^^Fl4 Increase in Cash 1/4W — 10 Balance Other Nonmarketables 4 Cash Deficit Net Market Borrowing ^

TREASURY FINANCING REQUIREMENTS July—September 1979 $Bil. $Bil. Uses Sources 36V4

Gov't Acc't Investment ^ 4 Special Issues v

30 30

20 — Coupon Maturities } 4 Coupon Refundings —20

Foreign Nonmarketables

10 ^^fl4 Increase in Cash 1/4w — 10 Balance Other Nonmarketables 4 Cash Deficit Net Market Borrowing ^

0 D 0 -V Net of exchanges for maturing marketable securities of $% billion.

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-18 TREASURY FINANCING REQUIREMENTS October-December 1979^ US6S Pn^estmen? ♦ "* 51 m «Special Issues^ Sources $Bil. $Bil.

40 Coupon xt I u Coupon -40 Maturities t I It Refundings

30 30 3/4

Nonmarketables 20 Net Market 131/2^ 20 Borrowing

MCash Deficit 10 10 Decrease in a Cash Balance W

0 0 1/Assumes $12 billion December 31, 1979 cash balance. Office of the Secretary of the Treasury Office of Government Financing 2/Net of exchanges for maturing marketable securities of $14 billion. October 23, 1979 19 TREASURY NET MARKET BORROWING^ Calendar Year Quarters

--10

I II III IV I II III IV I II III IV I II III IV II III IV 1975 1976 1977 1978 1979 1/ Excludes Federal Reserve and Government Account Transactions. Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-2 TREASURY MARKET BORROWING^ Calendar Year Quarters $Bil.

I II III IV III IV I II III IV 1975 1976 1977 1978 1979

J/Excludes Federal Reserve and Government Account Transactions.

Office c4 the Secretary of the Treasury e estimate. Office of Government Financing October 23, 1979-25 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES $Bil. $Bil.

10 9.8 —110

ISavings Bonds & Other

iState & Local Series 8 |Foreign Nonmarketables

- 2

- -2

II III IV II III IV III IV I II III IV I II 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979 3 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES $Bil. I $Bil. 20 nil Nonmarketable 20 Marketable 17.0 16 K5S Add-ons^ 16 ^m Other Transactions

12 12

8 8 6.2 jjjjjjjV 4 4 1.0 1.0 1-6 1-6 .^TO 0 0

-0.5 -4 -4

• -5.0 -8 -4.9 -8

-12 -12

-14.3 -16- -16

I II III IV I II III IV I II III IV I II III IV I II llli/ 1975 1976 1977 1978 1979 _y F.R.B. Purchases of marketable issues as agents for foreign and

Office of the Secretary of the Treasury international monetary authorities for new cash. Office of Government Financing October 23. 1979-11 1/ Partly estimated. TREASURY OPERATING CASH BALANCE Semi-Monthly $Bil.

-10

Jan Mar May Jul Sep Nov Jan Mar May Jul Sep Nov 1978 1979

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-15 SHORT TERM INTEREST RATES Monthly Averages

14 s 14 4 Federal Funds 12^r

8- Through week ending -4 October 17, 1979 \\w. JE^XCommercial Paper 6- 3 Month Treasury Bill

I I I I I 11 I I MINIMI JSNJMMJSNJMMJSNJMMJSNJMMJSNJMMJS 1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-4 SHORT TERM INTEREST RATES Weekly Averages % Week ending _ 15 15 October 17, 1979

14 14

13 13

Prime Rate

12 12

11 - Commercial Paper 11

10 10

-~ . •" *

3 Month Treasury Bill

8 I I I I I I ll I I I I I I I I I ll I l I I I I I I I I ll I I 8 Jan Feb Mar Apr May Jun Jul Aug Sep Oct 1979

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-5 LONG MARKET RATES Monthly Averages % %

11 11

*-''., New Aa Corporates *** z *- 10 10 /-% ,/\ New Conventiona y / \% / \ / +»**% Mortgages ¥'• 9- ^ -9 •••limit** jk ^^^ Av/V^^ j? '<.«""

y \ Treasury 20-Year -7 V _ /N—. / New 20-Year \ Municipal Bonds ^"*"*\^- Through week ending October 19, 1979

