Full text of Treasury Bulletin : September 2017
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BULLETIN SEPTEMBER 2017 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, Fiscal Accounting Operations, Central Accounting and Reporting Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (202) 874-9939 or (202) 874-9885 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 2017 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 2017 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 2017 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 PROFILE OF THE ECONOMY 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of August 4, 2017 Introduction United States economic growth accelerated in the second quarter of 2017, after a temporary slowing in the first quarter. Personal consumption expenditures stepped up noticeably in the second quarter and non-residential fixed investment continued to expand. Net exports and total government spending also supported second-quarter growth. Residential investment declined (after the previous quarter’s double-digit advance) and inventory accumulation had a neutral impact. Labor market conditions remained healthy, and the unemployment rate stood at 4.3 percent in July 2017. Inflation has slowed in recent months, partly due to a pullback in oil prices. However, headline rates remain above year-ago levels, while core inflation remains stable. The federal budget deficit fell from a peak of 9.8 percent of GDP in fiscal year 2009 to an 8-year low of 2.5 percent in fiscal year 2015 before rising a bit to 3.2 percent of GDP in fiscal year 2016. The Administration’s Fiscal Year 2018 Budget projects the budget deficit will decline to 3.1 percent of GDP in FY2017, and range between 2-¼ and 2-½ percent of GDP from fiscal year 2018 to fiscal year 2020. At its latest meeting on July 25-26, 2017, the Federal Reserve’s Federal Open Market Committee (FOMC) maintained the target range for the federal funds rate at 1.00 to 1.25 percent. At that meeting, the FOMC indicated that “for the time being” it would maintain existing programs for reinvestment of principal payments and roll-overs of maturing Treasuries at auction. Most notably, however, it signaled that it “expects to begin implementing its balance sheet normalization program relatively soon, provided that the economy evolves broadly as anticipated.” The FOMC continued to assert that “the stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.” Economic Growth Since the current expansion began in mid-2009, the economy has grown by 18.5 percent and, as of the second quarter of 2017, real GDP was 13.5 percent above its level at the end of 2007, when the recession began. According to the advance estimate, real GDP rose 2.6 percent at an annual rate in the second quarter of 2017, accelerating from a 1.2 percent advance in the first quarter. Consumer spending grew much faster in the second quarter, while nonresidential fixed investment and net exports continued to add to growth. Total government spending also contributed, as a rise in federal expenditures helped offset a decline in State and local government spending. Inventory accumulation had a neutral impact on growth, after several quarters of posing a drag. Residential investment fell following two strong quarters of growth, subtracting from real GDP. Real personal consumption expenditures—which account for about 69 percent of GDP—rose at a 2.8 percent annual rate in the second quarter, picking up significantly from a 1.9 percent pace in the first quarter. Across spending categories, consumption growth for durables advanced at a 4.7 percent annual rate in the second quarter, following a 0.7 percent rise in the previous quarter, while consumption of nondurables jumped 6.3 percent in the latest quarter, after edging down 0.1 percent in the first quarter. Services consumption rose 1.9 percent in the second quarter, slowing from the first quarter’s 2.5 percent pace. Altogether, consumption added 1.9 percentage points to real GDP growth in the second quarter, much more than the 1.3 percentage point contribution in the first quarter. After strong growth in the two previous quarters, housing activity waned in the second quarter. Residential investment fell 6.8 percent at an annual rate in the second quarter, after surging by 11.1 percent in the first quarter. Residential activity accounts for 3.8 percent of GDP and subtracted 0.3 percentage point from second-quarter real GDP growth. Home building and home sales remain on a gradual upward trend. Single-family housing starts gained 10.3 percent over the year through June 2017 to an annual rate of 849,000 units. However, single-family starts remain 53 September 2017 4 PROFILE OF THE ECONOMY percent below their January 2006 peak and also below the 1.1 million unit average observed from 1980 to 2004. Multifamily starts fell 12.9 percent over the year through June 2017, and are 18.7 percent below the pre-recession peak. Sales of new single-family homes rose 9.1 percent over the year through June 2017 to a 610,000 annual rate. Sales of existing homes (94 percent of all home sales, including single-family, condos and co-ops) increased 0.7 percent over the year through June 2017, to a 5.5 million annual rate. Nonresidential fixed investment—12.4 percent of GDP—advanced 5.2 percent at an annual rate in the second quarter of 2017, following a 7.1 percent increase in the first quarter. One subcomponent accelerated, with the pace of equipment investment nearly doubling to reach an annual rate of 8.2 percent, up from 4.4 percent in the previous quarter. The other two components expanded but at a slower pace than in the first quarter. Outlays for intellectual property products grew at annual rate of 1.4 percent, compared with 5.8 percent in the first quarter. Spending on structures rose 4.9 percent at an annual rate, after a 14.8 percent surge in the first quarter that was driven largely by energy-sector spending. Altogether, nonresidential fixed investment added 0.6 percentage point to real GDP growth in the second quarter, after contributing 0.9 percentage point in the first quarter. After posing a drag on growth in six of the previous eight quarters, inventory investment made an essentially neutral contribution to growth in the second quarter, following a 1.5 percentage point subtraction in the first quarter. Exports account for about 12 percent of GDP, while imports (which are subtracted from total domestic spending to calculate GDP) account for nearly 15 percent. In the second quarter of 2017, exports grew by 4.1 percent (after rising 7.3 percent in the previous quarter) and import growth slowed to 2.1 percent (from 4.3 percent in the first quarter). The net export deficit narrowed a bit, adding 0.2 percentage point to real GDP growth in the second quarter after making a similar 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 2006 peak. In the first quarter of 2017 (latest data available), the current account deficit widened to $467 billion (annualized), or 2.5 percent of GDP. Government purchases—which account for close to 18 percent of GDP—posed a drag on GDP growth each year from 2011 through 2014, but contributed modestly on net to September 2017 economic growth in 2015 and 2016. In the second quarter of 2017, government outlays increased by 0.7 percent, after falling by 0.6 percent in the previous quarter, and added 0.1 percentage point to real GDP growth. At the federal level, spending rose 2.3 percent, after falling 2.4 percent in the first quarter. State and local government spending declined 0.2 percent, following a 0.5 percent advance in the first quarter. State and local government spending declined for 13 straight quarters from the fourth quarter of 2009 through the fourth quarter of 2012, but has risen in all but six quarters since then. Similarly, spending cutbacks at the federal level restrained overall growth from late 2010 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 2017, total nonfarm payroll employment has increased by 16.9 million. Private-sector employment has risen 17.0 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, through July 2017, payrolls in professional and business services have risen by 4.2 million, and the leisure and hospitality industry’s employment has increased by about 3.0 million through July 2017. Employment in the manufacturing sector has expanded by 972,000 since early 2010 and the construction sector has added 1.4 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 2.8 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 2017, the government sector has added 553,000 jobs. Much of that growth occurred at the local level with the addition of 428,000 positions, including 211,000 jobs in local education. Federal government employment has risen by 77,000 during this period and state government employment has increased by 48,000. 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 July 2017 stood at 4.3 percent, matching the 16-year low reached in May 2017. PROFILE OF THE ECONOMY Broader measures of unemployment have also declined to levels much closer to 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 8.6 percent in July 2017. 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 July 2017, 25.9 percent of unemployed workers were included in this category compared with readings around 17.5 percent before the recession. Inflation Headline inflation rates have accelerated relatively to year-ago readings but the recent pull-back in oil prices has contributed to a slowing of inflation in recent months. Headline and core inflation readings are still relatively low, and core inflation remains stable. Headline consumer prices rose 1.6 percent over the 12 months ending in June 2017, a slower reading than the 2.7 percent rate seen in February 2017, but faster than the 1.0 percent increase during the previous year. Energy prices advanced 2.3 percent over the year through June 2017, in sharp contrast with the 9.4 percent plunge over the year through June 2016. On a yearover-year basis, food prices rose 0.9 percent over the year through June 2017, faster than the 0.3 percent pace over the 5 12 months ending in June 2016. On a 12-month basis, core consumer prices (excluding food and energy) rose 1.7 percent through June 2017, slowing from the 2.2 percent increase in the year ending in June 2016. Core inflation had been near or below 2 percent from early 2013 through late 2015, but hovered around 2-¼ percent throughout 2016 and the first quarter of 2017, before slowing to an average 1-¾ percent in the second quarter. 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. Prices have since trended higher, although there was a small pull-back in oil prices in the spring and early summer of 2017. The front month futures price of West Texas Intermediate (WTI) crude oil averaged $46.63 per barrel in July 2017, up $1.45 from the previous month’s average, and $1.98 above the July 2016 average. The retail price of regular gasoline averaged $2.35 per gallon in July 2017, 6 cents higher than the previous month, and 17 cents higher than its July 2016 average. 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 6.9 percent over the year ending in May 2017, lower than the peak rates of around 8 percent observed in mid-2013. The Standard and Poor’s (S&P)/Case-Shiller composite 20-city home price index rose 5.7 percent over the year ending in May 2017, a pace less than half the peak rate of 13.8 percent in November 2013. September 2017 6 PROFILE OF THE ECONOMY Economic Policy Federal Budget and Debt The federal budget deficit declined to $438 billion (2.5 percent of GDP) in fiscal year 2015, reaching an 8-year low, but rose to $587 billion (3.2 percent of GDP) in fiscal year 2016. The deficit is now 6.6 percentage points below the peak of 9.8 percent reached in fiscal year 2009. Debt held by the public rose to $14.2 trillion at the end of fiscal year 2016. As a share of the economy, publicly held debt rose to 77.0 percent of GDP in fiscal year 2016, from 73.7 percent at the end of fiscal year 2015. On May 23, 2017, the Administration released its Fiscal Year 2018 Budget. It projects the Federal Government will post a budget deficit of $603 billion (3.1 percent of GDP) in fiscal year 2017, up slightly from $585 billion (3.2 percent of GDP) in fiscal year 2016.The Budget forecasts the deficit will range between 2-¼ and 2-½ percent of GDP from fiscal year 2018 to 2020, but, thereafter, will fall as Administration policies are enacted. By 2027, the Administration expects its policies to create a modest surplus of $16 billion (0.1 percent of GDP). The primary deficit (receipts less spending excluding interest payments) will be 1.7 percent of GDP in fiscal year 2017, turning into a small primary surplus by fiscal year 2021. The primary surplus is projected to grow in the latter part of the forecast horizon, climbing to 2.1 percent of GDP by fiscal year 2027. Federal debt held by the public, or federal debt less that held in government accounts, is projected to rise to 77.4 percent of GDP ($14.8 trillion) in fiscal year 2017 from 77.0 percent ($14.2 trillion) in fiscal year 2016. Debt held by the public is projected to fall thereafter as a percentage of GDP, dropping to 59.8 percent by fiscal year 2027. September 2017 Key fiscal and monetary policy actions taken in past years aided the recovery and helped reinforce the expansion. On the fiscal policy side, these measures included the American Recovery and Reinvestment Act (ARRA) of 2009, a variety of selected tax cuts and credits for individuals and businesses, the American Taxpayer Relief Act of 2012 (ATRA), financial support for State and local Governments, and extensions of Emergency Unemployment benefits. On May 5, the President signed an omnibus bill to fully fund the federal government through September 2017. The omnibus bill appropriates $1.1 trillion for discretionary spending, including non-capped spending for Overseas Contingency Operations and emergency and disaster relief funding. The Bipartisan Budget Act of 2015 suspended the debt ceiling from November 2, 2015, through March 15, 2017. On March 16, 2017, the debt ceiling was reinstated and increased to include borrowing since October 2015. With federal debt now at the statutory limit of $19.9 trillion, the Treasury Department has suspended issuing debt to finance government operations, and is now using extraordinary measures to balance any financing gaps between revenues and outlays. On the monetary policy side, the Federal Reserve began its last cycle of monetary policy easing in September 2007, partly in response to rising financial market stress, as well as to signs of slowing in the broader economy. By December 2008, the 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. The Committee raised the rate by another 25 basis points in December 2016 to 0.5 to 0.75 percent, and raised it by a further 25 basis points to 0.75 to 1.0 percent at its March 1415, 2017, meeting. At its meeting on June 13-14, 2017, the rate was raised by an additional 25 basis points to 1.0 to 1.25 percent. The FOMC maintained this range at its most recent meeting on July 25-26, 2017, and 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 to respond to the financial crisis and slower economic growth, 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 PROFILE OF THE ECONOMY 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, 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 on July 25-26, 2017, the Committee indicated that “for the time being” it is “maintaining its existing policy of 7 reinvesting principal payments from its holdings of agency debt and agency mortgage-backed securities, and of rolling over maturing Treasury securities at auction.” It also signaled that it “expects to begin implementing its balance sheet normalization program relatively soon, provided that the economy evolves broadly as anticipated.” This program would gradually reduce the Federal Reserve’s holdings of securities by decreasing reinvestment of principal payments from those securities. At the December 2013 meeting, the FOMC announced a tapering of long-term Treasury security purchases and mortgage-backed securities purchases of $5 billion each, beginning in January 2014. The tapering brought monthly purchases to $40 billion and $35 billion, respectively. At each subsequent meeting in January, March, April, June, July, and September 2014, the Committee announced further tapering of asset purchases of $5 billion in each category. At its meeting in October 2014, the Committee announced the conclusion of its asset purchase program at the end of October 2014. 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. After advancing 9.5 percent in 2016, the index has risen 10.6 percent thus far in 2017 through early August, and is currently 58 percent above its October 2007 peak. Volatility has also declined markedly: the S&P Stock Market Volatility Index (VIX) often used as a measure of financial September 2017 8 PROFILE OF THE ECONOMY market uncertainty, stood at about 10 as of early August 2017—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 concerns about global financial markets and global growth. More recently, yields have been affected by adjustments to expectations for more government spending and higher inflation. 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 and by about 18 basis points over 2016. Currently, the 10-year yield stands at 2.27 percent, well above the record low of 1.43 percent reached in late July 2012, but 18 basis points lower on the year through early August. 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 1.1 percent as of early August 2017. The 2- to 10-year Treasury yield spread, one measure of the steepness of the yield curve, narrowed significantly from November 2013 to July 2016 when it stood at 76 basis points. Since then, however, the spread has widened, and stood at 90 basis points as of early August 2017. 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 23 basis points as of early August 2017. Measures of longer-term credit risk have also improved. The spread between the 10-year Treasury BBB (TBBB) corporate bond yield and the 10-year Treasury Constant Maturity yield averaged 211 basis points as of September September 2017 2016, and since then has narrowed, standing at an average 172 basis points in July 2017. The spread between the 10year Treasury High Quality Market (HQM) corporate bond yield and the 10-year Treasury Constant Maturity yield averaged 136 basis points in September 2016, and since then has narrowed to an average of 106 basis points as of July 2017. (The HQM and TBBB yield curves are produced in Treasury’s Office of Macroeconomic Analysis. The 10-year yields from these curves correspond to the 10-year Treasury yield, so the spreads provide a more accurate measure of credit risk.) 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. After that, this rate moved lower, to 3.41 percent in July 2016. Since then, the rate has trended higher, and in July 2017 averaged 3.97 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 2017 by about 30 percent. From August 2011 through July 2017, the dollar has appreciated by about 46 percent against the yen and by about 24 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 2017 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 2017 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 $503.8 billion for the third quarter of fiscal year 2017. This is an increase of $6.9 billion over the comparable prior year quarter. Withheld receipts increased by $21.3 billion and non-withheld receipts decreased by $7.9 billion during this period. Refunds increased by $6.5 billion over the comparable fiscal year 2016 quarter. There was an increase of $17.5 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2016. Corporate income taxes— Net corporate income tax receipts were $123.0 billion for the third quarter of fiscal year 2017. This is an increase of $21.5 billion compared to the prior year third quarter. The $21.5 billion change is September 2017 comprised of an increase of $21.1 billion in estimated and final payments, and a decrease of $0.5 billion in corporate refunds. Employment taxes and contributions— Employment taxes and contributions receipts for the third quarter of fiscal year 2017 were $316.4 billion, an increase of $13.6 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 $8.4 billion, $3.4 billion, and $1.7 billion respectively. There was a -$5.3 billion accounting adjustment for prior years employment tax liabilities made in the third quarter of fiscal year 2017, while there was a $12.3 billion adjustment in the third quarter of fiscal year 2016. