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$Bil.
80
70
60
50
40
30
20
10
01
2.8
NET FEDERAL FINANCING REQUIREMENTS
Off-budget deficit-"
Budget deficit
78.4
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.
$Bil.
80
70
60
50
40
H30
20
10
0
Office of the Secretary of the TreasuryOffice of Government Financing
January 27. 1981-11
CUMULATIVE FEDERAL AND FEDERALLY - ASSISTEDBORROWING FROM THE PUBLIC
1970
Office of the Secretary of the TreasuryOffice of Government Financing
'75 '76 TQ '77Fiscal Years
1/ Adjusted (1) to eliminate double counting of obligations purchased by Federal and Federally-sponsoredagencies and (2) for changes in Treasury cash balances and other minor items.
e January 1981 Budget estimate. January 27, 1981 17
$Bil.
60 —
50
40
30
20
10
0
TREASURY FINANCING REQUIREMENTSOctober - December 1980
Uses
Redemptions of Special Issues1' |
Coupon Maturities t
Savings Bonds Vi
1 Other
Nonmarketables
i Cash Deficit
60V2 Sources
4 Gov't Account Sales
4 CouponRefundings
Net Market |Borrowing
Decrease inCash Balance %
jy Includes maturing marketable securitiesof S'/s billion.
$Bil.
60
50
40
30
20
10
0
Office of the Secretary of the TreasuryOffice of Government Financing
January 27.1861-23
$Bil.
60
50
40
30
20
10
0
TREASURY FINANCING REQUIREMENTSJanuary - March 1981
Uses
Redemptions of Special Issues |
Coupon Maturities |
Savings Bonds 2%
Other Nonmarketables
I Cash Deficit
60y2Sources
•$ Gov't Account Sales
| CouponRefundings
Net Market 36 <!Borrowing
Decrease in ,Cash Balance I!
To Be
Done
253/4
Done
10V4
\JAssumes $8 bilion March 31, 1981 cash balance.
$Bil.
60
50
40
30
20
10
0
Office of the Secretary of the TreasuryOffice of Government Financing January 27, 1981-24
$Bil.
25
20
15
10
5
0
-5
-10
-15
-20
TREASURY OPERATING CASH BALANCESemi-Monthly
—
Without
—
Tax and LoanAccounts A
A Balance »1
Total Operating ABalance |>A
<—New—>Borrowing
g \ W ss
~-\ ^""\ l-i\ A \ i •
\ A fr'^/t\ 1 * \ A / $^Federal Reserve Account"*"'
••••••
:•••••
•n.••»
•••••••••••••••••••
i i i i i I 1 I 1 1 1
••••
1 1
Jan. Feb. Mar. Apr. May Jun. Jul.
1980
Aug. Sep. Oct. Nov. Dec. Jan. Feb. Mar.
1981
Office of the Secretary of the TreasuryOffice of Government Financing January 27,1981-19
$Bil.
40
TREASURY NET MARKET BORROWING1Calendar Year Quarters
30
20
14.8
10-i0
M
•10i-3.9
19.4
13.3 1 I '-
iiii_L
I-.3
COUPONS
ran Over 10 yrst^ 0-10 yrs.
BILLS
I II III IV I II III IV I II III IV I II III
1977 1978 1979 1980
1/ Excludes Federal Reserve and Government Account Transactions.
Office oftheSecretary of theTreasury 6 estimateOffice of Government Financing
IV le
1981
January 27.1981-1
TREASURY NET BORROWING FROM NONMARKETABLE ISSUES
-4-
-6-
-8-
II III IV
1977
Office of the Secretary of the TreasuryOffice of Government Financing
Savings Bonds
State & Local Series
Foreign Nonmarketables
2.2
IP-1.4
-.9
-1.7
J_
II III IV I II III IV I II III IV le
1978 1979 1980 1981
e estimate
-6.6
J.
-3.7
_L
$Bil.
10
8
6
4
2
0
-2
-4
-6
-8
January 27, 1981-2
$Bil.
0
- -2
4
-6
H-8
-10
CUMULATIVE NET CASH FLOW IN SAVINGS BONDS*/t>Bil.
U »w ———•♦«*.
\ 1978~ \
-2 -1981e\
-4 h \ 3B^1979 \
-
-6"
"
*%.%.
-8^•ej*
^•e»
-10
-19
1980i5T^•efc
^•afc
I I I I I I I I I I I I I'""J FMAMJ JASOND"12
Month of year1/ 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 INTERNATIONALHOLDINGS OF PUBLIC DEBT SECURITIES
$Bil.
