Full text of Treasury Bulletin : September 2019
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BULLETIN SEPTEMBER 2019 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, Cash Accounting and Reporting Division. Statistical data is compiled from sources within Treasury departmental offices and bureaus, as well as various other Federal program agencies. Readers can contact the publication staff at (304) 480-7151 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 ............................................................................................................................... 8 Analysis—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source .......................... 9 FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 11 FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 11 FFO-1—Summary of Fiscal Operations .............................................................................................................................. 12 FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 13 FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 15 FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 17 FEDERAL DEBT Introduction—Federal Debt ................................................................................................................................................. 18 FD-1—Summary of Federal Debt ....................................................................................................................................... 19 FD-2—Debt Held by the Public .......................................................................................................................................... 20 FD-3—Government Account Series .................................................................................................................................... 21 FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 22 FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 23 FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 24 FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 25 BUREAU OF THE FISCAL SERVICE OPERATIONS Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 27 TREASURY FINANCING ................................................................................................................................................. 27 PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 36 PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 37 OWNERSHIP OF FEDERAL SECURITIES Introduction—Ownership of Federal Securities .................................................................................................................. 38 OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 39 OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 40 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 41 USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 41 USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 42 INTERNATIONAL STATISTICS FOREIGN CURRENCY POSITIONS Introduction—Foreign Currency Positions .......................................................................................................................... 45 September 2019 IV Table of Contents SECTION I—Canadian Dollar Positions FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 46 FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 47 FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 47 SECTION II—Japanese Yen Positions FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 48 FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 49 FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 49 SECTION III—Swiss Franc Positions FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 50 FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 51 FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 51 SECTION IV—Sterling Positions FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 52 FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 53 FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 53 SECTION V—U.S. Dollar Positions FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 54 FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 55 FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 55 SECTION VI—Euro Positions FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 56 FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 57 FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 57 EXCHANGE STABILIZATION FUND Introduction—Exchange Stabilization Fund ........................................................................................................................ 58 ESF-1—Balance Sheet ........................................................................................................................................................ 58 ESF-2—Income and Expense .............................................................................................................................................. 59 SPECIAL REPORTS TRUST FUNDS Introduction—Highway Trust Fund .................................................................................................................................... 63 TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 63 GLOSSARY ........................................................................................................................................................................ 64 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 2019 VI Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State ................................................................................................. √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports..................................................................................................................... √ Special Reports 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 ...................................................................................... √ United States Victims of State Sponsored Terrorism Fund .................................................................... √ Uranium Enrichment Decontamination and Decommissioning Fund..................................................... √ Vaccine Injury Compensation Trust Fund .............................................................................................. √ Wool Research, Development, and Promotion Trust Fund..................................................................... √ September 2019 OPERATIONS Profile of the Economy Federal Fiscal Operations Federal Debt Fiscal Service Operations Ownership of Federal Securities U.S. Currency and Coin Outstanding and in Circulation 3 Profile of the Economy [Source: Office of Macroeconomic Analysis] As of August 6, 2019 Introduction The U.S. economic recovery became the longest expansion on record in July and entered its 122nd month in August. The advance estimate for real GDP in the second quarter of 2019 showed economic growth at an annual rate of 2.1 percent, after a 3.1 percent annual rate in the first quarter and a 2.9 percent year-over-year advance in 2018. As of early July, private forecasters predict real GDP growth of 2.2 percent in 2019 on a Q4-over-Q4 basis and 1.7 percent in 2020. According to the President’s FY 2020 Budget, the Administration is predicting growth nearing 3 percent for the next few years, based on the investment and productivity improvements incentivized by the Tax Cuts and Jobs Act (TCJA). The second quarter saw a quadrupling of growth in private consumption, a component which accounts for roughly two-thirds of GDP, and a marked increase in government spending at the federal as well as state and local levels. Residential investment retrenched for the sixth consecutive quarter, but the decline continued to taper relative to last year, and there were gathering signs of stabilization in the housing sector. After contributing, on average, just under 1 percentage point to growth in each of the previous six quarters, private fixed investment posed a very modest drag on growth in the second quarter, constrained by low oil prices and headwinds faced by domestic aircraft manufacturers. Net exports and private inventory investment posed the largest drags on growth in the second quarter, reversing their recent trends of making sizeable contributions. However, the most noteworthy aspect of the economy’s performance in the second quarter was the marked acceleration in private final domestic demand. This measure, which provides a better signal of the economy’s underlying growth, accelerated to its fastest pace in a year. Since the end of 2016, this measure has grown at an annual rate of 3.0 percent. Labor markets are healthy, with the unemployment rate standing at 3.7 percent as of July, just above the 49-year low of 3.6 percent reached in April and May. Labor force participation has trended upward, and the number of job openings has remained above the number of job seekers for 16 consecutive months through June 2019. Job creation averaged 223,000 per month during 2018, well above the monthly averages seen in 2017 as well as 2016, and thus far in 2019, has averaged a solid 165,000 per month. Nominal as well as real wages have shown consistently higher growth for the past year, while consumer and business sentiment continue to hover near multi-year highs. Economic Growth According to the advance estimate, real GDP grew at an annual rate of 2.1 percent in the second quarter of 2019, following the first quarter’s 3.1 percent pace. Slowing global economic growth and the drawdown of previous inventory investment subtracted from domestic GDP growth in the second quarter. But private domestic final purchases – the sum of personal consumption, business fixed investment, and residential investment – accelerated noticeably in the second quarter at an annual rate of 3.2 percent, following a 1.6 percent rise in the first quarter. The growth rate of real personal consumption expenditures quadrupled to 4.3 percent in the second quarter, marking the fastest rate of consumer spending since 2017 Q4. This followed an upwardly-revised 1.1 percent advance in consumption in the first quarter. Outlays on goods drove consumption in the second quarter, rising 8.3 percent at an annual rate and accounting for about four-fifths of overall GDP growth. Spending on durable goods climbed 12.9 percent in the second quarter, while nondurable goods expenditures were up 6.0 percent. Expenditures on services rose 2.5 percent in the second quarter. On balance, real personal consumption expenditures in Q2 made the largest contribution to growth, adding 2.9 percentage points. Business fixed investment declined 0.6 percent in Q2, subtracting 0.1 percentage point from growth, but this followed a solid, upwardly-revised 4.4 percent advance in Q1. Equipment investment rose 0.7 percent in the second quarter, and the decrease in equipment investment in the first September 2019 4 PROFILE OF THE ECONOMY quarter was revised up to a slight 0.1 percent decline. The slow equipment investment growth rate was significantly impacted by the grounding of the Boeing 737 MAX airplane; the Council of Economic Advisors estimates that the grounding alone subtracted 0.4 percentage point from Q2 GDP growth. Spending on structures fell 10.6 percent, partly reflecting decreased investment on oil and gas drilling rigs, but the decline followed a strong 4.0 percent advance in the first quarter. Fixed investment in intellectual property products grew 4.7 percent in the second quarter; growth in this category has risen at a double-digit pace in three of the last five quarters. After three consecutive quarters of positive contributions to growth, the cycle of inventory accumulation turned negative in the second quarter, subtracting nearly 0.9 percentage point from real GDP. Residential investment retrenched for the sixth consecutive quarter in 2019 Q2, but the decline continued to taper relative to last year. Since Spring 2018, a sharp reduction in the value of construction put in place has driven overall residential investment expenditures lower. Even so, there are gathering signs of stabilization in the housing sector as well as ongoing improvements in affordability and inventories. Existing home sales, which account for 90 percent of all home sales, are almost 5 ½-percent higher on the year through June, and new single-family home sales have grown by nearly 15 percent over the first six months of this year. Total housing starts are up 6.2 percent over the twelve months ending in June, and for five of the past six months, total building permits have remained above total housing starts, pointing to a further pickup in homebuilding. Consistent with these signs, the National Association of Home Builder’s home builder confidence index has trended higher during the first six months of this year, retracing almost half of last year’s decline. Although inventories of home sales continue to trend higher, they remain relatively low compared to historical averages. Affordability has improved as well: monthly and 12-month measures of house prices have slowed considerably, though 12-month growth continues to exceed core inflation and income gains. In addition to slower growth in home prices, mortgage rates have declined over a full percentage point from levels seen last fall, also contributing to greater affordability. Total government spending rose 5.0 percent at an annual rate in the second quarter, following a 2.9 percent advance in the first quarter. Over the past six quarters, government spending has added 0.4 percentage point, on average, to GDP growth, stepping up from essentially neutral contributions in 2016 and 2017. Federal outlays rose 7.9 percent in the second quarter, the fastest pace in ten years, following a 2.2 percent increase in the first quarter. State and local government spending has been growing more consistently since the end of 2017 and increased 3.2 percent in the second quarter of 2019, close to the 3.3 percent advance in the previous quarter. Altogether, government spending added 0.9 percentage point to real GDP growth in the second quarter. The bipartisan budget deal that was September 2019 signed at the beginning of August should reduce fiscal uncertainty and provide stimulus in the next two years. The U.S. trade deficit widened in the second quarter of 2019, as export growth turned sharply negative, declining 5.2 percent, and import growth edged up 0.1 percent. After making a large, 0.7 percentage point contribution to growth in the first quarter, net exports subtracted almost 0.7 percentage point from real GDP growth in 2019 Q2, posing a significant drag on growth. Labor Markets and Wages During 2018, monthly job growth averaged 223,000, well above the 179,000 monthly average for 2017 as well as the 193,000 monthly average for 2016. Thus far in 2019 through July, job creation has slowed somewhat, but has averaged a solid 165,000 per month. After reaching a 49year low of 3.6 percent in April and May, the unemployment rate edged up to 3.7 percent in June, where it remained in July. Broader measures of unemployment also continued to improve. The most comprehensive measure of labor market slack, the U-6 unemployment rate, which includes those marginally attached to the labor force and those working part-time for economic reasons, declined to 7.0 percent in July, the lowest level since December 2000, as well as 2.1 percentage points below the pre-recession average of 9.1 percent. The unemployment rate of those unemployed for 27 weeks or more, as a share of the unemployed, declined to 19.2 percent in July, an 11-year low. The TCJA has drawn workers back into the labor force, and in numbers that have helped offset the downward pressure on the rate from the aging population. The labor force participation rate rose to 63.0 percent in July, modestly below the five-year high of 63.2 percent reached in January and February. The pace of nominal wage growth for private-sector production and nonsupervisory workers resumed an accelerating trend towards the end of 2018 and into 2019. These gains, coupled with the slowdown in inflation, have helped boost growth in real wages as well. Nominal average hourly earnings for private production and nonsupervisory workers grew 3.3 percent over the 12 months through July 2019, just below the 3.5 percent rate posted in December 2018 – the latter was the fastest pace since February 2009. Nominal average hourly earnings for all private industry workers grew 3.2 percent over the year through July 2019. Using the CPI-W to deflate these nominal rates, real average hourly earnings for private production and nonsupervisory workers grew 1.8 percent over the year through June 2019 (latest data available), and real average hourly earnings for all private industry workers rose 1.7 percent over the same period. PROFILE OF THE ECONOMY 5 recent four quarters, hourly compensation costs rose 1.5 percent. Unit labor costs, which represent the interaction of productivity and compensation, declined 1.6 percent at an annual rate in the first quarter, following a 0.4 percent decrease in the fourth quarter of 2018. These costs were down 0.8 percent over the latest four quarters. Although the nonfarm compensation measure does not provide detailed data on how its components have moved recently, the Employment Cost Index (ECI) provides perspective on growth of the main components of compensation. The ECI for nominal hourly compensation for all civilian workers rose 2.7 percent in the 12 months through June 2019. Wages and salaries were up 2.9 percent through June 2019 from a year earlier, while benefits costs rose 2.3 percent over the year through June 2019. Industrial Production, Manufacturing and Services Nonfarm Productivity of Labor Labor productivity has shown consistent improvement for more than two years; not since 2004 have four-quarter labor productivity growth rates remained at or above 1 percent for ten consecutive quarters. Most recently, productivity has improved more dramatically: following growth of 1.3 percent at an annual rate in the final quarter of 2018, productivity growth accelerated to a 3.4 percent annual rate, the most rapid pace since the third quarter of 2014. Output grew 3.9 percent in the first quarter while hours worked were up 0.5 percent. Over the year ending in 2019 Q1, productivity increased 2.4 percent, considerably faster than the 1.1 percent increase through 2018 Q1 and the fastest four-quarter pace since 2010 Q3. Hourly compensation costs in the nonfarm business sector rose 1.8 percent at an annual rate in the first quarter, double the first quarter’s 0.9 percent pace. Over the most A variety of measures of industrial production, manufacturing, and services reached multi-year highs last year but have generally trended lower this year. Industrial output at factories, mines, and utilities declined 1.2 percent at an annual rate in the second quarter of 2019, following a 1.9 percent decline in the first quarter. However, over the 12 months ending in June, output was still up 1.3 percent. Manufacturing production, which accounts for about 75 percent of all industrial output, declined 2.2 percent at an annual rate in the second quarter of 2019, after declining 1.9 percent in the first quarter. Nonetheless, the quarter saw solid gains in the output of motor vehicles and hightechnology goods. During the second quarter of 2019, motor vehicle production – which can be very volatile - advanced 4.9 percent at an annual rate, while the output of semiconductors and related electronic components jumped up 5.6 percent at an annual rate. Over the 12 months through June, manufacturing output increased 0.4 percent. Excluding motor vehicles and parts and high-technology industries, manufacturing declined 3.0 percent at an annual rate during the second quarter, but was up 0.1 percent over the year through June. Output at mines, which accounts for 15 percent of industrial output, surged 8.9 percent in the second quarter of 2019, following a 2.0 percent increase in the first quarter. Over the 12 months through June 2019, mining output, which includes crude oil production, rose 8.7 percent. Utilities output, the remaining 10 percent of total industrial output, decreased 6.7 percent at an annual rate in the second quarter of 2019, following a decline of 8.1 percent in the first quarter and a 9.0 percent advance in the final quarter of 2018. Weather is usually a factor contributing to swings in this sector; unseasonable weather in quarters often causes sharp swings in output from one period to the next. Over the 12 months through June, utilities production fell 2.6 percent. September 2019 6 PROFILE OF THE ECONOMY Other measures of manufacturing and services production in the economy have trended lower from last year’s multi-year highs. The Institute of Supply Management’s (ISM) manufacturing index declined to 51.2 in July 2019, while the ISM’s non-manufacturing index declined to 53.7. Although each index is at its lowest level since August 2016, both continue point to expansion in business activity. Prices According to several measures, consumer price inflation has been slowing at the headline level for more than one year. Over the 12 months through June 2019, the consumer price index (CPI) for all items rose 1.7 percent, a marked deceleration from the 2.8 percent, 12-month reading over the year through June 2018. Energy prices have declined significantly since the summer of 2018; over the year through June 2019, energy prices dropped 3.4 percent, compared to a 12.2 percent jump a year earlier. Food price inflation has trended higher thus far in 2019: food prices advanced 1.9 percent over the 12 months through June 2019, accelerating from the year-earlier pace of 1.4 percent. The core CPI (which excludes food and energy) rose by 2.1 percent over the year through June, a bit slower than the 2.3 percent advance over the year through June 2018. Headline inflation, as