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2017 were $22.9 billion, a decrease of $0.6 billion over the comparable quarter of fiscal year 2016. Net State taxes deposited in the U.S. Treasury decreased by $0.8 billion to $19.4 billion. Net Federal Unemployment Tax Act taxes increased by $0.1 billion to $3.5 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 $1.1 billion for the third quarter of fiscal year 2017. This was a negligible change from the comparable quarter of fiscal year 2016. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2017 were $19.9 billion, an increase of $0.2 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 $7.7 billion for the third quarter of fiscal year 2017. These receipts represent an increase of $1.4 billion over the same quarter in fiscal year 2016. Customs duties—Customs duties net of refunds were $8.3 billion for the third quarter of fiscal year 2017. This is an increase of $0.3 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of fiscal year 2017 were $31.6 billion, a decrease of $1.3 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $3.8 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 2017 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 2017 year to date 1,034,683 789,225 245,458 1,030,912 847,339 183,572 3,772 -58,114 61,886 2,507,820 1,859,051 648,768 3,030,904 2,452,807 578,096 -523,083 -593,755 70,673 -3,658 -88,912 88,798 -3,772 187,520 172,193 163,371 523,083 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2017 [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 249.3 59.7 117.5 5.1 0.3 4.4 4.2 3.0 12.0 455.6 May June 104.0 5.9 88.7 17.4 0.3 8.1 2.0 2.4 11.5 240.4 150.5 57.4 110.3 0.3 0.4 7.4 1.5 2.9 8.0 338.7 Note.—Detail may not add to totals due to independent rounding. September 2017 12 September 2017 FEDERAL FISCAL OPERATIONS FEDERAL FISCAL OPERATION 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) 2,449,092 2,773,979 3,020,847 3,248,722 3,266,689 1,879,592 2,100,705 2,285,246 2,478,328 2,456,509 569,500 673,274 735,602 770,394 810,180 3,538,447 3,454,254 3,504,199 3,687,623 3,854,101 3,030,856 2,820,439 2,798,105 2,944,526 3,077,747 507,589 633,815 706,095 743,097 776,354 -1,089,353 -680,276 -483,353 -438,900 -587,413 -1,151,263 -719,738 -512,857 -466,197 -621,238 61,913 39,460 29,507 27,297 33,826 1,286,476 667,974 1,076,474 325,601 1,419,286 2017 - Est .................... 3,459,708 2018 - Est .................... 3,654,292 2,602,295 2,762,138 857,413 892,154 4,062,223 4,094,450 3,246,744 3,227,792 815,479 866,658 -602,515 -440,158 -644,449 -465,654 41,934 25,496 814,612 739,323 329,572 209,998 231,327 356,537 221,692 199,875 319,204 344,069 171,713 216,584 455,605 240,418 338,660 244,179 148,604 168,497 287,022 165,322 139,453 254,986 263,613 104,266 142,186 365,351 171,413 252,461 85,394 61,394 62,830 69,515 56,370 60,422 64,218 80,456 67,447 74,397 90,254 69,005 86,199 323,320 322,817 338,438 323,178 267,523 336,544 346,540 292,812 363,757 392,816 273,177 328,841 428,894 289,404 255,219 263,249 248,402 199,909 262,006 313,480 225,590 287,851 316,632 205,920 253,114 388,305 33,916 67,598 75,189 74,776 67,613 74,538 33,060 67,222 75,907 76,184 67,257 75,727 40,588 6,252 -112,819 -107,112 33,359 -45,831 -136,669 -27,336 51,257 -192,044 -176,232 182,428 -88,423 -90,233 -45,225 -106,615 -94,753 38,620 -34,587 -122,553 -58,493 38,023 -183,585 -174,446 159,431 -81,701 -135,844 51,477 -6,204 -12,359 -5,261 -11,243 -14,116 31,158 13,234 -8,460 -1,786 22,997 -6,722 45,611 116,057 47,779 82,704 62,470 231,774 141,869 27,460 -40,544 22,006 -114,742 233 -783 -1,137 Fiscal year 2017 to date ... 2,507,820 1,859,051 648,768 3,030,904 2,452,807 578,096 -523,083 -593,755 70,673 266,136 Other (18) Transactions not applied to year’s surplus or deficit (19) Total Financing (20) 2012 ............................ 2013 ............................ 2014 ............................ 2015 ............................ 2016 ............................ 2016 - June ................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2017 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. Borrowing from the publicFederal securities, continued Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) 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 Public debt surplus or securities deficit (-) (10) (9) Means of financing—net transactions, continued Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) 2012 ...................................... 2013 ...................................... 2014 ...................................... 2015 ...................................... 2016 ...................................... -589 703 -1,234 241 269 133,641 -33,340 277,668 -10,027 367,731 1,152,249 702,019 797,573 335,867 1,051,824 27,356 2,939 69,916 40,415 154,593 -643 -267 -1,817 -2,815 -279 5,955 42 188 -3,114 -1,268 819 -3,658 -4,994 -6,425 230 -29,408 -23,503 -250,098 127,111 -309,791 816 -834 970 -171 1,089,353 680,276 483,348 435,887 587,416 2017 - Est .............................. 2018 - Est .............................. 341 -444 158,863 209,647 656,090 529,232 -3,312 - - - - -56,887 -89,073 - 602,515 440,159 2016 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2017 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... 42 -9 -170 -15 14 26 56 36 -233 -34 -12 140 35 70,019 -19,008 -23,227 -6,025 119,132 -14,832 37,631 19,126 -13,032 -71,514 76,465 -5,777 -68,555 46,080 66,778 105,761 68,480 112,656 156,727 -10,115 -59,634 34,805 -43,262 -76,244 5,134 67,452 65,245 -29,914 -44,802 64,365 68,256 467 -22,844 -26,462 -183,441 -97,081 180,380 -82,754 -8,714 -145 -196 36 53 -787 -41 -343 527 -169 108 514 500 257 263 17 28 -11 228 -179 42 -134 -511 212 24 -64 -120 71 77 120 1,376 802 -383 -78 153 -38 109 220 208 -72 12,968 16,021 -43,267 -36,056 35 -20,212 14,408 -17,539 -26,867 122,842 74,954 1,182 14,132 134 1,170 -53 - -6,252 112,815 107,112 -33,359 45,831 136,669 27,336 -51,257 192,044 176,232 -182,428 88,426 90,233 Fiscal year 2017 to date .......... 28 78,644 187,519 -172,193 566 -502 921 162,935 -53 523,086 These estimates are based on the President's FY 2018 Budget, released by the Office of Management and Budget on May 23, 2017. - No transactions Detail may not add to totals due to rounding. September 2017 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”] Income taxes Individual Fiscal year or month Withheld (1) Other (2) 2012 .................. 2013 .................. 2014 .................. 2015 .................. 2016 .................. 1,018,104 1,102,745 1,149,709 1,220,161 1,245,698 352,355 443,651 476,591 554,993 551,660 2017 -Est ........... 2018 -Est ........... 1,659,940 1,836,070 2016 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2017 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... Fiscal year 2017 to date........ Corporation Net (4) Gross (5) Refunds (6) Net (7) 238,251 229,992 231,733 234,352 251,286 1,132,207 1,316,405 1,394,567 1,540,802 1,546,076 281,841 312,477 353,553 390,291 345,981 39,552 38,970 32,822 46,495 46,411 242,290 273,505 320,729 343,798 299,572 - - 1,659,940 1,836,070 323,614 354,926 - 77,281 96,844 109,872 90,745 105,715 95,856 124,453 121,575 116,606 139,562 93,762 108,470 92,939 63,909 8,006 8,732 73,045 24,186 7,331 17,663 77,440 7,196 16,245 219,248 14,932 65,449 7,362 4,983 3,648 4,162 8,325 11,464 2,578 1,785 62,551 71,734 63,691 19,422 7,842 133,828 99,867 114,957 159,628 121,576 91,724 139,537 197,231 61,251 84,072 249,320 103,981 150,546 63,863 9,259 4,771 69,807 10,043 3,776 75,319 11,917 4,526 19,262 60,101 11,920 61,014 998,938 449,690 249,392 1,199,238 257,878 Fiscal year or month Refunds (3) Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Net income taxes (8) Gross (9) Refunds (10) Net (11) 1,374,497 1,589,910 1,715,296 1,884,598 1,845,548 772,948 884,988 962,237 1,007,385 1,060,162 2,305 2,443 2,529 2,801 3,159 770,643 882,545 959,708 1,004,584 1,056,993 323,614 354,926 1,983,554 2,190,996 1,115,609 1,162,449 - 1,115,609 1,162,449 2,591 705 3,634 3,315 7,766 3,133 2,508 2,771 2,048 6,382 380 5,984 3,643 61,272 8,554 1,137 66,492 2,277 643 72,811 9,146 2,478 12,879 59,721 5,935 57,371 195,100 108,421 116,094 226,120 123,853 92,367 212,348 206,377 63,729 96,951 309,041 109,916 207,917 110,743 79,602 81,551 95,196 75,832 81,471 86,015 104,068 85,843 94,759 117,056 88,133 110,387 3,159 - 110,743 79,602 81,551 92,037 75,832 81,471 86,015 104,068 85,843 94,759 117,056 88,133 110,387 34,615 223,261 1,422,499 843,564 - 843,564 Social insurance and retirement receipts, continued Employment and general retirement, continued Unemployment insurance Net employment Net unRailroad retirement and general employment retirement Gross Refunds insurance Gross Refunds Net (15) (16) (17) (18) (12) (13) (14) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2012 ............................ 2013 ............................ 2014 ............................ 2015 ............................ 2016 ............................ 4,289 4,963 5,374 5,868 5,316 6 63 16 1 3 4,283 4,900 5,359 5,868 5,312 774,926 887,445 965,067 1,010,449 1,062,305 66,747 56,958 55,536 51,359 49,043 99 149 142 182 191 66,647 56,811 55,394 51,177 48,853 3,712 3,539 3,447 3,629 3,877 30 25 27 23 28 3,739 3,564 3,472 3,652 3,906 2017 -Est ..................... 2018 -Est ..................... 5,544 5,733 - 5,544 5,733 1,121,153 1,168,182 49,341 49,942 - 49,341 49,942 4,165 6,155 21 20 4,186 6,175 2016 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2017 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -170 483 544 544 479 384 406 627 560 557 467 537 -137 82 -82 1 - -254 567 544 544 479 384 406 627 561 557 467 537 -138 110,489 80,169 82,095 82,095 76,312 81,855 86,421 104,695 86,404 95,316 117,523 88,669 110,250 359 1,884 6,738 6,738 2,723 3,402 379 4,692 2,836 431 5,138 17,443 351 80 19 7 7 1 5 4 3 44 29 11 17 279 1,865 6,731 6,731 2,723 3,401 375 4,689 2,833 388 5,109 17,431 334 303 373 355 355 324 318 396 367 320 339 320 322 409 3 3 4 4 2 3 3 3 3 3 3 3 3 306 376 358 359 326 321 399 370 323 342 323 325 412 Fiscal year 2017 to date ... 3,880 1 3,880 847,445 37,395 114 37,283 3,115 26 3,141 See footnotes at end of table. September 2017 FEDERAL FISCAL OPERATION 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) 2012 .............................. 845,312 2013 .............................. 947,820 2014 .............................. 1,023,933 2015 .............................. 1,065,278 2016 .............................. 1,115,063 12,184 12,677 13,467 13,401 14,379 23 19 16 18 16 12,161 12,658 13,451 13,383 14,363 664 529 573 546 465 - 664 529 573 546 465 41,159 36,410 39,036 38,132 41,432 63 41,159 36,410 39,036 38,132 41,369 29,551 38,423 44,716 50,802 45,284 4,476 4,015 4,405 4,585 6,440 25,076 34,409 40,310 46,217 38,846 2017 - Est ..................... 1,174,680 2018 - Est ..................... 1,224,299 14,874 15,452 - 14,874 15,452 413 423 - 413 423 41,622 41,981 - 41,622 41,981 30,072 48,325 - 30,072 48,325 111,074 82,410 89,184 93,285 79,361 85,577 87,195 109,754 89,560 96,046 122,955 106,425 110,996 1,229 1,290 1,048 2,036 290 1,314 1,212 1,115 1,359 1,091 1,220 1,175 1,297 3 3 1 7 3 - 1,229 1,287 1,045 2,035 290 1,314 1,212 1,115 1,352 1,091 1,220 1,171 1,297 38 40 2 78 11 47 43 40 28 39 43 19 31 - 38 40 2 78 11 47 43 40 28 39 43 19 31 3,311 3,478 3,214 6,390 920 3,844 3,546 3,262 3,760 3,219 3,599 2,714 3,492 63 14 29 29 29 30 30 37 43 43 3,311 3,478 3,214 6,327 906 3,815 3,518 3,233 3,730 3,189 3,562 2,671 3,449 2,619 3,192 3,353 15,143 4,601 2,204 1,884 2,203 493 3,486 2,306 3,129 2,787 288 1,921 166 1,018 100 150 218 1,475 241 172 2,775 -1,133 146 2,331 1,271 3,187 14,125 4,500 2,054 1,665 729 252 3,314 -468 4,262 2,641 Fiscal year 2017 to date ..... 887,869 10,073 10 10,062 301 - 301 28,356 284 28,073 23,093 4,144 18,949 2016 - June ................... July.................... Aug.................... Sept................... Oct .................... Nov.................... Dec.................... 2017 - Jan ..................... Feb .................... Mar .................... Apr .................... May ................... June .................. Fiscal year or month 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) 79,062 84,008 93,367 98,278 95,044 14,451 19,830 20,153 20,043 22,337 477 919 854 811 983 13,971 18,910 19,301 19,232 21,354 32,079 33,119 35,348 37,704 36,468 1,774 1,305 1,423 2,666 1,630 30,306 31,814 33,927 35,042 34,836 81,955 75,766 99,233 96,469 115,671 23,991 25,750 35,788 49,827 39,070 105,943 101,514 135,023 146,294 154,744 1,879,592 2,100,706 2,285,245 2,478,328 2,456,508 569,500 673,274 735,602 770,394 810,180 2017 - Est ............... 86,981 2018 - Est ............... 106,181 23,139 24,331 - 23,139 24,331 33,943 39,724 - 33,943 39,724 97,002 70,124 60,409 53,637 157,411 123,761 2,602,295 2,762,138 857,413 892,154 2016 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2017 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 6,910 6,077 7,448 22,566 5,707 7,231 6,438 5,116 5,362 7,633 4,358 8,123 7,418 1,750 1,707 1,859 1,538 1,405 1,642 2,013 2,472 1,155 2,054 4,274 2,082 1,561 71 136 98 59 79 92 82 45 74 78 76 68 102 1,678 1,571 1,762 1,479 1,326 1,550 1,931 2,427 1,082 1,976 4,198 2,015 1,459 2,874 3,191 2,992 3,309 3,190 3,072 2,960 3,135 2,643 2,785 3,100 2,616 2,986 93 132 39 164 121 175 114 168 153 118 91 195 114 2,781 3,059 2,953 3,145 3,069 2,897 2,846 2,967 2,490 2,667 3,009 2,421 2,871 9,674 6,950 9,815 6,379 6,278 7,264 5,908 7,012 5,374 9,737 6,582 8,350 6,143 2,354 1,511 4,071 3,562 2,098 2,991 2,538 10,416 4,118 1,573 5,463 3,166 1,857 12,028 8,461 13,886 9,942 8,376 10,255 8,446 17,428 9,491 11,310 12,045 11,516 7,999 244,179 148,604 168,497 287,022 165,322 139,453 254,986 263,613 104,266 142,186 365,351 171,413 252,461 85,394 61,394 62,830 69,515 56,370 60,422 64,218 80,456 67,447 74,397 90,254 69,005 86,199 Fiscal year 2017 to date . 57,386 18,658 696 17,964 26,487 1,249 25,237 62,648 34,220 96,866 1,859,051 648,768 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 2016 ....................... These estimates are based on the President's FY 2018 Budget, released by the Office of Management and Budget on May 23, 2017. - No transactions Detail may not add to totals due to rounding. September 2017 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) 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 2016 ....................... 4,438 4,328 4,156 4,328 4,344 7,228 7,066 6,900 7,130 7,497 139,712 155,897 141,806 139,112 138,161 10,267 9,137 6,675 8,955 9,162 650,869 607,801 578,013 562,506 565,365 57,248 40,910 59,609 90,031 76,981 32,485 24,677 23,630 25,425 25,852 848,055 886,293 936,030 1,027,420 1,102,966 47,423 57,220 43,259 42,563 45,194 49,591 56,577 38,524 35,522 26,393 12,886 9,605 11,273 12,348 12,584 31,161 29,740 28,617 26,910 29,523 104,742 80,309 57,199 45,218 41,371 2017 - Est ............... 2018 - Est ............... 5,153 5,081 8,099 8,017 132,967 139,674 10,742 10,065 573,009 621,696 111,781 65,626 26,986 27,751 1,130,733 1,131,161 51,394 51,284 56,816 40,874 13,471 13,067 38,244 35,374 45,084 42,494 2016 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2017 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 347 352 418 357 372 429 371 431 320 381 345 348 374 606 695 595 723 569 571 721 631 582 678 572 579 798 10,278 8,997 12,126 6,548 21,441 14,974 12,904 11,519 9,830 10,359 8,849 9,920 9,991 686 689 973 823 641 731 837 957 690 1,800 681 739 782 46,273 44,688 45,810 57,596 49,556 45,663 54,172 37,626 43,502 55,100 37,811 46,434 55,070 12,096 3,980 7,391 6,153 1,445 4,717 5,320 8,344 8,011 6,744 5,061 4,873 45,691 2,185 1,573 1,927 3,288 2,243 2,143 2,085 1,943 2,221 2,231 1,968 1,687 2,276 87,030 95,261 101,645 113,568 63,696 100,319 93,941 86,476 89,275 120,602 62,180 93,501 113,925 3,700 3,363 4,796 4,955 4,422 4,104 4,590 4,685 3,479 4,095 2,933 3,060 3,936 3,294 3,240 2,987 -3 2,971 3,063 4,923 1,307 3,090 3,385 3,257 3,058 24,443 1,489 1,075 1,337 1,137 1,062 900 1,182 1,391 877 -17 433 954 1,613 2,750 2,477 3,237 2,330 2,285 2,723 2,364 48 4,142 3,742 1,253 3,912 2,899 4,033 2,888 3,955 2,655 -3,005 4,232 4,601 5,132 4,711 5,102 3,859 3,982 2,638 Fiscal year 2017 to date ............................ 3,371 5,701 109,787 7,858 424,934 90,206 18,797 823,915 35,304 49,497 8,395 23,368 31,252 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) General InterServices national Admin- Assistance istration Program (23) (24) 2012 ....................... 2013 ....................... 2014 ....................... 2015 ....................... 2016 ....................... 26,948 25,928 27,504 26,494 29,447 75,148 76,317 76,154 75,451 78,421 359,240 415,671 429,568 402,183 429,964 105,456 -16,618 17,361 83,447 96,153 124,127 138,463 149,074 159,220 174,019 7,777 6,301 6,533 6,684 6,389 77,316 56,811 57,372 62,966 64,505 12,794 9,485 9,400 7,006 8,729 405 380 373 392 395 1,754 -368 -765 -889 -734 20,060 19,745 18,609 20,976 16,242 2017 - Est ............... 2018 - Est ............... 30,101 27,469 79,397 77,021 474,506 505,578 92,509 97,610 174,354 177,518 6,921 6,586 58,011 56,342 8,597 6,480 427 404 -243 1,344 26,307 28,120 2016 - June ............ July ............. Aug ............. Sept ............ Oct.............. Nov ............. Dec ............. 2017 - Jan .............. Feb ............. Mar ............. Apr.............. May ............ June ........... 2,327 2,024 1,916 7,021 1,863 2,868 1,872 2,397 1,814 1,969 2,559 2,094 1,726 7,468 6,690 8,696 9,627 6,131 6,607 6,612 4,839 4,991 6,448 5,206 6,225 8,712 95,662 32,458 32,615 19,109 23,043 28,653 87,429 23,339 25,711 34,785 34,427 27,813 90,430 5,250 5,888 4,577 -34,983 5,784 5,404 631 5,964 53,965 15,919 13,331 8,078 1,025 13,582 14,629 14,255 21,226 7,339 14,084 22,276 7,350 14,270 20,558 7,131 14,798 23,161 540 590 430 826 470 618 639 551 520 670 528 486 523 4,585 4,641 4,040 10,140 156 4,865 9,642 1,260 4,596 9,037 -812 5,189 9,375 720 676 694 692 727 802 878 844 573 591 570 569 731 31 40 35 32 31 30 42 34 32 28 50 33 40 142 -168 42 -193 -199 17 40 -187 40 55 -270 132 54 761 1,276 824 755 2,192 2,567 667 2,027 2,284 2,263 1,911 905 116 Fiscal year 2017 to date............................ 19,162 55,771 375,630 110,101 130,967 5,005 43,308 6,285 320 -318 14,932 See footnotes at end of table. September 2017 FEDERAL FISCAL OPERATION 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 (35) (36) 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 .................. 18,828 6,904 91,318 -444 976,783 13,160 -84,030 -146,118 -2,783 -8,436 3,077,747 776,354 2017 - Est .......... 19,131 7,025 93,615 415 1,008,859 24,705 -87,454 -149,941 -4,191 -5,307 3,246,744 815,479 2018 - Est .......... 19,435 6,922 97,182 999 1,063,787 17,112 -90,967 -143,544 -4,643 -48,469 3,227,792 866,658 2016 - June ....... 1,595 670 7,286 70 85,286 -4,528 -5,778 -66,775 -339 - 289,404 33,916 July ........ 1,520 651 7,362 76 81,434 4,449 -6,453 -3,818 -97 -329 255,219 67,598 Aug ........ 1,682 745 7,559 91 81,457 2,226 -6,173 -4,051 -413 -6 263,249 75,189 Sept ....... 1,701 647 8,093 124 85,797 -1,771 -5,934 475 -338 - 248,402 74,776 Oct......... 1,276 623 8,386 75 77,890 2,081 -19,507 1,521 -61 - 199,909 67,613 Nov ........ 1,702 544 8,364 96 81,471 1,837 -5,378 -2,884 -297 - 262,006 74,538 Dec ........ 2,212 534 6,917 94 86,046 317 -6,029 -62,195 -94 - 313,480 33,060 2017 - Jan ......... 1,215 529 8,004 84 78,569 3,642 -6,211 -1,499 -426 - 225,590 67,222 Feb ........ 1,400 540 8,079 73 82,501 716 -5,756 -3,000 -323 - 287,851 75,907 Mar ........ 