1 17,632.6 17,601.2 17,352.0 16,738.2 16,738.2 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 14,025.2 13,561.6 13,201.8 12,773.1 12,311.3 11,909.8 11,545.3 11,126.9 10,699.8 10,024.7 9,492.0 9,437.6 9,229.2 9,007.7 8,867.7 8,849.7 8,680.2 8,507.0 8,420.0 8,371.2 7,911.2 7,801.4 7,711.2 7,488.7 7,536.5 7,521.3 7,578.9 7,490.8 7,461.0 7,301.5 7,205.3 6,834.2 6,773.3 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 5,656.2 5,350.5 5,345.1 5,259.8 5,276.9 5,127.1 5,026.8 4,785.2 4,806.4 4,692.7 4,685.8 4,694.7 4,833.5 4,738.0 4,715.1 4,576.6 4,558.1 4,432.8 4,389.2 4,257.2 Total U.S. privately Depository savings held institutions 4, 5 bonds 6 (3) (4) (5) 11,470.4 11,463.6 11,211.0 10,661.9 10,615.5 10,630.8 10,562.6 10,333.2 10,171.6 10,299.7 10,146.6 9,904.0 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 8,368.9 8,211.1 7,856.7 7,513.3 7,034.4 6,782.7 6,518.5 6,341.7 5,893.4 5,332.0 4,806.2 4,742.9 4,395.7 4,269.7 4,152.6 4,273.1 4,122.1 4,074.2 4,030.8 4,114.0 n.a. 555.1 546.8 513.6 515.4 511.7 513.7 470.9 407.2 368.3 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 279.7 293.8 279.4 321.0 319.3 322.8 266.1 269.3 202.5 198.2 140.8 125.7 105.0 130.0 112.7 125.0 129.8 119.7 110.4 119.8 114.8 113.6 119.5 113.0 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 187.9 188.7 189.6 190.2 191.3 192.5 193.6 194.0 194.1 194.3 195.0 195.4 196.5 197.1 198.6 200.3 202.4 203.7 205.2 206.0 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. Current accrual value. September 2016 Private 7 (6) n.a. 548.3 540.1 329.8 395.9 455.2 509.1 499.4 489.7 484.7 478.1 358.6 454.0 464.6 467.5 447.0 427.4 406.6 391.9 373.6 251.8 215.8 206.8 198.2 190.8 183.0 175.6 167.2 164.1 155.4 147.4 147.0 145.0 143.7 141.0 140.5 139.9 139.7 139.8 125.8 117.7 116.8 7 State and Insurance compalocal nies 4 governments (8) (7) n.a. 160.5 163.6 162.2 169.1 172.7 176.8 185.2 189.4 188.9 188.2 182.6 178.5 173.7 172.8 171.4 171.2 169.4 160.7 155.7 158.0 157.9 153.7 145.2 150.1 153.6 151.4 145.6 144.6 137.0 129.9 136.7 135.5 135.4 144.2 153.2 162.3 156.3 153.4 149.3 149.6 152.9 n.a. 301.3 296.8 297.8 293.2 292.7 285.4 280.0 273.6 266.7 264.7 262.3 262.6 266.6 270.6 269.5 268.6 271.5 271.8 259.6 254.8 253.5 248.4 240.6 231.8 225.7 222.0 210.2 200.0 191.0 171.4 163.4 159.4 152.1 141.9 155.1 168.9 185.4 197.9 196.8 196.1 200.3 Mutual funds 4, 8 (9) n.a. 1,399.7 1,314.6 1,185.8 1,135.2 1,144.0 1,107.4 1,066.8 977.1 1,049.4 974.6 975.4 999.3 1,065.7 1,030.7 1,079.6 996.7 1,014.4 926.7 787.5 753.7 749.4 721.7 671.0 676.8 678.5 668.8 668.5 711.8 721.1 758.2 631.4 440.3 466.7 343.5 292.7 257.6 263.2 248.2 234.2 243.4 254.2 State and Foreign local govern- and interments 4 national 9 (10) (11) n.a. 714.3 686.7 659.1 639.9 641.7 622.6 602.3 606.3 585.9 586.1 583.5 608.8 609.7 603.9 592.5 585.1 567.0 561.1 557.6 572.2 585.3 595.7 586.0 584.4 585.0 585.6 583.6 588.5 588.2 601.4 614.0 635.1 646.4 647.8 643.1 637.8 608.3 570.5 542.3 531.6 515.7 n.a. 6,287.0 6,148.1 6,106.3 6,163.1 6,172.6 6,157.7 6,069.2 6,018.7 5,948.3 5,792.6 5,652.8 5,595.0 5,725.0 5,573.8 5,476.1 5,310.9 5,145.1 5,006.9 4,912.1 4,690.6 4,481.4 4,435.6 4,324.2 4,070.0 3,877.9 3,685.1 3,570.6 3,460.8 3,265.7 3,077.2 2,802.4 2,587.4 2,506.3 2,353.2 2,235.3 2,192.0 2,194.8 2,103.1 2,025.3 1,977.8 2,082.1 Other investors 10 (12) n.a. 1,327.0 1,342.8 1,234.5 1,129.6 1,065.3 1,013.9 982.6 1,032.1 1,229.2 1,362.0 1,415.7 1,385.6 1,288.9 1,259.6 1,061.2 1,132.0 1,109.3 999.2 937.2 976.1 1,360.1 1,499.9 1,534.4 1,497.1 1,350.1 1,152.1 1,046.3 914.2 963.7 708.9 512.9 395.9 371.9 297.8 332.9 285.1 405.2 392.0 483.2 490.1 473.0 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 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. 8 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, 2016 [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) $1,638,719,377,370 $1,591,155,251,774 $1,590,676,482,565 $239,720,166 $239,049,043 The Treasury ....................................... 153,507,854 45,409,759 45,178,901 7,505 223,353 FRBs ................................................... 174,642,792,023 172,785,931,108 172,785,923,689 - 7,419 Amounts in circulation ............................. $1,463,923,077,493 $1,418,323,910,907 $1,417,845,379,975 $239,712,661 $238,818,271 Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $47,564,125,596 $6,545,664,108 $41,018,461,488 The Treasury ....................................... 108,098,095 58,932,095 49,166,000 FRBs ................................................... 1,856,860,915 1,276,135,415 580,725,500 Amounts in circulation ............................. $45,599,166,586 $5,210,596,598 $40,388,569,988 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2016 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 44 TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2016 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $11,370,531,545 $143,503 $140,563,287 Federal Reserve notes 1 (2) $11,511,238,335 $2 ................................................................................ 2,277,441,422 2,145,767,070 131,661,818 12,534 $5 ................................................................................ 13,671,833,960 13,539,938,140 107,886,110 24,009,710 $10 .............................................................................. 18,568,730,400 18,548,589,300 6,300 20,134,800 $20 .............................................................................. 