Financial Accounts of the United States - Z.1
F3.t Debt securities 🕮 PDF
| Line | Description | Series | 2023 | 2024 | 2025 | 2025:Q1 | 2025:Q2 | 2025:Q3 | 2025:Q4 | 2026:Q1 | 2026:Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Line 1 | Net issues (by instrument) | FA894122005 | 3241.1 | 3119.3 | 3287.1 | 3168.4 | 2608.0 | 5080.0 | 2291.8 | 4163.0 | 3981.2 |
| Line 2 | Open market paper | FA893169175 | 15.8 | -8.2 | 149.1 | 314.2 | 252.5 | -46.2 | 75.9 | -3.6 | 2.5 |
| Line 3 | Treasury securities | FA313161105 | 2381.6 | 1912.9 | 1930.2 | 1056.2 | 921.8 | 3988.7 | 1753.9 | 2126.0 | 1579.4 |
| Line 4 | Agency- and GSE-backed securities | FA893161705 | 297.4 | 298.6 | 213.2 | 188.5 | 428.0 | 179.5 | 56.8 | 387.8 | 670.8 |
| Line 5 | Municipal securities | FA383162005 | 24.6 | 121.5 | 189.2 | 186.3 | 352.4 | 200.4 | 17.6 | 258.0 | 376.6 |
| Line 6 | Corporate and foreign bonds | FA893163005 | 521.7 | 794.5 | 805.4 | 1423.3 | 653.2 | 757.5 | 387.6 | 1394.8 | 1351.9 |
| Line 7 | Net issues | FA894122005 | 3241.1 | 3119.3 | 3287.1 | 3168.4 | 2608.0 | 5080.0 | 2291.8 | 4163.0 | 3981.2 |
| Line 8 | Domestic nonfinancial sectors | FA384122005 | 2654.7 | 2306.3 | 2405.3 | 1846.6 | 1384.0 | 4505.4 | 1885.3 | 3012.5 | 2149.9 |
| Line 9 | Nonprofit organizations(2) | FA163162003 | 2.3 | 8.8 | 16.4 | 8.2 | 25.1 | 13.2 | 19.0 | 13.2 | 24.0 |
| Line 10 | Nonfinancial corporate business | FA104122005 | 246.8 | 284.6 | 299.9 | 636.5 | 151.4 | 307.7 | 104.0 | 646.0 | 202.8 |
| Line 11 | Federal government | FA314122005 | 2382.0 | 1913.2 | 1931.6 | 1057.2 | 923.6 | 3992.4 | 1753.2 | 2126.7 | 1576.0 |
| Line 12 | State and local governments | FA213162005 | 23.6 | 99.7 | 157.5 | 144.7 | 284.0 | 192.1 | 9.1 | 226.5 | 347.2 |
| Line 13 | Domestic financial sectors | FA794122005 | 490.9 | 595.2 | 654.7 | 936.8 | 1120.6 | 571.4 | -9.9 | 683.9 | 1209.7 |
| Line 14 | U.S.-chartered depository institutions | FA764122005 | -3.7 | -32.5 | 20.7 | 69.2 | 174.6 | -76.4 | -84.8 | -53.9 | 47.4 |
| Line 15 | Foreign banking offices in U.S. | FA753169175 | 39.3 | 24.8 | 9.2 | -46.1 | 77.6 | 63.6 | -58.3 | -77.4 | -66.4 |
| Line 16 | Government-sponsored enterprises | FA403161705 | 114.3 | 124.4 | 46.5 | 35.6 | 225.1 | -13.6 | -61.2 | 283.6 | 467.1 |
| Line 17 | Agency- and GSE-backed mortgage pools | FA413065005 | 182.7 | 173.9 | 165.3 | 151.9 | 201.1 | 189.4 | 118.7 | 103.5 | 207.1 |
| Line 18 | ABS issuers | FA674122005 | 32.4 | 142.5 | 221.9 | 209.0 | 205.3 | 323.4 | 149.8 | 145.3 | 259.0 |
