Full text of Treasury Bulletin : September 2022
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BULLETIN SEPTEMBER 2022 FEATURES Profile of the Economy Financial Operations International Statistics Special Reports Produced and Published by Department of the Treasury Bureau of the Fiscal Service 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 to inquire about any of the published information. 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........................................................................................................................ 1 FEDERAL FISCAL OPERATIONS Introduction—Federal Fiscal Operations ............................................................................................................................. 12 Analysis—Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source ....................... 13 FFO-A—Chart: Monthly Receipts and Outlays ................................................................................................................. 15 FFO-B—Chart: Budget Receipts by Source ........................................................................................................................ 15 FFO-1—Summary of Fiscal Operations .............................................................................................................................. 16 FFO-2—On-Budget and Off-Budget Receipts by Source ................................................................................................... 17 FFO-3—On-Budget and Off-Budget Outlays by Agency ................................................................................................... 19 FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency ........................................................ 21 FEDERAL DEBT Introduction—Federal Debt ................................................................................................................................................. 22 FD-1—Summary of Federal Debt ....................................................................................................................................... 23 FD-2—Debt Held by the Public .......................................................................................................................................... 24 FD-3—Government Account Series .................................................................................................................................... 25 FD-4—Interest-Bearing Securities Issued by Government Agencies .................................................................................. 26 FD-5—Maturity Distribution and Average Length of Marketable Interest-Bearing Public Debt Held by Private Investors .................................................................................................................................................... 27 FD-6—Debt Subject to Statutory Limit ............................................................................................................................... 28 FD-7—Treasury Holdings of Securities Issued by Government Corporations and Other Agencies ................................... 29 BUREAU OF THE FISCAL SERVICE OPERATIONS Introduction—Bureau of the Fiscal Service Operations ...................................................................................................... 31 TREASURY FINANCING ................................................................................................................................................. 31 PDO-1—Offerings of Regular Weekly Treasury Bills ........................................................................................................ 44 PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills .................................................. 45 OWNERSHIP OF FEDERAL SECURITIES Introduction—Ownership of Federal Securities .................................................................................................................. 47 OFS-1—Distribution of Federal Securities by Class of Investors and Type of Issues ........................................................ 48 OFS-2—Estimated Ownership of U.S. Treasury Securities ................................................................................................ 49 U.S. CURRENCY AND COIN OUTSTANDING AND IN CIRCULATION Introduction—U.S. Currency and Coin Outstanding and in Circulation ............................................................................. 50 USCC-1—Amounts Outstanding and in Circulation; Currency, Coins ............................................................................... 50 USCC-2—Amounts Outstanding and in Circulation; by Denomination, Per Capita Comparative Totals .......................... 51 INTERNATIONAL STATISTICS FOREIGN CURRENCY POSITIONS Introduction—Foreign Currency Positions .......................................................................................................................... 53 Table of Contents SECTION I—Canadian Dollar Positions FCP-I-1—Weekly Report of Major Market Participants ..................................................................................................... 54 FCP-I-2—Monthly Report of Major Market Participants ................................................................................................... 55 FCP-I-3—Quarterly Report of Large Market Participants .................................................................................................. 55 SECTION II—Japanese Yen Positions FCP-II-1—Weekly Report of Major Market Participants ................................................................................................... 56 FCP-II-2—Monthly Report of Major Market Participants .................................................................................................. 57 FCP-II-3—Quarterly Report of Large Market Participants ................................................................................................. 57 SECTION III—Swiss Franc Positions FCP-III-1—Weekly Report of Major Market Participants .................................................................................................. 58 FCP-III-2—Monthly Report of Major Market Participants ................................................................................................. 59 FCP-III-3—Quarterly Report of Large Market Participants ................................................................................................ 59 SECTION IV—Sterling Positions FCP-IV-1—Weekly Report of Major Market Participants .................................................................................................. 60 FCP-IV-2—Monthly Report of Major Market Participants................................................................................................. 61 FCP-IV-3—Quarterly Report of Large Market Participants................................................................................................ 61 SECTION V—U.S. Dollar Positions FCP-V-1—Weekly Report of Major Market Participants ................................................................................................... 62 FCP-V-2—Monthly Report of Major Market Participants .................................................................................................. 63 FCP-V-3—Quarterly Report of Large Market Participants ................................................................................................. 63 SECTION VI—Euro Positions FCP-VI-1—Weekly Report of Major Market Participants .................................................................................................. 64 FCP-VI-2—Monthly Report of Major Market Participants................................................................................................. 65 FCP-VI-3—Quarterly Report of Large Market Participants................................................................................................ 65 EXCHANGE STABILIZATION FUND Introduction—Exchange Stabilization Fund ........................................................................................................................ 66 ESF-1—Balance Sheet ........................................................................................................................................................ 67 ESF-2—Income and Expense .............................................................................................................................................. 68 SPECIAL REPORTS TRUST FUNDS Introduction—Highway Trust Fund .................................................................................................................................... 70 TF-6A—Highway Trust Fund; Highway Account, Mass Transit Account ......................................................................... 70 GLOSSARY ........................................................................................................................................................................ 71 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. V Nonquarterly Tables and Reports For the convenience of the “Treasury Bulletin” user, nonquarterly tables and reports are listed below along with the issues in which they appear. March Issues June Sept. Dec. Federal Fiscal Operations FFO-5.—Internal Revenue Receipts by State ........................................................... √ FFO-6.—Customs and Border Protection Collection of Duties, Taxes and Fees by Districts and Ports............................................................................... √ Special Reports Financial Report of the United States Government excerpt...................................... √ Trust Fund Reports: Agriculture Disaster Relief Trust Fund ............................................................. √ Airport and Airway Trust Fund ........................................................................ √ Black Lung Disability Trust Fund .................................................................... √ Harbor Maintenance Trust Fund ....................................................................... √ Hazardous Substance Superfund....................................................................... √ Highway Trust Fund ......................................................................................... √ Inland Waterways Trust Fund ........................................................................... √ Leaking Underground Storage Tank Trust Fund .............................................. √ Nuclear Waste Fund.......................................................................................... √ Oil Spill Liability Trust Fund ........................................................................... √ Patient Centered Outcomes Research Trust Fund ............................................. √ Reforestation Trust Fund .................................................................................. √ Sport Fish Restoration and Boating Trust Fund ................................................ √ 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............................... √ 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 1 Profile of the Economy (Office of Macroeconomic Analysis) August 10, 2022 Introduction The economy contracted again in the second quarter of 2022. Real Gross Domestic Product (GDP) declined by 0.9 percent at an annual rate, following a decrease of 1.6 percent in the first quarter. Although the pace of decline in the second quarter was slower than in first, the composition of growth was notably different as underlying private final demand in the second quarter was flat. Even so, despite the two consecutive contractions of quarterly GDP, other economic indicators held strong in the second quarter, suggesting that the contraction in total economic activity was not widespread. Firms added an average of 471,000 jobs per month during the first seven months of 2022; in July, the unemployment rate returned to the 3.5 percent, half-century low seen prior to the pandemic, and many surveys of business activity signaled contributed growth. Nevertheless, the U.S. economy is still grappling with a large negative supply shock—driven by Russia’s war on Ukraine and lingering effects of the pandemic in east Asia—which has caused inflationary pass-throughs to American households and hurt growth globally. Economic Growth According to the advance (first) estimate of second quarter economic activity, real GDP declined by 0.9 percent at an annual rate, following a 1.6 percent drop in the first quarter. The pullback in economic activity in the second quarter primarily reflected a significantly slower build-up of private inventories—along with reduced residential investment, business investment, and government spending. By contrast, net exports and personal consumption expenditures (PCE) both contributed positively to GDP growth. Even so, real GDP was still up 1.6 percent over the last four quarters despite modestly contracting in the first half of 2022. Real private domestic final purchases (PDFP)—the sum of personal consumption, business fixed investment, and residential investment—was flat in the second quarter, after rising 3.0 percent at an annual rate in the first quarter. This measure, which excludes final public and international demand for goods and services, as well as the change in private inventories, is typically a better indicator of the private sector’s capacity to generate self-sustaining growth. A flat reading for PDFP indicates a slowing in underlying growth. Real PCE—the largest component of PDFP and roughly two-thirds of real GDP—rose by 1.0 percent in the second quarter on an annualized basis, slowing from a 1.8 percent increase in the first quarter. Consumption reflected the rotation from goods to services as households slowly returned to pre-pandemic patterns of spending. Consumption of services rose 4.1 percent due to recovering demand for food services and accommodations, recreation, transportation, and health care. Meanwhile, consumption of goods fell by 4.4 percent as spending on both durable and nondurable goods pulled back from elevated levels. Household expenditures on durable goods were 2.6 percent lower, while spending on nondurables dropped 5.5 percent. The latter partly reflected higher prices for gasoline as well as for food and beverages consumed at home. 2 Although households are returning to pre-pandemic styles of consumption, the rotation remains incomplete. The composition of total PCE remains weighted more heavily toward goods than services: as of the second quarter of 2022, the share of goods in total PCE was 4 percentage points higher than the pre-pandemic (2015-2019) average. Business fixed investment (BFI) declined 0.1 percent in the second quarter, after surging by 10.0 percent at an annual rate in the first quarter. This was the first decline in BFI after seven consecutive quarterly advances. Investment in structures posed a much larger drag on growth, dropping 11.7 percent in the latest quarter, after slipping 0.9 percent in the first quarter. Equipment investment decreased 2.7 percent in the second quarter, following a 14.1 percent jump in the previous quarter. Investment in intellectual property products, which was the sole positive contributor to business investment spending, rose 9.2 percent at an annual rate in the second quarter, slowing modestly from a 11.2 percent advance in the first quarter. Real residential investment—the third and final component of PDFP—fell by 14.0 percent at an annual rate in the second quarter, following a 0.4 percent increase in the previous quarter. Lower investment was broad-based. Single-family structures spending fell 4.2 percent while multifamily structures investment was down 5.6 percent. Other structures investment—that is, manufactured homes, group housing, and ancillary spending like brokers’ commissions— dropped 22.2 percent in the second quarter. The remaining components of GDP represent public sector demand, international demand, and buildup or drawdown of private inventories. Of these, the change in private inventories (CIPI) posed the largest drag on the economy’s performance in the second quarter. Although firms added $82 billion (constant 2012 dollars) to inventories in the second quarter, the buildup was less than half the $189 billion first quarter increase. As a result, CIPI subtracted 2.0 percentage points from real GDP growth in the second quarter. Inventories tend to be a volatile component of GDP and have remained volatile through the pandemic; in the second quarter, slower private inventory investment was led by slower growth of retail inventories, particularly at general merchandise stores and a drawdown in automotive inventories. On the international side, the trade deficit narrowed by $70.0 billion to $1,474.7 billion in the second quarter, adding 1.4 percentage points to GDP growth. Total exports of goods and services surged by 18.0 percent at an annual rate, led by industrial supplies and materials as well as services (travel). Meanwhile, total import growth slowed to 3.1 percent. The second quarter improvement in the trade deficit was the first since the middle of 2020. For public-sector demand of goods and services, total government spending declined 1.9 percent at an annual rate in the second quarter, after decreasing 2.9 percent in the previous quarter. Federal government consumption and investment fell by 3.2 percent, accounting for about twothirds of the decrease in public spending. The nondefense category drove the decline at the federal level, largely reflecting the sale of crude oil from the Strategic Petroleum Reserve (SPR), which was tabulated as a decrease in nondefense consumption expenditures.1 Meanwhile, 1 The federal government’s sale of SPR crude oil has a net zero effect on GDP. The negative impact on public consumption was offset by a positive impact to private crude oil inventories. 3 defense spending rose 2.5 percent, after five consecutive quarters of decline, and state and local government consumption declined 1.2 percent in the second quarter. Growth of Real GDP (Quarterly percent change at annual rate) 40.0 33.8 30.0 20.0 10.0 3.1 3.41.9 0.0 0.9 3.2 2.4 2.8 4.5 1.9 6.7 6.9 6.3 2.3 ‐1.6 ‐0.9 ‐5.1 ‐10.0 ‐20.0 ‐30.0 ‐31.2 ‐40.0 2018 Q1 2019 Q2 Q3 2020 Q4 2021 2022 Labor Markets and Wages Labor markets remained very tight in the first half of 2022 and tightened further in July. After generating a record 6.74 million payroll jobs in 2021, the economy added another 3.3 million during the first seven months of this year. As of July, a total of 22.0 million jobs have been recovered during the current expansion; thus, there has been a full recoupment of the payroll jobs lost during the two-month recession in early 2020. Private payrolls first moved above prepandemic levels in June, while payrolls at all levels of government are about 97 percent of their levels in February 2020. In 2021, the headline unemployment rate registered the largest drop on record in a single calendar year – 2.8 percentage points to 3.9 percent – but by July 2022, it had fallen further to 3.5 percent, returning to the half-century low seen just before the onset of the pandemic. The broadest measure of unemployment—the U-6 rate, a measure of labor underutilization that includes underemployment and discouraged workers in addition to the unemployed—has also continued to decline in 2022, standing at 6.7 percent in June and July. That level is the lowest U-6 rate in the history of the series, which dates from January 1994. The long-term (27 or more weeks) unemployment rate, expressed as a percentage of the labor force, also dropped sharply last year and, as of July 2022, had declined to 0.65 percent, matching its level at the start of the pandemic. 4 By contrast, recovery in labor force participation has stalled in recent months. After climbing to 62.4 percent in March 2022, or 1.0 percentage point below the pre-pandemic rate, the total labor force participation rate (LFPR) eased to 62.1 percent in July. For prime-age (ages 25 to 54) workers, the LFPR in July was 82.4 percent, down 0.1 percentage points from March and 0.7 percentage points below the nearly twelve-year high of 83.1 percent reached in January 2020. For those older than 55 years of age, the LFPR stood at 38.5 percent in July, reversing all of the improvement seen in the first quarter. Between 2016 and 2019, the LFPR for those older than 55 averaged 40.1 percent, but over the past 2½ years, this rate has averaged 38.8 percent, possibly suggesting a downward shift in labor force participation among older adults due to such factors as Covid concerns and rising retirement rates. Labor market conditions remain historically tight as labor supply has not matched labor demand, which has been at or near record highs since February 2021. Just before the pandemic, the number of job openings were at a near-peak at 7.4 million at the end of October 2019. By the end of June 2022 (latest available data), job openings stood at 10.7 million, roughly 42 percent above the pre-pandemic high. Given the mismatch, workers retain considerable leverage with regard to job mobility and wage demands. By the end of June 2022, the number of job quits ticked down to 4.2 million but was still roughly 17 percent above the pre-pandemic high. The official number of unemployed persons per job opening remained at a record low of 0.5 from March through May, but in June, the ratio edged up to 0.6. For the two years immediately preceding the pandemic, the unemployed person per job opening ratio ranged between 0.8 and 1.0. Persistent tightness in labor markets continues to support strong nominal wage growth. For production and nonsupervisory workers, nominal average hourly earnings increased 6.2 percent over the year through July 2022—somewhat slower than the 6.7 percent pace registered earlier this year from January to March but still faster than the 5.1 percent, year-earlier rate. The Employment Cost Index (ECI), which better controls for changes in labor composition and is a more comprehensive measure of total compensation, showed private sector wages increasing 5.7 percent over the twelve months ending in June 2022, accelerating from the previous quarter’s twelve-month pace of 5.0 percent and marking the fastest yearly rate since the fourth quarter of 1982. 5 Payroll Employment (Monthly average for year shown and monthly amounts, in thousands) 1,000 562 500 447 557 689 517 677 647 588 714 398 504 424 263 164 528 386 398 368 0 -500 ‐774 -1,000 19 20 21 A M J J A S O N D J F M A M J J 2021 2022 Unemployment Rate (Percent) 15.0 13.0 11.0 9.0 7.0 Jul. 2022 3.5% 5.0 3.0 13 14 15 16 17 18 19 20 21 22 Nonfarm Productivity of Labor Quarterly productivity growth rates have fluctuated markedly over the past several quarters. In the first half of this year, nonfarm productivity had back-to-back declines as strong labor markets led to increased hours worked while output decreased. After dropping 7.4 percent at an annual rate in the first quarter of 2022, productivity fell a further 4.6 percent in the second quarter. Real 6 output declined 2.1 percent while hours of all persons increased 2.6 percent. On a year-over-year basis, productivity growth was down 2.5 percent through the second quarter of 2022, marking the largest four-quarter decline in the history of the series, which dates from the first quarter of 1948. Nominal hourly compensation costs in the nonfarm business sector rose 5.7 percent at an annual rate in the second quarter of 2022, after advancing 4.4 percent in the first quarter of the year. Compensation costs rose at a solid 6.7 percent over the four most recent quarters, picking up from the 3.4 percent, year-earlier pace. Unit labor costs, defined as the average cost of labor per unit of output, were up 10.8 percent at an annual rate in the second quarter, modestly slower than the 12.7 percent gain in the first quarter of 2022. These costs were up 9.5 percent over the most recent four quarters, almost eight times the 1.2 percent pace over the four quarters ending in 2021’s second quarter. Industrial Production, Manufacturing, and Services Total industrial production trended higher in 2021 and continued to do so earlier this year. However, in the second quarter there were some signs of slowing in May and June—even as supply-chain disruptions appeared to be easing. In June, output at factories, mines, and utilities declined 0.2 percent over the month—the first monthly decrease since December 2021—but was up 4.2 percent over the previous 12 months. Manufacturing production, which accounts for about 74 percent of all industrial output, was the key constraint affecting total industrial production growth: in June, output declined 0.5 percent for a second consecutive month but still was up 3.6 percent over the past year. Shortages of input goods have hindered manufacturing output for many months, particularly in the automotive sector. Production of motor vehicles and parts declined by 1.5 percent in June, following a 1.9 percent drop in May—even so, production was 12.5 percent higher over the year ending June 2022 as semiconductor availability has somewhat increased. Meanwhile, other measures of manufacturing also decreased on net in the second quarter. Output at select high-technology factories fell 1.4 percent in May but advanced 0.2 percent in June. Excluding motor vehicles and parts and high-technology industries, manufacturing output declined 0.4 percent and 0.5 percent in May and June, respectively—though this measure was still 3.0 percent higher over the past year through June. Output at mines, which includes crude oil and natural gas extraction and accounts for 14 percent of industrial output, rose 1.7 percent in June. Mining activity is sensitive to energy prices, and the trend of higher energy prices in 2021 and well into 2022 has contributed to strong mining output growth, specifically for oil and natural gas extraction. In June, monthly oil and gas extraction rose 1.0 percent, following a 0.4 percent gain in May, as producers reacted to rising oil prices by reactivating inactive oil wells. (According to Baker Hughes, the number of active rotary rigs was only 4.2 percent below the count active in February 2020, before oil production plummeted in response to the pandemic.) Over the year through June 2022, mining output was up 8.2 percent. 