Financial Accounts of the United States - Z.1
F3.4.t Municipal securities 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Net issues | FA383162005 | 24.6 | 121.5 | 189.2 | 186.3 | 352.4 | 200.4 | 17.6 | 258.0 | 376.6 |
| Line 2 | State and local governments | FA213162005 | 23.6 | 99.7 | 157.5 | 144.7 | 284.0 | 192.1 | 9.1 | 226.5 | 347.2 |
| Line 3 | Short-term(1) | FA213162400 | 1.4 | 7.7 | 3.9 | -7.9 | 5.6 | 24.9 | -6.8 | 0.9 | 15.4 |
| Line 4 | Long-term | FA213162200 | 22.1 | 92.0 | 153.5 | 152.6 | 278.4 | 167.1 | 15.9 | 225.7 | 331.8 |
| Line 5 | Nonprofit organizations(2) | FA163162003 | 2.3 | 8.8 | 16.4 | 8.2 | 25.1 | 13.2 | 19.0 | 13.2 | 24.0 |
| Line 6 | Nonfinancial corporate business (industrial revenue bonds) | FA103162000 | -1.3 | 13.1 | 15.3 | 33.3 | 43.4 | -4.9 | -10.6 | 18.3 | 5.4 |
| Line 7 | Net purchases | FA893062005 | 24.6 | 121.5 | 189.2 | 186.3 | 352.4 | 200.4 | 17.6 | 258.0 | 376.6 |
| Line 8 | Household sector | FA153062005 | 96.7 | 96.4 | 97.4 | 107.3 | 263.8 | 78.3 | -59.8 | 74.1 | 222.1 |
| Line 9 | Nonfinancial corporate business | FA103062003 | -4.1 | -0.3 | 1.0 | 1.0 | 1.8 | 0.7 | 0.5 | 1.4 | 1.0 |
| Line 10 | Nonfinancial noncorporate business | FA113062003 | 0.4 | 0.2 | 0.2 | 0.4 | 0.4 | -0.1 | 0.2 | 0.6 | -0.0 |
| Line 11 | State and local governments | FA213062003 | 2.0 | 2.7 | 2.3 | 4.4 | 7.1 | 0.8 | -3.2 | 1.7 | -2.1 |
| Line 12 | U.S.-chartered depository institutions | FA763062005 | -59.8 | -36.5 | -15.9 | -1.1 | 3.6 | -13.2 | -53.0 | 5.8 | -0.5 |
| Line 13 | Foreign banking offices in U.S. | FA753062003 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 14 | Banks in U.S.-affiliated areas | FA743062003 | 0.0 | -0.0 | 0.1 | 0.1 | 0.0 | 0.5 | -0.2 | 0.0 | 0.0 |
| Line 15 | Credit unions | FA473062005 | -0.4 | -0.5 | -0.5 | 0.5 | -0.1 | -1.1 | -1.2 | -1.9 | -0.4 |
| Line 16 | Property-casualty insurance companies | FA513062005 | -29.3 | -10.8 | 8.2 | -12.3 | 19.6 | 9.2 | 16.4 | 17.4 | -1.0 |
| Line 17 | Life insurance companies | FA543062005 | -9.7 | -14.1 | -3.7 | -7.5 | 3.3 | -0.2 | -10.5 | -4.0 | -7.8 |
| Line 18 | Federal government pension funds | FA343062033 | -0.0 | 0.0 | 0.0 | 0.0 | 0.0 | -0.0 | 0.0 | 0.0 | 0.0 |
| Line 19 | State and local govt. pension funds | FA223062043 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 20 | Money market funds | FA633062000 | 11.7 | 8.9 | 16.5 | 17.2 | -4.0 | 23.9 | 29.1 | -0.6 | 1.4 |
| Line 21 | Mutual funds | FA653062003 | -1.1 | 50.7 | 37.7 | 45.8 | 16.4 | 60.2 | 28.4 | 83.7 | 75.5 |
| Line 22 | Closed-end funds | FA553062003 | -0.7 | -1.0 | -0.4 | -0.6 | 0.0 | -1.4 | 0.4 | 0.0 | 1.2 |
| Line 23 | Exchange-traded funds | FA563062003 | 14.8 | 17.1 | 45.5 | 22.2 | 34.8 | 41.1 | 84.1 | 64.9 | 70.9 |
| Line 24 | Interval and tender offer funds | FA463062005 | 0.4 | 0.5 | -0.4 | 0.5 | -0.1 | -0.1 | -1.8 | 1.0 | -0.0 |
| Line 25 | Hedge funds | FA623062003 | -0.6 | 0.3 | -3.7 | -7.0 | -7.8 | -0.6 | 0.5 | -1.5 | 2.3 |
| Line 26 | Government-sponsored enterprises | FA403062005 | 0.1 | 0.1 | 0.3 | 0.3 | 0.7 | -0.5 | 1.0 | 0.5 | 0.4 |
| Line 27 | Brokers and dealers | FA663062005 | 0.9 | 2.1 | -2.2 | 8.1 | 6.6 | -3.5 | -19.8 | 6.3 | 14.8 |
| Line 28 | Other financial business | FA503062003 | -2.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Line 29 | Rest of the world | FA263062003 | 6.2 | 5.7 | 6.5 | 6.9 | 6.4 | 6.4 | 6.4 | 8.5 | -1.4 |
Notes:
- Debt with original maturity of 13 months or less.
- Liability of the households and nonprofit organizations sector (table S1M.t).
Last Update: September 11, 2026