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Financial Reports

Chief Financial Officer's (CFO) Report to the Board

DIF Balance Sheet - First Quarter 2019

Fund Financial Results ($ in millions)

 


Mar-19


Dec-18

Quarterly
Change


Mar-18

Year-Over-Year
Change

Balance Sheet
Cash and cash equivalents

$7,062

$5,774

$1,288

$3,119

$3,943

Investment in U.S. Treasury securities

93,507

92,708

799

84,831

8,676

Assessments receivable

1,372

1,376

(4)

2,783

(1,411)

Interest receivable on investments and other assets, net

567

550

17

581

(14)

Receivables from resolutions, net

3,187

3,058

129

5,194

(2,007)

Property and equipment, net

324

329

(5)

325

(1)

Total Assets

$106,019

$103,795

$2,224

$96,833

$9,186

Accounts payable and other liabilities

211

198

13

200

11

Liabilities due to resolutions

554

605

(51)

1,154

(600)

Postretirement benefit liability

236

236

(0)

259

(23)

Contingent liability for anticipated failures

115

114

1

113

2

Contingent liability for guarantee payments and litigation losses

33

33

(0)

35

(2)

Total Liabilities

$1,149

$1,186

($37)

$1,761

($612)

FYI: Unrealized gain (loss) on U.S. Treasury securities, net

(194)

(615)

421

(975)

781

FYI: Unrealized postretirement benefit (loss) gain

(14)

(14)

0

(46)

32

Fund Balance

$104,870

$102,609

$2,261

$95,072

$9,798

Treasury Yields: Current and Historical


 

Treasury Yields: Current and Historical

 

3/31/2019
(current)

02/28/2019
(1 month ago)

03/31/2018
(1 year ago)

1M2.432.411.62
3M2.392.441.71
6M2.432.501.92
1Y2.392.542.09
2Y2.262.522.27
3Y2.212.502.38
4Y2.232.512.50
5Y2.232.512.56
6Y2.292.582.65
7Y2.312.622.69
8Y2.352.662.72
9Y2.382.702.74
10Y2.412.722.74

The Treasury yield curve is now inverted reflecting concerns about economic growth both in the U.S. and internationally. The short end of the curve is anchored due to the current Fed Funds Target which is set to 2.25-2.50%. The inversion which starts in the 6-month sector became stronger in February and reflects growing concerns for a mild recession in 2020 and market speculation that there will be no Fed rate hikes and even the possibility of a cut in the next year. At the same time, inflation remains muted which is keeping yields for the longer maturity sectors down and fairly flat.
 

Last Updated: June 19, 2019