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An official website of the United States Government * Skip Navigation * Accessibility * Languages * Contact MENU MENU U.S. DEPARTMENT OF THE TREASURY MENU MENU Search * About Treasury About Treasury GENERAL INFORMATION Role of the Treasury Officials Organizational Chart Orders and Directives OFFICES Domestic Finance Economic Policy General Counsel International Affairs Management Public Affairs Tax Policy Terrorism and Financial Intelligence Inspectors General BUREAUS Alcohol and Tobacco Tax and Trade Bureau (TTB) Bureau of Engraving & Printing (BEP) Financial Crimes Enforcement Network (FinCEN) Bureau of the Fiscal Service (BFS) Internal Revenue Service (IRS) Office of the Comptroller of the Currency (OCC) U.S. Mint Office of Inspector General (OIG) Treasury Inspector General for Tax Administration (TIGTA) Special Inspector General for the Troubled Asset Relief Program (SIGTARP) Special Inspector General for Pandemic Recovery (SIGPR) BUDGET, FINANCIAL REPORTING, PLANNING AND PERFORMANCE Strategic Plan Budget Request/Annual Performance Plan and Reports Agency Financial Report Inspector General Audits and Investigative Reports Climate Action Plan HISTORY Curator History Overview Prior Secretaries Prior Treasurers The Treasury Building Collections Freedman's Bank Building CAREERS At Headquarters At Our Bureaus Top 10 Reasons to Work Here Benefits and Growth Diversity Veterans Employment Pathways How to Apply Search Jobs * Policy Issues Policy Issues COVID19 ECONOMIC RELIEF American Families and Workers Small Businesses State, Local, and Tribal Governments American Industry TAX POLICY Revenue Proposals Tax Expenditures International Tax Treaties and Related Documents Foreign Account Tax Compliance Act (FATCA) Reports Tax Analysis Tax Regulatory Reform ECONOMIC POLICY Treasury Coupon Issues Corporate Bond Yield Curve Economic Policy Reports Social Security and Medicare Total Taxable Resources TERRORISM AND ILLICIT FINANCE Sanctions Asset Forfeiture 311 Actions Terrorist Finance Tracking Program Money Laundering Financial Action Task Force Protecting Charitable Organizations FINANCING THE GOVERNMENT Treasury Quarterly Refunding Interest Rate Statistics Treasury Securities Treasury Investor Data Debt Management Research FINANCIAL MARKETS, FINANCIAL INSTITUTIONS, AND FISCAL SERVICE Cash and Debt Forecasting Debt Limit Financial Stability Oversight Council Federal Insurance Office RESTORE Act 1603 Program The Community Development Financial Institution (CDFI) Fund Making Home Affordable FINANCIAL SANCTIONS Specially Designated Nationals List (SDN List) Consolidated Sanctions List Search OFAC's Sanctions Lists Additional Sanctions Lists OFAC Recent Actions Sanctions Programs and Country Information Frequently Asked Questions OFAC Civil Penalties and Enforcement Contact OFAC CONSUMER POLICY Financial Literacy and Education Commission Mymoney.gov Innovations in Financial Services Featured Research INTERNATIONAL The Committee on Foreign Investment in the United States (CFIUS) Exchange Stabilization Fund G-7 and G-20 International Monetary Fund Multilateral Development Banks Macroeconomic and Foreign Exchange Policies of Major Trading Partners Exchange Rate Analysis U.S.-China Comprehensive Strategic Economic Dialogue (CED) SMALL BUSINESS PROGRAMS Small and Disadvantaged Business Utilization Small Business Lending Fund State Small Business Credit Initiative TRIBAL AFFAIRS * Data Data INTEREST RATES Daily Treasury Par Yield Curve Rates Daily Treasury Par Real Yield Curve Rates Daily Treasury Bill Rates Daily Treasury Long-Term Rates Daily Treasury Real Long-Term Rates TREASURY COUPON-ISSUE AND CORPORATE BOND YIELD CURVE Treasury Coupon Issues Corporate Bond Yield Curve RECEIPTS & OUTLAYS Monthly Treasury Statement Daily Treasury Statement HOW YOUR MONEY IS SPENT USAspending.gov NATIONAL DEBT National Debt to the Penny QUARTERLY REFUNDING Debt Management Overview and Quarterly Refunding Process Most Recent Documents Archives Webcasts INVESTOR CLASS AUCTION ALLOTMENTS OTHER PROGRAMS TREASURY INTERNATIONAL CAPITAL (TIC) SYSTEM U.S International Portfolio Investment Statistics Release Dates Forms and Instructions U.S. INTERNATIONAL RESERVE POSITION TROUBLED ASSETS RELIEF PROGRAM Reports * Services Services REPORT FRAUD, WASTE & ABUSE Report COVID-19 Scam Attempts Report Scam Attempts Report Fraud Related to Government Contracts Inspectors General BONDS AND SECURITIES Buy, Manage, and Redeem Treasury Hunt - Search for Matured Bonds Cashing Savings Bonds in Disaster-Declared Areas Frequently Asked Questions GRANT PROGRAMS Pay for Results (SIPPRA) RESTORE Act Community Development Financial Institution (CDFI) Fund TREASURY PAYMENTS Where is my Refund? 