NET FEDERAL FINANCING REQUIREMENTS $Bil

NET FEDERAL FINANCING REQUIREMENTS $Bil. $Bil.

78.4 80 80 Off-budget deficit-" Budget deficit 70 70

60 60

50 50

40 40

30 H30

20 20

10 10 2.8 0 01 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981e 1982e J/Consistslargely of Federal Financing Bank borrowings to finance off-budget programs. January 1981 Budget estimates. Office of the Secretary of the Treasury January 27. 1981-11 Office of Government Financing CUMULATIVE FEDERAL AND FEDERALLY - ASSISTED BORROWING FROM THE PUBLIC

1970 '75 '76 TQ '77 Fiscal Years 1/ Adjusted (1) to eliminate double counting of obligations purchased by Federal and Federally-sponsored agencies and (2) for changes in Treasury cash balances and other minor items. Office of the Secretary of the Treasury Office of Government Financing e January 1981 Budget estimate. January 27, 1981 17 TREASURY FINANCING REQUIREMENTS October - December 1980 $Bil. $Bil. Uses 60V2 Sources 60 — 60 Redemptions of Special Issues1' | 4 Gov't Account Sales

50 50 Coupon Maturities t 4 Coupon Refundings

40 Savings Bonds Vi 40

1 Other Nonmarketables 30 30

Net Market | Borrowing 20 20 i Cash Deficit

10 10 Decrease in Cash Balance %

0 0 jy Includes maturing marketable securitiesof S'/s billion.

Office of the Secretary of the Treasury January 27.1861-23 Office of Government Financing TREASURY FINANCING REQUIREMENTS January - March 1981 $Bil. $Bil. Uses Sources 60y2 60 60 Redemptions of Special Issues | •$ Gov't Account Sales

50 50 Coupon Maturities | | Coupon Refundings Savings Bonds 2% 40 40

30 30 Other Nonmarketables To Be Done Net Market 36

10 Done 10 10V4 Decrease in , Cash Balance I! 0 0

\JAssumes $8 bilion March 31, 1981 cash balance.

Office of the Secretary of the Treasury Office of Government Financing January 27, 1981-24 TREASURY OPERATING CASH BALANCE Semi-Monthly $Bil.

25 — Without Total Operating A <—New—> 20 — Tax and Loan Balance |>A Borrowing Accounts A A Balance »1 15

g \ W ss \ i • 10 ~-\ ^""\ l-i\ A • • • • \A fr'^/t\ • 5 1 * \ A / $ • : • • • ^Federal Reserve Account"*"' • 0 • •n. ••» • • • • -5 • • • • • • • • -10 • • • • • • • • -15 • • •

I 1 I 1 1 1 -20 i i i i i 1 1 Jan. Feb. Mar. Apr. May Jun. Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar. 1980 1981

Office of the Secretary of the Treasury Office of Government Financing January 27,1981-19 TREASURY NET MARKET BORROWING1 Calendar Year Quarters $Bil. 40

COUPONS ran Over 10 yrs 30 t^ 0-10 yrs. BILLS

20 19.4

14.8 13.3 1 I '- 10-i M 0 iiii I i -.3 •10 -3.9 _L I II III IV I II III IV I II III IV I II III IV le 1977 1978 1979 1980 1981 1/ Excludes Federal Reserve and Government Account Transactions. Office oftheSecretary oftheTreasury 6 estimate Office of Government Financing January 27.1981-1 TREASURY NET BORROWING FROM NONMARKETABLE ISSUES $Bil. 10 Savings Bonds 8 State & Local Series Foreign Nonmarketables 6

2.2 2

-.9 IP-1.4 -1.7 -2

-4- -3.7 -4

-6- -6 -6.6 -8- -8 J_ J. _L II III IV II III IV I II III IV I II III IV le 1977 1978 1979 1980 1981

e estimate

Office of the Secretary of the Treasury Office of Government Financing January 27, 1981-2 CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/ t>Bil. $Bil.

