Board of Governors of the Federal Reserve System

Commercial Paper

Commercial Paper Outstanding Derived from data supplied by The Depository Trust & Clearing Corporation

Data as of January 18, 2017Posted January 19, 2017

Commercial paper outstanding are provided for seasonally adjusted and not seasonally adjusted categories. The not seasonally adjusted categories include financial, tier level, and directly-placed categories. Information about the commercial paper outstanding categories, including seasonal adjustment and data revisions, are detailed in the Outstanding Calculations section of the About page of this release.

Seasonally adjusted

Billions of dollars
Period Total Nonfinancial Financial Asset-
backed
Other
Total Domestic Foreign Total Domestic Foreign
Monthly-end changes
2016-June -9.1 -13.7 -12.7 -1.0 4.6 -1.7 6.3 -2.6 2.6
July -36.4 -7.8 -1.7 -6.1 -28.1 -11.1 -17.1 -1.7 1.2
Aug. -48.7 -10.7 -18.4 7.7 -41.1 -15.0 -26.1 1.7 1.5
Sept. -17.8 -10.5 -13.7 3.2 -11.2 .3 -11.5 4.2 -.3
Oct. -31.5 8.8 7.2 1.6 -40.4 -16.2 -24.3 -.1 .2
Nov. -7.1 3.5 .2 3.3 -13.0 3.0 -16.0 1.7 .7
Dec. 83.6 27.4 24.4 3.0 63.2 38.5 24.7 -6.6 -.4
Weekly (Wednesday) changes
Dec. 21 15.6 8.6 8.5 .0 10.1 6.8 3.4 -3.7 .6
Dec. 28 20.5 8.2 11.7 -3.5 16.5 11.7 4.8 -4.2 -.0
Jan. 4 -36.5 -24.7 -23.7 -1.0 -8.0 -4.1 -3.9 -4.5 .7
Jan. 11 9.3 13.6 14.3 -.8 -10.8 -7.5 -3.3 3.7 2.9
Jan. 18 7.9 -4.1 -3.7 -.4 9.2 2.6 6.6 1.4 1.4
Year-end levels
2015 1,026.6 260.1 202.1 57.9 515.0 228.5 286.6 247.8 3.7
2016 990.3 276.8 211.7 65.1 455.6 245.0 210.6 249.5 8.5
Monthly-end levels
2016-June 1,048.2 266.2 213.7 52.5 526.2 245.3 280.9 250.3 5.5
July 1,011.7 258.4 212.0 46.4 498.1 234.3 263.8 248.5 6.8
Aug. 963.1 247.6 193.6 54.1 457.0 219.3 237.7 250.2 8.2
Sept. 945.3 237.1 179.9 57.2 445.8 219.6 226.2 254.4 7.9
Oct. 913.8 245.9 187.1 58.9 405.4 203.5 201.9 254.3 8.2
Nov. 906.7 249.4 187.3 62.1 392.4 206.5 185.9 256.1 8.9
Dec. 990.3 276.8 211.7 65.1 455.6 245.0 210.6 249.5 8.5
Weekly (Wednesday) levels
Dec. 21 966.0 285.7 216.8 68.9 430.9 240.2 190.8 241.6 7.8
Dec. 28 986.5 293.9 228.5 65.5 447.5 251.9 195.6 237.4 7.7
Jan. 4 950.0 269.2 204.8 64.4 439.4 247.7 191.7 232.9 8.4
Jan. 11 959.3 282.8 219.1 63.6 428.6 240.3 188.4 236.5 11.4
Jan. 18 967.2 278.7 215.5 63.2 437.8 242.8 195.0 237.9 12.8

Not seasonally adjusted

Billions of dollars
Period Total Nonfinancial Financial Asset-
backed
Other
Total Domestic Foreign Total Domestic Foreign
Monthly-end changes
2016-June -57.0 -39.4 -36.9 -2.5 -23.6 -23.5 -.2 3.4 2.6
July 7.0 13.4 15.7 -2.3 -2.6 7.5 -10.1 -5.1 1.2
Aug. -29.5 -.2 -5.2 5.1 -29.8 -9.8 -19.9 -1.1 1.5
Sept. -82.0 -23.8 -20.3 -3.4 -58.2 -20.3 -37.9 .5 -.5
Oct. 28.5 28.6 36.6 -7.9 4.4 4.9 -.5 -4.3 -.2
Nov. -3.4 5.9 6.4 -.5 -7.8 -2.7 -5.1 -1.8 .3
Dec. -51.5 -46.5 -38.5 -8.0 -4.8 -5.4 .6 -1.5 1.2
Weekly (Wednesday) changes
Dec. 21 -4.9 -4.0 -2.7 -1.4 .2 1.7 -1.4 -1.8 .6
Dec. 28 -14.0 -23.8 -20.8 -3.0 7.5 7.7 -.2 2.3 -.1
Jan. 4 -6.7 -3.5 -7.3 3.8 -4.7 -5.1 .4 1.1 .4
Jan. 11 24.0 13.8 10.4 3.4 7.7 2.6 5.1 -.6 3.1
Jan. 18 18.5 9.3 9.4 -.2 10.8 3.9 6.9 -3.0 1.4
Year-end levels
2015 941.5 219.5 175.4 44.1 467.2 206.6 260.6 251.2 3.6
2016 884.9 224.1 179.5 44.6 405.8 209.4 196.4 245.8 9.1
Monthly-end levels
2016-June 1,015.9 246.7 185.0 61.6 504.6 235.3 269.3 259.1 5.5
July 1,022.9 260.0 200.7 59.3 502.0 242.8 259.2 254.0 6.8
Aug. 993.3 259.9 195.5 64.4 472.3 233.0 239.3 252.9 8.3
Sept. 911.3 236.1 175.1 61.0 414.1 212.7 201.4 253.4 7.7
Oct. 939.8 264.7 211.7 53.1 418.5 217.6 200.9 249.1 7.6
Nov. 936.4 270.6 218.0 52.6 410.6 214.9 195.8 247.3 7.9
Dec. 884.9 224.1 179.5 44.6 405.8 209.4 196.4 245.8 9.1
Weekly (Wednesday) levels
Dec. 21 934.4 270.9 224.6 46.3 414.7 217.6 197.2 241.1 7.7
Dec. 28 920.4 247.1 203.8 43.4 422.2 225.2 197.0 243.4 7.6
Jan. 4 913.7 243.7 196.5 47.2 417.5 220.1 197.3 244.5 8.0
Jan. 11 937.7 257.5 206.9 50.6 425.2 222.7 202.5 243.9 11.1
Jan. 18 956.1 266.8 216.4 50.4 435.9 226.6 209.3 240.9 12.5