173,611,139,540 173,591,034,020 3,840 20,101,680 $50 .............................................................................. 80,259,300,050 80,247,807,200 500 11,492,350 $100 ............................................................................ 1,118,111,721,100 1,118,089,752,200 4 - 21,968,900 $500 ............................................................................ 141,973,500 141,783,500 5,500 184,500 $1,000 ......................................................................... 165,317,000 165,117,000 5,000 195,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 Fractional notes 5 ........................................................ 600 - 90 510 Total currency ......................................................... $1,418,323,910,907 $1,417,845,379,975 $ 239,712,661 $238,818,271 Amounts (in millions) (1) Per capita 6 (2) June 30, 2016 ...................................................................................... 1,463,923 4,520 May 31, 2016 ....................................................................................... 1,458,751 4,507 Comparative totals of currency and coins in circulation—selected dates Apr. 30, 2016 ....................................................................................... 1,447,675 4,475 Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 Sept. 30, 2010 ...................................................................................... 954,719 3,074 Sept. 30, 2005 ...................................................................................... 766,487 2,578 Sept. 30, 2000 ...................................................................................... 568,614 2,061 Sept. 30, 1995 ...................................................................................... 409,272 1,553 Sept. 30, 1990 ...................................................................................... 278,903 1,105 Sept. 30, 1985 ...................................................................................... 187,337 782 Sept. 30, 1980 ...................................................................................... 129,916 581 June 30, 1975 ...................................................................................... 81,196 380 June 30, 1970 ...................................................................................... 54,351 265 June 30, 1965 ...................................................................................... 39,719 204 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 2016 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 2016 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) 01/06/16 ................................................................. 1,113,427 1,163,640 -340 1.4084 01/13/16 ................................................................. 1,155,504 1,210,184 n.a. 1.4294 01/20/16 ................................................................. 1,225,737 1,283,790 n.a. 1.4592 01/27/16 ................................................................. 1,267,983 1,325,949 n.a. 1.404 02/03/16 ................................................................. 1,316,817 1,367,004 n.a. 1.3843 02/10/16 ................................................................. 1,263,834 1,320,180 450 1.3969 02/17/16 ................................................................. 1,261,949 1,311,794 n.a. 1 02/24/16 ................................................................. 1,336,419 1,386,261 n.a. 1.3765 03/02/2016 ............................................................. 1,359,020 1,421,425 n.a. 1.3466 03/09/2016 ............................................................. 1,399,468 1,464,237 n.a. 1.3233 03/16/2016 ............................................................. 1,191,818 1,258,905 n.a. 1.3364 03/23/2016 ............................................................. 1,192,455 1,257,171 n.a. 1.3199 03/30/2016 ............................................................. 1,207,332 1,268,022 n.a. 1.2962 04/06/2016 ............................................................. 1,175,559 1,244,227 n.a. 1 04/13/2016 ............................................................. 1,226,107 1,286,567 n.a. 1.2789 04/20/2016 ............................................................. 1,217,796 1,282,840 1,085 1.2623 04/27/2016 ............................................................. 1,249,516 1,316,008 171 1.2637 05/04/2016 ............................................................. 1,301,951 1,367,498 n.a. 1.2882 05/11/2016 ............................................................. 1,285,882 1,351,482 n.a. 1 05/18/2016 ............................................................. 1,321,200 1,377,277 n.a. 1 05/25/2016 ............................................................. 1,351,650 1,404,790 650 1.3089 06/01/2016 ............................................................. 1,369,208 1,421,268 n.a. 1.3089 06/08/2016 ............................................................. 1,428,201 1,465,316 n.a. 1.2694 06/15/2016 ............................................................. 1,197,340 1,238,816 n.a. 1.2912 06/22/2016 ............................................................. 1,194,074 1,239,523 n.a. 1.282 06/29/2016 ............................................................. 1,219,090 1,278,469 n.a. 1.299 September 2016 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) 2013 - Dec ................... 