FEDERAL AND FEDERALLY-ASSISTED BORROWING FROM THE PUBLIC $Bil. 148.1 $Bil.

140 140 L__J Sponsored Agency Obligations V//A Guaranteed Obligations^

120 V//A Off-Budget Deficit 120 •• Budget Deficit2

100 100

80 80

60 60

47.5

40 40

24.5 20 20

0 0 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981P Fiscal Years U Adjusted for federal and sponsored agency purchases of guaranteed obligations. 2J Adjusted for other means of financing. Office of the Secretary of the Treasury Office of Government Financing p preliminary ,1981-20 TREASURY FINANCING REQUIREMENTS July - $Bil. $Bil. USES SOURCES 50 48% 50 Government Account Investment} ^Special Issues^

40 40

^Coupon Coupon Maturities^ rRefunding 30 30 Savings Bonds and Other

Gov't Series ^ 1Vi \ Foreign 20 J Nonmarketables 20 1 y2 Public Series Net Market Borrowing ^ Increase 10 94 Cash deficit 10 in Cash Balance

2V4

0 '0 y Net of 1 /4 billion maturities other than special issues.

Office of the Secretary of the Treasury October 27, 1981-16 Office of Government Financing TREASURY FINANCING REQUIREMENTS October - $Bil. $Bil. USES SOURCES 70 70 Redemptions of Special Issues 21/4^ 2Va Government Account Sales 643/4

60 60

Coupon Maturities J ^ Coupon Refunding 50 50 Savings Bonds and Other iS——^„^— 40 40 ^ . Gov't. .Foreign rl ui- o riesINonmarketables Public SenesJ To be 30 30 Net Market Done Borrowing 35% < 223/4

20 ^Cash Deficit 20

10 1 10 Decrease in Cash Balance?/^ 0 1/ Includes maturing marketable securities of $1 /4 billion. -^Assumes$12 billion cash balance , 1981.

Office of the Secretary of the Treasury Office of Government Financing October 27. 1981-19 TREASURY OPERATING CASH BALANCE Semi-Monthly $Bil.

Without *—New—» Borrowing^

Federal Reserve Account 0

—5

— 10

•15 Oct. Nov. Dec. Jan. Feb. Mar Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. 1980 1981 -1/Assumes refunding of maturing issues.

Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-18 TREASURY NET MARKET BORROWING^ Calendar Year Quarters $Bil. 40 COUPONS • Over 10 yrs. ZHO-10 yrs.

-10

-20 II III IV I II III IV I II III II III IV 1977 1978 1979 1980 1981 1/ Excludes Federal Reserve and Government Account Transactions.

Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-6 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES $Bil. $Bil. 10h 10 Savings Bonds 8 8 State & Local Series Foreign Nonmarketables 6 6

4 4

2.2 2 2

0 0

-.9 5BB —-° felli -1.4 -2 I -1.7 -1.4 -2 m

-4 -4 -4.2

-6 -6 -6.6 -8 -8

I II III IV I IV I II III IV I II III IV II III IVe 1977 1978 1979 1980 1981

e estimate

Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-12 CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/ $Bil. $Bil.

0 - 0 _V* 1978

-2 -2

-4 ^SS^^ 1979*\ -4

-6 -6

-8- -8

_ 1981e

1980 -10 --10

i i i i > i i i i i i i -12 i -12 M M JJA O N Month of year 1/ Cash sales less redemptions Office of the Secretary of the Treasury e partly estimated Office of Government Financing October 27, 1981-5 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES $Bil

III IV 1977 1978 1979 1980 1981 -1/ F.R.B. Purchases of marketable issues as agents for foreign

Office of the Secretary of the Treasury and international monetary authorities for new cash. Office of Government Financing .2/Partly estimated. October 27. 1981-11 SHORT TERM INTEREST RATES Monthly Averages % %