measured by the Personal Consumption Expenditures (PCE) price index (the measure in which the Federal Reserve’s 2 percent inflation target is expressed), has run below the target for eight consecutive months, and was 1.4 percent over the year through June 2019, a full percentage point below the 2.4 percent reading of a year earlier. After running at a nearly two-year low in March, April, and May, the core PCE inflation rate edged up to 1.6 percent over the year through June 2019, decelerating from the 2.0 percent pace over the year-earlier period. September 2019 House price appreciation remains relatively strong, exceeding core inflation and income growth measures, but monthly and yearly paces are well below peak rates and have decelerated more significantly in recent months. The FHFA purchase-only home price index rose 5.0 percent over the year ending in May 2019, slowing from the 6.8 percent, year-earlier rise. The Standard and Poor’s (S&P)/CaseShiller composite 20-city home price index rose 2.4 percent over the year ending in May 2019, a pace less than one-half the year-earlier rate of 6.5 percent. Consumer and Business Sentiment Measures of consumer and business sentiment have trended higher in recent months, remaining close to the multi-year or all-time highs reached last year. In July, the Reuters/Michigan consumer sentiment index rose 0.2 point to 98.4, or 3 points below the 14-year high of 101.4 reached in March 2018. Notably, this index averaged 98.4 per month in 2018, the highest monthly average reading for any year since 2000. The Conference Board’s confidence index surged 11.4 points in July to 135.7, or only about 2 points below the 18-year high of 137.9 reached in October 2018. Although the National Federation of Independent Business’s (NFIB) small business optimism index declined 1.7 point to 103.3 in June, it remains only about 5 points below the record high of 108.8 reached in August 2018. Federal Budget and Debt The Federal Government posted a deficit of $779 billion (3.8 percent of GDP) at the end of the fiscal year for 2018, rising from $666 billion (3.5 percent of GDP) in FY 2017. The primary deficit (which excludes net interest payments) was 2.2 percent of GDP in FY 2018, up 0.1 percentage point from FY 2017. Federal receipts totaled $3.33 trillion (16.5 percent of GDP) in FY 2018, declining from 17.2 percent of GDP in FY 2017. Net outlays for FY 2018 were $4.11 trillion (20.3 percent of GDP), down from 20.7 percent of GDP in FY 2017. Excluding net interest payments, outlays were equivalent to 18.7 percent of GDP in FY 2018, down from 19.3 percent in FY 2017. Federal debt held by the public, or federal debt less that held in government accounts, rose 7.4 percent to $15.75 trillion by the end of FY 2018. Publicly-held debt as a share of GDP increased by 1.7 percentage points to 77.8 percent of GDP. The Administration’s Mid-Session Review for Fiscal Year 2020 was released in July 2019. The Administration projects the federal deficit will rise to $1.00 trillion (4.7 percent of GDP) in FY 2019. From FY 2020 to FY 2024, the deficit would total $4.50 trillion (3.7 percent of GDP on average). The projection assumes the Administration’s proposals – including increased spending on national defense, cuts to non-defense discretionary outlays, elimination of the Affordable Care Act, and reform of multiple welfare programs – will be implemented. On net, these proposals would gradually reduce the deficit to PROFILE OF THE ECONOMY $218 billion (0.6 percent of GDP) by FY 2029. The Budget expects that the primary deficit (which excludes net interest outlays) will be 2.9 percent of GDP in FY 2019 but will turn into a small primary surplus by FY 2025. Debt held by the public would peak at 81.3 percent of GDP in FY 2022 but would gradually decline to 70.0 percent of GDP by FY 2029. On August 2, 2019, the President signed the Bipartisan Budget Act of 2019 into law. The legislation significantly decreases fiscal uncertainty by setting discretionary spending levels for the next two fiscal years – thereby reducing the chances of a government shutdown – and forestalls a debt crisis by suspending Treasury’s borrowing limit until July 31, 2021. The Bipartisan Budget Act lifted caps established in 2011 and allowed for $1.3 trillion in defense and nondefense discretionary spending over the next two fiscal years, which should provide a boost to economic growth in the near term. Economic Policy In December 2017, the United States enacted the first major tax reform in three decades. The new tax code is designed to strengthen markedly incentives for economic growth and to deliver tax relief to households. The new tax law lowered the U.S. corporate tax rate from one of the highest in the developed world to near the average of other advanced economies; it allows businesses to deduct immediately 100 percent of the cost of most of their new capital investments for the next five years; and it reduces individual taxes through lower tax rates, a larger standard deduction, and an expanded child tax credit. Combined with regulatory reforms and infrastructure initiatives, tax reform has encouraged people to start new businesses and workers to re-enter the labor market. The new tax law may also support a sustained increase in productivity. On the monetary policy side, the Federal Reserve’s Federal Open Market Committee (FOMC) pursued a cycle of monetary tightening from December 2105 until June 2019, a period that saw the Federal funds rate target raised from the historically low range of 0 to 0.25 percent to a range of 2.25 to 2.50 percent. On July 31, 2019, however, the FOMC cut the target range for the first time in over ten years, reducing the target range by 25 basis points to 2.0 to 2.25 percent. During the period of monetary policy tightening, the Federal Reserve also sought to normalize long-term interest rates. At its meeting on September 19-20, 2017, the FOMC announced it would initiate a balance sheet normalization program in October 2017, a program intended to reduce the Federal Reserve’s holdings of securities on a gradual basis through a decrease in the reinvestment of principal payments from those securities. At its meeting on October 31November 1, 2017, the FOMC indicated that the normalization program “is proceeding” but no further mention of the program was made in subsequent accompanying statements until January 2019. At that time, 7 the FOMC revised its earlier guidance on this program, stating it would be “prepared to adjust” normalization “in light of economic and financial developments.” At its March 19-20, 2019 meeting, the FOMC announced that beginning in May 2019, it would limit the amount of maturing Treasury securities to roll off the balance sheet to $15 billion per month, and would conclude the reduction of its aggregate securities holdings at the end of September 2019. The Committee also indicated it would maintain the current pace of roll-off of agency debt and mortgage-backed securities (MBS) at $20 billion per month. At its April 30May 1, 2019 meeting, the FOMC re-affirmed that it would stop allowing Treasury securities to roll off its balance sheet, and would invest up to $20 billion of maturing agency debt/MBS in Treasury securities. With the onset of the current cycle of easing at the July 31, 2019 FOMC meeting, the Committee also announced that it would stop maturing Treasury securities to roll off the balance sheet at the beginning of August, rather than at the end of September (i.e. two months earlier than previously indicated), in order to remove upward pressure on the Federal funds rate from these operations. September 2019 8 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. September 2019 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 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. 9 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 2019 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 $577.6 billion for the third quarter of fiscal year 2019. This is an increase of $8.4 billion over the comparable prior year quarter. Withheld receipts increased by $3.6 billion and non-withheld receipts decreased by $3.7 billion during this period. Refunds decreased by $8.6 billion over the comparable fiscal year 2018 quarter. There was a $21.2 billion change in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in fiscal year 2018. Corporate income taxes—Net corporate income tax receipts were $96.4 billion for the third quarter of fiscal year 2019. This is an increase of $13.3 billion compared to the prior year third quarter. The $13.3 billion change is comprised of an increase of $15.4 billion in estimated and final payments, and an increase of $2.1 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of fiscal year 2019 were $340.1 billion, an increase of $36.7 billion over the comparable prior year quarter. Receipts to the Federal Old-Age and Survivors Insurance, Federal Disability Insurance, and Federal Hospital Insurance trust funds changed by $34.4 billion, -$5.5 billion, and $7.9 billion respectively. There was a $7.7 billion accounting adjustment for prior years employment tax liabilities made in the third quarter of fiscal year 2019. There was a -$13.5 billion adjustment in the third quarter of fiscal year 2018. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of fiscal year 2019 were $21.6 billion, a decrease of $0.8 billion over the comparable quarter of fiscal year 2018. Net State taxes deposited in the U.S. Treasury decreased by $0.7 billion to $18.2 billion. Net Federal Unemployment Tax Act taxes decreased by $0.1 billion to $3.6 billion. September 2019 10 FEDERAL FISCAL OPERATIONS 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 $1.2 billion for the third quarter of fiscal year 2019. This was an increase of $0.1 billion from the comparable quarter of fiscal year 2018. Excise taxes—Net excise tax receipts for the third quarter of fiscal year 2019 were $21.8 billion, an increase of $0.2 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.0 billion, an increase of $0.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $4.1 billion for the third quarter of fiscal year 2019. These receipts represent a decrease of $1.7 billion over the same quarter in fiscal year 2018. Customs duties—Customs duties net of refunds were $15.8 billion for the third quarter of fiscal year 2019. This is an increase of $5.9 billion over the comparable prior year quarter. Miscellaneous receipts— Net miscellaneous receipts for the third quarter of fiscal year 2019 were $22.9 billion, a decrease of $4.3 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks decreasing by $1.8 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 2019 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 2019 year to date 1,101,561 839,660 261,901 1,157,502 944,144 213,359 -55,940 -104,483 48,543 2,608,854 1,911,550 697,303 3,355,969 2,699,177 656,794 -747,116 -787,623 40,509 -15,034 70,303 672 55,941 428,378 121,004 197,731 747,113 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2019 [In billions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Source Individual income taxes...................................................... Corporate income taxes ..................................................... Employment and general retirement.................................. Unemployment insurance .................................................. Contributions for other insurance and retirement .............. Excise taxes ....................................................................... Estate and gift taxes .......................................................... Customs duties .................................................................. Miscellaneous receipts ....................................................... Total budget receipts ..................................................... Note.—Detail may not add to totals due to independent rounding. September 2019 April May June 332.8 44.7 124.9 9.8 0.4 7.1 2.3 5.2 8.3 535.5 103.7 0.4 95.1 11.6 0.5 7.6 0.8 4.9 7.6 232.1 141.1 51.3 120.1 0.2 0.4 7.1 1.1 5.6 7.0 334.0 FEDERAL FISCAL OPERATIONS 11 September 2019 12 TABLE FFO-1—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Total on-budget and off-budget results Fiscal year or Month 2014 ............................ 2015 ............................ 2016 ............................ 2017 ............................ 2018 ............................ Total Receipts (1) On-budget receipts (2) Off-budget receipts (3) Total outlays (4) On-budget outlays (5) Off-budget outlays (6) Total surplus deficit (-) (7) On-budget surplus deficit (-) (8) Off-budget surplus deficit (-) (9) Means of financing -net transactions Borrowing from the publicFederal securities Public debt securities (10) 3,020,847 3,248,722 3,266,689 3,314,893 3,328,745 2,285,246 2,478,328 2,456,509 2,464,275 2,473,999 735,602 770,394 810,180 850,617 854,747 3,504,199 3,687,623 3,854,101 3,980,720 4,107,741 2,798,105 2,944,526 3,077,747 3,179,518 3,259,170 706,095 743,097 776,354 801,202 848,573 -483,353 -438,900 -587,413 -665,826 -778,995 -512,857 -466,197 -621,238 -715,242 -785,172 29,507 27,297 33,826 49,416 6,175 1,076,474 325,601 1,419,286 666,472 1,258,348 2019 – Est1 .................. 3,472,324 2020 – Est1 .................. 3,631,874 2,557,867 2,685,416 914,457 946,458 4,472,961 4,676,957 3,565,608 3,714,389 907,353 962,568 -1,000,637 -1,045,083 -1,007,741 -1,028,973 7,104 -16,110 1,236,509 1,221,986 316,278 225,266 219,115 343,559 252,692 205,961 312,584 339,980 167,265 228,811 535,545 232,064 333,952 245,056 158,870 151,335 268,757 190,915 139,336 242,999 253,837 95,390 149,414 439,736 158,229 241,695 71,222 66,396 67,780 74,803 61,777 66,625 69,585 86,143 71,875 79,397 95,809 73,835 92,257 391,136 302,131 433,263 224,443 353,183 410,864 326,123 331,299 401,243 375,756 375,240 439,833 342,429 344,954 228,731 327,487 167,661 279,122 328,697 284,536 256,096 316,103 290,479 299,230 352,744 292,170 46,182 73,401 105,776 56,783 74,061 82,166 41,588 75,203 85,140 85,278 76,011 87,089 50,259 -74,858 -76,865 -214,148 119,116 -100,491 -204,903 -13,539 8,681 -233,977 -146,945 160,305 -207,768 -8,476 -99,899 -69,861 -176,151 101,096 -88,207 -189,361 -41,537 -2,259 -220,713 -141,064 140,506 -194,514 -50,475 25,041 -7,005 -37,996 18,020 -12,284 -15,541 27,997 10,940 -13,265 -5,881 19,798 -13,254 41,999 50,078 118,154 144,334 57,121 182,430 145,837 125,473 9,784 132,191 -86,093 981 -1,439 7 Fiscal year 2019 to date ... 2,608,854 1,911,551 697,303 3,355,970 2,699,177 656,795 -747,113 -787,624 40,509 509,171 2018 - June ................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2019 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. Means of financing—net transactions, continued Borrowing from the publicFederal securities, continued Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in the IMF operating drawing cash rights Other (deduct) (14) (15) (16) (17) Other (18) Transaction s not applied to year’s surplus or deficit (19) Total Financing (20) 2014 ...................................... 2015 ...................................... 2016 ...................................... 2017 ...................................... 2018 ...................................... -1,234 241 269 3 -1,545 277,668 -10,027 367,731 168,172 172,343 797,573 335,867 1,051,824 498,301 1,084,458 69,916 40,415 154,593 -193,988 225,390 -1,817 -2,815 -279 1,390 -527 188 -3,114 -1,268 -935 -2,661 -4,994 -6,425 230 1,938 3,857 -250,098 127,111 -310,961 -24,443 -79,242 -834 970 -171 259 -160 483,348 435,887 587,416 665,714 778,997 2019 – Est1............................ 2020 – Est1............................ -767 -1,245 166,492 108,409 1,069,250 1,112,332 287 0 0 0 0 0 0 0 -68,325 -67,249 0 0 1,000,637 1,045,083 2018 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2019 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... -199 -73 -386 -230 25 149 -55 -142 -297 -299 4 -55 -152 10,530 14,751 -70,312 81,327 101,558 -54,151 66,822 9,538 -17,719 -40,460 13,179 -10,992 12,192 39,349 103,330 214,260 -24,436 80,897 200,137 58,595 103 149,613 -45,932 -12,194 9,497 -12,337 -21,588 25,354 -40,189 66,742 -18,116 -21,723 57,264 1,459 -112,933 43,348 88,573 -189,711 30,835 -368 -62 -84 -224 -479 87 276 362 -42 -356 -92 -237 461 163 -414 -23 -501 -354 60 -839 -62 -202 58 -334 271 137 3,006 1 190 21 1,058 185 1,947 39 401 -38 2,367 21 273 16,817 -1,550 -40,165 -28,814 1,866 -16,616 13,567 -7,121 -28,345 236,022 -57,560 -359,288 52,322 -95 -36 -53 172 -163 -9 25 133 -67 -133 -37 -170 197 74,858 76,865 214,148 -119,116 100,491 204,903 13,539 -8,683 233,977 146,945 -160,305 -160,305 8,476 Fiscal year 2019 to date ....... -822 79,967 428,379 -121,004 -20 -1,265 6,253 -165,153 -224 379,038 Note: Detail may not add to total due to rounding. estimates are based on the President's FY 2020 Mid-Session Review, released by the Office of Management and Budget on July 12, 2019. 1These September 2019 FEDERAL FISCAL OPERATIONS 13 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts Employment and general retirement Old-age, disability, and hospital insurance Income taxes Fiscal year or month Individual Corporation Other (2) Refunds (3) 2014 .................. 2015 .................. 2016 .................. 2017 .................. 2018 .................. 1,149,709 1,220,161 1,245,698 1,309,265 1,325,106 476,591 554,993 551,660 539,528 626,555 231,733 234,352 251,286 261,678 268,126 1,394,567 1,540,802 1,546,076 1,587,120 1,683,536 353,553 390,291 345,981 338,978 263,168 32,822 46,495 46,411 41,929 58,433 320,729 343,798 299,572 297,048 204,734 1,715,296 1,884,598 1,845,646 1,884,168 1,888,270 962,237 1,007,385 1,060,162 1,109,837 1,118,641 2,529 2,801 3,159 3,290 3,234 959,708 1,004,584 1,056,993 1,106,547 1,115,407 2019 – Est1 ........ 2020 – Est1 ........ 1,719,038 1,805,420 0 0 0 0 1,719,038 1,805,420 221,231 253,076 0 0 221,231 253,076 1,940,269 2,058,496 1,192,011 1,233,642 0 0 1,192,011 1,233,642 2018 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2019 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... 99,337 104,792 101,508 84,133 111,264 94,390 137,260 109,148 116,736 135,770 113,857 108,285 76,127 70,784 9,779 9,343 81,610 29,008 8,078 16,327 89,548 7,926 16,889 283,508 10,611 69,403 7,773 4,911 4,412 3,794 11,407 9,097 3,030 1,560 68,001 55,422 64,556 15,204 4,383 162,349 109,660 106,439 161,949 128,866 93,371 150,557 197,136 56,661 97,236 332,809 103,692 141,149 41,027 7,524 3,987 44,831 8,962 3,996 51,888 8,363 3,774 13,605 51,095 6,291 54,129 3,025 3,228 7,440 2,649 962 5,642 5,133 1,610 4,442 4,812 6,407 5,880 2,860 38,001 4,296 -3,453 42,182 8,000 -1,646 46,755 6,754 -669 8,793 44,688 411 51,269 200,350 113,956 102,986 204,131 136,866 91,725 197,312 203,890 55,992 106,029 377,497 104,103 192,418 93,678 85,934 87,815 102,012 82,775 89,430 93,490 111,255 91,623 101,253 124,379 94,545 120,240 3,234 - 93,678 85,934 87,815 98,778 82,775 89,430 93,490 111,255 91,623 101,253 124,379 94,545 120,240 Fiscal year 2019 to date........ 1,002,837 531,298 232,660 1,301,477 202,103 37,748 164,355 1,465,832 908,990 - 908,990 Fiscal year or month Net (4) Gross (5) Refunds (6) Net (7) Net income taxes (8) Withheld (1) 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) Gross (9) Refunds (10) Net (11) Net for other insurance and retirement Federal employees Other retirement retirement Total (19) (20) (21) 2014 ............................ 2015 ............................ 2016 ............................ 2017 ............................ 2018 ............................ 5,374 5,868 5,316 5,349 5,753 16 1 3 1 4 5,359 5,868 5,312 5,349 5,749 965,067 1,010,449 1,062,305 1,111,896 1,121,156 55,536 51,359 49,043 45,961 45,161 142 182 191 154 121 55,394 51,177 48,853 45,810 45,041 3,447 3,629 3,877 4,158 4,471 27 23 28 34 31 3,472 3,652 3,906 4,191 4,501 2019 – Est1.................. 2020 – Est1.................. 5,397 5,591 0 0 5,397 5,591 1,197,408 1,239,223 43,388 45,772 0 0 43,388 45,772 4,949 5,203 31 31 4,980 5,234 2018 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2019 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -53 581 519 465 480 395 438 514 712 537 533 521 -121 1 -1 4 7 -53 580 521 465 480 395 438 514 712 537 533 516 -129 93,625 86,514 88,335 99,243 83,255 89,824 93,928 111,769 92,335 101,791 124,912 95,061 120,112 327 4,004 3,828 258 2,941 2,650 292 3,038 2,427 348 9,916 11,578 268 14 25 12 10 6 73 77 25 18 313 3,979 3,817 248 2,941 2,650 292 3,038 2,421 275 9,839 11,553 249 432 387 368 428 355 444 422 254 467 357 376 466 382 2 2 3 3 3 2 2 2 2 3 2 2 434 389 371 431 357 446 424 256 467 359 378 468 385 Fiscal year 2019 to date ...................... 4,009 11 3,996 912,987 33,458 199 33,258 3,523 18 3,540 See footnotes at end of table. September 2019 14 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 Black Lung Disability Trust Fund Airport and Airway Trust Fund Gross (23) Net (25) Refunds (24) Gross Refunds (26) (27) Highway Trust Fund Net (28) Gross (29) Refunds (30) Miscellaneous Net (31) Gross (32) Refunds (33) Net (34) 2014 .............................. 1,023,933 2015 .............................. 1,065,278 2016 .............................. 1,115,063 2017 .............................. 1,161,897 2018 .............................. 1,170,699 13,467 13,401 14,379 14,952 15,532 16 18 16 15 15 13,451 13,383 14,363 14,936 15,516 573 546 465 426 394 - 573 546 465 426 394 39,036 38,132 41,432 41,555 42,979 63 431 438 39,036 38,132 41,369 41,126 42,541 44,716 50,802 45,284 32,495 39,650 4,405 4,585 6,440 5,162 3,116 40,310 46,217 38,846 27,334 36,535 2019 – Est1 ................... 1,245,776 2020 – Est1 ................... 