7 Utilities output, the remaining 12 percent of total industrial output, dropped 1.4 percent in June, after rising 1.9 percent in May and 3.6 percent in April. Weather is usually a factor contributing to swings in this sector; unseasonable weather in months often causes sharp swings in output from one month to the next. Over the 12 months through June, utilities production was up 1.4 percent. Survey measures of manufacturing and service-sector business activity have recovered since summer 2020 and indicated expansion in the second quarter as well as July. Although the Institute for Supply Management’s (ISM) manufacturing index has decreased since the end of 2021, the index stood at 52.8 in July 2022, signaling moderate growth over the month and expansion for the twenty-sixth consecutive month. Similarly, the ISM’s services index has trended lower since reaching an all-time high of 68.4 in November 2021. Even so, it stood at 56.7 in July, also signaling expansion for twenty-six consecutive months. Housing Markets In the past few months, housing markets have begun to see a minor easing of the supply-demand imbalances that were aggravated by the pandemic. Rising mortgage rates and still-rapid price appreciation have weighed on affordability and home purchases. Existing and new home sales have been trending lower since the beginning of the year. Existing home sales—which account for 90 percent of all home sales—declined 5.4 percent in June and were down 14.2 percent on a twelve-month basis. New single-family home sales declined 8.1 percent in June and were down 17.4 percent over the year through June. Lower sales have led to higher inventories of homes available for sale: since falling to an all-time low of 850,000 homes in January and February 2022, existing home inventories have risen to nearly 1.3 million homes as of June. Inventories are now equivalent to 3.0 months of sales, roughly double the series’ low of 1.6 months from January, but still low relative to the average 3.9 months of supply in 2019. For new homes, the inventory of new single-family homes available for sale has risen well above the 7-month supply deemed consistent with a balanced market; at the end of June, there were 9.3 months’ supply of new homes on the market. So far, the decrease in demand has had only a small effect on house price appreciation, though house prices are measured with a lag. The Case-Shiller national house price index—which measures sales prices of existing homes—was up 19.7 percent over the year ending in May 2022, faster than the 16.9 percent advance over the year through May 2021, and a nearly five-fold increase over the 4.4 percent, twelve-month rate seen through May 2020. The FHFA house price index rose 18.3 percent over the year ending in May 2022, in line with the 18.2 percent pace over the year through May 2021 but more than three times the 5.2 percent rise registered over the year through May 2020. Although each index in May 2022 registered its slowest monthly pace in roughly six months, both indices have risen above 1 percent monthly since August 2020. Meanwhile, new construction has weakened more noticeably in recent months. After falling by 1.7 percent from December to March, single-family housing starts dropped 17.5 percent from March to June. Single-family permits were down 16.6 percent in the second quarter, despite a gain of 4.0 percent the previous quarter. However, the multi-family sector, albeit volatile, rebounded in the second quarter, with multi-family starts up 9.9 percent, after a 5.6 percent 8 decline in the previous quarter. Moreover, the total number of homes under construction as of June 2022 (single-family and multi-family) was at a series high (data series begins in 1970), while the number of new housing units that have been authorized, but not yet started (i.e., the backlog of new construction) stood at 285,000 in June 2022, just below the all-time high of 290,000 units reached in March (data begin in 1999). Prices Inflation accelerated through much of 2022, in large part due to surging energy and food prices related to Russia’s invasion of Ukraine. Nearly half of inflation experienced so far in 2022 is accounted for by food and energy. Looking at specific commodities in the wake of the Russian invasion, the price of West Texas Intermediate (WTI) advanced nearly 33 percent from the day before the invasion through early June, and the price of natural gas increased almost 106 percent over the same period. Depending upon the variety, the price of wheat increased over that same period by as much as 47 percent. Meanwhile, the average price of U.S. regular gasoline jumped about 42 percent from the same point in February through mid-June. In July, monthly inflation as measured by the consumer price index (CPI) was flat as gasoline prices dropped sharply and pushed below 0.3 percent for the first time since January 2021. Lower energy prices fully offset higher food and core prices. The food CPI rose 1.1 percent in July, continuing the brisk food inflation of around 1.0 percent month-on-month that has prevailed since January. Food prices have been elevated by reduced grain shipments from Ukraine as well as high energy prices, which feed into supply chains for agriculture through diesel for tractors and trucks, as well as natural gas for fertilizers. Excluding the volatile food and energy prices, core CPI growth slowed to 0.3 percent in July after accelerating in each month from March through June. Among the components of core goods CPI, new and used car prices started increasing again earlier this year, though at a slower pace than seen last year. However, in July motor vehicles were relatively neutral on inflation as new car prices rose 0.6 percent but prices for used cars and trucks declined 0.4 percent. Among services, the shelter price index—which accounts for about 40 percent of the core CPI—has been running in the range of 0.5 percent to 0.6 percent for the past six months. In July, CPI rent of primary residence was up 0.7 percent and owners’ equivalent rent advanced 0.6 percent accounting for roughly 40 percent of monthly core CPI inflation. In recent months, the owners’ equivalent rent portion of shelter has dominated shelter inflation, but would-be home buyers appear to be turning to the rental market amid rising mortgage rates and high house prices. With evidence that new leases are being contracted at increasingly higher rates—monthly increases in the mid-teens in some metropolitan areas—the shelter component is expected to keep core inflation rates elevated in the near-term. The flat growth in the headline CPI on a monthly basis led to slower—though still brisk—annual growth: over the year through July, the CPI rose 8.5 percent, slowing from the 9.1 percent, 12month pace through June. The CPI for energy goods and services was up 32.9 percent over the twelve months through July, slowing from the 41.6 percent advance over the year through June. Food price inflation picked up somewhat, rising to 10.9 percent over the twelve months through 9 July. Meanwhile, core inflation was 5.9 percent over the twelve months through July, slowing marginally for the fourth consecutive month, albeit still at an elevated level. The Federal Reserves’ preferred measure of inflation is the PCE price index. The PCE price index assigns different weights for different components than does the CPI and uses a different methodology in its calculation, the drivers of both measures remain similar. As with the CPI, the headline PCE accelerated to 1.0 percent in June, and the core PCE measure advanced 0.6 percent. Inflation as measured by the PCE price index typically runs at a slower pace than CPI inflation due to methodological and weighting differences—for instance, the PCE price indices have a higher weight for health care services, which have seen more normal rates of price increases. From 2000 to 2019, headline PCE inflation was 0.3 percentage points slower than CPI inflation on a year-over-year basis, while core PCE inflation was typically 0.2 percentage points slower than core CPI inflation. Since spring 2021, however, the gaps have widened considerably. As of June 2022, PCE inflation was 6.8 percent on a year-over-year basis, or 2.3 percentage points below the comparable timeframe for CPI inflation. The gap between core measures has also widened—though to a lesser extent. Core PCE inflation was 5.3 percent over the year ending June, compared to 5.9 percent inflation as measured by the core CPI over the same time frame. (Prior to March 2021, inflation as measured by the PCE price index had held below the FOMC’s target since November 2018, which contributed to the FOMC adopting a new inflation regime. The flexible average inflation target regime allows for inflation to exceed 2 percent for some period, such that PCE inflation would average 2 percent over time.) Consumer Prices (Percent change from a year earlier) 12.0 11.0 10.0 9.0 8.0 7.0 6.0 5.0 4.0 3.0 2.0 1.0 0.0 ‐1.0 13 14 15 Total 16 17 18 19 Excluding Food & Energy 20 21 Food 22 10 Consumer and Business Sentiment As inflation has risen, consumer and business sentiment has waned. The Reuters/Michigan consumer sentiment index has trended much lower since April 2021, reaching a record low of 50.0 in June 2022 (series debuted in November 1952) before modestly moving up to 51.5 in July. The index is now more than 20 points below the early-pandemic low reached in April 2020. The steeper decline in recent months has reflected strong concerns about the persistence of rapid inflation as well as Russia’s illegal invasion of Ukraine and its impact on commodity prices, including oil and grains. There are also renewed concerns about new variants of the COVID-19 virus, and about signs of slowing growth in the economy. In The Conference Board’s alternative household survey, consumer confidence index has slowly trended lower since June 2021 and, in recent months, has dropped sharply—though not as sharply as the Reuters/Michigan consumer sentiment index. As of July 2022, the confidence index had fallen to 95.7, but was still 10 points above the pandemic low. On the business side, the National Federation of Independent Business’s (NFIB) small business optimism index has decreased since October 2021. As of July 2022, he small business optimism index stood at 89.9—or 1 point below the pandemic low—marking the sixth consecutive month below the pre-pandemic long-term average of 98. Federal Budget Deficit and Debt The federal government’s deficit and debt were trending higher before the pandemic but rose sharply following the multiple fiscal responses to combat the pandemic’s effects on the economy. At the end of fiscal year 2021, the federal government’s budget deficit was $2.78 trillion (12.4 percent of GDP)—down from 15.0 percent of GDP at the end of fiscal year 2020, the deficit was still up from 4.7 percent of GDP in fiscal year 2019. Federal receipts totaled $4.05 trillion in fiscal year 2021, up $626 billion (18.3 percent) from fiscal year 2020. Net outlays for fiscal year 2021 were $6.82 trillion, up $266 billion (4.1 percent) from fiscal year 2020, primarily due to the extensive fiscal measures enacted in late 2020 and early 2021 to counter the pandemic’s effects on low- and middle-income households and small businesses. For the current fiscal year to date (FYTD)—October 2021 through July 2022—the total deficit is to $726 billion, or $1.81 trillion lower than the previous FYTD. At the end of fiscal year 2021, gross federal debt was $28.4 trillion, up from $26.9 trillion at the end of fiscal year 2020. The Treasury’s borrowing limit was raised to $31.38 trillion in December 2021. Federal debt held by the public, which includes debt held by the Federal Reserve but excludes federal debt held by government agencies, rose from $21.0 trillion at the end of fiscal year 2020 (100.3% of GDP) to $22.3 trillion by the end of fiscal year 2021 (99.7% of GDP). As of July 2022, gross federal debt had increased to $30.5 trillion, and federal debt held by the public had increased to $24.0 trillion. 11 Economic Policy As the pandemic’s impact on economic activity has waned and inflation has grown as the chief economic concern, fiscal and monetary policy have shifted away from income support measures to policies to ease price pressures. Early in the pandemic, the objective of policy was to mitigate the impact of COVID on the economy and provide financial support to households and business. In various bills passed from March 2020 to March 2021, Congress authorized over $4 trillion to support the economy and provide necessary health resources to combat the pandemic. At the same time, the Federal Open Market Committee (FOMC), the governing board of the Federal Reserve system, dropped the federal funds rate target range to 0.00-0.25 percent and erected several lending facilities to ensure market liquidity. In late-2021 and early-2022, however, the objective of public policy turned toward addressing inflation, which was being elevated in part by supply-chain and labor force disruptions from the pandemic along with shifts in consumption behavior. Congress’s first bill to address supplychain vulnerabilities over the long term was the Infrastructure Investment and Jobs Act of 2021, which among its provisions appropriated funds to rebuild deteriorating transportation infrastructure. Meanwhile, the Administration’s Build Back Better framework was modified into a second bill in 2022 that would address other long-run supply-side vulnerabilities, particularly those arising from climate change. On August 7, 2022, the Inflation Reduction Act (IRA) passed the Senate and, as of August 10, awaits a vote in the House of Representatives. The IRA included provisions to reduce health care costs for prescription drugs and health care coverage as well as an additional $370 billion for measures to reduce emissions and substantial deficit reduction through improved tax compliance and closing of tax loopholes. On the monetary policy side, the FOMC began to tighten monetary policy in 2022 in light of the persistence of inflation. At the March 2022 meeting, the FOMC launched a new cycle of monetary policy tightening, raising the target range by 25 basis points to 0.25 to 0.50 percent. At subsequent meetings through the most recent meeting in late July, the Committee has hiked the target range by a further 200 basis points, including two separate and consecutive increases of 75 basis points each. In the accompanying statement for the July meeting, the FOMC noted that economic activity had “softened” though the labor market remained strong. The Committee attributed inflation to “supply and demand imbalances related to the pandemic, higher food and energy prices and broader price pressures.” The statement also continued to observe that “ongoing increases in the target range will be appropriate.” In addition, the FOMC announced at the meeting in May 2022 that it will begin reducing holdings of long-run assets of Treasury securities and mortgage-backed securities (MBS). It will allow up to $30 billion of Treasury securities and $17.5 billion of MBS per month to runoff its balance sheet—not to be reinvested—for three months beginning June 1. In September, the caps will be raised to $60 billion for Treasury securities and $35 billion for MBS. 12 INTRODUCTION: Federal Fiscal Operations Budget authority usually takes the form of appropriations that allow obligations to be incurred and payments to be made. Reappropriations are Congressional actions that extend the availability of unobligated amounts that have expired or would otherwise expire. These are counted as new budget authority in the fiscal year of the legislation in which the reappropriation act is included, regardless of when the amounts were originally appropriated or when they would otherwise lapse. Obligations generally are liquidated by the issuance of checks or the disbursement of cash—outlays. Obligations may also be liquidated (and outlays recorded) by the accrual of interest on public issues of Treasury debt securities (including an increase in redemption value of bonds outstanding); or by the issuance of bonds, debentures, notes, monetary credits, or electronic payments. Refunds of collections generally are treated as reductions of collections, whereas payments for earnedincome tax credits in excess of tax liabilities are treated as outlays. Outlays during a fiscal year may be for payment of obligations incurred in prior years or in the same year. Outlays, therefore, flow in part from unexpended balances of prior year budget authority and from budget authority provided for the year in which the money is spent. Total outlays include both budget and off-budget outlays and are stated net of offsetting collections. Receipts are reported in the tables as either budget receipts or offsetting collections. They are collections from the public, excluding receipts offset against outlays. These, also called governmental receipts, consist mainly of tax receipts (including social insurance taxes), receipts from court fines, certain licenses, and deposits of earnings by the Federal Reserve system. Refunds of receipts are treated as deductions from gross receipts. Total Government receipts are compared with total outlays in calculating the budget surplus or deficit. Offsetting collections from other Government accounts or the public are of a business-type or market-oriented nature. They are classified as either collections credited to appropriations or fund accounts, or offsetting receipts (i.e., amounts deposited in receipt accounts). The former normally can be used without an appropriation act by Congress. These occur in two instances: (1) when authorized by law, amounts collected for materials or services are treated as reimbursements to appropriations. For accounting purposes, earned reimbursements are also known as revenues. These offsetting collections are netted against gross outlays in determining net outlays from such appropriations; and (2) in the three types of revolving funds (public enterprise, intragovernmental, and trust); offsetting collections are netted against spending, and outlays are reported as the net amount. Offsetting receipts in receipt accounts cannot be used without appropriation. They are subdivided into three categories: (1) proprietary receipts, or collections from the public, offset against outlays by agency and by function; (2) intragovernmental transactions, or payments into receipt accounts from governmental appropriation or fund accounts. They finance operations within and between Government agencies and are credited with collections from other Government accounts; and (3) offsetting governmental receipts that include foreign cash contributions. Intrabudgetary transactions are subdivided into three categories: (1) interfund transactions—payments are from one fund group (either Federal funds or trust funds) to a receipt account in the other fund group; (2) Federal intrafund transactions—payments and receipts both occur within the Federal fund group; and (3) trust intrafund transactions—payments and receipts both occur within the trust fund group. Offsetting receipts are generally deducted from budget authority and outlays by function, subfunction, or agency. There are four types of receipts, however, that are deducted from budget totals as undistributed offsetting receipts. They are: (1) agencies’ payments (including payments by offbudget Federal entities) as employers into employees’ retirement funds; (2) interest received by trust funds; (3) rents and royalties on the Outer Continental Shelf lands; and (4) other interest (i.e., that collected on Outer Continental Shelf money in deposit funds when such money is transferred into the budget). The Government has used the unified budget concept set forth in the “Report of the President’s Commission on Budget Concepts” as a foundation for its budgetary analysis and presentation since 1969. The concept calls for the budget to include all of the Government’s fiscal transactions with the public. Since 1971, however, various laws have been enacted removing several Federal entities from (or creating them outside of) the budget. Other laws have moved certain off-budget Federal entities onto the budget. Under current law, the off-budget Federal entities consist of the two Social Security trust funds, Federal Old-Age and Survivors Insurance and the Federal Disability Insurance Trust Fund, and the Postal Service. Although an off-budget Federal entity’s receipts, outlays, and surplus or deficit ordinarily are not subject to targets set by the Congressional resolution, the Balanced Budget and Emergency Deficit Control Act of 1985 [commonly known as the Gramm-Rudman-Hollings Act as amended by the Budget Enforcement Act of 1990 (2 United States Code 900-922)] included off-budget surplus or deficit in calculating deficit targets under that act and in calculating excess deficit. Partly for this reason, attention has focused 13 on both on- and off-budget receipts, outlays and deficit of the Government. Tables FFO-1, FFO-2, and FFO-3 are published quarterly and cover 5 years of data, estimates for 2 years, detail for 13 months, and fiscal year-to-date data. They provide a summary of data relating to Federal fiscal operations reported by Federal entities and disbursing officers, and daily reports from the FRBs. They also detail accounting transactions affecting receipts and outlays of the Government and off-budget Federal entities and their related effect on assets and liabilities of the Government. Data are derived from the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Table FFO-1 summarizes the amount of total receipts, outlays, and surplus or deficit, as well as transactions in Federal securities, monetary assets, and balances in Treasury operating cash. Table FFO-2 includes on- and off-budget receipts by source. Amounts represent income taxes, social insurance taxes, net contributions for other insurance and retirement, excise taxes, estate and gift taxes, customs duties, and net miscellaneous receipts. Table FFO-3 details on- and off-budget outlays by agency. Table FFO-4 summarizes on- and off-budget receipts by source and outlays by function as reported to each major fund group classification for the current fiscal year to date and prior fiscal year to date. Table FFO-5 summarizes internal revenue receipts by states and by type of tax. Amounts reported are collections made in a fiscal year. They span several tax liability years because they consist of prepayments (estimated tax payments and taxes withheld by employers for individual income and Social Security taxes), payments made with tax returns and subsequent payments made after tax returns are due or are filed (that is, payments with delinquent returns or on delinquent accounts). Amounts are reported based on the primary filing address provided by each taxpayer or reporting entity. For multistate corporations, the address may reflect only the district where such a corporation reported its taxes from a principal office rather than other districts where income was earned or where individual income and Social Security taxes were withheld. In addition, an individual may reside in one district and work in another. Table FFO-6 includes customs collection of duties, taxes, and fees by districts and ports. Budget Results and Financing of the U.S. Government and Third-Quarter Receipts by Source [Source: Office of Tax Analysis, Office of Tax Policy] Third-Quarter Receipts The following capsule analysis of budget receipts, by source, for the third quarter of Fiscal Year 2022 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 $1,011.0 billion for the third quarter of Fiscal Year 2022. This is an increase of $245.0 billion over the comparable prior year quarter. Withheld receipts decreased by $31.8 billion and non-withheld receipts increased by $257.8 billion during this period. Refunds decreased by $19.1 billion over the comparable Fiscal Year 2021 quarter. There was a decrease of $57.0 billion in accounting adjustments between individual income tax receipts and the Social Security and Medicare trust funds over the comparable quarter in Fiscal Year 2021. Corporate income taxes—Net corporate income tax receipts were $178.8 billion for the third quarter of Fiscal Year 2022. This is an increase of $18.0 billion compared to the prior year third quarter. The $18.0 billion change is comprised of an increase of $21.0 billion in estimated and final payments, and an increase of $2.9 billion in corporate refunds. Employment taxes and contributions—Employment taxes and contributions receipts for the third quarter of Fiscal Year 2022 were $398.9 billion, an increase of $84.8 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 $52.4 billion, $8.9 billion, and $23.3 billion respectively. There was a $13.4 billion accounting adjustment for prior years employment tax liabilities made in the third quarter of Fiscal Year 2022. There was a -$43.7 billion adjustment in the third quarter of Fiscal Year 2021. Unemployment insurance—Unemployment insurance receipts, net of refunds, for the third quarter of Fiscal Year 2022 were $27.1 billion, an increase of $3.3 billion over the comparable quarter of Fiscal Year 2021. Net State taxes deposited in the U.S. Treasury increased by $2.9 billion to $23.3 billion. Net Federal Unemployment Tax Act taxes increased by $0.3 billion to $3.8 billion. 