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Yellen Highlights Year One Accomplishments on Treasury’s Efforts to Promote an Equitable Recovery and Equitable Economic Growth April 18, 2022 The IRS doesn’t have what they need to serve Americans well—Congress can help April 14, 2022 Save the Date: Inaugural CFIUS Conference View all Featured Stories PRESS RELEASES May 9, 2022 Treasury Designates Facilitation Network Supporting ISIS Members in Syria May 8, 2022 U.S. Treasury Takes Sweeping Action Against Russia’s War Efforts May 6, 2022 U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats View All Press Releases REMARKS AND STATEMENTS May 6, 2022 Statement from Secretaries Yellen, Fudge, McDonough, and Vilsack on Continued Efforts to Connect Homeowners to Pandemic Relief May 5, 2022 Remarks by Assistant Secretary for Tax Policy Lily Batchelder for the D.C. Bar Association May 5, 2022 Statement from Secretary of the Treasury Janet L. Yellen on the Joint Release of a Notice of Proposed Rulemaking (NPR) View All Remarks and Statements PRESS INFORMATION Press Contacts Weekly Public Schedule Archive Webcasts Media Advisories Archive Subscribe to Press Releases TWITTER May 9, 2022 The Capital Projects Fund requires participating internet service providers to be part of the new Affordable Connec… https://t.co/aEnmMgmfQE May 9, 2022 Dozens of state and local governments are already using part of their Recovery Funds to expand broadband, especiall… https://t.co/HHzAMujXMu View All Tweets * Search Search Search THE PUBLIC * General Public * Auctions * Report Scam Attempts * Savings Bonds BUSINESSES * All Businesses * Small Businesses * Small Business Contacts * Form 941, employer's quarterly federal tax return * Employer Identification Number (EIN) FINANCIAL INSTITUTIONS * All Financial Institutions * Specially Designated Nationals list * Interest rate statistics * Quarterly refunding information GOVERNMENT * Federal Government * Budget, Financial Reporting, Planning and Performance * Shared Services * TreasuryDirect for Government We can do this. Find COVID-19 vaccines near you. Visit Vaccines.gov. BREADCRUMB 1. Home 2. News 3. Press Releases NEWS * Press Releases * Statements & Remarks * Readouts * Testimonies * Featured Stories * Press Contacts Press Releases QUARTERLY REFUNDING STATEMENT OF DEPUTY ASSISTANT SECRETARY FOR FEDERAL FINANCE BRIAN SMITH AddThis Sharing Buttons Share to TumblrTumblrShare to FacebookFacebookShare to TwitterTwitterShare to PrintPrintShare to MoreAddThis19 May 4, 2022 WASHINGTON — The U.S. Department of the Treasury is offering $103 billion of Treasury securities to refund approximately $47.8 billion of privately-held Treasury notes maturing on May 15, 2022. This issuance will raise new cash of approximately $55.2 billion. The securities are: - A 3-year note in the amount of $45 billion, maturing May 15, 2025; - A 10-year note in the amount of $36 billion, maturing May 15, 2032; and - A 30-year bond in the amount of $22 billion, maturing May 15, 2052. The 3-year note will be auctioned on a yield basis at 1:00 p.m. ET on Tuesday, May 10, 2022. The 10-year note will be auctioned on a yield basis at 1:00 p.m. ET on Wednesday, May 11, 2022. The 30-year bond will be auctioned on a yield basis at 1:00 p.m. ET on Thursday, May 12, 2022. All of these auctions will settle on Monday, May 16, 2022. The balance of Treasury financing requirements over the quarter will be met with weekly bill auctions, cash management bills (CMBs), and monthly note, bond, Treasury Inflation-Protected Securities (TIPS), and 2-year Floating Rate Note (FRN) auctions. PROJECTED FINANCING NEEDS AND ISSUANCE PLANS Since November 2021, Treasury has made substantial progress towards aligning issuance with intermediate-term borrowing needs