1,584 577 8,044 83 87,486 -2,103 -5,904 -3,153 -323 - 316,632 76,184 Apr......... 1,328 548 8,282 65 78,860 1,027 -5,803 -4,852 -111 - 205,920 67,257 May ....... 1,689 517 8,361 77 83,634 3,398 -5,698 -1,989 -519 - 253,114 75,727 June ...... 1,751 660 6,847 -463 92,493 -2,811 -6,461 -62,969 -485 - 388,305 40,588 Fiscal year 2017 to date ....... 14,157 5,072 71,284 184 748,950 8,104 -66,747 -141,020 -2,639 - 2,452,807 578,096 These estimates are based on the President's FY 2018 Budget, released by the Office of Management and Budget on May 23, 2017. - No transactions Detail may not add to totals due to rounding. September 2017 FEDERAL FISCAL OPERATIONS 18 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2017 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,199,224 Corporation income taxes ........................................... 223,261 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... 2 Unemployment insurance ....................................... 5 Other retirement ...................................................... Excise taxes ................................................................ 16,700 Estate and gift taxes ................................................... 17,963 Customs duties ........................................................... 16,511 Miscellaneous receipts ................................................ 73,960 Total receipts ....................................................... 1,547,626 (On-budget) ..................................................... 1,547,626 (Off-budget) ..................................................... Budget outlays: Legislative branch ....................................................... 3,343 Judicial branch ............................................................ 5,725 Department of Agriculture ........................................... 91,355 Department of Commerce........................................... 6,589 Department of Defense-military .................................. 423,591 Department of Education ............................................ 90,437 Department of Energy ................................................. 20,572 Department of Health and Human Services ............... 636,015 Department of Homeland Security.............................. 36,286 Department of Housing and Urban Development....... 49,923 Department of the Interior ........................................... 8,644 Department of Justice ................................................. 21,613 Department of Labor ................................................... 6,910 Department of State .................................................... 18,677 Department of Transportation ..................................... 8,199 Department of the Treasury: * Interest on the public debt....................................... 375,632 Other ....................................................................... 110,637 Department of Veterans Affairs .................................. 133,079 Corps of Engineers ..................................................... 4,913 Other defense civil programs ...................................... 87,019 Environmental Protection Agency............................... 6,373 Executive Office of the President................................ 299 General Services Administration ................................ 119 International Assistance Program ............................... 18,154 National Aeronautics and Space Administration ........ 14,151 National Science Foundation ...................................... 4,993 Office of Personnel Management ............................... 9,559 Small Business Administration ................................... 186 Social Security Administration .................................... 70,038 Other independent agencies ....................................... 8,581 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -2,307 Total outlays ........................................................ 2,269,305 (On-budget) ..................................................... 2,269,035 (Off-budget) ..................................................... 270 Surplus or deficit (-) ............................................. -721,679 (On-budget) ..................................................... -721,409 (Off-budget) ..................................................... -270 - No transactions * Transactions less than $500,000. September 2017 This fiscal year to date Management, consolidated, revolving and Trust special funds 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) 14 - * - 1,199,238 223,261 1,171,600 223,388 23 - - 1,171,623 223,388 1,021 7,630 21,720 30,385 30,385 - 648,768 198,676 37,276 3,141 39,665 1,098 1,186 929,810 281,042 648,768 648,768 198,677 37,282 3,141 57,386 17,963 25,238 96,866 2,507,820 1,859,052 648,768 1 -34 18,155 16,543 16,891 101,364 1,547,908 1,547,908 - 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 28 45 18,428 1,239 1,168 -232 -1,774 1,304 -1,124 -199 -613 1,776 -2,578 -19 112 -557 -2,705 7 -5,969 -15 20 -434 -547 5 81 -977 -2 -10 -3,566 * -67 4 31 176 1 * 186,595 142 -226 365 -22 26,919 503 47,460 20 597 86 -37,741 -73 * -2,677 1 -1 62,701 678,923 3,090 3,371 5,703 109,787 7,859 424,935 90,206 18,798 823,914 35,304 49,498 8,396 23,367 31,251 19,162 55,771 * 375,632 110,100 130,970 5,006 43,308 6,285 319 -315 14,930 14,157 5,074 71,283 184 748,951 8,105 3,289 5,655 94,284 6,559 417,079 59,682 20,419 618,516 34,843 20,672 8,563 19,295 6,925 18,092 76,697 345,780 121,529 125,881 3,421 82,767 6,469 288 56 17,191 13,942 4,783 9,167 -732 65,819 7,835 -69 -110 16,395 -259 -66 -226 -1,356 3,343 -2,806 -316 86 2,203 -3,271 -179 -70 -770 -2,608 71 -882 -56 * -472 -521 -17 69 -2,981 -4 * -5,045 -3 -61 -189 377 257 * * 170,633 44 -188 386 -19 28,219 574 -23,220 -88 635 1,050 -36,200 254 -3,283 1 9 62,116 662,277 3,795 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 53,407 345,780 120,671 123,908 4,543 45,685 6,668 288 -416 13,388 13,926 4,861 68,302 -735 728,096 6,574 -7,497 -4,606 -2,734 -1,872 34,990 33,119 1,872 -141,022 -59,581 766,204 186,506 579,697 163,606 94,536 69,071 -141,022 -69,385 3,030,903 2,452,807 578,096 -523,082 -593,755 70,673 -1,893 2,212,864 2,212,600 264 -664,956 -664,692 -264 -6,868 -6,784 -4,221 -2,563 35,205 32,642 2,563 -138,723 -66,747 661,908 102,498 559,410 230,590 173,559 57,031 -138,723 -75,508 2,867,988 2,310,877 557,111 -399,161 -458,491 59,330 Detail may not add to totals due to rounding. 19 INTRODUCTION: Source and Availability of the Balance in the Account of the U.S. Treasury The Department of the Treasury’s (Treasury’s) operating cash is maintained in accounts with the Federal Reserve banks (FRBs) and branches, as well as in tax and loan accounts in other financial institutions. Major information sources include FRBs, Treasury Regional Financial Centers, Internal Revenue Service Centers, Bureau of the Fiscal Service, and various electronic systems. As the FRB accounts are depleted, funds are called in (withdrawn) from thousands of tax and loan accounts at financial institutions throughout the country. Under authority of Public Law 95-147 (codified at 31 United States Code 323), Treasury implemented a program on November 2, 1978, to invest a portion of its operating cash in obligations of depositaries maintaining tax and loan accounts. Under the Treasury tax and loan (TT&L) investment program, depositary financial institutions select the manner in which they will participate. Financial institutions wishing to retain funds deposited into their tax and loan accounts in interest-bearing obligations can participate. The program permits Treasury to collect funds through financial institutions and to leave the funds in TT&L depositaries and in the financial communities in which they arise until Treasury needs the funds for its operations. In this way, Treasury is able to neutralize the effect of its fluctuating operations on TT&L financial institution reserves and on the economy. Likewise, those institutions wishing to remit the funds to the Treasury account at FRBs do so as collector depositaries. Deposits to tax and loan accounts occur as customers of financial institutions deposit tax payments that the financial institutions use to purchase Government securities. In most cases, this involves a transfer of funds from a customer’s account to the tax and loan account in the same financial institution. Also, Treasury can direct the FRBs to invest excess funds in tax and loan accounts directly from the Treasury account at the FRBs. TABLE UST-1—Elements of Change in Federal Reserve and Tax and Loan Note Account Balances 1 [In millions of dollars. Source: Bureau of the Fiscal Service] Fiscal year or month Federal Reserve accounts Credits 2 Received through remittance option tax and loan depositaries Received directly (1) (2) Credits and withdrawals Withdrawals 3 (3) Tax and loan note accounts Withdrawals (transfers to Federal Reserve accounts) Taxes 4 (4) (5) 2012 ...................................... 2013 ...................................... 2014 ...................................... 2015 ...................................... 2016 ...................................... 9,656,367 9,451,987 8,666,563 8,447,393 9,540,510 1,357,452 2,297,190 2,474,752 2,660,727 2,713,475 10,984,657 11,746,237 11,071,400 11,067,706 12,099,386 700,687 - 702,492 - 2016 - June ........................... July ............................ Aug ............................ Sept ........................... Oct ............................. Nov ............................ Dec ............................ 2017 - Jan ............................. Feb ............................ Mar ............................ Apr ............................. May............................ June........................... 853,436 624,501 921,310 925,208 774,742 850,468 746,085 881,558 748,923 934,468 853,350 958,211 905,632 252,261 184,426 196,843 270,614 194,969 180,444 290,052 239,759 206,252 254,224 309,021 211,111 264,887 1,040,452 838,841 1,162,954 1,131,457 901,455 1,030,445 1,058,982 1,147,779 1,138,615 1,285,773 981,991 1,252,076 1,179,233 - - See footnotes at end of table. September 2017 20 ACCOUNT OF THE U.S. TREASURY 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 accounts SFP (13) (14) Average Federal Reserve (15) SFP (16) Tax and loan note accounts (17) 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 - - 2016 ....................... 353,312 - - 382,887 - - 22,892 - - 251,900 - - 2016 - June ............ 363,662 - - 363,668 - - 209,485 - - 282,471 - - July ............. 333,748 - - 335,807 - - 290,469 - - 318,532 - - Aug ............. 288,946 - - 288,946 - - 241,426 - - 261,810 - - Sept ............ 353,312 - - 364,589 - - 231,405 - - 296,992 - - Oct .............. 421,567 - - 440,383 - - 342,875 - - 391,846 - - Nov ............. 422,034 - - 422,034 - - 365,454 - - 394,737 - - Dec ............. 399,190 - - 399,190 - - 319,507 - - 362,429 - - 2017 - Jan .............. 372,728 - - 406,507 - - 351,931 - - 378,407 - - Feb ............. 189,287 - - 339,229 - - 168,837 - - 269,176 - - Mar ............. 92,205 - - 148,385 - - 23,416 - - 70,284 - - Apr .............. 272,585 - - 283,119 - - 81,925 - - 171,485 - - May............. 189,831 - - 223,209 - - 154,827 - - 184,236 - - June............ 181,117 - - 226,592 - - 147,181 - - 182,149 - - 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 2017 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 market-based special Treasury securities whose terms mirror those of marketable securities. • Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (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 longterm 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 2017 22 FEDERAL DEBT TABLE FD-1—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Public debt Agency securities securities Total (5) (6) (7) The public Public debt securities (8) Agency securities (9) End of fiscal year or month Total (1) 2012 ........................... 2013 ........................... 2014 ........................... 2015 ........................... 2016 ........................... 16,090,640 16,763,286 17,847,931 18,174,718 19,597,812 16,066,241 16,738,183 17,824,071 18,150,618 19,573,445 24,399 25,103 23,860 24,100 24,367 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 4,791,845 4,757,205 5,039,262 5,026,862 5,395,695 5 5 3 5 4 11,298,790 12,006,076 12,808,666 13,147,851 14,202,113 11,274,396 11,980,978 12,784,809 13,123,756 14,177,750 24,394 25,098 23,857 24,095 24,363 2016 - June ................ July................. Aug................. Sept................ Oct ................. Nov................. Dec................. 2017 - Jan .................. Feb ................. Mar ................. Apr ................. May ................ June ............... 19,406,152 19,452,247 19,534,678 19,597,812 19,830,096 19,972,472 20,001,290 19,961,760 19,983,859 19,870,651 19,870,348 19,870,301 19,868,948 19,381,591 19,427,695 19,510,296 19,573,445 19,805,715 19,948,065 19,976,827 19,937,261 19,959,594 19,846,420 19,846,129 19,845,942 19,844,554 24,561 24,552 24,382 24,367 24,381 24,407 24,463 24,499 24,265 24,231 24,219 24,359 24,394 5,444,287 5,425,190 5,401,852 5,395,699 5,514,763 5,499,924 5,537,501 5,556,549 5,543,497 5,471,966 5,548,161 5,542,298 5,473,659 5,444,282 5,425,185 5,401,847 5,395,695 5,514,763 5,499,924 5,537,501 5,556,549 5,543,497 5,471,963 5,548,158 5,542,295 5,473,656 5 5 5 4 4 4 4 4 4 3 3 3 3 13,961,865 14,027,057 14,132,826 14,202,113 14,315,333 14,472,548 14,463,789 14,405,211 14,440,362 14,398,685 14,322,187 14,328,003 14,395,289 13,937,309 14,002,510 14,108,449 14,177,750 14,290,952 14,448,141 14,439,326 14,380,712 14,416,097 14,374,457 14,297,971 14,303,647 14,370,898 24,556 24,547 24,377 24,363 24,377 24,403 24,459 24,495 24,261 24,228 24,216 24,356 24,391 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 outstanding premium Accrual face value and discount amount (13) (14) (15) 2012 ........................... 2013 ........................... 2014 ........................... 2015 ........................... 2016 ........................... 16,090,640 16,763,286 17,847,931 18,174,718 19,597,812 42,529 46,496 55,907 56,852 60,393 16,048,111 16,716,791 17,792,023 18,117,866 19,537,417 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 23,592 22,292 26,678 25,603 26,706 4,768,258 4,734,919 5,012,587 5,001,264 5,368,993 11,298,790 12,006,076 12,808,666 13,147,851 14,202,113 18,937 24,203 29,229 31,249 33,687 11,279,854 11,981,872 12,779,436 13,116,602 14,168,425 2016 - June ................ July ................. Aug ................. Sept ................ Oct.................. Nov ................. Dec ................. 2017 - Jan .................. Feb ................. Mar ................. Apr.................. May ................ June ............... 19,406,152 19,452,247 19,534,678 19,597,812 19,830,096 19,972,472 20,001,290 19,961,760 19,983,859 19,870,651 19,870,348 19,870,301 19,868,948 61,492 59,817 59,715 60,393 60,890 61,370 62,673 63,651 63,978 65,545 65,022 65,617 65,367 19,344,659 19,392,428 19,474,962 19,537,417 19,769,206 19,911,100 19,938,616 19,898,108 19,919,881 19,805,105 19,805,326 19,804,682 19,803,580 5,444,287 5,425,190 5,401,852 5,395,699 5,514,763 5,499,924 5,537,501 5,556,549 5,543,497 5,471,966 5,548,161 5,542,298 5,473,659 27,034 26,945 26,834 26,706 26,638 26,631 26,577 26,500 26,480 26,462 26,192 26,106 26,022 5,417,253 5,398,245 5,375,017 5,368,993 5,488,125 5,473,293 5,510,924 5,530,049 5,517,017 5,445,504 5,521,969 5,516,192 5,447,637 13,961,865 14,027,057 14,132,826 14,202,113 14,315,333 14,472,548 14,463,789 14,405,211 14,440,362 14,398,685 14,322,187 14,328,003 14,395,289 34,458 32,872 32,881 33,687 34,252 34,739 36,096 37,151 37,498 39,083 38,830 39,511 39,345 13,927,406 13,994,184 14,099,945 14,168,425 14,281,081 14,437,807 14,427,692 14,368,059 14,402,863 14,359,601 14,283,357 14,288,491 14,355,943 End of fiscal year or month September 2017 Securities held by the public Net Amount unamortized outstanding premium Accrual face value and discount amount (16) (17) (18) 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) End of fiscal year or month Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) 2012 ...................... 2013 ...................... 2014 ...................... 2015 ...................... 2016 ...................... 11,269,586 11,976,279 12,784,971 13,123,847 14,173,424 10,730,170 11,577,400 12,271,552 12,831,867 13,638,303 1,613,026 1,527,909 1,409,628 1,355,231 1,644,759 7,114,960 7,750,336 8,160,196 8,366,026 8,624,253 1,194,715 1,363,114 1,534,069 1,688,208 1,825,338 807,469 936,041 1,044,676 1,135,363 1,209,814 122,985 287,039 334,139 539,415 398,879 513,419 291,980 535,120 2016 - June ........... July ............ Aug ............ Sept ........... Oct............. Nov ............ Dec ............ 2017 - Jan ............. Feb ............ Mar ............ Apr............. May ........... June .......... 13,932,743 13,998,220 14,104,114 14,173,424 14,286,501 14,443,700 14,434,842 14,376,139 14,411,381 14,369,682 14,293,345 14,298,976 14,366,186 13,408,515 13,472,060 13,576,679 13,638,303 13,747,584 13,898,964 13,898,806 13,841,231 13,876,477 13,944,290 13,928,045 13,960,583 13,988,972 1,504,987 1,547,124 1,630,685 1,644,759 1,750,597 1,870,617 1,815,667 1,759,619 1,750,698 1,754,818 1,739,875 1,745,789 1,715,829 8,600,641 8,615,474 8,612,474 8,624,253 8,634,478 8,638,259 8,652,238 8,671,704 8,677,837 8,695,552 8,709,935 8,729,403 8,751,868 1,784,038 1,796,814 1,813,340 1,825,338 1,837,331 1,836,816 1,848,817 1,861,477 1,878,200 1,890,158 1,902,275 1,906,667 1,918,661 1,186,562 1,180,357 1,199,842 1,209,814 1,216,140 1,231,234 1,247,054 1,238,451 1,246,760 1,266,181 1,238,391 1,252,191 1,261,485 332,287 332,290 320,337 334,139 309,038 322,038 335,030 309,980 322,983 337,580 337,570 326,533 341,128 524,227 526,160 527,435 535,120 538,917 544,736 536,035 534,908 534,904 425,392 365,299 338,394 377,215 Nonmarketable, continued Depositary compensation securities (10) Floating rate notes (7) Nonmarketable Total (8) Foreign series (11) Government account series (12) State and local government series (13) Domestic series (14) Other (15) End of fiscal year or month U.S. savings securities (9) 2012 ...................... 2013 ...................... 2014 ...................... 2015 ...................... 2016 ...................... 183,661 180,022 176,762 172,826 167,524 - 2,986 2,986 2,986 264 264 162,880 60,445 196,520 9,138 226,349 158,514 124,079 105,668 78,115 109,211 29,995 29,995 29,995 29,995 29,995 1,380 1,353 1,489 1,642 1,777 2016 - June ........... July ............ Aug ............ Sept ........... Oct............. Nov ............ Dec ............ 2017 - Jan ............. Feb ............ Mar ............ Apr............. May ........... June .......... 169,053 168,626 168,017 167,524 166,892 166,412 165,853 165,155 164,792 164,286 163,818 163,368 162,895 - 264 264 264 264 264 264 264 264 264 264 264 264 264 221,407 223,700 224,452 226,349 226,763 231,723 228,406 230,097 232,204 122,864 66,759 43,638 90,919 101,784 101,841 102,946 109,211 113,221 114,568 109,779 107,675 105,935 106,229 102,784 99,516 91,463 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 1,723 1,734 1,760 1,777 1,780 1,773 1,737 1,721 1,713 1,754 1,679 1,612 1,678 September 2017 24 FEDERAL DEBT TABLE FD-3—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Total (1) Airport and Airway Trust Fund (2) Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) 2012 .............. 2013 .............. 2014 .............. 2015 .............. 2016 .............. 4,939,455 4,803,100 5,212,466 5,013,530 5,604,069 10,245 11,808 12,759 12,716 13,400 35,248 36,864 48,750 60,096 71,524 41,250 41,951 43,213 43,958 45,167 22,680 22,669 22,649 20,773 22,680 132,345 100,791 70,113 41,638 45,880 836,336 731,125 861,349 737,096 874,141 228,292 206,010 202,207 195,458 192,209 2,777 3 36,441 2016 - June ... July .... Aug .... Sept ... Oct..... Nov .... Dec .... 2017 - Jan ..... Feb .... Mar .... Apr..... May ... June .. 