14 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 $1.7 billion for the third quarter of Fiscal Year 2022. This was an increase of $0.2 billion from the comparable quarter of Fiscal Year 2021. Excise taxes—Net excise tax receipts for the third quarter of Fiscal Year 2022 were $22.3 billion, an increase of $2.4 billion over the comparable prior year quarter. Total excise tax refunds for the quarter were $1.8 billion, a decrease of $0.2 billion over the comparable prior year quarter. Estate and gift taxes—Net estate and gift tax receipts were $9.8 billion for the third quarter of Fiscal Year 2022. These receipts represent a decrease of $0.2 billion over the same quarter in Fiscal Year 2021. Customs duties—Customs duties net of refunds were $25.6 billion for the third quarter of Fiscal Year 2022. This is an increase of $4.9 billion over the comparable prior year quarter. Miscellaneous receipts—Net miscellaneous receipts for the third quarter of Fiscal Year 2022 were $38.2 billion, an increase of $2.9 billion over the comparable prior year quarter. This change is due in part to deposits of earnings by Federal Reserve banks increasing by $4.9 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”] Fiscal year 2022 year to date Third quarter 2022 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 ........................... 1,713,403 1,411,986 301,417 1,560,253 1,295,163 265,089 153,150 116,824 36,328 3,835,390 3,029,138 806,252 4,350,457 3,559,940 790,518 -515,067 -530,802 15,735 12,788 -130,882 -35,056 -153,150 1,602,517 -567,246 -520,204 515,067 Third-Quarter Net Budget Receipts by Source, Fiscal Year 2022 [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. April May June 593.3 88.5 143.9 5.1 0.6 6.6 4.2 9.2 12.2 863.6 216.9 7.7 110.6 20.4 0.6 8.0 3.2 8.1 13.6 389.0 200.8 82.6 144.4 1.6 0.5 7.7 2.4 8.4 12.5 460.8 15 16 TABLE FFO-1—Summary of Fiscal Operations [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] 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) Total on-budget and off-budget results Fiscal year or Month 2017 ............................ 2018 ............................ 2019 ............................ 2020 ............................ 2021 ............................ Total Receipts (1) On-budget receipts (2) 3,314,893 3,328,745 3,462,195 3,419,955 4,045,980 2,464,275 2,473,999 2,547,893 2,454,528 3,093,658 2022 – Est1 .................. 4,436,626 2023 – Est1 .................. 4,638,192 2021 - June ................. July .................. Aug .................. Sept ................. Oct ................... Nov .................. Dec .................. 2022 - Jan ................... Feb .................. Mar .................. Apr ................... May.................. June................. Off-budget receipts (3) Total outlays (4) On-budget outlays (5) 850,617 854,747 914,302 965,427 952,323 3,980,720 4,107,741 4,446,583 6,551,871 6,818,159 3,179,518 3,259,170 3,539,967 5,596,291 5,814,312 801,202 848,573 906,617 955,579 1,003,847 -665,826 -778,995 -984,386 -3,131,917 -2,772,178 -715,242 -785,172 -992,072 -3,141,766 -2,720,653 49,416 6,175 7,686 9,847 -51,525 666,472 1,258,348 1,208,690 4,234,396 1,484,000 3,389,419 1,047,207 3,537,550 1,100,642 5,851,576 5,792,048 4,763,683 4,605,306 1,087,893 1,186,742 -1,414,950 -1,153,856 -1,374,264 -1,067,756 -40,686 -86,100 2,905,946 1,300,868 449,199 262,000 268,378 459,523 283,927 281,208 486,738 465,079 289,863 315,172 863,649 388,993 460,761 391,133 186,778 191,231 372,136 212,635 204,153 400,609 365,407 208,791 225,557 753,827 303,711 354,448 58,066 75,222 77,147 87,387 71,292 77,055 86,129 99,672 81,072 89,615 109,822 85,282 106,313 623,359 564,050 439,013 521,067 448,983 472,543 508,041 346,380 506,453 507,806 555,434 455,216 549,603 561,348 482,202 345,560 428,506 365,312 379,420 447,088 259,085 406,262 407,608 465,351 353,899 475,913 62,011 81,848 93,453 92,561 83,671 93,123 60,953 87,295 100,190 100,198 90,083 101,316 73,690 -174,161 -302,050 -170,635 -61,544 -165,055 -191,335 -21,303 118,699 -216,590 -192,634 308,215 -66,223 -88,842 -170,215 -295,424 -154,329 -56,370 -152,677 -175,267 -46,480 106,321 -197,471 -182,051 288,476 -50,188 -121,464 -3,945 -6,626 -16,306 -5,175 -12,379 -16,068 25,177 12,377 -19,118 -10,583 19,739 -16,034 32,623 333,762 -95,980 143 2,949 480,630 -2,490 710,023 392,662 275,581 108,100 -33,792 119,641 63,526 Fiscal year 2022 to date ... 3,835,390 3,029,138 806,252 4,350,459 3,559,938 790,519 -515,068 -530,801 15,734 2,113,881 Means of financing—net transactions, continued Borrowing from the publicFederal securities, continued Fiscal year or month Agency securities (11) Investments of Government Total accounts 10+11-12 (12) (13) Cash and monetary assets (deduct) Reserve position on the U.S. Treasury Special U.S. quota in operating drawing the IMF cash rights Other (deduct) (14) (15) (16) (17) Other (18) Transaction s not applied to year’s surplus or deficit (19) Total Financing (20) 2017 ...................................... 2018 ...................................... 2019 ...................................... 2020 ...................................... 2021 ...................................... 3 -1,545 -1,366 -1,304 -652 168,172 172,343 155,715 16,813 215,402 498,301 1,084,458 1,051,606 4,216,280 1,267,947 -193,988 225,390 -2,230 1,399,197 -1,566,518 1,390 -527 -941 1,754 112,141 -935 -2,661 -1,210 -309 -729 1,938 3,857 7,593 8,253 1,496 -24,443 -79,242 -432,023 323,680 50,539 259 -160 -62 853 71 665,714 778,997 616,309 3,131,918 2,772,167 2022 – Est1............................ 2023 – Est1............................ 389 410 354,169 104,181 2,552,166 1,197,096 534,840 - - - - -602,376 -43,240 - 1,414,950 1,153,856 2021 - June ........................... July ............................ Aug ............................ Sept ........................... Oct............................. Nov ............................ Dec ............................ 2022 - Jan ............................. Feb ............................ Mar ............................ Apr............................. May ........................... June .......................... 144 -178 -73 -75 396 350 -460 -11 -203 -176 -42 201 164 22,490 -55,878 30,445 -27,071 124,424 -9,651 211,223 51,668 -11,263 8,272 6,820 69,662 60,426 311,416 -40,280 -30,375 29,945 356,602 7,511 498,340 340,983 286,641 99,652 -40,654 50,180 3,264 75,229 -392,526 -103,418 -140,824 62,863 -64,870 192,955 336,735 28,421 -119,740 271,717 -69,000 -71,835 -671 86 113,133 -1,790 757 -1,421 419 -148 368 -718 -4,066 662 -1,532 -14 226 -100 -59 288 50 -152 142 -244 145 490 -216 122 35 26 -121 -182 1,610 -299 669 -371 155 -715 -710 117 -6,249 -62,255 -49,911 210,618 -111,016 -126,181 117,284 -283,146 -123,324 -41,351 -28,002 -130 -52,394 6,084 -421 53 -114 -240 152 4 - 174,161 302,050 170,635 61,544 165,055 191,335 21,303 -118,699 216,590 192,682 -308,215 66,223 88,842 Fiscal year 2022 to date .......... 219 511,581 1,602,519 567,246 -5,679 Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and Budget on March 28, 2022. 625 -5,793 -531,160 156 515,067 17 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 Withheld (1) Other (2) 2017 .................. 2018 .................. 2019 .................. 2020 .................. 2021 .................. 1,309,265 1,325,106 1,328,271 1,245,088 1,498,655 539,528 626,555 634,339 601,920 824,141 2022 – Est1 ........ 2023 – Est1 ........ 2,263,370 2,345,210 2021 - June ....... July ........ Aug ........ Sept ....... Oct ......... Nov ........ Dec ........ 2022 - Jan ......... Feb ........ Mar ........ Apr ......... May........ June....... Fiscal year 2022 to date........ Corporation Net income taxes (8) Gross (9) Refunds (10) Net (11) 1,884,168 1,888,270 1,948,102 1,820,509 2,416,211 1,109,837 1,118,641 1,195,506 1,257,205 1,254,747 3,290 3,234 3,632 7,605 1,106,547 1,115,407 1,191,874 1,257,205 1,247,142 382,560 500,912 2,645,930 2,846,122 1,375,842 1,443,039 - 1,375,842 1,443,039 4,381 3,590 2,925 2,737 5,014 5,271 4,054 1,768 2,771 5,146 6,514 4,491 3,694 74,189 16,942 3,033 86,713 15,707 -321 83,285 13,577 4,824 10,188 88,531 7,708 82,555 339,029 132,022 126,880 301,501 159,615 137,865 336,589 302,750 154,165 160,761 681,821 224,590 283,370 78,088 97,376 99,960 120,661 96,166 104,120 116,254 129,130 103,966 114,868 143,442 110,056 144,436 3,733 - 78,088 97,376 99,960 116,928 96,166 104,120 116,254 129,130 103,966 114,868 143,442 110,056 144,436 38,723 306,054 2,441,526 1,062,438 - 1,062,438 Net (4) Gross (5) Refunds (6) Net (7) 261,678 268,126 244,755 238,346 278,436 1,587,120 1,683,536 1,717,858 1,608,663 2,044,379 338,978 263,168 277,416 263,847 419,351 41,929 58,433 47,172 52,003 47,521 297,048 204,734 230,244 211,846 371,832 - - 2,263,370 2,345,210 382,560 500,912 - 173,187 112,811 127,495 119,657 117,897 140,109 233,750 152,305 150,813 189,108 133,289 130,831 104,526 116,408 15,280 13,366 106,941 36,171 12,373 25,087 136,923 19,115 31,890 514,783 110,700 108,078 24,755 13,012 17,014 11,810 10,160 14,296 5,534 55 20,587 70,426 54,782 24,650 11,789 264,840 115,080 123,847 214,788 143,908 138,186 253,304 289,173 149,341 150,573 593,290 216,882 200,815 78,570 20,531 5,957 89,450 20,720 4,950 87,339 15,346 7,595 15,334 95,045 12,198 86,249 1,352,628 995,120 212,279 2,135,472 344,776 Fiscal year or month Refunds (3) Social insurance and retirement receipts, continued Employment and general retirement, continued Unemployment insurance Net unNet employment Railroad retirement employment and general Gross Refunds Net insurance retirement Gross Refunds (12) (13) (14) (18) (15) (16) (17) Net for other insurance and retirement Federal Other employees retirement Total retirement (20) (21) (19) 2017 ............................ 2018 ............................ 2019 ............................ 2020 ............................ 2021 ............................ 5,349 5,753 5,610 4,590 4,755 1 4 90 144 38 5,349 5,749 5,519 4,445 4,717 1,111,896 1,121,156 1,197,395 1,261,650 1,251,858 45,961 45,161 41,193 43,224 56,742 154 121 259 120 140 45,810 45,041 40,934 43,103 56,602 4,158 4,471 4,730 5,172 5,604 34 31 29 29 26 4,191 4,501 4,759 5,201 5,630 2022 – Est1.................. 2023 – Est1.................. 5,412 5,294 - 5,412 5,294 1,381,254 1,448,333 57,980 54,708 - 57,980 54,708 6,331 6,873 31 30 6,362 6,903 2021 - June ................. July .................. Aug .................. Sept ................. Oct................... Nov .................. Dec .................. 2022 - Jan ................... Feb .................. Mar .................. Apr................... May ................. June ................ -86 460 468 441 423 443 645 536 658 487 495 500 -51 20 7 2 2 - -105 453 466 441 423 443 645 536 658 487 495 498 -51 77,982 97,830 100,426 117,367 96,588 104,563 116,900 129,666 104,623 115,356 143,937 110,554 144,385 1,363 4,726 6,045 5,670 2,433 11,562 1,557 4,130 3,108 4,299 5,133 20,426 1,634 11 28 13 7 8 6 2 3 13 24 9 18 1,352 4,698 6,031 5,663 2,433 11,555 1,551 4,128 3,105 4,286 5,109 20,417 1,616 505 469 452 451 569 561 483 464 469 469 593 556 513 2 2 2 2 2 2 2 2 2 2 2 2 2 507 472 454 453 571 563 485 466 471 471 595 557 515 Fiscal year 2022 to date ... 4,136 2 4,134 1,066,572 54,282 83 54,200 4,677 18 4,694 See footnotes at end of table. 18 TABLE FFO-2—On-Budget and Off-Budget Receipts by Source, continued [In millions of dollars. Source: “Monthly Treasury Statement of Receipts and Outlays of the United States Government”] Social insurance and retirement receipts, con. Net social insurance and retirement receipts (22) Fiscal year or month Excise taxes Airport and Airway Trust Fund Gross (23) Refunds (24) Net (25) Black Lung Disability Trust Fund Gross Refunds (26) (27) Highway Trust Fund Net (28) Gross (29) Refunds (30) Miscellaneous Net (31) Gross (32) Refunds (33) Net (34) 2017 .............................. 1,161,897 2018 .............................. 1,170,699 2019 .............................. 1,243,087 2020 .............................. 1,309,954 2021 .............................. 1,314,090 14,952 15,532 15,825 9,034 10,946 15 15 14 20 13 14,936 15,516 15,811 9,015 10,935 426 394 213 300 270 - 426 394 213 300 270 41,555 42,979 44,186 43,201 40,920 431 438 440 440 442 41,126 42,541 43,746 42,763 40,488 32,495 39,650 44,773 43,997 31,578 5,162 3,116 5,629 9,298 7,995 27,334 36,535 39,144 34,701 23,581 2022 – Est1 .................... 1,445,596 2023 – Est1 .................... 1,509,944 14,369 17,642 - 14,369 17,642 207 151 - 207 151 43,133 43,529 - 43,133 43,529 26,404 29,339 - 26,404 29,339 79,841 103,000 106,911 123,483 99,592 116,681 118,936 134,260 108,199 120,113 149,641 131,528 146,516 1,552 1,512 1,428 620 322 1,645 1,433 1,353 -427 480 578 -763 652 3 0 2 16 - 1,552 1,510 1,428 618 322 1,645 1,433 1,353 -427 480 578 -779 652 33 16 33 38 7 35 30 28 -7 9 11 -9 18 - 33 16 33 38 7 35 30 28 -7 9 11 -9 18 3,635 2,567 4,044 8,691 917 4,373 3,809 3,596 4,448 3,813 4,591 3,260 4,781 44 44 43 64 15 29 29 30 31 31 38 44 45 3,591 2,523 4,012 8,627 902 4,344 3,779 3,566 4,417 3,782 4,554 3,215 4,737 2,302 4,317 2,173 2,314 4,447 1,997 2,139 1,772 1,527 3,361 2,646 5,858 2,482 378 1,544 204 973 93 246 226 1,434 24 205 1,162 239 238 1,924 2,772 1,969 1,341 4,354 1,751 1,912 338 1,502 3,155 1,484 5,619 2,244 Fiscal year 2022 to date ..... 1,125,466 5,273 16 5,257 122 - 122 33,588 292 33,296 26,229 3,867 22,359 2021 - June ................... July .................... Aug .................... Sept ................... Oct ..................... Nov .................... Dec .................... 2022 - Jan ..................... Feb .................... Mar .................... Apr ..................... May.................... June................... Fiscal year or month Excise taxes, con. Net excise taxes (35) Estate and gift taxes Gross (36) Customs duties Refunds (37) Net (38) Gross (39) Refunds (40) Net (41) Net miscellaneous receipts Deposits of earnings by Universal service fund Federal Reserve and all banks other Total (42) (43) (44) Total receipts On-budget (45) Off-budget (46) 2017 ................ 2018 ................ 2019 ................ 2020 ................ 2021 ................ 83,821 94,987 98,915 86,782 77,541 23,779 23,864 17,565 18,198 37,931 1,012 883 894 571 1,308 22,770 22,982 16,672 17,625 27,141 36,260 43,097 73,461 75,636 86,950 1,686 1,796 2,677 7,085 6,965 34,573 41,298 70,784 68,550 79,984 81,288 70,751 52,793 81,880 100,055 46,380 39,755 31,843 34,659 33,233 127,666 110,505 84,637 116,538 133,288 2,464,275 2,473,999 2,547,893 2,454,527 3,093,658 850,617 854,747 914,302 965,427 952,323 2022 – Est1 ...... 2023 – Est1 ...... 84,113 90,661 25,742 25,427 - 25,742 25,427 92,638 53,943 - 92,638 53,943 107,749 75,625 34,858 142,607 36,470 112,095 3,389,419 3,537,550 1,047,207 1,100,642 2021 - June ..... July ...... Aug ...... Sept ..... Oct ....... Nov ...... Dec ...... 2022 - Jan ....... Feb ...... Mar ...... Apr ....... May ..... June .... 7,100 6,822 7,441 10,624 5,586 7,775 7,155 5,285 5,486 7,426 6,626 8,046 7,651 2,445 1,549 1,809 2,519 2,533 1,864 2,367 2,341 1,790 3,726 4,275 3,340 2,482 59 46 82 87 75 60 14 5 80 112 90 167 83 2,385 1,503 1,728 2,433 2,458 1,804 2,353 2,336 1,710 3,615 4,184 3,173 2,399 7,688 7,926 7,799 8,350 8,381 8,434 8,633 8,876 8,529 8,641 9,570 8,505 8,988 538 417 528 492 611 618 447 289 480 490 408 409 625 7,150 7,509 7,270 7,857 7,770 7,816 8,187 8,587 8,049 8,151 9,162 8,095 8,364 11,090 9,503 10,409 11,344 6,851 7,945 11,918 10,152 10,690 13,126 10,294 11,768 10,339 2,603 1,643 7,739 2,282 2,057 1,322 1,600 1,708 1,588 1,982 1,920 1,794 2,123 13,693 11,146 18,149 13,626 8,908 9,267 13,519 11,861 12,278 15,107 12,214 13,561 12,462 391,133 186,778 191,231 372,136 212,635 204,153 400,609 365,407 208,791 225,557 753,827 303,711 354,448 58,066 75,222 77,147 87,387 71,292 77,055 86,129 99,672 81,072 89,615 109,822 85,282 106,313 Fiscal year 2022 to date........ 61,036 24,718 686 24,032 78,557 4,377 74,181 93,083 16,094 109,177 3,029,138 806,252 Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and Budget on March 28, 2022. 19 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) DepartDepart- Department of ment of ment of Defense, military Education Energy (5) (7) (6) 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) 2017 ....................... 2018 ....................... 2019 ....................... 2020 ....................... 2021 ....................... 4,499 4,670 4,955 5,365 5,265 7,565 7,780 7,958 8,251 8,310 127,563 136,713 150,120 184,221 235,194 10,303 8,561 11,326 15,918 13,135 568,905 600,705 653,979 690,420 717,585 111,703 63,706 104,365 204,415 260,381 25,794 26,479 28,936 32,047 33,695 1,116,763 1,120,503 1,213,807 1,503,953 1,466,673 50,502 68,374 56,328 91,963 91,069 55,623 54,666 29,188 33,190 31,778 12,141 13,210 13,907 16,417 15,788 30,979 34,522 35,107 39,606 39,262 40,121 39,637 35,810 477,529 404,772 2022 – Est1 ............. 2023 – Est1 ............. 5,990 6,591 8,788 9,700 260,746 207,780 16,559 16,793 740,976 767,604 222,877 185,629 38,271 50,968 1,626,127 1,648,896 89,498 83,191 33,428 66,457 19,929 22,892 44,234 43,500 145,716 81,394 2021 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2022 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 533 410 391 464 508 548 427 469 462 441 432 556 438 745 663 662 690 815 738 647 692 663 669 772 681 692 21,423 18,660 20,039 18,596 25,867 23,629 24,959 20,490 17,847 18,600 18,029 18,533 23,097 1,252 742 811 740 801 1,978 977 823 858 897 821 1,203 903 61,491 63,370 48,948 63,733 65,482 60,817 70,927 44,217 55,287 61,668 58,164 54,303 60,214 53,980 11,923 14,781 108,310 14,669 11,543 12,947 14,375 13,807 3,152 15,588 11,702 52,748 2,471 2,230 2,847 3,311 3,434 2,251 2,909 2,242 2,514 2,467 1,960 952 1,173 127,772 167,368 87,298 126,541 120,506 134,199 134,866 137,399 127,627 139,280 170,272 90,602 136,715 8,834 5,867 6,722 8,649 6,339 8,079 6,950 6,483 5,912 6,836 6,489 7,243 7,059 4,044 -7,455 3,828 3,190 4,689 4,386 3,651 4,514 4,432 4,384 4,963 5,175 -18,540 2,048 1,125 1,175 2,004 1,275 1,242 1,307 1,032 960 825 454 1,181 1,824 3,760 3,167 3,094 3,807 2,760 3,546 3,007 3,065 3,038 3,528 3,294 3,844 3,324 40,953 29,598 30,582 15,284 2,094 5,481 5,706 5,170 5,666 4,447 3,345 8,244 3,415 Fiscal year 2022 to date............... 4,281 6,369 191,051 9,261 531,079 150,531 19,902 1,191,466 61,390 17,654 10,100 29,406 43,568 Department of State (14) Department of the Treasury, interest on Treasury Departdebt ment of Transpor- securities (gross) tation (16) (15) Department of the Treasury, other (17) Department of Veterans Affairs (18) 2017 ....................... 2018 ....................... 2019 ....................... 2020 ....................... 2021 ....................... 27,061 26,386 28,002 32,859 35,814 79,440 78,494 80,716 100,342 104,937 456,953 521,553 572,914 522,651 562,389 89,445 107,894 116,584 629,072 1,071,359 176,050 178,508 199,571 218,393 233,782 2022 – Est1 ............. 2023 – Est1 ............. 35,078 34,766 123,825 128,221 561,817 576,771 380,512 127,224 2021 - June ............ July ............. Aug ............. Sept ............ Oct .............. Nov ............. Dec ............. 2022 - Jan .............. Feb ............. Mar ............. Apr .............. May ............. June ............ 2,466 5,271 3,313 3,981 2,184 4,044 2,078 2,412 2,268 2,671 2,104 2,747 2,031 9,356 8,688 9,372 13,174 7,645 8,276 9,195 10,225 6,802 11,990 7,919 8,648 10,429 99,290 47,815 57,719 37,682 18,939 36,029 97,969 43,202 41,377 52,773 60,052 72,760 97,855 Fiscal year 2022 to date............... 22,539 81,129 520,956 Fiscal year or month See footnotes at end of table International Assistance Program (24) Other Defense, civil programs (20) Environmental Protection Agency (21) Executive Office of the President (22) General Services Administration (23) 6,452 5,083 6,456 7,632 7,936 58,695 55,367 60,930 65,265 58,085 8,087 8,085 8,064 8,723 8,310 412 383 423 403 426 -664 -590 -1,100 -266 -1,269 18,925 21,628 23,578 21,677 21,668 273,660 295,017 6,980 7,071 63,862 72,413 8,747 15,094 520 591 -292 -408 24,562 27,431 80,416 50,028 65,880 -16,548 34,430 30,701 30,451 11,976 80,873 55,289 47,932 54,759 76,827 17,920 28,448 10,501 21,199 21,933 20,207 30,647 10,181 20,863 22,205 36,210 10,863 21,537 832 445 635 381 649 812 915 656 664 742 520 683 403 4,100 9,359 -2,199 4,887 6,895 5,037 9,222 -16 4,491 4,383 7,671 -2,513 4,901 837 578 640 768 786 758 990 661 668 863 717 560 873 29 40 36 35 48 35 32 33 33 31 49 37 35 39 -240 -296 -86 -67 -53 135 -404 -177 220 -251 -209 118 2,223 -706 1,160 2,788 2,088 3,178 -916 3,013 2,094 2,617 2,043 5,495 3,866 423,238 194,646 6,044 40,071 6,876 333 -688 23,478 Corps of Engineers (19) 20 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 National Office of and Science Personnel Space Foun- ManageAdminisment dation tration (27) (26) (25) Small Business Administration (28) Social Security Administration (29) Independent agencies (30) Undistributed offsetting receipts Rents and royalties on the Employer Outer Interest share, received Continenemployee tal Shelf by trust retirelands Other funds ment (33) (34) (32) (31) Total outlays OffOnbudget budget (36) (35) 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 .................. 20,180 7,253 103,138 456 1,101,833 19,609 -90,811 -149,605 -6,225 -1,156 3,539,965 906,617 2020 .................. 21,524 7,278 105,626 577,411 1,153,912 17,654 -99,993 -135,215 -3,645 - 5,596,291 955,579 2021 .................. 22,249 7,353 108,553 322,721 1,192,451 13,556 -110,687 -149,578 -4,231 - 5,814,312 1,003,847 2022 – Est1........ 23,396 8,580 114,518 24,088 1,282,622 43,946 -117,889 -146,140 -10,713 -103,509 4,763,683 1,087,893 2023 – Est1........ 24,914 9,186 119,276 1,741 1,380,198 38,693 -119,552 -131,615 -6,368 -11 4,605,306 1,186,742 2021 - June ....... 1,925 575 8,773 31,095 104,446 -3,815 -7,985 -57,860 -607 - 561,348 62,011 July ........ 1,601 761 9,581 13,061 104,106 3,216 -7,505 -7,956 -210 - 482,202 81,848 Aug ........ 2,131 837 9,068 -17,950 95,726 2,376 -8,066 -12,242 -806 - 345,560 93,453 Sept ....... 1,799 764 9,680 2,767 99,682 -486 -7,665 -4,196 -390 -4,466 428,506 92,561 Oct......... 1,765 644 9,365 2,333 101,055 6,337 -27,176 9,958 -67 - 365,312 83,671 Nov ........ 2,332 575 9,127 5,277 100,431 1,282 -9,099 -4,122 -720 - 379,420 93,123 Dec ........ 2,232 636 9,242 3,226 105,261 1,604 -8,416 -55,165 -574 - 447,088 60,953 2022 - Jan ......... 1,407 565 10,042 3,067 101,911 1,607 -7,250 -6,407 -386 -81,089 259,085 87,295 Feb ........ 1,544 534 9,001 2,188 106,875 3,673 -7,676 -8,133 -592 - 406,262 100,190 Mar ........ 1,968 647 9,820 2,156 107,399 1,139 -7,962 -7,805 -537 - 407,608 100,198 Apr......... 1,770 609 9,701 2,542 112,540 4,255 -8,712 -11,980 -4,837 - 465,351 90,083 May ....... 1,740 564 9,101 2,532 103,589 4,353 -9,346 -14,273 -1,094 - 353,899 101,316 June ...... 2,074 707 9,453 -1,145 113,161 -3,828 -8,154 -53,571 -1,036 - 475,913 73,690 Fiscal year 2022 to date ....... 16,832 5,481 84,852 22,176 952,222 20,422 -93,791 -151,498 -9,843 -81,089 3,559,938 790,519 Note: Detail may not add to total due to rounding. 1These estimates are based on the President's FY 2023 Budget, released by the Office of Management and Budget on March 28, 2022. 21 TABLE FFO-4—Summary of U.S. Government Receipts by Source and Outlays by Agency, June 2022 and Other Periods [In millions of dollars. Source: Bureau of the Fiscal Service] General funds (1) Classification Budget receipts: Individual income taxes............................................... 2,135,329 Corporation income taxes ........................................... 306,053 Social insurance and retirement receipts: Employment and general retirement (off-budget) ... Employment and general retirement (on-budget) ... -29 Unemployment insurance ....................................... -23 Other retirement ...................................................... Excise taxes ................................................................ 19,717 Estate and gift taxes ................................................... 24,032 Customs duties ........................................................... 49,295 Miscellaneous receipts ................................................ 95,492 Total Receipts………………………………………... 2,629,866 (On-budget)……………………………………….. 2,629,866 (Off-budget)……………………………………….. Budget outlays: Legislative branch ....................................................... 4,277 Judicial branch ............................................................ 6,671 Department of Agriculture ........................................... 175,516 Department of Commerce........................................... 8,039 Department of Defense-military .................................. 530,000 Department of Education ............................................ 150,433 Department of Energy ................................................. 20,876 Department of Health and Human Services ............... 1,018,021 Department of Homeland Security.............................. 63,404 Department of Housing and Urban Development....... 18,263 Department of the Interior ........................................... 