Mill 111 II I I I I II II I II II II I I I I I I I l lll llll ll I I I I I II I I I J SN JMMJ SN JMMJSN JMMJ SN JMMJ,SN JMMJ S 1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury Office of Government Financing October 23,1979-7

•••••.„ INTERMEDIATE AND LONG MARKET RATES Weekly Averages % Week ending October 19, 1979

11 New Conventional 11 Mortgages -^

New Aa 10 -10 Corporates

. Treasury 10-Year

Treasury 20-Year Treasury 7-Year

8 8

Municipal Bonds New 20-Year

5 May June July Aug Sep Oct 1979

J/ Monthly, weekly data not available.

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-6 MARKET YIELDS ON GOVERNMENTS Bid Yields

i r

-13

L.J..J Lj""l"l""""""""i 12

10 12 14 16 18 20 22 24 26 28 30

5 6

Years to Maturity

Office ofthe Secretaryofthe Treasury Office ofGovernment Financing October 23, 1979 22 TRADING VOLUME AND OPEN INTEREST IN 90 DAY TREASURY BILL FUTURES CONTRACTS $Bil $Bil

500 500

Open Interest 400 400

TRADING VOLUME 300 300

I II III IV I II III IV I II III IV I II 1976 1977 1978 1979 200 200

100 100

0 I0 III IV III IV III IV I 1976 1977 1978 1979 Office of the Secretary of the Treasury Office of Government Financing October 23, 1979 14 DELIVERABLE BILLS AND DELIVERIES ON 90 DAY TREASURY BILL FUTURES CONTRACTS $Bil. $Bil. "i Estimated 3 3 > Deliverable J Supply17

0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep 1976 1977 1978 1979

1/ Consists of the amount of accepted competitive tenders for the new 3 month bill and the 6 month bill issued 3 months earlier. Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-13 NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS

12- Average Auction Yields17 11- 6 Month Bill

10- — 3 Month Bill

-50

Apr May Jun 1979 Auction Dates 1/ Discount basis.

Office of the Secretary of the Treasury 2/ New money is the difference between noncompetitive bids on the Office of Government Financing new issues and maturing bills previously bid noncompetitively. October 23, 197&24 GROWTH IN MONEY MARKET CERTIFICATES & 6 MONTH BILL AVERAGE AUCTION YIELDS % %

11 6 Month Bill Average Auction Yields 11

i ill 11 ili 111 1111 ill 1111 111 i il i 11 ill 11 111 i i ill 11 ili 111111 i ill 1111 7 $Bil. $Bil. Money Market Certificates

Savings & Loan 15

0 SON O 1978

Office of the Secretary of the Treasury Office of Government Financing _iy Discount Basis

October 23, 1979-23 PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT $Bii BY MATURITY 400

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 As of December 31

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-10 AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held L| June 1967 5 Years 1 Month

September 30, 1979 3 Years 8 Months

1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979

Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-1 OWNERSHIP OF MATURING COUPON ISSUES October 1979-March 1980-^ (In Millions of Dollars)

Savings Institutions State & Other Total Commercial Local Corpora Private Maturing Issues Privately Long- Intermediate- Foreign Banks term 5/ General tions Domestic Held term 11 Investors Investors Funds Holders

6 1/4% Nt. 11/15/79 3,095 879 61 422 263 340 515 615 6 5/8% Nt. 11/15/79 460 140 1 61 32 10 216 7% Nt. 11/15/79 1,804 604 52 181 63 212 674 18 7 1 /8% Nt. 11 /30/79 4,285 1,114 38 281 340 288 858 1,366 7 1/2% Nt. 12/31/79 1,850 736 6 248 163 * 502 195 7 1/8% Nt. 12/31/79 3,349 1,000 66 258 460 170 602 793 7 1/2% Nt. 1/31/80 3,544 1,229 51 327 343 32 1,025 537 4% Bd. 2/15/80 1,559 158 219 263 197 222 500 6 1/2% Nt. 2/15/80 3,107 1,238 50 312 230 400 253 444 7 5/8% Nt. 2/29/80 3,507 1,229 25 367 295 98 694 799 7 1/2% Nt. 3/31/80 5,343 2,114 53 541 230 144 1,069 1,192

Total 31,903 10,441 622 3,261 2,616 1,916 6,908 5,959

XJ Amounts for investor classes are based on the August 1979 Treasury Ownership Survey. U Includes State and local pension funds and life insurance companies.