22

20

18

16

14

12 Through 10

8

1977 1978 1979 1980 1981

Office of the Secretary ot the Treasury Office of Government Financing October 27, 1981-7 SHORT TERM INTEREST RATES Weekly Averages % %

22 22

Prime Rate

20

18

16

14

Week ending 12 , 1981- 12

Jan Feb Mar Apr May Jun Jul Aug Sep Oct 1981

Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-8 LONG MARKET RATES Monthly Averages % % /

17 — 17

15 — •0. A-r f -15 li \ /I /V 13 » \\J/ r '- 13 • •

11 New Aa 11 New Conventio nal Corporates. ^**^ £ AT \/ /•-•' 1 Mortgages ^^^\ _..*. //^ .«•••* Through '"** October 23 - ;, ^-vl>-^ ^ ,...«•'* *x ..^^^^^^-^ /\/ Treasury 20-Year y—— -^ 7- j^»«.. f 20-Year ..•••••••....••••' Municipal Bonds •***•*••»••• 11111 m * 111 i 1111 M 11111 I II I I I I I I I I 1 1 1 li 1 1 1 1 II Ml Ill 1977 1978 1979 1980 1981

Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-10 INTERMEDIATE AND LONG MARKET RATES Weekly Averages % %

18 18

17 —- N.. 17 New Aa 16 >» ^ Corporates 16

15 15

14 14

13 13

12 12

11 11 Through week ending. 10 Municipal Bonds 10 October 23 20-Year 9 9

8 8

7 7

6 6 Jan Feb Mar Apr May June July Aug Sep Oct 1981

Officeof the Secretary of the Treasury Officeof Government Financing October 27, 1981-9 MARKET YIELDS ON GOVERNMENTS Bid Yields %

18 18

17 17

10 12 14 16 18 20 22 24 26 28 30

16 16

15 15

| , 1981 14 July 27, 1981 14

13 13

0 4 5 8 0 Years to Maturity

Officeof the Secretary of the Treasury Office of Government Financing October 27, 1981-22 NEW MONEY FROM NONCOMPETITIVE BIDS IN TREASURY BILL AUCTIONS AND AVERAGE AUCTION YIELDS $Mil

-400 May June 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 27, 1981-14 * Friday auction preceding holiday. PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 As of December 31 Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-2 AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held

June 1947 10 Years Months 5 Months September 1981 48 Months

JFMAMJJASOND 1981

1945 47 49 51 53 55 57 59 61 63 65 67

Office of the Secretary of the Treasury October 27, 1981-1 Office of Government Financing OWNERSHIP OF MATURING COUPON ISSUES -March 1982^ (In Millions of Dollars)

Savings Institutions State & Other Total Commercial Local Corpora Private Maturing Issues Privately Long- Intermediate- Foreign Banks General tions Oomestic Held term 1/ term 5/ Investors Investors Funds Holders

7%Nt. 11/15/81 2412 1059 115 409 50 550 166 63

73/4%Nt. 11/15/81 2565 1237 57 460 44 15 612 140

12 1/8% Nt. 11/30/81 4225 1491 66 249 85 9 1457 868

71/4%Nt. 12/31/81 3275 903 25 296 85 282 973 711

11 3/8% Nt. 12/31/81 3730 767 29 212 269 224 1055 1174 1403 45 1 11/2 % Nt. 1/31/82 3994 280 95 18 1567 586 936 204 6 1/8%Nt. 2/15/82 2633 377 40 750 130 196 6 3/8%Bd. 2/15/82 1689 521 84 183 30 138 733

13 7/8%Nt. 2/28/82 3907 1404 69 280 73 21 1659 401

7 7/8%Nt. 3/31/82 2605 1399 11 222 62 126 409 376 15%Nt. 3/31/82 3432 1317 28 237 97 109 1333 311

TOTAL 34,467 12,437 733 3205 930 2242 10,094 4826

1/ Amounts for investor classes are based on the Treasury Ownership Survey.

2/ Includes State and local pension funds and life insurance companies.