11,011 Department of Justice ................................................. 25,688 Department of Labor ................................................... 12,664 Department of State .................................................... 22,651 Department of Transportation ..................................... 150,374 Department of the Treasury: Interest on Treasury Debt Securities (Gross) ......... 520,955 Other ....................................................................... 424,047 Department of Veterans Affairs .................................. 197,629 Corps of Engineers ..................................................... 5,840 Other defense civil programs ...................................... 122,139 Environmental Protection Agency............................... 10,667 Executive Office of the President................................ 325 General Services Administration ................................ 135 International Assistance Program ............................... 27,192 National Aeronautics and Space Administration ........ 16,742 National Science Foundation ...................................... 5,397 Office of Personnel Management ............................... 10,600 Small Business Administration ................................... 22,173 Social Security Administration .................................... 80,416 Other independent agencies ....................................... 15,210 Undistributed offsetting receipts: Interest .................................................................... Other ....................................................................... -89,555 Total outlays ......................................................... 3,587,801 (On-budget) ..................................................... 3,587,519 (Off-budget) ..................................................... 282 Surplus or deficit (-) .............................................. 957,934 (On-budget) ..................................................... 957,653 (Off-budget) ..................................................... -282 -No Transactions * Less than $500,000 A This fiscal year to date Management, consolidated, Trust revolving and funds special funds (3) (2) Total funds (4) General funds (5) Prior fiscal year to date Management, consolidated, Trust revolving and funds special funds (7) (6) Total funds (8) 143 - - 2,135,472 306,053 1,590,460 265,144 203 - - 1,590,663 265,144 1,350 23,236 12,519 37,248 37,248 - 806,252 260,347 54,223 4,694 39,968 1,649 1,142 1,168,276 362,024 806,252 806,252 260,318 54,200 4,694 61,035 24,032 74,181 109,154 3,835,390 3,029,138 806,252 7 -17 15,243 21,477 37,494 75,752 2,005,560 2,005,560 - 1,259 18,637 13,383 33,482 33,482 - 712,567 223,661 40,227 4,251 33,883 1,218 1,230 1,017,036 304,470 712,567 712,567 223,668 40,210 4,251 50,385 21,477 57,348 90,365 3,056,078 2,343,511 712,567 14 -203 15,551 1,220 689 100 -974 3,396 -2,079 -27 -396 3,738 4,945 -780 19 -10 -100 -19 2 391 -1 * 170,053 66 -583 -514 -20 25,961 667 -69,257 4,280 6,368 191,049 9,260 531,079 150,532 19,902 1,191,470 61,391 17,653 10,101 29,406 43,570 22,538 81,136 4,030 6,328 160,289 9,135 538,377 125,433 26,196 897,287 73,375 32,731 11,217 25,240 356,723 22,210 50,493 -14 105 17,644 1,701 2,826 -67 -889 3,696 -3,673 38 -36 3,988 -1,263 403 27 -18 -137 -35 5 332 -1 * 184,485 128 -554 303 -34 -26,152 636 23,183 3,998 6,296 177,897 10,841 541,534 125,366 25,307 1,085,468 69,830 32,216 11,484 29,194 329,307 23,249 73,703 -540 -3,319 279 -17,186 -67 * -822 -17 90 90 2,133 3 * 1 -269 335 -75 -64,882 -3,722 9 -3,699 -6 72,119 871,807 5,210 520,955 423,239 194,646 6,044 40,072 6,877 334 -687 23,477 16,832 5,481 84,852 22,177 952,222 20,421 419,173 984,915 176,287 5,710 105,263 6,609 306 139 17,967 16,688 4,880 10,319 325,022 67,725 10,539 -12,818 -3,050 -102 -8,464 -79 * -786 -224 29 86 818 -179 * -1,210 -99 395 867 -50,761 -207 10 -939 1 26 69,086 825,213 -882 419,173 971,998 173,632 6,475 46,038 6,323 317 -647 16,804 16,718 4,992 80,223 324,843 892,938 8,448 -10,985 5,127 5,996 869 42,375 43,244 -869 -151,498 -84,181 767,784 21,583 789,367 400,492 383,607 16,885 -151,498 -184,721 4,350,457 3,559,940 790,518 515,067 530,802 15,735 -2,106 4,488.501 4,488,234 267 2,482,941 2,482,674 267 -9,341 10,835 9,044 1,790 44,317 42,526 1,790 -125,185 -83,306 816,361 78,853 737,508 200,675 225,617 24,942 -125,185 -94,753 5,294,027 4,558,042 735,985 2,237,949 2,214,531 23,418 Note.—Detail may not add to totals due to rounding 22 INTRODUCTION: Federal Debt Treasury securities (i.e., public debt securities) comprise most of the Federal debt, with securities issued by other Federal agencies accounting for the rest. Tables in this section of the “Treasury Bulletin” reflect the total. Further detailed information is published in the “Monthly Statement of the Public Debt of the United States.” Likewise, information on agency securities and on investments of Federal Government accounts in Federal securities is published in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.” Treasury’s Bureau of the Fiscal Service compiles data in the “Treasury Bulletin” tables FD-2 and FD-6 from the “Monthly Statement of the Public Debt of the United States.” Table FD-1 summarizes the Federal debt by listing public debt and agency securities held by the public, including the Federal Reserve. It also includes debt held by Federal agencies, largely by the Social Security and other Federal retirement trust funds. The net unamortized premium and discount also are listed by total Federal securities, securities held by Government accounts and securities held by the public. The difference between the outstanding face value of the Federal debt and the net unamortized premium and discount is classified as the accrual amount. (For greater detail on holdings of Federal securities by particular classes of investors, see the ownership tables, OFS-1 and OFS-2.) Table FD-2 categorizes by type, that is, marketable and nonmarketable, the total public debt securities outstanding that are held by the public. In table FD-3, nonmarketable Treasury securities held by U.S. Government accounts are summarized by issues to particular funds within Government. Many of the funds invest in par value special series nonmarketables at interest rates determined by law. Others invest in marketbased special Treasury securities whose terms mirror those of marketable securities. Table FD-4 presents interest-bearing securities issued by Government agencies. Federal agency borrowing has declined in recent years, in part because the Federal Financing Bank has provided financing to other Federal agencies. (Federal agency borrowing from Treasury is presented in the “Monthly Treasury Statement of Receipts and Outlays of the United States Government.”) Table FD-5 illustrates the average length of marketable interest-bearing public debt held by private investors and the maturity distribution of that debt. In March 1971, Congress enacted a limited exception to the amount of bonds with rates greater than 4-1/4 percent that could be held by the public. This permitted Treasury to offer securities maturing in more than 7 years at current market interest rates for the first time since 1965. In March 1976, the definition of a bond was changed to include those securities longer than 10 years to maturity. This exception has expanded since 1971, authorizing Treasury to continue to issue long-term securities. The ceiling on Treasury bonds was repealed on November 10, 1988. The volume of privately held Treasury marketable securities by maturity class reflects the remaining period to maturity of Treasury bills, notes and bonds. The average length is comprised of an average of remaining periods to maturity, weighted by the amount of each security held by private investors. In other words, computations of average length exclude Government accounts and the FRBs. In table FD-6, the debt ceiling is compared with the outstanding debt subject to limitation by law. The other debt category includes Federal debt Congress has designated as being subject to the debt ceiling. Table FD-7 details Treasury holdings of securities issued by Government corporations and other agencies. Certain Federal agencies are authorized to borrow money from the Treasury, largely to finance direct loan programs. In addition, agencies such as the Bonneville Power Administration are authorized to borrow from the Treasury to finance capital projects. Treasury, in turn, finances these loans by selling Treasury securities to the public. 23 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) 2017 ............................... 2018 ............................... 2019 ............................... 2020 ............................... 2021 ............................... 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 20,244,900 21,516,058 22,719,402 26,945,391 28,428,919 24,369 22,822 21,455 20,151 19,502 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 5,563,073 5,737,252 5,893,424 5,907,764 6,123,040 1 - 14,706,195 15,801,628 16,847,433 21,057,778 22,325,381 14,681,827 15,778,806 16,825,978 21,037,627 22,305,879 24,368 22,822 21,455 20,151 19,502 2021 - June .................... July..................... Aug..................... Sept.................... Oct ..................... Nov..................... Dec..................... 2022 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... 28,549,263 28,447,372 28,446,893 28,448,421 28,928,663 28,928,235 29,637,003 30,032,163 30,309,927 30,420,358 30,393,512 30,519,177 30,588,304 28,529,436 28,427,722 28,427,317 28,428,919 28,908,765 28,907,987 29,617,215 30,012,386 30,290,353 30,400,960 30,374,155 30,499,619 30,568,582 19,827 19,650 19,576 19,502 19,898 20,248 19,788 19,777 19,574 19,398 19,357 19,558 19,722 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 6,500,497 6,489,253 6,497,680 6,504,558 6,574,537 6,635,101 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 6,500,497 6,489,253 6,497,680 6,504,558 6,574,537 6,635,101 - 22,373,359 22,327,437 22,296,656 22,325,381 22,681,264 22,690,510 23,188,117 23,531,666 23,820,674 23,922,678 23,888,954 23,944,640 23,953,203 22,353,532 22,307,787 22,277,080 22,305,879 22,661,366 22,670,262 23,168,329 23,511,889 23,801,100 23,903,280 23,869,597 23,925,082 23,933,481 19,827 19,650 19,576 19,502 19,898 20,248 19,788 19,777 19,574 19,398 19,357 19,558 19,722 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) 2017 ............................... 2018 ............................... 2019 ............................... 2020 ............................... 2021 ............................... 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 65,378 78,187 72,840 64,433 63,962 20,203,891 21,460,692 22,668,015 26,901,109 28,384,458 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 25,909 27,744 28,201 25,727 25,601 5,537,165 5,709,509 5,865,224 5,882,037 6,097,438 14,706,195 15,801,628 16,847,433 21,057,778 22,325,381 39,469 50,443 44,639 38,706 38,832 14,666,725 15,751,183 16,802,792 21,019,071 22,287,019 2021 - June .................... July ..................... Aug ..................... Sept .................... Oct...................... Nov ..................... Dec ..................... 2022 - Jan ...................... Feb ..................... Mar ..................... Apr ..................... May .................... June ................... 28,549,263 28,447,372 28,446,893 28,448,421 28,928,663 28,928,235 29,637,003 30,032,163 30,309,927 30,420,358 30,393,512 30,519,177 30,588,304 71,591 65,857 65,310 63,962 63,178 64,889 64,095 66,604 68,990 71,497 78,484 84,307 89,745 28,477,671 28,381,513 28,381,583 28,384,458 28,865,484 28,863,345 29,572,907 29,965,559 30,240,936 30,348,860 30,315,026 30,434,868 30,498,557 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 6,500,497 6,489,253 6,497,680 6,504,558 6,574,537 6,635,101 25,962 25,871 25,728 25,601 25,536 25,513 25,451 25,394 25,413 25,568 25,625 25,942 26,080 6,149,943 6,094,064 6,124,509 6,097,438 6,221,863 6,212,212 6,423,435 6,475,103 6,463,840 6,472,112 6,478,933 6,548,595 6,609,021 22,373,359 22,327,437 22,296,656 22,325,381 22,681,264 22,690,510 23,188,117 23,531,666 23,820,674 23,922,678 23,888,954 23,944,640 23,953,203 45,629 39,986 39,582 38,361 37,642 39,376 38,644 41,210 43,577 45,929 52,859 58,365 63,665 22,327,728 22,287,449 22,257,074 22,287,019 22,643,622 22,651,133 23,149,472 23,490,456 23,777,096 23,876,748 23,836,094 23,886,273 23,889,536 End of fiscal year or month Note-Detail may not add to totals due to rounding 24 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) 2017 .......................... 2018 .......................... 2019 .......................... 2020 .......................... 2021 .......................... 14,673,429 15,761,155 16,809,092 21,018,952 22,282,900 14,175,677 15,250,078 16,322,637 20,352,950 21,855,465 1,799,570 2,239,473 2,376,370 5,028,127 3,712,952 8,798,940 9,150,301 9,755,985 10,655,969 12,570,463 1,948,414 2,114,982 2,311,517 2,668,116 3,340,760 1,286,124 1,376,180 1,454,698 1,522,418 1,651,998 342,630 369,142 424,067 478,320 579,292 497,752 511,077 486,455 666,002 427,435 2021 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2022 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. 22,329,823 22,284,628 22,254,544 22,282,900 22,637,090 22,645,912 23,143,747 23,487,181 23,776,560 23,879,768 23,847,245 23,904,391 23,912,160 21,714,913 21,675,033 21,908,889 21,855,465 22,107,637 22,327,321 22,565,547 22,893,924 23,171,257 23,262,473 23,232,158 23,284,838 23,290,866 4,273,670 4,140,792 4,036,835 3,712,952 3,850,718 3,784,677 3,767,964 3,958,703 4,053,011 3,927,254 3,826,070 3,671,228 3,522,601 12,097,216 12,176,507 12,403,488 12,570,463 12,637,484 12,845,781 12,992,160 13,133,211 13,219,366 13,340,846 13,401,967 13,508,582 13,575,955 3,173,226 3,201,102 3,287,357 3,340,760 3,365,745 3,426,188 3,474,153 3,522,479 3,581,504 3,623,928 3,650,002 3,725,317 3,760,442 1,617,396 1,603,247 1,627,920 1,651,998 1,674,398 1,694,646 1,727,968 1,704,403 1,720,272 1,751,329 1,735,021 1,775,179 1,805,356 553,405 553,383 553,288 579,292 579,291 576,028 603,302 575,127 597,104 619,117 619,099 604,532 626,512 614,910 609,595 345,654 427,435 529,453 318,591 578,200 593,257 605,303 617,294 615,087 619,554 621,293 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) 2017 .......................... 2018 .......................... 2019 .......................... 2020 .......................... 2021 .......................... 161,705 156,809 152,355 148,677 143,662 - 264 264 264 264 264 223,787 250,680 248,052 291,831 120,537 80,359 71,753 53,809 106,607 127,047 29,995 29,995 29,995 116,100 32,781 1,641 1,575 1,981 2,523 3,144 2021 - June ............... July ................ Aug ................ Sept ............... Oct................. Nov ................ Dec ................ 2022 - Jan ................. Feb ................ Mar ................ Apr ................ May ............... June .............. 144,693 144,382 144,020 143,662 143,515 144,171 146,201 148,839 149,349 149,758 153,141 157,698 160,440 - 264 264 264 264 264 264 264 264 264 264 264 264 264 299,575 281,874 24,175 120,537 229,416 28,462 290,177 304,046 311,196 317,126 310,816 318,348 323,349 122,755 135,428 129,562 127,047 120,298 113,852 109,703 108,070 112,489 118,250 119,066 114,308 108,208 44,571 44,572 44,573 32,781 32,782 28,592 28,592 28,594 28,597 28,602 28,610 25,802 25,816 3,052 3,075 3,060 3,144 3,178 3,250 3,263 3,445 3,407 3,294 3,189 3,133 3,216 25 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) 2017 .................. 2018 .................. 2019 .................. 2020 .................. 2021 .................. 5,771,144 5,977,617 6,133,658 6,174,279 6,243,318 13,404 14,212 15,018 7,900 15,902 78,486 94,431 104,015 108,949 115,527 45,680 46,616 48,199 49,129 50,151 22,090 22,311 22,622 11,170 22,837 69,669 93,401 96,520 97,209 98,032 912,438 931,838 950,211 974,802 940,140 197,835 202,805 198,625 133,735 136,168 30,879 26,975 50,601 67,937 94,132 2021 - June ....... July ........ Aug ........ Sept ....... Oct......... Nov ........ Dec ........ 2022 - Jan ......... Feb ........ Mar ........ Apr ........ May ....... June ...... 6,475,076 6,401,459 6,173,650 6,243,318 6,476,647 6,266,251 6,739,100 6,804,276 6,800,284 6,814,679 6,815,264 6,891,257 6,959,055 17,441 17,619 17,661 15,902 12,878 13,966 13,284 13,349 11,860 10,226 9,720 8,500 7,644 114,403 111,127 114,408 115,527 113,982 116,043 116,180 117,456 117,818 119,708 118,337 120,162 122,284 49,028 49,697 50,187 50,151 50,184 50,194 50,163 50,190 50,616 50,555 50,571 50,604 50,598 22,838 22,839 22,836 22,837 22,838 22,563 22,004 21,238 21,233 20,490 20,057 20,046 18,992 97,756 97,420 97,068 98,032 97,231 97,125 99,438 102,211 102,101 103,141 107,372 107,728 112,415 966,224 962,098 947,947 940,140 925,520 925,469 1,002,182 997,812 993,710 989,581 986,085 982,954 991,615 133,123 116,012 127,759 136,168 136,252 137,026 142,338 152,559 147,703 144,682 156,419 170,325 186,786 79,600 92,261 93,199 94,132 94,346 92,393 63,361 94,805 95,442 95,970 96,309 95,830 97,084 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) 2017 ..................... 2018 ..................... 2019 ..................... 2020 ..................... 2021 ..................... 2,820,200 2,801,254 2,804,396 2,811,213 2,755,785 839 852 872 881 882 70,589 98,197 104,716 87,477 170,677 52,332 41,212 28,192 12,081 12,043 3,604 3,015 2,456 1,946 1,476 10,965 10,493 9,341 14,991 24,655 419 612 698 307 862 60,711 72,576 84,361 50,515 53,135 1,381,004 1,516,817 1,612,815 1,744,037 1,750,914 2021 - June .......... July ........... Aug ........... Sept .......... Oct............ Nov ........... Dec ........... 2022 - Jan ............ Feb ........... Mar ........... Apr ........... May .......... June ......... 2,785,928 2,779,001 2,763,094 2,755,785 2,746,390 2,729,698 2,752,688 2,761,169 2,742,311 2,730,161 2,746,607 2,730,507 2,758,523 882 882 882 882 882 882 882 882 882 882 882 883 884 177,726 149,550 173,498 170,677 171,181 167,147 181,774 175,950 181,994 190,778 164,259 200,131 200,275 17,560 14,703 13,671 12,043 14,076 14,392 132,390 132,990 134,401 134,751 135,956 135,329 135,575 1,607 1,560 1,519 1,476 1,447 1,412 1,392 1,355 1,320 1,278 1,241 1,213 1,192 23,179 24,149 24,281 24,655 22,559 23,362 23,373 24,296 24,202 24,845 22,809 22,507 22,519 502 628 740 862 701 459 506 688 700 716 691 593 613 62,576 52,365 60,183 53,135 52,264 61,984 60,415 59,196 61,053 62,600 56,976 76,429 76,046 1,924,703 1,909,548 1,664,717 1,750,914 2,013,916 1,812,136 2,076,730 2,098,130 2,112,938 2,134,315 2,140,973 2,167,516 2,176,010 Note—Detail may not add to totals due to rounding. Note-Detail may not add to totals due to rounding 26 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) 2017 ............................. 24,369 19 89 24,209 52 * 2018 ............................. 22,822 19 80 22,696 27 * 2019 ............................. 21,455 19 69 21,367 * * 2020 ............................. 20,151 19 58 20,075 * * 2021 ............................. 19,502 19 45 19,438 * * 2021 - June .................. 19,827 19 52 19,756 * * July ................... 19,650 19 53 19,578 * * Aug ................... 19,576 19 45 19,513 * * Sept .................. 19,502 19 45 19,438 * * Oct.................... 19,898 19 45 19,834 * * Nov ................... 20,248 19 46 20,184 * * Dec ................... 19,788 19 46 19,724 * * 2022 - Jan .................... 19,777 19 46 19,713 * * Feb ................... 19,574 19 38 19,518 * * Mar ................... 19,398 19 38 19,342 * * Apr ................... 19,357 19 39 19,300 * * May .................. 19,558 19 39 19,501 * * June ................. 19,722 19 39 19,664 * * End of fiscal year or month 27 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) 2017 ............................... 11,642,870 3,263,065 4,746,209 2018 ............................... 12,880,947 3,794,461 2019 ............................... 14,225,142 2020 ............................... Maturity classes 5-10 years (4) Average length (months) (7) 10-20 years (5) 20 years or more (6) 2,320,739 151,686 1,161,170 66 5,181,488 2,444,652 121,319 1,339,027 65 4,147,209 5,821,560 2,625,077 104,901 1,526,394 65 15,922,190 6,374,061 5,567,746 2,332,037 242,437 1,405,908 56 2021 ............................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 2021 - June .................... 16,549,632 5,763,848 6,109,620 2,719,055 465,663 1,491,446 62 July ..................... 16,285,637 5,650,055 5,960,565 2,706,413 460,238 1,508,367 63 Aug ..................... 16,561,991 5,551,884 6,195,336 2,773,359 518,540 1,522,873 64 Sept .................... 16,439,495 5,237,754 6,270,122 2,855,223 537,059 1,539,338 66 Oct ...................... 16,455,433 5,390,259 6,120,690 2,858,166 531,506 1,554,811 65 Nov ..................... 16,757,903 5,309,420 6,356,333 2,945,703 586,315 1,560,131 66 Dec ..................... 16,931,552 5,305,095 6,445,636 3,004,209 600,532 1,576,081 66 2022 - Jan ...................... 17,194,470 5,540,423 6,409,263 3,034,048 617,719 1,593,017 66 Feb ..................... 17,441,660 5,656,274 6,475,818 3,052,591 667,274 1,589,703 66 Mar ..................... 17,519,927 5,559,737 6,541,403 3,126,753 683,615 1,608,419 66 Apr ...................... 17,332,521 5,487,037 6,399,519 3,138,408 677,868 1,629,689 67 May..................... 17,530,546 5,360,375 6,611,565 3,193,692 724,547 1,640,367 68 June.................... 17,563,428 5,240,978 6,691,404 3,232,049 738,774 1,660,224 68 End of fiscal year or month Note—Detail may not add to totals due to rounding. 28 TABLE FD-6—Debt Subject to Statutory Limit [In millions of dollars. Source: “Monthly Statement of the Public Debt of the United States”] End of fiscal year or month Statutory debt limit (1) Debt subject to limit Total (2) Public debt (3) Securities outstanding Other debt 1 (4) Public debt (5) Other debt (6) Securities not subject to limit (7) 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 2019 ....................................... - 22,686,617 22,686,617 - 22,719,402 - 32,785 2020 ....................................... - 26,920,380 26,920,380 - 26,945,391 - 25,011 2021 ....................................... 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481 2021 – June ........................... - 28,501,528 28,501,528 - 28,529,436 - 27,907 July ............................. - 28,401,438 28,401,438 - 28,427,722 - 26,284 Aug ............................. 28,401,463 28,401,438 28,401,438 - 28,427,317 - 25,879 Sept ............................ 28,401,463 28,401,438 28,401,438 - 28,428,919 - 27,481 Oct.............................. 28,881,463 28,881,438 28,881,438 - 28,908,765 - 27,328 Nov ............................. 28,881,463 28,881,438 28,881,438 - 28,907,987 - 26,549 Dec ............................. 31,381,463 29,590,001 29,590,001 - 29,617,215 - 27,214 2022 – Jan ............................. 31,381,463 29,982,990 29,982,990 - 30,012,386 - 29,396 Feb ............................. 31,381,463 30,258,450 30,258,450 - 30,290,353 - 31,902 Mar ............................. 31,381,463 30,365,315 30,365,315 - 30,400,960 - 35,645 Apr.............................. 31,381,463 30,333,895 30,333,895 - 30,374,155 - 40,260 May ............................ 31,381,463 30,458,012 30,458,012 - 30,499,619 - 41,606 June ........................... 31,381,463 30,523,251 30,523,251 - 30,568,582 - 45,331 (1) Pursuant to 31 U.S.C. 3101(b), Public law 117-73, the Statutory Debt Limit was permanently increased effective December 16, 2021, to $31,381,462,788,891.71. (2) Pursuant to 31 U.S.C. 3101(b). By the Bipartisan Budget Act of 2019, Public Law 116-37, the Statutory Debt Limit has been suspended through July 31, 2021. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective August 1, 2021 to $28,401,462,788,891.71. (4) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. The Statutory Debt Limit in 31 U.S.C. 3101(b) was permanently increased effective December 9, 2017, to $20,455,999,906,400.12 (3) Pursuant to 31 U.S.C. 3101(b). By the Continuing Appropriations Act, 2018 and Supplemental Appropriations for the Disaster Relief Requirements Act 2017, Public Law 115-56, the Statutory Debt Limit was suspended through December 8, 2017. (5)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. 29 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) 2017 ....................................... 2018 ....................................... 2019 ....................................... 2020 ....................................... 2021 ....................................... 1,442,633 1,512,469 1,570,919 1,813,390 1,809,674 19,810 23,005 39,017 43,575 31,592 21,940 19,325 21,473 21,396 21,196 26,992 26,797 29,605 30,483 30,286 645 583 660 637 658 601 453 432 363 317 2021 - June ............................ July ............................. Aug ............................. Sept ............................ Oct.............................. Nov ............................. Dec ............................. 2022 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... 1,798,723 1,869,619 1,918,353 1,809,674 1,869,279 1,887,822 1,911,421 1,919,559 1,937,167 1,954,853 1,977,620 1,989,056 1,996,058 27,746 27,596 28,636 31,592 39,986 42,593 30,333 31,128 32,196 31,290 29,895 30,696 30,743 20,425 20,425 21,182 21,196 21,364 21,494 21,629 21,752 21,842 20,775 20,856 20,944 21,069 29,317 29,319 30,141 30,286 30,439 30,550 31,039 31,126 31,260 29,420 29,522 29,615 29,867 585 585 656 658 660 663 665 666 667 558 560 564 568 363 363 317 317 317 317 317 317 317 317 317 317 317 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) 2017 ....................................... 