1,290,239 16,219 17,056 0 0 16,219 17,056 232 170 0 0 232 170 42,709 43,121 0 0 42,709 43,121 38,893 48,303 0 0 38,893 48,303 94,372 90,882 92,523 99,922 86,553 92,921 94,643 115,064 95,225 102,424 135,129 107,082 120,746 1,684 1,370 841 2,144 254 1,548 1,338 1,209 1,418 1,169 1,399 1,558 1,524 3 1 8 1 - 1,684 1,370 838 2,142 254 1,548 1,338 1,209 1,418 1,161 1,399 1,556 1,524 12 33 9 65 8 38 33 30 17 6 16 11 14 - 12 33 9 65 8 38 33 30 17 6 16 11 14 4,296 3,547 2,524 6,733 801 4,290 3,785 3,351 3,610 3,919 3,537 3,279 3,725 44 43 42 63 15 29 29 30 31 31 37 44 44 4,252 3,504 2,481 6,669 786 4,261 3,756 3,321 3,579 3,889 3,499 3,235 3,681 1,566 3,216 4,942 7,707 16,250 1,877 2,209 2,262 893 3,001 2,667 2,940 2,160 171 407 117 504 2,583 190 157 46 554 216 488 150 268 1,395 2,808 4,826 7,202 13,667 1,687 2,052 2,216 339 2,786 2,179 2,791 1,891 Fiscal year 2019 to date ...................... 949,787 11,417 9 11,407 173 - 173 30,297 290 30,007 34,259 4,652 29,608 2018 - June ................... July.................... Aug.................... Sept................... Oct .................... Nov.................... Dec.................... 2019 - Jan ..................... Feb .................... Mar .................... Apr .................... May ................... June .................. Fiscal year or month 2014 ....................... 2015 ....................... 2016 ....................... 2017 ....................... 2018 ....................... 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) 93,367 98,278 95,044 83,821 94,987 20,153 20,043 22,337 23,779 23,864 854 811 983 1,012 883 19,301 19,232 21,354 22,770 22,982 35,348 37,704 36,468 36,260 43,097 1,423 2,666 1,630 1,686 1,796 33,927 35,042 34,836 34,573 41,298 99,233 96,469 115,671 81,288 70,751 35,788 49,827 39,070 46,380 39,755 135,023 146,294 154,744 127,666 110,505 2,285,245 2,478,328 2,456,508 2,464,275 2,473,999 735,602 770,394 810,180 850,617 854,747 2019 – Est1 ............. 98,053 2020 – Est1 ............. 108,650 17,348 19,284 0 0 17,348 19,284 81,638 64,336 0 0 81,638 64,336 48,783 49,474 40,457 42,417 89,240 91,891 2,557,867 2,685,416 914,457 946,458 2018 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2019 - Jan .............. Feb ............. Mar ............. Apr .............. May ............ June ........... 7,343 7,716 8,154 16,079 14,715 7,535 7,179 6,776 5,353 7,841 7,093 7,593 7,110 1,699 1,862 2,010 2,361 2,037 1,483 1,744 1,151 1,296 1,003 2,391 909 1,144 87 79 78 72 84 77 69 58 67 67 121 121 57 1,612 1,783 1,932 2,290 1,954 1,405 1,675 1,092 1,229 935 2,270 788 1,087 3,616 4,252 4,627 4,768 5,826 6,459 6,129 6,662 5,418 5,382 5,509 5,099 5,822 106 93 377 195 276 175 138 34 342 220 272 165 216 3,510 4,159 4,249 4,572 5,551 6,285 5,992 6,628 5,076 5,163 5,237 4,934 5,606 5,575 4,683 5,897 4,595 4,541 4,479 4,400 4,854 2,893 4,206 4,070 5,860 4,741 3,515 2,086 3,375 11,970 2,512 1,611 1,383 1,677 1,496 2,212 4,251 1,709 2,246 9,090 6,769 9,271 16,566 7,053 6,091 5,783 6,530 4,389 6,418 8,319 7,566 6,985 245,056 158,870 151,335 268,757 190,915 139,336 242,999 253,837 95,390 149,414 439,736 158,229 241,695 71,222 66,396 67,780 74,803 61,777 66,625 69,585 86,143 71,875 79,397 95,809 73,835 92,257 Fiscal year 2019 to date................ 71,195 13,158 721 12,435 52,306 1,838 50,472 40,044 19,097 59,134 1,911,551 697,303 Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2020 Mid-Session Review, released by the Office of Management and Budget on July 12, 2019. September 2019 FEDERAL FISCAL OPERATIONS 15 TABLE FFO-3—On-Budget and Off-Budget Outlays by Agency [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) 2014 ....................... 2015 ....................... 2016 ....................... 2017 ....................... 2018 ....................... 4,156 4,328 4,344 4,499 4,670 6,900 7,130 7,497 7,565 7,780 141,806 139,112 138,161 127,563 136,713 6,675 8,955 9,162 10,303 8,561 578,013 562,506 565,365 568,905 600,705 59,609 90,031 76,981 111,703 63,706 23,630 25,425 25,852 25,794 26,479 936,030 1,027,420 1,102,966 1,116,763 1,120,503 43,259 42,563 45,194 50,502 68,374 38,524 35,522 26,393 55,623 54,666 11,273 12,348 12,584 12,141 13,210 28,617 26,910 29,523 30,979 34,522 57,199 45,218 41,371 40,121 39,637 2019 – Est1 ............. 2020 – Est1 ............. 5,832 5,545 8,108 8,668 155,175 132,362 13,428 15,523 657,911 696,928 106,308 82,878 29,123 30,810 1,215,986 1,287,078 58,749 62,006 29,782 48,830 13,376 14,894 39,866 38,288 34,879 38,454 2018 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2019 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 354 447 393 368 444 372 461 419 371 355 420 411 381 755 644 690 624 672 777 628 512 745 605 620 814 584 9,588 9,719 8,785 6,438 18,311 17,103 15,246 13,122 11,313 10,544 9,940 9,603 9,911 1,062 1,151 581 546 660 2,110 1,013 432 921 844 816 959 821 59,813 43,165 58,844 48,986 63,386 57,096 51,445 46,828 51,368 55,396 51,969 61,801 48,481 -2,269 4,194 7,391 5,417 5,097 5,630 6,256 9,708 7,942 6,052 6,658 4,980 34,107 2,556 2,075 2,351 2,712 2,919 1,808 1,895 2,566 2,200 2,246 2,456 2,663 1,992 119,364 67,867 131,579 69,967 97,165 120,606 71,256 96,085 98,154 100,225 104,302 146,552 67,523 4,855 5,052 4,701 4,782 5,338 4,663 6,527 3,243 4,893 4,963 4,662 4,362 3,970 3,749 3,971 3,739 1,140 3,782 3,664 3,954 3,797 3,861 3,446 3,437 -12,605 3,988 1,582 1,180 1,120 367 2,130 478 1,063 725 1,359 796 854 1,213 1,433 2,671 3,213 2,709 2,138 1,612 3,279 3,947 2,461 3,137 2,692 2,703 3,332 2,829 3,383 3,765 3,693 2,373 -2,167 3,286 4,046 4,983 4,315 2,526 3,486 3,167 3,294 Fiscal year 2019 to date................ 3,634 5,957 115,093 8,576 487,770 86,430 20,745 901,868 42,621 17,324 10,051 25,992 26,936 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) 2014 ....................... 2015 ....................... 2016 ....................... 2017 ....................... 2018 ....................... 27,504 26,494 29,447 27,061 26,386 76,154 75,451 78,421 79,440 78,494 429,568 402,183 429,964 456,953 521,553 17,361 83,447 96,153 89,445 107,894 149,074 159,220 174,019 176,050 178,508 6,533 6,684 6,389 6,452 5,083 57,372 62,966 64,505 58,695 55,367 9,400 7,006 8,729 8,087 8,085 373 392 395 412 383 -765 -889 -734 -664 -590 18,609 20,976 16,242 18,925 21,628 2019 – Est1 ............. 2020 – Est1 ............. 28,594 25,295 81,053 86,561 406,602 451,156 274,471 275,748 204,180 217,506 6,526 5,785 60,834 62,851 7,072 7,028 423 409 -1,110 107,034 22,192 26,135 2018 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2019 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 2,374 1,726 2,852 2,830 3,000 3,268 2,038 1,668 1,412 2,729 2,221 2,720 1,485 6,903 8,816 8,844 8,287 6,400 6,466 6,353 4,377 6,555 4,812 5,091 6,400 8,522 95,594 40,559 38,357 28,981 31,648 35,371 97,203 27,811 28,717 38,938 46,552 47,829 102,800 6,381 7,224 6,928 -35,182 6,097 6,791 258 5,229 55,820 24,443 13,195 11,118 5,989 23,843 7,965 23,773 8,225 16,840 25,577 16,062 8,614 16,155 13,382 17,175 27,120 8,019 570 320 132 350 641 771 264 593 608 553 547 296 524 9,443 261 8,818 1,089 4,747 9,715 5,406 1,747 5,378 5,606 3,600 9,039 173 716 618 668 666 730 761 808 622 914 580 560 646 644 37 28 33 32 32 45 33 9 49 28 37 40 26 -124 -106 162 -303 47 139 -307 656 -939 -137 -98 132 -175 3,254 1,474 2,299 2,105 2,109 1,838 -449 832 2,095 174 1,806 8,073 3,113 Fiscal year 2019 to date................ 20,541 54,976 456,869 128,940 148,944 4,797 45,411 6,265 299 -682 19,591 See footnotes at end of table September 2019 16 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 AdminisFoun- Managetration 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 Onbudget (35) Offbudget (36) 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 .................. 18,698 7,213 95,462 439 1,000,812 11,658 -84,970 -147,057 -3,106 -1,750 3,179,518 801,202 2018 .................. 19,756 7,167 98,803 44 1,039,903 7,770 -87,382 -150,151 -4,594 -5,896 3,259,170 848,573 2019 – Est1........ 21,272 7,290 103,459 156 1,101,395 173,499 -90,545 -148,402 -5,501 -149,022 3,565,608 907,353 2020 – Est1........ 23,289 7,394 - 796 1,156,311 164,014 -102,699 -143,957 -5,327 -150,636 3,714,389 962,568 2018 - June ....... 2,210 648 7,144 123 97,060 -4,091 -6,464 -61,857 -93 - 344,954 46,182 July ........ 1,553 650 8,482 134 83,485 3,820 -6,247 -4,465 -612 - 228,731 73,401 Aug ........ 1,655 819 8,476 122 117,047 2,904 -6,216 -4,610 -480 -5,895 327,487 105,776 Sept ....... 1,792 656 8,556 111 58,638 -2,090 -5,862 -266 -25 -1 167,661 56,783 Oct......... 1,787 632 9,161 100 88,652 3,357 -21,629 1,329 -1,848 - 279,122 74,061 Nov ........ 1,707 502 8,108 111 92,638 4,790 -6,389 -2,538 321 - 328,697 82,166 Dec ........ 1,992 601 7,746 131 88,752 -189 -6,224 -61,702 -389 - 284,536 41,588 2019 - Jan ......... 878 461 9,378 90 86,767 2,893 -5,632 -130 -448 - 256,094 75,203 Feb ........ 1,899 653 8,044 112 91,568 1,739 -6,114 -2,054 -789 -1,155 316,103 85,140 Mar ........ 1,478 509 8,414 -640 92,049 28 -6,383 -1,395 -100 - 290,479 85,278 Apr......... 1,548 518 9,374 87 92,350 1,411 -6,131 -6,213 -713 - 299,230 76,011 May ....... 1,844 589 8,388 98 97,224 3,597 -6,800 -5,159 -614 - 352,744 87,089 June ...... 1,611 616 8,263 80 92,993 -2,739 -6,191 -62,360 -272 - 292,170 50,259 Fiscal year 2019 to date ....... 14,744 5,081 76,876 169 822,993 14,887 -71,493 -140,222 -4,852 -1,155 2,699,175 656,795 Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2020 Mid-Session Reviews, released by the Office of Management and Budget on July 12, 2019. September 2019 FEDERAL FISCAL OPERATIONS 17 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2019 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 1,301,385 Corporation income taxes ........................................... 164,355 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... 5 Unemployment insurance ....................................... 10 Other retirement ...................................................... Excise taxes ................................................................ 27,338 Estate and gift taxes ................................................... 12,435 Customs duties ........................................................... 33,849 Miscellaneous receipts ................................................ 45,706 Total Receipts………………………………………... 1,585,083 (On-budget)……………………………………….. 1,585,083 (Off-budget)……………………………………….. Budget outlays: Legislative branch ....................................................... 3,664 Judicial branch ............................................................ 6,031 Department of Agriculture ........................................... 88,570 Department of Commerce........................................... 7,041 Department of Defense-military .................................. 483,254 Department of Education ............................................ 86,542 Department of Energy ................................................. 22,103 Department of Health and Human Services ............... 682,482 Department of Homeland Security.............................. 44,743 Department of Housing and Urban Development....... 17,593 Department of the Interior ........................................... 9,175 Department of Justice ................................................. 21,119 Department of Labor ................................................... 6,440 Department of State .................................................... 20,851 Department of Transportation ..................................... 7,237 Department of the Treasury: Interest on the public debt....................................... 456,868 Other ....................................................................... 130,346 Department of Veterans Affairs .................................. 151,308 Corps of Engineers ..................................................... 4,935 Other defense civil programs ...................................... 93,899 Environmental Protection Agency............................... 6,572 Executive Office of the President................................ 292 General Services Administration ................................ 139 International Assistance Program ............................... 18,175 National Aeronautics and Space Administration ........ 14,774 National Science Foundation ...................................... 4,988 Office of Personnel Management ............................... 9,982 Small Business Administration ................................... 173 Social Security Administration .................................... 70,080 Other independent agencies ....................................... 9,772 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -4157 Total outlays ......................................................... 2,474,990 (On-budget) ..................................................... 2,474,725 (Off-budget) ..................................................... 265 Surplus or deficit (-) .............................................. -889907 (On-budget) ..................................................... -889642 (Off-budget) ..................................................... -265 -No Transactions * Less than $500,000 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) 92 896 15,381 12,153 28,522 28,522 - 697,303 215,679 33,248 3,543 42,961 1,241 1,275 995,249 297,946 697,303 1,301,477 164,355 697,303 215,683 33,258 3,543 71,195 12,435 50,472 59,134 2,608,855 1,911,551 697,303 1,305,445 161,708 * -5 19,618 16,978 18,547 64,711 1,587,003 1,587,003 - -24 55 26,525 1,526 4,317 -112 -1,359 3,626 -2,273 -80 578 4,874 -3,760 -897 -31 -1,464 -2,856 -64 -5,963 -63 * -822 -141 -31 96 508 -3 * -402 -8,459 13,301 13,991 -690 15,221 14,531 690 -4 -129 -2 7 199 * * 215,759 150 -189 298 -1 24,257 586 47,771 56 496 -76 -42,525 -244 6 1,555 1 -2 66,386 752,913 5,522 -140,224 -64,887 867,680 210,461 657,219 127,570 87,485 40,084 3,636 5,957 115,093 8,574 487,770 86,430 20,745 901,867 42,619 17,324 10,052 25,992 26,936 20,540 54,977 456,868 128,939 148,948 4,796 45,411 6,265 298 -683 19,589 14,744 5,081 76,876 170 822,993 14,891 -140,224 -77,502 3,355,971 2,699,177 656,794 -747,116 -787,625 40,509 3,463 5,976 91,774 6,650 446,350 46,919 20,461 649,762 48,973 46,193 8,845 21,065 6,552 18,247 5,838 413,656 129,867 140,408 4,567 89,604 6,330 304 73 17,693 14,748 4,933 9,707 -319 70,024 9,369 -2,927 2,335,106 2,334,845 260 -748,103 -747,843 -260 45 942 8,591 12,116 21,694 21,694 - 2 -66 20,132 -424 3,292 -215 -1,118 1,844 4,739 -124 1,358 5,402 -1,739 152 142 -961 -2,416 -31 -5,830 -63 * -415 -248 6 88 -655 -3 * -8,680 -8,934 5,236 6,412 1,176 16,458 15,282 1,176 Total funds (8) 645,768 201,294 37,003 3,312 42,478 1,180 1,073 932,108 286,339 645,768 -2 -89 -135 58 68 * * 199,483 127 -254 340 -5 24,993 578 46,567 18 554 -256 -38,575 -133 -15 -1,691 1 20 64,236 710,708 2,449 -140,810 -60,672 807,562 194,034 613,528 124,545 92,305 32,240 Note.—Detail may not add to totals due to rounding September 2019 18 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing September 2019 has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. FEDERAL DEBT 19 TABLE FD-1—Summary of Federal Debt [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Amount outstanding Public debt securities (2) Agency securities (3) Total (4) Securities held by Government accounts Agency Public debt securities Total securities (6) (7) (5) The public Public debt securities (8) Agency securities (9) 2014 ............................... 2015 ............................... 2016 ............................... 2017 ............................... 2018 ............................... 17,847,931 18,174,718 19,597,812 20,269,269 21,538,880 17,824,071 18,150,618 19,573,445 20,244,900 21,516,058 23,860 24,100 24,367 24,369 22,822 5,039,265 5,026,867 5,395,699 5,563,074 5,737,252 5,039,262 5,026,862 5,395,695 5,563,073 5,737,252 3 5 4 1 0 12,808,666 13,147,851 14,202,113 14,706,195 15,801,628 12,784,809 13,123,756 14,177,750 14,681,827 15,778,806 23,857 24,095 24,363 24,368 22,822 2018 - June .................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2019 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... 21,218,581 21,336,499 21,481,902 21,538,880 21,725,216 21,873,089 21,997,036 22,005,220 22,138,026 22,050,081 22,049,873 22,048,574 22,045,280 21,195,070 21,313,061 21,458,850 21,516,058 21,702,370 21,850,094 21,974,096 21,982,423 22,115,526 22,027,880 22,027,668 22,026,424 22,023,283 23,511 23,438 23,052 22,822 22,846 22,995 22,940 22,797 22,500 22,201 22,205 22,150 21,997 5,711,522 5,726,291 5,655,997 5,737,252 5,840,466 5,786,563 5,853,354 5,862,428 5,845,051 5,804,029 5,816,978 5,806,506 5,818,564 5,711,522 5,726,291 5,655,997 5,737,252 5,840,466 5,786,563 5,853,354 5,862,428 5,845,051 5,804,029 5,816,978 5,806,506 5,818,564 0 0 0 0 0 0 0 0 0 0 0 0 0 15,507,059 15,610,208 15,825,905 15,801,628 15,884,750 16,086,526 16,143,682 16,142,792 16,292,975 16,246,052 16,232,895 16,242,068 16,226,716 15,483,548 15,586,770 15,802,853 15,778,806 15,861,904 16,063,531 16,120,742 16,119,995 16,270,475 16,223,851 16,210,690 16,219,918 16,204,719 23,511 23,438 23,052 22,822 22,846 22,995 22,940 22,797 22,500 22,201 22,205 22,150 21,997 Federal debt securities Net unamortized Amount Accrual premium outstanding amount and discount face value (12) (11) (10) Securities held by Government accounts Net unamortized Amount Accrual premium outstanding amount and discount face value (15) (14) (13) Securities held by the public Net unamortized Amount Accrual premium outstanding amount and discount face value (18) (17) (16) 2014 ............................... 2015 ............................... 2016 ............................... 2017 ............................... 2018 ............................... 17,847,931 18,174,718 19,597,812 20,269,269 21,538,880 55,907 56,852 60,393 65,378 78,187 17,792,023 18,117,866 19,537,417 20,203,891 21,460,692 5,039,265 5,026,867 5,395,699 5,563,074 5,737,252 26,678 25,603 26,706 25,909 27,744 5,012,587 5,001,264 5,368,993 5,537,165 5,709,509 12,808,666 13,147,851 14,202,113 14,706,195 15,801,628 29,229 31,249 33,687 39,469 50,443 12,779,436 13,116,602 14,168,425 14,666,725 15,751,183 2018 - June .................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2019 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... 21,218,581 21,336,499 21,481,902 21,538,880 21,725,216 21,873,089 21,997,036 22,005,220 22,138,026 22,050,081 22,049,873 22,048,574 22,045,280 76,808 76,646 78,100 78,187 82,068 83,956 82,484 81,028 81,940 80,387 79,194 79,389 76,241 21,141,772 21,259,853 21,403,801 21,460,692 21,643,147 21,789,133 21,914,550 21,924,191 22,056,085 21,969,694 21,970,679 21,969,184 21,969,038 5,711,522 5,726,291 5,655,997 5,737,252 5,840,466 5,786,563 5,853,354 5,862,428 5,845,051 5,804,029 5,816,978 5,806,506 5,818,564 27,779 27,797 27,815 27,744 29,399 29,647 29,616 29,152 29,494 28,933 28,703 29,223 29,089 5,683,742 5,698,494 5,628,182 5,709,509 5,811,067 5,756,916 5,823,738 5,833,276 5,815,557 5,775,097 5,788,276 5,777,284 5,789,475 15,507,059 15,610,208 15,825,905 15,801,628 15,884,750 16,086,526 16,143,682 16,142,792 16,292,975 16,246,052 16,232,895 16,242,068 16,226,716 49,029 48,849 50,285 50,443 52,669 54,309 52,868 51,876 52,446 51,454 50,491 50,166 47,152 15,458,030 15,561,359 15,775,619 15,751,183 15,832,080 16,032,217 16,090,812 16,090,915 16,240,529 16,194,597 16,182,403 16,191,900 16,179,563 End of fiscal year or month September 2019 20 FEDERAL DEBT TABLE FD-2—Debt Held by the Public [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Marketable Treasury inflationprotected securities (6) Floating rate notes (7) Nonmarketable Total (8) Total public debt securities outstanding (1) Total (2) Bills (3) Notes (4) Bonds (5) 2014 .......................... 2015 .......................... 2016 .......................... 2017 .......................... 2018 .......................... 12,784,971 13,123,847 14,173,424 14,673,429 15,761,155 12,271,552 12,831,867 13,638,303 14,175,677 15,250,078 1,409,628 1,355,231 1,644,759 1,799,570 2,239,473 8,160,196 8,366,026 8,624,253 8,798,940 9,150,301 1,534,069 1,688,208 1,825,338 1,948,414 2,114,982 1,044,676 1,135,363 1,209,814 1,286,124 1,376,180 122,985 287,039 334,139 342,630 369,142 513,419 291,980 535,120 497,752 511,077 2018 - June............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2019 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. 15,466,564 15,569,493 15,785,389 15,761,155 15,843,329 16,044,318 16,101,667 16,101,227 16,250,898 16,204,392 16,192,789 16,202,283 16,188,422 14,955,425 15,057,714 15,273,684 15,250,078 15,328,902 15,531,248 15,589,671 15,591,458 15,740,600 15,910,365 15,853,656 15,914,391 15,906,333 2,157,412 2,205,355 2,340,414 2,239,473 2,257,391 2,388,456 2,339,374 2,298,360 2,395,382 2,479,407 2,383,330 2,353,292 2,250,354 9,028,003 9,090,754 9,116,174 9,150,301 9,213,591 9,236,034 9,292,753 9,351,632 9,371,585 9,410,162 9,485,849 9,511,363 9,548,047 2,066,743 2,080,147 2,099,970 2,114,982 2,129,633 2,145,313 2,161,472 2,177,715 2,187,909 2,203,850 2,222,584 2,247,949 2,266,020 1,345,473 1,347,525 1,364,984 1,376,180 1,382,053 1,395,634 1,412,256 1,403,461 1,407,439 1,420,671 1,389,990 1,409,990 1,432,115 357,794 333,932 352,142 369,142 346,235 365,811 383,815 360,290 378,285 396,275 371,903 391,797 409,798 511,139 511,780 511,705 511,077 514,427 513,070 511,995 509,769 510,298 294,027 339,133 287,892 282,089 End of fiscal year or month Nonmarketable, continued End of fiscal year or month U.S. savings securities (9) Depositary compensation securities (10) Foreign series (11) Government account series (12) State and local government series (13) Domestic series (14) Other (15) 2014 .......................... 2015 .......................... 2016 .......................... 2017 .......................... 2018 .......................... 176,762 172,826 167,524 161,705 156,809 - 2,986 264 264 264 264 196,520 9,138 226,349 223,787 250,680 105,668 78,115 109,211 80,359 71,753 29,995 29,995 29,995 29,995 29,995 1,489 1,642 1,777 1,641 1,575 2018 - June .............. July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2019 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. 