Methods & Data
Definitions. Gross issuance is the sum of the offering amounts of every auctioned security (TreasuryDirect results), reopenings included, by auction quarter and type, floating-rate notes included from their first auction in January 2014. It is not net issuance (gross issuance less the debt that matures), debt outstanding (the stock of debt) or the deficit, and it leaves out SOMA add-ons. The bill share of gross issuance includes cash-management bills. A quarter is marked partial while it is under way, or when the auction records do not yet reach its last week. Average auction size compares the last four complete quarters to the prior four, weighted by auction count.
Full formulas, glossary, and data sources: Methods & Data.
Calculations used: #33 Gross and net issuance aggregates.
Data sources: U.S. Treasury (TreasuryDirect, FiscalData, par-yield file).
Disclaimers
This product uses the FRED® API but is not endorsed or certified by the Federal Reserve Bank of St. Louis. Source: U.S. Department of the Treasury.
Not investment advice. This tool is provided for informational and educational purposes only. It is not a recommendation to buy or sell any security or to pursue any investment strategy. Data is believed reliable but is not guaranteed. F/m Investments, LLC is an investment adviser registered with the SEC; registration does not constitute an endorsement nor indicate any particular level of skill or ability. © 2026 F/m Investments LLC.