5,647,975 5,631,012 5,608,243 5,604,069 5,723,507 5,713,582 5,747,933 5,768,690 5,757,968 5,577,222 5,597,243 5,568,532 5,548,842 13,091 12,871 12,851 13,400 14,146 14,003 13,878 13,652 13,871 13,483 13,749 13,764 13,744 69,311 67,973 69,052 71,524 71,459 71,761 70,900 74,295 75,098 78,191 76,766 75,740 78,021 44,888 44,964 45,151 45,167 45,209 45,206 45,273 45,352 45,271 45,247 45,230 45,232 45,267 22,668 22,673 22,677 22,680 22,685 22,006 22,014 22,023 22,021 22,033 22,046 22,045 22,061 43,886 44,281 44,433 45,880 45,280 45,138 46,481 50,646 51,724 54,047 59,730 61,133 66,114 867,683 863,686 859,941 874,141 888,200 883,926 893,862 889,876 885,603 854,151 854,102 854,055 786,104 208,967 202,380 195,410 192,209 196,948 195,934 198,806 204,770 199,959 187,316 210,154 204,532 204,497 33,732 34,537 35,423 36,441 37,360 38,394 39,398 40,387 41,450 42,213 43,103 43,978 28,404 End of fiscal year or month 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) 2012 ................. 2013 ................. 2014 ................. 2015 ................. 2016 ................. 2,586,697 2,655,599 2,712,805 2,766,649 2,796,712 3,424 825 827 828 828 69,324 67,385 68,391 66,128 63,336 9,970 1,957 10,696 7,667 64,629 6,912 6,256 5,611 4,903 4,246 1,533 2,860 5,450 7,163 8,527 704 788 803 874 685 20,673 29,478 35,919 44,368 53,776 931,045 886,731 1,110,924 1,003,215 1,309,888 2016 - June ...... July ....... Aug ....... Sept ...... Oct........ Nov ....... Dec ....... 2017 - Jan ........ Feb ....... Mar ....... Apr........ May ...... June ..... 2,821,674 2,816,521 2,804,269 2,796,712 2,786,445 2,771,538 2,801,406 2,811,101 2,801,126 2,796,253 2,813,234 2,803,765 2,845,621 828 828 828 828 831 831 831 835 836 836 836 837 838 86,766 84,912 80,047 63,336 89,883 94,608 95,642 96,964 97,539 80,264 98,507 96,321 78,586 73,069 70,916 68,688 64,629 63,436 63,069 61,696 61,852 63,095 62,236 62,251 61,244 58,604 4,456 4,397 4,327 4,246 4,187 4,131 4,141 4,082 4,016 3,935 3,872 3,795 3,803 9,532 8,229 8,145 8,527 8,197 8,995 8,871 8,856 9,289 9,908 10,285 10,845 10,171 535 649 549 685 568 488 424 621 679 771 701 609 753 53,041 51,818 56,094 53,776 51,496 53,915 51,571 49,957 52,028 47,354 48,116 61,906 59,899 1,293,848 1,299,377 1,300,358 1,309,888 1,397,177 1,399,639 1,392,739 1,393,421 1,394,363 1,278,984 1,234,561 1,208,731 1,246,355 Note—Detail may not add to totals due to rounding. September 2017 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”] End of fiscal year or month 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) 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 * 2016 ........................ 24,367 19 98 24,175 75 * 2016 - June ............. 24,561 19 105 24,351 86 * July.............. 24,552 19 106 24,341 86 * Aug.............. 24,382 19 98 24,190 75 * Sept............. 24,367 19 98 24,175 75 * Oct .............. 24,381 19 99 24,188 75 * Nov.............. 24,407 19 100 24,213 75 * Dec.............. 24,463 19 101 24,268 75 * 2017 - Jan ............... 24,499 19 101 24,303 75 * Feb .............. 24,265 19 93 24,089 64 * Mar .............. 24,231 19 94 24,055 64 * Apr .............. 24,219 19 95 24,042 64 * May ............. 24,359 19 95 24,181 64 * June ............ 24,394 19 96 24,215 64 * Note—Detail may not add to totals due to rounding. * Less than $500,000. September 2017 26 FEDERAL DEBT 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] End of fiscal year or month Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 2012 ........................... 9,039,954 2,896,780 3,851,873 2013 ........................... 9,518,102 2,939,037 2014 ........................... 9,828,787 2015 ........................... Maturity classes 5-10 years (4) 10-20 years (5) 20 years or more (6) Average length (months) (7) 1,487,726 270,921 532,654 55 4,134,968 1,647,954 230,758 565,384 55 2,931,581 4,216,746 1,813,563 223,276 643,620 56 10,379,413 2,922,734 4,356,051 2,084,293 184,306 832,030 61 2016 ........................... 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 2016 - June ................ 10,955,381 3,211,462 4,405,469 2,209,501 171,009 957,940 63 July ................. 10,890,920 3,236,214 4,334,949 2,178,048 171,339 970,370 63 Aug ................. 11,122,337 3,319,187 4,459,973 2,189,639 167,789 985,750 63 Sept ................ 11,184,046 3,321,283 4,478,458 2,219,048 167,666 997,590 63 Oct.................. 11,293,399 3,415,659 4,456,858 2,238,393 167,731 1,014,757 63 Nov ................. 11,444,518 3,516,272 4,508,019 2,227,400 162,803 1,030,024 63 Dec ................. 11,360,224 3,445,952 4,489,802 2,219,388 162,911 1,042,171 63 2017 - Jan .................. 11,387,230 3,358,828 4,574,253 2,253,434 146,711 1,054,003 64 Feb ................. 11,422,363 3,338,579 4,615,543 2,248,976 148,229 1,071,037 64 Mar ................. 11,489,205 3,321,955 4,653,575 2,281,541 148,613 1,083,522 64 Apr.................. 11,350,910 3,294,170 4,538,051 2,273,961 148,826 1,095,902 65 May ................ 11,504,863 3,279,506 4,655,415 2,310,028 155,318 1,104,596 65 June ............... 11,532,819 3,230,656 4,694,240 2,330,392 155,516 1,122,015 66 Note—Detail may not add to totals due to rounding. September 2017 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) Debt subject to limit Total (2) Public debt (3) Securities outstanding Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 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 2016 ....................................... - 19,538,456 19,538,456 - 19,573,445 - 34,989 2016 - June ............................ - 19,227,001 19,227,001 - 19,265,452 - 38,452 July ............................. - 19,346,540 19,346,540 - 19,381,591 - 35,052 Aug ............................. - 19,392,962 19,392,962 - 19,427,695 - 34,733 Sept ............................ - 19,475,468 19,475,468 - 19,510,296 - 34,828 Oct.............................. - 19,538,456 19,538,456 - 19,573,445 - 34,989 Nov ............................. - 19,769,751 19,769,751 - 19,805,715 - 35,965 Dec ............................. - 19,910,795 19,910,795 - 19,948,065 - 37,270 2017 - Jan .............................. - 19,939,042 19,939,042 - 19,976,827 - 37,785 Feb ............................. - 19,899,722 19,899,722 - 19,937,261 - 37,540 Mar ............................. - 19,922,526 19,922,526 - 19,959,594 - 37,068 Apr.............................. 19,808,772 19,808,747 19,808,747 - 19,846,420 - 37,673 May ............................ 19,808,772 19,808,747 19,808,747 - 19,846,129 - 37,382 June ........................... 19,808,772 19,808,747 19,808,747 - 19,844,554 - 35,807 Note—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. The Statutory Debt Limit was permanently increased effective March 16, 2017 to $19,808,772,381,624.74. . September 2017 28 FEDERAL DEBT TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Farm-Service Agency (2) Rural Utilities Service (3) Department of Agriculture Rural Housing Rural Business and Community and Cooperative Development Development Service Service (4) (5) Foreign Agricultural Service (6) 2012 ....................................... 2013 ....................................... 2014 ....................................... 2015 ....................................... 2016 ....................................... 979,021 1,115,182 1,223,498 1,306,402 1,389,173 9,009 12,135 19,064 19,261 25,620 24,759 26,069 26,203 26,261 24,585 20,523 22,111 22,126 23,057 24,130 495 554 575 626 654 1,001 908 748 688 636 2016 - June ............................ July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2017 - Jan .............................. Feb ............................. Mar ............................. Apr.............................. May ............................ June ........................... 1,412,849 1,441,228 1,430,830 1,389,173 1,448,803 1,451,558 1,480,202 1,487,215 1,476,940 1,489,212 1,489,841 1,508,749 1,512,077 25,846 25,849 25,448 25,620 25,710 28,732 30,729 34,210 22,826 21,866 21,545 21,182 20,783 23,708 23,020 24,574 24,585 24,705 24,795 25,029 25,071 25,286 21,281 21,371 21,430 21,320 23,854 23,854 24,119 24,130 24,480 24,734 25,350 25,462 25,690 24,836 24,976 25,257 24,532 562 562 646 654 660 661 719 722 724 590 592 595 598 688 688 635 636 636 636 636 636 636 636 636 636 636 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) 2012 ....................................... 2013 ....................................... 2014 ....................................... 2015 ....................................... 2016 ....................................... 714,368 851,295 965,394 1,050,374 1,126,370 3,421 3,885 4,242 4,649 4,759 11,527 25,940 27,528 26,921 30,318 40 139 133 127 128 57,134 63,061 56,528 58,050 59,043 2016 - June ............................ July............................. Aug............................. Sept............................ Oct ............................. Nov............................. Dec............................. 2017 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... 1,151,255 1,179,654 1,168,031 1,126,370 1,185,225 1,183,938 1,207,274 1,207,274 1,207,283 1,225,128 1,225,128 1,243,135 1,250,153 4,704 4,789 4,779 4,759 4,759 4,759 4,759 4,759 4,759 4,759 4,759 4,759 4,759 31,481 31,481 31,481 30,318 30,353 30,353 30,353 30,353 30,393 30,393 30,393 30,393 30,393 127 127 127 128 128 128 128 128 128 128 128 128 128 58,430 58,656 59,172 59,043 59,249 59,386 60,005 59,997 60,479 60,189 60,216 60,519 60,655 September 2017 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”] End of fiscal year or month Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 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 2016 .................................. 25,022 3,577 8,020 56,308 2016 - June ....................... 25,598 2,519 7,908 56,169 July ........................ 25,598 2,900 7,908 56,142 Aug ........................ 24,270 3,203 8,037 56,308 Sept ....................... 25,022 3,577 8,020 56,308 Oct......................... 25,101 3,956 8,520 55,319 Nov ........................ 25,220 4,255 8,520 55,438 Dec ........................ 25,220 4,627 8,520 56,850 2017 - Jan ......................... 26,347 5,000 8,525 58,730 Feb ........................ 26,347 5,264 8,527 58,595 Mar ........................ 26,347 5,601 8,527 58,929 Apr......................... 26,456 5,936 8,527 59,175 May ....................... 26,456 6,241 8,527 59,489 June ...................... 26,534 2,664 8,686 60,237 Note—Detail may not add to totals due to rounding. September 2017 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 37-Day Cash Management Bills On April 7, 2017, Treasury announced it would auction $25 million of 37-day bills. They were issued April 11 and matured May 18. The issue was to raise new cash of approximately $25 million. Treasury auctioned the bills on April 7. Tenders totaled $115 million; Treasury accepted $25 million. The high bank discount rate was 0.720 percent. Auction of 3-Year Notes On April 6, 2017, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $77,107 million of securities maturing April 15 and to pay down approximately $21,107 million. The 3-year notes of Series AL-2020 were dated April 15 and issued April 17. They are due April 15, 2020, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon eastern time (e.t.) for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 10. Tenders totaled $62,876 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were September 2017 allotted securities at the high yield of 1.525 percent with an equivalent price of $99.927029. Treasury accepted in full all competitive tenders at yields lower than 1.525 percent. Tenders at the high yield were allotted 13.13 percent. The median yield was 1.460 percent, and the low yield was 1.380 percent. Noncompetitive tenders totaled $52 million. Competitive tenders accepted from private investors totaled $23,848 million. Accrued interest of $0.08197 per $1,000 must be paid for the period from April 15 to April 17. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $197 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-2020 is $100. Auction of 9-Year 10-Month 2-1/4 Percent Notes On April 6, 2017, Treasury announced it would auction $20,000 million of 9-year 10-month 2-1/4 percent notes. The issue was to refund $77,107 million of securities maturing April 15 and to pay down approximately $21,107 million. The 9-year 10-month 2-1/4 percent notes of Series B-2027 were dated February 15 and issued April 17. They are due February 15, 2027, with interest payable on August 15 and February 15 until maturity. BUREAU OF THE FISCAL SERVICE OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, continued 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 11. Tenders totaled $49,519 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.332 percent with an equivalent price of $99.280319. Treasury accepted in full all competitive tenders at yields lower than 2.332 percent. Tenders at the high yield were allotted 26.37 percent. The median yield was 2.260 percent, and the low yield was 1.888 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $19,993 million. Accrued interest of $3.79144 per $1,000 must be paid for the period from February 15 to April 17. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $164 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2027 is $100. Auction of 29-Year 10-Month 3 Percent Bonds On April 6, 2017, Treasury announced it would auction $12,000 million of 29-year 10-month 3 percent bonds. The issue was to refund $77,107 million of securities maturing April 15 and to pay down approximately $21,107 million. The 29-year 10-month 3 percent bonds of February 2047 were dated February 15 and issued April 17. They are due February 15, 2047, 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 12. Tenders totaled $26,713 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.938 percent with an equivalent price of $101.221385. Treasury accepted in full all competitive tenders at yields lower than 2.938 percent. Tenders at the high yield were allotted 27.01 percent. The median yield was 2.861 percent, and the low yield was 2.800 percent. Noncompetitive tenders totaled $7 million. Competitive tenders accepted from private investors totaled $11,993 million. Accrued interest of $5.05525 per $1,000 must be paid for the period from February 15 to April 17. In addition to the $12,000 million of tenders accepted in the auction process, Treasury accepted $99 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2047 is $100. Auction of 52-Week Bills On April 20, 2017, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued April 27 and will mature April 26, 2018. The issue was to refund $177,996 million of all maturing bills and to pay down approximately $25,996 million. Treasury auctioned the bills on April 25. Tenders totaled $64,511 million; Treasury accepted $20,000 million, including $232 million of noncompetitive tenders from the public. The high bank discount rate was 1.060 percent. Auction of 5-Year Treasury Inflation Protected Security (TIPS) On April 13, 2017, 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-2022 were dated April 15 and issued April 28. They are due April 15, 2022, 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 20. Tenders totaled $40,295 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.049 percent with an equivalent adjusted price of $101.002153. Treasury accepted in full all competitive tenders at yields lower than -0.049 percent. Tenders at the high yield were allotted 21.08 percent. The median yield was -0.096 percent, and the low yield was 0.200 percent. Noncompetitive tenders totaled $80 million. Competitive tenders accepted from private investors totaled $15,920 million. Adjusted accrued interest of $0.04446 per $1,000 must be paid for the period from April 15 to April 28. Both the unadjusted price of $100.864977 and the unadjusted accrued interest of $0.04440 were adjusted by an index ratio of 1.00136, for the period from April 15 to April 28. The minimum par amount required for STRIPS of TIPS of Series X-2022 is $100. MAY Auction of 2-Year Floating Rate Notes (FRNs) On April 20, 2017, Treasury announced it would auction $15,000 million of 2-year FRNs. The issue was to refund $121,706 million of securities maturing April 30 and to pay down approximately $18,706 million. The 2-year FRNs of Series BA-2019 were dated April 30 and issued May 1. They are due April 30, 2019, with interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of 0.070 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 26. Tenders totaled $50,218 September 2017 32 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.070 percent with an equivalent price of $99.999994. Treasury accepted in full all competitive tenders at discount margins lower than 0.070 percent. Tenders at the high discount margin were allotted 97.71 percent. The median discount margin was 0.065 percent, and the low discount margin was 0.045 percent. Noncompetitive tenders totaled $20 million. Competitive tenders accepted from private investors totaled $14,980 million. Accrued interest of $0.002476953 per $100 must be paid for the period from April 30 to May 1. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $2,047 million from FRBs for their own accounts. Auction of 2-Year Notes On April 20, 2017, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $121,706 million of securities maturing April 30 and to pay down approximately $18,706 million. The 2-year notes of Series K-2019 were dated April 30 and issued May 1. They are due April 30, 2019, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 1-1/4 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 $74,172 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.280 percent with an equivalent price of $99.941005. Treasury accepted in full all competitive tenders at yields lower than 1.280 percent. Tenders at the high yield were allotted 4.61 percent. The median yield was 1.220 percent, and the low yield was 0.888 percent. Noncompetitive tenders totaled $170 million. Competitive tenders accepted from private investors totaled $25,730 million. Accrued interest of $0.03397 per $1,000 must be paid for the period from April 30 to May 1. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $3,549 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2019 is $100. Auction of 5-Year Notes On April 20, 2017, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $121,706 million of securities maturing April 30 and to pay down approximately $18,706 million. The 5-year notes of Series Y-2022 were dated April 30 and issued May 1. They are due April 30, 2022, with interest September 2017 payable on October 31 and April 30 until maturity. Treasury set an interest rate of 1-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the 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 $79,432 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.875 percent with an equivalent price of $99.999953. Treasury accepted in full all competitive tenders at yields lower than 1.875 percent. Tenders at the high yield were allotted 36.18 percent. The median yield was 1.820 percent, and the low yield was 1.730 percent. Noncompetitive tenders totaled $37 million. Competitive tenders accepted from private investors totaled $33,963 million. Accrued interest of $0.05095 per $1,000 must be paid for the period from April 30 to May 1. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,640 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2022 is $100. Auction of 7-Year Notes On April 20, 2017, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $121,706 million of securities maturing April 30 and to pay down approximately $18,706 million. The 7-year notes of Series K-2024 were dated April 30 and issued May 1. They are due April 30, 2024, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on April 27. Tenders totaled $76,522 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.084 percent with an equivalent price of $99.455647. Treasury accepted in full all competitive tenders at yields lower than 2.084 percent. Tenders at the high yield were allotted 11.62 percent. The median yield was 2.050 percent, and the low yield was 1.888 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $27,992 million. Accrued interest of $0.05435 per $1,000 must be paid for the period from April 30 to May 1. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $3,822 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2024 is $100. BUREAU OF THE FISCAL SERVICE OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, continued May Quarterly Financing On May 3, 2017, Treasury announced it would auction $24,000 million of 3-year notes, $23,000 million of 10-year notes, and $15,000 million of 30-year bonds. The issue was to refund $49,663 million of securities maturing May 15 and to raise new cash of approximately $12,337 million. The 3-year notes of Series AM-2020 were dated and issued May 15. They are due May 15, 2020, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 9. Tenders totaled $66,225 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.572 percent with an equivalent price of $99.789820. Treasury accepted in full all competitive tenders at yields lower than 1.572 percent. Tenders at the high yield were allotted 87.86 percent. The median yield was 1.529 percent, and the low yield was 1.288 percent. Noncompetitive tenders totaled $50 million. Competitive tenders accepted from private investors totaled $23,850 million. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $7,929 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AM-2020 is $100. The 10-year notes of Series C-2027 were dated and issued May 15. They are due May 15, 2027, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-3/8 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 10. Tenders totaled $53,633 million; Treasury accepted $23,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.400 percent with an equivalent price of $99.778909. Treasury accepted in full all competitive tenders at yields lower than 2.400 percent. Tenders at the high yield were allotted 13.56 percent. The median yield was 2.342 percent, and the low yield was 2.281 percent. Noncompetitive tenders totaled $27 million. Competitive tenders accepted from private investors totaled $22,973 million. In addition to the $23,000 million of tenders accepted in the auction process, Treasury accepted $7,599 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2027 is $100. The 30-year bonds of May 2047 were dated and issued May 15. They are due May 15, 2047, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 11. Tenders totaled $32,864 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.050 percent with an equivalent price of $99.021791. Treasury accepted in full all competitive tenders at yields lower than 3.050 percent. Tenders at the high yield were allotted 83.10 percent. The median yield was 3.000 percent, and the low yield was 2.920 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $14,988 million. In addition to the $15,000 million of tenders accepted in the auction process, Treasury accepted $4,956 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2047 is $100. Auction of 52-Week Bills On May 18, 2017, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued May 25 and will mature May 24, 2018. The issue was to refund $146,993 million of all maturing bills and to raise new cash of approximately $7 million. Treasury auctioned the bills on May 23. Tenders totaled $56,743 million; Treasury accepted $20,000 million, including $217 million of noncompetitive tenders from the public. The high bank discount rate was 1.145 percent. Auction of 1-Year 11-Month 0.07 Percent FRNs On May 18, 2017, Treasury announced it would auction $13,000 million of 1-year 11-month 0.07 percent FRNs. The issue was to raise new cash of approximately $13,000 million. The 1-year 11-month 0.07 percent FRNs of Series BA2019 were dated April 30 and issued May 26. They are due April 30, 2019, 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 24. Tenders totaled $38,857 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.050 percent with an equivalent price of $100.038573. Treasury accepted in full all competitive tenders at discount margins lower than 0.050 percent. Tenders at the high discount margin were allotted 17.20 percent. The median discount margin was 0.035 percent, and the low discount margin was 0.010 percent. Noncompetitive tenders totaled $8 million. Competitive September 2017 34 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued tenders accepted from private investors totaled $12,992 million. Accrued interest of $0.068948308 per $100 must be paid for the period from April 30 to May 26. Auction of 9-Year 8-Month 0-3/8 Percent TIPS On May 11, 2017, Treasury announced it would auction $11,000 million of 9-year 8-month 0-3/8 percent TIPS. The issue was to refund $80,756 million of securities maturing May 31 and to raise new cash of approximately $18,244 million. The 9-year 8-month 0-3/8 percent TIPS of Series A-2027 were dated January 15 and issued May 31. They are due January 15, 2027, 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 18. Tenders totaled $28,165 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.420 percent with an equivalent adjusted price of $100.496978. Treasury accepted in full all competitive tenders at yields lower than 0.420 percent. Tenders at the high yield were allotted 73.08 percent. The median yield was 0.389 percent, and the low yield was 0.311 percent. Noncompetitive tenders totaled $29 million. Competitive tenders accepted from private investors totaled $10,971 million. Adjusted accrued interest of $1.42187 per $1,000 must be paid for the period from January 15 to May 31. Both the unadjusted price of $.000000 and the unadjusted accrued interest of $1.40884 were adjusted by an index ratio of 1.00925, 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 $1,323 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2027 is $100. Auction of 2-Year Notes On May 18, 2017, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $80,756 million of securities maturing May 31 and to raise new cash of approximately $18,244 million. The 2-year notes of Series BB-2019 were dated and issued May 31. They are due May 31, 2019, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-1/4 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 May 23. Tenders totaled $75,495 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.316 percent with an September 2017 equivalent price of $99.870143. Treasury accepted in full all competitive tenders at yields lower than 1.316 percent. Tenders at the high yield were allotted 49.14 percent. The median yield was 1.260 percent, and the low yield was 0.888 percent. Noncompetitive tenders totaled $124 million. Competitive tenders accepted from private investors totaled $25,776 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $3,128 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BB-2019 is $100. Auction of 5-Year Notes On May 18, 2017, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $80,756 million of securities maturing May 31 and to raise new cash of approximately $18,244 million. The 5-year notes of Series Z-2022 were dated and issued May 31. They are due May 31, 2022, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on May 24. Tenders totaled $90,946 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.831 percent with an equivalent price of $99.614668. Treasury accepted in full all competitive tenders at yields lower than 1.831 percent. Tenders at the high yield were allotted 7.84 percent. The median yield was 1.800 percent, and the low yield was 1.715 percent. Noncompetitive tenders totaled $68 million. Competitive tenders accepted from private investors totaled $33,932 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,090 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2022 is $100. Auction of 7-Year Notes On May 18, 2017, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $80,756 million of securities maturing May 31 and to raise new cash of approximately $18,244 million. The 7-year notes of Series L-2024 were dated and issued May 31. They are due May 31, 2024, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for BUREAU OF THE FISCAL SERVICE OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, continued competitive tenders on May 25. Tenders totaled $71,140 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.060 percent with an equivalent price of $99.610738. Treasury accepted in full all competitive tenders at yields lower than 2.060 percent. Tenders at the high yield were allotted 74.08 percent. The median yield was 2.010 percent, and the low yield was 1.888 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $27,991 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $3,369 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2024 is $100. JUNE Auction of 14-Day Cash Management Bills On May 25, 2017, Treasury announced it would auction $25,000 million of 14-day bills. They were issued June 1 and matured June 15. The issue was to raise new cash of approximately $142,000 million. Treasury auctioned the bills on May 30. Tenders totaled $78,506 million; Treasury accepted $25,000 million, including $1 million of noncompetitive tenders from the public. The high bank discount rate was 0.735 percent. Auction of 3-Year Notes On June 8, 2017, Treasury announced it would auction $24,000 million of 3-year notes. The issue was to refund $28,000 million of securities maturing June 15 and to raise new cash of approximately $28,000 million. The 3-year notes of Series AN-2020 were dated and issued June 15. They are due June 15, 2020, with interest payable on December 15 and June 15 until maturity. Treasury set an interest rate of 1-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. e.t. for noncompetitive tenders and before 11:30 a.m. e.t. for competitive tenders on June 12. Tenders totaled $72,110 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.500 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 1.500 percent. Tenders at the high yield were allotted 83.76 percent. The median yield was 1.460 percent, and the low yield was 1.380 percent. Noncompetitive tenders totaled $77 million. Competitive tenders accepted from private investors totaled $23,823 million. The minimum par amount required for STRIPS of notes of Series AN-2020 is $100. Auction of 9-Year 11-Month 2-3/8 Percent Notes On June 8, 2017, Treasury announced it would auction $20,000 million of 9-year 11-month 2-3/8 percent notes. The issue was to refund $28,000 million of securities maturing June 15 and to raise new cash of approximately $28,000 million. The 9-year 11-month 2-3/8 percent notes of Series C-2027 were dated May 15 and issued June 15. They are due May 15, 2027, 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 12. Tenders totaled $50,878 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.195 percent with an equivalent price of $101.594378. Treasury accepted in full all competitive tenders at yields lower than 2.195 percent. Tenders at the high yield were allotted 0.63 percent. The median yield was 2.150 percent, and the low yield was 2.090 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $19,990 million. Accrued interest of $2.00068 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-2027 is $100. Auction of 29-Year 11-Month 3 Percent Bonds On June 8, 2017, Treasury announced it would auction $12,000 million of 29-year 11-month 3 percent bonds. The issue was to refund $28,000 million of securities maturing June 15 and to raise new cash of approximately $28,000 million. The 29-year 11-month 3 percent bonds of May 2047 were dated May 15 and issued June 15. They are due May 15, 2047, 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 13. Tenders totaled $27,830 million; Treasury accepted $12,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.870 percent with an equivalent price of $102.595435. Treasury accepted in full all competitive tenders at yields lower than 2.870 percent. Tenders at the high yield were allotted 63.87 percent. The median yield was 2.820 percent, and the low yield was 2.720 percent. Noncompetitive tenders totaled $2 million. Competitive tenders accepted from private investors totaled $11,998 million. Accrued interest of $2.52717 per $1,000 must be paid for the period from May 15 to June 15. The September 2017 36 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued minimum par amount required for STRIPS of bonds of May 2047 is $100. Auction of 52-Week Bills On June 15, 2017, Treasury announced it would auction $20,000 million of 364-day Treasury bills. They were issued June 22 and will mature June 21, 2018. The issue was to refund $142,000 million of all maturing bills and to pay down approximately $15,000 million. Treasury auctioned the bills on June 20. Tenders totaled $66,159 million; Treasury accepted $20,000 million, including $260 million of noncompetitive tenders from the public. The high bank discount rate was 1.215 percent. Auction of 29-Year 8-Month 0-7/8 Percent TIPS On June 15, 2017, Treasury announced it would auction $5,000 million of 29-year 8-month 0-7/8 percent TIPS. The issue was to refund $79,364 million of securities maturing June 30 and to raise new cash of approximately $26,636 million. The 29-year 8-month 0-7/8 percent TIPS of February 2047 were dated February 15 and issued June 30. They are due February 15, 2047, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 22. Tenders totaled $14,147 million; Treasury accepted $5,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.880 percent with an equivalent adjusted price of $101.154806. Treasury accepted in full all competitive tenders at yields lower than 0.880 percent. Tenders at the high yield were allotted 41.91 percent. The median yield was 0.850 percent, and the low yield was 0.688 percent. Noncompetitive tenders totaled $9 million. Competitive tenders accepted from private investors totaled $4,991 million. Adjusted accrued interest of $3.30512 per $1,000 must be paid for the period from February 15 to June 30. Both the unadjusted price of $99.869486 and the unadjusted accrued interest of $3.26312 were adjusted by an index ratio of 1.01287, 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 $608 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of February 2047 is $100. Auction of 2-Year Notes On June 22, 2017, Treasury announced it would auction $26,000 million of 2-year notes. The issue was to refund $79,364 million of securities maturing June 30 and to raise new cash of approximately $26,636 million. September 2017 The 2-year notes of Series BC-2019 were dated and issued June 30. They are due June 30, 2019, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 1-1/4 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 June 26. Tenders totaled $78,805 million; Treasury accepted $26,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.348 percent with an equivalent price of $99.807259. Treasury accepted in full all competitive tenders at yields lower than 1.348 percent. Tenders at the high yield were allotted 14.88 percent. The median yield was 1.300 percent, and the low yield was 1.188 percent. Noncompetitive tenders totaled $176 million. Competitive tenders accepted from private investors totaled $25,724 million. In addition to the $26,000 million of tenders accepted in the auction process, Treasury accepted $3,160 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BC-2019 is $100. Auction of 5-Year Notes On June 22, 2017, Treasury announced it would auction $34,000 million of 5-year notes. The issue was to refund $79,364 million of securities maturing June 30 and to raise new cash of approximately $26,636 million. The 5-year notes of Series AA-2022 were dated and issued June 30. They are due June 30, 2022, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 1-3/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 27. Tenders totaled $79,219 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.828 percent with an equivalent price of $99.628909. Treasury accepted in full all competitive tenders at yields lower than 1.828 percent. Tenders at the high yield were allotted 65.21 percent. The median yield was 1.770 percent, and the low yield was 1.700 percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled $33,949 million. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,133 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2022 is $100. BUREAU OF THE FISCAL SERVICE OPERATIONS 37 TREASURY FINANCING: APRIL-JUNE, continued Auction of 7-Year Notes Auction of 1-Year 10-Month 0.07 Percent FRNs On June 22, 2017, Treasury announced it would auction $28,000 million of 7-year notes. The issue was to refund $79,364 million of securities maturing June 30 and to raise new cash of approximately $26,636 million. The 7-year notes of Series M-2024 were dated and issued June 30. They are due June 30, 2024, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon e.t. for noncompetitive tenders and before 1:00 p.m. e.t. for competitive tenders on June 28. Tenders totaled $68,903 million; Treasury accepted $28,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.056 percent with an equivalent price of $99.636636. Treasury accepted in full all competitive tenders at yields lower than 2.056 percent. Tenders at the high yield were allotted 73.19 percent. The median yield was 2.017 percent, and the low yield was 1.935 percent. Noncompetitive tenders totaled $11 million. Competitive tenders accepted from private investors totaled $27,989 million. In addition to the $28,000 million of tenders accepted in the auction process, Treasury accepted $3,404 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2024 is $100. On June 22, 2017, Treasury announced it would auction $13,000 million of 1-year 10-month 0.07 percent FRNs. The issue was to refund $79,364 million of securities maturing June 30 and to raise new cash of approximately $26,636 million. The 1-year 10-month 0.07 percent FRNs of Series BA2019 were dated April 30 and issued June 30. They are due April 30, 2019, 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 28. Tenders totaled $40,741 million; Treasury accepted $13,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.080 percent with an equivalent price of $99.981468. Treasury accepted in full all competitive tenders at discount margins lower than 0.080 percent. Tenders at the high discount margin were allotted 63.30 percent. The median discount margin was 0.068 percent, and the low discount margin was 0.050 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled $12,995 million. Accrued interest of $0.171045131 per $100 must be paid for the period from April 30 to June 30. In addition to the $13,000 million of tenders accepted in the auction process, Treasury accepted $1,580 million from FRBs for their own accounts. September 2017 38 BUREAU OF THE FISCAL SERVICE OPERATIONS TABLE PDO-1—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Issue date On total competitive bids accepted Amounts of bids accepted Description of new issue Amou nt of Number bids Maturity of days to tende date maturity 1 red (1) (2) (3) Total amount 2 (4) On On noncompetitive competitive basis basis 3 (6) (5) High price per hundred (7) High discount High investment rate rate (percent) (percent) 4 (9) (8) Regular weekly: (4 week, 13 week, and 26 week) 2017 - Apr. 06 ........................................................ 2017 - May 04 July 06 Oct. 05 Apri.13 ........................................................ May 11 July 13 Oct. 12 Apr. 20 ........................................................ May 18 July 20 Oct. 19 Apr. 27 ........................................................ May 25 July 27 Oct. 26 May 04 ........................................................ June 01 Aug. 03 Nov. 02 May 11 ........................................................ June 08 Aug. 10 Nov. 09 May 18 ........................................................ June 15 Aug. 17 Nov. 16 May 25 ........................................................ June 22 Aug. 24 Nov. 24 June 01 ....................................................... June 29 Aug. 31 Nov. 30 June 08 ....................................................... July 06 Sept. 07 Dec. 07 June 15 ....................................................... July 13 Sept. 14 Dec. 14 June 22 ....................................................... July 20 Sept. 21 Dec. 21 June 29 ....................................................... July 27 Sept. 28 Dec. 28 1 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 28 91 183 28 91 182 28 91 182 28 91 182 28 91 182 28 91 182 166630.3 122512.5 108730.7 169824.8 127800.0 107112.5 178997.2 121346.7 103576.0 199388.7 120322.8 112978.2 164699.7 118164.0 107411.1 178562.7 125847.7 99452.8 164233.9 120489.7 103964.0 156761.9 125939.6 100870.0 120622.9 123727.8 119321.1 133819.5 127865.5 110433.5 114311.3 137025.4 124166.0 119574.9 123915.9 110511.2 124329.3 120964.4 110513.5 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 2017 55000.2 39000.4 33000.2 55000.2 39000.2 33000.1 55000.5 39000.2 33000.1 60000.7 39000.2 33000.3 55000.1 39000.1 33000.1 55000.6 39000.2 33000.2 55000.0 39000.2 33000.6 55000.1 39000.3 33000.2 45000.1 39000.1 33000.5 40000.5 39000.1 33001.0 35000.0 39000.3 33000.0 35000.3 39000.4 33000.1 40000.0 39000.1 33000.2 54502.6 38539.4 32045.7 54557.7 38510.0 31963.6 54494.4 38431.1 32202.0 59571.0 37513.7 31592.7 54643.5 38436.1 32063.7 54525.9 38287.2 32277.9 54520.5 38289.8 32201.9 54453.6 38415.8 32237.5 44624.8 37524.8 31584.1 39484.8 38505.3 32355.1 34519.3 38295.3 32288.8 34558.6 38205.7 32209.9 39616.6 38347.3 31607.0 397.6 460.9 454.5 342.5 490.2 436.4 406.1 469.1 398.1 429.7 486.5 414.0 356.6 464.1 436.4 374.7 513.0 422.2 379.5 510.4 498.7 446.5 484.5 387.7 375.4 475.6 416.4 415.7 494.8 345.9 380.7 505.0 411.2 441.7 594.7 490.2 383.4 502.8 467.2 99.940889 99.800306 99.539944 99.940889 99.791458 99.519722 99.941667 99.792722 99.522250 99.942833 99.792722 99.517194 99.943611 99.786403 99.507083 99.944778 99.772500 99.486861 99.945944 99.771236 99.484333 99.942833 99.767444 99.466250 99.934667 99.757333 99.464111 99.934667 99.752278 99.459056 99.931167 99.749750 99.443889 99.933889 99.744694 99.433778 99.930778 99.747222 99.438833 0.760 0.790 0.910 0.760 0.825 0.950 0.750 0.820 0.945 0.735 0.820 0.955 0.725 0.845 0.975 0.710 0.900 1.015 0.695 0.905 1.020 0.735 0.920 1.050 0.840 0.960 1.060 0.840 0.980 1.070 0.885 0.990 1.100 0.850 1.010 1.120 0.890 1.000 1.110 0.771 0.803 0.927 0.771 0.838 0.968 0.761 0.833 0.963 0.746 0.833 0.973 0.735 0.859 0.993 0.720 0.915 1.034 0.705 0.920 1.040 0.746 0.935 1.070 0.852 0.976 1.081 0.852 0.996 1.091 0.898 1.006 1.122 0.862 1.027 1.142 0.903 1.016 1.132 3 Tenders for $5 million or less from any one bidder are accepted in full at the high price of accepted competitive bids. All Treasury Marketable auctions are conducted in a single-price format as of November 2, 1998. 4 Equivalent coupon-issue yield. BUREAU OF THE FISCAL SERVICE OPERATIONS 39 TABLE PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Auction date 1 Issue date (1) Description of securities 1 (2) 04/07/17 04/11/17 0.000% cmb—05/18/17 04/10/17 04/17/17 1.500% note—04/15/20-AL Period to final maturity (years, months, days) 2 (3) Amount tendered (4) 37d 3y Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 115 25 63,074 24,197 1.525 - 99.927029 49,683 20,164 2.332 - 99.280319 26,812 12,099 2.938 - 101.221385 64,511 20,000 04/11/17 04/17/17 2.250% note—02/15/27-B 9y 10m 04/12/17 04/17/17 3.000% bond—02/15/47 29y 10m 04/25/17 04/27/17 1.060% bill—04/26/18 04/20/17 04/28/17 0.125% TIPS—04/15/22-X 5y 40,295 16,000 -0.049 - 101.002153 04/25/17 05/01/17 1.250% note—04/30/19-K 2y 77,720 29,549 1.280 - 99.941005 04/26/17 05/01/17 0.070% FRN—04/30/19-BA 2y 52,265 17,047 0.000 - 99.999994 04/26/17 05/01/17 1.875% note—04/30/22-Y 5y 84,072 38,641 1.875 - 99.999953 04/27/17 05/01/17 2.000% note—04/30/24-K 7y 80,344 31,822 2.084 - 99.455647 05/09/17 05/15/17 1.500% note—05/15/20-AM 3y 74,154 31,929 1.572 - 99.789820 05/10/17 05/15/17 2.375% note—05/15/27-C 10y 61,232 30,599 2.400 - 99.778909 05/11/17 05/15/17 3.000% bond—05/15/47 30y 37,820 19,956 3.050 - 99.021791 05/23/17 05/25/17 1.145% bill—05/24/18 56,743 20,000 05/24/17 05/26/17 0.050% FRN—04/30/19-BA 364d 364d 1y 11m 38,857 13,000 0.000 - 100.038573 8m 05/18/17 05/31/17 0.375% TIPS—01/15/27-A 9y 29,488 12,323 0.420 - 100.496978 05/23/17 05/31/17 1.250% note—05/31/19-BB 2y 78,623 29,128 1.316 - 99.870143 05/24/17 05/31/17 1.750% note—05/31/22-Z 5y 95,036 38,090 1.831 - 99.614668 05/25/17 05/31/17 2.000% note—05/31/24-L 7y 74,509 31,369 2.060 - 99.610738 05/30/17 06/01/17 0.000% cmb—06/15/17 78,506 25,000 06/12/17 06/15/17 1.500% note—06/15/20-AN 3y 72,110 24,000 1.500 - 100.000000 06/12/17 06/15/17 2.375% note—05/15/27-C 9y 11m 50,878 20,000 2.195 - 101.594378 06/13/17 06/15/17 3.000% bond—05/15/47 29y 11m 27,830 12,000 2.870 - 102.595435 06/20/17 06/22/17 1.215% bill—06/21/18 66,159 20,000 06/22/17 06/30/17 0.875% TIPS—02/15/47 29y 14,755 5,608 0.880 - 101.154806 06/26/17 06/30/17 1.250% note—06/30/19-BC 2y 81,965 29,161 1.348 - 99.807259 06/27/17 06/30/17 1.750% note—06/30/22-AA 5y 83,352 38,133 1.828 - 99.628909 06/28/17 06/30/17 0.080% FRN—04/30/19-BA 1y 42,322 14,580 0.000 - 99.981468 06/28/17 06/30/17 2.000% note—06/30/24-M 7y 72,307 31,404 2.056 - 99.636636 14d 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 Oct.ober 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. 8m 10m 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. Sept.tember 2017 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 2017 • 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) 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 2016 ................................................ 16,090,640 16,763,286 17,847,931 18,174,718 19,597,812 16,066,241 16,738,183 17,824,071 18,150,618 19,573,445 2016 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2017 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 19,406,152 19,452,247 19,534,678 19,597,812 19,830,096 19,972,472 20,001,290 19,961,760 19,983,859 19,870,651 19,870,348 19,870,301 19,868,948 19,381,591 19,427,695 19,510,296 19,573,445 19,805,715 19,948,065 19,976,827 19,937,261 19,959,594 19,846,420 19,846,129 19,845,942 19,844,554 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) 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 - 4,791,850 4,757,211 5,039,265 5,026,867 5,395,699 1,744,275 2,315,023 2,767,288 2,802,101 2,830,115 5,444,287 5,425,190 5,401,852 5,395,699 5,514,763 5,499,924 5,537,501 5,556,549 5,543,497 5,471,966 5,548,161 5,542,298 5,473,659 - 5,444,287 5,425,190 5,401,852 5,395,699 5,514,763 5,499,924 5,537,501 5,556,549 5,543,497 5,471,966 5,548,161 5,542,298 5,473,659 2,819,062 2,821,881 2,827,017 2,830,115 2,833,661 2,840,508 2,843,701 2,848,025 2,856,355 2,859,131 2,860,818 2,862,321 2,864,091 Total (3) Public debt securities, continued Agency securities1 Held by private investors End of fiscal year or month Nonmarketable (9) Total outstanding (10) Held by private investors (11) Held by Government accounts (12) Total (7) Marketable (8) 2012 ................................................ 2013 ................................................ 2014 ................................................ 2015 ................................................ 2016 ................................................ 9,530,116 9,665,949 10,017,518 10,321,650 11,347,631 9,005,483 9,281,132 9,526,925 10,051,650 10,830,489 524,634 384,818 490,594 270,000 517,142 24,399 25,103 23,860 24,100 24,367 24,394 25,098 23,857 24,095 24,363 5 5 3 5 4 2016 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2017 - Jan ....................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 11,118,242 11,180,624 11,281,427 11,347,631 11,457,291 11,607,633 11,595,625 11,532,687 11,559,742 11,515,323 11,437,150 11,441,323 11,506,804 10,611,734 10,672,341 10,772,054 10,830,489 10,936,394 11,080,962 11,077,564 11,015,736 11,042,572 11,107,539 11,089,528 11,120,333 11,145,326 506,508 508,282 509,373 517,142 520,897 526,671 518,061 516,952 517,170 407,784 347,622 320,990 361,478 24,561 24,552 24,382 24,367 24,381 24,407 24,463 24,499 24,265 24,231 24,219 24,359 24,394 24,556 24,547 24,377 24,363 24,377 24,403 24,459 24,495 24,261 24,228 24,216 24,356 24,391 5 5 5 4 4 4 4 4 4 3 3 3 3 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 2017 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] End of month 2017 - June ....... Mar ........ 2016 - Dec......... Sept ........ June ....... Mar ......... 2015 - Dec......... Sept........ June ....... Mar ......... 2014 - Dec......... Sept........ June ....... Mar ......... 2013 - Dec......... Sept........ June ....... Mar ......... 2012 - Dec......... Sept........ June ....... Mar ......... 2011 - Dec......... Sept ........ June ....... Mar ......... 2010 - Dec......... Sept ........ June ....... Mar ......... 2009 - Dec......... Sept ........ June ....... Mar ......... 2008 - Dec......... Sept ........ June ....... Mar ......... 2007 - Dec......... Sept ........ June ....... Mar ......... 1 Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 19,844.4 19,846.4 19,976.9 19,573.4 19,381.6 19,264.9 18,922.2 18,150.6 18,152.0 18,152.1 18,141.4 17,824.1 17,632.6 17,601.2 17,352.0 16,738.2 16,738.2 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 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 7,943.4 7,941.1 8,005.6 7,863.5 7,911.2 7,801.4 7,711.2 7,488.7 7,536.5 7,521.3 7,578.9 7,490.8 7,461.0 7,301.5 7,205.3 6,834.2 6,773.3 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 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 Pension funds 3 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (3) (4) (5) 11,900.9 11,905.3 11,971.3 11,709.9 11,470.4 11,463.6 11,211.0 10,661.9 10,615.5 10,630.8 10,562.6 10,333.2 10,171.6 10,299.7 10,146.6 9,904.0 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 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 n.a. 646.8 651.9 620.5 570.3 555.3 546.8 513.6 515.4 511.7 513.7 470.9 407.2 368.3 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 279.7 293.8 279.4 321.0 319.3 322.8 266.1 269.3 202.5 198.2 140.8 125.7 105.0 130.0 112.7 125.0 129.8 119.7 110.4 119.8 162.8 164.2 165.8 167.5 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 187.9 188.7 189.6 190.2 191.3 192.5 193.6 194.0 194.1 194.3 195.0 195.4 196.5 197.1 198.6 200.3 Source: “Monthly Statement of the Public Debt of the United States (MSPD).” Face value. Sources: Federal Reserve Bulletin, Table 1.18, Federal Reserve banks, statement of condition, for System Open Market Accounts; and the U.S. Treasury MSPD for intragovernmental holdings. Federal Reserve holdings exclude Treasury securities held under repurchase agreements. As of February 2005, the debt held by Government Accounts was renamed to Intragovernmental holdings. 3 Source: Federal Reserve Board of Governors, Flow of Funds Table L.209. 4 Includes U.S. chartered depository institutions, foreign banking offices in U.S., banks in U.S. affiliated areas, credit unions and bank holding companies. 5 Sources: “Monthly Statement of the Public Debt of the United States from January 1996. Federal Reserve Board of Governors, Flow of Funds Table L. 209 from January 1977 through December 1995. As of December 2014, includes savings bonds issued to myRA accounts. Current accrual value. 2 September 2017 Private 6 (6) n.a. 450.2 553.5 549.2 542.4 536.4 529.2 318.8 382.9 442.8 492.1 485.5 481.1 480.1 478.1 358.6 454.0 464.6 467.5 447.0 427.4 406.6 391.9 373.6 251.8 215.8 206.8 198.2 190.8 183.0 175.6 167.2 164.1 155.4 147.4 147.0 145.0 143.7 141.0 140.5 139.9 139.7 State and Insurance local compagovernments nies 3 (7) (8) n.a. 187.9 187.2 187.3 182.2 175.6 174.8 173.5 178.0 176.4 181.3 187.1 189.3 189.0 188.3 182.8 178.7 173.9 172.9 171.4 171.2 169.4 160.7 155.7 158.0 157.9 153.7 145.2 150.1 153.6 151.4 145.6 144.6 137.0 129.9 136.7 135.5 135.4 144.2 153.2 162.3 156.3 n.a. 332.4 327.7 338.7 327.4 313.1 304.3 304.3 302.1 303.0 304.9 296.1 285.8 275.0 269.5 271.5 276.2 284.3 292.7 292.6 293.6 298.1 297.3 259.6 254.8 253.5 248.4 240.6 231.8 225.7 222.0 210.2 200.0 191.0 171.4 163.4 159.4 152.1 141.9 155.1 168.9 185.4 Mutual funds 3, 7 (9) n.a. 1,616.5 1,665.2 1,537.6 1,402.3 1,391.0 1,315.3 1,192.3 1,135.9 1,156.8 1,108.3 1,067.6 977.9 1,050.1 975.3 976.2 1,000.1 1,066.7 1,031.8 1,080.7 997.8 1,015.4 927.9 788.7 753.7 749.4 721.7 671.0 676.8 678.5 668.8 668.5 711.8 721.1 758.2 631.4 440.3 466.7 343.5 292.7 257.6 263.2 State and local Foreign govern- and interments 3 national 8 (10) (11) n.a. 715.9 721.0 712.7 696.3 678.4 665.2 642.7 629.9 639.5 621.6 601.2 605.0 586.7 587.8 585.8 611.0 612.5 607.9 594.4 585.4 567.4 562.2 557.9 572.2 585.3 595.7 586.0 584.4 585.0 585.6 583.6 588.5 588.2 601.4 614.0 635.1 646.4 647.8 643.1 637.8 608.3 n.a. 6,102.3 6,006.3 6,158.1 6,281.1 6,286.5 6,146.2 6,105.9 6,163.1 6,172.6 6,157.7 6,069.2 6,018.7 5,948.3 5,792.6 5,652.8 5,595.0 5,725.0 5,573.8 5,476.1 5,310.9 5,145.1 5,006.9 4,912.1 4,690.6 4,481.4 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 Other investors 9 (12) n.a. 1,689.0 1,692.7 1,438.4 1,299.4 1,357.0 1,357.6 1,238.0 1,134.3 1,053.1 1,007.0 978.9 1,029.0 1,224.0 1,354.8 1,403.2 1,368.9 1,267.2 1,232.2 1,035.1 1,105.4 1,081.2 971.4 935.8 976.1 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 6 Includes U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 7 Includes money market mutual funds, mutual funds, and closed-end investment companies. 8 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. 9 Includes individuals, Government-sponsored enterprises, brokers and dealers, bank personal trusts and estates, corporate and non-corporate businesses, and other investors. 43 INTRODUCTION: U.S. Currency and Coin Outstanding and in Circulation The U.S. Currency and Coin Outstanding and in Circulation (USCC) statement informs the public of the total face value of currency and coin used as a medium of exchange that is in circulation at the end of a given accounting month. The statement defines the total amount of currency and coin outstanding and the portion deemed to be in circulation. It includes some old and current rare issues that do not circulate or that may do so to a limited extent. Treasury includes them in the statement because the issues were originally intended for general circulation. The USCC statement provides a description of the various issues of paper money. It also gives an estimated average of currency and coin held by each individual, using estimates of population from the Bureau of the Census. USCC information has been published by Treasury since 1888, and was published separately until 1983, when it was incorporated into the “Treasury Bulletin.” The USCC comes from monthly reports compiled by Treasury offices, U.S. Mint offices, the Federal Reserve banks (FRBs), and the Federal Reserve Board. TABLE USCC-1—Amounts Outstanding and in Circulation, June 30, 2017 [Source: Bureau of the Fiscal Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) Currency no longer issued (5) U.S. notes (4) $1,732,876,875,371 $1,684,368,832,575 $1,683,890,978,664 $239,519,766 $238,334,145 The Treasury ....................................... 254,075,470 52,871,432 52,647,737 7,505 216,190 FRBs ................................................... 170,814,999,133 168,997,910,870 168,997,816,219 - 94,651 Amounts in circulation ............................. $1,561,807,800,768 $1,515,318,050,273 $1,514,840,514,708 $239,512,261 $238,023,304 Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $48,508,042,796 $6,546,924,108 $41,961,118,688 The Treasury ....................................... 201,204,038 48,770,750 152,433,288 FRBs ................................................... 1,817,088,263 1,216,935,982 600,152,281 Amounts in circulation ............................. $46,489,750,495 $5,281,217,376 $41,208,533,119 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2017 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 44 TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2017 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $11,699,596,925 $143,503 $140,349,978 Federal Reserve notes 1 (2) $11,840,090,406 $2 ................................................................................ 2,362,422,258 2,230,824,814 131,584,918 12,526 $5 ................................................................................ 14,185,133,125 14,053,756,685 107,762,610 23,613,830 $10 .............................................................................. 18,999,400,214 18,979,364,684 6,300 20,029,230 $20 .............................................................................. 178,661,584,320 178,641,481,200 3,840 20,099,280 $50 .............................................................................. 83,627,122,150 83,615,627,600 500 11,494,050 - 4 21,971,400 $100 ............................................................................ 1,205,329,938,700 1,205,307,967,300 $500 ............................................................................ 141,892,500 141,756,500 5,500 130,500 $1,000 ......................................................................... 165,251,000 165,079,000 5,000 167,000 $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 ......................................................... $1,515,318,050,273 $1,514,840,514,708 $ 239,512,261 $238,023,304 Amounts (in millions) (1) Per capita 6 (2) 1,561,808 4,800 May 31, 2017 ....................................................................................... 1,556,448 4,786 Apr. 30, 2017 ....................................................................................... 1,542,208 4,745 Sept. 30, 2015 ...................................................................................... 1,387,552 4,310 Sept. 30, 2010 ...................................................................................... 954,719 3,074 Comparative totals of currency and coins in circulation—selected dates June 30, 2017 ...................................................................................... 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 Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. 2 September 2017 4 Represents current FRB adjustment. value of certain partial denominations not presented for redemption. on Bureau of the Census’ estimates of population. 5 Represents 6 Based 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 2017 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) 01/04/2017 ............................................................. 1,274,796 1,341,723 n.a. 1.3293 01/11/2017 ............................................................. 1,313,015 1,374,027 n.a. 1.3219 01/18/2017 ............................................................. 1,391,192 1,458,670 n.a. 1.3175 01/25/2017 ............................................................. 1,334,973 1,399,438 n.a. 1.3074 02/01/2017 ............................................................. 1,447,486 1,513,832 n.a. 1.3088 02/08/2017 ............................................................. 1,356,036 1,421,243 n.a. 1.3156 02/15/2017 ............................................................. 1,361,291 1,430,233 n.a. 1.3082 02/22/2017 ............................................................. 1,404,270 1,475,428 n.a. 1.3188 03/01/2017 ............................................................. 1,516,763 1,587,020 n.a. 1.3345 03/08/2017 ............................................................. 1,565,057 1,640,131 n.a. 1.3479 03/15/2017 ............................................................. 1,359,569 1,439,813 n.a. 1.3451 03/22/2017 ............................................................. 1,391,814 1,462,743 n.a. 1.3347 03/29/2017 ............................................................. 1,468,556 1,547,517 -275 1.3372 04/05/2017 ............................................................. 1,475,246 1,549,717 -450 1.341 04/12/2017 ............................................................. 1,541,807 1,622,562 n.a. 1.3302 04/19/2017 ............................................................. 1,493,212 1,577,293 -352 1.3467 04/26/2017 ............................................................. 1,570,534 1,664,665 -223 1.3591 05/03/2017 ............................................................. 