by reducing auction sizes across all nominal coupon securities. During this period, we have also received important information regarding Treasury’s projected borrowing needs, most notably recent strong tax receipts and public communications from the Federal Open Market Committee regarding potential redemptions of Treasury securities from the Federal Reserve System Open Market Account (SOMA). Based on this updated information, Treasury intends to continue reducing auction sizes of nominal coupon securities during the upcoming May – July 2022 quarter, though by smaller increments than in previous quarters. While the issuance plans announced today leave Treasury well positioned to finance additional privately-held net marketable borrowing needs resulting from potential SOMA redemptions and to address potential changes to the fiscal outlook, additional reductions in future quarters may be necessary depending on future developments in projected borrowing needs. Treasury plans to address any seasonal or unexpected variations in borrowing needs over the next quarter through changes in regular bill auction sizes and/or CMBs. NOMINAL COUPON AND FRN FINANCING Over the next three months, Treasury anticipates incrementally reducing the size of each of the 2-, 3-, and 5-year note auctions by $1 billion per month. As a result, the size of the 2-, 3-, and 5-year note auctions will each decrease by $3 billion by the end of July. Treasury also anticipates reducing the size of the 7-year note auction by $2 billion per month. As a result, the size of the 7-year note auction will decrease by $6 billion by the end of July. Treasury anticipates decreases of $1 billion to both the new and reopened 10-year note auction sizes and to the new and reopened 30-year bond auction sizes starting in May. Treasury also anticipates decreases of $2 billion to both the new and reopened 20-year bond auction sizes starting in May. In addition, Treasury anticipates maintaining the May and June reopening 2-year FRN auction sizes and maintaining the July new issue 2-year FRN auction size. The table below presents the anticipated auction sizes in billions of dollars for the May – July 2022 quarter: 2-Year 3-Year 5-Year 7-Year 10-Year 20-Year 30-Year FRN Feb-22 52 50 53 50 37 19 23 22 Mar-22 50 48 51 47 34 16 20 22 Apr-22 48 46 49 44 34 16 20 24 May-22 47 45 48 42 36 17 22 22 Jun-22 46 44 47 40 33 14 19 22 Jul-22 45 43 46 38 33 14 19 24 The changes in nominal coupon auction sizes announced today will result in a $69 billion reduction of issuance to private investors during the May – July 2022 quarter compared to the February – April 2022 quarter. TIPS FINANCING Over the next refunding quarter, Treasury intends to maintain the May 10-year TIPS reopening auction size at $14 billion; increase the June 5-year TIPS reopening auction size to $18 billion, a $1 billion increase from the December reopening auction size; and increase the July 10-year TIPS new issue auction size to $17 billion, a $1 billion increase from the January new issue auction size. Given Treasury’s desire to stabilize the share of TIPS as a percent of total marketable debt outstanding and continued robust demand, Treasury will continue to monitor TIPS market conditions and consider whether subsequent modest increases would be appropriate. INTRODUCTION OF THE 4-MONTH BILL BENCHMARK Given the outlook for T-bill supply over the intermediate to long term and after gathering feedback from a variety of market participants, including the primary dealers and the Treasury Borrowing Advisory Committee, later this year Treasury intends to change the 4-month (i.e., 17-week) CMB into a benchmark bill (part of the regular weekly bill issuance schedule going forward). Investor reception to the 4-month CMB has been strong, and elevation to benchmark status will further support demand. Over the coming months, Treasury plans to make necessary operational and systems changes in order to smoothly transition the 4-month CMB to benchmark status. During this transition, Treasury will continue to issue the 4-month CMB at a regular cadence. Treasury also intends to maintain the Tuesday settlement and maturity cycle when the 4-month CMB becomes a benchmark bill. Additional implementation details, including the likely timing of the first benchmark auction, will be provided at the August quarterly refunding. ADDITIONAL PUBLIC TRANSPARENCY Treasury, in consultation with other members of the Inter-Agency Working Group on Treasury Market Surveillance (IAWG), is exploring the possibility of additional public transparency for secondary market transactions of Treasury securities.