157,866 157,527 157,088 156,809 156,484 156,225 155,795 155,254 154,933 154,533 154,146 153,752 153,407 - 264 264 264 264 264 264 264 264 264 264 264 264 264 242,251 246,257 250,565 250,680 254,063 255,971 258,083 261,183 262,304 45,624 94,942 49,279 48,751 79,115 76,082 72,124 71,753 72,050 68,985 66,197 61,438 61,179 61,975 58,030 52,845 47,865 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 1,648 1,654 1,669 1,575 1,571 1,630 1,660 1,634 1,623 1,635 1,755 1,756 1,806 September 2019 FEDERAL DEBT 21 TABLE FD-3—Government Account Series [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] Deposit Insurance Fund (3) Employees Life Insurance Fund (4) Exchange Stabilization Fund (5) Federal Disability Insurance Trust Fund (6) Federal employees retirement funds (7) Federal Hospital Insurance Trust Fund (8) Federal Housing Administration (9) End of fiscal year or month Total (1) Airport and Airway Trust Fund (2) 2014 .................. 2015 .................. 2016 .................. 2017 .................. 2018 .................. 5,212,466 5,013,530 5,604,069 5,771,144 5,977,617 12,759 12,716 13,400 13,404 14,212 48,750 60,096 71,524 78,486 94,431 43,213 43,958 45,167 45,680 46,616 22,649 20,773 22,680 22,090 22,311 70,113 41,638 45,880 69,669 93,401 861,349 737,096 874,141 912,438 931,838 202,207 195,458 192,209 197,835 202,805 36,441 30,879 26,975 2018 - June ...... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2019 - Jan ......... Feb ........ Mar ........ Apr ........ May ....... June ...... 5,943,775 5,962,236 5,895,873 5,977,617 6,084,109 6,032,885 6,101,877 6,113,990 6,097,856 5,840,580 5,902,566 5,846,560 5,859,045 14,640 14,927 14,380 14,212 14,796 15,036 15,117 14,817 15,219 15,220 15,407 15,620 16,149 91,530 93,173 93,285 96,341 96,608 96,736 99,339 99,302 99,553 101,002 101,662 101,776 101,584 46,215 46,256 46,574 46,616 46,655 46,742 46,805 46,842 47,530 47,535 47,535 47,555 47,578 22,241 22,278 22,277 22,311 22,355 22,353 22,399 22,445 22,435 22,480 22,528 22,519 22,558 89,410 89,856 84,852 93,401 93,338 94,351 97,201 99,035 97,494 96,856 99,655 98,158 101,029 901,488 897,266 892,972 931,838 927,143 923,394 932,693 927,196 923,064 894,471 894,422 887,071 815,093 200,132 203,664 188,915 202,805 199,614 188,324 200,116 205,557 199,611 195,317 208,041 186,892 206,307 25,170 25,752 26,340 26,975 27,501 28,098 28,583 26,729 29,091 29,396 47,720 48,299 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) 2014 ..................... 2015 ..................... 2016 ..................... 2017 ..................... 2018 ..................... 2,712,805 2,766,649 2,796,712 2,820,200 2,801,254 827 828 828 839 852 68,391 66,128 63,336 70,589 98,197 10,696 7,667 64,629 52,332 41,212 5,611 4,903 4,246 3,604 3,015 5,450 7,163 8,527 10,965 10,493 803 874 685 419 612 35,919 44,368 53,776 60,711 72,576 1,110,924 1,003,215 1,309,888 1,381,004 1,516,817 2018 - June ......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2019 - Jan ............ Feb ........... Mar ........... Apr ........... May .......... June ......... 2,832,803 2,825,363 2,791,813 2,801,254 2,789,345 2,772,982 2,797,974 2,806,515 2,794,748 2,789,289 2,805,586 2,794,787 2,833,813 848 850 851 852 854 856 857 859 861 862 864 866 868 81,579 101,279 89,400 98,197 102,342 84,762 104,159 107,463 110,773 110,133 112,260 85,660 105,918 48,324 47,111 42,248 41,212 39,405 37,976 37,649 37,807 37,736 37,778 38,418 37,047 35,824 3,178 3,122 3,063 3,015 2,949 2,904 2,901 2,850 2,796 2,731 2,670 2,611 2,612 11,766 11,535 12,346 10,493 10,290 9,812 9,918 10,608 8,461 8,830 9,643 8,588 8,676 592 776 750 612 676 657 387 583 676 666 754 738 537 72,857 70,869 74,231 72,576 71,703 73,577 72,164 70,038 70,989 68,357 69,311 84,580 83,776 1,501,002 1,508,159 1,511,576 1,514,907 1,638,535 1,634,325 1,633,615 1,635,344 1,636,819 1,419,657 1,473,810 1,424,372 1,428,424 Note—Detail may not add to totals due to rounding. September 2019 22 FEDERAL DEBT TABLE FD-4—Interest-Bearing Securities Issued by Government Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) 2014 ............................ 23,860 19 105 23,620 116 * 2015 ............................ 24,100 19 107 23,878 96 * 2016 ............................ 24,367 19 98 24,175 75 * 2017 ............................ 24,369 19 89 24,209 52 * 2018 ............................ 22,822 19 80 22,696 27 * 2018 - June ................. 23,511 19 87 23,366 40 * July .................. 23,438 19 87 23,292 40 * Aug .................. 23,052 19 79 22,927 27 * Sept ................. 22,822 19 80 22,696 27 * Oct................... 22,846 19 80 22,720 27 * Nov .................. 22,995 19 81 22,869 27 * Dec .................. 22,940 19 81 22,813 27 * 2019 - Jan ................... 22,797 19 82 22,670 27 * Feb .................. 22,500 19 74 22,394 14 * Mar .................. 22,201 19 75 22,094 14 * Apr................... 22,205 19 75 22,097 14 * May ................. 22,150 19 76 22,042 14 * June ................ 21,997 19 75 21,890 14 * End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2019 * Less than $500,000. FEDERAL DEBT 23 TABLE FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors [In millions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Amount outstanding privately held (1) Within 1 year (2) 1-5 years (3) 2014 ............................... 9,828,787 2,931,581 4,216,746 2015 ............................... 10,379,413 2,922,734 2016 ............................... 11,184,046 2017 ............................... Maturity classes 5-10 years (4) Average length (months) (7) 10-20 years (5) 20 years or more (6) 1,813,563 223,276 643,620 56 4,356,051 2,084,293 184,306 832,030 61 3,321,283 4,478,458 2,219,048 167,666 997,590 63 11,642,870 3,263,065 4,746,209 2,320,739 151,686 1,161,170 66 2018 ............................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 2018 - June .................... 12,529,613 3,670,219 5,012,734 2,427,862 127,650 1,291,149 65 July ..................... 12,738,042 3,730,067 5,121,739 2,452,655 127,815 1,305,766 65 Aug ..................... 12,978,235 3,888,670 5,205,685 2,438,557 121,314 1,324,010 64 Sept .................... 12,880,947 3,794,461 5,181,488 2,444,652 121,319 1,339,027 65 Oct ...................... 13,077,091 3,818,212 5,276,404 2,501,914 121,341 1,359,221 65 Nov ..................... 13,309,195 3,969,497 5,352,897 2,495,378 113,027 1,378,396 64 Dec ..................... 13,385,360 3,927,279 5,426,079 2,524,238 113,097 1,394,666 64 2019 - Jan ...................... 13,403,618 3,899,283 5,461,802 2,535,614 96,751 1,410,168 65 Feb ..................... 13,583,882 4,013,313 5,521,894 2,521,411 103,143 1,424,121 65 Mar ..................... 13,681,505 4,108,702 5,500,058 2,529,183 103,183 1,440,379 64 Apr ...................... 13,746,594 4,045,610 5,549,483 2,608,424 86,014 1,457,062 65 May..................... 13,821,207 4,037,791 5,631,335 2,589,055 97,685 1,465,341 65 June.................... 13,739,980 3,948,429 5,623,904 2,587,748 97,719 1,482,180 66 End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2019 24 FEDERAL DEBT 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 Securities outstanding Total (2) Public debt (3) Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 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 2017 ....................................... 19,808,772 20,208,638 20,208,638 - 20,244,900 - 36,262 2018 ....................................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 2018 – June2 .......................... - 21,155,086 21,155,086 - 21,195,070 - 39,983 July2 ............................ - 21,272,706 21,272,706 - 21,313,061 - 40,354 Aug2 ............................ - 21,417,956 21,417,956 - 21,458,850 - 40,893 Sept2 ........................... - 21,474,848 21,474,848 - 21,516,058 - 41,209 Oct2............................. - 21,661,035 21,661,035 - 21,702,370 - 41,335 Nov2 ............................ - 21,808,202 21,808,202 - 21,850,094 - 41,892 Dec2 ............................ - 21,933,738 21,933,738 - 21,974,096 - 40,358 2019 – Jan2 ............................ - 21,941,179 21,941,179 - 21,982,423 - 41,244 Feb2 ............................ - 22,074,156 22,074,156 - 22,115,526 - 41,371 Mar1 ............................ 21,987,706 21,987,681 21,987,681 - 22,027,880 - 40,200 Apr1............................. 21,987,706 21,987,681 21,987,681 - 22,027,668 - 39,988 May1 ........................... 21,987,706 21,987,681 21,987,681 - 22,026,424 - 38,743 June1 .......................... 21,987,706 21,987,681 21,987,681 - 22,023,283 - 35,602 (1) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act, 2018, Public Law 115-123, the Statutory Debt Limit was suspended through March 1, 2019. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective March 2, 2019, to $21,987,705,611,407.70. September 2019 (2) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was suspended through March 1, 2019. FEDERAL DEBT 25 TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] End of fiscal year or month Total (1) Rural Utilities Service (3) Farm-Service Agency (2) Department of Agriculture Rural Business Rural Housing and Cooperative and Community Development Development Service Service (5) (4) Foreign Agricultural Service (6) 2014 ....................................... 2015 ....................................... 2016 ....................................... 2017 ....................................... 2018 ....................................... 1,223,498 1,306,402 1,389,173 1,442,633 1,512,469 19,064 19,261 25,620 19,810 23,005 26,203 26,261 24,585 21,940 19,325 22,126 23,057 24,130 26,992 26,797 575 626 654 645 583 748 688 636 601 453 2018 - June ........................... July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2019 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... 1,566,178 1,555,879 1,570,955 1,512,469 1,569,160 1,569,709 1,595,896 1,603,858 1,605,765 1,606,124 1,621,331 1,634,029 1,632,530 22,359 22,093 23,268 23,005 28,758 27,494 30,276 36,297 33,357 31,653 32,077 32,207 33,759 21,139 21,139 19,225 19,325 19,433 19,639 19,639 19,658 20,016 19,900 19,959 20,041 20,098 27,018 27,018 26,193 26,797 26,947 27,302 27,302 27,359 27,920 27,913 28,216 28,215 28,450 580 580 519 583 586 591 591 591 611 566 571 575 578 601 601 453 453 453 453 453 453 453 453 453 453 453 End of fiscal year or month Department of Education (7) Department of Energy Bonneville Power Administration (8) Department of Housing and Urban Development Other Housing Federal Housing programs Administration (10) (9) Department of the Treasury Federal Financing Bank (11) 2014 ....................................... 2015 ....................................... 2016 ....................................... 2017 ....................................... 2018 ....................................... 965,394 1,050,374 1,126,370 1,178,495 1,258,499 4,242 4,649 4,759 5,009 5,531 27,528 26,921 30,318 27,954 24,709 133 127 128 128 134 56,528 58,050 59,043 61,270 61,584 2018 - June ........................... July............................. Aug............................. Sept............................ Oct ............................. Nov............................. Dec............................. 2019 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... 1,302,135 1,291,360 1,312,682 1,258,499 1,308,416 1,307,269 1,329,918 1,330,500 1,335,506 1,335,506 1,349,299 1,351,646 1,351,664 5,086 5,086 5,225 5,531 5,508 5,478 5,398 5,374 5,299 5,299 5,299 5,299 5,294 27,979 27,979 27,979 24,709 24,709 24,734 24,734 24,734 24,734 24,734 24,734 33,334 33,334 128 128 128 134 134 134 134 134 134 134 134 134 135 62,971 63,030 63,241 61,584 61,640 62,219 62,355 62,883 61,474 62,880 62,961 63,545 63,587 September 2019 26 FEDERAL DEBT TABLE FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Export-Import Bank of the United States (12) Railroad Retirement Board (13) Small Business Administration (14) Other (15) 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 2017 ...................................... 24,645 3,712 7,693 63,739 2018 ...................................... 20,213 3,725 11,212 56,699 2018 - June ........................... 24,818 2,715 11,407 57,239 July ............................ 24,818 3,088 11,407 57,552 Aug ............................ 20,208 3,361 11,934 56,537 Sept ........................... 20,213 3,725 11,212 56,699 Oct............................. 20,223 4,093 11,212 57,048 Nov ............................ 20,223 4,417 12,604 57,152 Dec ............................ 20,229 4,799 12,604 57,464 2019 - Jan ............................. 20,250 5,182 12,604 57,839 Feb ............................ 20,257 5,468 12,604 57,932 Mar ............................ 20,257 5,821 12,700 58,308 Apr ............................ 20,259 6,178 12,369 58,822 May ........................... 20,259 6,502 12,500 59,319 June .......................... 20,259 2,802 12,500 59,617 End of fiscal year or month Note—Detail may not add to totals due to rounding. September 2019 27 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 2-Year Notes On March 21, 2019, Treasury announced it would auction $40,000 million of 2-year notes. The issue was to refund $71,457 million of securities maturing March 31 and to raise new cash of approximately $41,543 million. The 2-year notes of Series J-2021 were dated March 31 and issued April 1. They are due March 31, 2021, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on March 26. Tenders totaled $104,145 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.261 percent with an equivalent price of $99.978568. Treasury accepted in full all competitive tenders at yields lower than 2.261 percent. Tenders at the high yield were allotted 39.90 percent. The median yield was 2.230 percent, and the low yield was 1.888 percent. Noncompetitive tenders totaled $284 million. Competitive tenders accepted from private investors totaled $39,516 million. Accrued interest of $0.06148 per $1,000 must be paid for the period from March 31 to April 1. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series J-2021 is $100. Auction of 5-Year Notes On March 21, 2019, Treasury announced it would auction $41,000 million of 5-year notes. The issue was to refund $71,457 million of securities maturing March 31 and to raise new cash of approximately $41,543 million. The 5-year notes of Series J-2024 were dated March 31 and issued April 1. They are due March 31, 2024, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on March 27. Tenders totaled $96,290 million; Treasury accepted $41,000 million. All noncompetitive and successful September 2019 28 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued competitive bidders were allotted securities at the high yield of 2.172 percent with an equivalent price of $99.778500. Treasury accepted in full all competitive tenders at yields lower than 2.172 percent. Tenders at the high yield were allotted 76.16 percent. The median yield was 2.125 percent, and the low yield was 2.050 percent. Noncompetitive tenders totaled $32 million. Competitive tenders accepted from private investors totaled $40,968 million. Accrued interest of $0.05806 per $1,000 must be paid for the period from March 31 to April 1. The minimum par amount required for STRIPS of notes of Series J-2024 is $100. Auction of 7-Year Notes On March 21, 2019, Treasury announced it would auction $32,000 million of 7-year notes. The issue was to refund $71,457 million of securities maturing March 31 and to raise new cash of approximately $41,543 million. The 7-year notes of Series J-2026 were dated March 31 and issued April 1. They are due March 31, 2026, with interest payable on September 30 and March 31 until maturity. Treasury set an interest rate of 2-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on March 28. Tenders totaled $81,397 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.281 percent with an equivalent price of $99.800487. Treasury accepted in full all competitive tenders at yields lower than 2.281 percent. Tenders at the high yield were allotted 62.72 percent. The median yield was 2.241 percent, and the low yield was 2.150 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $31,992 million. Accrued interest of $0.06148 per $1,000 must be paid for the period from March 31 to April 1. The minimum par amount required for STRIPS of notes of Series J-2026 is $100. Auction of 3-Year Notes On April 4, 2019, Treasury announced it would auction $38,000 million of 3-year notes. The issue was to refund $77,805 million of securities maturing April 15 and to raise new cash of approximately $195 million. The 3-year notes of Series AL-2022 were dated and issued April 15. They are due April 15, 2022, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 2-1/4 percent September 2019 after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 9. Tenders totaled $94,535 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.301 percent with an equivalent price of $99.852977. Treasury accepted in full all competitive tenders at yields lower than 2.301 percent. Tenders at the high yield were allotted 21.36 percent. The median yield was 2.275 percent, and the low yield was 1.988 percent. Noncompetitive tenders totaled $83 million. Competitive tenders accepted from private investors totaled $37,817 million. In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $5 million from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required for STRIPS of notes of Series AL-2022 is $100. Auction of 9-Year 10-Month 2-5/8 Percent Notes On April 4, 2019, Treasury announced it would auction $24,000 million of 9-year 10-month 2-5/8 percent notes. The issue was to refund $77,805 million of securities maturing April 15 and to raise new cash of approximately $195 million. The 9-year 10-month 2-5/8 percent notes of Series B-2029 were dated February 15 and issued April 15. They are due February 15, 2029, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 10. Tenders totaled $61,289 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.466 percent with an equivalent price of $101.377878. Treasury accepted in full all competitive tenders at yields lower than 2.466 percent. Tenders at the high yield were allotted 93.21 percent. The median yield was 2.425 percent, and the low yield was 2.088 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $23,982 million. Accrued interest of $4.27831 per $1,000 must be paid for the period from February 15 to April 15. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3 million from FRBs for their own accounts. The BUREAU OF THE FISCAL SERVICE OPERATIONS 29 TREASURY FINANCING: APRIL-JUNE, continued minimum par amount required for STRIPS of notes of Series B-2029 is $100. Auction of 29-Year 10-Month 3 Percent Bonds On April 4, 2019, Treasury announced it would auction $16,000 million of 29-year 10-month 3 percent bonds. The issue was to refund $77,805 million of securities maturing April 15 and to raise new cash of approximately $195 million. The 29-year 10-month 3 percent bonds of February 2049 were dated February 15 and issued April 15. They are due February 15, 2049, with interest payable on August 15 and February 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 11. Tenders totaled $36,018 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.930 percent with an equivalent price of $101.381292. Treasury accepted in full all competitive tenders at yields lower than 2.930 percent. Tenders at the high yield were allotted 59.85 percent. The median yield was 2.870 percent, and the low yield was 2.488 percent. Noncompetitive tenders totaled $3 million. Competitive tenders accepted from private investors totaled $15,997 million. Accrued interest of $4.88950 per $1,000 must be paid for the period from February 15 to April 15. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $2 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2049 is $100. Auction of 5-Year Treasury Inflation Protected Security (TIPS) On April 11, 2019, Treasury announced it would auction $17,000 million of 5-year TIPS. The issue was to refund $107,208 million of securities maturing April 30 and to raise new cash of approximately $42,792 million. The 5-year TIPS of Series X-2024 were dated April 15 and issued April 30. They are due April 15, 2024, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-1/2 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on April 18. Tenders totaled $42,438 million; Treasury accepted $17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.515 percent with an equivalent adjusted price of $100.137446. Treasury accepted in full all competitive tenders at yields lower than 0.515 percent. Tenders at the high yield were allotted 34.35 percent. The median yield was 0.470 percent, and the low yield was 0.405 percent. Noncompetitive tenders totaled $68 million. Competitive tenders accepted from private investors totaled $16,932 million. Adjusted accrued interest of $0.20535 per $1,000 must be paid for the period from April 15 to April 30. Both the unadjusted price of $99.926601 and the unadjusted accrued interest of $0.20492 were adjusted by an index ratio of 1.00211, for the period from April 15 to April 30. In addition to the $17,000 million of tenders accepted in the auction process, Treasury accepted $217 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2024 is $100. Auction of 2-Year Notes On April 18, 2019, Treasury announced it would auction $40,000 million of 2-year notes. The issue was to refund $107,208 million of securities maturing April 30 and to raise new cash of approximately $42,792 million. The 2-year notes of Series K-2021 were dated and issued April 30. They are due April 30, 2021, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-1/4 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 23. Tenders totaled $100,537 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.355 percent with an equivalent price of $99.796039. Treasury accepted in full all competitive tenders at yields lower than 2.355 percent. Tenders at the high yield were allotted 47.66 percent. The median yield was 2.324 percent, and the low yield was 2.250 percent. Noncompetitive tenders totaled $220 million. Competitive tenders accepted from private investors totaled $39,674 million. In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $511 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2021 is $100. September 2019 30 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued Auction of 52-Week Bills On April 18, 2019, Treasury announced it would auction $26,000 million of 364-day Treasury bills. They were issued April 25 and will mature April 23, 2020. The issue was to refund $107,010 million of all maturing bills and to pay down approximately $3,010 million. Treasury auctioned the bills on April 23. Tenders totaled $89,442 million; Treasury accepted $26,000 million, including $585 million of noncompetitive tenders from the public. The high bank discount rate was 2.360 percent. Auction of 2-Year Floating Rate Notes (FRNs) On April 18, 2019, Treasury announced it would auction $20,000 million of 2-year FRNs. The issue was to refund $107,208 million of securities maturing April 30 and to raise new cash of approximately $42,792 million. The 2-year FRNs of Series BA-2021 were dated and issued April 30. They are due April 30, 2021, with interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of 0.139 percent after determining which tenders were accepted on a discount margin basis. Treasury received tenders for the FRNs before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on April 24. Tenders totaled $53,696 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.139 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at discount margins lower than 0.139 percent. Tenders at the high discount margin were allotted 84.64 percent. The median discount margin was 0.120 percent, and the low discount margin was 0.090 percent. Noncompetitive tenders totaled $27 million. Competitive tenders accepted from private investors totaled $19,973 million. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $255 million from FRBs for their own accounts. Auction of 5-Year Notes On April 18, 2019, Treasury announced it would auction $41,000 million of 5-year notes. The issue was to refund $107,208 million of securities maturing April 30 and to raise new cash of approximately $42,792 million. The 5-year notes of Series Y-2024 were dated and issued April 30. They are due April 30, 2024, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-1/4 percent September 2019 after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 24. Tenders totaled $100,157 million; Treasury accepted $41,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.315 percent with an equivalent price of $99.694767. Treasury accepted in full all competitive tenders at yields lower than 2.315 percent. Tenders at the high yield were allotted 88.65 percent. The median yield was 2.280 percent, and the low yield was 2.200 percent. Noncompetitive tenders totaled $33 million. Competitive tenders accepted from private investors totaled $40,967 million. In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $523 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2024 is $100. Auction of 7-Year Notes On April 18, 2019, Treasury announced it would auction $32,000 million of 7-year notes. The issue was to refund $107,208 million of securities maturing April 30 and to raise new cash of approximately $42,792 million. The 7-year notes of Series K-2026 were dated and issued April 30. They are due April 30, 2026, with interest payable on October 31 and April 30 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 ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 25. Tenders totaled $79,745 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.426 percent with an equivalent price of $99.673481. Treasury accepted in full all competitive tenders at yields lower than 2.426 percent. Tenders at the high yield were allotted 52.62 percent. The median yield was 2.380 percent, and the low yield was 1.988 percent. Noncompetitive tenders totaled $59 million. Competitive tenders accepted from private investors totaled $31,941 million. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $409 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2026 is $100. BUREAU OF THE FISCAL SERVICE OPERATIONS 31 TREASURY FINANCING: APRIL-JUNE, continued MAY Auction of 37-Day Cash Management Bills On April 30, 2019, Treasury announced it would auction $20,000 million of 37-day bills. They were issued May 7 and matured June 13. The issue was to raise new cash of approximately $105,000 million. Treasury auctioned the bills on May 2. Tenders totaled $65,417 million; Treasury accepted $20,000 million, including $ million of noncompetitive tenders from the public. The high bank discount rate was 2.385 percent. May Quarterly Financing On May 1, 2019, Treasury announced it would auction $38,000 million of 3-year notes, $27,000 million of 10-year notes, and $19,000 million of 30year bonds to refund $55,363 million of securities maturing May 15, 2019 and to raise new cash of approximately $28,637 million. The 3-year notes of Series AM-2022 were dated and issued May 15. They are due May 15, 2022, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 7. Tenders totaled $94,159 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.248 percent with an equivalent price of $99.645092. Treasury accepted in full all competitive tenders at yields lower than 2.248 percent. Tenders at the high yield were allotted 74.72 percent. The median yield was 2.223 percent, and the low yield was 2.140 percent. Noncompetitive tenders totaled $85 million. Competitive tenders accepted from private investors totaled $37,915 million. In addition to the $38,000 million of tenders accepted in the auction process, Treasury accepted $12,945 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AM-2022 is $100. The 10-year notes of Series C-2029 were dated and issued May 15. They are due May 15, 2029, 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 ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 8. Tenders totaled $58,553 million; Treasury accepted $27,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.479 percent with an equivalent price of $99.083877. Treasury accepted in full all competitive tenders at yields lower than 2.479 percent. Tenders at the high yield were allotted 3.82 percent. The median yield was 2.430 percent, and the low yield was 2.357 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled $26,979 million. In addition to the $27,000 million of tenders accepted in the auction process, Treasury accepted $9,198 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2029 is $100. The 30-year bonds of May 2049 were dated and issued May 15. They are due May 15, 2049, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-7/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 9. Tenders totaled $41,807 million; Treasury accepted $19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.892 percent with an equivalent price of $99.660573. Treasury accepted in full all competitive tenders at yields lower than 2.892 percent. Tenders at the high yield were allotted 90.57 percent. The median yield was 2.840 percent, and the low yield was 2.650 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $18,992 million. In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $6,472 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2049 is $100. Auction of 52-Week Bills On May 16, 2019, Treasury announced it would auction $26,000 million of 364-day Treasury bills. They were issued May 23 and will mature May 21, 2020. The issue was to refund $107,002 million of all maturing bills and to pay down approximately $9,002 million. Treasury auctioned the bills on May 21. Tenders totaled $76,794 million; Treasury accepted $26,000 million, including $565 million of noncompetitive tenders from the public. The high bank discount rate was 2.280 percent. September 2019 32 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued Auction of 9-Year 8-Month 0-7/8 Percent TIPS On May 16, 2019, Treasury announced it would auction $11,000 million of 9-year 8-month 0-7/8 percent TIPS. The issue was to refund $73,083 million of securities maturing May 31 and to raise new cash of approximately $68,917 million. The 9-year 8-month 0-7/8 percent TIPS of Series A-2029 were dated January 15 and issued May 31. They are due January 15, 2029, with interest payable on July 15 and January 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 23. Tenders totaled $33,825 million; Treasury accepted $11,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.567 percent with an equivalent adjusted price of $103.554563. Treasury accepted in full all competitive tenders at yields lower than 0.567 percent. Tenders at the high yield were allotted 55.24 percent. The median yield was 0.522 percent, and the low yield was 0.188 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $10,992 million. Adjusted accrued interest of $3.30882 per $1,000 must be paid for the period from January 15 to May 31. Both the unadjusted price of $102.880694 and the unadjusted accrued interest of $3.28729 were adjusted by an index ratio of 1.00655, 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 $1,156 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2029 is $100. Auction of 2-Year Notes On May 23, 2019, Treasury announced it would auction $40,000 million of 2-year notes. The issue was to refund $73,083 million of securities maturing May 31 and to raise new cash of approximately $68,917 million. The 2-year notes of Series BB-2021 were dated and issued May 31. They are due May 31, 2021, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 11:00 a.m. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on May 28. Tenders totaled $109,820 million; Treasury accepted $40,000 million. All noncompetitive and successful September 2019 competitive bidders were allotted securities at the high yield of 2.125 percent with an equivalent price of $100.000000. Treasury accepted in full all competitive tenders at yields lower than 2.125 percent. Tenders at the high yield were allotted 45.29 percent. The median yield was 2.100 percent, and the low yield was 2.020 percent. Noncompetitive tenders totaled $185 million. Competitive tenders accepted from private investors totaled $39,610 million. In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $4,202 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BB-2021 is $100. Auction of 5-Year Notes On May 23, 2019, Treasury announced it would auction $41,000 million of 5-year notes. The issue was to refund $73,083 million of securities maturing May 31 and to raise new cash of approximately $68,917 million. The 5-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 ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 28. Tenders totaled $97,620 million; Treasury accepted $41,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.065 percent with an equivalent price of $99.692719. Treasury accepted in full all competitive tenders at yields lower than 2.065 percent. Tenders at the high yield were allotted 64.27 percent. The median yield was 2.030 percent, and the low yield was 1.980 percent. Noncompetitive tenders totaled $40 million. Competitive tenders accepted from private investors totaled $40,960 million. In addition to the $41,000 million of tenders accepted in the auction process, Treasury accepted $4,307 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2024 is $100. Auction of 1-Year 11-Month 0.139 Percent FRNs On May 23, 2019, Treasury announced it would auction $18,000 million of 1-year 11-month 0.139 percent FRNs. The issue was to refund $73,083 BUREAU OF THE FISCAL SERVICE OPERATIONS 33 TREASURY FINANCING: APRIL-JUNE, continued million of securities maturing May 31 and to raise new cash of approximately $68,917 million. The 1-year 11-month 0.139 percent FRNs of Series BA-2021 were dated April 30 and issued May 31. They are due April 30, 2021, 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. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on May 29. Tenders totaled $51,190 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.140 percent with an equivalent price of $99.997198. Treasury accepted in full all competitive tenders at discount margins lower than 0.140 percent. Tenders at the high discount margin were allotted 94.23 percent. The median discount margin was 0.130 percent, and the low discount margin was 0.080 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $17,992 million. Accrued interest of $0.216636278 per $100 must be paid for the period from April 30 to May 31. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $1,891 million from FRBs for their own accounts. Auction of 7-Year Notes On May 23, 2019, Treasury announced it would auction $32,000 million of 7-year notes. The issue was to refund $73,083 million of securities maturing May 31 and to raise new cash of approximately $68,917 million. The 7-year notes of Series L-2026 were dated and issued May 31. They are due May 31, 2026, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 2-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 29. Tenders totaled $73,552 million; Treasury accepted $32,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.144 percent with an equivalent price of $99.877109. Treasury accepted in full all competitive tenders at yields lower than 2.144 percent. Tenders at the high yield were allotted 69.05 percent. The median yield was 2.090 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $25 million. Competitive tenders accepted from private investors totaled $31,975 million. In addition to the $32,000 million of tenders accepted in the auction process, Treasury accepted $3,362 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2026 is $100. JUNE Auction of 3-Year Notes On June 6, 2019, Treasury announced it would auction $38,000 million of 3-year notes. The issue was to refund $24,000 million of securities maturing June 15 and to raise new cash of approximately $54,000 million. The 3-year notes of Series AN-2022 were dated June 15 and issued June 17. They are due June 15, 2022, with interest payable on December 15 and June 15 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 ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on June 11. Tenders totaled $99,425 million; Treasury accepted $38,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 1.861 percent with an equivalent price of $99.678063. Treasury accepted in full all competitive tenders at yields lower than 1.861 percent. Tenders at the high yield were allotted 94.89 percent. The median yield was 1.838 percent, and the low yield was 1.388 percent. Noncompetitive tenders totaled $56 million. Competitive tenders accepted from private investors totaled $37,744 million. Accrued interest of $0.09563 per $1,000 must be paid for the period from June 15 to June 17. The minimum par amount required for STRIPS of notes of Series AN-2022 is $100. Auction of 9-Year 11-Month 2-3/8 Percent Notes On June 6, 2019, Treasury announced it would auction $24,000 million of 9-year 11-month 2-3/8 percent notes. The issue was to refund $24,000 million of securities maturing June 15 and to raise new cash of approximately $54,000 million. The 9-year 11-month 2-3/8 percent notes of Series C-2029 were dated May 15 and issued June 17. They are due May 15, 2029, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the notes before 12:00 noon ET for noncompetitive tenders and before September 2019 34 BUREAU OF THE FISCAL SERVICE OPERATIONS TREASURY FINANCING: APRIL-JUNE, continued 1:00 p.m. ET for competitive tenders on June 12. Tenders totaled $59,652 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.130 percent with an equivalent price of $102.176713. Treasury accepted in full all competitive tenders at yields lower than 2.130 percent. Tenders at the high yield were allotted 93.68 percent. The median yield was 2.075 percent, and the low yield was 2.000 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $23,990 million. Accrued interest of $2.12976 per $1,000 must be paid for the period from May 15 to June 17. The minimum par amount required for STRIPS of notes of Series C-2029 is $100. Auction of 29-Year 11-Month 2-7/8 Percent Bonds On June 6, 2019, Treasury announced it would auction $16,000 million of 29-year 11-month 2-7/8 percent bonds. The issue was to refund $24,000 million of securities maturing June 15 and to raise new cash of approximately $54,000 million. The 29-year 11-month 2-7/8 percent bonds of May 2049 were dated May 15 and issued June 17. They are due May 15, 2049, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the bonds before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on June 13. Tenders totaled $37,060 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.607 percent with an equivalent price of $105.539994. Treasury accepted in full all competitive tenders at yields lower than 2.607 percent. Tenders at the high yield were allotted 52.19 percent. The median yield was 2.555 percent, and the low yield was 2.188 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $15,990 million. Accrued interest of $2.57813 per $1,000 must be paid for the period from May 15 to June 17. The minimum par amount required for STRIPS of bonds of May 2049 is $100. Auction of 52-Week Bills On June 13, 2019, Treasury announced it would auction $26,000 million of 364-day Treasury bills. They were issued June 20 and will mature June 18, 2020. The issue was to refund $110,012 million of all maturing bills and to pay down approximately $12,012 million. Treasury auctioned the bills on June 18. Tenders totaled $74,891 million; Treasury accepted September 2019 $26,000 million, including $460 million of noncompetitive tenders from the public. The high bank discount rate was 1.985 percent. Auction of 4-Year 10-Month 0-1/2 Percent TIPS On June 13, 2019, Treasury announced it would auction $15,000 million of 4-year 10-month 0-1/2 percent TIPS. The issue was to raise new cash of approximately $33,000 million. The 4-year 10-month 0-1/2 percent TIPS of Series X-2024 were dated April 15 and issued June 28. They are due April 15, 2024, with interest payable on October 15 and April 15 until maturity. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on June 20. Tenders totaled $38,279 million; Treasury accepted $15,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.152 percent with an equivalent adjusted price of $102.955042. Treasury accepted in full all competitive tenders at yields lower than 0.152 percent. Tenders at the high yield were allotted 30.97 percent. The median yield was 0.100 percent, and the low yield was 0.057 percent. Noncompetitive tenders totaled $18 million. Competitive tenders accepted from private investors totaled $14,982 million. Adjusted accrued interest of $1.02378 per $1,000 must be paid for the period from April 15 to June 28. Both the unadjusted price of $101.662906 and the unadjusted accrued interest of $1.01093 were adjusted by an index ratio of 1.01271, for the period from April 15 to June 28. The minimum par amount required for STRIPS of TIPS of Series X-2024 is $100. Auction of 1-Year 10-Month 0.139 Percent FRNs On June 20, 2019, Treasury announced it would auction $18,000 million of 1-year 10-month 0.139 percent FRNs. The issue was to raise new cash of approximately $33,000 million. The 1-year 10-month 0.139 percent FRNs of Series BA-2021 were dated April 30 and issued June 28. They are due April 30, 2021, 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. ET for noncompetitive tenders and before 11:30 a.m. ET for competitive tenders on June 26. Tenders totaled $60,473 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.210 percent with an equivalent BUREAU OF THE FISCAL SERVICE OPERATIONS 35 TREASURY FINANCING: APRIL-JUNE, continued price of $99.869789. Treasury accepted in full all competitive tenders at discount margins lower than 0.210 percent. Tenders at the high discount margin were allotted 33.59 percent. The median discount margin was 0.200 percent, and the low discount margin was 0.170 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $17,990 million. Accrued interest of $0.402016642 per $100 must be paid for the period from April 30 to June 28. Auction of 9-Year 11-Month 2-3/8 Percent Notes On June 21, 2019, Treasury announced it would auction $25 million of 9-year 11-month 2-3/8 percent notes. The issue was to raise new cash of approximately $25 million. The 9-year 11-month 2-3/8 percent notes of Series C-2029 were dated May 15 and issued June 26. They are due May 15, 2029, with interest payable on November 15 and May 15 until maturity. Treasury received tenders for the notes before 11:00 a.m. ET for competitive tenders on June 21. Tenders totaled $86 million; Treasury accepted $25 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.065 percent with an equivalent price of $102.757204. Treasury accepted in full all competitive tenders at yields lower than 2.065 percent. Tenders at the high yield were allotted 98.34 percent. The median yield was 2.060 percent, and the low yield was 2.030 percent. Noncompetitive tenders totaled $ million. Competitive tenders accepted from private investors totaled $25 million. Accrued interest of $2.71060 per $1,000 must be paid for the period from May 15 to June 26. The minimum par amount required for STRIPS of notes of Series C-2029 is $100. September 2019 36 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] On total competitive bids accepted Issue date Amounts of bids accepted On On nonTotal competitive competitive amount 2 basis basis 3 (4) (6) (5) Description of new issue Number Amount Maturity of days to of bids date maturity 1 tendered (3) (1) (2) High price per hundred (7) High discount High investment rate rate (percent) (percent) 4 (9) (8) Regular weekly: (4 week, 8 week, 13 week, and 26 week) 2019 – Apr. 02............................................... Apr. 04 ............................................... Apr. 09 ............................................... Apr. 11 ............................................... Apr. 16 ............................................... Apr. 18 ............................................... Apr. 23 ............................................... Apr. 25 ............................................... Apr. 30 ............................................... May. 02 .............................................. May. 07 .............................................. May. 09 .............................................. May. 14 .............................................. May. 16 .............................................. May. 21 .............................................. May. 23 .............................................. May. 28 .............................................. May. 30 .............................................. Jun. 04 ............................................... Jun. 06 ............................................... Jun. 11 ............................................... Jun. 13 ............................................... Jun. 18 ............................................... Jun. 20 ............................................... Jun. 25 ............................................... Jun. 27 ............................................... 