777,944 787,202 166,469 162,808 62,802 75,543 122,082 97,404 529 1.0637 2014 - Dec ................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601 2015 - July ................... 1,043,980 1,061,607 148,790 138,626 67,177 93,389 155,989 125,767 n.a. 1.3047 Aug .................. 1,107,353 1,125,337 156,138 134,505 80,173 n.a. 210,535 167,592 -264 1.3223 Sept ................. 1,051,338 1,076,679 163,103 140,538 77,678 116,506 181,706 143,633 420 1.3396 Oct ................... 1,113,981 1,149,212 167,289 135,325 67,566 97,006 144,961 116,843 n.a. 1.3082 Nov .................. 1,142,278 1,165,258 159,177 129,624 66,935 86,967 113,196 92,059 n.a. 1.3332 Dec .................. 1,041,022 1,099,522 189,596 130,841 69,496 103,445 130,520 96,399 -33 1.3839 2016 - Jan ................... 1,282,502 1,344,853 217,901 137,025 106,456 n.a. 209,820 148,433 43 1.4074 Feb .................. 1,344,917 1,402,772 224,762 138,546 116,584 160,123 187,925 135,828 n.a. 1.3522 Mar .................. 1,225,422 1,286,911 226,067 132,471 108,590 160,368 192,731 135,979 n.a. 1.2969 Apr ................... 1,313,456 1,380,357 210,103 154,278 98,218 n.a. 184,228 125,373 674 1.2549 May.................. 1,419,469 1,472,381 198,326 147,510 96,646 n.a. 211,242 143,227 n.a. 1.3097 June................. 1,308,456 1,363,847 179,635 128,921 76,791 n.a. 158,364 108,352 n.a. 1 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 Foreign currency denominated Options positions Puts Calls Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) Bought (5) Written (6) Bought (7) Written (8) 50,955 n.a. 1,831 5,630 4,362 52 1.0637 101,443 56,942 n.a. n.a. 3,387 1,551 n.a. 1.1053 33,223 99,792 53,898 960 2,789 4,141 1,136 n.a. 1.0676 34,835 96,687 49,460 1,629 1,789 2,666 1,585 n.a. 1.1207 19,820 35,885 94,153 50,754 n.a. n.a. 1,034 n.a. -15 1.1601 2015 - Mar ................... 78,372 106,869 127,134 102,875 n.a. 539 4,168 n.a. -14 1.2681 June ................. 71,356 97,532 132,681 95,771 453 296 3,071 1,191 n.a. 1.2473 Sept .................. 67,133 98,724 137,280 101,046 n.a. 260 4,831 1,110 -33 1.3396 Dec ................... 27,142 59,087 124,805 94,853 209 134 n.a. n.a. n.a. 1.3839 2016 - Mar ................... 30,905 61,123 128,141 93,297 270 373 1,834 n.a. n.a. 1.2969 Purchased (1) Sold (2) Assets (3) Liabilities (4) 2013 - Dec ................... 18,183 37,339 94,712 2014 - Mar ................... 21,444 36,135 June.................. 21,683 Sept .................. 20,112 Dec ................... Report date September 2016 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) 01/06/16 .................................................................. 553,101 557,404 35 118.54 01/13/16 .................................................................. 540,563 543,796 8 118.06 01/20/16 .................................................................. 555,798 559,650 98 116.38 01/27/16 .................................................................. 556,596 560,090 182 118.9 02/03/16 .................................................................. 580,036 582,431 24 117.92 02/10/16 .................................................................. 592,209 595,187 n.a. 114.03 02/17/16 .................................................................. 567,800 570,639 n.a. 114.14 02/24/16 .................................................................. 585,885 588,587 n.a. 111.36 03/02/2016 .............................................................. 593,489 597,413 n.a. 113.81 03/09/2016 .............................................................. 576,461 578,854 -5 113.06 03/16/2016 .............................................................. 528,979 533,325 -74 114 03/23/2016 .............................................................. 516,401 521,316 -49 113 03/30/2016 .............................................................. 566,206 566,215 -25 113 04/06/2016 .............................................................. 552,789 552,866 11 109.63 04/13/2016 .............................................................. 534,956 540,123 186 109.21 04/20/2016 .............................................................. 556,891 558,917 n.a. 109.51 04/27/2016 .............................................................. 571,038 570,333 38 111.26 05/04/2016 .............................................................. 604,187 608,890 119 107.12 05/11/2016 .............................................................. 519,467 524,886 299 108.48 05/18/2016 .............................................................. 522,118 528,520 n.a. 110 05/25/2016 .............................................................. 528,836 534,977 n.a. 110.22 06/01/2016 .............................................................. 563,123 569,258 n.a. 109.55 06/08/2016 .............................................................. 560,830 568,647 n.a. 106.68 06/15/2016 .............................................................. 529,883 536,147 n.a. 105.87 06/22/2016 .............................................................. 525,957 533,344 n.a. 104.56 06/29/2016 .............................................................. 564,170 570,984 n.a. 103 Spot, forward and future contracts Report date September 2016 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) Foreign currency denominated Sold (2) 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) 2013 - Dec .................. 367,919 373,026 100,854 95,824 49,695 56,375 91,674 85,364 424 105.25 2014 - Dec .................