Nonmarketable
1977 1978 1979
Office of the Secretary of the TreasuryOffice of Government Financing
-1/ F.R.B. Purchases of marketable issues as agents for foreignand international monetary authorities for new cash.
.2/Partly estimated.
$Bil.
1980
January 27,1961-3
%
22-
1977
Office of the Secretary of the TreesuryOffice of Government Financing
SHORT TERM INTEREST RATESMonthly Averages
1978 1979 1980
'• ThroughJanuary 23
INN
1981
%
22
20
18
16
14
12
10
8
-6
January 27,1981-7
%
20
18
16-
14
12
10
8
Office of the Secretary of the TreasuryOffice of Government Financing
SHORT TERM INTEREST RATESWeekly Averages
Aug
Federal Funds]
.•Commercial Paper
3 MonthTreasury Bill
Sep Oct1980
•-../ tWeek ending
January 21
I I IJan
1981
%
20
18
16
14
12
10
8
January 27,1981-5
%
16
15
14
13
12
11
10
9
8
7
6
5
LONG MARKET RATESMonthly Averages
New Conventional
Mortgages•H *
New Aa Corporates ,
y,"""\
A_/ it
ThroughJanuary 23
•••••<•••••••••«..... ..••••..••••••••»•••"
1977
Treasury 20-Year
4
1978 1979
/\
I New 20-YearMunicipal Bonds
1980 1981
%
16
15
14
13
12
11
10
9
8
7
6
5
Office of the Secretary of the TreasuryOffice of Government Financing January 27, 1981-4
%
16
15
14
13
12
11
10
9
8
7
6
INTERMEDIATE AND LONG MARKET RATESWeekly Averages
July
Officeof the Secretary of the TreasuryOffice of Government Financing
Aug
New Aa
Corporates Treasury10-Year .«£=*.
Municipal BondsNew 20-Year
Sep Oct
1980
Nov Dec
Throughweek ending
January 23
I I I
Jan
1981
%
16
15
14
13
12
11
-110
9
8
7
6
January 27, 1981-6
PRIVATE HOLDINGS OF TREASURY MARKETABLE DEBTBY MATURITY
1971 1972 1973 1974
Officeof the Secretary of the TreasuryOfficeof Government Financing
1975 1976 1977
As of December 31
1978 1979 1980
January 27, 1981-13
Office of the Secretary of the TreasuryOffice of Government Financing
MARKET YIELDS ON GOVERNMENTSBid Yields
4 5 6
Years to Maturity
January 27,1981-21
Years
5
AVERAGE LENGTH OF THE MARKETABLE DEBTPrivately Held
December 19803 Years9 Months
1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980
Office of the Secretary of the TreasuryOffice of Government Financing January 27, 1981-12
OWNERSHIP OF MATURING COUPON ISSUESFebruary 1981 - June 1981^
(In Millions of Dollars)
Maturing IssuesTotal
PrivatelyHeld
CommercialBanks
Savings Institutions State &Local
GeneralFunds
Corporations
OtherPrivate
DomesticHolders
ForeignLong-term 2/
Investors
Intermediate-
term 5/Investors
7% Nt. 2/15/81
7 3/8% Nt. 2/15/81
9 3/4% Nt. 2/28/81
6 7/8% Nt. 3/31/81
9 5/8% Nt. 3/31/81
9 3/4% Nt. 4/30/81
7 3/8% Nt. 5/15/81
7 1/2% Nt. 5/15/81
9 3/4% Nt. 5/31/81
6 3/4% Nt. 6/30/81
9 1/8% Nt. 6/30/81
1258
3648
2456
2579
2778
2751
1828
2822
2121
2434
2725
431
1255
508
839
583
621
685
919
559
585
739
36
46
15
16
19
5
57
25
7
14
15
188
593
190
217
107
142
318
197
95
262
118
51
334
186
331
163
154
246
180
71
374
426
144
336
60
349
160
98
47
122
460
42
16
386
791
1121
67
844
671
213
819
318
529
826
22
293
376
760
902
1060
262
560
611
628
585
TOTAL 27,400 7,724 255 2427 2516 1834 6585 6059
Office of the Secretary of the TreasuryOffice of Government Financing
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 loanassociations, and corporate pension trust funds.
January 27, 1981-22
$Bil.8
6
4
2
010t—
8
6-
4
2
0
6
4
2
0
6
4h
2
0
6
4
2
0
4.95.4
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills and Exchange Notes
$Bil.