1,609,854 1,697,064 -126 1.3705 05/10/2017 ............................................................. 1,627,440 1,716,567 -157 1.3652 05/17/2017 ............................................................. 1,664,524 1,754,855 n.a. 1.3594 05/24/2017 ............................................................. 1,716,458 1,813,518 n.a. 1.3454 05/31/2017 ............................................................. 1,895,959 1,984,486 n.a. 1.3498 06/07/2017 ............................................................. 1,866,669 1,959,447 n.a. 1.3514 06/14/2017 ............................................................. 1,992,914 2,083,946 n.a. 1.3201 06/21/2017 ............................................................. 1,671,758 1,763,195 n.a. 1.3323 06/28/2017 ............................................................. 1,735,419 1,835,374 n.a. 1.3043 September 2017 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 Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2014 - Dec................... 880,313 877,276 188,092 181,589 65,824 64,872 98,283 87,318 585 1.1601 2015 - Dec................... 1,041,022 1,099,522 195,815 132,890 69,498 103,448 130,522 96,401 -37 1.3839 2016 - July................... 1,254,201 1,315,080 189,095 151,502 116,013 112,500 97,367 94,138 n.a. 1.304 Aug .................. 1,397,344 1,449,810 192,565 155,708 95,827 92,388 87,358 84,353 n.a. 1.3122 Sept ................. 1,296,309 1,365,694 174,148 143,656 93,983 88,639 93,305 90,083 n.a. 1.3115 Oct ................... 1,418,178 1,483,175 201,637 162,780 94,135 89,506 90,568 90,766 -394 1.3403 Nov .................. 1,537,629 1,601,204 187,963 145,522 90,311 86,032 99,716 100,003 58 1.3425 Dec .................. 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 2017 - Jan ................... 1,437,769 1,507,801 201,217 165,311 87,531 83,667 97,771 98,366 n.a. 1.303 Feb .................. 1,486,928 1,554,144 208,256 162,857 76,331 70,834 79,523 78,471 n.a. 1.3247 Mar .................. 1,526,359 1,598,015 182,868 151,958 64,249 59,702 74,409 73,003 -250 1.3321 Apr ................... 1,636,478 1,662,656 214,884 170,746 64,103 56,447 62,963 61,568 -381 1.3669 May.................. 1,935,592 1,969,549 243,261 190,062 69,703 62,244 66,336 65,544 n.a. 1.3498 June................. 1,751,564 1,808,347 235,791 192,314 75,076 71,426 68,610 65,327 -195 1.2982 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 Purchased (1) Sold (2) Assets (3) Liabilities (4) 2013 - Dec................... 18,183 37,339 94,712 2014 - Dec................... 19,820 35,885 2015 - June ................ 71,356 97,532 Sept .................. 67,133 98,724 Dec ................... 27,142 59,087 2016 - Mar .................. 30,905 61,209 June ................. 35,995 65,904 Sept .................. 36,885 Dec ................... 38,433 2017 - Mar .................. 38,456 Report date Options positions Puts Calls Bought (5) Written (6) Bought (7) Written (8) 50,955 n.a. 1,831 5,630 4,362 94,153 50,754 n.a. n.a. 1,034 133,157 95,771 453 296 3,071 137,280 101,046 n.a. 260 4,831 125,045 94,958 209 134 n.a. 129,399 94,163 270 373 140,849 106,389 363 349 67,444 156,802 103,615 242 68,593 156,273 124,911 401 73,351 161,751 115,479 808 Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) 52 1.0637 n.a. -15 1.1601 1,191 n.a. 1.2473 1,110 -33 1.3396 n.a. n.a. 1.3839 1,834 n.a. n.a. 1.2969 726 461 7 1.301 285 2,316 1,180 n.a. 1.3115 397 2,393 n.a. n.a. 1.3426 607 972 816 n.a. 1.3321 September 2017 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) 01/04/2017 .............................................................. 560,105 572,991 187 117.38 01/11/2017 .............................................................. 561,779 572,860 n.a. 116.26 01/18/2017 .............................................................. 574,470 585,143 n.a. 113.4 01/25/2017 .............................................................. 544,320 556,954 n.a. 113.6 02/01/2017 .............................................................. 592,407 603,895 n.a. 113.29 02/08/2017 .............................................................. 553,382 565,466 n.a. 111.74 02/15/2017 .............................................................. 579,112 591,586 n.a. 114.17 02/22/2017 .............................................................. 570,048 582,627 n.a. 113.46 03/01/2017 .............................................................. 612,755 624,948 n.a. 113.66 03/08/2017 .............................................................. 589,908 602,540 n.a. 114.58 03/15/2017 .............................................................. 560,816 568,347 n.a. 114.66 03/22/2017 .............................................................. 576,459 583,183 n.a. 111.06 03/29/2017 .............................................................. 580,019 583,197 n.a. 111.05 04/05/2017 .............................................................. 568,768 576,130 n.a. 111.2 04/12/2017 .............................................................. 565,496 571,465 n.a. 109.54 04/19/2017 .............................................................. 562,129 570,213 n.a. 109.06 04/26/2017 .............................................................. 596,379 603,432 n.a. 111.52 05/03/2017 .............................................................. 600,291 608,570 177 112.34 05/10/2017 .............................................................. 578,978 586,913 90 114.02 05/17/2017 .............................................................. 587,867 600,968 -3 111.46 05/24/2017 .............................................................. 575,971 586,614 113 112.02 05/31/2017 .............................................................. 591,012 600,439 128 110.71 06/07/2017 .............................................................. 598,101 605,702 51 109.54 06/14/2017 .............................................................. 601,442 610,273 35 109.16 06/21/2017 .............................................................. 548,187 553,559 128 111.58 06/28/2017 .............................................................. 570,588 574,943 151 112.18 Spot, forward and future contracts Report date September 2017 51 SECTION II—Japanese Yen Positions, continued TABLE FCP-II-2—Monthly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Spot, forward and future contracts Report date Purchased (1) Sold (2) Foreign currency denominated Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) Written (6) Bought (7) Written (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 2014 - Dec.................. 510,165 513,709 132,270 125,176 51,990 64,690 106,981 97,813 n.a. 119.85 2015 - Dec.................. 531,482 536,367 145,490 142,158 43,087 44,780 58,483 58,347 24 120.27 2016 - July.................. 560,321 568,843 172,329 171,033 61,490 59,444 70,191 73,096 n.a. 102.32 Aug ................. 550,336 563,164 155,179 153,238 52,693 51,094 62,896 66,143 n.a. 103.38 Sept ................ 553,483 559,349 163,928 162,154 52,508 51,043 62,919 64,302 n.a. 101.21 Oct .................. 540,425 546,482 173,878 171,803 51,633 50,402 63,775 64,929 n.a. 105.07 Nov ................. 592,885 602,968 174,780 174,758 60,784 59,998 75,464 76,880 n.a. 114.34 Dec ................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 2017 - Jan .................. 593,274 602,383 157,033 155,102 56,626 55,601 69,854 72,239 n.a. 112.72 Feb ................. 602,909 611,577 173,740 172,748 57,038 55,545 70,102 73,011 n.a. 112.06 Mar ................. 602,303 603,377 173,617 172,278 37,259 36,804 82,849 85,509 n.a. 111.41 Apr .................. 604,117 608,102 155,351 153,344 52,183 50,606 58,464 61,658 n.a. 111.44 May................. 592,685 600,426 159,620 156,752 53,596 52,628 59,715 62,816 129 110.71 June................ 577,803 580,549 168,907 164,646 49,451 48,641 55,355 57,948 -6 112.4 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls 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 - Dec................... 5,881 6,167 9,879 5,587 214 590 1,755 1,063 n.a. 119.85 2015 - June ................ 6,721 6,611 6,947 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 .................. 7,225 4,900 7,184 5,318 n.a. 340 687 486 -7 112.42 June ................. 8,200 4,667 7,254 5,807 n.a. 367 723 581 -5 102.77 Sept .................. 7,804 4,314 7,815 6,141 n.a. 382 588 488 -18 101.21 Dec ................... 7,108 5,211 7,632 6,306 352 303 1,006 912 n.a. 116.78 2017 - Mar .................. 9,579 7,021 8,705 6,838 440 484 857 621 -2 111.41 September 2017 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) 01/04/2017 .............................................................. 882,400 911,656 n.a. 1.0228 01/11/2017 .............................................................. 861,174 893,365 n.a. 1.0203 01/18/2017 .............................................................. 876,783 913,917 n.a. 1.0028 01/25/2017 .............................................................. 835,292 869,167 n.a. 0.9996 02/01/2017 .............................................................. 973,539 1,005,523 n.a. 0.993 02/08/2017 .............................................................. 921,660 957,644 n.a. 0.9934 02/15/2017 .............................................................. 923,501 982,439 n.a. 1.0062 02/22/2017 .............................................................. 953,449 984,224 n.a. 1.0109 03/01/2017 .............................................................. 1,034,044 1,066,633 n.a. 1.0072 03/08/2017 .............................................................. 1,012,099 1,042,133 535 1.0146 03/15/2017 .............................................................. 934,761 957,309 340 1.008 03/22/2017 .............................................................. 941,011 967,522 79 0.99 03/29/2017 .............................................................. 982,017 1,004,518 196 0.9966 04/05/2017 .............................................................. 932,296 953,495 -7 1.005 04/12/2017 .............................................................. 947,599 968,336 -105 1.0054 04/19/2017 .............................................................. 952,780 978,179 -360 0.9986 04/26/2017 .............................................................. 957,266 980,794 -326 0.9957 05/03/2017 .............................................................. 1,003,581 1,024,542 -437 0.9913 05/10/2017 .............................................................. 1,003,706 1,032,643 -703 1.0088 05/17/2017 .............................................................. 1,007,242 1,031,167 -311 0.9808 05/24/2017 .............................................................. 1,016,585 1,038,951 -320 0.9769 05/31/2017 .............................................................. 1,115,935 1,136,852 -74 0.9684 06/07/2017 .............................................................. 1,060,301 1,091,671 296 0.9657 06/14/2017 .............................................................. 1,096,258 1,126,685 337 0.9662 06/21/2017 .............................................................. 917,925 947,400 -89 0.9744 06/28/2017 .............................................................. 975,876 1,002,426 63 0.9608 September 2017 53 SECTION III—Swiss Franc Positions, continued TABLE FCP-III-2—Monthly Report of Major Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) 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) 2014 - Dec................... 938,957 960,295 82,613 68,870 103,936 121,455 172,573 155,099 n.a. 0.9934 2015 - Dec................... 891,361 931,195 90,954 68,715 77,874 89,785 124,418 111,241 n.a. 1.0017 2016 - July................... 850,015 877,876 84,611 64,450 79,886 80,698 95,062 94,159 772 0.969 Aug .................. 914,207 937,753 82,885 62,624 77,370 77,831 92,964 92,545 n.a. 0.983 Sept ................. 809,002 833,527 100,213 80,209 73,675 73,637 90,162 89,726 n.a. 0.9694 Oct ................... 884,917 915,199 107,821 87,263 69,303 71,437 84,145 81,695 n.a. 0.989 Nov .................. 961,646 990,511 110,339 88,029 72,062 73,248 88,917 85,043 n.a. 1.0187 Dec .................. 856,367 886,180 95,226 75,142 71,537 71,228 91,631 91,542 n.a. 1.016 2017 - Jan ................... 925,767 957,154 102,290 80,624 74,678 73,813 93,175 94,662 n.a. 0.9888 Feb .................. 999,759 1,031,025 95,148 76,388 79,768 80,686 93,883 93,710 304 1.0022 Mar .................. 953,661 975,655 90,103 75,168 49,975 49,151 112,834 114,744 176 0.9998 Apr ................... 979,432 1,001,546 95,472 79,898 77,414 76,365 80,399 80,920 -267 0.9944 May.................. 1,123,546 1,135,076 105,512 89,265 76,436 76,882 86,845 86,054 -78 0.9684 June................. 965,112 988,136 102,660 86,636 73,324 74,066 82,966 80,992 n.a. 0.9586 TABLE FCP-III-3—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) 2013 - Dec................... 22,699 23,164 n.a. 9,538 n.a. n.a. 1,951 n.a. n.a. 0.8904 2014 - Dec................... 23,711 27,078 98,281 13,400 387 1,290 512 610 -70 0.9934 2015 - June ................ 20,333 22,935 82,573 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 .................. 12,965 16,654 48,569 16,247 n.a. - n.a. n.a. n.a. 0.9583 June ................. 13,961 14,942 38,415 16,235 n.a. n.a. 158 n.a. n.a. 0.9792 Sept .................. 13,162 13,803 74,616 16,527 - n.a. n.a. n.a. n.a. 0.9694 Dec ................... 15,062 14,957 100,733 18,341 - n.a. n.a. n.a. n.a. 1.016 2017 - Mar .................. 16,987 18,151 75,707 18,092 n.a. 47 n.a. n.a. 1 0.9998 September 2017 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) 01/04/2017 .............................................................. 2,742,478 2,887,828 n.a. 1.2299 01/11/2017 .............................................................. 2,728,481 2,873,897 301 1.2118 01/18/2017 .............................................................. 3,011,102 3,032,489 n.a. 1.2309 01/25/2017 .............................................................. 2,866,368 2,883,892 n.a. 1.262 02/01/2017 .............................................................. 2,900,217 3,041,551 n.a. 1.2643 02/08/2017 .............................................................. 2,756,724 2,898,874 n.a. 1.2543 02/15/2017 .............................................................. 2,803,312 2,947,838 n.a. 1.2465 02/22/2017 .............................................................. 2,867,356 3,010,458 449 1.2456 03/01/2017 .............................................................. 3,085,928 3,227,260 523 1.2318 03/08/2017 .............................................................. 2,992,063 3,140,836 n.a. 1.2152 03/15/2017 .............................................................. 2,774,673 2,915,111 n.a. 1.2222 03/22/2017 .............................................................. 2,928,661 2,950,854 415 1.2476 03/29/2017 .............................................................. 2,917,254 3,073,602 508 1.2411 04/05/2017 .............................................................. 2,745,263 2,890,407 n.a. 1.2488 04/12/2017 .............................................................. 2,785,798 2,933,546 n.a. 1.25 04/19/2017 .............................................................. 3,037,070 3,068,664 n.a. 1.2789 04/26/2017 .............................................................. 2,991,960 3,138,717 n.a. 1.2838 05/03/2017 .............................................................. 2,965,074 3,125,695 368 1.2916 05/10/2017 .............................................................. 2,924,686 3,083,440 730 1.2939 05/17/2017 .............................................................. 2,917,855 3,063,904 n.a. 1.2944 05/24/2017 .............................................................. 2,867,821 3,030,681 n.a. 1.2935 05/31/2017 .............................................................. 3,115,449 3,294,548 n.a. 1.2905 06/07/2017 .............................................................. 2,974,429 3,125,494 n.a. 1.2941 06/14/2017 .............................................................. 3,166,610 3,326,113 n.a. 1.2808 06/21/2017 .............................................................. 2,901,287 3,055,489 720 1.2667 06/28/2017 .............................................................. 2,928,886 3,076,507 n.a. 1.2936 September 2017 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 (3) (4) Bought (5) Calls Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2014 - Dec................... 1,744,865 1,811,461 656,784 599,908 82,825 76,549 80,689 83,838 -267 1.5578 2015 - Dec................... 2,097,242 2,195,891 725,684 745,368 78,771 88,693 110,332 99,999 -545 1.4746 2016 - July................... 2,557,400 2,672,258 901,277 917,494 165,470 160,505 231,617 227,557 n.a. 1.327 Aug .................. 2,814,334 2,927,659 887,534 880,127 131,293 126,872 179,111 177,955 n.a. 1.3129 Sept ................. 2,618,883 2,747,565 869,051 828,784 120,207 117,731 164,545 163,770 n.a. 1.3015 Oct ................... 2,745,019 2,880,821 829,418 781,724 115,226 110,065 177,757 177,916 n.a. 1.2212 Nov .................. 2,871,185 3,000,437 820,971 779,232 112,863 106,019 165,405 165,117 -449 1.2481 Dec .................. 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 2017 - Jan ................... 2,849,780 2,988,670 838,018 792,495 95,593 88,183 141,363 141,155 n.a. 1.2585 Feb .................. 3,005,053 3,145,213 858,677 818,042 108,005 105,628 142,123 142,638 442 1.2427 Mar .................. 2,928,810 3,081,453 863,959 821,635 157,963 154,196 117,449 115,096 n.a. 1.2537 Apr ................... 2,937,996 3,034,434 917,328 871,964 121,561 120,382 133,320 131,485 247 1.2938 May.................. 3,151,722 3,274,059 878,968 840,899 134,316 132,710 150,029 156,784 n.a. 1.2905 June................. 2,910,012 3,000,581 881,091 844,098 147,705 147,003 171,015 172,367 46 1.2995 TABLE FCP-IV-3—Quarterly Report of Large Market Participants [In millions of pounds sterling. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) 2013 - Dec................... 34,365 29,425 156,665 38,670 2014 - Dec................... 25,098 28,006 157,560 39,245 2015 - June ................ 29,155 39,283 162,972 61,154 Sept .................. 23,672 37,701 164,511 63,149 Dec ................... 23,539 40,934 159,100 61,109 2016 - Mar .................. 25,097 48,638 161,912 June ................. 32,851 59,068 168,024 Sept .................. 27,814 58,602 Dec ................... 28,214 50,414 2017 - Mar .................. 32,757 57,906 Bought (5) 1,861 Calls Otions positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 1,364 172 1.6574 n.a. 2,360 n.a. 796 3,544 930 n.a. 1.5578 1,163 1,191 1,602 1,018 57 1.5727 1,371 1,101 2,640 753 90 1.5116 358 351 3,151 1,330 n.a. 1.4746 64,787 460 958 5,159 2,545 76 1.4381 68,927 n.a. n.a. 3,488 1,337 131 1.3242 163,430 65,795 406 432 2,465 727 63 1.3015 166,901 66,789 n.a. 428 2,686 1,577 4 1.2337 182,119 82,148 n.a. n.a. 2,643 1,825 -29 1.2537 September 2017 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 Purchased Sold (1) (2) Net options positions (3) Exchange rate (4) 01/04/2017 ............................................................ 24,949,513 24,180,770 n.a. n.a. 01/11/2017 ............................................................ 25,255,842 24,488,080 n.a. n.a. 01/18/2017 ............................................................ 25,965,482 25,211,661 n.a. n.a. 01/25/2017 ............................................................ 25,016,888 24,224,856 n.a. n.a. 02/01/2017 ............................................................ 26,621,127 25,851,410 n.a. n.a. 02/08/2017 ............................................................ 25,399,050 24,487,380 n.a. n.a. 02/15/2017 ............................................................ 25,760,817 24,871,971 n.a. n.a. 02/22/2017 ............................................................ 26,093,604 25,193,727 n.a. n.a. 03/01/2017 ............................................................ 