[1] Additional public transparency may enhance liquidity by fostering a greater understanding of market activity across market segments. Public data releases should also be designed to avoid creating disincentives for providing liquidity. To gather public input on this topic, Treasury intends to issue a request for information (RFI) on the potential benefits and risks of specific steps that could be taken to provide additional transparency in the Treasury securities market. Treasury expects to release the RFI in the coming months and encourages market participants and the broader public to respond. Treasury is also in consultation with the Financial Industry Regulatory Authority (FINRA) regarding potential ways to enhance the reporting of transactions to FINRA and the public release of weekly aggregated data. AMENDMENTS TO TREASURY AUCTION REGULATIONS In the coming months, Treasury intends to issue a final rule that makes several technical amendments to the Uniform Offering Circular (UOC), which governs the terms and conditions for the sale and issuance to the public of marketable Treasury securities. These amendments are designed to modernize the regulations, enhance their clarity, and improve consistency in the use of terminology. As part of these amendments, Treasury intends to increase the non-competitive bidding and award limits for all marketable Treasury securities auctions from the current limit of $5 million to $10 million, considering the growth in auction sizes and inflation over several decades. SMALL-VALUE CONTIGENCY AUCTION OPERATION TEST Treasury believes that it is prudent to regularly test its contingency auction infrastructure. Treasury’s contingency auction system has been used routinely over the last several years to conduct both mock auctions and live small-value test auctions. Sometime over the next three months, Treasury intends to conduct a small-value test auction using its contingency auction system. Details about this test will be announced at a later date. This small-value test auction should not be viewed by market participants as a precursor or signal of any pending policy changes regarding Treasury’s auction processes. LARGE POSITION REPORT (LPR) CALL AND WORKSHOP Sometime over the next three months, Treasury intends to issue an LPR call.[2] Treasury last conducted an LPR call on July 15, 2021. Additionally, Treasury is offering a free virtual workshop on June 10, 2022, regarding Treasury’s LPR rules, which apply to all U.S. and foreign entities that may control a large position in a specified Treasury security. More information about the workshops is available. Please send any comments or suggestions on these subjects, or others related to debt management, to debt.management@treasury.gov. The next quarterly refunding announcement will take place on Wednesday, August 3, 2022. ### -------------------------------------------------------------------------------- [1] In November 2021, the IAWG released a staff progress report on disruptions and potential reforms in the U.S. Treasury market. Improving data quality and availability is one of the five workstreams staff is addressing. [2] Further information regarding LPR calls, Treasury’s rules, and supplementary formula guidance can be found at https://www.treasurydirect.gov/instit/statreg/gsareg/gsareg.htm. Use featured image Off LATEST NEWS May 9, 2022 Treasury Designates Facilitation Network Supporting ISIS Members in Syria May 8, 2022 U.S. Treasury Takes Sweeping Action Against Russia’s War Efforts May 6, 2022 Statement from Secretaries Yellen, Fudge, McDonough, and Vilsack on Continued Efforts to Connect Homeowners to Pandemic Relief U.S. Treasury Issues First-Ever Sanctions on a Virtual Currency Mixer, Targets DPRK Cyber Threats May 5, 2022 Remarks by Assistant Secretary for Tax Policy Lily Batchelder for the D.C. 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