2018 ....................................... 2019 ....................................... 2020 ....................................... 2021 ....................................... 1,178,495 1,258,499 1,287,510 1,249,871 1,221,381 5,009 5,531 5,280 5,649 5,629 27,954 24,709 30,386 44,722 66,271 128 134 24 30 10 61,270 61,584 63,751 71,373 70,500 2021 - June ............................ July............................. Aug............................. Sept............................ Oct ............................. Nov............................. Dec............................. 2022 - Jan .............................. Feb ............................. Mar ............................. Apr ............................. May ............................ June ........................... 1,291,837 1,326,667 1,325,568 1,221,381 1,258,486 1,258,479 1,277,348 1,277,366 1,277,201 1,287,754 1,298,251 1,298,279 1,272,314 5,762 5,870 5,867 5,629 5,621 5,621 5,615 5,595 5,927 5,922 5,887 5,862 5,861 51,817 70,044 70,044 66,271 66,271 66,271 66,271 66,271 66,271 66,271 66,271 66,271 98,149 30 30 10 10 10 10 10 11 11 11 11 13 13 69,963 70,223 70,624 70,500 70,668 71,302 71,819 71,938 72,459 72,718 72,075 72,470 72,846 30 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) 2017 ...................................... 24,645 3,712 7,693 63,739 2018 ...................................... 20,213 3,725 11,212 56,699 2019 ...................................... 16,946 3,934 11,810 60,091 2020 ...................................... 15,388 4,384 176,174 149,345 2021 ...................................... 14,531 4,567 262,655 80,081 2021 - June ........................... 15,391 3,375 197,982 84,130 July ............................ 15,391 3,790 214,982 84,334 Aug ............................ 14,431 4,145 264,070 82,662 Sept ........................... 14,531 4,567 262,655 80,081 Oct............................. 14,532 4,994 275,269 80,662 Nov ............................ 14,532 5,326 294,269 76,395 Dec ............................ 14,590 5,757 309,269 76,759 2022 - Jan ............................. 14,596 6,187 315,532 77,074 Feb ............................ 14,596 6,515 330,532 77,373 Mar ............................ 14,596 6,927 340,533 77,761 Apr ............................ 14,596 7,338 354,042 77,999 May ........................... 14,596 7,701 363,345 78,383 June .......................... 14,596 3,157 367,138 79,420 End of fiscal year or month Note—Detail may not add to totals due to rounding. 31 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 119-Day Cash Management Bills On March 29, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 5 and will mature August 2. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on March 30. Tenders totaled $94,502 million; Treasury accepted $30,000 million, including $8 million of noncompetitive tenders from the public. The high bank discount rate was 0.805 percent. Auction of 119-Day Cash Management Bills On April 5, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 12 and will mature August 9. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on April 6. Tenders totaled $110,919 million; Treasury accepted $30,000 million, including $15 million of noncompetitive tenders from the public. The high bank discount rate was 0.910 percent. Auction of 3-Year Notes On April 7, 2022, Treasury announced it would auction $46,000 million of 3-year notes. The issue was to refund $65,734 million of securities maturing April 15 and to raise new cash of approximately $34,266 million. The 3-year notes of Series AM-2025 were dated April 15 and issued April 18. They are due April 15, 2025, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 2-5/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the notes before 12:00 noon Eastern Time (ET) for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 11. Tenders totaled $114,191 million; Treasury accepted $46,000 32 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.738 percent with an equivalent price of $99.677225. Treasury accepted in full all competitive tenders at yields lower than 2.738 percent. Tenders at the high yield were allotted 20.79 percent. The median yield was 2.680 percent, and the low yield was 2.610 percent. Noncompetitive tenders totaled $238 million. Competitive tenders accepted from private investors totaled $45,558 million. Accrued interest of $0.21516 per $1,000 must be paid for the period from April 15 to April 18. In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $10,973 million from Federal Reserve Banks (FRBs) for their own accounts. The minimum par amount required for Separate Trading of Registered Interest and Principal Securities (STRIPS) of notes of Series AM-2025 is $100. Auction of 9-Year 10-Month 1-7/8 Percent Notes On April 7, 2022, Treasury announced it would auction $34,000 million of 9-year 10-month 1-7/8 percent notes. The issue was to refund $65,734 million of securities maturing April 15 and to raise new cash of approximately $34,266 million. The 9-year 10-month 1-7/8 percent notes of Series B-2032 were dated February 15 and issued April 18. They are due February 15, 2032, 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 12. Tenders totaled $82,722 million; Treasury accepted $34,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.720 percent with an equivalent price of $92.751781. Treasury accepted in full all competitive tenders at yields lower than 2.720 percent. Tenders at the high yield were allotted 66.58 percent. The median yield was 2.620 percent, and the low yield was 2.570 percent. Noncompetitive tenders totaled $10 million. Competitive tenders accepted from private investors totaled $33,990 million. Accrued interest of $3.21133 per $1,000 must be paid for the period from February 15 to April 18. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $8,111 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series B-2032 is $100. Auction of 29-Year 10-Month 2-1/4 Percent Bonds On April 7, 2022, Treasury announced it would auction $20,000 million of 29-year 10-month 2-1/4 percent bonds. The issue was to refund $65,734 million of securities maturing April 15 and to raise new cash of approximately $34,266 million. The 29-year 10-month 2-1/4 percent bonds of February 2052 were dated February 15 and issued April 18. They are due February 15, 2052, 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 13. Tenders totaled $46,003 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.815 percent with an equivalent price of $88.643787. Treasury accepted in full all competitive tenders at yields lower than 2.815 percent. Tenders at the high yield were allotted 67.71 percent. The median yield was 2.725 percent, and the low yield was 2.670 percent. Noncompetitive tenders totaled $5 million. Competitive tenders accepted from private investors totaled $19,995 million. Accrued interest of $3.85359 per $1,000 must be paid for the period from February 15 to April 18. In addition to the $20,000 million of tenders accepted in the auction process, Treasury accepted $4,771 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2052 is $100. 33 Auction of 119-Day Cash Management Bills On April 12, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 19 and will mature August 16. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on April 13. Tenders totaled $107,771 million; Treasury accepted $30,000 million, including $11 million of noncompetitive tenders from the public. The high bank discount rate was 0.965 percent. Auction of 52-Week Bills On April 14, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued April 21 and will mature April 20, 2023. The issue was to refund $139,000 million of all maturing bills and to raise new cash of approximately $ million. Treasury auctioned the bills on April 19. Tenders totaled $112,601 million; Treasury accepted $34,000 million, including $711 million of noncompetitive tenders from the public. The high bank discount rate was 1.870 percent. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $4,399 million from FRBs for their own accounts. Auction of 119-Day Cash Management Bills On April 19, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued April 26 and will mature August 23. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on April 20. Tenders totaled $114,722 million; Treasury accepted $30,000 million, including $12 million of noncompetitive tenders from the public. The high bank discount rate was 1.070 percent. Auction of 5-Year Treasury Inflation Protected Security (TIPS) On April 14, 2022, Treasury announced it would auction $20,000 million of 5-year TIPS. The issue was to raise new cash of approximately $20,000 million. The 5-year TIPS of Series X-2027 were dated April 15 and issued April 29. They are due April 15, 2027, with interest payable on October 15 and April 15 until maturity. Treasury set an interest rate of 0-1/8 percent after determining which tenders were accepted on a yield auction basis. Treasury received tenders for the TIPS before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 21. Tenders totaled $54,680 million; Treasury accepted $20,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of -0.340 percent with an equivalent adjusted price of $102.762649. Treasury accepted in full all competitive tenders at yields lower than 0.340 percent. Tenders at the high yield were allotted 56.81 percent. The median yield was -0.400 percent, and the low yield was -0.420 percent. Noncompetitive tenders totaled $132 million. Competitive tenders accepted from private investors totaled $19,869 million. Adjusted accrued interest of $0.04801 per $1,000 must be paid for the period from April 15 to April 29. Both the unadjusted price of $102.328775 and the unadjusted accrued interest of $0.04781 were adjusted by an index ratio of 1.00424, for the period from April 15 to April 29. The minimum par amount required for STRIPS of TIPS of Series X-2027 is $100. MAY Auction of 19-Year 10-Month 2-3/8 Percent Bonds On April 14, 2022, Treasury announced it would auction $16,000 million of 19-year 10-month 2-3/8 percent bonds. The issue was to refund $152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. The 19-year 10-month 2-3/8 percent bonds of February 2042 were dated February 15 and issued May 2. They are due February 15, 2042, with interest payable on August 15 and February 15 until maturity. 34 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 20. Tenders totaled $44,815 million; Treasury accepted $16,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.095 percent with an equivalent price of $89.399717. Treasury accepted in full all competitive tenders at yields lower than 3.095 percent. Tenders at the high yield were allotted 65.88 percent. The median yield was 3.030 percent, and the low yield was 2.880 percent. Noncompetitive tenders totaled $8 million. Competitive tenders accepted from private investors totaled $15,992 million. Accrued interest of $4.98619 per $1,000 must be paid for the period from February 15 to May 2. In addition to the $16,000 million of tenders accepted in the auction process, Treasury accepted $2,218 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of February 2042 is $100. Auction of 2-Year Notes On April 21, 2022, Treasury announced it would auction $48,000 million of 2-year notes. The issue was to refund $152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. The 2-year notes of Series BA-2024 were dated April 30 and issued May 2. They are due April 30, 2024, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-1/2 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 April 26. Tenders totaled $131,452 million; Treasury accepted $48,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.585 percent with an equivalent price of $99.835616. Treasury accepted in full all competitive tenders at yields lower than 2.585 percent. Tenders at the high yield were allotted 55.91 percent. The median yield was 2.534 percent, and the low yield was 2.450 percent. Noncompetitive tenders totaled $861 million. Competitive tenders accepted from private investors totaled $47,034 million. Accrued interest of $0.13587 per $1,000 must be paid for the period from April 30 to May 2. In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $6,655 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BA-2024 is $100. Auction of 2-Year Floating Rate Notes (FRNs) On April 21, 2022, Treasury announced it would auction $24,000 million of 2-year FRNs. The issue was to refund $152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. The 2-year FRNs of Series BB-2024 were dated April 30 and issued May 2. They are due April 30, 2024, with interest payable on July 31, October 31, January 31, and April 30 until maturity. Treasury set a spread of -0.075 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 27. Tenders totaled $60,131 million; Treasury accepted $24,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of -0.075 percent with an equivalent price of $99.999991. Treasury accepted in full all competitive tenders at discount margins lower than -0.075 percent. Tenders at the high discount margin were allotted 59.59 percent. The median discount margin was -0.100 percent, and the low discount margin was -0.160 percent. Noncompetitive tenders totaled $57 million. Competitive tenders accepted from private investors totaled $23,938 million. Accrued interest of $0.004538926 per $100 must be paid for the period from April 30 to May 2. In addition to the $24,000 million of tenders accepted in the auction process, Treasury accepted $3,328 million from FRBs for their own accounts. 35 Auction of 5-Year Notes On April 21, 2022, Treasury announced it would auction $49,000 million of 5-year notes. The issue was to refund $152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. The 5-year notes of Series Y-2027 were dated April 30 and issued May 2. They are due April 30, 2027, with interest payable on October 31 and April 30 until maturity. Treasury set an interest rate of 2-3/4 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 April 27. Tenders totaled $118,293 million; Treasury accepted $49,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.785 percent with an equivalent price of $99.837649. Treasury accepted in full all competitive tenders at yields lower than 2.785 percent. Tenders at the high yield were allotted 86.88 percent. The median yield was 2.720 percent, and the low yield was 2.650 percent. Noncompetitive tenders totaled $99 million. Competitive tenders accepted from private investors totaled $48,796 million. Accrued interest of $0.14946 per $1,000 must be paid for the period from April 30 to May 2. In addition to the $49,000 million of tenders accepted in the auction process, Treasury accepted $6,794 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Y-2027 is $100. Auction of 7-Year Notes On April 21, 2022, Treasury announced it would auction $44,000 million of 7-year notes. The issue was to refund $152,209 million of securities maturing April 30 and to raise new cash of approximately $28,791 million. The 7-year notes of Series K-2029 were dated April 30 and issued May 2. They are due April 30, 2029, with interest payable on October 31 and April 30 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on April 28. Tenders totaled $105,902 million; Treasury accepted $44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.908 percent with an equivalent price of $99.792275. Treasury accepted in full all competitive tenders at yields lower than 2.908 percent. Tenders at the high yield were allotted 38.02 percent. The median yield was 2.840 percent, and the low yield was 2.780 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled $43,979 million. Accrued interest of $0.15625 per $1,000 must be paid for the period from April 30 to May 2. In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $6,101 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series K-2029 is $100. Auction of 119-Day Cash Management Bills On April 26, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 3 and will mature August 30. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on April 27. Tenders totaled $106,735 million; Treasury accepted $30,000 million, including $18 million of noncompetitive tenders from the public. The high bank discount rate was 1.110 percent. Auction of 119-Day Cash Management Bills On May 3, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 10 and will mature September 6. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on May 4. Tenders totaled $99,350 million; Treasury accepted $30,000 million, including $9 million of noncompetitive tenders from the public. The high bank discount rate was 1.225 percent. 36 May Quarterly Financing On May 4, 2022, Treasury announced it would auction $45,000 million of 3-year notes, $36,000 million of 10-year notes, and $22,000 million of 30-year bonds to refund $47,846 million of securities maturing May 15, 2022 and to raise new cash of approximately $55,154 million. The 3-year notes of Series AN-2025 were dated May 15 and issued May 16. They are due May 15, 2025, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 2-3/4 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 May 10. Tenders totaled $116,761 million; Treasury accepted $45,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.809 percent with an equivalent price of $99.831427. Treasury accepted in full all competitive tenders at yields lower than 2.809 percent. Tenders at the high yield were allotted 56.80 percent. The median yield was 2.740 percent, and the low yield was 2.690 percent. Noncompetitive tenders totaled $231 million. Competitive tenders accepted from private investors totaled $44,664 million. Accrued interest of $0.07473 per $1,000 must be paid for the period from May 15 to May 16. In addition to the $45,000 million of tenders accepted in the auction process, Treasury accepted $31,493 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AN-2025 is $100. The 10-year notes of Series C-2032 were dated May 15 and issued May 16. They are due May 15, 2032, 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on May 11. Tenders totaled $89,548 million; Treasury accepted $36,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.943 percent with an equivalent price of $99.414646. Treasury accepted in full all competitive tenders at yields lower than 2.943 percent. Tenders at the high yield were allotted 75.08 percent. The median yield was 2.850 percent, and the low yield was 2.800 percent. Noncompetitive tenders totaled $51 million. Competitive tenders accepted from private investors totaled $35,949 million. Accrued interest of $0.07813 per $1,000 must be paid for the period from May 15 to May 16. In addition to the $36,000 million of tenders accepted in the auction process, Treasury accepted $25,194 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2032 is $100. The 30-year bonds of May 2052 were dated May 15 and issued May 16. They are due May 15, 2052, 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 12. Tenders totaled $52,403 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.997 percent with an equivalent price of $97.596896. Treasury accepted in full all competitive tenders at yields lower than 2.997 percent. Tenders at the high yield were allotted 23.16 percent. The median yield was 2.910 percent, and the low yield was 2.860 percent. Noncompetitive tenders totaled $14 million. Competitive tenders accepted from private investors totaled $21,986 million. Accrued interest of $0.07813 per $1,000 must be paid for the period from May 15 to May 16. In addition to the $22,000 million of tenders accepted in the auction process, Treasury accepted $15,396 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2052 is $100. 37 Auction of 119-Day Cash Management Bills On May 10, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 17 and will mature September 13. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on May 11. Tenders totaled $98,760 million; Treasury accepted $30,001 million, including $10 million of noncompetitive tenders from the public. The high bank discount rate was 1.160 percent. Auction of 52-Week Bills On May 12, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued May 19 and will mature May 18, 2023. The issue was to refund $144,999 million of all maturing bills and to pay down approximately $23,999 million. Treasury auctioned the bills on May 18. Tenders totaled $106,050 million; Treasury accepted $34,000 million, including $914 million of noncompetitive tenders from the public. The high bank discount rate was 2.100 percent. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $5,178 million from FRBs for their own accounts. Auction of 119-Day Cash Management Bills On May 17, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 24 and will mature September 20. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on May 18. Tenders totaled $91,353 million; Treasury accepted $30,000 million, including $7 million of noncompetitive tenders from the public. The high bank discount rate was 1.250 percent. Auction of 1-Year 11-Month -0.075 Percent FRNs On May 19, 2022, Treasury announced it would auction $22,000 million of 1-year 11-month -0.075 percent FRNs. The issue was to raise new cash of approximately $22,000 million. The 1-year 11-month -0.075 percent FRNs of Series BB-2024 were dated April 30 and issued May 27. They are due April 30, 2024, 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 25. Tenders totaled $70,795 million; Treasury accepted $22,001 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of 0.000 percent with an equivalent price of $99.854908. Treasury accepted in full all competitive tenders at discount margins lower than 0.000 percent. Tenders at the high discount margin were allotted 25.14 percent. The median discount margin was -0.013 percent, and the low discount margin was -0.060 percent. Noncompetitive tenders totaled $21 million. Competitive tenders accepted from private investors totaled $21,975 million. Accrued interest of $0.066411593 per $100 must be paid for the period from April 30 to May 27. Auction of 119-Day Cash Management Bills On May 24, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued May 31 and will mature September 27. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on May 25. Tenders totaled $96,437 million; Treasury accepted $30,000 million, including $8 million of noncompetitive tenders from the public. The high bank discount rate was 1.280 percent. Auction of 20-Year Bonds On May 12, 2022, Treasury announced it would auction $17,000 million of 20-year bonds. The issue was to refund $90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. The 20-year bonds of May 2042 were dated May 15 and issued May 31. They are due May 15, 2042, with interest payable on November 15 and May 15 until maturity. Treasury set an interest rate of 3-1/4 percent after determining which tenders were accepted on a yield auction basis. 38 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 18. Tenders totaled $42,420 million; Treasury accepted $17,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.290 percent with an equivalent price of $99.416025. Treasury accepted in full all competitive tenders at yields lower than 3.290 percent. Tenders at the high yield were allotted 79.85 percent. The median yield was 3.215 percent, and the low yield was 2.880 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $16,988 million. Accrued interest of $1.41304 per $1,000 must be paid for the period from May 15 to May 31. In addition to the $17,000 million of tenders accepted in the auction process, Treasury accepted $2,556 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2042 is $100. Auction of 9-Year 8-Month 0-1/8 Percent TIPS On May 12, 2022, Treasury announced it would auction $14,000 million of 9-year 8-month 0-1/8 percent TIPS. The issue was to refund $90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. The 9-year 8-month 0-1/8 percent TIPS of Series A-2032 were dated January 15 and issued May 31. They are due January 15, 2032, 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 19. Tenders totaled $31,368 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.232 percent with an equivalent adjusted price of $102.616800. Treasury accepted in full all competitive tenders at yields lower than 0.232 percent. Tenders at the high yield were allotted 22.71 percent. The median yield was 0.080 percent, and the low yield was 0.000 percent. Noncompetitive tenders totaled $31 million. Competitive tenders accepted from private investors totaled $13,969 million. Adjusted accrued interest of $0.48685 per $1,000 must be paid for the period from January 15 to May 31. Both the unadjusted price of $98.982175 and the unadjusted accrued interest of $0.46961 were adjusted by an index ratio of 1.03672, for the period from January 15 to May 31. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $2,105 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series A-2032 is $100. Auction of 2-Year Notes On May 19, 2022, Treasury announced it would auction $47,000 million of 2-year notes. The issue was to refund $90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. The 2-year notes of Series BC-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 2-1/2 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 24. Tenders totaled $122,509 million; Treasury accepted $47,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.519 percent with an equivalent price of $99.963167. Treasury accepted in full all competitive tenders at yields lower than 2.519 percent. Tenders at the high yield were allotted 28.24 percent. The median yield was 2.445 percent, and the low yield was 2.400 percent. Noncompetitive tenders totaled $677 million. Competitive tenders accepted from private investors totaled $46,223 million. In addition to the $47,000 million of tenders accepted in the auction process, Treasury accepted $7,066 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BC-2024 is $100. 