Billions of dollars
Period Financial Special categories
Domestic Foreign SEC rule 2a-71 Directly-placed
U.S. owned Foreign
bank parent
Foreign
nonbank parent
Other Bank Other Tier-1 Tier-2 Nonfinancial Financial Asset-
backed
Other
Monthly-end changes
2016-June -5.6 -17.0 -.9 .0 -6.2 6.0 -40.3 -4.6 -.0 -.3 -1.5 .4
July -1.3 12.3 -3.5 -.0 2.9 -13.0 5.6 1.5 -6.8 4.1 1.1 -.3
Aug. -3.9 -5.7 -.3 -.0 -7.4 -12.5 -6.9 -7.0 2.2 -5.6 1.4 -.0
Sept. -5.4 -15.8 .9 -.0 -23.2 -14.7 -53.0 -3.6 -7.1 -4.4 1.7 .1
Oct. 1.9 2.9 .1 -.0 1.7 -2.3 20.1 4.5 5.5 -2.7 -2.7 -.1
Nov. -1.1 -3.1 1.5 -.0 -1.8 -3.4 -17.1 4.0 1.5 .0 1.7 .0
Dec. .3 -6.2 .5 .0 -.9 1.5 -39.3 4.7 -10.8 2.6 -1.8 .0
Weekly (Wednesday) changes
Dec. 21 1.3 -1.6 2.0 .0 -3.0 1.6 -4.3 3.6 -1.4 1.5 -.2 .0
Dec. 28 .1 8.7 -1.2 .0 1.3 -1.5 -6.4 -1.2 -.9 7.4 -1.1 .0
Jan. 4 -1.7 -3.0 -.3 -.0 .0 .4 -8.3 -3.1 -6.3 -4.3 1.8 -.0
Jan. 11 .7 1.5 .3 .0 1.6 3.5 7.2 -.5 5.7 8.5 -3.2 -.0
Jan. 18 1.8 1.1 1.1 -.0 5.3 1.5 7.8 1.0 -.3 -.7 -.1 .0
Year-end levels
2015 53.4 105.4 47.6 .2 123.5 137.1 451.0 64.7 8.1 72.4 34.1 .1
2016 50.9 99.4 58.9 .2 96.4 100.1 398.3 76.7 7.9 78.5 31.5 .3
Monthly-end levels
2016-June 60.3 114.9 59.8 .3 125.0 144.3 488.9 72.6 23.4 84.5 30.3 .5
July 59.0 127.2 56.3 .2 127.9 131.3 494.6 74.1 16.6 88.6 31.3 .3
Aug. 55.2 121.5 56.0 .2 120.5 118.8 487.6 67.1 18.8 83.0 32.7 .3
Sept. 49.8 105.8 56.9 .2 97.3 104.2 434.7 63.5 11.7 78.6 34.4 .4
Oct. 51.7 108.7 56.9 .2 99.0 101.9 454.8 68.0 17.2 75.9 31.7 .3
Nov. 50.6 105.7 58.4 .2 97.3 98.5 437.7 72.0 18.8 75.9 33.4 .3
Dec. 50.9 99.4 58.9 .2 96.4 100.1 398.3 76.7 7.9 78.5 31.5 .3
Weekly (Wednesday) levels
Dec. 21 50.8 104.8 61.8 .2 96.5 100.6 426.0 78.5 18.5 77.4 32.9 .3
Dec. 28 50.9 113.6 60.6 .2 97.9 99.1 419.6 77.4 17.6 84.8 31.8 .3
Jan. 4 49.1 110.5 60.2 .2 97.9 99.5 411.4 74.3 11.3 80.5 33.5 .3
Jan. 11 49.9 112.1 60.6 .2 99.5 103.0 418.6 73.8 17.0 89.0 30.4 .3
Jan. 18 51.6 113.2 61.6 .2 104.8 104.5 426.4 74.8 16.8 88.3 30.3 .3

Footnotes

1. Rule 2a-7 of the Investment Company Act of 1940 limits the credit risk that money market mutual funds may bear by restricting their investments to "eligible" securities. An eligible security must carry one of the two highest ratings ("1" or "2") for short-term obligations from at least two of the nationally recognized statistical ratings agencies. A tier-1 security is an eligible security rated "1" by at least two of the rating agencies; a tier-2 security is an eligible security that is not a tier-1 security. The sum of tier-1 and tier-2 securities will not add up to the total due to ineligible securities.

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Last update: January 19, 2017