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85 2015 - July .................. 531,221 530,596 141,665 129,494 52,745 58,273 82,194 77,804 -395 123.94 Aug ................. 527,676 533,901 144,686 130,332 56,740 63,756 86,276 80,442 -329 121.26 Sept ................ 522,835 530,019 149,163 134,944 56,082 63,638 83,783 79,161 -377 119.81 Oct .................. 553,897 558,893 146,988 138,049 50,315 58,996 79,081 73,814 30 120.7 Nov ................. 622,040 625,963 145,721 136,464 48,349 53,111 68,567 65,645 -32 123.22 Dec ................. 531,482 536,367 138,871 129,149 43,087 44,780 58,483 58,347 4 120.27 2016 - Jan .................. 599,927 603,793 140,249 133,004 49,786 52,448 66,011 66,310 -19 121.05 Feb ................. 589,830 594,323 145,011 136,596 56,883 58,446 68,723 70,164 45 112.9 Mar ................. 561,664 562,025 148,756 138,244 54,695 56,259 69,347 69,988 -44 112.42 Apr .................. 608,509 607,845 143,092 135,723 57,436 58,436 71,339 72,809 118 106.9 May................. 568,549 572,000 149,059 140,626 54,268 54,880 71,005 71,781 n.a. 110.75 June................ 563,920 570,207 151,106 143,579 53,090 52,972 68,821 69,484 n.a. 102.77 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) 2013 - Dec ................... 4,238 5,807 10,272 4,750 n.a. 965 2,510 1,335 75 105.25 2014 - Mar ................... 5,622 5,632 9,378 4,754 n.a. 599 1,633 684 14 101.28 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 ................... 6,835 6,172 7,254 4,951 179 531 1,474 587 -46 119.96 June ................. 6,721 6,611 6,944 5,995 355 666 1,084 428 n.a. 122.1 Sept .................. 6,223 4,241 7,277 5,350 477 492 1,151 333 12 119.81 Dec ................... 5,669 4,016 7,216 5,365 329 368 491 390 4 120.27 2016 - Mar ................... 7,220 4,862 7,169 5,275 n.a. 340 670 486 -7 112.42 September 2016 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) 01/06/16 .................................................................. 893,157 932,613 n.a. 1.0084 01/13/16 .................................................................. 939,164 979,429 n.a. 1.0064 01/20/16 .................................................................. 933,261 972,812 n.a. 1.0032 01/27/16 .................................................................. 972,604 1,011,750 n.a. 1.0176 02/03/16 .................................................................. 974,546 1,013,006 n.a. 1.007 02/10/16 .................................................................. 1,010,898 1,046,727 n.a. 0.9779 02/17/16 .................................................................. 952,182 990,251 n.a. 0.9926 02/24/16 .................................................................. 997,366 1,032,312 n.a. 0.986 03/02/2016 .............................................................. 997,334 1,030,419 n.a. 0.9981 03/09/2016 .............................................................. 1,045,099 1,077,815 n.a. 0.9957 03/16/2016 .............................................................. 919,534 952,089 n.a. 0.9879 03/23/2016 .............................................................. 964,701 995,733 n.a. 0.9731 03/30/2016 .............................................................. 960,080 993,954 722 1 04/06/2016 .............................................................. 941,584 974,723 374 0.9537 04/13/2016 .............................................................. 945,112 975,462 283 0.9651 04/20/2016 .............................................................. 939,542 967,487 353 0.9671 04/27/2016 .............................................................. 969,239 1,001,513 n.a. 0.971 05/04/2016 .............................................................. 926,459 959,786 n.a. 0.9574 05/11/2016 .............................................................. 920,594 951,330 n.a. 0.9699 05/18/2016 .............................................................. 907,416 936,272 n.a. 1 05/25/2016 .............................................................. 906,155 936,958 n.a. 0.9908 06/01/2016 .............................................................. 931,614 964,243 940 0.9892 06/08/2016 .............................................................. 994,749 1,025,563 1,130 0.9594 06/15/2016 .............................................................. 892,650 925,682 1,068 0.9647 06/22/2016 .............................................................. 901,165 936,876 n.a. 0.9584 06/29/2016 .............................................................. 893,956 920,743 n.a. 1 September 2016 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 2013 - Dec ................... Foreign currency denominated Assets Liabilities (4) (3) Spot, forward and future contracts Purchased Sold (1) (2) 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) 615,640 639,211 96,480 74,020 105,112 115,954 139,453 127,568 -472 0.8904 2014 - Mar ................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934 June.................. 928,128 953,171 88,944 77,170 78,530 89,270 124,029 110,113 n.a. 0.9636 Sept .................. 910,160 942,972 81,836 68,577 85,293 102,159 142,158 123,226 n.a. 0.9681 Dec ................... 911,898 940,715 85,510 73,121 80,723 90,877 128,446 117,483 n.a. 0.9773 2015 - Mar ................... 912,030 946,229 84,413 58,526 76,656 89,218 131,736 117,584 n.a. 0.9858 June ................. 