| Line 19 | Finance companies | FA614122005 | 93.2 | 64.9 | -9.5 | 33.8 | 18.0 | 5.7 | -95.5 | -19.6 | -28.0 |
| Line 20 | Mortgage REITs | FA644122075 | -0.5 | 1.8 | 26.6 | 3.8 | 8.7 | 30.1 | 63.9 | 6.7 | 13.1 |
| Line 21 | Business development companies | FA453163003 | 2.7 | 19.1 | 17.1 | 12.0 | 28.2 | 18.0 | 10.3 | 23.9 | 23.5 |
| Line 22 | Brokers and dealers | FA663163003 | 0.1 | 91.1 | 35.0 | 123.7 | 75.6 | 15.3 | -74.5 | 108.2 | 203.4 |
| Line 23 | Holding companies | FA734122005 | 19.6 | -14.2 | 85.7 | 259.5 | 117.0 | -67.5 | 33.8 | 212.3 | 80.2 |
| Line 24 | Other financial business | FA504122005 | 10.8 | -0.6 | 36.3 | 84.4 | -10.6 | 83.4 | -12.0 | -48.8 | 3.2 |
| Line 25 | Rest of the world | FA264122005 | 95.5 | 217.8 | 227.0 | 385.0 | 103.4 | 3.2 | 416.3 | 466.7 | 621.6 |
| Line 26 | Net purchases | FA894022005 | 3241.1 | 3119.3 | 3287.1 | 3168.4 | 2608.0 | 5080.0 | 2291.8 | 4163.0 | 3981.2 |
| Line 27 | Domestic nonfinancial sectors | FA384022005 | 1081.0 | 311.6 | 81.8 | 282.9 | 736.9 | 3.6 | -696.0 | -1162.3 | 966.1 |
| Line 28 | Household sector | FA154022005 | 978.6 | 43.6 | -55.6 | 227.7 | 436.9 | -154.8 | -732.2 | -1323.7 | 531.7 |
| Line 29 | Nonfinancial corporate business | FA104022005 | 12.8 | 146.3 | 45.4 | 53.7 | 7.2 | 34.7 | 86.0 | 40.9 | 119.8 |
| Line 30 | Nonfinancial noncorporate business | FA114022005 | -2.9 | 5.0 | 3.2 | -3.1 | 5.9 | 2.4 | 7.8 | 12.0 | 6.9 |
| Line 31 | Federal government | FA314022005 | -0.0 | -0.1 | 1.3 | 0.0 | -3.5 | -12.5 | 21.3 | -0.0 | 0.3 |
| Line 32 | State and local governments | FA214022005 | 92.6 | 116.8 | 87.5 | 4.6 | 290.4 | 133.8 | -78.9 | 108.6 | 307.4 |
| Line 33 | Domestic financial sectors | FA794022005 | 909.2 | 1770.2 | 2203.3 | 1336.8 | 1150.6 | 3967.3 | 2358.4 | 4164.4 | 2350.7 |
| Line 34 | Central bank | FA714022005 | -957.2 | -719.6 | -281.0 | -492.2 | -273.2 | -293.7 | -65.0 | 450.8 | 193.4 |
| Line 35 | U.S.-chartered depository institutions | FA764022005 | -389.2 | 98.9 | 136.2 | 400.4 | 246.9 | 218.2 | -320.5 | 679.2 | 131.4 |
| Line 36 | Foreign banking offices in U.S. | FA754022005 | -36.7 | 29.0 | 24.5 | -35.0 | 78.9 | -4.2 | 58.3 | 41.2 | 55.2 |
| Line 37 | Banks in U.S.-affiliated areas | FA744022003 | 19.4 | 6.5 | -6.1 | 0.8 | 2.3 | -16.2 | -11.5 | -1.9 | -5.4 |
| Line 38 | Credit unions | FA474022005 | -40.4 | -8.2 | 9.9 | 14.2 | 20.0 | 4.5 | 1.0 | 58.0 | 37.2 |
| Line 39 | Property-casualty insurance companies | FA514022005 | 87.8 | 200.1 | 101.4 | 106.4 | -38.8 | 354.5 | -16.3 | 232.0 | 20.0 |