3/ Includes casualty and liability insurance companies, mutual savings banks, savings and loan associations, and corporate pension trust funds.

Office of the Secretary of the Treasury Office of Government Financing October 27, 1981-17 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $BII. 1981 1986 6 5.0 ?0g 7.5 7.5 • 4 2 7.0 4 1

2 li 3.2 0 8 1982 7.0 7.3 i 6.0 6-4 7.0R 4.6 I 6 4.3 4.3, 1 I 1987 4.0 + 3.9 4.3 i 4J 4.4 J4.6 I 4 4.0B3.9 U T^Ja^ ^ 4.6

2 I 2.0 1.8 0 II I 11 1 8 7.6 1983 c, 7 4 6.7 6.9 6.1 1988 6 4.7B85.0 52 10 3.5 3.5 4.3^4.3 2.7 4 i& 2J 2.4 li 2.3 "1 2.5 2 _g 1 I 0 I 1 — 1989 9.4 1984 3.8 8 7.3 2.2 6 4.5 4.6 2 4 3.4 I 2.4 3.2 3.0 I 1990 p,5.1 2 I I 2.6 0 6 0 1985 %A 1.1 .8 6 1 1 I 1 1991 3.4 3.8 4 2.8 3.2 3.1 2.4 1.7 2 - I 1 I 0 JFMAMJJASOND J FMAMJ JASOND Securities issued prior to 1979 New issues calendar year 1980 Office of the Secretary of the Treasury Office of Government Financing New issues calendar year 1979 Issued or announced through October 23, 1981 October 27, 1981-3 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil. 1992 2 - 2002 4 2.6 0

2 2 - 2003 Ot 0

4" 1993 2 - 2004 1.9 2.2 1 2- 1.4 0 4 0 21 2005 1994 2h- 4 • 2.9 0 1.5 2 1.4 2 — 2006 i 0 1995 2007 4 2.7 ~ 2.7 1.7 2 1.4 1.2 0: 1 2 1996 2008 3.6 0 2 1997 1.4 1 0 1998 3.9 2009 2 3.4

0 1999 2- ol 2010 4.2 4 2000 1.8 1.9 2.2 2.5 2

0 TT 3.9 2011 2001 1.8 2 1.5 1.7 • • 0 JFMAM JJAS O ND JFMAMJ JAS O ND I Securities issued prior to 1979 jNew issues calendar year 1980 Office of the Secretary of the Treasury New issues calendar year 1979 Office of Government Financing ]Issued or announced through October 23, 1981 October 27, 1981-4 NET NEW MONEY IN AGENCY FINANCE, QUARTERLY Privately Held $Bil. 5

3

2 1 I I.I. 0 9h GNMA Mortgage Backed 8 Securi

7

6

5

4

3

2

1

0 II III IV II III IV 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 llleIV 1977 1978 1979 1980 1981 1977 1978 1979 1980 1981 * Less than $50 million. Partly estimated. J/ Includes FHLB discount notes, bonds, and FHLMC certificates, Office of the Secrelary ot the Treasury October 27. 1981 15 Office of Government Financing mortgage-backed bonds, and mortgage participation certificates. AGENCY MATURITIES^ Privately Held $Bil. 1989 1990 1991 1992 4 -

2 1.2 .6 .6 .4 .4 .2 .2 .1

1993 1994 1995 1996

.1

1997 1998 1999 2000

1.1 •3 .2 .1 .2 .2 .1

2001 2002 2003 2004

.1 .2

2005 2006 2007 2008

.1 .1 .1 .1 •2 .1 .2 -3

2- 2009 2010 2011 2012

.3 .5

2013 2014 2015 2016

.2 .2

I II III IV I II III IV I II III IV I II III IV IV I II III IV I IV I II III IV Calendar Years Quarterly Office of the Secretary of the Treasury Office of Government Financing -!/Issued or announced through , 1981 October 27, 1981-21