Annual report of the Secretary of the Treasury on the state of the finances for the year .. . rewas considerable concern that the Treasury would be crowding outless creditworthy private and public borrowers, particularly in thesecond half of the fiscal year when the Treasury did most of its bor-rowing. However, this crowding out did not materialize to anygreat extent and the Treasury, when possible, gave more advance no-tice than usual of its financing needs before entering the market. Changes in Federal securities Federal securities comprise the marketable and nonmarketable pub-lic debt secur
Annual report of the Secretary of the Treasury on the state of the finances for the year .. . rewas considerable concern that the Treasury would be crowding outless creditworthy private and public borrowers, particularly in thesecond half of the fiscal year when the Treasury did most of its bor-rowing. However, this crowding out did not materialize to anygreat extent and the Treasury, when possible, gave more advance no-tice than usual of its financing needs before entering the market. Changes in Federal securities Federal securities comprise the marketable and nonmarketable pub-lic debt securities issued by the Treasury and those obligations issuedby Government agencies included in the unified budget. The principalagency issues are the participation certificates of the GovernmentNational Mortgage Association, the debt issues of the Export-ImportBank of the United States and the Tennessee Valley Authority, PostalService bonds. Defense family housing mortgages, and the variousguaranteed issues of the Federal Housing Administration. MARKET YIELDS AT CONSTANT MATURITIES 1970-1975. 3 I I I I M I I I I I I I I I I I I M I I I I I I I I I I I I I h I I I I I I I I I I I I I I I I I M I I I I M I I I I I I I M I I I 1970 1971 1972 1973 1974 1975 Monthly averages of daily market yields of public debt securities. Bank discount rates of Treasury bills. REVIEW OF TREASURY OPERATIONS 11 Federal debt and Government-sponsored agency debt[In billions of dollars] Class of debt June 30, June 30, June 30, Increase, or1973 1974 1975 decrease (-) .5 .4 .3 ? Public debt securities: Marketable public issues by maturity class: Within 1 year 1 to 5 years Over 20 years Total marketable issues. Nonmarketable public issues: Series E and H savings bonds savings notes .5 Investment series bonds Foreign gov
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