| Line 40 | Life insurance companies | FA544022005 | 80.6 | 228.0 | 227.8 | 187.1 | 282.7 | 266.8 | 174.4 | 325.0 | 285.5 |
| Line 41 | Private pension funds | FA574022005 | 91.6 | 18.8 | 70.1 | 47.6 | 60.3 | 117.2 | 55.3 | 90.7 | 134.4 |
| Line 42 | Federal government pension funds | FA344022005 | 2.5 | 1.9 | 5.0 | 2.5 | 1.7 | 6.1 | 9.6 | -4.0 | 2.7 |
| Line 43 | State and local govt. pension funds | FA224022045 | 42.7 | 145.8 | 69.5 | 35.9 | -166.5 | 320.7 | 87.8 | 243.0 | -35.2 |
| Line 44 | Money market funds | FA634022005 | 1392.9 | 911.6 | 694.8 | -359.1 | -214.9 | 2297.5 | 1055.6 | -148.9 | 438.3 |
| Line 45 | Mutual funds | FA654022005 | 141.1 | 360.8 | 312.2 | 309.0 | -7.4 | 460.4 | 486.6 | 784.2 | 387.1 |
| Line 46 | Closed-end funds | FA554022005 | -0.9 | -1.3 | 0.7 | -0.5 | 2.2 | -0.6 | 1.5 | 1.7 | -0.0 |
| Line 47 | Exchange-traded funds | FA564022005 | 203.5 | 294.8 | 435.6 | 408.3 | 340.2 | 455.7 | 538.1 | 706.3 | 608.9 |
| Line 48 | Government-sponsored enterprises | FA404022005 | 56.0 | 61.5 | 46.7 | 25.9 | 137.8 | 0.3 | 22.9 | 39.5 | 155.1 |
| Line 49 | ABS issuers | FA674022005 | -5.0 | -5.2 | -7.1 | -14.7 | -8.8 | -5.3 | 0.5 | -0.5 | -1.9 |
| Line 50 | Finance companies | FA613063003 | -25.8 | -7.6 | 1.0 | -0.4 | -2.6 | -2.7 | 9.5 | 2.2 | -5.4 |
| Line 51 | Mortgage REITs | FA644022075 | 23.8 | 17.6 | 67.1 | 56.3 | 28.2 | 84.8 | 99.2 | 38.5 | 31.5 |
| Line 52 | Interval and tender offer funds | FA464022005 | 3.8 | 5.0 | 4.7 | 5.5 | 5.3 | 6.9 | 1.2 | 6.9 | 4.6 |
| Line 53 | Hedge funds | FA624022005 | 31.1 | -20.0 | -21.3 | -26.8 | 16.9 | -66.9 | -8.4 | 186.0 | 174.2 |
| Line 54 | Private debt funds | FA443063000 | 16.7 | -10.7 | 3.2 | 5.7 | 0.2 | -3.7 | 10.6 | 21.8 | 16.4 |
| Line 55 | Brokers and dealers | FA664022005 | 222.5 | 176.8 | 237.4 | 504.6 | 411.0 | -134.1 | 168.2 | 467.4 | -92.8 |
| Line 56 | Holding companies | FA734022605 | -4.9 | -3.6 | -14.5 | 10.3 | -30.6 | -16.7 | -20.8 | 27.8 | 4.1 |
| Line 57 | Other financial business | FA504022005 | -46.8 | -10.7 | 85.6 | 145.1 | 258.9 | -82.1 | 20.4 | -82.4 | -188.6 |
| Line 58 | Rest of the world | FA264022005 | 1250.9 | 1037.5 | 1002.0 | 1548.7 | 720.5 | 1109.1 | 629.5 | 1160.9 | 664.3 |
Notes:
- Sum of open market paper, Treasury securities, agency- and GSE-backed securities, municipal securities, and corporate and foreign bonds.
- Liability of the households and nonprofit organizations sector (table S1M.t).
Last Update: September 11, 2026