27,633,303 26,720,423 n.a. n.a. 03/08/2017 ............................................................ 27,305,392 26,444,531 -6,882 n.a. 03/15/2017 ............................................................ 25,215,188 24,491,849 n.a. n.a. 03/22/2017 ............................................................ 25,583,752 24,887,191 n.a. n.a. 03/29/2017 ............................................................ 26,111,888 25,516,073 n.a. n.a. 04/05/2017 ............................................................ 25,513,064 24,875,366 n.a. n.a. 04/12/2017 ............................................................ 25,720,346 25,225,819 n.a. n.a. 04/19/2017 ............................................................ 25,799,561 25,274,374 -2,988 n.a. 04/26/2017 ............................................................ 26,950,599 26,182,089 -2,948 n.a. 05/03/2017 ............................................................ 26,545,672 25,916,473 n.a. n.a. 05/10/2017 ............................................................ 26,572,053 25,936,666 n.a. n.a. 05/17/2017 ............................................................ 26,754,662 26,160,592 n.a. n.a. 05/24/2017 ............................................................ 26,700,969 26,054,603 n.a. n.a. 05/31/2017 ............................................................ 28,225,035 27,617,203 -2,014 n.a. 06/07/2017 ............................................................ 27,769,526 27,226,216 n.a. n.a. 06/14/2017 ............................................................ 28,680,674 28,356,379 n.a. n.a. 06/21/2017 ............................................................ 25,944,692 25,643,465 -1,643 n.a. 06/28/2017 ............................................................ 26,973,786 26,325,770 -1,054 n.a. September 2017 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 (3) (4) Bought (5) Calls Written (6) Options positions Puts Bought Written (7) (8) Net delta Exchange rate equivalent (10) (9) 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 - Dec.............. 23,238,723 22,612,485 - - 2,124,406 1,978,028 1,357,603 1,515,284 -7,263 n.a. 2016 - July.............. 27,129,821 26,506,848 - - 2,590,300 2,615,761 1,821,089 1,779,134 -1,785 n.a. Aug ............. 26,449,920 25,822,922 - - 2,270,867 2,240,778 1,628,824 1,617,632 n.a. n.a. Sept ............ 25,353,418 24,783,019 - - 2,129,618 2,126,408 1,612,644 1,574,536 -1,156 n.a. Oct .............. 25,487,936 24,881,480 - - 2,188,089 2,190,906 1,639,433 1,610,256 n.a. n.a. Nov ............. 27,576,354 26,932,500 - - 2,540,013 2,536,790 1,749,543 1,727,774 n.a. n.a. Dec ............. 24,428,323 23,781,344 - - 2,238,378 2,263,923 1,522,790 1,502,724 -8,477 n.a. 2017 - Jan .............. 26,316,215 25,565,831 - - 2,322,038 2,337,702 1,594,787 1,581,259 n.a. n.a. Feb ............. 27,078,204 26,211,094 - - 2,272,229 2,288,071 1,622,346 1,607,055 -6,518 n.a. Mar ............. 26,583,120 25,983,865 - - 2,221,495 2,237,584 1,575,038 1,565,686 n.a. n.a. Apr .............. 26,554,180 26,361,649 - - 2,100,247 2,126,277 1,620,552 1,617,281 -2,922 n.a. May............. 28,196,367 27,891,740 - - 2,113,118 2,127,973 1,823,270 1,821,875 -2,363 n.a. June............ 26,444,604 26,384,305 - - 2,038,636 2,052,345 1,743,786 1,738,186 116 n.a. TABLE FCP-V-3—Quarterly Report of Large Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls Written (6) Options positions Puts Bought Written (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 - Dec................... 441,207 385,894 - - 52,933 32,364 16,077 19,471 13,105 n.a. 2015 - 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 ................... 394,957 329,092 - - 28,177 20,380 6,992 9,361 1,846 n.a. 2016 - Mar .................. 386,524 340,914 - - 30,532 20,989 7,380 11,588 1,436 n.a. June ................. 406,478 344,699 - - 19,972 13,480 10,695 12,325 1,056 n.a. Sept .................. 395,439 360,589 - - 17,282 11,021 11,927 14,172 1,089 n.a. Dec ................... 391,396 322,230 - - 31,554 21,574 15,484 23,106 4,224 n.a. 2017 - Mar .................. 432,574 409,988 - - n.a. 17,200 20,525 n.a. 1,525 n.a. September 2017 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) 01/04/2017 ......................................................................... 7,640,541 7,837,261 n.a. 0.9546 01/11/2017 ......................................................................... 7,588,806 7,802,379 2,153 0.9523 01/18/2017 ......................................................................... 7,849,046 8,000,829 1,673 0.9362 01/25/2017 ......................................................................... 7,366,596 7,539,515 3,043 0.9308 02/01/2017 ......................................................................... 8,118,391 8,210,535 3,414 0.9295 02/08/2017 ......................................................................... 7,619,801 7,800,038 3,348 0.9339 02/15/2017 ......................................................................... 7,569,399 7,753,981 2,667 0.9437 02/22/2017 ......................................................................... 7,728,952 7,989,740 3,776 0.9474 03/01/2017 ......................................................................... 8,221,155 8,498,422 3,572 0.9466 03/08/2017 ......................................................................... 8,152,581 8,380,650 2,403 0.9481 03/15/2017 ......................................................................... 7,644,391 7,866,218 n.a. 0.9407 03/22/2017 ......................................................................... 7,861,223 8,014,290 2,914 0.9259 03/29/2017 ......................................................................... 7,925,838 8,131,063 n.a. 0.9297 04/05/2017 ......................................................................... 7,688,729 7,884,024 n.a. 0.938 04/12/2017 ......................................................................... 7,833,566 8,028,242 263 0.9424 04/19/2017 ......................................................................... 7,891,153 8,031,216 -383 0.934 04/26/2017 ......................................................................... 8,270,015 8,475,188 442 0.9198 05/03/2017 ......................................................................... 8,030,695 8,199,908 141 0.9157 05/10/2017 ......................................................................... 8,042,819 8,218,112 n.a. 0.9197 05/17/2017 ......................................................................... 8,165,906 8,282,067 2,177 0.8982 05/24/2017 ......................................................................... 7,940,020 8,062,201 n.a. 0.8949 05/31/2017 ......................................................................... 8,430,790 8,569,241 -396 0.89 06/07/2017 ......................................................................... 8,213,660 8,327,096 1,302 0.89 06/14/2017 ......................................................................... 8,352,378 8,463,448 n.a. 0.8868 06/21/2017 ......................................................................... 7,497,769 7,639,845 354 0.8974 06/28/2017 ......................................................................... 7,900,554 8,032,243 -492 0.88 September 2017 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 (3) (4) Bought (5) Calls Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 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 - Dec................... 7,267,001 7,435,520 2,182,011 2,097,804 504,877 533,564 716,846 694,070 n.a. 0.9209 2017 - July................... 7,382,517 7,538,238 2,446,363 2,379,400 482,181 469,391 599,725 597,447 -1,233 0.8954 Aug .................. 7,552,615 7,692,892 2,299,016 2,246,796 456,381 447,189 552,241 552,908 1,111 0.8972 Sept ................. 7,220,989 7,349,806 2,398,068 2,346,015 464,875 457,030 540,037 537,809 -676 0.8898 Oct ................... 7,408,312 7,557,139 2,332,495 2,266,764 461,910 454,661 559,673 558,888 -780 0.9122 Nov .................. 8,097,253 8,277,228 2,343,980 2,273,163 494,972 492,605 716,999 720,634 2,481 0.9454 Dec .................. 7,257,059 7,454,411 2,288,818 2,253,384 424,184 420,117 671,763 677,997 2,729 0.9477 2017 - Jan ................... 7,876,190 8,043,990 2,199,146 2,098,940 440,371 431,543 690,381 701,534 3,357 0.9264 Feb .................. 7,902,113 8,181,100 2,220,658 2,108,177 457,030 443,899 742,167 757,386 3,493 0.9418 Mar .................. 7,937,501 8,154,261 2,173,255 2,064,324 697,046 700,547 499,722 502,997 n.a. 0.9347 Apr ................... 8,112,837 8,281,657 2,329,653 2,208,210 646,156 641,867 703,028 727,963 -790 0.9179 May.................. 8,552,138 8,584,407 2,225,778 2,135,410 687,246 683,148 628,191 638,144 -465 0.89 June................. 7,693,258 7,795,510 2,218,545 2,156,794 617,346 610,053 595,958 607,046 -201 0.8763 TABLE FCP-VI-3—Quarterly Report of Large Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Calls 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 - Dec................... 100,113 106,754 285,726 144,805 9,788 7,242 21,936 8,994 n.a. 0.8264 2015 - June ................ 146,038 136,974 297,381 183,030 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 ................... 123,963 121,422 283,432 184,211 5,153 1,869 11,254 7,154 -52 0.9209 2016 - Mar .................. 134,044 119,293 304,147 198,033 5,602 3,244 5,273 3,128 n.a. 0.878 June ................. 128,496 123,939 319,636 211,312 6,232 3,385 7,230 3,149 n.a. 0.9064 Sept .................. 133,470 117,747 328,711 220,262 5,011 3,212 5,513 2,647 n.a. 0.8898 Dec ................... 133,410 125,866 365,321 234,629 5,059 3,453 17,431 9,210 -392 0.9477 2017 - Mar .................. 145,758 148,204 417,132 287,973 8,924 7,789 19,266 8,084 197 0.9347 September 2017 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, 2017, and June 30, 2017 [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................................................................. Total assets.......................................................................... Mar. 31, 2017 Apr. 1, 2017, through June 30, 2017 22,033,225 49,348,574 27,319 1,271,255 22,060,545 50,619,829 11,565,237 8,397,812 119,688 796,716 -78,357 2,367 12,361,953 8,319,455 122,055 91,464,537 2,019,299 93,483,836 June 30, 2017 Liabilities and capital Current liabilities: Accounts payable................................................................. 26,792 18,698 45,490 Total current liabilities ...................................................... 26,792 18,698 45,490 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Unearned revenue .............................................................. 5,200,000 47,918,082 - 1,219,804 - 5,200,000 49,137,885 - Total other liabilities ......................................................... 53,118,082 1,219,804 54,337,885 Capital: Capital account .................................................................... Net income -+ or loss -- -see Table ESF-2 .......................... 200,000 -1,414,728- 779,427 200,000 -635,301 Total capital...................................................................... 38,319,663 780,798 39,100,461 Total liabilities and capital ............................................ 91,464,537 2,019,299 93,483,836 See footnote on the following page. September 2017 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, 2017, through June 30, 2017 Fiscal year to date Oct. 1, 2016, through June 30, 2017 Income and expense Profit -+ or loss-- on: Foreign exchange .......................................................... 703,064 -730,825 Adjustment for change in valuation of SDR holdings and allocations 1 .................................... 36,654 12,808 SDRs .............................................................................. 1,204 2,873 U.S. Government securities ........................................... 42,232 88,983 Foreign exchange .......................................................... -3,727 -9,139 Income from operations ................................................. 779,427 -635,301 Net income (+) or loss (-) ........................................... 779,427 -635,301 Net income (+) or loss (-): 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 2017 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 2018)............................................................................................................... 85 less: Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 30 Unfunded authorizations (fiscal year 2018) ........................................................................................................................................................................ 55 48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022) ............................................................................................................................ 146 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2018)............................................................................................................... 29 less: Cash balance (fiscal year 2018) ......................................................................................................................................................................................... 11 Unfunded authorizations (fiscal year 2018) ........................................................................................................................................................................ 18 48-month revenue estimate (fiscal years 2019, 2020, 2021, and 2022) ........................................................................................................................... 24 Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. September 2017 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 2017 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 2017 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. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the September 2017 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. The Statutory Debt Limit was permanently increased effective March 16, 2017 to $19,808,772,381,624.74. Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be 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 GLOSSARY Treasury to a specific Government agency, trust fund, or account. Their rate is based on an average of market yields on outstanding Treasury obligations, and they may be redeemed at the option of the holder. Roughly 80 percent of these are issued to five holders: the Federal Old-Age and Survivors Insurance Trust Fund; the civil service retirement and disability fund; the Federal Hospital Insurance Trust Fund; the military retirement fund; and the Unemployment Trust Fund. Interfund transactions (“Federal Fiscal Operations”)— Transactions in which payments are made from one fund group (either Federal funds or trust funds) to a receipt account in another group. International Monetary Fund transactions (“Exchange Stabilization Fund”, ESF-1)—(IMF) Established by the United Nations, the IMF promotes international trade, stability of exchange, and monetary cooperation. Members are allowed to draw from the fund. Intrabudgetary transactions (“Federal Fiscal Operations”)— These occur when payment and receipt both occur within the budget, or when payment is made from off-budget Federal entities whose budget authority and outlays are excluded from the budget totals. Noncompetitive tenders (“Treasury Financing Operations”)—This is a tender or bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders for a single-price auction. Obligations (“Federal Fiscal Operations”)—An unpaid commitment to acquire goods or services. Off-budget Federal entities (“Federal Fiscal Operations”)— Federally owned and controlled entities whose transactions are excluded from the budget totals under provisions of law. Their receipts, outlays, and surplus or deficit are not included in budget receipts, outlays, or deficits. Their budget authority is not included in totals of the budget. Outlays (“Federal Fiscal Operations”)—Payments on obligations in the form of cash, checks, the issuance of bonds or notes, or the maturing of interest coupons. Par value—The face value of bonds or notes, including interest. Quarterly financing (“Treasury Financing Operations”)— Treasury has historically offered packages of several “coupon” security issues on the 15th of February, May, August, and November, or on the next working day. These issues currently consist of a 3-year note, a 10-year note, and a 30-year bond. Treasury sometimes offers additional amounts of outstanding long-term notes or bonds, rather than selling new security issues. (See Reopening.) Fractional coins (USCC)—Coins minted in denominations of 50, 25, and 10 cents, and minor coins (5 cents and 1 cent). 69 Receipts (“Federal Fiscal Operations”)—Funds collected from selling land, capital, or services, as well as collections from the public (budget receipts), such as taxes, fines, duties, and fees. Reopening (PDO-2)—The offer for sale of additional amounts of outstanding issues, rather than an entirely new issue. A reopened issue will always have the same maturity date, CUSIP-number, and interest rate as the original issue. Special drawing rights (“Exchange Stabilization Fund,” ESF-1)—International assets created by IMF that serve to increase international liquidity and provide additional international reserves. SDRs may be purchased and sold among eligible holders through IMF. (See IMF.) SDR allocations are the counterpart to SDRs issued by IMF based on members’ quotas in IMF. Although shown in Exchange Stabilization Fund (ESF) statements as liabilities, they must be redeemed by ESF only in the event of liquidation of, or U.S. withdrawal from, the SDR department of IMF or cancellation of SDRs. SDR certificates are issued to the Federal Reserve System against SDRs when SDRs are legalized as money. Proceeds of monetization are deposited into an ESF account at the Federal Reserve Bank of New York. Spot (“Foreign Currency Positions”)—Due for receipt or delivery within 2 workdays. State and local government series (SLGS) (FD-2)—Special nonmarketable certificates, notes, and bonds offered to State and local governments as a means to invest proceeds from their own tax-exempt financing. Interest rates and maturities comply with IRS arbitrage provisions. SLGS are offered in both time deposit and demand deposit forms. Time deposit certificates have maturities of up to 1 year. Notes mature in 1 to 10 years and bonds mature in more than 10 years. Demand deposit securities are 1-day certificates rolled over with a rate adjustment daily. Statutory debt limit (FD-6)—By Act of Congress there is a limit, either temporary or permanent, on the amount of public debt that may be outstanding. When this limit is reached, Treasury may not sell new debt issues until Congress increases or extends the limit. For a detailed listing of changes in the limit since 1941, see the Budget of the United States Government. (See debt outstanding subject to limitation.) STRIPS (PDO-2)—Separate Trading of Registered Interest and Principal Securities. Long-term notes and bonds may be divided into principal and interest-paying components, which may be transferred and sold in amounts as small as $1,000. STRIPS are sold at auction at a minimum par amount, varying for each issue. The amount is an arithmetic function of the issue’s interest rate. September 2017 70 GLOSSARY Treasury bills—The shortest term Federal security (maturity dates normally varying from 3 to 12 months), are sold at a discount. Trust fund transaction (“Federal Fiscal Operations”)— An intrabudgetary transaction in which both payments and receipts occur within the same trust fund group. September 2017 United States—Includes the 50 States, District of Columbia, Commonwealth of Puerto Rico, American Samoa, Midway Island, Virgin Islands, Wake Island, and all other territories and possessions. U.S. notes (USCC)—Legal tender notes of five different issues: 1862 ($5-$1,000 notes); 1862 ($1-$2 notes); 1863 ($5$1,000 notes); 1863 ($1-$10,000 notes); and 1901 ($10 notes). 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