1,080,695 1,112,940 87,602 59,422 82,709 98,220 149,346 129,932 n.a. 1.0282 Sept .................. 891,361 931,195 82,111 58,489 77,874 89,785 124,418 111,241 n.a. 1.0017 Dec ................... 996,992 1,036,737 78,866 54,589 73,231 87,259 120,702 105,625 n.a. 1.0226 2015 - Mar ................... 1,007,332 1,039,917 84,553 60,915 76,378 88,522 122,776 109,580 n.a. 0.996 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) 2013 - Dec ................... 22,699 23,164 2014 - Mar ................... 17,733 June.................. 18,188 Sept .................. 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) n.a. 0.8904 n.a. 9,538 n.a. n.a. 1,951 n.a. 17,832 99,179 8,969 n.a. n.a. 1,012 290 -2 0.8840 18,726 101,146 9,451 n.a. n.a. 879 436 n.a. 0.8868 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 ................... 24,395 27,813 90,647 13,567 n.a. n.a. n.a. 596 n.a. 0.9712 June ................. 20,333 22,935 82,868 12,529 n.a. n.a. 116 n.a. -10 0.9346 Sept .................. 11,532 13,353 81,603 13,273 n.a. n.a. 286 n.a. -10 0.9773 Dec ................... 13,943 15,327 73,098 14,813 - - n.a. n.a. n.a. 1.0017 2016 - Mar ................... 12,976 16,654 46,077 13,861 n.a. - n.a. n.a. n.a. 0.9583 September 2016 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) 01/06/16 .................................................................. 2,136,112 2,232,947 n.a. 1.4626 01/13/16 .................................................................. 2,177,913 2,274,994 n.a. 1.447 01/20/16 .................................................................. 2,189,510 2,282,513 n.a. 1.4167 01/27/16 .................................................................. 2,224,396 2,317,791 n.a. 1.4261 02/03/16 .................................................................. 2,214,817 2,299,162 -6 1.4576 02/10/16 .................................................................. 2,150,682 2,235,071 268 1.4473 02/17/16 .................................................................. 2,150,180 2,231,890 169 1.4317 02/24/16 .................................................................. 2,269,118 2,359,163 -720 1.3932 03/02/2016 .............................................................. 2,283,171 2,375,564 n.a. 1.4059 03/09/2016 .............................................................. 2,298,299 2,390,799 420 1.4236 03/16/2016 .............................................................. 2,170,172 2,264,431 369 1.41 03/23/2016 .............................................................. 2,185,165 2,286,293 135 1.4111 03/30/2016 .............................................................. 2,278,564 2,381,938 476 1 04/06/2016 .............................................................. 2,214,763 2,316,497 754 1.4162 04/13/2016 .............................................................. 2,236,780 2,341,682 n.a. 1.4223 04/20/2016 .............................................................. 2,231,639 2,342,671 n.a. 1.4375 04/27/2016 .............................................................. 2,415,149 2,525,179 n.a. 1.4554 05/04/2016 .............................................................. 2,339,282 2,450,051 n.a. 1 05/11/2016 .............................................................. 2,319,632 2,437,680 n.a. 1 05/18/2016 .............................................................. 2,412,540 2,512,107 n.a. 1.4615 05/25/2016 .............................................................. 2,473,858 2,576,942 n.a. 1.4694 06/01/2016 .............................................................. 2,539,168 2,648,194 n.a. 1.4395 06/08/2016 .............................................................. 2,235,384 2,643,957 n.a. 1.4546 06/15/2016 .............................................................. 2,355,327 2,457,981 n.a. 1.4185 06/22/2016 .............................................................. 2,327,077 2,431,543 -84 1.4682 06/29/2016 .............................................................. 2,540,472 2,655,240 218 1 September 2016 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) 68,177 65,277 71,494 73,631 -179 1.6574 Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2013 - Dec ................... 1,560,072 1,549,461 558,331 482,587 2014 - Dec ................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578 2015 - July ................... 1,992,908 2,073,991 658,958 622,819 101,035 98,445 94,215 93,188 86 1.5634 Aug .................. 2,092,773 2,166,158 663,720 632,133 95,422 96,929 104,644 102,015 -349 1.5363 Sept ................. 1,980,149 2,054,827 650,708 661,263 84,785 88,676 97,674 91,804 n.a. 1.5116 Oct ................... 2,086,683 2,157,545 642,429 656,344 79,955 81,072 87,008 85,102 -249 1.5445 Nov .................. 2,360,516 2,469,653 664,148 673,940 83,441 90,095 105,205 96,226 -181 1.5044 Dec .................. 2,097,242 2,195,891 663,775 689,139 78,769 88,691 110,325 99,992 -536 1.4746 2016 - Jan ................... 2,242,437 2,331,409 710,275 735,878 98,347 112,901 143,993 131,101 -429 1.4184 Feb .................. 2,289,024 2,377,171 753,517 789,732 104,509 124,895 172,178 148,214 21 1.3926 Mar .................. 2,239,307 2,345,456 719,273 749,772 111,379 131,861 184,228 162,080 556 1.4381 Apr ................... 