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Explore the share of U.S. deposits traced to Treasury operations over time.
The primary estimates use quarterly transaction data from 2002 onward. Longer historical series extending back to 1990 use a different calculation method and are clearly labeled.
Definition What TDC means and the three core identities
Treasury-attributed component of deposits means the portion of deposit creation traced directly to Treasury operations, Treasury security redistribution, and related reserve-user channels.
Deposit users are domestic non-banks — households, businesses, and non-bank financial institutions. Reserve users include commercial banks, the Federal Reserve, the Treasury, and foreign banking entities. The primary estimate on this site uses transaction-based data where available, with a separate longer-history series for earlier decades.
Deposit-user side
Starts from direct Treasury injections into deposit users and adds Treasury-security redistribution toward reserve users.
ΔDTDC
Change in the Treasury-attributed component of deposits.
Gdep - Tdep
Government spending, less taxes and other receipts, in deposit form and excluding Treasury interest.
Dsales - Dpurch
Net Treasury security sales from deposit users to reserve users, valued at transaction prices when securities change hands.
Dyield
Treasury interest and principal paid to Treasury securities held by deposit users.
Reserve-user side
Re-expresses TDC through Treasury dealings with reserve users, central-bank remittance factors, and the Treasury cash balance.
TAV
Treasury receipts from all Treasury-security issuance at original auction value.
TRx
Treasury outlays, including interest, to reserve users.
Ryield
Treasury interest paid on Treasury securities held by reserve users.
RTx
Treasury receipts from reserve users, such as taxes on banks or tariff-type payments.
FPY
Central-bank income earned from the private sector.
MMT
Seigniorage and related unilateral money-transfer factors.
FOE
Central-bank operating expenses. The remittance term is clipped at zero because negative remittances are not charged through this channel.
ΔTGA
Change in the Treasury General Account cash balance at the central bank.
Monetary-balance side
Reads TDC as the portion of money-balance change left after stripping out non-deposit money, bank non-Treasury asset growth, and external non-Treasury channels.
ΔM
Change in a money measure that includes deposit-user deposits.
ΔC
Change in deposit-user-held currency in circulation.
ΔX
Change in any other non-deposit money components included inside ΔM.
ΔLB,DU
Net new bank lending to deposit users.
ΔSB,DU
Net bank purchases of non-Treasury securities from deposit users.
ΔCBB
Net central-bank purchases of non-Treasury assets from banks.
ΔCBNB
Net central-bank purchases of non-Treasury assets from non-banks.
ΔFINonTS
Net foreign purchases of U.S. private non-Treasury assets from domestic non-banks.
This site uses transaction-based data for the primary estimate (2002 onward) and a separate historical extension that relies on holdings-level changes for earlier years. Treasury securities here include marketable debt and other Treasury liabilities such as savings instruments.
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How to read the series
The bank-only headline combines Federal Reserve, bank-sector, and rest-of-world Treasury transactions.
It then subtracts the Treasury operating cash term and adds only positive Federal Reserve remittances.
The primary estimates start in late 2002, when transaction-based source data become available. Earlier quarters are intentionally left blank.
Full-history series are provided separately. They extend back to 1990 by using holdings-level changes for the years before transaction data exist, then switch to the transaction-based method from 2002 onward.
Federal Reserve remittances are capped at zero before quarterly aggregation so that the deferred-asset accounting period does not distort the cash-flow estimate.
Sources