1 2019-Apr. 30 May 28 July 05 Oct. 03 May 07 June 04 July 11 Oct. 10 May 14 June 11 July 18 Oct. 17 May 21 June 18 July 25 Oct. 24 May 28 June 25 Aug. 01 Oct. 31 June 04 July 02 Aug. 08 Nov. 07 June 11 July 09 Aug. 15 Nov. 14 June 18 July 16 Aug. 22 Nov. 21 June 25 July 23 Aug. 29 Nov. 29 July 02 July 30 Sep. 05 Dec. 05 July 09 Aug. 06 Sep. 12 Dec. 12 July 16 Aug. 13 Sep. 19 Dec. 19 July 23 Aug. 20 Sep. 26 Dec. 26 28 56 92 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 183 28 56 91 182 28 56 91 182 28 56 91 182 28 56 91 182 150,531.6 108,830.9 120,690.6 113,859.4 148,054.8 117,365.2 128,893.5 113,106.6 143,791.4 104,496.9 118,049.3 111,292.8 130,344.2 103,261.1 122,353.3 117,345.5 135,845.3 115,073.8 120,314.9 108,315.2 134,932.7 94,546.9 123,453.8 115,636.7 141,592.5 106,731.0 137,203.9 117,455.3 142,367.3 108,453.9 105,979.1 101,428.3 114,060.0 88,518.3 113,328.5 104,626.8 120,719.8 95,919.8 93,277.9 97,220.7 110,185.8 95,551.0 115,568.2 107,250.5 115,205.4 109,136.0 102,381.3 103,680.6 114,276.0 104,295.5 107,826.3 96,753.1 All 13-week bills represent additional issues of bills with an original maturity of 26 weeks or 52 weeks. Certain 26-week bills represent additional issues of bills with an original maturity of 52 weeks. All 4-week bills represent additional issues of bills with an original maturity of 8 weeks. September 2019 50,000.8 35,000.3 45,000.3 39,000.4 50,000.5 35,000.2 42,000.1 36,000.1 50,000.1 35,000.4 42,000.2 36,000.8 50,000.2 35,000.3 42,000.9 36,000.0 50,000.8 35,000.9 39,000.7 36,000.3 50,000.3 35,000.4 39,000.5 36,000.3 50,000.4 35,000.2 39,000.7 36,000.0 50,000.3 35,000.5 36,000.2 36,000.1 45,000.2 35,000.0 36,000.1 36,000.2 40,000.4 35,000.5 36,000.1 36,000.1 40,002.7 35,002.4 36,000.0 36,000.6 40,000.0 35,000.6 36,000.1 36,000.0 40,000.0 35,000.5 36,000.1 36,000.3 2 48,672.0 34,377.8 43,900.2 37,827.8 48,608.1 34,776.0 40,688.5 34,795.1 48,598.1 34,766.2 40,676.0 34,848.6 48,425.3 34,654.8 40,794.6 34,860.8 48,433.3 34,610.1 37,820.6 34,831.0 48,493.0 34,751.1 37,804.4 34,985.8 48,381.6 34,747.8 37,775.7 34,962.7 47,965.3 34,783.5 34,903.8 34,903.3 43,511.5 34,717.5 34,753.3 35,015.7 38,492.4 34,773.5 34,982.2 34,972.5 38,509.8 34,749.1 34,749.9 35,039.7 38,450.4 34,711.1 34,848.8 35,111.2 38,569.8 34,744.9 34,735.2 35,079.8 1,328.8 197.5 1,000.1 972.6 1,392.5 224.2 1,211.5 905.0 1,402.0 234.2 1,224.2 952.2 1,474.9 245.5 1,106.3 939.3 1,442.6 290.8 1,080.1 969.3 1,507.3 249.3 1,096.1 914.4 1,518.7 252.4 1,125.1 932.3 1,535.0 217.0 996.4 921.8 1,488.7 282.5 1,016.8 784.6 1,508.0 227.0 1,017.8 827.7 1,490.3 250.9 1,090.1 760.9 1,549.6 289.5 1,026.3 688.8 1,430.2 255.7 1,114.9 694.5 99.813333 99.627444 99.391778 98.796778 99.814111 99.629778 99.399653 98.789194 99.815278 99.630556 99.398389 98.791722 99.813333 99.628222 99.393333 98.786667 99.814111 99.629778 99.397125 98.789194 99.814111 99.628222 99.398389 98.796778 99.814500 99.629778 99.403444 98.809417 99.816056 99.633667 99.409764 98.817000 99.818389 99.637556 99.416083 98.820667 99.818778 99.637556 99.418611 98.859972 99.821889 99.642222 99.433778 98.918111 99.827722 99.657778 99.451472 98.923167 99.833556 99.672556 99.472958 98.973722 2.400 2.395 2.380 2.380 2.390 2.380 2.375 2.395 2.375 2.375 2.380 2.390 2.400 2.390 2.400 2.400 2.390 2.380 2.385 2.395 2.390 2.390 2.380 2.380 2.385 2.380 2.360 2.355 2.365 2.355 2.335 2.340 2.335 2.330 2.310 2.320 2.330 2.330 2.300 2.255 2.290 2.300 2.240 2.140 2.215 2.200 2.170 2.130 2.140 2.105 2.085 2.030 2.445 2.444 2.434 2.449 2.434 2.429 2.429 2.465 2.419 2.424 2.434 2.460 2.445 2.439 2.455 2.470 2.434 2.429 2.439 2.465 2.434 2.439 2.434 2.449 2.429 2.429 2.414 2.423 2.409 2.403 2.388 2.407 2.378 2.377 2.362 2.387 2.373 2.377 2.352 2.319 2.332 2.347 2.290 2.199 2.256 2.244 2.218 2.189 2.179 2.147 2.131 2.085 Includes amount awarded to the Federal Reserve System.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 37 TABLE PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 104,145 40,000 2.261 - 99.978568 5y 96,290 41,000 2.172 - 99.778500 7y 81,397 32,000 2.281 - 99.800487 2.250% note—04/15/22-AL 3y 94,541 38,005 2.301 - 99.852977 2.625% note—02/15/29-B 9y 10m 61,292 24,003 2.466 - 101.377878 10m 36,021 16,002 2.930 - 101.381292 42,655 17,217 0.515 - 100.137446 89,442 26,000 Period to final maturity (years, months, days) 2 (3) Issue date (1) Description of securities 1 (2) 03/26/19 04/01/19 2.250% note—03/31/21-J 2y 03/27/19 04/01/19 2.125% note—03/31/24-J 03/28/19 04/01/19 2.250% note—03/31/26-J 04/09/19 04/15/19 04/10/19 04/15/19 Auction date Amount tendered (4) 04/11/19 04/15/19 3.000% bond—02/15/49 29y 04/18/19 04/30/19 0.500% TIPS—04/15/24-X 5y 04/23/19 04/25/19 2.360% bill—04/23/20 04/23/19 04/30/19 2.250% note—04/30/21-K 2y 101,048 40,511 04/24/19 04/30/19 0.139% FRN—04/30/21-BA 2y 53,952 20,255 0.139 - 100.000000 04/24/19 04/30/19 2.250% note—04/30/24-Y 5y 100,680 41,524 2.315 - 99.694767 04/25/19 04/30/19 2.375% note—04/30/26-K 7y 80,154 32,409 2.426 - 99.673481 05/02/19 05/07/19 2.385% CMB—06/13/19 65,417 20,000 05/07/19 05/15/19 2.125% note—05/15/22-AM 107,104 50,945 05/08/19 05/15/19 2.375% note—05/15/29-C 10y 67,751 36,198 2.479 - 99.083877 05/09/19 05/15/19 2.875% bond—05/15/49 30y 48,280 25,472 2.892 - 99.660573 05/21/19 05/23/19 2.280% bill—05/21/20 76,794 26,000 05/23/19 05/31/19 0.875% TIPS—01/15/29-A 9y 05/28/19 05/31/19 2.125% note—05/31/21-BB 2y 364d 37d 3y 364d 8m 05/28/19 05/31/19 2.000% note—05/31/24-L 5y 05/29/19 05/31/19 0.139% FRN—04/30/21-BA 1y 05/29/19 05/31/19 2.125% note—05/31/26-L 06/11/19 06/17/19 1.750% note—06/15/22-AN 06/12/19 06/17/19 2.375% note—05/15/29-C 9y 11m 06/13/19 06/17/19 2.875% bond—05/15/49 29y 11m 06/18/19 06/20/19 1.985% bill—06/18/20 06/20/19 06/28/19 0.500% TIPS—04/15/24-X 4y 10m 06/21/19 06/26/19 2.375% note—05/15/29-C 9y 11m 06/26/19 06/28/19 0.139% FRN—04/30/21-BA 1y 10m 2.355 - 99.796039 2.248 - 99.645092 34,980 12,156 0.567 - 103.554563 114,021 44,202 2.125 - 100.000000 101,927 45,307 2.065 - 99.692719 53,081 19,891 0.140 - 99.997198 7y 76,913 35,362 2.144 - 99.877109 3y 99,425 38,000 1.861 - 99.678063 59,652 24,000 2.130 - 102.176713 37,060 16,000 2.607 - 105.539994 74,891 26,000 38,279 15,000 0.152 - 102.955042 86 25 2.065 - 102.757204 60,473 18,000 0.210 - 99.869789 11m 364d 1 Currently, all issues are sold at auction. For bill issues, the rate shown is the high bank discount rate. For note and bond issues, the rate shown is the interest rate. For details of bill offerings, see table PDO-1. As of October 1, 1997, all Treasury issues of notes and bonds are eligible for STRIPS. 2 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. 4 Includes securities issued to the Federal Reserve System; and to foreign and international monetary authorities, whether in exchange for maturing securities or for new cash. Note—Amounts listed as tendered and accepted are amounts tendered and awarded on auction day. September 2019 38 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 2019 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 39 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) 2014 ................................................ 2015 ................................................ 2016 ................................................ 2017 ................................................ 2018 ................................................ 17,847,931 18,174,718 19,597,812 20,269,269 21,538,880 17,824,071 18,150,618 19,573,445 20,244,900 21,516,058 2018 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2019 - Jan ...................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 21,218,581 21,336,499 21,481,902 21,538,880 21,725,216 21,873,089 21,997,036 22,005,220 22,138,026 22,050,081 22,049,873 22,048,574 22,045,280 21,195,070 21,313,061 21,458,850 21,516,058 21,702,370 21,850,094 21,974,096 21,982,423 22,115,526 22,027,880 22,027,668 22,026,424 22,023,283 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) 5,039,265 5,026,867 5,395,699 5,563,074 5,737,252 - 5,039,265 5,026,867 5,395,699 5,563,074 5,737,252 2,767,288 2,802,101 2,830,115 2,867,555 2,697,860 5,711,522 5,726,291 5,655,997 5,737,252 5,840,466 5,786,563 5,853,354 5,862,428 5,845,051 5,804,029 5,816,978 5,806,506 5,818,564 - 5,711,522 5,726,291 5,655,997 5,737,252 5,840,466 5,786,563 5,853,354 5,862,428 5,845,051 5,804,029 5,816,978 5,806,506 5,818,564 2,772,949 2,728,190 2,702,008 2,697,860 2,651,466 2,617,246 2,594,652 2,574,546 2,540,780 2,536,673 2,479,643 2,459,105 2,452,784 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) 2014 ................................................ 2015 ................................................ 2016 ................................................ 2017 ................................................ 2018 ................................................ 10,017,518 10,321,650 11,347,631 11,814,271 13,080,946 9,526,925 10,051,650 10,830,489 11,332,237 12,580,185 490,594 270,000 517,142 482,034 500,761 23,860 24,100 24,367 24,369 22,822 23,857 24,095 24,363 24,368 22,822 3 5 4 1 - 2018 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2019 - Jan ...................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 12,710,599 12,858,580 13,100,845 13,080,946 13,210,438 13,446,285 13,526,090 13,545,449 13,729,695 13,687,178 13,731,047 13,760,813 13,751,935 12,209,457 12,357,112 12,599,830 12,580,185 12,706,430 12,942,863 13,023,655 13,045,301 13,228,897 13,402,225 13,401,269 13,482,146 13,478,115 501,142 501,468 501,015 500,761 504,008 503,422 502,435 500,148 500,799 284,953 329,779 278,667 273,819 23,511 23,438 23,052 22,822 22,846 22,995 22,940 22,797 22,500 22,201 22,205 22,150 21,997 23,511 23,438 23,052 22,822 22,846 22,995 22,940 22,797 22,500 22,201 22,205 22,150 21,997 - 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 2019 40 TABLE OFS-2—Estimated Ownership of U.S. Treasury Securities [In billions of dollars. Source: Office of Debt Management, Office of the Under Secretary for Domestic Finance] Pension funds 3 End of month 2019 - June ....... Mar ......... 2018 - Dec ......... Sept ........ June ....... Mar ......... 2017 - Dec ......... Sept ........ June ....... Mar ......... 2016 - Dec ......... Sept ........ June ....... Mar ......... 2015 - Dec ......... Sept ........ June ....... Mar ......... 2014 - Dec ......... Sept ........ June ....... Mar ......... 2013 - Dec ......... Sept ........ June ....... Mar ......... 2012 - Dec ......... Sept ........ June ....... Mar ......... 2011 - Dec ......... Sept ........ June ....... Mar ......... 2010 - Dec ......... Sept ........ June ....... Mar ......... 2009 - Dec ......... Sept ........ June ....... 1 Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) 22,023.5 22,028.0 21,974.1 21,516.1 21,195.3 21,089.9 20,492.7 20,244.9 19,844.6 19,846.4 19,976.9 19,573.4 19,381.6 19,264.9 18,922.2 18,150.6 18,152.0 18,152.1 18,141.4 17,824.1 17,632.6 17,601.2 17,352.0 16,738.2 16,738.2 16,771.6 16,432.7 16,066.2 15,855.5 15,582.3 15,222.8 14,790.3 14,343.1 14,270.0 14,025.2 13,561.6 13,201.8 12,773.1 12,311.3 11,909.8 11,545.3 7,945.2 7,999.1 8,095.0 8,068.1 8,106.9 8,086.6 8,132.1 8,036.9 7,943.4 7,941.1 8,005.6 7,863.5 7,911.2 7,801.4 7,711.2 7,488.7 7,536.5 7,521.3 7,578.9 7,490.8 7,461.0 7,301.5 7,205.3 6,834.2 6,773.3 6,656.8 6,523.7 6,446.8 6,475.8 6,397.2 6,439.6 6,328.0 6,220.4 5,958.9 5,656.2 5,350.5 5,345.1 5,259.8 5,276.9 5,127.1 5,026.8 Total U.S. privately Depository savings held institutions 3, 4 bonds 5 (3) (4) (5) 14,078.4 14,028.9 13,879.1 13,447.9 13,088.5 13,003.3 12,360.6 12,208.0 11,901.1 11,905.3 11,971.3 11,709.9 11,470.4 11,463.6 11,211.0 10,661.9 10,615.5 10,630.8 10,562.6 10,333.2 10,171.6 10,299.7 10,146.6 9,904.0 9,964.9 10,114.8 9,909.1 9,619.4 9,379.7 9,185.1 8,783.3 8,462.4 8,122.7 8,311.1 8,368.9 8,211.1 7,856.7 7,513.3 7,034.4 6,782.7 6,518.5 n/a 769.4 771.5 683.9 665.3 639.7 638.3 611.8 621.9 658.6 663.9 627.6 580.6 562.9 547.4 519.1 518.5 518.1 516.8 471.1 409.5 368.4 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 279.7 293.8 279.4 321.0 319.3 322.8 266.1 269.3 202.5 198.2 140.8 153.4 154.5 155.7 156.8 157.8 159.0 160.4 161.7 162.8 164.2 165.8 167.5 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 185.2 185.1 186.0 186.7 187.9 188.7 189.6 190.2 191.3 192.5 193.6 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. From December 2014 to September 2018, includes savings bonds issued to myRA accounts. Current accrual value. 2 September 2019 Private 6 (6) State and Insurance compalocal nies 3 governments (7) (8) n/a 440.2 629.9 612.2 593.1 571.0 405.0 546.6 408.5 436.9 536.4 544.3 537.1 524.0 504.7 305.3 373.8 447.8 507.1 490.7 482.6 474.3 464.9 347.8 444.5 463.4 468.0 453.9 427.4 406.6 391.9 373.6 251.8 215.8 206.8 198.2 190.8 183.0 175.6 167.2 164.1 6 Includes n/a 395.3 348.8 278.6 281.4 278.4 277.3 261.2 262.8 238.1 217.8 203.3 185.0 170.4 174.5 171.0 185.7 176.7 199.2 198.7 198.3 184.3 181.3 187.5 187.7 193.4 183.6 181.7 171.2 169.4 160.7 155.7 158.0 157.9 153.7 145.2 150.1 153.6 151.4 145.6 144.6 n/a 202.2 204.8 226.1 225.9 361.8 372.6 359.7 348.4 338.4 330.2 341.2 329.8 315.5 306.7 306.6 304.3 305.1 307.0 298.1 287.7 276.8 271.2 273.2 276.2 284.3 292.7 292.6 293.6 298.1 297.3 259.6 254.8 253.5 248.4 240.6 231.8 225.7 222.0 210.2 200.0 Mutual funds 3, 7 (9) n/a 2,012.4 1,976.6 1,888.7 1,842.0 1,975.1 1,794.2 1,696.9 1,607.5 1,667.8 1,702.9 1,597.6 1,428.4 1,398.9 1,318.3 1,195.1 1,139.8 1,170.4 1,121.8 1,075.8 986.2 1,060.4 983.3 986.1 1,000.1 1,066.7 1,031.8 1,080.7 997.8 1,015.4 927.9 788.7 753.7 749.4 721.7 671.0 676.8 678.5 668.8 668.5 711.8 State and Foreign local govern- and international 8 ments 3 (10) (11) n/a 647.8 660.2 700.2 700.9 682.1 690.5 672.5 686.3 712.4 717.6 721.6 710.0 692.0 680.3 648.4 658.2 676.9 657.4 628.8 638.8 632.0 633.6 624.3 612.6 615.6 599.6 596.9 585.4 567.4 562.2 557.9 572.2 585.3 595.7 586.0 584.4 585.0 585.6 583.6 588.5 n/a 6,473.4 6,264.9 6,225.9 6,225.0 6,223.4 6,211.3 6,301.9 6,151.9 6,075.3 6,006.3 6,155.9 6,279.1 6,284.4 6,146.2 6,105.9 6,163.1 6,172.6 6,157.7 6,069.2 6,018.7 5,948.3 5,792.6 5,652.8 5,595.0 5,725.0 5,573.8 5,476.1 5,310.9 5,145.1 5,006.9 4,912.1 4,690.6 4,481.4 4,435.6 4,324.2 4,070.0 3,877.9 3,685.1 3,570.6 3,460.8 Other investors 9 (12) n/a 2,933.7 2,866.7 2,675.6 2,397.0 2,112.9 1,811.0 1,595.8 1,651.0 1,613.7 1,630.5 1,350.8 1,251.3 1,345.2 1,361.2 1,237.8 1,098.1 988.2 919.5 924.0 972.1 1,177.0 1,319.5 1,359.1 1,367.8 1,245.7 1,229.4 1,015.4 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 U.S. Treasury securities held by the Federal Employees Retirement System Thrift Savings Plan "G Fund." 7Includes money market mutual funds, mutual funds, and closed-end investment companies. 8Source: 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 41 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, 2019 [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) $1,946,271,131,086 $1,896,816,585,254 $1,896,340,705,511 $239,147,366 $236,732,377 The Treasury ....................................... 242,013,781 52,881,781 52,615,204 7,505 259,072 FRBs ................................................... 203,051,233,531 201,359,041,682 201,359,036,757 - 4,925 Amounts in circulation ............................. $1,742,977,883,774 $1,695,404,661,791 $1,694,929,053,550 $239,139,861 $236,468,380 Less amounts held by: Total (1) Dollars 2, 3 (2) Fractional coins (3) $49,454,545,832 $6,547,064,108 $ 42,907,481,724 The Treasury ....................................... 189,132,000 48,770,000 140,362,000 FRBs ................................................... 1,692,191,849 1,104,822,011 587,369,838 Amounts in circulation ............................. $47,573,221,983 $5,393,472,097 $42,179,749,886 Coins 2 Amounts outstanding .............................. Less amounts held by: See footnotes following table USCC-2. September 2019 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION 42 TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2019 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $12,289,836,276 $143,503 $139,788,156 Federal Reserve notes 1 (2) $12,429,767,935 $2 ................................................................................ 2,573,618,186 2,442,130,654 131,475,018 12,514 $5 ................................................................................ 15,157,523,530 15,027,250,480 107,500,110 22,772,940 $10 .............................................................................. 19,930,358,050 19,910,523,120 6,300 19,828,630 $20 .............................................................................. 185,983,554,340 185,963,454,720 3,840 20,095,780 $50 .............................................................................. 88,614,797,650 88,603,310,500 500 11,486,650 6 $100 ............................................................................ 1,370,402,888,000 1,370,380,938,800 - 21,949,200 $500 ............................................................................ 141,770,500 141,582,000 5,500 183,000 $1,000 ......................................................................... 165,169,000 164,968,000 5,000 196,000 $5,000 ......................................................................... 1,764,000 1,709,000 - 55,000 $10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 Fractional notes 5 ........................................................ 600 - 90 510 Total currency ......................................................... $1,695,404,661,791 $1,694,929,053,550 $239,139,861 $236,468,380 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates June 30, 2019………………………………………………………………. 1,742,978 Per capita 4 (2) 5,294 May 31, 2019……………………………………………………………….. 1,738,291 5,283 April 30, 2019………………………………………………………………. 1,729,677 5,259 Sept 30, 2015………………………………………………………………. 1,387,552 4,310 Sept 30, 2010………………………………………………………………. 954,719 3,074 Sept 30, 2005………………………………………………………………. 766,487 2,578 Sept 30, 2000………………………………………………………………. 568,614 2,061 Sept 30, 1995………………………………………………………………. 409,272 1,553 Sept 30, 1990………………………………………………………………. 278,903 1,105 Sept 30, 1985………………………………………………………………. 187,337 782 Sept 30, 1980………………………………………………………………. 129,916 581 June 30, 1975………………………………………………………………. 81,196 380 June 30, 1970………………………………………………………………. 54,351 265 June 30, 1965………………………………………………………………. 39,719 204 1 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 2019 4 Based on Bureau of the Census estimates of population. value of certain partial denominations not presented for redemption. current FRB adjustment. 5 Represents 6 Represents Foreign Currency Positions Exchange Stabilization Fund 45 INTRODUCTION: Foreign Currency Positions The “Treasury Bulletin” reports foreign currency holdings of large foreign exchange market participants. These reports provide information on positions in derivative instruments, such as foreign exchange futures and options that are increasingly used in establishing foreign exchange positions but were not covered in the old reports. The information is based on reports of large foreign exchange market participants on holdings of five major foreign currencies (Canadian dollar, Japanese yen, Swiss franc, pound sterling, and euro) and the U.S. dollar. Positions in the U.S. dollar, which have been collected since January 1999, are intended to approximate “all other” currency positions of reporting institutions. U.S.