2,332,459 2,441,202 708,435 747,051 131,823 148,164 199,086 184,093 n.a. 1.4625 May.................. 2,528,692 2,637,088 702,822 730,453 147,533 169,789 229,916 214,284 n.a. 1.453 June................. 2,549,272 2,674,243 762,839 790,046 155,764 182,365 232,457 209,815 n.a. 1.3242 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) Otions positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2013 - 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. 1.622 Dec ................... 25,098 28,006 157,560 39,245 n.a. 796 3,544 930 n.a. 1.5578 2015 - Mar ................... 30,264 42,342 158,473 61,050 n.a. 745 5,418 3,293 -85 1.485 June ................. 29,155 39,283 160,747 61,154 1,163 1,191 1,602 1,018 57 1.5727 Sept .................. 23,672 37,701 164,511 63,149 1,371 1,101 2,640 753 90 1.5116 Dec ................... 23,539 40,934 159,100 61,109 358 351 3,151 1,330 n.a. 1.4746 2016 - Mar ................... 25,197 48,655 161,265 64,422 460 958 5,159 2,545 76 1.4381 September 2016 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) 01/06/16 ................................................................ 23,369,202 22,838,879 -6,963 n.a. 01/13/16 ................................................................ 23,756,814 23,251,347 -4,311 n.a. 01/20/16 ................................................................ 24,142,073 23,644,866 -7,019 n.a. 01/27/16 ................................................................ 24,323,313 23,836,130 -6,540 n.a. 02/03/16 ................................................................ 24,915,606 24,461,210 -8,440 n.a. 02/10/16 ................................................................ 25,151,503 24,664,927 -8,244 n.a. 02/17/16 ................................................................ 24,564,309 24,117,148 -8,991 n.a. 02/24/16 ................................................................ 25,416,418 24,911,208 -8,639 n.a. 03/02/2016 ............................................................ 25,432,634 24,930,528 -5,315 n.a. 03/09/2016 ............................................................ 25,463,672 24,951,797 -4,773 n.a. 03/16/2016 ............................................................ 23,806,245 23,317,950 -3,907 n.a. 03/23/2016 ............................................................ 23,984,222 23,420,830 -3,178 n.a. 03/30/2016 ............................................................ 24,746,453 24,258,406 -4,688 n.a. 04/06/2016 ............................................................ 24,554,723 24,045,865 -3,395 n.a. 04/13/2016 ............................................................ 24,399,083 23,846,271 n.a. n.a. 04/20/2016 ............................................................ 24,347,429 23,829,002 n.a. n.a. 04/27/2016 ............................................................ 25,178,052 24,921,029 -2,679 n.a. 05/04/2016 ............................................................ 25,227,202 24,668,812 n.a. n.a. 05/11/2016 ............................................................ 24,571,381 24,030,063 n.a. n.a. 05/18/2016 ............................................................ 24,727,025 24,215,423 n.a. n.a. 05/25/2016 ............................................................ 25,128,597 24,595,101 n.a. n.a. 06/01/2016 ............................................................ 25,954,692 25,395,153 n.a. n.a. 06/08/2016 ............................................................ 26,538,186 25,988,149 n.a. n.a. 06/15/2016 ............................................................ 24,267,521 23,734,298 n.a. n.a. 06/22/2016 ............................................................ 24,214,957 23,677,718 n.a. n.a. 06/29/2016 ............................................................ 25,400,110 24,801,171 n.a. n.a. September 2016 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) 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 - Dec .............. 22,315,811 21,203,954 - - 2,398,557 2,286,289 1,665,023 1,794,615 -16,957 n.a. 2015 - July .............. 23,394,671 22,573,947 - - 2,293,536 2,128,226 1,632,556 1,678,632 7,403 n.a. Aug ............. 24,068,267 23,051,803 - - 2,539,766 2,328,203 1,770,106 1,863,986 -1,048 n.a. Sept ............ 23,563,409 22,486,420 - - 2,526,052 2,280,176 1,710,295 1,852,295 -2,310 n.a. Oct .............. 24,477,244 23,329,751 - - 2,549,232 2,291,490 1,557,318 1,842,031 -5,509 n.a. Nov ............. 26,886,275 25,760,439 - - 2,592,734 2,373,038 1,579,841 1,829,914 -5,256 n.a. Dec ............. 23,238,718 22,612,482 - - 2,123,663 1,977,186 1,356,847 1,514,472 -7,248 n.a. 2016 - Jan .............. 25,234,746 24,741,304 - - 2,370,298 2,137,037 1,491,971 1,747,546 -14,299 n.a. Feb ............. 25,776,570 25,258,980 - - 2,463,137 2,213,088 1,597,951 1,865,640 -6,115 n.a. Mar ............. 24,853,887 24,371,205 - - 2,497,827 2,251,147 1,738,244 1,994,478 n.a. n.a. Apr .............. 25,819,959 25,309,671 - - 2,464,483 2,226,566 1,708,525 1,961,781 -2,108 n.a. May............. 25,750,475 25,241,261 - - 2,567,032 2,230,210 1,651,792 1,972,493 -4,428 n.a. June............ 25,490,336 24,878,561 - - 2,480,461 2,155,087 1,620,127 1,929,426 n.a. 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) 2013 - 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 13,105 n.a. 2015 - Mar ................... 538,569 478,839 - - 45,587 35,619 15,122 15,943 3,892 n.a. June ................. 508,264 459,708 - - 28,447 18,680 8,179 11,729 n.a. n.a. Sept .................. 439,679 389,752 - - 38,463 21,560 10,337 9,624 2,424 n.a. Dec ................... 394,957 340,085 - - 28,177 18,640 6,330 8,699 1,846 n.a. 2016 - Mar ................... 