Board of Governors of the Federal Reserve System

Long-term treasury securities come from a staff calculation using security-level data reported by insurers in Schedule D, compiled by and purchased from SP Global. For each security, Schedule D reports the year-end stocks outstanding and the quarterly transactions. Q1-Q3 revaluations are estimated using a price index, which along with the reported transactions determines the Q1-Q3 stocks outstanding. Year-end stocks outstanding for short-term treasury securities are Annual Statement, Schedule DA - Part 1, Total - U.S. government bonds. Stocks outstanding of short-term treasuries for other quarters estimated as a percentage of quarterly statement, table Assets, percentage of line 5, short-term investments. Transactions for short-term treasuries are calculated as the change in stocks outstanding. Data for the most recent ten years show no significant seasonality.