-based businesses file a consolidated report for their domestic and foreign subsidiaries, branches, and agencies. U.S. subsidiaries of foreign entities file only for themselves, not for their foreign parents. Filing is required by law (31 United States Code 5315; 31 Code of Federal Regulations 128, Subpart C). Weekly and monthly reports must be filed throughout the calendar year by major foreign exchange market participants, which are defined as market participants with more than $50 billion equivalent in foreign exchange contracts on the last business day of any calendar quarter during the previous year (end March, September, September, or December). Such contracts include the amounts of foreign exchange spot contracts bought and sold, foreign exchange forward contracts bought and sold, foreign exchange futures bought and sold, and one half the notional amount of foreign exchange options bought and sold. A quarterly report must be filed throughout the calendar year by each foreign exchange market participant that had more than $5 billion equivalent in foreign exchange contracts on the last business day of any quarter the previous year (end March, June, September, or December). This information is published in six sections corresponding to each of the major currencies covered by the reports. Tables I-1 through VI-1 present the currency data reported weekly by major market participants. Tables I-2 through VI-2 present more detailed currency data of major market participants, based on monthly reports. Tables I-3 through VI-3 present quarterly consolidated currency data reported by large market participants that do not file weekly reports. The information in the tables referenced above is based on the reports referenced in this Introduction: Foreign Currency Positions and is not audited by the Federal Reserve banks or the Treasury Department. Principal exchanged under cross-currency interest rate swaps is reported as part of purchases or sales of foreign exchange. Such principal also was noted separately on monthly and quarterly reports through December 1998, when this practice was discontinued. The net options position, or the net delta-equivalent value of an options position, is an estimate of the relationship between an option’s value and an equivalent currency hedge. The delta equivalent value is defined as the product of the first partial derivative of an option valuation formula (with respect to the price of the underlying currency) multiplied by the notional principal of the contract. The data reported herein may occasionally differ with respect to time periods noted in prior issues of this Bulletin due to revisions from reporting market participants that arise from quality assurance controls. September 2019 46 FOREIGN CURRENCY POSITIONS 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) 01/02/19 ................................................................. 1,794,213 1,880,738 -19 1.3591 01/09/19 ................................................................. 1,896,481 2,000,385 -84 1.3212 01/16/19 ................................................................. 1,876,582 1,972,336 n.a. 1.3243 01/23/19 ................................................................. 1,879,453 1,978,942 -116 1.3362 01/30/19 ................................................................. 2,007,485 2,115,079 -123 1.3189 02/06/19 ................................................................. 1,941,306 2,054,135 -152 1.3192 02/13/19 ................................................................. 1,987,089 2,095,457 n.a. 1.3222 02/20/19 ................................................................. 1,981,502 2,085,789 -155 1.3160 02/27/19 ................................................................. 2,111,994 2,220,287 -165 1.3145 03/06/19 ................................................................. 2,106,556 2,218,872 -144 1.3445 03/13/19 ................................................................. 2,177,222 2,285,170 -153 1.3318 03/20/19 ................................................................. 1,834,961 1,934,996 -180 1.3327 03/27/19 ................................................................. 1,885,427 1,989,742 -157 1.3434 04/03/19 ................................................................. 1,878,210 1,990,144 -131 1.3315 04/10/19 ................................................................. 1,921,829 2,035,464 -71 1.3322 04/17/19 ................................................................. 1,934,881 2,052,942 -49 1.3345 04/24/19 ................................................................. 1,936,385 2,050,560 -4 1.3465 05/01/19 ................................................................. 2,021,147 2,137,589 -15 1.3417 05/08/19 ................................................................. 1,977,007 2,095,853 6 1.3458 05/15/19 ................................................................. 1,993,609 2,111,802 2 1.3432 05/22/19 ................................................................. 2,036,781 2,159,983 4 1.3417 05/29/19 ................................................................. 2,085,536 2,212,497 -6 1.3533 06/05/19 ................................................................. 2,160,780 2,283,173 25 1.3409 06/12/19 ................................................................. 2,236,980 2,366,617 5 1.3298 06/19/19 ................................................................. 1,926,183 2,050,658 -75 1.3362 06/26/19 ................................................................. 2,024,538 2,151,849 -114 1.3109 September 2019 47 FOREIGN CURRENCY POSITIONS 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 Puts Calls Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian Net delta dollars per equivalent U.S. dollar) (9) (10) 2016 - Dec ................... 1,231,903 1,297,321 185,126 142,307 76,907 74,036 87,315 88,353 95 1.3426 2017 - Dec ................... 1,486,798 1,561,949 288,642 241,105 46,583 40,354 70,598 67,895 -29 1.2517 2018 - July. .................. 1,884,877 1,981,259 296,260 254,517 49,917 50,570 77,871 79,182 -229 1.3017 Aug .................. 2,125,841 2,224,277 280,179 239,972 57,534 57,103 87,059 80,934 -170 1.3072 Sept ................. 1,849,013 1,936,396 314,166 246,791 59,567 61,693 85,419 78,833 -118 1.2922 Oct ................... 1,972,301 2,072,212 285,055 264,304 56,299 56,691 87,297 82,433 -128 1.3129 Nov .................. 2,103,350 2,193,152 303,939 289,533 49,370 46,490 85,672 80,753 -90 1.3282 Dec .................. 1,738,245 1,819,509 313,369 302,946 43,236 38,625 76,598 72,266 -5 1.3644 2019 – Jan. ................. 2,008,147 2,191,117 344,037 268,174 50,531 44,893 87,861 83,410 -112 1.3140 Feb .................. 2,136,468 2,232,228 349,319 274,883 52,447 42,902 84,833 80,561 -134 1.3166 Mar .................. 1,932,204 2,026,074 485,689 473,294 49,833 41,370 85,649 79,112 -103 1.3360 Apr. .................. 2,021,461 2,136,768 319,065 296,271 60,011 42,893 91,248 83,485 -21 1.3427 May.................. 2,182,404 2,299,272 344,574 324,548 65,434 47,715 96,213 89,375 -37 1.3523 June................. 2,022,692 2,135,708 373,241 290,861 67,300 49,043 90,126 83,223 -84 1.3091 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 Bought (5) 38,266 68,203 154,935 124,039 2017 - Mar ................... 38,456 72,918 163,394 117,313 June ................. 36,779 75,076 146,175 112,640 Sept .................. 35,092 64,307 145,296 93,483 1,179 785 587 Dec ................... 33,411 65,839 131,559 88,031 534 483 n.a. 2018 - Mar ................... 30,951 67,926 138,067 96,580 1,522 1,210 1,761 June ................. 35,482 69,299 150,243 n.a. 920 1,052 3,455 Sept .................. 36,139 66,217 154,540 107,071 608 493 2,173 n.a. n.a. 1.2922 Dec ................... 30,046 61,338 139,329 98,110 696 346 3,017 1,941 18 1.3644 2019 - Mar ................... 28,766 61,640 135,230 n.a. 326 276 2,650 471 2 1.3360 401 Written (6) Bought (7) Written (8) Net delta equivalent (9) Sold (2) 2016 - Dec ................... Liabilities (4) Exchange rate (Canadian dollars per U.S. dollar) (10) Purchased (1) Report date Assets (3) Options positions Puts Calls 397 2,393 n.a. n.a. 1.3426 482 393 946 563 n.a. 1.3321 1,726 827 790 823 n.a. 1.2982 345 12 1.2509 1,372 n.a. 1.2517 n.a. -374 1.2891 2,751 n.a. 1.3140 September 2019 48 FOREIGN CURRENCY POSITIONS 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) Spot, forward and future contracts Report date 01/02/19 .................................................................. 577,128 588,803 78 109.22 01/09/19 .................................................................. 568,693 579,583 94 108.38 01/16/19 .................................................................. 569,588 580,008 89 108.84 01/23/19 .................................................................. 567,005 572,245 80 109.44 01/30/19 .................................................................. 589,425 599,396 77 109.57 02/06/19 .................................................................. 587,541 598,152 -14 109.75 02/13/19 .................................................................. 573,640 583,150 73 110.86 02/20/19 .................................................................. 576,705 585,191 65 110.69 02/27/19 .................................................................. 599,729 610,304 68 110.92 03/06/19 .................................................................. 575,520 588,312 n.a. 111.66 03/13/19 .................................................................. 590,440 601,516 52 111.23 03/20/19 .................................................................. 543,146 555,080 57 111.41 03/27/19 .................................................................. 563,064 496,710 61 110.38 04/03/19 .................................................................. 562,483 574,739 31 111.48 04/10/19 .................................................................. 556,747 567,640 39 110.92 04/17/19 .................................................................. 550,783 562,000 29 112.00 04/24/19 .................................................................. 578,625 587,614 24 111.81 05/01/19 .................................................................. 589,057 600,467 31 111.18 05/08/19 .................................................................. 573,203 584,018 51 110.12 05/15/19 .................................................................. 549,702 561,592 50 109.58 05/22/19 .................................................................. 555,978 566,825 40 110.28 05/29/19 .................................................................. 571,068 580,701 39 109.24 06/05/19 .................................................................. 587,974 599,033 40 108.20 06/12/19 .................................................................. 578,271 588,891 22 108.42 06/19/19 .................................................................. 541,710 554,270 26 108.36 06/26/19 .................................................................. 576,989 588,788 15 107.64 September 2019 49 FOREIGN CURRENCY POSITIONS 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) 2016 - Dec .................. 544,393 555,836 165,963 161,306 53,736 51,991 66,242 69,150 101 116.78 2017 - Dec .................. 504,078 520,500 122,567 108,990 24,449 23,590 46,603 47,891 -88 112.69 2018 - July. ................. 564,657 580,989 133,566 121,835 35,445 35,654 60,419 62,113 102 111.88 Aug ................. 586,192 600,428 113,116 92,199 36,972 36,437 62,154 64,426 158 110.98 Sept ................ 573,132 585,026 127,174 102,773 35,387 36,314 60,748 62,798 131 113.48 Oct .................. 608,157 616,642 120,163 97,247 37,029 37,669 61,992 63,642 139 112.86 Nov ................. 654,425 667,269 120,171 97,991 34,359 34,711 57,627 58,544 76 113.54 Dec ................. 563,910 575,977 148,629 116,910 32,541 33,380 53,035 53,747 122 109.70 2019 – Jan. ................ 605,134 611,246 143,459 112,211 33,906 34,999 57,953 57,340 123 108.84 Feb ................. 614,469 624,963 154,848 115,624 34,037 34,501 55,716 55,745 107 111.38 Mar ................. 576,499 588,375 138,745 119,149 34,184 33,947 57,532 59,442 81 110.68 Apr. ................. 582,292 593,294 148,804 118,428 31,483 31,046 55,195 57,116 80 111.40 May................. 594,183 605,407 147,694 123,962 35,930 35,432 59,775 61,455 106 108.66 June................ 571,660 584,948 145,197 126,866 35,444 34,475 56,015 58,105 76 107.84 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date 2016 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) 7,108 5,182 Foreign currency denominated Assets Liabilities (3) (4) 7,472 6,167 Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Japanese yen per U.S. dollar) (10) 352 303 1,006 912 n.a. 116.78 2017 - Mar ................... 9,579 6,990 8,034 6,134 420 486 841 554 -1 111.41 June ................. 8,848 7,755 6,915 6,245 n.a. 438 539 386 -1 112.40 Sept .................. 6,536 6,008 7,693 6,769 800 670 609 n.a. 46 112.64 Dec ................... 6,451 6,017 7,824 6,224 n.a. 373 537 n.a. 3 112.69 2018 - Mar ................... 7,528 5,557 8,133 5,332 n.a. 568 568 312 -1 106.20 June ................. 8,528 6,807 8,813 6,062 371 432 446 259 -4 110.71 Sept .................. 8,632 8,294 9,056 6,455 432 518 387 145 -9 113.48 Dec ................... 8,255 5,873 8,065 6,269 489 505 440 153 49 109.70 2019 - Mar ................... 7,770 7,173 9,217 6,776 276 500 423 120 3 110.68 September 2019 50 FOREIGN CURRENCY POSITIONS 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) 01/02/19 .................................................................. 894,239 940,374 n.a. 0.9884 01/09/19 .................................................................. 910,166 955,698 n.a. 0.9767 01/16/19 .................................................................. 869,442 909,617 266 0.9899 01/23/19 .................................................................. 853,033 897,545 266 0.9946 01/30/19 .................................................................. 884,123 925,286 283 0.9988 02/06/19 .................................................................. 842,098 893,137 275 1.0009 02/13/19 .................................................................. 918,954 958,688 282 1.0073 02/20/19 .................................................................. 906,262 945,426 282 0.9990 02/27/19 .................................................................. 955,667 998,527 257 1.0003 03/06/19 .................................................................. 942,022 989,907 244 1.0038 03/13/19 .................................................................. 1,043,230 1,086,237 240 1.0046 03/20/19 .................................................................. 844,562 889,004 177 0.9974 03/27/19 .................................................................. 882,560 922,888 172 0.9946 04/03/19 .................................................................. 907,760 944,329 175 0.9970 04/10/19 .................................................................. 873,258 917,455 208 1.0019 04/17/19 .................................................................. 868,634 910,216 296 1.0099 04/24/19 .................................................................. 861,957 903,056 290 1.0184 05/01/19 .................................................................. 924,618 967,241 313 1.0137 05/08/19 .................................................................. 884,603 920,804 303 1.0181 05/15/19 .................................................................. 890,404 938,100 299 1.0090 05/22/19 .................................................................. 903,847 946,669 306 1.0090 05/29/19 .................................................................. 912,860 961,425 296 1.0066 06/05/19 .................................................................. 1,004,106 1,049,197 260 0.9919 06/12/19 .................................................................. 1,035,731 1,080,540 272 0.9944 06/19/19 .................................................................. 896,539 943,293 234 0.9960 06/26/19 .................................................................. 981,208 1,041,842 210 0.9760 September 2019 51 FOREIGN CURRENCY POSITIONS 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 2016 - Dec ................... Foreign currency denominated Assets Liabilities (3) (4) Spot, forward and future contracts Purchased Sold (1) (2) 856,367 886,180 95,226 75,142 Calls Bought (5) 71,537 Options positions Puts Written Bought Written (6) (7) (8) 71,228 91,631 Exchange rate Net delta (Swiss francs per equivalent U.S. dollar) (9) (10) 91,542 n.a. 1.0160 2017 - Dec ................... 802,799 840,898 108,582 88,094 46,025 44,500 79,500 79,164 139 0.9738 2018 - July. .................. 946,543 999,710 107,330 78,980 50,602 50,248 79,032 77,102 n.a. 0.9895 Aug .................. 1,058,787 1,114,088 94,730 65,061 51,395 47,821 85,298 85,046 129 0.9698 Sept ................. 945,254 993,633 89,891 60,365 51,926 49,358 92,461 92,049 198 0.9758 Oct ................... 1,005,618 1,041,500 99,519 71,698 52,501 49,847 91,974 88,355 n.a. 1.0057 Nov .................. 1,117,061 1,162,679 93,743 68,314 47,514 47,221 82,957 77,005 n.a. 0.9987 Dec .................. 903,658 958,551 140,373 74,358 41,440 40,908 71,023 66,935 n.a. 0.9832 2019 – Jan. ................. 952,015 1,036,320 110,522 74,672 41,418 38,629 76,378 73,015 n.a. 0.9938 Feb .................. 1,018,227 1,069,995 123,326 86,978 40,250 37,296 76,260 73,824 n.a. 0.9974 Mar .................. 975,496 1,023,289 115,202 89,181 43,406 40,066 77,792 74,693 n.a. 0.9962 Apr. .................. 934,384 991,240 118,813 83,548 44,305 41,186 78,202 75,617 198 1.0200 May.................. 1,028,678 1,085,179 110,214 80,443 45,064 42,094 78,182 74,937 211 1.0034 June................. 1,034,100 1,092,763 121,387 84,378 46,932 44,671 78,949 76,146 196 0.9758 TABLE FCP-III-3—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date 2016 - Dec ................... Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) 14,939 14,888 98,271 2017 - Mar ................... 16,299 18,151 June ................. 14,015 16,797 Sept .................. 16,715 Calls Bought (5) 16,029 - 73,924 16,435 n.a. 15,161 14,386 n.a. Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) n.a. n.a. 1.0160 n.a. n.a. n.a. n.a. n.a. n.a. n.a. 0.9998 - n.a. n.a. n.a. - 0.9586 18,437 47 25 n.a. n.a. n.a. 0.9688 Dec ................... 13,981 15,244 137,271 21,087 n.a. n.a. n.a. n.a. n.a. 0.9738 2018 - Mar ................... 16,766 16,882 n.a. 16,258 n.a. n.a. n.a. n.a. n.a. 0.9532 June ................. 16,890 20,470 142,369 20,256 447 n.a. n.a. 18 8 0.9922 Sept .................. 19,130 19,387 123,956 18,990 1,571 n.a. n.a. n.a. n.a. 0.9758 Dec ................... 15,097 18,571 n.a. 21,413 n.a. n.a. n.a. n.a. n.a. 0.9832 2019 - Mar ................... 22,347 25,493 116,641 17,824 n.a. n.a. 1,002 n.a. n.a. 0.9962 September 2019 52 FOREIGN CURRENCY POSITIONS 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) 01/02/19 .................................................................. 2,658,983 2,850,838 -187 1.2598 01/09/19 .................................................................. 2,741,301 2,911,394 -171 1.2764 01/16/19 .................................................................. 2,737,266 2,903,542 -100 1.2862 01/23/19 .................................................................. 2,723,456 2,868,665 -145 1.3074 01/30/19 .................................................................. 2,961,870 3,121,049 30 1.3062 02/06/19 .................................................................. 2,849,513 2,993,890 27 1.2956 02/13/19 .................................................................. 2,936,527 3,079,432 21 1.2865 02/20/19 .................................................................. 2,969,700 3,104,400 9 1.3084 02/27/19 .................................................................. 3,221,981 3,373,115 -34 1.3318 03/06/19 .................................................................. 3,163,694 3,316,740 -11 1.3148 03/13/19 .................................................................. 3,308,984 3,464,428 8 1.3230 03/20/19 .................................................................. 2,902,864 3,056,139 10 1.3191 03/27/19 .................................................................. 3,002,803 3,170,719 -95 1.3192 04/03/19 .................................................................. 2,977,041 3,140,080 -118 1.3181 04/10/19 .................................................................. 2,989,616 3,144,862 -194 1.3100 04/17/19 .................................................................. 2,896,526 3,053,362 -249 1.3036 04/24/19 .................................................................. 2,914,780 3,063,655 -124 1.2947 05/01/19 .................................................................. 3,126,335 3,275,274 -99 1.3091 05/08/19 .................................................................. 2,968,793 3,111,362 -134 1.3014 05/15/19 .................................................................. 2,918,933 3,065,344 -176 1.2878 05/22/19 .................................................................. 3,073,930 3,204,071 -193 1.2674 05/29/19 .................................................................. 3,093,536 3,233,150 -203 1.2631 06/05/19 .................................................................. 3,060,936 3,205,210 -158 1.2706 06/12/19 .................................................................. 3,214,096 3,359,608 -187 1.2693 06/19/19 .................................................................. 2,934,397 3,078,121 -127 1.2625 06/26/19 .................................................................. 3,110,831 3,254,398 -136 1.2697 September 2019 53 FOREIGN CURRENCY POSITIONS 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) Options positions Puts Written Bought Written (6) (7) (8) Calls Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2016 - Dec ................... 2,634,404 2,776,318 843,327 802,250 93,749 86,150 122,705 123,603 289 1.2337 2017 - Dec ................... 2,423,244 2,623,676 926,696 893,568 117,539 122,752 76,952 84,254 n.a. 1.3529 2018 - July. .................. 2,967,834 3,159,403 957,533 917,466 122,448 121,877 79,918 85,054 83 1.3125 Aug .................. 3,041,722 3,228,784 861,939 786,260 126,336 123,696 100,171 100,615 4 1.2964 Sept ................. 2,856,448 3,044,326 861,721 789,295 141,280 131,361 111,425 112,115 79 1.3053 Oct ................... 3,049,957 3,242,052 867,443 801,628 159,596 154,111 107,455 100,852 -25 1.2779 Nov .................. 3,194,276 3,390,525 869,880 836,790 193,216 192,777 120,934 114,656 -42 1.2772 Dec .................. 2,689,988 2,890,865 1,007,091 949,828 140,974 136,398 113,570 106,149 -93 1.2763 2019 – Jan. ................. 