388,976 345,432 - - 29,718 19,703 6,875 11,280 1,434 n.a. September 2016 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) 01/06/16 ............................................................................. 7,361,386 7,528,119 n.a. 0.9292 01/13/16 ............................................................................. 7,413,098 7,581,715 n.a. 0.9206 01/20/16 ............................................................................. 7,513,619 7,682,119 10,017 0.9168 01/27/16 ............................................................................. 7,509,457 7,679,055 n.a. 0.9202 02/03/16 ............................................................................. 7,569,771 7,752,140 11,975 0.9049 02/10/16 ............................................................................. 7,638,937 7,845,939 n.a. 0.8911 02/17/16 ............................................................................. 7,446,734 7,584,709 n.a. 0.8977 02/24/16 ............................................................................. 7,564,820 7,751,539 n.a. 0.9074 03/02/2016 ......................................................................... 7,651,067 7,821,492 3,165 0.9221 03/09/2016 ......................................................................... 7,508,423 7,679,657 n.a. 0.9073 03/16/2016 ......................................................................... 7,154,575 7,254,420 623 1 03/23/2016 ......................................................................... 6,913,835 7,062,496 -487 1 03/30/2016 ......................................................................... 7,218,318 7,374,716 377 0.8826 04/06/2016 ......................................................................... 7,091,458 7,252,587 519 0.8749 04/13/2016 ......................................................................... 7,193,783 7,371,740 1,557 0.8864 04/20/2016 ......................................................................... 6,954,064 7,136,468 1,555 0.8826 04/27/2016 ......................................................................... 7,248,347 7,417,181 -643 0.8832 05/04/2016 ......................................................................... 7,150,388 7,319,505 -848 1 05/11/2016 ......................................................................... 7,164,286 7,322,452 -1,466 1 05/18/2016 ......................................................................... 7,184,317 7,329,815 n.a. 0.8868 05/25/2016 ......................................................................... 7,351,222 7,509,349 n.a. 0.8965 06/01/2016 ......................................................................... 7,591,576 7,752,412 n.a. 0.8957 06/08/2016 ......................................................................... 7,668,215 7,833,294 n.a. 0.8772 06/15/2016 ......................................................................... 7,179,662 7,349,790 -3,046 1 06/22/206 ........................................................................... 7,014,265 7,183,566 -426 1 06/29/2016 ......................................................................... 7,300,107 7,460,608 -2,299 0.8995 September 2016 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) 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 - Dec ................... 6,034,361 6,176,703 2,069,681 1,999,146 451,487 500,726 678,531 639,243 2,694 0.8264 2015 - July ................... 7,320,770 7,553,819 2,047,192 1,929,274 529,205 591,868 830,488 768,196 n.a. 0.9068 Aug .................. 7,247,138 7,470,982 2,024,660 1,940,120 566,309 615,920 824,558 775,937 n.a. 0.8933 Sept ................. 7,141,758 7,331,845 2,022,309 1,957,777 521,770 565,873 761,074 726,021 n.a. 0.8959 Oct ................... 7,504,507 7,695,131 2,068,710 1,991,753 536,147 608,360 813,123 761,260 n.a. 0.9056 Nov .................. 8,618,765 8,824,919 1,972,307 1,931,985 590,818 659,267 965,633 923,923 n.a. 0.9468 Dec .................. 7,266,999 7,435,516 1,918,196 1,844,155 504,161 532,803 716,194 693,323 n.a. 0.9209 2016 - Jan ................... 7,780,221 7,954,619 2,029,674 1,956,982 540,241 574,056 695,531 664,448 n.a. 0.9232 Feb .................. 7,791,652 7,968,756 2,089,901 2,044,871 553,654 589,449 728,915 696,928 n.a. 0.9201 Mar .................. 7,232,255 7,393,836 2,086,812 2,020,750 535,503 554,854 649,039 624,914 712 0.878 Apr ................... 7,359,297 7,529,536 2,035,984 1,983,631 499,976 523,257 609,634 586,599 -1,498 0.874 May.................. 7,371,305 7,525,525 2,022,486 1,974,254 489,887 518,113 623,712 583,584 n.a. 0.8981 June................. 7,262,942 7,422,625 2,052,020 2,008,197 481,255 509,286 614,420 580,517 -2,899 0.9064 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) 2013 - 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 ................... 150,385 138,996 283,667 183,576 7,240 3,962 15,297 9,179 1,582 0.931 June ................. 146,038 136,974 295,965 183,030 3,264 3,244 14,458 8,048 1,222 0.8965 Sept .................. 130,008 114,308 304,860 178,056 6,575 2,397 12,100 7,277 -686 0.8959 Dec ................... 126,355 121,422 283,432 184,306 5,153 1,869 10,724 6,624 -40 0.9209 2016 - Mar ................... 133,865 119,404 292,432 185,595 4,902 2,544 4,868 2,723 n.a. 0.878 September 2016 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, 2016, and June 30, 2016 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance ................................................................... U.S. Government securities ............................................. Special drawing rights 1 ........................................................