U »w ———•♦«*. 0 \ 1978 ~ \ -2 -1981e\ - -2

-4 h \ 3B^ 4 1979 \

-6 -6

" *%. %. -8 H-8 ^•ej* ^•e»

1980 -10 -10 i5T^•efc ^•afc

I I I I I I I I I I I I I -19'""J FMAMJ JASOND"12 Month of year 1/ Cash sales less redemptions otfce of the secratery at the Treasur, e January 1981 partly estimated. OffceofOonemment Financing January 27, 1981-14 QUARTERLY CHANGES IN FOREIGN AND INTERNATIONAL HOLDINGS OF PUBLIC DEBT SECURITIES $Bil. $Bil. Nonmarketable

1977 1978 1979 1980 -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 January 27,1961-3 .2/Partly estimated. SHORT TERM INTEREST RATES Monthly Averages % %

22- 22

14 '• Through January 23 12

-6

INN 1977 1978 1979 1980 1981

Office of the Secretary of the Treesury Office of Government Financing January 27,1981-7 SHORT TERM INTEREST RATES Weekly Averages % %

20 20 Federal Funds]

18 18

16- 16

•-../ 14 t 14 Week ending January 21 .•Commercial Paper 12 12

3 Month 10 10 Treasury Bill

8 8 I I I Aug Sep Oct Jan 1980 1981

Office of the Secretary of the Treasury Office of Government Financing January 27,1981-5 LONG MARKET RATES Monthly Averages % % 16 16

15 15

14 14

13 13 New Conventional •H * 12 12 Mortgages

11 11

10 A 10 New Aa Corporates , _/ it 9 Through 9 /\ January 23 y,"""\ 8 Treasury 20-Year 8

7 4 I New 20-Year 7 Municipal Bonds 6 6 •••••< •••••••••«.....••••••»•••"..••••..••

5 5 1977 1978 1979 1980 1981

Office of the Secretary of the Treasury Office of Government Financing January 27, 1981-4 INTERMEDIATE AND LONG MARKET RATES Weekly Averages % % 16 16

15 15

14 New Aa 14 Corporates Treasury 10-Year .«£=*. 13 13

12 12

11 11

10 -110

9 9 Municipal Bonds New 20-Year 8 Through 8 week ending January 23 7 7

I I I 6 6 July Aug Sep Oct Nov Dec Jan 1980 1981

Officeof the Secretary of the Treasury Office of Government Financing January 27, 1981-6 PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBT BY MATURITY

1971 1972 1973 1974 1975 1976 1977 1978 1979 1980

As of December 31

Officeof the Secretary of the Treasury Officeof Government Financing January 27, 1981-13 MARKET YIELDS ON GOVERNMENTS Bid Yields

4 5 6 Years to Maturity

Office of the Secretary of the Treasury Office of Government Financing January 27,1981-21 AVERAGE LENGTH OF THE MARKETABLE DEBT Privately Held Years 5

December 1980 3 Years 9 Months

1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980

Office of the Secretary of the Treasury Office of Government Financing January 27, 1981-12 OWNERSHIP OF MATURING COUPON ISSUES February 1981 - June 1981^ (In Millions of Dollars)

Savings Institutions State & Other Total Commercial Local Corpora Private Maturing Issues Privately Long- Intermediate- Foreign Banks term 2/ term 5/ General tions Domestic Held Investors Investors Funds Holders

7% Nt. 2/15/81 1258 431 36 188 51 144 386 22

7 3/8% Nt. 2/15/81 3648 1255 46 593 334 336 791 293

9 3/4% Nt. 2/28/81 2456 508 15 190 186 60 1121 376

6 7/8% Nt. 3/31/81 2579 839 16 217 331 349 67 760 9 5/8% Nt. 3/31/81 2778 583 19 107 163 160 844 902 9 3/4% Nt. 4/30/81 2751 621 5 142 154 98 671 1060 7 3/8% Nt. 5/15/81 1828 685 57 318 246 47 213 262

7 1/2% Nt. 5/15/81 2822 919 25 197 180 122 819 560

9 3/4% Nt. 5/31/81 2121 559 7 95 71 460 318 611

6 3/4% Nt. 6/30/81 2434 585 14 262 374 42 529 628

9 1/8% Nt. 6/30/81 2725 739 15 118 426 16 826 585

TOTAL 27,400 7,724 255 2427 2516 1834 6585 6059

1/ Amounts for investor classes are based on the November 1980 Treasury Ownership Survey.

21 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 January 27, 1981-22 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil. 8 1981 1986 7.5 6 5.4 5.2 5.4 5.0 4.9 4.7 3.2 4 2.8 4.1 2.5 2.1 3.2 2 I I 2 0 I .3 10t— 1982 I i 1987 8 7.0 7.0 6.8 6.4 ^ 4.6 ^ 4.6 6- 4^3 : I • 4.0J.4.0 ty\ 4,0(3.9 2.0 1.8 4

2 I 1988 0 5.8 1983 |6 6.1 2.7 6 5.2 2.4 2.3

4 2.9 2.7 2.5 2.4 I I 2 1.0{ 1989 3.8 0 I I I 6 3 1984 2.2 6 4.5 4h 3.1 3.4 3.0 3.3 2.4 1990 2 I 2.6 2.4 0 1.3 6.0 1985 6.4 6 1991 4 1 3.1 2.8 | 2