4.7
I
1981
5.2 5.4
1986
2.5
I2.8
2.1
2
3.2
5.0
3.24.1
I
I
5.8
I4.5
I2.8
I
2.9
2.4
6.4
4^3 : I •4.0J.4.0 ty\ 4,0(3.9
1982i
7.0
5.21983 |6
I2.7
1.0{
6 3 1984
3.1
6.0
11985
3.4
6.4|
7.0 6.8^ 4.6 ^
2.5
3.0
6.1
I
3.1
2.4
3.3
4.6
2.7
1.3
2.0
2.4
I
2.2
1987
1988
1989
1990
1991
7.5
I
2.6
.3
1.8
2.3
I
3.8
2.4
J FMAMJ JASOND J FMAMJ JASOND
Office of the Secretary of the TreasuryOfficeof Government Financing
Securities issued prior to 1979
New issues calendar year 1979
i^^j New issues calendar year 1980
[ j Issued or announced through January 23, 1981 January 27, 1981-15
$Bil.
4
2
OL4"
2-
0
4
2
0
4
2
21-
1.9
2.9
1.8
2.2
1.5
TREASURY MARKETABLE MATURITIESPrivately Held, Excluding Bills and Exchange Notes
$Bil.21992
1993
1994
2.7
2.2
1.5
B9
2002
2003
2- 2004
1.3
2.02005
1.5 2006
2.71995
1.5
0
2
0
4
2
0
4
2
0
4
2
0
4-
2
04
2
0
2.7
2007
1996 2008
1997 1.4
1998.5
3.9 2009
1999
2010
2000 2.5 1.8 1.9
20012011
1.2
3.6
g3.4
1.9
J F M A M J J A S O N D
| Securities issued prior to 1979New issues calendar year 1979
FMAMJ J ASOND
[j^j New issues calendar year 1980
BH Issued or announced through January 23, 1981Office of the Secretary of the TreasuryOffice of Government Financing January 27, 1981-16
TRADING VOLUME AND OPEN INTEREST IN 90 DAYTREASURY BILL vAND BOND^ FUTURES CONTRACTS
$Bil. i 1$Bil.
1000
800
600
400
200
0
OPEN INTEREST
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
Jgg^Jgg^^jgjjjj^JSjIjj^ n n DI 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
m
Bonds1000
40 TRADING VOLUME 800
600
400
200
January 27, 1981-18
$Bil.
3
DELIVERABLE BILLS AND DELIVERIES ON 90 DAYTREASURY BILL FUTURES CONTRACTS^
6 mo.
3 mo.
~~~| Estimated^ !> Deliverable
J Supply ^
Deliveries
Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec Mar Jun Sep Dec1976 1977 1978 1979 1980
1/ Contracts traded on the International Monetary Market (IMM).
$Bil.
3
0
Office of the Secretary of the TreesuryOffice of Government Financing
2/Consists of the amount of accepted competitive tenders for thenew 3 month bill and the 6 month bill issued 3 months earlier. January 27. 1981-8
NET NEW MONEY IN AGENCY FINANCE, QUARTERLYPrivately Held
$Bil.4
• I • -_
FNMA
mllil1.11"
*
$Bil.
3
2
1
0
-1
5
4
3
2
1
0
-1
iiii
•*
All
FHLB* illJhi
V*
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
* Less than $50 million.
111!hi
FCA
hi.Ilil In.3
2
1
0
7
6
5
4
3
2
1
I II III IV I II III IV I II III IV I II III IV I II in ive
1976 1977 1978 1979 1980
e Partly estimated.
Office of the Secretary of the TreasuryOffice of Government Financing
J/ Includes FHLB discount notes, bonds, and FHLMC certificates,mortgage-backed bonds, and mortgage participation certificates. January 27, 1981-20
198116.3
13.1
8.8
3.9
I1985
4.23.8
till
1982
1986
1.7
2.7
..I
AGENCY MATURITIES^
1983
1987
2J1.9
III.
Privately Held$Bil.
1984
5.1 5J
2.6
1988
..i
1989
.4 .4
1993
1997
2 -1.1
.53 .2
|_ 2001
1
2005
-2 .1
2 - 2009
.4 .3
2013
.2
1990
1994
.1
1998
.t .2 .2 .1
2002
.2
2006
.1 .1
2010
2014
.2
1991
.3 Ji .4
1995
1999
2003
2007
-3 .2
2011
2015
1992
.2 .2 .1
1996
.5
2000
2004
2008
.3 .3
2012
.5
2016
$Bil.
16
14
12
10
8
6
4
2
0
6
4
2
0IV I II III IV I IV I II III IV II III IV I IV I II III IV I II III IV
Office of the Secretary of the TreasuryOffice of Government Financing
Calendar Years Quarterly-^Issued or announced through December 31, 1980 January 27, 1981-25