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable ................................................................. Mar. 31, 2016 Apr. 1, 2016, through June 30, 2016 June 30, 2016 22,658,403 50,518,005 9,972 -357,604 22,668,375 50,160,401 12,428,191 8,329,541 78,712 -365,367 789,853 -14,167 12,062,824 9,119,394 64,545 Total assets.......................................................................... 94,012,852 62,687 94,075,539 Liabilities and capital Current liabilities: Accounts payable................................................................. 4,748 -631 4,117 Total current liabilities ...................................................... 4,748 -631 4,117 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 49,753,437 - -352,450 - 5,200,000 49,400,987 - Total other liabilities ......................................................... 54,953,437 -352,450 54,600,987 Capital: Capital account .................................................................... Net income (+) or loss (-) (see Table ESF-2) ...................... 200,000 789,137 393,767 200,000 1,182,904 Total capital...................................................................... 39,054,667 415,768 39,470,435 Total liabilities and capital ............................................ 94,012,852 62,687 94,075,539 See footnote on the following page. September 2016 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, 2016, through June 30, 2016 Fiscal year to date Oct. 1, 2015, through June 30, 2016 Foreign exchange ........................................................................ 389,560 1,150,874 Adjustment for change in valuation of SDR holdings and allocations 1 .............................................. -5,430 -2,629 SDRs ............................................................................................ -1,301 -1,453 U.S. Government securities ......................................................... 11,891 30,421 Foreign exchange ........................................................................ -953 5,691 Income from operations ............................................................... 393,767 1,182,904 Net income (+) or loss (-) ............................................................. 393,767 1,182,904 Income and expense Profit (+) or loss(-) on: 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 2016 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 2017) .............................................................................................................. 89 less: Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 43 Unfunded authorizations (fiscal year 2017) ........................................................................................................................................................................ 46 48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021) ............................................................................................................................ 142 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2017) .............................................................................................................. 29 less: Cash balance (fiscal year 2017) ......................................................................................................................................................................................... 15 Unfunded authorizations (fiscal year 2017) ........................................................................................................................................................................ 13 48-month revenue estimate (fiscal years 2018, 2019, 2020, and 2021) ........................................................................................................................... 26 Note—Detail may not add due to rounding. Note—Estimates are based on Fiscal Year 2017 MSR revenue assumptions and currently authorized contract authority under public law 114-94. September 2016 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 2016 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 2016 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. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2015, Public Law 114-74, the Statutory Debt Limit has been suspended through March 15, 2017. 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. 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. 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). Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). 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. 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 2016 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). Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. 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 GLOSSARY outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund transactions (“Exchange Stabilization Fund”, ESF-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections 69 from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” ESF-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. September 2016 70 GLOSSARY Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway September 2016 Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes).
@FedFRASER