0 I J FMAMJ JASOND J FMAMJ JASOND

Securities issued prior to 1979 i^^j New issues calendar year 1980 Office of the Secretary of the Treasury Officeof Government Financing New issues calendar year 1979 [ j Issued or announced through January 23, 1981 January 27, 1981-15 TREASURY MARKETABLE MATURITIES Privately Held, Excluding Bills and Exchange Notes $Bil. $Bil. 1992 2 2002 4 2.7 2 2003 OL 4" 1993 2- 2004 1.9 2.2 2- 1.3 2005 0 2.0 1994 4 2.9 0 2 1.5 1.5 2 2006 B9 0 0 1995 2007 4 4 2.7 2.7 1.8 2 1.5 2 1.2

0 21- 1996 2008 4 3.6

1997 2 1.4 0 g 1998 3.9 2009 4 3.4 .5 2 1999 0 2010 4- 2000 1.8 1.9 1.9 2.2 2.5 2 0 4 2011 2001 1.5 2

0 JFMAM JJAS O ND FMAMJ J ASOND | Securities issued prior to 1979 [j^j New issues calendar year 1980

Office of the Secretary of the Treasury Office of Government Financing New issues calendar year 1979 BH Issued or announced through January 23, 1981 January 27, 1981-16 TRADING VOLUME AND OPEN INTEREST IN 90 DAY TREASURY BILL vAND BOND^ FUTURES CONTRACTS $Bil. i 1$Bil.

OPEN INTEREST

Bonds 1000 1000

40 TRADING VOLUME 800 800

600 600

I II III IV I II III IV I II III IV I II III IV I II III IV 400 1976 1977 1978 1979 1980 400

200 200

Jgg^Jgg^^jgjjjj^JSjIjj^ n n D 0 m I II III IV I II III IV I II III IV I II III IV I II III IV 1976 1977 1978 1979 1980 -^Contracts traded on the International Monetary Market ($1,000,000 per contract). otiice oi the secretary of the Treasury -^Contracts traded on the Chicago Board of Trade ($100,000 per contract). Office of Government financing January 27, 1981-18 DELIVERABLE BILLS AND DELIVERIES ON 90 DAY TREASURY BILL FUTURES CONTRACTS^ $Bil. $Bil. 6 mo. ~~~| Estimated 3 ^ !> Deliverable 3 3 mo. J Supply ^

Deliveries

0 Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec 1976 1977 1978 1979 1980 1/Contracts traded on the International Monetary Market (IMM). 2/Consists of the amount of accepted competitive tenders for the Office of the Secretary of the Treesury Office of Government Financing new 3 month bill and the 6 month bill issued 3 months earlier. January 27. 1981-8 NET NEW MONEY IN AGENCY FINANCE, QUARTERLY Privately Held $Bil. $Bil. FNMA 4 FCA 3 3 2 2 1 1 • I • -_ 0 * mllil 1.1 111!hi 0 hi.Ilil In. -1 1" 7 FHLB*

5 hi 6 J ill 4 i 5

3 i 4 i 2 All 3

1 i

•* 2 * 0 V 1 -1

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 in ive 1976 1977 1978 1979 1980 1976 1977 1978 1979 1980 * Less than $50 million. e Partly estimated.

Office of the Secretary of the Treasury J/ Includes FHLB discount notes, bonds, and FHLMC certificates, Office of Government Financing mortgage-backed bonds, and mortgage participation certificates. January 27, 1981-20 AGENCY MATURITIES^ Privately Held $Bil. $Bil. 1981 1982 1983 1984 1989 1990 1991 1992 16.3 16

14 .4 .4 .3 Ji .4 13.1 .2 .2 .1

12 1993 1994 1995 1996

10 .5 .1 8.8

8 1997 1998 1999 2000

2 - 1.1 6 .5 5.1 5J 3 .2 .t .2 .2 .1

3.9 4 |_ 2001 2002 2003 2004

2.6 1 .2 2 2005 2006 2007 2008

0 I .3 .3 -2 .1 .1 .1 -3 .2 6 1985 1986 1987 1988

2 - 2009 2010 2011 2012 4 4.23.8 .4 .3 .5 2.7

2 1.7 2J1.9 2013 2014 2015 2016 ..I III. ..i .2 .2 0 till IV I II III IV I IV I II III IV II III IV I IV I II III IV I II III IV Calendar Years Quarterly Office of the Secretary of the Treasury Office of Government Financing -^Issued or announced through December 31, 1980 January 27, 1981-25