39 Auction of 5-Year Notes On May 19, 2022, Treasury announced it would auction $48,000 million of 5-year notes. The issue was to refund $90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. The 5-year notes of Series Z-2027 were dated and issued May 31. They are due May 31, 2027, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 2-5/8 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 25. Tenders totaled $117,275 million; Treasury accepted $48,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.736 percent with an equivalent price of $99.484571. Treasury accepted in full all competitive tenders at yields lower than 2.736 percent. Tenders at the high yield were allotted 17.44 percent. The median yield was 2.660 percent, and the low yield was 2.600 percent. Noncompetitive tenders totaled $108 million. Competitive tenders accepted from private investors totaled $47,789 million. In addition to the $48,000 million of tenders accepted in the auction process, Treasury accepted $7,216 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series Z-2027 is $100. Auction of 7-Year Notes On May 19, 2022, Treasury announced it would auction $42,000 million of 7-year notes. The issue was to refund $90,451 million of securities maturing May 31 and to raise new cash of approximately $77,549 million. The 7-year notes of Series L-2029 were dated and issued May 31. They are due May 31, 2029, with interest payable on November 30 and May 31 until maturity. Treasury set an interest rate of 2-3/4 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 May 26. Tenders totaled $112,972 million; Treasury accepted $42,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.777 percent with an equivalent price of $99.829306. Treasury accepted in full all competitive tenders at yields lower than 2.777 percent. Tenders at the high yield were allotted 0.47 percent. The median yield was 2.712 percent, and the low yield was 2.650 percent. Noncompetitive tenders totaled $17 million. Competitive tenders accepted from private investors totaled $41,983 million. In addition to the $42,000 million of tenders accepted in the auction process, Treasury accepted $6,314 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series L-2029 is $100. JUNE Auction of 119-Day Cash Management Bills On May 31, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 7 and will mature October 4. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on June 1. Tenders totaled $92,642 million; Treasury accepted $30,000 million, including $6 million of noncompetitive tenders from the public. The high bank discount rate was 1.390 percent. Auction of 119-Day Cash Management Bills On June 7, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 14 and will mature October 11. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on June 8. Tenders totaled $94,245 million; Treasury accepted $30,000 million, including $10 million of noncompetitive tenders from the public. The high bank discount rate was 1.510 percent. 40 Auction of 3-Year Notes On June 2, 2022, Treasury announced it would auction $44,000 million of 3-year notes. The issue was to refund $23,079 million of securities maturing June 15 and to raise new cash of approximately $72,921 million. The 3-year notes of Series AP-2025 were dated and issued June 15. They are due June 15, 2025, with interest payable on December 15 and June 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 notes before 12:00 noon ET for noncompetitive tenders and before 1:00 p.m. ET for competitive tenders on June 7. Tenders totaled $107,934 million; Treasury accepted $44,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 2.927 percent with an equivalent price of $99.851689. Treasury accepted in full all competitive tenders at yields lower than 2.927 percent. Tenders at the high yield were allotted 63.87 percent. The median yield was 2.870 percent, and the low yield was 2.780 percent. Noncompetitive tenders totaled $174 million. Competitive tenders accepted from private investors totaled $43,626 million. In addition to the $44,000 million of tenders accepted in the auction process, Treasury accepted $2,587 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AP-2025 is $100. Auction of 9-Year 11-Month 2-7/8 Percent Notes On June 2, 2022, Treasury announced it would auction $33,000 million of 9-year 11-month 2-7/8 percent notes. The issue was to refund $23,079 million of securities maturing June 15 and to raise new cash of approximately $72,921 million. The 9-year 11-month 2-7/8 percent notes of Series C-2032 were dated May 15 and issued June 15. They are due May 15, 2032, 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 1:00 p.m. ET for competitive tenders on June 8. Tenders totaled $79,597 million; Treasury accepted $33,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.030 percent with an equivalent price of $98.677928. Treasury accepted in full all competitive tenders at yields lower than 3.030 percent. Tenders at the high yield were allotted 42.58 percent. The median yield was 2.950 percent, and the low yield was 2.890 percent. Noncompetitive tenders totaled $19 million. Competitive tenders accepted from private investors totaled $32,981 million. Accrued interest of $2.42188 per $1,000 must be paid for the period from May 15 to June 15. In addition to the $33,000 million of tenders accepted in the auction process, Treasury accepted $1,940 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series C-2032 is $100. Auction of 29-Year 11-Month 2-7/8 Percent Bonds On June 2, 2022, Treasury announced it would auction $19,000 million of 29-year 11-month 2-7/8 percent bonds. The issue was to refund $23,079 million of securities maturing June 15 and to raise new cash of approximately $72,921 million. The 29-year 11-month 2-7/8 percent bonds of May 2052 were dated May 15 and issued June 15. They are due May 15, 2052, 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 9. Tenders totaled $44,670 million; Treasury accepted $19,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.185 percent with an equivalent price of $94.045539. Treasury accepted in full all competitive tenders at yields lower than 3.185 percent. Tenders at the high yield were allotted 63.99 percent. The median yield was 3.105 percent, and the low yield was 3.030 percent. Noncompetitive tenders totaled $4 million. Competitive tenders accepted from private investors 41 totaled $18,996 million. Accrued interest of $2.42188 per $1,000 must be paid for the period from May 15 to June 15. In addition to the $19,000 million of tenders accepted in the auction process, Treasury accepted $1,117 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2052 is $100. Auction of 52-Week Bills On June 9, 2022, Treasury announced it would auction $34,000 million of 364-day Treasury bills. They were issued June 16 and will mature June 15, 2023. The issue was to refund $144,999 million of all maturing bills and to pay down approximately $23,999 million. Treasury auctioned the bills on June 14. Tenders totaled $106,804 million; Treasury accepted $34,000 million, including $882 million of noncompetitive tenders from the public. The high bank discount rate was 3.020 percent. In addition to the $34,000 million of tenders accepted in the auction process, Treasury accepted $3,943 million from FRBs for their own accounts. Auction of 119-Day Cash Management Bills On June 14, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 21 and will mature October 18. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on June 15. Tenders totaled $96,089 million; Treasury accepted $30,000 million, including $5 million of noncompetitive tenders from the public. The high bank discount rate was 2.090 percent. Auction of 1-Year 10-Month -0.075 Percent FRNs On June 16, 2022, Treasury announced it would auction $22,000 million of 1-year 10-month -0.075 percent FRNs. The issue was to raise new cash of approximately $22,000 million. The 1-year 10-month -0.075 percent FRNs of Series BB-2024 were dated April 30 and issued June 24. They are due April 30, 2024, 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 22. Tenders totaled $76,754 million; Treasury accepted $22,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high discount margin of -0.003 percent with an equivalent price of $99.866853. Treasury accepted in full all competitive tenders at discount margins lower than -0.003 percent. Tenders at the high discount margin were allotted 72.99 percent. The median discount margin was -0.010 percent, and the low discount margin was -0.090 percent. Noncompetitive tenders totaled $65 million. Competitive tenders accepted from private investors totaled $21,930 million. Accrued interest of $0.163796152 per $100 must be paid for the period from April 30 to June 24. Auction of 119-Day Cash Management Bills On June 21, 2022, Treasury announced it would auction $30,000 million of 119-day bills. They were issued June 28 and will mature October 25. The issue was to raise new cash of approximately $30,000 million. Treasury auctioned the bills on June 22. Tenders totaled $89,942 million; Treasury accepted $30,000 million, including $8 million of noncompetitive tenders from the public. The high bank discount rate was 2.060 percent. Auction of 19-Year 11-Month 3-1/4 Percent Bonds On June 16, 2022, Treasury announced it would auction $14,000 million of 19-year 11-month 3-1/4 percent bonds. The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. The 19-year 11-month 3-1/4 percent bonds of May 2042 were dated May 15 and issued June 30. They are due May 15, 2042, with interest payable on November 15 and May 15 until maturity. 42 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 22. Tenders totaled $36,349 million; Treasury accepted $14,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.488 percent with an equivalent price of $96.603091. Treasury accepted in full all competitive tenders at yields lower than 3.488 percent. Tenders at the high yield were allotted 8.62 percent. The median yield was 3.405 percent, and the low yield was 3.380 percent. Noncompetitive tenders totaled $12 million. Competitive tenders accepted from private investors totaled $13,988 million. Accrued interest of $4.06250 per $1,000 must be paid for the period from May 15 to June 30. In addition to the $14,000 million of tenders accepted in the auction process, Treasury accepted $1,070 million from FRBs for their own accounts. The minimum par amount required for STRIPS of bonds of May 2042 is $100. Auction of 4-Year 10-Month 0-1/8 Percent TIPS On June 16, 2022, Treasury announced it would auction $18,000 million of 4-year 10-month 0-1/8 percent TIPS. The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. The 4-year 10-month 0-1/8 percent TIPS of Series X-2027 were dated April 15 and issued June 30. They are due April 15, 2027, 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 23. Tenders totaled $46,998 million; Treasury accepted $18,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 0.362 percent with an equivalent adjusted price of $101.224234. Treasury accepted in full all competitive tenders at yields lower than 0.362 percent. Tenders at the high yield were allotted 20.88 percent. The median yield was 0.300 percent, and the low yield was 0.200 percent. Noncompetitive tenders totaled $138 million. Competitive tenders accepted from private investors totaled $17,862 million. Adjusted accrued interest of $0.26573 per $1,000 must be paid for the period from April 15 to June 30. Both the unadjusted price of $98.874965 and the unadjusted accrued interest of $0.25956 were adjusted by an index ratio of 1.02376, for the period from April 15 to June 30. In addition to the $18,000 million of tenders accepted in the auction process, Treasury accepted $1,376 million from FRBs for their own accounts. The minimum par amount required for STRIPS of TIPS of Series X-2027 is $100. Auction of 2-Year Notes On June 23, 2022, Treasury announced it would auction $46,000 million of 2-year notes. The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. The 2-year notes of Series BD-2024 were dated and issued June 30. They are due June 30, 2024, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3 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 June 27. Tenders totaled $115,396 million; Treasury accepted $46,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.084 percent with an equivalent price of $99.838282. Treasury accepted in full all competitive tenders at yields lower than 3.084 percent. Tenders at the high yield were allotted 1.29 percent. The median yield was 3.000 percent, and the low yield was 2.940 percent. Noncompetitive tenders totaled $785 million. Competitive tenders accepted from private investors totaled $45,115 million. In addition to the $46,000 million of tenders accepted in the auction process, Treasury accepted $3,516 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series BD-2024 is $100. 43 Auction of 5-Year Notes On June 23, 2022, Treasury announced it would auction $47,000 million of 5-year notes. The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. The 5-year notes of Series AA-2027 were dated and issued June 30. They are due June 30, 2027, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3-1/4 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 June 27. Tenders totaled $107,262 million; Treasury accepted $47,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.271 percent with an equivalent price of $99.903859. Treasury accepted in full all competitive tenders at yields lower than 3.271 percent. Tenders at the high yield were allotted 21.90 percent. The median yield was 3.180 percent, and the low yield was 3.120 percent. Noncompetitive tenders totaled $112 million. Competitive tenders accepted from private investors totaled $46,888 million. In addition to the $47,000 million of tenders accepted in the auction process, Treasury accepted $3,592 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series AA-2027 is $100. Auction of 7-Year Notes On June 23, 2022, Treasury announced it would auction $40,000 million of 7-year notes. The issue was to refund $86,090 million of securities maturing June 30 and to raise new cash of approximately $78,910 million. The 7-year notes of Series M-2029 were dated and issued June 30. They are due June 30, 2029, with interest payable on December 31 and June 30 until maturity. Treasury set an interest rate of 3-1/4 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 June 28. Tenders totaled $99,245 million; Treasury accepted $40,000 million. All noncompetitive and successful competitive bidders were allotted securities at the high yield of 3.280 percent with an equivalent price of $99.813719. Treasury accepted in full all competitive tenders at yields lower than 3.280 percent. Tenders at the high yield were allotted 17.10 percent. The median yield was 3.199 percent, and the low yield was 3.130 percent. Noncompetitive tenders totaled $27 million. Competitive tenders accepted from private investors totaled $39,973 million. In addition to the $40,000 million of tenders accepted in the auction process, Treasury accepted $3,057 million from FRBs for their own accounts. The minimum par amount required for STRIPS of notes of Series M-2029 is $100. 44 TABLE PDO-1—Offerings of Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] On total competitive bids accepted Issue date Description of new issue Number Amount of days to of bids Maturity maturity 1 tendered date (1) (2) (3) Amounts of bids accepted On nonOn competitive competitive Total basis 3 basis amount 2 (5) (4) (6) High price per hundred (7) High discount High investrate ment rate (percent) (percent) 4 (8) (9) Regular weekly: (4 week, 8 week, 13 week, and 26 week) 2022 – Apr. 05............................................... Apr. 07 ............................................... Apr. 12 ............................................... Apr. 14 ............................................... Apr. 19 ............................................... Apr. 21 ............................................... Apr. 26 ............................................... Apr. 28 ............................................... May 03 ............................................... May 05 ............................................... May 10 ............................................... May 12 ............................................... May 17 ............................................... May 19 ............................................... May 24 ............................................... May 26 ............................................... May 31 ............................................... June 02 .............................................. June 07 .............................................. June 09 .............................................. June 14 .............................................. June 16 .............................................. June 21 .............................................. June 23 .............................................. June 28 .............................................. June 30 .............................................. 1 2022-May 03 May 31 July 07 Oct. 06 May 10 June 07 July 14 Oct. 13 May 17 June 14 July 21 Oct. 20 May 24 June 21 July 28 Oct. 27 May 31 June 28 Aug. 04 Nov. 03 June 07 July 05 Aug. 11 Nov. 10 June 14 July 12 Aug. 18 Nov. 17 June 21 July 19 Aug. 25 Nov. 25 June 28 July 26 Sep. 01 Dec. 01 July 05 Aug. 02 Sep. 08 Dec. 08 July 12 Aug. 09 Sep. 15 Dec. 15 July 19 Aug. 16 Sep. 22 Dec. 22 July 26 Aug. 23 Sep. 29 Dec. 29 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 28 56 91 182 111,995.3 85,630.5 147,928.2 164,416.2 121,802.6 91,829.8 157,625.2 165,431.6 102,904.7 109,877.4 162,637.3 164,301.0 115,127.5 99,623.5 158,034.6 140,803.7 126,028.3 112,164.3 155,056.4 133,054.0 110,658.6 109,633.7 149,374.8 119,977.0 98,172.7 93,679.6 133,890.1 136,257.7 110,495.0 89,636.8 143,528.5 134,246.6 101,089.4 103,995.0 142,027.8 125,406.0 110,995.5 99,759.4 139,397.0 125,403.4 102,370.4 94,772.9 107,334.6 141,733.0 113,931.0 100,871.9 129,554.7 104,207.2 105,052.3 92,027.5 135,854.2 124,888.4 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. 38,644.2 33,123.1 64,828.6 54,592.9 38,494.0 32,995.1 64,073.9 53,958.6 38,613.6 33,097.8 64,374.4 54,210.4 37,924.6 32,506.7 58,020.4 51,194.4 38,522.2 33,019.2 53,000.3 49,466.4 38,479.7 32,983.1 51,221.2 47,805.6 38,600.1 33,085.7 51,853.3 48,396.5 37,990.9 32,564.0 50,751.1 47,367.8 38,578.2 33,067.3 52,784.7 49,265.7 38,486.4 32,988.8 50,179.6 46,834.4 38,606.4 33,091.2 50,218.6 46,871.0 37,960.2 32,537.9 47,067.0 43,929.2 38,552.3 33,044.9 53,126.3 49,584.6 2 34,419.3 29,780.6 56,151.5 46,933.8 34,362.1 29,788.1 55,897.9 46,796.8 34,295.5 29,754.8 56,009.9 46,925.5 34,277.7 29,469.6 49,111.8 43,315.6 33,688.3 28,816.4 43,653.2 40,794.5 33,494.2 29,251.9 42,917.8 40,174.0 34,131.6 29,706.0 43,850.1 40,826.3 34,154.5 29,729.3 43,359.9 40,569.2 34,192.9 29,254.6 43,882.3 40,876.9 34,251.6 29,439.1 43,966.2 41,024.5 33,823.1 29,499.1 43,876.8 41,059.9 33,790.8 29,362.7 43,427.6 40,765.5 33,954.3 29,612.4 44,080.9 40,068.0 581.3 219.4 678.7 766.7 637.9 212.2 774.2 838.9 704.5 245.7 790.2 715.9 697.4 230.4 888.6 819.7 745.8 224.9 751.4 705.5 758.4 252.6 1,083.2 826.0 868.5 294.0 950.0 877.9 845.6 271.2 898.2 811.0 807.1 294.8 817.8 723.2 748.6 284.5 834.0 675.8 916.6 301.0 823.3 824.3 1,035.2 337.9 1,037.4 978.5 1,045.8 387.7 919.2 932.1 99.989500 99.940889 99.830639 99.438833 99.984056 99.922222 99.801569 99.383222 99.971222 99.911333 99.782611 99.368056 99.961111 99.902778 99.775028 99.307389 99.962667 99.889556 99.769972 99.282111 99.961889 99.889556 99.772500 99.299806 99.953333 99.882556 99.734583 99.246722 99.950222 99.860000 99.732056 99.222250 99.942444 99.857667 99.716889 99.201222 99.933111 99.838222 99.689083 99.135500 99.919111 99.821111 99.585444 98.908000 99.908222 99.771333 99.577861 98.791722 99.914444 99.766667 99.557639 98.736111 0.135 0.380 0.670 1.110 0.205 0.500 0.785 1.220 0.370 0.570 0.860 1.250 0.500 0.625 0.890 1.370 0.480 0.710 0.910 1.420 0.490 0.710 0.900 1.385 0.600 0.755 1.050 1.490 0.640 0.900 1.060 1.530 0.740 0.915 1.120 1.580 0.860 1.040 1.230 1.710 1.040 1.150 1.640 2.160 1.180 1.470 1.670 2.390 1.100 1.500 1.750 2.500 0.137 0.386 0.680 1.132 0.208 0.507 0.797 1.245 0.375 0.578 0.874 1.275 0.507 0.634 0.904 1.399 0.487 0.721 0.925 1.450 0.497 0.721 0.915 1.414 0.609 0.766 1.067 1.522 0.649 0.914 1.078 1.563 0.751 0.929 1.139 1.615 0.873 1.056 1.251 1.749 1.055 1.168 1.670 2.214 1.197 1.494 1.700 2.453 1.116 1.524 1.782 2.567 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. 45 TABLE PDO-2—Offerings of Marketable Securities Other than Regular Weekly Treasury Bills [In millions of dollars. Source: Bureau of the Fiscal Service, Division of Financing Operations] Auction date 03/30/22 Issue date (1) 04/05/22 Description of securities 1 (2) Period to final maturity (years, months, days) 2 (3) 0.805% CMB—08/02/22 119d 04/06/22 04/12/22 0.910% CMB—08/09/22 04/11/22 04/18/22 2.625% note—04/15/25-AM 3y 119d 04/12/22 04/18/22 1.875% note—02/15/32-B 9y 04/13/22 04/18/22 2.250% bond—02/15/52 29y 04/13/22 04/19/22 0.965% CMB—08/16/22 04/19/22 04/21/22 1.870% bill—04/20/23 04/20/22 04/26/22 1.070% CMB—08/23/22 04/21/22 04/29/22 0.125% TIPS—04/15/27-X 5y 04/20/22 05/02/22 2.375% bond—02/15/42 19y 04/26/22 05/02/22 2.500% note—04/30/24-BA 2y 04/27/22 05/02/22 -0.075% FRN—04/30/24-BB 2y 04/27/22 05/02/22 2.750% note—04/30/27-Y 5y 04/28/22 05/02/22 2.875% note—04/30/29-K 7y 04/27/22 05/03/22 1.110% CMB—08/30/22 05/04/22 05/10/22 1.225% CMB—09/06/22 05/10/22 05/16/22 2.750% note—05/15/25-AN 05/11/22 05/16/22 05/12/22 05/16/22 05/11/22 05/17/22 1.160% CMB—09/13/22 05/18/22 05/19/22 2.100% bill—05/18/23 Amount tendered (4) 94,502 Amount accepted 3, 4 (5) Accepted yield/discount margin and equivalent price for notes and bonds (6) 30,000 110,919 30,000 125,164 56,973 2.738 - 99.677225 10m 90,833 42,111 2.720 - 92.751781 10m 50,774 24,771 2.815 - 88.643787 119d 107,771 30,000 364d 116,999 38,399 119d 114,722 30,000 54,680 20,000 -0.340 - 102.762649 47,034 18,218 3.095 - 89.399717 138,107 54,655 2.585 - 99.835616 63,459 27,328 -0.075 - 99.999991 125,087 55,794 2.785 - 99.837649 112,002 50,101 2.908 - 99.792275 119d 106,735 30,000 119d 99,350 30,000 3y 148,253 76,493 2.875% note—05/15/32-C 10y 114,742 61,194 2.943 - 99.414646 2.875% bond—05/15/52 30y 67,799 37,396 2.997 - 97.596896 119d 98,760 30,001 364d 111,228 39,178 119d 91,353 30,000 70,795 22,001 96,437 30,000 05/18/22 05/24/22 1.250% CMB—09/20/22 05/25/22 05/27/22 -0.075% FRN—04/30/24-BB 05/25/22 05/31/22 1.280% CMB—09/27/22 1y 10m 11m 119d 05/18/22 05/31/22 3.250% bond—05/15/42 20y 05/19/22 05/31/22 0.125% TIPS—01/15/32-A 9y 05/24/22 05/31/22 2.500% note—05/31/24-BC 2y 8m 2.809 - 99.831427 0.000 - 99.854908 44,976 19,556 3.290 - 99.416025 33,473 16,105 0.232 - 102.616800 129,574 54,066 2.519 - 99.963167 05/25/22 05/31/22 2.625% note—05/31/27-Z 5y 124,492 55,216 2.736 - 99.484571 05/26/22 05/31/22 2.750% note—05/31/29-L 7y 119,286 48,314 2.777 - 99.829306 06/01/22 06/07/22 1.390% CMB—10/04/22 92,642 30,000 119d 06/08/22 06/14/22 1.510% CMB—10/11/22 06/07/22 06/15/22 2.875% note—06/15/25-AP 3y 06/08/22 06/15/22 2.875% note—05/15/32-C 9y 11m 29y 11m 06/09/22 06/15/22 2.875% bond—05/15/52 06/14/22 06/16/22 3.020% bill—06/15/23 06/15/22 06/21/22 2.090% CMB—10/18/22 06/22/22 06/24/22 -0.075% FRN—04/30/24-BB 06/22/22 06/28/22 2.060% CMB—10/25/22 119d 1y 94,245 30,000 110,521 46,587 2.927 - 99.851689 81,537 34,940 3.030 - 98.677928 3.185 - 94.045539 45,787 20,117 364d 110,747 37,943 119d 96,089 30,000 76,754 22,000 89,942 30,000 10m 119d -0.003 - 99.866853 46 Continued PDO-2: 1 06/22/22 06/30/22 3.250% bond—05/15/42 19y 11m 37,419 15,070 06/23/22 06/30/22 0.125% TIPS—04/15/27-X 4y 10m 48,373 19,376 0.362 - 101.224234 06/27/22 06/30/22 3.000% note—06/30/24-BD 2y 118,912 49,516 3.084 - 99.838282 06/27/22 06/30/22 3.250% note—06/30/27-AA 5y 110,855 50,592 3.271 - 99.903859 06/28/22 06/30/22 3.250% note—06/30/29-M 7y 102,302 43,057 3.280 - 99.813719 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. 3.488 - 96.603091 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. 47 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. 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 L210. 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.) 48 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] Public debt securities Held by U.S. Government accounts Total Federal securities outstanding (1) Total outstanding (2) 2017 ................................................ 2018 ................................................ 2019 ................................................ 2020 ................................................ 2021 ................................................ 20,269,269 21,538,880 22,740,857 26,965,542 28,448,421 20,244,900 21,516,058 22,719,402 26,945,391 28,428,919 2021 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2022 - Jan ...................