3,045,921 3,254,190 997,584 955,082 n.a. n.a. 137,273 131,860 -50 1.3135 Feb .................. 3,275,482 3,442,418 970,893 965,259 199,014 199,124 139,245 135,702 -137 1.3274 Mar .................. 3,227,245 3,419,644 1,000,478 996,831 198,387 199,967 141,230 140,648 -133 1.3032 Apr. .................. 3,169,915 3,315,090 1,002,569 993,808 140,329 142,290 93,057 91,047 -171 1.3030 May.................. 3,315,203 3,454,978 1,042,948 1,003,506 116,239 116,843 96,352 85,658 -226 1.2620 June................. 3,105,878 3,303,765 991,342 967,864 105,432 105,933 95,688 84,616 -158 1.2704 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) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2016 - Dec ................... 28,041 50,392 166,414 66,551 n.a. 428 2,686 1,577 4 1.2337 2017 - Mar ................... 32,627 57,900 173,010 73,491 1,446 n.a. 2,643 1,825 -20 1.2537 June ................. 31,555 58,169 200,516 65,150 1,498 1,355 2,837 1,910 50 1.2995 Sept .................. 34,429 63,757 199,533 58,382 1,369 1,380 2,032 1,755 81 1.3402 Dec ................... 25,399 53,184 191,984 55,362 n.a. n.a. n.a. n.a. 47 1.3529 2018 - Mar ................... 30,475 53,016 199,384 59,382 981 1,011 2,162 n.a. 41 1.4027 June ................. 29,048 52,235 194,834 55,851 1,208 1,396 2,551 n.a. -26 1.3197 Sept .................. 41,040 58,126 201,492 60,050 1,700 1,559 2,739 2,481 33 1.3053 Dec ................... 35,192 56,491 196,698 56,905 7,323 5,123 2,941 2,060 118 1.2763 2019 - Mar ................... 34,141 55,988 212,271 66,402 5,781 4,704 1,953 1,594 39 1.3032 September 2019 54 FOREIGN CURRENCY POSITIONS 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) 01/02/19 ................................................................ 25,182,309 24,480,425 514 n.a. 01/09/19 ................................................................ 25,926,046 25,259,154 -300 n.a. 01/16/19 ................................................................ 25,658,579 25,014,654 -39 n.a. 01/23/19 ................................................................ 25,560,710 24,819,364 279 n.a. 01/30/19 ................................................................ 27,371,539 26,571,577 -154 n.a. 02/06/19 ................................................................ 26,918,399 26,114,071 -104 n.a. 02/13/19 ................................................................ 27,266,268 26,517,572 429 n.a. 02/20/19 ................................................................ 27,203,154 26,491,656 105 n.a. 02/27/19 ................................................................ 29,164,152 28,480,706 38 n.a. 03/06/19 ................................................................ 28,500,064 27,792,962 1,057 n.a. 03/13/19 ................................................................ 29,857,001 29,107,594 726 n.a. 03/20/19 ................................................................ 26,651,290 25,926,524 123 n.a. 03/27/19 ................................................................ 27,456,334 26,698,683 879 n.a. 04/03/19 ................................................................ 27,343,001 26,606,566 206 n.a. 04/10/19 ................................................................ 27,609,878 26,835,335 152 n.a. 04/17/19 ................................................................ 27,169,574 26,455,675 379 n.a. 04/24/19 ................................................................ 27,420,449 26,696,183 231 n.a. 05/01/19 ................................................................ 28,321,071 27,635,420 619 n.a. 05/08/19 ................................................................ 27,394,490 26,757,696 64 n.a. 05/15/19 ................................................................ 27,229,242 26,598,312 7 n.a. 05/22/19 ................................................................ 27,947,769 27,234,512 127 n.a. 05/29/19 ................................................................ 28,622,824 27,902,713 -100 n.a. 06/05/19 ................................................................ 29,465,422 28,722,062 -563 n.a. 06/12/19 ................................................................ 30,418,785 29,624,115 -356 n.a. 06/19/19 ................................................................ 27,329,070 26,559,040 -1,125 n.a. 06/26/19 ................................................................ 28,706,737 27,880,463 -1,263 n.a. September 2019 55 FOREIGN CURRENCY POSITIONS 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) 2016 - Dec .............. 24,428,323 23,781,344 Foreign currency denominated Assets Liabilities (3) (4) - - Options positions Puts Bought Written (7) (8) Calls Bought (5) Written (6) 2,238,378 2,263,923 1,522,790 1,502,724 Net delta equivalent (9) Exchange rate (10) -8,477 n.a. 2017 - Dec .............. 22,947,777 22,020,668 - - 1,381,708 1,385,483 1,129,488 1,104,281 -217 n.a. 2018 - July. ............. 27,744,921 26,834,815 - - 1,746,534 1,940,579 1,426,768 1,363,967 -436 n.a. Aug ............. 28,609,702 27,808,885 - - 1,764,399 2,007,984 1,468,404 1,438,512 44 n.a. Sept ............ 26,791,475 25,978,559 - - 1,677,063 1,658,552 1,467,630 1,412,115 372 n.a. Oct .............. 28,034,953 27,250,201 - - 1,808,732 1,782,706 1,466,629 1,437,620 654 n.a. Nov ............. 30,070,310 29,297,565 - - 1,751,890 1,729,057 1,505,681 1,483,572 477 n.a. Dec ............. 25,392,480 24,612,467 - - 1,523,947 1,488,815 1,300,684 1,276,938 1,281 n.a. 2019 – Jan. ............ 28,153,345 26,817,450 - - 1,581,411 1,519,164 1,388,454 1,354,611 281 n.a. Feb ............. 29,141,143 28,325,390 - - 1,612,538 1,562,054 1,436,922 1,403,943 505 n.a. Mar ............. 27,788,010 26,936,972 - - 1,630,632 1,581,428 1,465,592 1,412,243 434 n.a. Apr. ............. 27,616,883 26,839,549 - - 1,582,336 1,839,408 1,356,414 1,316,661 312 n.a. May............. 29,276,005 28,458,773 - - 1,754,795 1,686,563 1,357,582 1,319,015 213 n.a. June............ 28,149,837 27,217,934 - - 1,664,320 1,612,362 1,349,305 1,298,206 -1,095 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) Calls Bought Written (5) (6) Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) n.a. 2016 - Dec .................. 389,471 318,849 - - 31,554 21,574 15,484 23,106 4,224 2017 - Mar .................. 431,337 407,589 - - 28,169 17,729 20,518 20,835 1,350 n.a. June ................ 425,050 402,427 - - 21,559 14,688 16,157 19,475 1,982 n.a. Sept ................. 409,209 386,483 - - 23,061 17,456 25,252 25,799 5,034 n.a. Dec .................. 413,086 391,712 - - 22,767 13,886 11,689 15,952 3,468 n.a. 2018 - Mar .................. 409,805 388,908 - - 22,041 14,030 17,127 23,531 2,909 n.a. June ................ 453,783 396,708 - - 27,521 21,915 18,996 22,059 3,559 n.a. Sept ................. 460,821 345,464 - - 23,367 20,128 14,757 15,794 3,811 n.a. Dec .................. 427,106 370,983 - - 23,014 25,224 26,202 25,804 2,684 n.a. 2019 - Mar .................. 433,583 327,533 - - 21,089 21,385 21,276 20,719 1,955 n.a. September 2019 56 FOREIGN CURRENCY POSITIONS 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) 01/02/19 ............................................................................. 6,740,569 6,935,216 5 0.8805 01/09/19 ............................................................................. 7,067,087 7,251,842 -92 0.8678 01/16/19 ............................................................................. 6,889,473 7,079,232 -129 0.8766 01/23/19 ............................................................................. 6,772,427 6,963,197 -195 0.8780 01/30/19 ............................................................................. 7,152,882 7,325,686 -273 0.8758 02/06/19 ............................................................................. 7,000,309 7,198,302 -474 0.8787 02/13/19 ............................................................................. 7,246,359 7,454,602 -432 0.8859 02/20/19 ............................................................................. 7,125,261 7,318,513 -463 0.8797 02/27/19 ............................................................................. 7,680,012 7,844,993 -459 0.8795 03/06/19 ............................................................................. 7,389,993 7,563,606 -360 0.8834 03/13/19 ............................................................................. 7,898,959 8,070,042 -509 0.8842 03/20/19 ............................................................................. 7,036,073 7,204,478 -478 0.8809 03/27/19 ............................................................................. 7,287,087 7,475,285 -425 0.8889 04/03/19 ............................................................................. 7,246,647 7,398,087 -326 0.8895 04/10/19 ............................................................................. 7,294,947 7,462,305 -573 0.8876 04/17/19 ............................................................................. 7,109,290 7,274,039 -446 0.8852 04/24/19 ............................................................................. 7,119,299 7,291,530 -564 0.8935 05/01/19 ............................................................................. 7,593,632 7,776,290 -511 0.8892 05/08/19 ............................................................................. 7,112,117 7,254,810 -569 0.8924 05/15/19 ............................................................................. 7,091,967 7,269,213 -603 0.8922 05/22/19 ............................................................................. 7,237,618 7,418,911 -596 0.8964 05/29/19 ............................................................................. 7,343,142 7,515,655 -661 0.8980 06/05/19 ............................................................................. 7,507,394 7,687,811 -325 0.8895 06/12/19 ............................................................................. 7,812,664 8,019,739 -430 0.8842 06/19/19 ............................................................................. 7,049,521 7,213,831 -632 0.8917 06/26/19 ............................................................................. 7,381,935 7,565,704 -265 0.8780 September 2019 57 FOREIGN CURRENCY POSITIONS SECTION VI—Euro Positions, continued TABLE FCP-VI-2—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) Calls Options positions Puts Bought Written (7) (8) Net delta equivalent (9) Exchange rate (10) 2016 - 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 - Dec ................... 6,140,523 6,462,865 2,184,607 2,013,841 514,987 502,218 334,292 341,940 1,078 0.8318 2018 - July. .................. 7,504,964 7,720,309 2,413,861 2,158,422 574,120 561,431 453,795 464,797 225 0.8543 Aug .................. 7,876,139 8,058,243 1,992,299 1,771,150 606,973 595,540 476,927 489,516 293 0.8624 Sept ................. 7,374,345 7,548,078 1,932,331 1,752,645 587,763 588,776 451,691 458,075 461 0.8604 Oct ................... 7,623,833 7,854,980 2,001,726 1,851,558 580,474 575,787 452,874 443,859 706 0.8825 Nov .................. 8,223,877 8,417,443 2,140,096 1,977,647 585,145 587,287 438,586 432,353 534 0.8832 Dec .................. 6,855,887 7,081,645 2,342,011 2,797,839 504,551 499,156 366,025 351,874 654 0.8729 2019 – Jan. ................. 7,614,568 7,785,062 2,408,851 2,860,784 533,299 527,125 399,161 381,167 644 0.8731 Feb .................. 7,969,397 8,194,567 2,285,143 2,908,559 511,692 503,844 429,346 416,955 348 0.8788 Mar .................. 7,656,329 7,863,511 2,449,565 3,107,815 527,745 510,394 445,727 435,873 341 0.8906 Apr. .................. 7,505,497 7,742,184 2,468,047 3,084,871 516,150 506,554 433,560 414,440 247 0.8928 May.................. 7,782,004 7,995,132 2,548,407 2,720,992 517,166 506,370 423,223 402,692 242 0.8969 June................. 7,488,424 7,703,732 2,503,573 2,452,292 549,949 536,835 396,163 385,268 352 0.8792 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) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (10) 2016 - Dec ................... 132,047 123,382 352,547 221,574 5,059 3,453 17,431 9,210 -392 0.9477 2017 - Mar ................... 145,378 146,517 374,527 245,027 9,239 7,718 15,482 8,084 197 0.9347 June ................. 170,683 151,125 421,092 237,263 9,781 8,505 9,977 4,992 n.a. 0.8763 Sept .................. 138,547 134,715 418,632 224,298 13,624 13,030 11,161 6,860 n.a. 0.8465 Dec ................... 132,848 141,002 424,027 221,785 7,219 5,647 6,446 3,750 1,410 0.8318 2018 - Mar ................... 121,906 133,637 438,501 239,147 7,782 8,243 11,826 7,446 n.a. 0.8117 June ................. 127,433 149,132 420,024 228,919 9,337 9,142 15,583 10,718 -38 0.8564 Sept .................. 148,337 150,159 420,886 233,535 6,139 6,305 13,161 7,093 n.a. 0.8604 Dec ................... 120,771 151,638 403,637 243,374 9,724 9,224 14,938 10,156 219 0.8729 2019 - Mar ................... 113,779 142,999 389,681 221,676 6,158 6,074 12,830 8,899 n.a. 0.8906 September 2019 58 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, 2019, and June 30, 2019 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Assets, liabilities, and capital Mar. 31, 2019 Apr. 1, 2019, through June 30, 2019 June 30, 2019 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 ................................................................. 22,479,611 50,766,297 78,653 131,822 22,558,264 50,898,119 12,223,282 8,448,101 168,409 215,405 222,423 -14,721 12,438,687 8,670,524 153,688 Total assets.......................................................................... 94,085,700 633,582 94,719,282 Liabilities and capital Current liabilities: Accounts payable................................................................. 90,371 137 90,508 Total current liabilities ...................................................... 90,371 137 90,508 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... 5,200,000 49,026,994 69,219 5,200,000 49,096,213 Total other liabilities ......................................................... 54,226,994 69,219 54,296,213 Capital: Capital account .................................................................... Net income -+ or loss -- -see Table ESF-2 .......................... 200,000 129,533 564,227 200,000 693,760 Total capital ...................................................................... 39,768,335 564,226 40,332,561 Total liabilities and capital ............................................ 94,085,700 633,582 94,719,282 See footnote on the following page. September 2019 EXCHANGE STABILIZATION FUND 59 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, 2019, through June 30, 2019 Fiscal year to date Oct. 1, 2018 through June 30, 2019 Income and expense Profit -+ or loss-- on: Foreign exchange .......................................................... 430,257 308,935 Adjustment for change in valuation of SDR holdings and allocations 1 .................................... 2,658 -5,895 SDRs .............................................................................. 4,513 13,739 U.S. Government securities ........................................... 134,261 398,592 Foreign exchange .......................................................... -7,462 -21,611 Income from operations ................................................. 564,227 693,760 Net income (+) or loss (-) ........................................... 564,227 693,760 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 2019 Trust Funds TRUST FUNDS 63 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 2020) .............................................................................................................. 80 less: Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 14 Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 66 48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024) ............................................................................................................................ 151 Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2020) .............................................................................................................. 31 less: Cash balance (fiscal year 2020) ......................................................................................................................................................................................... 4 Unfunded authorizations (fiscal year 2020) ........................................................................................................................................................................ 27 48-month revenue estimate (fiscal years 2021, 2022, 2023, and 2024) ........................................................................................................................... 26 Note—Detail may not add due to rounding. Note—Assumes the revenues and spending levels prescribed in the Public Law 114-94. September 2019 64 Glossary With References to Applicable Sections and Tables Source: Bureau of the Fiscal Service Amounts outstanding and in circulation (USCC)—Includes all issues by the Bureau of the Mint purposely intended as a medium of exchange. Coins sold by the Bureau of the Mint at premium prices are excluded; however, uncirculated coin sets sold at face value plus handling charge are included. Average discount rate (PDO-1, -2)—In Treasury bill auctions, purchasers tender competitive bids on a discount rate basis. The average discount rate is the weighted, or adjusted, average of all bids accepted in the auction. Budget authority (“Federal Fiscal Operations”)—Congress passes laws giving budget authority to Government entities, which gives the agencies the power to spend Federal funds. Congress can stipulate various criteria for the spending of these funds. For example, Congress can stipulate that a given agency must spend within a specific year, number of years, or any time in the future. The basic forms of budget authority are appropriations, authority to borrow, contract authority, and authority to obligate and expend offsetting receipts and collections. The period of time during which Congress makes funds available may be specified as 1-year, multiple-year, or no-year. The available amount may be classified as either definite or indefinite; a specific amount or an unspecified amount can be made available. Authority also may be classified as current or permanent. Permanent authority requires no current action by Congress. Budget deficit—The total, cumulative amount by which budget outlays (spending) exceed budget receipts (income). Cash management bills (PDO-1)—Marketable Treasury bills of irregular maturity lengths, sold periodically to fund short-term cash needs of Treasury. Their sale, having higher minimum and multiple purchase requirements than those of other issues, is generally restricted to competitive bidders. Competitive tenders (“Treasury Financing Operations”)— A bid to purchase a stated amount of one issue of Treasury securities at a specified yield or discount. The bid is accepted if it is within the range accepted in the auction. (See Noncompetitive tenders.) Second Liberty Loan Act of 1917, the nature of the limitation was modified until, in 1941, it developed into an overall limit on the outstanding Federal debt. Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Bipartisan Budget Act, 2018, Public Law 115-119, the Statutory Debt Limit was suspended through March 1, 2019. Discount—The interest deducted in advance when purchasing notes or bonds. (See Accrued discount.) Discount rate (PDO-1)—The difference between par value and the actual purchase price paid, annualized over a 360-day year. Because this rate is less than the actual yield (couponequivalent rate), the yield should be used in any comparison with coupon issue securities. Dollar coins (USCC)—Include standard silver and nonsilver coins. Domestic series (FD-2)—Nonmarketable, interest- and noninterest-bearing securities issued periodically by Treasury to the Resolution Funding Corporation (RFC) for investment of funds authorized under section 21B of the Federal Home Loan Bank Act (12 United States Code 1441b). Federal intrafund transactions (“Federal Fiscal Operations”)—Intrabudgetary transactions in which payments and receipts both occur within the same Federal fund group (Federal funds or trust funds). Federal Reserve notes (USCC)—Issues by the U.S. Government to the public through the Federal Reserve banks and their member banks. They represent money owed by the Government to the public. Currently, the item “Federal Reserve notes—amounts outstanding” consists of new series issues. The Federal Reserve note is the only class of currency currently issued. Currency no longer issued (USCC)—Old and new series gold and silver certificates, Federal Reserve notes, national bank notes, and 1890 Series Treasury notes. Foreign-targeted issue (PDO-2)—Foreign-targeted issues were notes sold between October 1984 and February 1986 to foreign institutions, foreign branches of U.S. institutions, foreign central banks or monetary authorities, or to international organizations in which the United States held membership. Sold as companion issues, they could be converted to domestic (normal) Treasury notes with the same maturity and interest rates. Interest was paid annually. Debt outstanding subject to limitation (FD-6)—The debt incurred by the Treasury subject to the statutory limit set by Congress. Until World War I, a specific amount of debt was authorized to each separate security issue. Beginning with the Government account series (FD-2)—Certain trust fund statutes require the Secretary of the Treasury to apply monies held by these funds toward the issuance of nonmarketable special securities. These securities are sold directly by September 2019 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). 65 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 2019 66 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 2019 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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