Office of the Secretary of the Treasury 2/ Includes casualty and liability insurance companies, mutual savingsbanks, savingsand loan Office of Government Financing associations, and corporate pension trust funds. October 23, 1979-21 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. 6 1979 5-4 52 1984 4.5 4 3.4 II3" 2.5 1 2

0 1

6 5.3 1980 5.7 2.7 1985 _3.2 4.7 5.4b 5.1 5.2 5.0 1.2 4 3.4 ^A V2.7172/9 %3

6 1981 5 5 5.0 54 4.7 5^ 5.0 15.2 3.91 4.1 4 2.81 2.9^3-2 3.3 2.5 mX2.2 I 2 in in n .3 0 I 4.6 6 6«4 1982 1987 4.6 4.3 4.2 4 I I 1.8 2.6 2.5 2.4 2.7 2

0 2.4 1988 2.3 5.8 6 1983 2 -

4 ol— 2J 2.5 21 2_5 2.2 22 1989 2 2 83 1.0 I n i 0 I 0 J FMAMJJASOND JFMAM JJASOND

Hi Securities issued prior to 1977 £20 New issues calendar year 1978 X\4\New issues calendar year 1977 ill Issued or announced through October 19, 1979 Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-S TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil $Bil 1.7 2.2 2.5 2 o 1990 2 2000 I •8 I I 0, 0 21 1991 2 2001 0 i 1992 0 6| 2002 2

4 - 3.0 g 0 2 2003 2 0 1993 2.3 0 1.9 1.4 2 2 2004 01 3.0 0 2.1 2005 2 1.5 2 •5 | ll m a 0 [ 1 0 1995 2 2006 2 .3 0 j2.7 2007 o! 1.2 1996 2

2 _ 0 2008 3.7 0 2 1.4 1997 S3 2 - 0 3.9 0 1998 2 2009 2 L 1.1 0 .4 | 2h 01 2010 1999 2 .8 I 2011 0 FMAMJ JASON FMAMJJ ASON

H Securities issued prior to 1977 [5J5JJ New issues calendar year 1978 New issues calendar year 1977 iJSii Issued or announced through October 19, 1979 Office of the Secretary of the Treasury Office of Government Financing October 23, 1979-9 AGENCY MATURITIES^ Privately Held $Bil. - 1987 1988 1989 1990 ~„ 111 3 lo L3 • ll. l.l- .. • J. " 1991 1992 1993 1994

3 .1 3 •• — - *. 1995 1996 1997 1998

1.1

.1 _• 1... 1--1 1999 2000 2001 2002

.2 .1 * " 2003 2004 2005 2006

- •I 1 .1 .1 2007 2008 2009 2010

"3 .2 .3 .4 2 2

I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV Calendar Years Quarterly \J Issued or announced through October 19. 1979 * Less than $50 million. Office of the Secretary of the Treasury Office of Government Financing October 23. 1979 20 NET NEW MONEY IN AGENCY FINANCE, QUARTERLY Privately Held $Biir FCA $Bil FNMA

2 - 1 • li 1, 1

. ,1 l._ i i 0 0 In III III III. .1 * III ll.

FHLB^ _" 4- 1

GNMA Mortgage Backed nl

.nl Securities * * IV r

0 I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV I II III IV 1975 1976 1977 1978 1979 1975 1976 1977 1978 1979

* Less than $50 million. Office of the Secretary of the Treasury Office of Government Financing 1/Includes FHLB discount notes, bonds, and FHLMC certificates, October 23. 1979-12 mortgage-backed bonds, and mortgage participation certificates.