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 28,549,263 28,447,372 28,446,893 28,448,421 28,928,663 28,928,235 29,637,003 30,032,163 30,309,927 30,420,358 30,393,512 30,519,177 30,588,304 28,529,436 28,427,722 28,427,317 28,428,919 28,908,765 28,907,987 29,617,215 30,012,386 30,290,353 30,400,960 30,374,155 30,499,619 30,568,582 End of fiscal year or month Marketable (4) Nonmarketable (5) Public issues held by Federal Reserve banks (6) 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 - 5,563,074 5,737,252 5,893,424 5,907,764 6,123,040 2,867,555 2,697,860 2,436,438 4,872,973 5,911,599 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 6,500,497 6,489,253 6,497,680 6,504,588 6,574,537 6,635,101 - 6,175,904 6,119,935 6,150,237 6,123,040 6,247,399 6,237,725 6,448,886 6,500,497 6,489,253 6,497,680 6,504,558 6,574,537 6,635,101 5,644,351 5,736,573 5,837,254 5,911,599 6,009,806 6,073,334 6,141,499 6,212,353 6,245,309 6,254,966 6,255,055 6,250,483 6,216,801 Total (3) Public debt securities, continued Agency securities1 Held by private investors End of fiscal year or month Total outstanding (10) Held by Government accounts (12) Total (7) Marketable (8) 2017 ................................................ 2018 ................................................ 2019 ................................................ 2020 ................................................ 2021 ................................................ 11,814,271 13,080,946 14,378,700 16,164,654 16,394,280 11,332,237 12,580,185 13,810,667 15,501,967 15,967,103 482,034 500,761 478,637 662,687 427,176 24,369 22,822 21,455 20,151 19,502 24,368 22,822 21,455 20,151 19,502 1 - 2021 - June ..................................... July ...................................... Aug ...................................... Sept ..................................... Oct ....................................... Nov ...................................... Dec ...................................... 2022 - Jan ...................................... Feb ...................................... Mar ...................................... Apr ....................................... May...................................... June..................................... 16,709,181 16,571,214 16,439,826 16,394,280 16,651,560 16,596,928 17,026,830 17,299,536 17,555,791 17,648,314 17,614,542 17,674,599 17,716,680 16,094,674 15,961,969 16,094,934 15,967,103 16,122,276 16,278,273 16,448,593 16,706,545 16,950,653 17,031,146 16,999,565 17,056,672 17,094,781 614,507 609,245 344,892 427,176 529,284 318,655 578,237 592,991 605,138 617,168 614,977 617,926 621,899 19,827 19,650 19,576 19,502 19,898 20,248 19,788 19,777 19,574 19,398 19,357 19,558 19,722 19,827 19,650 19,576 19,502 19,898 20,248 19,788 19,777 19,574 19,398 19,357 19,558 19,722 - 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. Nonmarketable (9) Held by private investors (11) 49 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 2022 - June Mar. 2021 - Dec. Sept. June Mar. 2020 - Dec. Sept. June Mar. 2019 - Dec. Sept. 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. 1 Total public debt 1 (1) Federal Reserve and Government accounts 2 (2) Total privately held (3) 30,568.6 30,401.0 29,617.2 28,428.9 28,529.4 28,132.6 27,747.8 26,945.4 26,477.4 23,686.9 23,201.4 22,719.4 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 12,399.7 12,281.3 12,125.9 11,579.1 11,382.9 11,095.5 10,809.2 10,371.9 10,157.7 9,279.7 8,359.9 8,023.6 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 18,168.9 18,119.7 17,491.3 16,849.8 17,146.5 17,037.1 16,938.6 16,573.5 16,319.6 14,407.2 14,841.5 14,695.8 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 Depository institutions 3, 4 (4) U.S. savings bonds 5 (5) Private 6 (6) 0.0 1,753.8 1,734.2 1,540.3 1,433.1 1,347.9 1,265.2 1,241.1 1,157.9 947.6 935.1 909.4 808.2 769.5 769.7 682.0 663.1 637.8 636.7 610.5 620.5 657.4 663.1 626.8 580.6 562.9 547.4 519.1 518.5 518.1 516.8 471.1 409.5 368.4 321.1 293.2 300.2 338.9 347.7 338.2 303.2 317.0 160.4 149.7 146.2 143.6 144.6 145.7 147.1 148.6 149.8 150.0 151.3 152.3 153.4 154.5 155.7 156.8 157.8 159.0 160.4 161.7 162.8 164.2 165.8 167.5 169.0 170.3 171.6 172.8 173.9 174.9 175.9 176.7 177.6 178.3 179.2 180.0 180.9 181.7 182.5 183.8 184.7 184.8 0.0 888.9 875.9 694.1 861.7 835.4 859.5 842.9 815.4 787.6 705.3 691.1 470.4 443.6 637.3 615.3 605.0 589.7 432.1 570.8 425.9 444.2 538.0 545.6 537.9 524.4 504.7 305.3 373.8 447.8 507.1 490.7 482.6 474.3 464.9 347.8 444.5 463.4 468.0 453.9 427.4 406.6 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.210. 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 State and Insurance local compagovernments nies* 3 (7) (8) 6 Includes 0.0 430.5 430.9 418.5 393.2 344.5 346.8 309.9 284.7 325.3 329.3 343.5 382.0 357.6 367.9 301.7 307.3 300.1 289.4 266.5 262.8 239.5 218.8 203.8 185.0 170.4 174.5 171.0 185.7 176.7 199.2 198.7 198.3 184.3 181.3 187.5 187.7 193.4 183.6 181.7 171.2 169.4 0.0 374.9 419.3 423.8 421.2 391.9 398.2 414.3 403.2 396.8 368.7 366.8 363.6 361.1 360.5 361.3 360.2 366.9 377.9 364.3 352.8 342.6 334.2 345.2 333.7 319.1 310.1 310.0 307.7 308.5 310.5 301.4 291.0 280.1 274.5 276.6 281.3 284.3 292.7 292.6 293.6 298.1 Mutual funds 3, 7 (9) 0.0 3,262.0 3,407.0 3,236.5 3,777.9 3,951.6 3,784.8 3,725.3 3,696.0 2,501.7 2,412.8 2,319.7 2,037.0 2,189.2 2,094.9 1,957.2 1,902.9 2,048.2 1,850.8 1,739.6 1,645.8 1,715.2 1,705.4 1,600.4 1,434.2 1,404.1 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 State and local governments 3 (10) Foreign and international 8 (11) Other investors 9 (12) 0.0 1,452.2 1,451.4 1,398.2 1,326.2 1,112.1 1,111.9 1,059.7 1,034.8 862.1 793.1 766.8 751.4 752.7 713.2 730.7 726.8 715.8 735.0 704.0 710.1 724.6 717.3 710.9 712.6 694.9 680.9 646.0 652.8 663.3 654.5 628.7 638.8 632.0 633.6 624.3 612.6 615.6 599.6 596.9 585.4 567.4 0.0 7,613.6 7,747.7 7,570.9 7,518.9 7,038.3 7,070.7 7,069.2 7,052.1 6,949.5 6,844.2 6,923.5 6,625.9 6,474.0 6,270.1 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 0.0 2,194.2 1,278.8 1,424.0 1,269.8 1,869.6 1,954.4 1,762.5 1,725.7 1,486.6 2,301.7 2,222.6 2,486.5 2,526.7 2,509.9 2,417.0 2,140.4 1,962.5 1,667.1 1,488.7 1,568.5 1,542.3 1,622.4 1,353.8 1,238.3 1,333.0 1,357.1 1,236.8 1,100.1 998.4 919.0 920.8 968.8 1,173.7 1,316.2 1,355.7 1,362.6 1,245.7 1,229.4 1,015.4 1,105.4 1,081.2 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. *The “Insurance companies” data presented in Treasury Bulletin issues from December 2018 through June 2021 have been revised. Beginning with the December 2018 TB issue and June 2018 data, ownership data for property-casualty insurance companies was not included in the total, nor were updates to historical data captured due to a change in the FRB Flow of Funds Z.1 release series reporting this data. This new series is now being captured and “Insurance companies” data have been revised back to June 2013. 50 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, 2022 [Source: Bureau of the Fiscal Service] Currency Amounts outstanding .............................. Total currency and coin (1) Total currency (2) Federal Reserve notes 1 (3) U.S. notes (4) Currency no longer issued (5) $2,584,316,862,092 $2,533,881,300,586 $2,533,406,677,642 $238,914,466 $235,708,478 The Treasury ....................................... 179,149,775 96,549,775 96,297,748 66,555 185,472 FRBs ................................................... 302,672,637,702 301,411,754,622 301,411,750,632 100 3,890 Amounts in circulation ............................. $2,281,465,074,615 $2,232,372,996,189 $2,231,898,629,262 $238,847,811 $235,519,116 Less amounts held by: Coins 2 Amounts outstanding .............................. Total (1) Dollars 2, 3 (2) Fractional coins (3) $50,435,561,506 6,548,044,108 43,887,517,398 The Treasury ....................................... 82,600,000 48,770,000 33,830,000 FRBs ................................................... 1,260,883,080 927,739,442 333,143,638 Amounts in circulation ............................. $49,092,078,426 $5,571,534,666 $ 43,520,543,760 Less amounts held by: See footnotes following table USCC-2. 51 TABLE USCC-2—Amounts Outstanding and in Circulation, June 30, 2022 [Source: Bureau of the Fiscal Service] Currency in circulation by denomination $1 ................................................................................ Total (1) U.S. notes (3) Currency no longer issued (4) $14,061,547,052 $143,470 $139,419,579 Federal Reserve notes 1 (2) $14,201,110,101 $2 ................................................................................ 2,909,004,444 2,777,587,176 131,404,696 12,572 $5 ................................................................................ 17,200,579,305 17,070,991,515 107,336,375 22,251,415 $10 .............................................................................. 23,117,565,040 23,097,865,830 3,440 19,695,770 $20 .............................................................................. 234,738,592,600 234,718,491,840 -1,660 20,102,420 $50 .............................................................................. 123,764,514,400 123,753,029,250 -14,000 11,499,150 6 21,986,700 $100 ............................................................................ 1,816,129,561,200 1,816,107,606,600 -32,000 $500 ............................................................................ 141,722,500 141,531,000 3,500 188,000 $1,000 ......................................................................... 165,130,999 164,918,999 4,000 208,000 $5,000 ......................................................................... 1,765,000 1,710,000 - 55,000 $10,000 ....................................................................... 3,450,000 3,350,000 - 100,000 Partial notes 5 .............................................................. 600 - 90 510 Total currency ......................................................... $ 2,232,372,996,189 $2,231,898,629,262 $ 238,847,811 $235,519,116 Amounts (in millions) (1) Comparative totals of currency and coins in circulation—selected dates Per capita 4 (2) June 30, 2022 ...................................................................................... 2,281,465 6,853 May 31, 2022 ...................................................................................... 2,279,293 6,848 April 30, 2022 ...................................................................................... 2,270,095 6,823 Sept. 30, 2020 ...................................................................................... 2,032,424 6,150 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 1 4 2 5 Represents Issued on or after July 1, 1929. Excludes coins sold to collectors at premium prices. 3 Includes $481,781,898 in standard silver dollars. Based on Bureau of the Census estimates of population. value of certain partial denominations not presented for redemption. 6 Represents current FRB adjustment. Foreign Currency Positions Exchange Stabilization Fund 53 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. 54 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) 01/05/22............................................................. 01/12/22............................................................. 01/19/22............................................................. 01/26/22............................................................. 1,831,941 1,876,215 1,903,852 1,908,785 1,823,650 1,870,282 1,888,568 1,891,901 -303 -287 -279 -231 1.2700 1.2501 1.2499 1.2597 02/02/22............................................................. 02/09/22............................................................. 02/16/22............................................................. 02/23/22............................................................. 1,853,430 1,889,221 1,903,264 1,958,729 1,843,044 1,880,941 1,903,850 1,944,590 -167 -192 -199 -202 1.2689 1.2675 1.2687 1.2717 03/02/22............................................................. 03/09/22............................................................. 03/16/22............................................................. 03/23/22............................................................. 03/30/22............................................................. 1,980,062 2,053,196 1,780,942 1,797,045 1,874,188 1,968,156 2,049,826 1,806,732 1,829,591 1,896,312 -216 -199 -232 -253 -268 1.2657 1.2812 1.2742 1.2555 1.2495 04/06/22............................................................. 04/13/22............................................................. 04/20/22............................................................. 04/27/22............................................................. 1,844,522 1,944,658 1,915,607 1,892,799 1,864,568 1,961,631 1,938,534 1,924,404 -328 -374 -374 -293 1.2502 1.2595 1.2490 1.2830 05/04/22............................................................. 05/11/22............................................................. 05/18/22............................................................. 05/25/22............................................................. 1,910,293 1,949,483 1,886,195 1,934,201 1,947,081 1,967,383 1,905,207 1,967,112 -288 -233 -277 -269 1.2817 1.2943 1.2838 1.2837 06/01/22............................................................. 06/08/22............................................................. 06/15/22............................................................. 06/22/22............................................................. 06/29/22............................................................. 2,128,029 2,113,272 1,866,244 1,849,636 1,901,490 2,149,375 2,129,503 1,886,405 1,857,234 1,906,465 -250 -242 -223 -244 -239 1.2670 1.2524 1.2970 1.2932 1.2861 55 SECTION I—Canadian Dollar Positions, continued TABLE FCP-I-2—Monthly Report of Major Market Participants [In millions of Canadian dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Calls Puts Bought Written Bought Written (5) (6) (7) (8) Exchange rate (Canadian dollars per Net delta U.S. dollar) equivalent (10) (9) 2019 - Dec............... 1,638,356 1,699,212 383,381 n.a. 49,215 46,379 65,623 63,132 -129 1.2962 2020 - Dec............... 1,615,296 1,653,883 271,333 191,964 53,008 50,684 77,418 70,360 -141 1.2753 2021 - July............... 2,051,154 2,048,749 173,884 167,757 84,060 77,423 139,333 137,824 -137 1.2466 Aug............... 2,163,435 2,171,001 192,938 183,889 91,938 76,704 143,660 148,130 -206 1.2629 Sept............. 2,027,415 2,040,957 187,938 153,782 89,889 86,305 143,447 148,004 -305 1.2673 Oct.............. 1,943,163 1,957,595 214,779 144,402 75,121 76,439 125,307 127,100 -139 1.2397 Nov.............. 2,058,909 2,056,927 192,442 185,092 67,679 67,358 120,396 122,653 -154 1.2812 Dec............. 1,827,403 1,817,039 170,694 142,950 64,273 63,388 115,552 124,009 -224 1.2653 2022 - Jan............... 1,932,060 1,921,960 173,431 145,646 73,773 74,433 132,930 137,818 -219 1.2694 Feb.............. 2,008,957 2,000,817 201,799 136,465 69,755 68,777 121,236 125,708 -60 1.2662 Mar.............. 1,959,104 1,980,500 230,919 145,887 82,703 80,876 131,605 130,872 -219 1.2482 Apr.............. 1,995,409 2,033,126 197,677 184,813 81,949 81,406 132,898 132,783 -228 1.2802 May.............. 1,885,608 1,905,950 201,434 142,138 72,371 69,030 103,341 100,546 -188 1.2639 June.............. 1,972,996 1,983,298 197,535 183,484 64,271 62,776 118,544 110,625 -217 1.2871 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 Report date Purchased (1) Sold (2) 2019 - Dec............... 45,259 78,619 2020 - Mar............... 37,877 June............... 35,105 Foreign currency denominated Assets (3) Options positions Puts Calls Liabilities (4) Bought (5) 130,707 n.a. 79,185 123,492 75,424 120,966 Written (8) Net delta equivalent (9) Exchange rate (Canadian dollars per U.S. dollar) (10) Written (6) Bought (7) 449 352 n.a. 463 -5 1.2962 n.a. 284 541 4,177 1,611 n.a. 1.4123 n.a. 531 414 n.a. 755 26 1.3614 Sept............... 52,279 74,098 129,196 98,229 353 281 n.a. 411 3 1.3323 Dec................ 37,680 80,356 129,178 92,121 n.a. n.a. 1,062 570 n.a. 1.2753 2021 - Mar............... 37,924 75,948 116,451 n.a. 3,162 3,062 3,854 3,348 n.a. 1.2571 June............... 40,247 76,762 115,033 77,492 1,732 3,441 5,774 1,483 -148 1.2404 Sept............... 38,382 76,288 120,064 83,665 464 215 1,742 1,261 -40 1.2673 Dec................ 41,988 82,818 120,476 79,180 379 148 810 431 26 1.2653 2022 - Mar............... 53,414 91,283 125,248 83,562 1,046 311 1,000 542 42 1.2482 56 SECTION II—Japanese Yen Positions TABLE FCP-II-1—Weekly Report of Major Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Purchased (1) Sold (2) Net options positions (3) Exchange rate (Japanese yen per U.S. dollar) (4) 01/05/22............................................................. 552,793 560,186 -96 115.91 01/12/22............................................................. 556,673 557,561 -89 114.74 01/19/22............................................................. 555,835 555,943 -77 114.28 01/26/22............................................................. 533,518 539,319 -73 114.33 02/02/22............................................................. 538,177 542,255 -74 114.36 02/09/22............................................................. 540,284 544,157 -77 115.44 02/16/22............................................................. 534,169 559,576 -71 115.41 02/23/22............................................................. 538,299 548,852 -72 115.12 03/02/22............................................................. 562,546 573,577 -72 115.59 03/09/22............................................................. 564,922 578,600 -79 115.87 03/16/22............................................................. 527,403 542,996 -97 118.48 03/23/22............................................................. 545,129 562,213 -102 121.02 03/30/22............................................................. 571,379 589,165 -95 121.97 04/06/22............................................................. 549,667 566,032 -86 123.70 04/13/22............................................................. 556,006 572,768 -107 125.51 04/20/22............................................................. 567,136 594,680 -116 127.76 04/27/22............................................................. 565,849 575,078 -119 128.44 05/04/22............................................................. 586,813 597,499 -115 129.97 05/11/22............................................................. 583,618 585,681 -107 130.20 05/18/22............................................................. 528,979 536,999 -101 128.22 05/25/22............................................................. 565,171 573,273 -92 127.31 06/01/22............................................................. 586,770 586,281 -91 130.09 06/08/22............................................................. 596,254 599,662 -134 134.06 06/15/22............................................................. 562,415 564,934 -121 134.50 06/22/22............................................................. 631,246 574,900 -120 136.05 06/29/22............................................................. 574,178 591,961 -118 136.50 Spot, forward and future contracts Report date 57 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) 2019 - Dec............... 514,008 518,815 89,712 73,001 29,712 31,697 46,539 50,688 -34 108.67 2020 - Dec............... 551,945 515,485 93,852 78,209 26,458 27,754 40,126 42,187 40 103.19 2021 - July............... 554,596 554,165 70,634 60,541 22,119 23,297 33,820 35,360 -5 109.70 Aug............... 563,062 565,922 70,295 60,291 21,429 22,256 31,645 33,429 -8 110.05 Sept............. 613,737 587,685 85,319 72,785 21,474 22,581 31,421 34,069 -33 111.50 Oct.............. 621,848 594,363 83,618 70,234 22,631 24,377 34,108 36,871 -37 114.03 Nov.............. 658,174 626,856 74,225 65,406 25,265 26,413 37,915 40,157 -44 113.22 Dec............. 555,955 563,499 86,747 71,664 22,950 23,843 32,370 33,780 -54 115.09 2022 - Jan............... 540,786 544,721 79,861 68,421 24,028 25,308 33,011 35,061 -36 115.22 Feb.............. 560,305 569,784 75,381 66,251 25,239 26,632 34,715 36,592 -28 115.11 Mar.............. 574,853 590,839 94,240 82,843 27,383 28,202 38,209 40,507 -33 121.44 Apr.............. 586,198 598,846 106,517 94,750 28,320 28,756 40,297 43,176 -59 129.84 May.............. 535,010 535,846 90,861 78,757 30,446 30,842 38,175 41,294 4 128.53 June.............. 573,267 586,843 101,804 85,244 31,735 33,554 44,533 46,573 -55 135.69 TABLE FCP-II-3—Quarterly Report of Large Market Participants [In billions of Japanese yen. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) 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) 2019 - Dec............... 7,446 6,168 8,607 6,269 86 287 417 133 n.a. 108.67 2020 - Mar............... 9,603 9,032 7,929 5,746 172 313 426 179 n.a. 107.53 June............... 8,072 7,575 8,972 6,114 150 322 328 91 6 107.77 Sept............... 7,917 8,259 9,802 6,137 159 330 326 111 2 105.58 Dec................ n.a. n.a. 9,738 6,246 413 n.a. n.a. 93 5 103.19 2021 - Mar............... 9,089 9,554 10,518 6,406 239 551 704 359 2 110.61 June............... 8,588 9,437 10,528 6,457 222 409 540 264 1 111.05 Sept............... 8,410 8,709 10,081 6,448 296 555 710 342 -7 111.50 Dec................ 7,060 7,421 10,171 6,734 281 599 830 334 -11 115.09 2022 - Mar............... 8,597 8,395 10,104 6,889 503 864 898 447 8 121.44 58 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 01/05/22............................................................. 01/12/22............................................................. 01/19/22............................................................. 01/26/22............................................................. 02/02/22............................................................. 02/09/22............................................................. 02/16/22............................................................. 02/23/22............................................................. 03/02/22............................................................. 03/09/22............................................................. 03/16/22............................................................. 03/23/22............................................................. 03/30/22............................................................. 04/06/22............................................................. 04/13/22............................................................. 04/20/22............................................................. 04/27/22............................................................. 05/04/22............................................................. 05/11/22............................................................. 05/18/22............................................................. 05/25/22............................................................. 06/01/22............................................................. 06/08/22............................................................. 06/15/22............................................................. 06/22/22............................................................. 06/29/22............................................................. Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Swiss francs per U.S. dollar) (4) 834,155 854,218 46 0.9161 844,541 868,838 20 0.9134 825,142 839,074 3 0.9155 830,936 849,742 3 0.9213 859,790 877,153 32 0.9186 837,527 859,155 19 0.9233 862,902 881,668 -13 0.9219 845,906 864,125 -11 0.9179 920,322 942,609 22 0.9216 943,498 962,275 22 0.9264 857,641 874,875 17 0.9414 860,947 877,009 33 0.9318 881,823 899,353 70 0.9233 861,822 874,213 64 0.9325 865,148 873,619 47 0.9335 865,840 874,362 32 0.9469 855,715 864,298 19 0.9695 865,630 863,704 -1 0.9829 863,770 862,135 -19 0.9907 839,276 844,659 2 0.9902 856,462 857,306 26 0.9637 997,557 1,000,053 26 0.9644 975,407 975,741 14 0.9750 904,145 899,419 22 1.0021 877,504 875,463 13 0.9615 957,981 934,559 6 0.9541 59 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 2019 - Dec............... Foreign currency denominated Assets Liabilities (3) (4) Spot, forward and future contracts Purchased Sold (1) (2) 875,026 919,323 94,699 Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 70,094 41,629 39,815 66,118 Exchange rate Net delta (Swiss francs per U.S. dollar) equivalent (10) (9) 62,231 n.a. 0.9677 2020 - Dec............... 788,408 818,907 84,653 61,459 30,684 29,500 46,891 45,610 n.a. 0.8841 2021 - July............... Aug............... 889,817 927,598 65,244 51,437 32,520 30,130 52,157 50,280 117 0.9061 1,007,233 1,047,742 67,580 58,989 35,418 32,547 57,952 59,107 66 0.9161 Sept............. 941,447 978,529 73,713 61,402 37,392 36,565 60,400 58,162 31 0.9339 Oct.............. 972,906 1,007,333 66,243 52,765 38,195 34,548 59,693 59,659 35 0.9165 Nov.............. 1,040,691 1,070,292 69,669 56,874 36,496 32,846 53,126 51,728 13 0.9217 Dec............. 900,008 933,319 72,419 57,271 33,648 29,879 45,688 44,335 3 0.9119 2022 - Jan............... 914,826 950,440 64,744 65,682 33,670 31,407 51,115 50,135 -5 0.9303 Feb.............. 932,028 962,241 59,059 57,723 32,842 30,754 54,080 52,710 15 0.9179 Mar.............. 951,043 982,513 59,000 55,170 34,918 30,808 56,894 56,219 78 0.9211 Apr.............. 930,428 952,589 81,366 79,907 35,285 31,086 54,408 53,017 13 0.9723 May.............. 896,261 907,529 59,776 60,669 42,591 38,519 61,412 57,725 19 0.9570 June.............. 1,014,576 1,006,146 68,077 54,171 54,532 49,908 73,960 70,373 11 0.9550 TABLE FCP-III-3—Quarterly Report of Large Market Participants [In millions of Swiss francs. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (Swiss francs per U.S. dollar) (10) n.a. n.a. 0.9677 2019 - Dec............... 11,913 18,354 106,584 17,110 n.a. n.a. n.a. 2020 - Mar............... 16,612 17,786 106,117 13,924 n.a. n.a. n.a. 27 n.a. 0.9627 June............... n.a. 12,899 75,161 12,614 n.a. n.a. n.a. n.a. n.a. 0.9467 Sept............... n.a. 11,677 95,156 13,035 n.a. 530 n.a. 59 n.a. 0.9188 Dec................ n.a. n.a. 101,140 14,702 22 n.a. n.a. 51 n.a. 0.8841 2021 - Mar............... 12,060 41,773 95,515 17,129 n.a. n.a. 601 n.a. -8 0.9418 June............... 11,891 40,383 79,145 14,385 36 180 575 372 1 0.9253 Sept............... 10,682 38,238 80,060 14,117 558 1,515 1,954 704 -6 0.9339 Dec................ 15,268 43,630 79,420 12,965 23 129 507 162 n.a. 0.9119 2022 - Mar............... 16,332 45,467 81,161 12,144 22 130 559 264 2 0.9211 60 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 01/05/22............................................................. 01/12/22............................................................. 01/19/22............................................................. 01/26/22............................................................. 02/02/22............................................................. 02/09/22............................................................. 02/16/22............................................................. 02/23/22............................................................. 03/02/22............................................................. 03/09/22............................................................. 03/16/22............................................................. 03/23/22............................................................. 03/30/22............................................................. 04/06/22............................................................. 04/13/22............................................................. 04/20/22............................................................. 04/27/22............................................................. 05/04/22............................................................. 05/11/22............................................................. 05/18/22............................................................. 05/25/22............................................................. 06/01/22............................................................. 06/08/22............................................................. 06/15/22............................................................. 06/22/22............................................................. 06/29/22............................................................. Spot, forward and future contracts Purchased Sold (1) (2) 3,230,574 3,374,324 Net options positions (3) Exchange rate (U.S. dollars per pound) (4) -97 1.3573 3,276,915 3,397,551 -84 1.3698 3,150,858 3,260,572 -155 1.3625 3,149,871 3,269,327 -230 1.3516 3,117,771 3,258,075 -225 1.3565 3,039,092 3,162,276 -361 1.3540 3,103,698 3,248,688 -526 1.3585 3,155,458 3,301,267 -371 1.3555 3,324,740 3,475,475 87 1.3365 3,398,766 3,555,605 -64 1.3160 3,098,100 3,237,275 -99 1.3096 3,052,663 3,221,776 -31 1.3212 3,219,089 3,409,619 -70 1.3149 3,043,955 3,170,172 -41 1.3082 3,066,970 3,210,955 -32 1.3072 3,012,674 3,136,678 -117 1.3055 3,173,258 3,293,405 -271 1.2547 3,153,585 3,266,125 -242 1.2487 3,082,701 3,197,013 -401 1.2317 3,008,398 3,111,789 -421 1.2396 3,063,378 3,147,358 -293 1.2539 3,299,608 3,414,695 -370 1.2472 3,271,798 3,366,809 -325 1.2557 3,096,050 3,198,985 -496 1.2057 2,997,595 3,113,366 -405 1.2280 3,140,280 3,287,869 -389 1.2151 61 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) Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) Net delta equivalent (9) Exchange rate (U.S. dollars per pound) (10) 2019 - Dec............... 2,782,534 3,002,683 657,263 535,326 159,065 163,213 105,419 96,965 n.a. 1.3269 2020 - Dec............... 3,002,184 3,213,613 721,561 592,495 95,736 93,253 81,783 74,031 137 1.3662 2021 - July............... 3,389,453 3,544,600 518,181 468,565 75,723 69,769 63,694 62,099 -94 1.3913 Aug............... 3,365,775 3,509,309 535,004 477,549 63,432 57,471 55,128 53,428 30 1.3747 Sept............. 3,400,402 3,550,397 598,631 550,441 67,505 61,015 59,055 60,456 37 1.3470 Oct.............. 3,582,729 3,714,083 554,929 500,684 65,530 61,653 77,313 69,917 -79 1.3686 Nov.............. 3,710,840 3,854,182 632,598 575,365 67,673 64,987 89,387 76,056 -167 1.3252 Dec............. 3,257,135 3,430,618 579,389 488,530 64,036 62,403 81,057 64,114 -88 1.3544 2022 - Jan............... 3,232,610 3,387,157 535,074 466,324 63,288 62,383 93,814 69,838 -116 1.3439 Feb.............. 3,364,304 3,495,253 562,572 471,378 61,265 58,441 100,139 68,046 95 1.3419 Mar.............. 3,265,788 3,470,288 610,145 541,553 65,365 65,869 101,119 72,151 -32 1.3152 Apr.............. 3,271,419 3,418,438 675,295 610,794 70,658 67,525 106,372 78,014 -279 1.2565 May.............. 3,016,436 3,141,591 572,179 504,620 68,446 63,799 120,959 90,999 -370 1.2624 June.............. 3,170,588 3,333,051 649,364 568,593 72,176 67,688 101,981 70,962 -336 1.2162 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) 2019 - Dec............... 37,609 60,334 206,699 61,553 7,341 6,449 2,795 n.a. 247 1.3269 2020 - Mar............... 39,590 67,544 207,204 73,531 2,203 2,029 1,626 1,214 134 1.2454 June............... 34,001 62,438 209,014 76,302 1,417 1,178 2,131 2,125 151 1.2369 Sept............... 31,675 58,932 211,807 78,738 1,303 1,088 2,281 1,968 207 1.2921 Dec................ 45,430 n.a. 222,675 80,552 1,711 1,354 2,318 2,241 222 1.3662 2021 - Mar............... 43,845 63,450 232,954 88,856 1,918 1,890 1,065 669 187 1.3795 June............... 50,602 66,849 225,356 87,405 1,519 1,652 1,224 306 303 1.3806 Sept............... 50,173 63,895 227,437 83,716 559 522 1,002 393 220 1.3470 Dec................ 53,508 67,144 240,169 93,594 876 787 2,165 1,863 162 1.3544 2022 - Mar............... 53,989 66,329 233,918 87,800 679 780 3,151 2,222 105 1.3152 62 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) 01/05/22........................................................... 01/12/22........................................................... 26,792,220 27,587,118 26,023,985 26,812,236 -1,411 -1,886 n.a. n.a. 01/19/22........................................................... 01/26/22........................................................... 27,281,553 27,446,194 26,548,499 26,675,231 -1,021 -1,270 n.a. n.a. 02/02/22........................................................... 02/09/22........................................................... 02/16/22........................................................... 02/23/22........................................................... 27,531,342 27,417,768 27,727,830 28,324,333 26,678,325 26,606,052 26,914,162 27,492,802 -1,930 -1,833 -1,201 -948 n.a. n.a. n.a. n.a. 03/02/22........................................................... 03/09/22........................................................... 03/16/22........................................................... 29,471,752 30,334,153 27,513,992 28,568,508 29,596,359 26,705,491 -1,482 -1,167 -1,776 n.a. n.a. n.a. 03/23/22........................................................... 03/30/22........................................................... 27,352,606 28,635,273 26,539,482 27,819,958 -1,558 -1,265 n.a. n.a. 04/06/22........................................................... 04/13/22........................................................... 04/20/22........................................................... 04/27/22........................................................... 27,838,712 27,982,526 27,671,909 28,233,267 26,922,819 27,121,531 26,903,282 27,525,539 147 -611 -98 1,176 n.a. n.a. n.a. n.a. 05/04/22........................................................... 05/11/22........................................................... 05/18/22........................................................... 05/25/22........................................................... 28,032,672 27,768,736 27,116,809 27,721,524 27,244,879 26,903,124 26,473,841 26,840,443 1,436 1,555 1,690 553 n.a. n.a. n.a. n.a. 06/01/22........................................................... 06/08/22........................................................... 06/15/22........................................................... 06/22/22........................................................... 06/29/22........................................................... 29,805,988 29,131,613 27,041,262 26,638,887 27,593,106 28,923,277 28,479,459 26,487,660 25,953,327 26,807,829 691 -918 24 -923 -1,170 n.a. n.a. n.a. n.a. n.a. 63 SECTION V—U.S. Dollar Positions, continued TABLE FCP-V-2—Monthly Report of Major Market Participants [In millions of U.S. dollars. Source: Treasury Foreign Currency Reporting] Report date Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Options positions Puts Bought Written (7) (8) Calls Bought (5) Written (6) 1,305,332 1,109,429 1,106,074 Net delta equivalent (9) Exchange rate (10) -1,902 n.a. 2019 – Dec ............. 24,180,933 23,475,477 - - 1,314,653 2020 – Dec ............. 25,233,574 24,492,626 - - 1,328,145 1,297,830 1,224,642 1,268,973 -917 n.a. 2021 – July ............. 28,313,715 27,510,657 - - 1,360,993 1,363,212 1,213,782 1,221,994 -2,454 n.a. Aug ............. 29,639,518 28,686,113 - - 1,356,241 1,378,023 1,174,116 1,166,137 -2,688 n.a. Sept ............ 29,289,901 28,370,609 - - 1,358,432 1,386,914 1,172,663 1,177,010 -1,473 n.a. Oct .............. 29,800,133 28,897,492 - - 1,359,937 1,400,815 1,195,731 1,218,736 -1,607 n.a. Nov ............ 31,383,646 30,481,967 - - 1,454,120 1,496,443 1,292,843 1,304,863 -1,527 n.a. Dec ............ 27,411,478 26,601,323 - - 1,259,241 1,276,837 1,081,782 1,087,602 -1,218 n.a. 2022 – Jan ............. 28,535,379 27,669,618 - - 1,344,888 1,351,626 1,125,176 1,148,334 -1,127 n.a. Feb ............. 29,614,078 28,824,539 - - 1,366,246 1,388,751 1,186,340 1,203,613 -1,257 n.a. Mar ............. 29,358,733 28,540,528 - - 1,507,758 1,507,975 1,237,282 1,247,704 -2,919 n.a. Apr .............. 29,570,474 28,659,740 - - 1,720,294 1,721,557 1,231,088 1,243,347 -2,250 n.a. May............. 27,372,217 26,449,288 - - 1,677,508 1,681,785 1,235,600 1,238,612 -2,828 n.a. June............ 27,528,127 26,591,122 - - 1,681,963 1,671,889 1,226,224 1,210,282 -2,376 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) 2019 - Dec .................. 489,523 335,160 - - 15,286 16,703 19,970 18,665 2,134 n.a. 2020 - Mar .................. 527,617 368,051 - - 18,296 18,350 16,512 19,723 2,356 n.a. June ................ 453,275 339,004 - - 16,423 18,642 22,614 19,932 847 n.a. Sept ................. 445,071 345,176 - - 23,624 28,790 15,855 15,680 645 n.a. Dec .................. n.a. n.a. - - n.a. 27,471 24,760 n.a. 1,381 n.a. n.a. 2021 - Mar .................. 544,055 384,504 - - 26,574 32,663 28,720 22,735 1,559 June ................ 577,405 440,815 - - 20,809 18,607 22,650 21,814 n.a. n.a. Sept ................. 576,305 435,325 - - 19,758 20,291 21,963 16,726 2,503 n.a. Dec .................. 569,766 412,817 - - 22,876 21,662 16,898 14,957 2,844 n.a. 2022 - Mar .................. 613,838 445,368 - - 28,701 26,382 23,460 23,140 2,697 n.a. 64 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 01/05/22............................................................. 01/12/22............................................................. 01/19/22............................................................. 01/26/22............................................................. 02/02/22............................................................. 02/09/22............................................................. 02/16/22............................................................. 02/23/22............................................................. 03/02/22............................................................. 03/09/22............................................................. 03/16/22............................................................. 03/23/22............................................................. 03/30/22............................................................. 04/06/22............................................................. 04/13/22............................................................. 04/20/22............................................................. 04/27/22............................................................. 05/04/22............................................................. 05/11/22............................................................. 05/18/22............................................................. 05/25/22............................................................. 06/01/22............................................................. 06/08/22............................................................. 06/15/22............................................................. 06/22/22............................................................. 06/29/22............................................................. Spot, forward and future contracts Purchased Sold (1) (2) Net options positions (3) Exchange rate (Euros per U.S. dollar) (4) 7,692,822 7,858,251 -153 0.8822 7,924,451 8,113,608 -247 0.8748 7,774,648 7,998,572 -267 0.8814 7,755,152 7,961,607 41 0.8866 7,712,968 7,936,783 16 0.8850 7,791,429 7,980,751 -19 0.8745 7,902,851 8,112,195 -199 0.8787 8,003,671 8,184,541 -200 0.8837 8,318,363 8,542,572 107 0.9007 8,769,251 8,930,986 175 0.9034 8,027,090 8,207,713 220 0.9094 7,765,290 7,910,881 84 0.9090 8,205,273 8,341,892 -85 0.8958 7,974,357 8,155,463 274 0.9163 8,025,576 8,212,044 234 0.9196 7,896,061 8,071,511 132 0.9211 8,002,595 8,233,212 859 0.9480 7,914,394 8,134,761 701 0.9489 7,934,471 8,105,127 615 0.9490 7,789,059 7,943,606 790 0.9529 7,758,507 7,961,491 274 0.9383 8,364,696 8,562,034 120 0.9393 7,995,850 8,191,942 39 0.9311 7,802,556 7,987,068 541 0.9627 7,594,383 7,776,429 210 0.9449 7,974,836 8,183,425 460 0.9545 65 SECTION VI—Euro Positions, continued TABLE FCP-VI-2—Monthly Report of Major Market Participants [In millions of euros. Source: Treasury Foreign Currency Reporting] Options positions Puts Bought Written (7) (8) Spot, forward and future contracts Purchased Sold (1) (2) Foreign currency denominated Assets Liabilities (3) (4) Bought (5) Written (6) 2019 - Dec............... 6,756,072 6,851,499 1,411,269 1,433,139 452,926 441,518 313,106 309,793 -76 0.8907 2020 - Dec............... 7,296,388 7,446,168 1,588,358 1,479,214 563,482 551,133 327,482 324,693 333 0.8177 2021 - July............... 7,772,269 7,917,860 1,430,678 1,238,588 498,728 517,768 383,123 371,151 -254 0.8429 Aug............... 8,107,119 8,274,461 1,451,545 1,245,586 444,830 465,203 354,184 346,028 -74 0.8475 Sept............. 8,316,992 8,436,665 1,540,285 1,383,658 467,734 489,971 348,367 339,324 169 0.8638 Oct.............. 8,397,588 8,572,190 1,522,706 1,361,841 451,811 478,159 354,804 366,011 -12 0.8657 Nov.............. 8,782,368 9,010,849 1,601,590 1,480,819 488,236 515,244 406,759 397,989 105 0.8860 Dec............. 8,038,278 8,176,622 1,345,974 1,260,293 415,988 445,127 352,592 329,041 -40 0.8789 2022 - Jan............... 8,241,002 8,378,310 1,637,460 1,503,340 439,434 471,971 367,455 343,547 120 0.8919 Feb.............. 8,496,723 8,646,513 1,659,784 1,526,334 547,184 583,558 400,998 385,457 77 0.8910 Mar.............. 8,574,136 8,653,974 1,547,221 1,416,361 550,125 588,217 457,351 428,524 381 0.9015 Apr.............. 8,545,103 8,726,056 2,116,199 1,937,820 549,766 581,980 503,335 469,043 556 0.9490 May.............. 7,696,254 7,886,323 1,630,850 1,508,391 520,189 556,907 473,341 429,449 295 0.9319 June.............. 8,099,801 8,302,890 1,855,770 1,719,282 538,667 568,158 441,816 381,598 828 0.9552 Report date Calls Net delta equivalent (9) Exchange rate (10) 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) 2019 - Dec............... 119,978 156,168 419,532 240,205 2020 - Mar............... 130,902 158,097 382,290 June............... 110,528 137,567 405,125 Sept............... 117,852 137,004 Dec................ n.a. n.a. 2021 - Mar............... 116,311 152,858 Calls Bought (5) Options positions Puts Written Bought Written (6) (7) (8) 5,216 4,731 6,979 4,235 238,619 5,922 7,220 8,181 235,074 11,006 8,743 8,475 396,308 247,487 4,399 4,053 457,474 253,720 5,629 n.a. 458,038 249,171 4,771 Net delta equivalent (9) Exchange rate (10) n.a. 0.8907 4,094 n.a. 0.9078 5,323 1,127 0.8899 7,656 5,867 n.a. 0.8530 n.a. 3,215 5 0.8177 5,112 11,218 7,102 -719 0.8516 June............... 126,660 156,997 426,336 261,396 6,094 6,700 10,693 5,108 630 0.8440 Sept............... 138,855 163,917 460,740 252,086 10,076 5,663 7,786 6,332 286 0.8638 Dec................ 138,274 177,886 482,381 267,220 7,422 4,261 9,926 7,880 6 0.8789 2022 - Mar............... 152,198 199,758 477,658 257,299 11,690 7,629 9,890 7,551 228 0.9015 66 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. Section 4027 of H.R. 748, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, as Pub. Law 116-136, appropriated $500 billion to the ESF. The Consolidated Appropriations Act, 2021 and the Infrastructure Investment and Jobs Act, 2021, subsequently rescinded $479 billion and $1.4 billion, respectively, of the $500 billion appropriation provided to Treasury. Resources of the fund include (a) Fund Balance, which is available to support subsidy costs for loan modifications and expenditures for administrative expenses in support of the CARES Act, (b) U.S. Government securities (dollar balances), (c) special drawing rights -SDRs, and (d) foreign currencies. Principal sources of income -+ or loss -- for the fund are profits -+ or losses -- on SDRs and foreign exchange, and interest earned on U.S Government, foreign securities, and SDRs. • Table ESF-1 presents the assets, liabilities, and capital of the fund. The figures are in U.S. dollars. Amounts and transactions pertaining to foreign currencies and special drawing rights, an international reserve asset created by the International Monetary Fund (IMF) to supplement its member countries’ position in the Fund, have been converted to U.S. dollars based on current exchange rates computed according to the accrual method of accounting. Investments and loans receivable are reported at cost. 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. The additional appropriated capital represents the amount appropriated under the CARES Act Sec 4027 minus transfers, expenditures for administrative and subsidy costs, and rescissions resulting from the passage of the Consolidated Appropriations Act, 2021 and the Infrastructure Investment and Jobs Act, 2021. Conversion gains and losses are reflected in the cumulative net income + or loss -- account. • Table ESF-2 shows the results of operations for the current quarter and year-to-date. Figures are in U.S. dollars 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. CARES Act related administrative costs incurred in connection with the loans, and other investments are accrued. 67 TABLE ESF-1—Balances as of Mar. 31, 2022, and June 30, 2022 [In thousands of dollars. Source: Office of the Assistant Secretary of the Treasury for Management] Mar. 31, 2022, through June 30, 2022 June 30, 2022 1,132,159 20,490,167 163,131,212 21,258,340 1,008,153 3,336,327 (1,498,512) (4,935,896) (3,318,607) (3,683) 4,468,486 18,991,655 158,195,316 17,939,733 1,004,470 11,887,672 7,696,686 86,215 (674,706) (808,694) 114,590 11,212,966 6,887,992 200,805 226,690,604 (7,789,181) 218,901,423 Liabilities and capital Current liabilities: Accounts payable................................................................. 53,047 115,662 168,709 Total current liabilities ...................................................... 53,047 115,662 168,709 Other liabilities: SDR certificates ................................................................... SDR allocations ................................................................... Debt, including accrued interest payable 5,200,000 158,785,075 18,800,840 (6,273,756) 79,512 5,200,000 152,511,319 18,880,352 Total other liabilities ......................................................... 182,785,915 (6,194,244) 176,591,671 Capital: Initial Appropriated Capital Account .................................... Additional Appropriated Capital Account Net income -+ or loss -- -see Table ESF-2 .......................... 200,000 4,631,697 (1,310,492) (1,197) (1,709,403) 200,000 4,630,500 (3,019,895) Total capital...................................................................... 43,851,642 (1,710,599) 42,141,043 Total liabilities and capital ............................................ 226,690,604 (7,789,181) 218,901,423 Assets, liabilities, and capital Assets U.S. dollars: Held with Treasury: Fund Balance ................................................................... U.S. Government securities ............................................. Special drawing rights 1 ........................................................... Economic Recovery Program Investments............................. Economic Recovery Program Loans Receivable.................... Foreign exchange and securities: European euro ..................................................................... Japanese yen....................................................................... Accounts receivable................................................................. Total assets .......................................................................... See footnote on the following page. Mar. 31, 2022 68 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, 2022, through June 30, 2022 Fiscal year to date Oct. 1, 2021 through June 30, 2022 Income and expense Profit -+ or loss-- on: Foreign exchange ......................................................... (1,478,880) (2,685,704) Adjustment for change in valuation of SDR holdings and allocations 1 .................................... (192,864) (250,721) SDRs........................................................................... 5,252 7,068 U.S. Government Securities........................................ 31,427 39,262 Foreign exchange........................................................ (9,885) (31,392) Appropriations Revenue.............................................. 1,197 3,428 Administrative Expense............................................... (1,451) (3,640) Facility Fees................................................................. - - Net gain (loss) on Disposition of Investments.............. - - Net Interest revenue and expense............................... (64,199) (98,196) Income for operations.................................................. (1,709,403) (3,019,895) Net income (+) or loss (-) ........................................ (1,709,403) (3,019,895) Interest (+) or net charges (-) on: Economic Recovery Program (+) or net charges (-) on: . 1 Beginning July 1974, the International Monetary Fund adopted a technique for valuing the SDRs based on a weighted average of exchange rates for the currencies of selected member countries. The U.S. SDR holdings and allocations are valued on this basis beginning July 1974. Note—Annual balance sheets for fiscal years 1934 through 1940 appeared in the 1940 “Annual Report of the Secretary of the Treasury” and those for succeeding years appeared in subsequent reports through 1980. Quarterly balance sheets beginning with December 31, 1938, have been published in the “Treasury Bulletin.” Data from inception to September 30, 1978, may be found on the statements published in the January 1979 “Treasury Bulletin.” Trust Funds 70 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 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. Highway Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 105 less: Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 77 Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 28 48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027) ............................................................................................................................ 141 Note—Numbers may not add due to rounding. 48-month revenue estimate reflects FY 2023 Midsession Review Projections. Note—Reflects extension of authorized revenue collection and funding levels prescribed in P.L. 117-58. Mass Transit Account [In billions of dollars. Source: DOT] Commitments (unobligated balances plus unpaid obligations, fiscal year 2023) .............................................................................................................. 51 less: Cash balance (fiscal year 2023) ......................................................................................................................................................................................... 32 Unfunded authorizations (fiscal year 2023) ........................................................................................................................................................................ 19 48-month revenue estimate (fiscal years 2024, 2025, 2026, and 2027) ........................................................................................................................... 26 Note—Numbers may not add due to rounding. 48-month revenue estimate reflects FY 2023 Midsession Review Projections. Note—Reflects extension of authorized revenue collection and funding levels prescribed in P.L. 117-58. 71 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 72 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). 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. 73 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. 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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